2015CFA三级重要知识点梳理SS4
CFA三级行为金融学重难点解析
三级行为金融学重难点解析:个人行为偏差在行为金融学中，区分各类不同个人行为偏差是考试的重点，对于这些偏差的学习,要在理解的基础上，知道这些偏差对投资决策的影响以及弥补的办法。
在本文中，我们将逐个介绍各个行为偏差。
个人行为偏差可分为两类:1. 认知错误(cognitive errors）:由于投资者在信息的接收、处理过程中出现的偏差.a）信任忠诚偏差（belief perseverance bias)：信念忠诚是指人们一旦形成某一信念和判断以后,人们就会表现出对它的忠诚和信任,从而不再关注其他相关的信息，比如,一旦一个公司认为某个投资项目比其他项目利润丰厚这个信念之后，该信念就会在一定的时间内一定程度上左右着该公司的决策和判断，从而暂时屏蔽了其他有关该投资项目利润发展变化方面的信息.i. 保守偏差（conservation bias):。
投资者不能及时根据变化了的情况修正自己的预测模型,错误地对价格变化外推,导致股价过度反应（over—reaction）.ii. 确认偏差（confirmation bias）：投资者会过分地关注那些能支持自己结论的信息而忽视那些不支持自己结论的信息。
iii。
代表性偏差(Representativeness bias）：人们会根据过去的传统和相似的情况，对事件分类,在判断概率时会根据经验判断事件的概率而忽略其他的因素。
其缺陷在于过分强调将事物划分的典型类别,而不关注潜在的其它可能证据。
例如,由于“代表性偏差"的存在使投资者对过去的输者组合表现出过度悲观,而对赢者组合过度乐观.iv. 控制错觉偏差(illusion of control bias）：投资者认为他们能控制市场，而实际上不能。
v。
后市偏差（hindsight bias）：在一件事情发生以后，人们往往会夸大自己的信念,这就是事后聪明偏差。
比如，某政治家当选以后，很多人会说这早就在他们的预料之中.事后聪明偏差的产生主要是由于人们对有关某事件发生与否的信息不充分.在该事件发生以后，当事人很简单地就将这些有限的信息与最终的结局相联系。
cfa公司金融知识点总结
cfa公司金融知识点总结一、投资1. 定义和特征投资是指将资金投入特定的资产或项目，以期望获得一定的回报或增值。
投资的特征包括风险、流动性、收益和成本等方面。
2. 投资工具投资工具包括股票、债券、期货、期权、外汇等。
不同的投资工具具有不同的特点和风险。
3. 投资组合投资组合是指将不同的投资工具进行组合，以达到一定的风险和收益平衡。
投资组合理论包括资本市场线、有效前沿、马科维茨模型等。
4. 投资市场投资市场包括股票市场、债券市场、外汇市场、商品市场等。
投资者需要了解不同市场的特点和规则。
5. 投资分析投资分析包括基本面分析、技术分析、事件驱动分析等。
投资者需要选择合适的分析方法来进行决策。
6. 投资策略投资策略包括价值投资、成长投资、指数投资、对冲基金等。
投资者需要根据自身的风险承受能力和投资目标来选择合适的策略。
二、公司金融1. 公司理财公司理财包括资本预算、资金管理、财务规划等。
公司需要合理规划和管理自身的资金流动，以维持业务运营和发展。
2. 资本结构资本结构是指公司通过债务和股权来融资的结构。
公司需要根据自身的经营需求和风险承受能力来选择合适的资本结构。
3. 资本预算资本预算是指公司对于长期投资项目进行决策和规划。
公司需要考虑投资项目的收益率、风险、资金成本等因素来进行预算。
4. 财务报表分析财务报表分析包括利润表、资产负债表、现金流量表等。
投资者需要根据财务报表来评估公司的财务状况和经营业绩。
5. 股权融资股权融资是指公司通过发行股票来筹集资金。
公司需要了解股权融资的特点和规则，并进行合理的选择和规划。
6. 债务融资债务融资是指公司通过发行债券来筹集资金。
公司需要了解债务融资的特点和风险，并进行合理的选择和管理。
三、金融市场1. 金融市场类型金融市场包括资本市场、货币市场、期货市场、外汇市场等。
不同的金融市场具有不同的特点和功能。
2. 金融市场参与者金融市场参与者包括投资者、金融机构、证券公司、交易所等。
CFA三级考试应该从何复习
全球最大的CFA(特许金融分析师)培训中心总部地址：上海市虹口区花园路171号A3幢高顿教育电话：400-600-8011网址： 微信公众号：gaoduncfa 1CFA 三级考试应该从何复习三级最好的强化方法并不是去练习写作 ，而是熟悉IPS 的固定模式 ：Objective:(return, risk),Constraints:(liquidity, legal, time horizon, tax, unique.)牢记以前考题和 notes 习题的标准答案，可以细化到每个常用的关键词。
要知道评分时 CFA 协是不会因语法错误和拼写错误扣分，只要您让他看懂关键的判断和计算逻辑即得分;这样准备结合正确理解题意，效果会很好。
CFA 三级考试从出题比重上看侧重投资组合管理(Portfolio management),由于传统的资产定价理论(Asset valuation)在三级有很大一部分也包括在投资组合管理中,故 Portfolio Management 的实际比重超过50%,是三级考试的重头戏，这跟一二级是有本质区别的，但是每一部分之间又互相联系，中间又各有难点和重点。
如前所述，IPS 的撰写是关键，要达到标准化，快速反应化，坦率地说这部分难度不大，要求的是熟悉程度，考试时阅读的量大，要求阅读理解速度快。
Performance Evaluation 有些公式挺绕，要结合习题理解记忆，GIPS 在三级中是包括在 Portfolio Management ，记忆量也巨大，主要的考法是要您找出不符点。
可以说，Portfolio management 掌握好了等于三级考试成功了一半。
Asset valuation 中的 Fixed income 和 Derivatives 是公认难度最大的，其中 Fixed income 有专门的指定课本，建议大家看下， 其中的 immunization, cash flow matching, controlling interest risk, hedging mortgage securities,credit derivatives 等都是有相当深度的;Derivatives 中的 option strategy 要结合模型图来记忆，比如 bull spread strategy, bear spread strategy, straddle strategy, butterfly spread strategy, collar strategy 都很费解，very exhausting 要下些功夫。
cfa知识点总结 中文
cfa知识点总结中文一、量化方法量化方法是CFA考试中的第一大部分，主要包括基础数学、概率论、统计学、线性代数和微积分等内容。
这一部分内容是金融学习的基础，也是理解金融统计和资产定价等内容的前提。
