CFA 2008年3级公式表
cfa三级通过标准
cfa三级通过标准
一、正确答案数量
CFA三级考试的通过标准首先关注的是考生的正确答案数量。
在判断考生是否通过考试时，会将其正确答案数量与全球成绩排名前1%的考生的平均正确答案数量进行比较。
如果考生的正确答案数量大于等于全球成绩排名前1%的考生的平均正确答案数量的70%，那么考生就通过了考试。
这一标准可以理解为，考生需要在考试中表现出色，才能达到通过考试的要求。
二、各个部分准确率
CFA考试分为多个科目，每个科目都有自己的通过标准。
在CFA 三级考试中，每个科目的成绩分为三档：≤50%、51%-70%、>70%。
一般来说，只要考生的各个部分的准确率都能达到70%以上，就可以通过CFA考试。
这表明，考生需要在每个科目中表现出色，才能确保通过考试。
三、相对通过率
相对通过率是指考生在考试中的表现是否比身边一半的人表现得更好。
相对通过率是根据考生的相对成绩来确定的。
如果考生的相对成绩排在前50%以内，那么考生就通过了考试。
这意味着，考生不需要考满分，只要比身边一半人发挥的越好，就可以通过考试。
这一标准可以理解为，考试不仅要求考生有扎实的专业知识，还需要具备优秀的应对能力和比赛精神。
总之，CFA三级考试的通过标准是多方面的，包括正确答案数量、各个部分准确率以及相对通过率等方面。
考生需要在这些方面都表现出色，才能确保通过考试。
同时，考生还需要注意掌握考试技巧和策略，合理安排考试时间，发挥出自己最好的水平。
在备考过程
中，考生可以通过做题、模拟题等方式来提高自己的应试能力，并不断积累经验和知识储备。
cfa三级笔记
cfa三级笔记Monte Carlo simulation（专题）定义：Monte Carlo simulation allows asset manager to model the uncertainty of several key variables. Generates random outcomes according to assumed probability distribution for these key variables. It is flexible approach for exploring different market or investment scenario. 蒙特卡洛模拟是将变量（事先定义好分布）的值随机发射，生成了结果，可灵活的探索不同市场、投资环境下的状态。
较MVO的优势：1, Rebalancing and taxes, Monte carlo simulation allow to analyze different rebalancing policies and their cost over time（in multi-period situation）. 蒙特卡洛模拟可以用于分析执行不同的再平衡策略、税收时的影响。
2, Path dependent. As there are cash out flow each year, terminal wealth（the portfolio’s value at a given point）will be path-dependent because of the interaction of cash flows and returns. 如果每年都有资金流出，指定时间的组合价值会受这些资金流出和收益的影响Cash flows in and out of a portfolio and the sequence of returns will have a material effect on terminal wealth, this is termed path-dependent.3, Monte Carlo can incorporate statistical properties outside the normal distribution, such as skewness and excess kurtosis.蒙特卡洛模拟可用于建模非正态分布。
cfa3级考纲
cfa3级考纲CFA Level 3 exam covers the following topics:1. Ethical and Professional Standards: This section focuses on ethical standards and professional conduct in the investment industry.2. Behavioral Finance: This section explores the impact of psychological biases on investment decision making and behavior.3. Private Wealth Management and Institutional Investors: This section covers portfolio management techniques and strategies for private wealth management and institutional investors.4. Portfolio Management: This section covers advanced portfolio management concepts, including asset allocation, risk management, and performance evaluation.5. Asset Allocation and Fixed Income: This section focuses on asset allocation strategies, fixed income instruments, and fixed income portfolio management.6. Equity and Alternative Investments: This section covers equity analysis, valuation techniques, and alternative investment strategies.7. Derivatives and Risk Management: This section covers derivative instruments, their valuation, and their use in risk management.8. Monitoring and Rebalancing: This section covers portfolio monitoring and rebalancing strategies.9. Code of Ethics and Standards of Professional Conduct: This section covers the CFA Institute Code of Ethics and Standards of Professional Conduct.The exam format includes both multiple-choice questions and essay questions, and candidates are required to demonstrate a deep understanding of the material and the ability to apply it to real-world investment scenarios.。
cfa level3 2023公式表
cfa level3 2023公式表CFA Level 3 2023公式表CFA Level 3考试是一项广泛认可的金融投资资格考试，由CFA协会主办。
考试的内容涵盖了投资管理和分析的各个方面，包括资产估值、投资组合管理、风险管理等。
对于考生来说，熟练掌握CFA Level 3公式表中的各个公式是非常重要的，因为这些公式是解决实际问题的关键工具。
下面将介绍CFA Level 3 2023公式表中的几个重要公式。
1. CAPM模型CAPM模型是资本资产定价模型的简称，用于衡量资产的预期回报。
它的公式如下：E(Ri) = Rf + βi * (E(Rm) - Rf)其中，E(Ri)表示资产i的预期回报率，Rf表示无风险利率，βi表示资产i的贝塔系数，E(Rm)表示市场的预期回报率。
2. Fama-French三因子模型Fama-French三因子模型是一种用于解释股票回报率的模型。
它的公式如下：E(Ri) = Rf + βi * (E(Rm) - Rf) + si * SMB + hi * HML其中，E(Ri)表示股票i的预期回报率，Rf表示无风险利率，βi表示股票i的贝塔系数，E(Rm)表示市场的预期回报率，SMB表示规模因子，HML表示价值因子。
3. Black-Scholes期权定价模型Black-Scholes期权定价模型是一种用于计算欧式期权价格的模型。
它的公式如下：C = S * N(d1) - X * e^(-r * T) * N(d2)其中，C表示期权的价格，S表示标的资产价格，N(d1)和N(d2)表示标准正态分布的累积分布函数，X表示期权的行权价格，r表示无风险利率，T表示期权的剩余到期时间。
4. Treynor-Black模型Treynor-Black模型是一种用于资产配置的模型，可以帮助投资者确定各个资产在投资组合中的权重。
它的公式如下：w = (Σi=1 to n) (E(Ri) / σi^2) / (Σi=1 to n) (1 / σi^2)其中，w表示资产i在投资组合中的权重，E(Ri)表示资产i的预期回报率，σi表示资产i的风险。
cfa三级答题技巧
cfa三级答题技巧CFA Level 3 Exam Answering TechniquesThe CFA Level 3 exam is the culmination of the CFA program, testing candidates on a wide range of investment analysis and portfolio management skills. To excel in this exam, it's crucial to have a solid understanding of the material but also to apply effective answering techniques. Here are some key strategies to consider:Read the Question