具体包括：1. 基础数学：包括数字与数学符号、代数、几何和初等函数等内容。
2. 概率论：包括概率基础、随机变量、概率分布、多维随机变量和数理统计等内容。
3. 统计学：包括随机样本、统计描述和基础推断、回归分析和时间序列等内容。
4. 线性代数：包括向量、矩阵、行列式和特征值等内容。
5. 微积分：包括微分和积分的基本概念、微分方程和多元微积分等内容。
二、金融市场与制度这一部分内容主要介绍了金融市场的结构和金融制度的功能及运作方式。
其中包括了货币市场、债券市场、股票市场、金融衍生品市场等的基本知识。
具体包括：1. 货币市场：包括存款机构、联邦基金利率、贴现利率、LIBOR等内容。
2. 债券市场：包括债券种类、债券定价、债券收益率的确定等内容。
3. 股票市场：包括股票种类、股票交易所、交易成本等内容。
4. 金融衍生品市场：包括期货合约、期权合约、互换合约等内容。
5. 金融制度：包括中央银行、商业银行、投资银行、保险机构、证券公司等内容。
这一部分内容可以帮助考生了解金融市场的运作机制，为后续的投资和证券分析打下基础。
三、计量经济学计量经济学是CFA考试的另一大部分，主要介绍了经济学与金融学的相关内容。
具体包括：1. 经济增长：包括经济增长的基本概念、经济增长理论、经济增长模型等内容。
2. 经济循环：包括经济周期的特征、经济衰退、复苏和繁荣等内容。
3. 消费者行为：包括消费者效用函数、需求理论、消费函数等内容。
4. 生产者行为：包括生产函数、成本函数、企业行为理论等内容。
5. 市场均衡：包括供需曲线、市场均衡分析、市场失灵等内容。
这一部分内容有助于考生理解宏观经济与微观经济的基本原理和理论，为后续的投资组合分析及投资策略提供理论依据。
cfa三级大纲
CFA三级大纲
CFA（Chartered Financial Analyst，特许金融分析师）考试是由CFA协会组织的全球性金融职业资格认证考试。
CFA 考试分为三个级别，其中CFA三级是最高级别的考试之一。
以下是CFA三级的主要考试大纲：
1. 道德和职业标准
-职业道德和职业标准
-职业发展和专业发展
-投资组合管理和财富规划
2. 经济学
-宏观经济学
-微观经济学
-国际贸易和金融
3. 金融报表分析
-财务报表分析
-财务报告和分析
4. 公司金融
-资本结构和公司治理
-投资决策和资本预算
-股权和债权融资
5. 金融市场和产品
-金融市场和金融产品
-固定收益证券和衍生品
-股票和期权
6. 量化分析
-统计分析和回归模型
-时间序列分析和计量经济学
-金融工程和风险管理
7. 投资组合管理和财富规划
-投资组合管理
-财富规划和退休规划
8. 金融工具和市场
-货币市场和资本市场
-外汇市场和商品市场
-金融风险管理和危机应对
以上是CFA三级的主要考试大纲，每个考试科目都有相应的考试内容和考试形式。
考生需要掌握各个科目的知识点，并通过考试来证明自己的能力和水平。
CFA所有知识点和公式
CFA所有知识点和公式CFA（Chartered Financial Analyst）考试是国际上金融界认可的最高级别的资格证书之一、它由美国金融分析师协会（CFA Institute）颁发，涵盖广泛的金融和投资领域的知识。
以下是CFA考试中包含的一些重要的知识点和公式。
1.金融市场和投资工具-金融市场的组成和功能-各类投资工具的特点和风险-投资组合理论和资产配置2.财务报表分析-会计原理和准则-财务报表的解读和分析方法-企业价值评估和财务指标分析3.估值和投资分析-资产定价模型（CAPM）-投资评估方法和股票估值-债券估值和固定收益证券分析-衍生品（期权、期货、互换等）估值和分析4.金融机构和市场-银行业务和风险管理-证券市场和交易所-金融衍生品市场和交易5.复合投资工具和替代投资-对冲基金和私募股权-不动产投资和房地产估值-商品和期货投资6.金融计量和统计学-基本的统计学概念和方法-假设检验和回归分析-时间序列分析和风险测量以上只是CFA考试涵盖的一些主要知识点，每个知识点下又涵盖了很多具体的内容和公式。
下面列举一些常用的公式：- 市盈率（Price-to-Earnings Ratio）= 市价 / 每股收益- 市净率（Price-to-Book Ratio）= 市价 / 每股净资产- 利息覆盖率（Interest Coverage Ratio）= 息税前利润 / 利息支出- 资本成本（Cost of Capital）=权益成本*权益资本占比 + 债务成本*债务占比- 期权定价公式（Black-Scholes Option Pricing Model）= S0 * e^(-qt) * N(d1) - X * e^(-rt) * N(d2)其中，S0是标的资产当前价格，X是期权的行权价格，t是期权剩余时间，r是无风险利率，q是连续红利支付率，N(是标准正态分布函数，d1和d2通过下面公式计算：d1 = (ln(S0/X) + (r-q+0.5σ^2)t)/ (σ√t)d2=d1-σ√t这些只是CFA考试涵盖的一小部分知识点和公式，考生需要系统地学习和掌握CFA教材中的全部内容，才能更好地备考和通过考试。
CFA3级背诵内容4-Asset allocation
Asset allocation 一、机构投资者和个人投资者的不同点 1. Liability of institutional investor are legal obligations or debts. There is no legal obligations for individual investor but goals, such as lifestyle object. 2. Institutional liability are uniform in nature but individual’s goals may be many and varied; 3. Institutional liability may be forecast with confidence. But individual goals are not subject to the law of large numbers and averaging;
Asset allocation 一、使用 Asset Class 的缺点 Modeling using asset classes as the unit of analysis tend to obscure the portfolio’s sensitivity to overlapping risk factors.
Asset allocation 一、重调整的几个方法 1. Rebalance back to target weight. 2. Rebalance to range edge. 3. Rebalance halfway between the range-edge trigger point and the target weight.
Asset allocation 一、传统 MVO 方法的缺点
CFAlevel3notesCFA三级备考经验+原创学习笔记最新完整版
CFAlevel3notesCFA三级备考经验+原创学习笔记最新完整版CFA Level 3 NotesContentsBook 1 Ethical and Professional Standards and Behavioral Finance (1)Reading 1&2 Cod e and Standards and Guidance for Standards (3)Reading 3 Application of the Cod e and Standards (21)Reading 4 Asset Manager Cod e of Professional Conduct (22) Reading 5 The Behavioral Finance Perspective (25)Reading 6 The Behavioral Biases of Individuals (27)Reading 7 Behavioral Finance and Investment Processes (29) Book 2 Private Wealth Management and Institutional investors (32)Reading 8 Management Individual Investor Portfolios (32)Reading 9 Taxes and Private Wealth Management in a Gl obal Context (35)Reading 10 Estate Planning in a Gl obal Context (37)Reading 11 Concentrated Singl e-Asset Positions (39)Reading 12 Lifetime Financial Advice: Human Capital and Asset All ocation (44)Reading 13 Managing Institutional Investor Portfolios (46) Reading 14 Linking Pension Liabilities to Assets (53)Book 3 Economic Analysis, Asset All ocation and FI Portfolio Management (55)Reading 15 Capital Market Expectations (55)Reading 16 Equity Market Valuation (64)Reading 17 Asset All ocation (66)Reading 18 Currency Management: An Introduction (74)Reading 19 Market Ind exes and benchmarks (78)Reading 20 Fixed-Income Portfolio Management –Part Ⅰ (80)Reading 21 Relative-Value Methods for Gl obal Credit Portfolio Management .. 85 Reading 22 Fixed-Income Portfolio Management –Part Ⅱ (90)Book 4 Equity Portfolio Management, Alternatives, Risk, and Derivatives (95)Reading 23 Equity portfolio Management (95)Reading 24 Alternative Investments Portfolio Management (103)Reading 25 Risk Management (111)Reading 26 Risk Management Applications of Forward/Future Strategies (115)Reading 27 Risk Management Applications of Option Strategies (117)Reading 28 Risk Management Applications of Swap Strategies (119)Book 5 Trading, Monitoring, Rebalancing, Performance Evaluation, and GIPS (121)Reading 29 Execution of Portfolio Decisions (121)Reading 30 Monitoring and Rebalancing (126)Reading 31 Evaluating Portfolio Performance (129)Reading 32 Overview of the Gl obal Investment Performance Standards (135)CFA3级备考经验CFA3级考完，现在已经可以在名片上加那三个字母了。
cfa三级 答题技巧
cfa三级答题技巧CFA 三级考试答题技巧CFA 三级考试是一门综合性的考试，涵盖广泛的投资管理主题。
要取得成功，考生必须采用有效的答题策略。
以下是一些有助于提升答题表现的技巧和建议：时间管理在考试开始前，花几分钟分配时间给每个部分。
监控时间，确保在每个部分都花费足够的时间。
如果在某个问题上遇到困难，不要浪费太多时间。
先跳过，回头再做。
阅读问题仔细阅读问题，确保理解要求。
识别关键词和问题类型（例如，计算、概念）。
在解答之前，简要记下关键信息。
答题格式遵循给定的答题格式要求。
使用清晰、简洁的语言。
使用正确的专业术语和概念。
提供支持性证据和论据。
回答计算题仔细计算，检查错误。
清楚地展示你的工作步骤。
如果不确定，请使用估算。
回答概念题用相关理论和模型支持你的答案。
使用具体示例和案例研究来阐明你的观点。
避免笼统的陈述和个人意见。
跳过问题如果对某个问题没有信心，先跳过。
回头再做，避免因一个难题而浪费过多时间。
分配更多时间给更有把握的问题。
复查在考试结束时，留出时间检查你的答案。
仔细检查计算错误和概念性错误。
如果时间允许，尝试回答之前跳过的任何问题。
其他提示充分利用考前复习时间。
模拟往年试卷，熟悉考试形式。
熟悉所提供的计算器并练习使用。
保持冷静，避免因考试压力而惊慌。
管理好你的期望，不要试图在每个问题上都得到满分。
通过遵循这些技巧，考生可以提高 CFA 三级考试的答题能力，最大限度地发挥考试成绩，并向获得特许金融分析师 (CFA) 证书的目标迈进。
cfa三级原版书课后题讲解
cfa三级原版书课后题讲解（实用版）目录1.CFA 三级原版书概述2.CFA 三级原版书课后题的重要性3.如何高效利用课后题4.原版书课后题讲解的资源推荐正文CFA（Chartered Financial Analyst）是全球金融领域最具权威的专业资格认证，分为三个级别。
CFA 三级原版书是 CFA 三级考试的重要参考资料，其课后题对于考生掌握知识点、巩固理论体系和提高解题能力具有重要意义。
本文将介绍 CFA 三级原版书课后题的重要性，并提供一些建议和资源，帮助考生高效利用课后题。
首先，CFA 三级原版书课后题是对所学知识的巩固和拓展。
通过解答课后题，考生可以加深对知识点的理解，提高自己的分析能力和解决问题的能力。
同时，课后题涵盖了各个科目的重点内容，有助于考生梳理知识体系，发现自己的薄弱环节，进行有针对性的复习。
其次，CFA 三级原版书课后题可以提高考生的解题速度和准确率。
在实际考试中，时间有限，考生需要在规定时间内完成大量的题目。
课后题的练习可以让考生熟悉题型，掌握解题技巧，从而在考试中迅速找到解题思路，提高解题效率。
那么，如何高效利用课后题呢？1.结合教材和课堂笔记解答课后题。
在解答课后题时，考生可以回顾相关知识点，巩固课堂所学。
如果遇到不理解的地方，可以查阅教材或向老师请教。
2.制定学习计划，合理安排时间。
考生可以根据自己的学习进度，制定学习计划，每天解答一定数量的课后题。
这样既可以保证学习效果，又可以避免因为题目过多而产生挫败感。
3.分析错误，总结经验。
在解答课后题的过程中，考生可能会犯错误。
这时候，考生需要认真分析错误原因，总结经验教训，避免重复犯错。
4.参加学习小组或讨论组。
考生可以和其他考生一起讨论课后题，分享解题方法和经验，相互学习，共同进步。
最后，原版书课后题讲解的资源推荐如下：1.CFA 官方网站提供课后题答案解析，考生可以登录官方网站查看。
2.在线课程和培训机构也会提供课后题讲解，考生可以根据自己的需求选择合适的资源。
2015年CFA考试三级复习重点及考试建议
全球最大的CFA(特许金融分析师)培训中心
总部地址：上海市虹口区花园路171号A3幢高顿教育
电话：400-600-8011网址： 微信公众号：gaoduncfa 1 2015年CFA 考试三级复习重点及考试建议
CFA 考试复习重点内容包含：
1、道德，定量方法，投资组合(定量方面)；
2、投资的策略；
3、投资的工具；
4、投资组合。
CFA 考试复习重点更多内容请见正文。
这里谈一些CFA 考试复习重点：
感觉3级比2级在essay 方面显得更零散，一个题目里会考到很多个不同地方的概念，因此对概念理解和掌握的要求要比2级高，2级主要有些计算。
在item set 里会有很多detail 的计算方法在做题目时想不起来，关键是不熟练，知识点也比较散。
如果在这方面有工作经验，可能会好很多。
CFA 考试三级的5本Notes 主要包括：
1。
道德，定量方法，投资组合(定量方面)
2。
投资的策略
3。
投资的工具(很多，有的还比较复杂)
4。
投资组合(个人，机构)
5。
评估投资结果(有很多方法，也包括一些styles ，风险的分析)
掌握了每本书涵盖的内容很关键
各位考生，2015年CFA 备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，网校开通了全免费的高顿题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。
cfa三级道德 简答题
CFA三级考试中的道德（Ethics）部分是一个重要的组成部分，它测试考生对专业道德标准（Standards of Professional Conduct）的理解和应用。
CFA三级考试的道德部分通常包括以下几个方面：
1. 专业责任（Professional Responsibilities）
-要求考生了解和遵守CFA协会的职业行为准则。
-考察考生在面对职业道德困境时如何作出决策。
2. 候选人的职业行为（Candidate Conduct）
-评估候选人个人的职业行为，是否符合CFA协会的期望。
-考察候选人如何处理利益冲突、保密信息和社交媒体的使用。
3. 合规性和监督（Compliance and Supervision）
-了解候选人在监督下的职责，以及如何确保合规性。
-考察候选人如何处理不当行为和违规行为。
4. 投资决策（Investment Decision Making）
-要求考生理解在做出投资决策时，应如何考虑道德和合规性因素。
-考察考生如何将道德标准应用于投资分析、建议和行动中。
简答题通常会要求考生回答关于道德标准的特定情况或问题，考生需要根据CFA协会的职业行为准则，分析问题并给出合理的答案。
这些题目可能会涉及复杂的道德困境，需要考生具备批判性思维和应用能力。
CFA三级精要
Behavioral Heuristics – Check Anchor/OAR Availability– Conservatism, Anchoring,Overconfidence, Ambiguity aversion, Representativeness, Availability Traditional Finance – TF-RAR - Risk averse, Asset integration, Rational expectations Behavioral Finance – BF-LAB - Loss averse, Asset segregation, Biased expectationsType of Investors – CMIS - Cautious, Methodical, Individualistic, SpontaneousIPS Process – OCSAEEA, Old Cars Sell At Eastern European Auctions – Objectives,Constraints, Strategy, Allocation, Execution, Evaluation, AdjustmentsIPS Constraints – URLIT - Unique, Regulatory/legal, Liquidity, tIme, TaxTDA vs. TEA – Higher Enders Take TEA – Higher Ending Tax rate TEA betterResidence vs. Source – Pay Greater rate with Credit, Exempt Source Income, Deduct Paid Taxes If our Human Capital is Bond-like, we should invest more aggressively (equity) and our demand for life insurance increases.Type I & II Error – Type I, I did something (rejected H0) wrong; Type II, failed TO reject H0 Null = Manager adds no value; Reject & conclude that manager adds value when he actuallydoes not.DB Risk Toler/Objs. Factors– P.S. San Francisco Risked Everything With Certain Plan Features - Pension Surplus, Sponsor Finances, Risk Exposures, Workforce Characteristics, Same Prudent Man Rule : Foundation for all write stds. Of prudence apply in Legal/Reg.Prudent Expert : DB/DC planPrudent Investor : Endowment, Life InsurancePrudent Man Rule: the requirement that a trustee, investment manager of pension funds, treasurer of a city or county, or any fiduciary (a trusted agent) must only invest funds entrusted to him/her as would a person of prudence, i.e. with discretion, care and intelligence. Prudent Man Rule requires that each investment be judged on its own merits. Under the Prudent Man Rule, speculative or risky investments must be avoided. investments aren't viewed in a portfolio context.Prudent Expert Rule: Revised version of the prudent man rule required by ERISA to guide managers of pension and profit sharing portfolios. The main addition is that the manager must act as someone with familiarity with matters relating to the management of money, not just prudence.Prudent Investor rule: This is a modified version of Prudent Man Rule in that it views asset allocation from a portfolio context. An asset (like derivatives) may be too risky to invest if considered on astand-alone basis but can provide diversification benefits if viewed in a portfolio context.Life insurance companies' RETURN objective : APEG(Actuarial + Positive interest rate spread + Enhance Margin + Growth Surplus)An investor whose decisions are impacted by mental accounting will look at investments as separate, focusing on the risk of investments in isolation.According to behavioral finance, expert forecasters are overconfident in their forecasting ability due to cognitive dissonance.Cognitive dissonance states that individuals will avoid information (reflecting what has been actually experienced) that is in disagreement (dissonance) with the individual’s perceived ability of himself or herself. As a result, experts will have limited recollection of their failures.Frame dependence refers to investors' tendency to frame their tolerance on the current direction ofthe market or in the context of the information received rather than on its own merits.Anchoring refers to the inability to fully incorporate (adjust) the impact of new information on projections.Representativeness can cause investors’ perceptions to be based upon current or historical information rather than unbiased expectations resulting in overpriced “winners” underperforming and underpriced “losers” outperforming as prices retur n to their intrinsic values.If someone developed her investment style through trial and error, learning from her own mistakes. This is a sign of heuristic-driven bias.Behavioral finance assumes that:1.investors are loss averse, which means they prefer uncertain losses to certain losses.2.investors exhibit biased expectations, due to overconfidence in their ability to forecast the future.3.investors construct portfolios via asset segregation, meaning that they tend to focus on an asset’s individual investment features versus its impact on the overall portfolio positionBy admitting his mistake but reiterating other projections, one used the "single predictor" defense.Feeling that they should spread out their risk, but not knowing how leads to the 1/n diversification heuristic. Often times, participants will only have a rough understanding of the effects of correlation and diversification and will simply divide their assets equally over the investment options in the plan in an attempt diversify their portfolio.DC participants tend to hold excess stock of the company they work for due to familiarity and a perceived endorsement by management.The endorsement effect refers to the misconception that by offering an investment as an alternative, the sponsor is implicitly endorsing it as a good investment.Note that the status quo bias refers to a lack of action on the part of the participant. Also note that putting too much in company stock would be an example of an investor being “boundedly selfish” in that there does not seem to be a determination if the investment would be in the investor’s best interests.Trial and error and experimentation are heuristic learning processes. Heuristic learners pick up information simply, through their own efforts or from sources simple to access. They don't do research. When overconfident investors revise their forecasts based on new information, they tend to overestimate the impact. As an overconfident investor, one will be disappointed by the subsequent movements in Bison stock because of her initial overoptimism after the earnings announcement.Investors who use anchoring tend to underestimate the impact of new information because they are anchored in their old beliefs. One will be pleased by the subsequent movements in stock because hewill have initially underestimated the impact of the positive earnings announcement.Bank Security Portfolio Return Objs. – I Remember Living In CR – Interest Rate risk, Liquidity, Income, Credit RiskCME Form Process –Forming Expectations Needed Historically Provided Capital Managers Many Incentives & Gratifying Invitations Into Overlooking Market ExpectationsMade Rashly - Find Expectations Needed, Historical Performance, ChooseMethods/Models/Info, Get Info, Interpret Output, Make Expectations, Monitor &RefinePsych Traps –Overconfident Chief Executives Start Quietly Piling Risk– Overconfidence, Confirming Expectations, Status Quo, Prudence, RecallibilityBRIC-Size of BRIC economies could be >1/2 that of the G6 by 2025, and could surpass the G6 by 2040-India's growth is strongest at 5% for next 30-50 years-Global spending for BRICs - 4x as large as G6 by 2050-Real exchange rates for BRIC countries could strengthen by 300% by 2050-Slowest to open economy: India-Weaker tech progree: Brazil & India-Most rapidly aging: China & Russia-China's economy could overtake Germany in next 4 years, Japan by 2015, and US by 2039-India's economy could be larger than all but US & China in 30 years-BRIC per capita income will remain below G6 (except Russia)Factors that lead to growth-Technological progress-Growth in capital stock-Employment GrowthConditions for Sustained Economic Growth-Macroeconomic stability-institutional efficiencies-open trade-worker educationWhy Emerging Markets in a Portfolio?Increased growth in markets = increased demand for capital = stonger currency values = increased market caps which further justifies inclusion in a well diversified portfolioWhen evaluating a specific country, are the following good or bad signs?1. GDP=5% good if >4%, under may mean growing slower than population2. Defecit/GDP =10% bad >4% indicates substantial credit risk3. Foreign Debt/GDP = 75% bad >50%4. Debt /Current Acct Receipts =250% bad >200% considered high risk5. Reserves/Short Term Debt =200% good ≥200% safe, ≤100% very risky-BL is a top down approach-uses returns implied by the value weighted global market index-alter it slightly based on analyst opinions (like tactical asset allocation)-It will result in a well diversified portfolio, and will avoid the input bias from E(R)-Disadvantage is you must use historical volatility.-If you want to make your portfolio less risky (below average risk) but have no views, combine world portfolio with risk free asset. To make more risky (above average risk) you borrow at risk free rate and invest in the market portfolio.WACC with Pension Assets:βA,T=W O,T[βE,O1+D OE O]+ W P,T[W E,P∗βE,P]Note: For Operations: %Eq ↑→βO↓→βT↑→DE ↓ For Pension: %Eq ↑→βP ↑ →βT↓→DE↓Cyclical Bond:Increases in # of new issues associated with narrower spreads & stronger returns and vice versa,Liquidity Δs due to Economic ConditionsSecular Bond:Bond Structures are trending toward intermediate term bullet structures Implications: (1)Structures w/options embedded sell at premium due to scarcity value (2)Structures w/longerduration will sell at premium as percentage of long-term issues will decline - effective duration and aggregate interest rate risk sensitivity will also decline. (3) Credit-based derivatives use willincrease for return&/or diversification benefits; Liquidity increasing due to trading innovations &competition among managersLeverage, Portfolio Returns & DurationIf Return > cost of Debt → Return enhanced If Return < cost of Debt → Loss magni fied Leverage increases σ of R Port (Not R Investment), Investment Return increases σ of R PortDuration: D Port=(D I I−D B B)EI = B+ERisk Measurement Deficiencies:σ2&σ– Assumes NDistribution, requires [N*(N+1)]/2 estimated terms to estimateσPort2, Bond CharsΔw/time Shortfall Risk (risk of not achieving R= x) –Doesn’t account for magnitude of loss in $ terms Semi-σ2–Statistically accuracy<σ, difficult to compute on large port, may not be a good forecast VaR – does not indicate the magnitude of the very worst possible outcomesInt Rate Futures, Swaps, & Options - Lengthen - Long DD f >0, Shorten - Short DD f <0DD T = DD P + DD F; DD f=D f∗ΔIR(decimal)∗FaceValue∗(futures Price100)=DD CTDCTD Conv FactorNumber of Contracts to Hedge: #Contracts=DD T−DD PDD f =DD T−DD PDD CTDCTD Conv Factor⁄Hedge Ratio– relative sensitivity to Int Rate risk determines number of contracts required for an effective hedge -=DD PDD CTD ∗ConvFactr∗βYield=D H P HD CTD P CTD∗ConvFactr∗β=Factor Exposure(Bond to be ℎedged)Factor Exposure of futures contractβYield =E(relative Δ on Bond to be hedged & CTD Bond yield levels & spread)= α + b(Yield CTD) + εD Option(future)= ΔOption∗D U∗Leverage or [P UnderlyingP OptionInstrument]; If call → ΔOption & D U positiveCredit Options: (1)Credit Opt onU - Binary Credit Option –credit event trigger→buyer put gets X-V t(2)Credit Spread Opt – buyer gets (Spread Maturity–Spread Strike) * Notional Amt * Risk Factor Credit Forwards:ZeroSumGame(1 winner=1 loser)–buyer gets same payoff as Credit Spread OptCredit Swaps: CDS – buyer pays annual premium on notional amount & if a credit event creditevent occurs the buyer is compensated by seller for loss in investment valueInternational Bonds:Potential Sources of Excess Return on International Bond Portfolio:(1)Market Selection (2)Currency Selection (3)Duration Management (4)Sector Selection(5)Credit Anal (6)Markets outsideBenchmark–Indexes usually only sovereign might add CorpCou ntry/Yield β:ΔYield For=α+βCountry(ΔY Dom)+ε is regressed; βCountry=ρ(Y For,Y Dom)*σFor/σDomΔYield For=βCountry*ΔY Dom & ΔV ForB = -D ForB*ΔY For*100 ∴ΔV ForB=-D ForB*ΔY For Given ΔY D om*100 → Dur Contribution to Port Dom = Weight*D ForB*βCountryHedging Currency Risk: (1) Forward Hedge – manager enters contract to sell Currency For @ F0,M(2) Proxy Hedge – same but w/currency that is highly correlated w/Currency For bc Forward N/A(3) Cross Hedge –contract to sell Currency For for a 3rd currency–Δs risk exposure doesn’t removeReturns: R$ = R LC + R$ + R LC * R$ ; R$ ~ R LC + R$ ~ IntR$ + (R LC – IntR LC)→Best bond = Max(R LC-IntR LC) @same risk characteristics & ability to fully hedgeI f Receiving CurrX & believe CurrX will Appr/Depr More/Less vs. CurrDom than Prem/Disc→UnhedgedBreak Even Analysis: Gives manager an idea of Amt of risk associated with attempting toexploit Y advantage, by looking at Amt Y must widen to make Total Returns equal; Managermustassume a Set Time Horizon and measure Yield Δ in bond with Higher DurationBreak Even BP ΔY = Annual Yield AdvantageTime Horizon−Duration⁄Information Ratio= E(α)σα⁄= Active Return over Tracking Error (σα) measures tracking riskMBS securities exposed to "SIP Vodka Martinis":Sector risk Interest rate riskPrepayment riskVolatility risk Model RiskNon-MBS securities exposed to: "ISCOY":Interest rate riskSpread riskCredit riskOptionality riskYield curve riskTWO BOND HEDGEStep 1: Calculate the price of the MBS, 2-year, and 10-year securities assuming a level shift up ininterest rates (Level scenario)Step 1b: Do the same but for a equal level downward shiftStep 2: Do the same as Step1 and Step1b for an assumed steepening and flattening of the Yield curverespectively (Twist Scenario)Step3: Now you have two prices for each security for the "Level" shifts and two prices for eachsecurity for the "Twists" in the term structure... you now want to calculate the average price changefor each one.So if in Step1 you see that when the rates went up your MBS declined by $2.00 and when the rateswhen down your MBS increased by $2.00, you would take the average of the two to get $2.00average price change for the MBS (level). Do this for all the securities in both the Level and Twistscenarios.Step4: Once you have all the average price changes you can set up a system of equations to solve forthe optimal quantities of the 2-year and 10-year securities to invest in (Algebra 1)...They are:H2(AveChange in 2yr-Level) + H10(AveChange in 10yr-Level) = -AveChange in MBS-LevelH2(AveChange in 2yr-Twist) + H10(AveChange in 10yr-Twist) = -AveChange in MBS-TwistWhere:H2 = Number of 2year secuties needed per $1 of MBSH10 = Number of 10year secuties needed per $1 of MBSSolve for both H2 and H10... negative or positive will tell you if you should long or short them.By investing in these you will hedge your MBS against both level shifts and twists in the term structure.(or at least get pretty close)Reasons for NO T trading: Please Stop Bothering SusanPortfolio constraintsSeasonalityBuy and holdStory disagreementsThere are eight main reasons TO trade bonds - "really can cook, no salt you say?"really = relative value pick up (biggest reason)can = credit upsidecook = credit defenceno = new issue tradessalt = secot-rotation tradesyou = yield curve pickups say? = structure tradesSelling Disciplines:Opportunity Cost Sell Discipline – sell for better investment Deteriorating Fundamentals Sell Discipline – sell bc investment has worsened Down-from-Cost Sell Discipline – similar to a stop-loss Up-from-Cost Sell Discipline – similar to stop buy Valuation level Sell Discipline – sell if P/E or P/B rise above historical mean Target Price Sell Discipline – sell once reaches target priceFundamental Law of Active Management – Info Ratio ≈ IC ∗√IBIC=Investor Coefficient, the depth of knowledge about individual securities, measured bycomparing forecasts to actual outcomes; IB=Investor Breadth, the number of independentinvestment decisions, e.g. buying multiple stocks in a sector b/c investor believes sector willoutperform only 1 investment decisionPortfolio Active Risk – given a correlation of zero =√∑w α,i 2σα,i 2Utility = R a – λa 2σa 2 λa is level of risk aversion in terms of active returnTotal Active Return = true Ra + misfit Ra = activeR – normal Rport + normal Rport – benchmark RTotal Active Risk = = √∑w true 2+σmisfit 2True Info Ratio = true Ra / true riskPortable Alpha - example1: want European Equity Alpha but S&P 500 Beta: Buy S&P futures contract,Invest in Euro Equity manager, and Short Euro Equity index futures; thus getting Beta fromS&P and Alpha from Euro Equity; example2: buy S&P ETF and invest in small-cap long-short manager, receive Beta from S&P and Small-Cap AlphaMoral Hazard Problems (Corporate Governance):a) Insufficient Effort - refers to not hours in the office but managers allocation of work time;may avoid unpleasant or inconvenient activities at the shareholders expense (negotiating salaries,switching suppliers), may devote insufficient time to employee oversight (think Nick Leeson),may work on competing activities (political involvement, investments in other ventures) ratherthan managing the firm.b) Exravagant Projects - is when management continue to invest in high profile or pet projectseven though the return on the investments is not in the best interest of the company and itsshareholders. Empire Buildingc) Entrenchment Strategies -- when managers invest in bad projects but in projects where theyhave a strong understanding so that they become more valuable to the company, or manipulateperformance measures in their favor, take excessive or insufficient risk, resist hostile takeovers.d) Self-Dealing– when managers increase their private benefit from running the firmBoard of Directors (Corp Gov):-- Independent Chairman-- Majority should be independendent-- Audit, Compensation, Ethics, & Nominating committees should be majority independent-- Some board and/or committee meetings should be held without management present-- Should be able to seek outside advice at firm’s expense-- Should be required to hold minimum amount of equity-- Compensation should be equity-based-- Should have mandatory retirement age-- Self-evaluations of board should be doneEmerging Markets Finance -As markets move from segmented to integrated Equity P ↑ and E(R) ↓ bc in integrated marketCo-σ2is the only priced risk and it will be lower than the market’s stand-alone σ2Liberalization(dom) - characterized by privatization of firms & bank reformRisks/Issues: Contagion - crisis spreads to other countries. Contagion in Curr occurs for 1 of 5 reasons:(1)Country devalues Curr to keep exports competitive w/other country w/devalued Curr(2)Exports decline due to other countries in crisis (i.e. importers of their goods)(3)Intitial devalue wake-up-call to investors that other countries Curr.s have weaknesses(4)Crisis in country1 leads to credit crunch in another (ie country1 is their major creditor)(5)Initial crisis causes investors to liquidate their investments in other countriesNon-Normal Return Distribution– Fat tails & Negative skew(↑larger negative R frequency)CorpGov–traditionaly weak in EM,↑amt of insider ctrl&lowCEO turnover post-poor perform Liberalization:EqP↑, Volume↑,Liq↑,GDP↑,IPOs↑,Competition↑,CapitalFlows↑,FirmEfficiency↑Trade↑,E(R)↓,Cost of Capital↓,Cou ntryDebt↓,Infl↓,CurrencyVolatility↓If Home Country Bias exists cost of cap not as far ↓&EM Securities D less ↑Mean Variance: Optimizes a portfolio based on inputs of historical/expected returns and standard deviations. ie, given expected returns/deviations for 4 asset classes the Mean Variance method will calculate the optimal portfolio combination of the 4 assets to yield the best risk/return trade-off. Benefits - easy/cheap to implement and understand, only 1 output given.Negatives - requires a large amount of estimated input data, static approach (one iteration), canresult in concentrations due to the way the optimization works.Resampled Mean Variance: basically runs a bunch of Mean Variance optimizations based on different assumptions and averages the results to get an optimizes portfolio.Benefits - more optimizations result in better diversification and a more stable efficient frontier. Negatives - no mathematical rationale behind doing this method, still a static approach, relies on estimates.Black-Litterman: Starts with the market portfolio and backs out the expected returns, risk premiums, covariances, etc implied by market prices, assuming market equilibrium. From there a Mean-Variance optimization is run using those inputs to generate an efficient frontier.Benefits - high level of diversification, overcomes weakness of MV which is the variability of estimated returns.Negatives - static approach, difficult to estimate returns.Monte Carlo Simulation: Computer generated iterative process that incorporates different input variables (contributions/withdrawals, taxes, capital market factors, etc) to generate a range of possible outcomes.Benefits - multiple output = not a static approach, incorporates compounding and other relevant information, generates a distribution of returns instead of a single prediction.Negatives - complex and expensive to generate, still relies on the accuracy of input data. Microperformance Attribution:Pure Sector Allocation: (Wp - Wb)*(Rbj - Rb) - did the manager underweight underperforming sectors and overweight outperforming sectors. So you compare his weightings to the benchmarks and then compare the sector return in the benchmark to the overall return of the benchmark.Security Selection: Wb*(Rp - Rb) - Ignoring differences in weightings, did the manager do a better job at picking securities with each sector than if he replicated the sector securities from the benchmark. Allocation Selection: (Wp - Wb)*(Rp - Rb) - interaction of the prior two, did the manger overweightthe sectors where he was a better stock picker and underweight those where he wasn't.1. the question usually sets out a table showing the corner portfolios in order - usually starting from the highest risk/reward at the top - so it's easy to pick the right section (between 2 corners) that meets the return and risk objectives CORNER PORTFOLIOS2. when it comes to interpolating the point on the straight line between the 2 selected corners - the trick is in the exact wording of the targets in the IPS:- if the IPS sets a MINIMUM return goal (eg "at least 10%") and a fixed risk goal (eg "10% st.dev" or variance) then start with the stated RISK target and interpolate the portfolio return.- but if the IPS sets a single return goal (eg "10%") and a MAXIMUM risk goal (eg "no more than 10% st.dev") - then start with the stated RETURN target and interpolate the portfolio risk.3. only use lend/invest along the capital allocation line if the table has a risk-free asset in it, and there are other hints - eg if the IPS says that the investor considers the Sharpe ratio to be a primary measure. In that case - pick the portfolio with the higest sharpe, then lend (invest) at the RFR (which will be given) to move down to the target return or risk goal - then interpolate the risk and return in the total portfolio. This will be more efficient than any corner or straight section.Interest Rate Calls:In 40 days, a firm plans to borrow $5 million for 180 days.The borrowing rate is LIBOR plus 300 b.p.Current LIBOR is 5%.The firm buys a call that matures in 40 days with a NP of $5 million, 180 days in underlying (D = 180), and a strike rate of 4.5%. The call premium is $8,000.Calculate the effective annual rate on the loan if at expiration LIBOR = 5%Net loan amount= 5MM – 8M(1 + (0.08 * 40/360))= 4,991,929Call Payoff= 5MM(0.05 - 0.045) (180/360) = $12,500Dollar Cost of Loan=5MM * 0.08 * (180/360) – 12,500 = $187,500Effective Annual Rate= ($5,187,500 / $4,991,929)^(365/180) -1= 0.081043 or 8.1%Reading 48, question 5: Global Performance Attributiona) Calculate Local and Base (USD) portfolio returnsStep 1: Calculate the weight of each country component within the portfolio=(US Dollar value of each country as of 2006) / SUM(Total US Dollar value of portfolio as of 2006) Step 2: Calculate the portfolio returns in local currency for each country=(2007 portfolio value in local currency)/(2006 portfolio value in local currency)-1Step 3: Calculate the portfolio returns in USD for each countryFirst, convert the 2006 and 2007 Sterling and Euro portfolio values into USD using the 2006 and 2007 exchange rates. Then, apply the same concept as Step 3.=(2007 portfolio value in US Dollar)/(2006 portfolio value in US Dollar)-1Step 4: Calculate the total portfolio return in US Dollar and local currency=SUM(portfolio return in local currency * portfolio weight)and=SUM(portfolio return in US Dollar * portfolio weight)Are we good so far? Excellent, let's continue!b) Decompose the portfolio return into local currency capital gains and currency returnsThe objective here is to determine what portion of the portfolio's return came from capital gains in local currency and what portion of the portfolio's return came from currency returns.For example, you could buy a stock in Yen that drops in value, but the Yen itself could gain, which in theory could actually leave you with a gain depending on the difference between the loss on on the stock and gain on the Yen.We've actually already calculated the local currency capital gains in part A, step 2.Now, we have to calculate the currency returns for each country:=(local return - US Dollar return)***Note that this is where I begin to disagree with their mathematics. They are assuming that the local return and currency return can just be added together to get the US Dollar return, which isn't strictly true - ideally, you'd want to use this formula:(1 + local return) * (1 + currency return) - 1 = US Dollar returnbut their method is a reasonable (and simpler) approximation, although not entirely correct.End rant #1***Next, we need to calculate the total portfolio level currency return:=SUM(currency return * portfolio weight)c) Decompose the portfolio total return into the market, security selection and currency components. This is contribution. It is NOT relative to a benchmark, since it is decomposing the sources of the portfolio return.In this question, we're trying to explain the sources of the total return of the portfolio.***This is where it starts to get a bit murky due to the poor wording of the CFA material. I also think they're combining "contribution" (sources of TOTAL return) with "attribution" (sources of ACTIVE return) due to the inclusion of the selection component.End rant #2***So we need to find the following:Market ComponentSecurity Selection ComponentCurrency ComponentPortfolio Total Return = Market + Selection + CurrencyWe already found the Currency Component in part B.Market Component:=SUM(Index local return * portfolio weight)Security Selection Component:=SUM[(Portfolio local return - Index local return) * portfolio weight]。
CFA III GIPS考点速记手册
全球最大的CFA(特许金融分析师)培训中心
总部地址：上海市虹口区花园路171号A3幢高顿教育
电话：400-600-8011网址： 微信公众号：gaoduncfa 1 CFA III GIPS 考点速记手册
从2007年开始，GIPS 没有出过上午题，都是以下午题的形式来考察的，那么把重要条款看熟即可，不需要严格背诵；
有些年份可能没有考到GIPS ，但一般情况下午题都会有一个case 出到，占比也不大，为了达到事半功倍的效果，复习时着重看重要条款；
本资料根据历年mock 和原版书课后题，只列出重要条款，而且是根据试题当中题目形式做的整理，希望可以帮助大家快速理清条款内容。
建议大家考前多翻两遍。
各位考生，2015年CFA 备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，网校开通了全免费的高顿题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。
逐项分解CFA考试重点和难点
逐项分解CFA考试重点和难点CFA考试内容有哪些？考试重点是什么？高顿网校小编为你整理了CFA考试内容，逐项分解，让你通过考试指日可待！1，道德（Ethical and Professional Standards)：这一部分拜托各位把原版的道德手册下载下来好好看看，notes上面太精简了。
这一部分主要会考什么呢？就是给你一个案例，里面***在***金融类公司工作，最近做了一些什么事，然后让你分析一下这样做对不对~正常我们做的练习题会让你十分崩溃！有时候觉得句子那么长，量那么大~还有明明我们东方人觉得对的东西就违反了道德手册了呢~有一点安慰大家，正式考试题都比较短~没有太偏的~大部分的复习资料里面的case都太长了~没什么好说的，多看看喽~还有GIPS，也不要忽视哦亲~我当时忽视了，泪~不过考的不太难~2，Quatitative Methods: Basic Concepts：包括资金的时间价值Time value of money；FV，PV的转换，年金的计算。
注意这里有计算器的使用~discounted cash flow application：计算NPV，还有好多各种rate of return的计算，比较麻烦琐碎。
statistical concepts and market return：一些基本统计定义，如均值，方差，MAD，CV，以及峰态，偏态。
probability concepts：方差，协方差，条件概率，排列组合等。
common probability distribution：概率和分布基础知识，以及sharp ratio, safety-first等应用。
sampling estimation：抽样统计的一些概念。
hypothesis testing：假设检验（不难）会有一些，t，F分布等等。
包括一个样本的检验和两个样本的。
technical analysis：如何看各种股票的图啊~走势啊~等等。
CFA考试要注意的一三个重点和一个关键点
CFA考试要注意的一级三个重点和一个关键点根据各部分的权重，将一级划分为三个着重点，和一个关键点, 分别为：重点一: Financial Reporting and Analysis第一个着重点很明显，就是Financial Reporting and Analysis, 简称FRA，报表分析在CFA考试占得比重最大，占20%。
也就是说，你考试能不能过，这一部分起着决定性作用。
我最先看的就是FSA这一部分，是所有书里面最厚的一本，我记得花的时间是别的科目的两倍。
之前学校的研究生foundation course中的AFM（Accounting for Managers）对这个科目里的一些知识略有介绍。
这一科目一共有4个Session（7,8,9,10）。
Session 7 主要讲的IFRS 和U.S. GAAP在不同情况下的区别，还有各种statements的元素构成。
Session 8 就是集中在Income statement, Balance Sheet, Cash flow statement 和各种Ratio analysis。
这一章节需要注意知识点是Revenue & Expense recognition, Basic and Dilute EPS, Goodwill；Trading, Holding to maturity and Available for sale securities, 然后cash flow statement中重点要会Direct & Indirect method, 以及两者之间的相互转化。
Ratio analysis中需要注意ROE中Basic & Extended DuPont equation以及四大Ratio: Activity, Liquidity, Solvency and Profitability ratios。
CFA三必考知识点
cfa三级必考知识点cfa三级可谓是cfa考试中最难的一部分。
只要卯足最后的努力通过这一级考试，就离cfa持证人越来越近了。
高顿小编整理了历年cfa三级的知识，助力参加三级的学生可以尽快有系统的复习进入状态。
1. 有限理性（bounded rationality）-凑合一下也就这么过传统决策理论认为，决策者拥有完全信息，能够进行准确的数量计算，是完全理性的。
行为金融学提出了有限理性（boundedrationality）假设。
有限理性假说放松了传统理论的完全信息（perfect information）假设。
有限理性假设认为，个体的选择是理性的，但是会受到自身知识和认知能力的局限。
关于有限理性的表述：人们决策时并非完全理性，也并非必然寻求最优化（optimize），而是满足（satisfice）即可。
所谓满足，指的是人们觉得自己有足够的信息就行，觉得自己对信息处理得较为充分就行；他们更容易盯住分层目标（sub-goals），而不是费力寻求整体的最优结果；当决策达到他们自己满意的参数范围之内时，通常他们就会适可而止。
总之，有限理性的人们努力寻找的是可接受的足够好的（acceptable and adequate）决策，而不是像完全理性人那样寻找理想的效用最大化的方案。
在考试中请注意与bounded rationality对应的是传统理论决策中的完全信息假设。
相应的行为是投资者不是收集全部相关信息，而是在已有基础上进行满足要求的选择。
2. 后悔厌恶偏差（Regret-aversion bias）--红玫瑰和白玫瑰后悔厌恶偏差（Regret-aversion bias）指的是人们因为害怕决策失误而避免做出决策的情绪偏差，换句话说，人们试图避免糟糕决策导致的后悔的痛苦。
后悔厌恶使得投资者持有亏损头寸时间过长，也会导致投资者害怕进入刚刚经历大幅损失与获利的市场。
可以从两个纬度分析后悔偏差：人们采取的行动和人们没有采取的行动。
cfa三级机考操作技巧
cfa三级机考操作技巧
CFA三级机考操作技巧包括以下几点：
1. 熟悉机考界面：在考前多进行模拟考试，熟悉机考界面，包括操作流程、计算器使用等。
2. 时间管理：CFA三级考试时间紧张，需要合理分配时间，特别是对于计
算题。
在答题过程中，先做自己擅长的部分，避免因为时间不够而影响发挥。
3. 仔细审题：机考中很容易忽视题干中的细节，如数字、时间等，因此要仔细审题，确保理解题意后再进行答题。
4. 掌握计算器使用技巧：在CFA三级考试中，计算器是非常重要的工具。
考生需要熟练掌握计算器的使用技巧，提高计算效率。
5. 避免跳题：在答题过程中，不要跳题或者遗漏题目，以免影响最终成绩。
6. 检查答案：答完题目后，务必检查答案是否正确，避免因为疏忽而造成不必要的失分。
7. 熟悉键盘输入技巧：在机考中，需要使用键盘输入英文和数字，考生需要熟悉键盘输入技巧，提高输入速度。
8. 心态调整：机考中可能会遇到一些突发事件，如系统故障、考试时间延误等，考生需要保持冷静，调整心态，积极应对。
总之，在CFA三级机考中，考生需要熟练掌握机考操作技巧，合理分配时间，仔细审题，掌握计算器使用技巧，调整心态。
同时，考生还需要注意陷阱问题，避免失分。
希望这些技巧能帮助考生顺利通过考试。
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2015CFA三级重要知识点梳理SS4
1.InvestmentPersonality Types—注意与行为金融学BB&K方法的对比
这几类人群的分析要注意和行为金融学类型的区别和联系。
(SS3&SS45)
（1）自发型（Spontaneous），类似于行为金融学中的“Adventurer”。
在行为金融学中，对这类人的描写是“Confident and Impetuous”, 自信又冲动，类比的脸谱是钢铁侠。
这类投资者的主要特点是感情用事，不重视研究分析，但担心错失市场机会。
他们的投资组合换手率是4类投资者中最高的。
（2）自主型（Individualist），类似于行为金融学中的“Individualist”使用理智的分析和小心的操作。
这类投资者的特点是对自己的投资研究能力比较自信，会通过各种渠道收集信息并努力进行分析。
相对于条理型投资者，自主型投资者对风险的承受能力更强。
（3）条理型（Methodical）,这类投资者重视研究分析，有自己的投资方法和经验，受情感的影响较小。
这类投资者的投资决策依赖于数据和分析，偏于谨慎。
（4）谨慎型（Cautious）这类投资者投资决策十分慎重，没有十足的把握一般不会轻易决策。
这类投资者的组合特点一般为低交易量，低波动性。
以上四种投资人，风险偏好是越来越小的，这个关系要格外注意。
对投资者的心理特征进行分类可以帮助我们更好地理解投资者的objective，选择合适的投资组合。
在考试中常常要求考生对投资者进行心里特征的分类，要把握4类投资者的典型特征进行选择。
决策依靠理智决策依靠情感
较高的风险厌恶条理型（Methodical）谨慎型（Cautious）
较低的风险厌恶自主型（Individualist）自发型（Spontaneous）
2.判断individual investor 的risk tolerance—能力与意愿
与Institutional Investors不同，individual investors的风险承受能力不但需要考虑能力，更加需要考虑意愿。
投资者的风险目标（risk objective）或风险容忍度（risk tolerance）取决于风险承受能力和风险承受意愿。
风险承受能力（ability to take risk）着眼于回答：在满足投资目标的能力被严重损害之前，投资组合最多能够承担多大的损失？从这个定义来看，其影响因素包括：
投资期限：投资期限越长，风险承受能力越大。
投资目标与财富总额的相对大小：投资目标越小/财富总额越大，风险承受能力越大。
投资目标的重要性：投资目标的重要性越低，风险承受能力越大。
风险承受意愿（willingness to takerisk）则对应地回答：在满足投资目标的能力被严重损害之前，投资者最多愿意承担多大的损失？它更为主观，且会随着时间改变，其影响因素主要包括：
财富来源：一般来说，经营谋生者承受风险意愿较高，安稳储蓄者、接受遗产者承受意愿较低。
性格判定：如前所述，谨慎型（Cautious）、条理型（Methodical）、自发型（Spontaneous）、自主型（Individualist）的投资者承担风险的意愿不同。
考试时，通常需要判定individual investor的risk tolerance (或ability to take risk/willingness to take risk) 是above average、average还是below average（或increase/decrease），并给出相应的理由。
应从投资者的上述因素寻找相应信息（但不限于上述因素，更多的因素需要在做题的过程中总结体会）。
3.投资账户的类别—选对账户，降低税负
从税收的角度考虑，投资账户可以分为应税账户（taxableaccounts）、递延税账户（tax-deferred accounts）和免税账户（tax-exempt accounts）。
有时候，投资账户类别的选择比某项具体资产的投资税收处理更重要。
应税账户（Taxable accounts）最为简单，该账户的投资收益需要缴纳各种形式的税收，而且初始投入资金是税后计量的（on a after-tax basis）—也就是说，向该类账户投资需要扣税。
递延税账户（Tax-deferred accounts）的初始投入资金可能缴税也可能不缴税（资金是税前计量的），其间所获投资收益的税收可以递延至提取时。
免税账户（Tax-exempt accounts）不允许初始投入资金抵扣（no tax-deductible contributions），但是当期末提取资金时是免税的
一个普遍的误解在于，我们一般认为免税账户从税收效率上讲是最好的。
事实上，免税账户是否比递延税账户更有税收优势取决于初始投入的扣税率和期末提取的递延税率之间的大小关系，也就是T0和Tn的大小对比。
在考试中，考生常常需要选择合适的账户类别来进行资产管理。
一般的原则是将缴税重的投资项目放入递延税账户和免税账户，缴税轻或不缴税的投资放入应税账户。
各位考生，2015年CFA备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，网校开通了全免费的高顿题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。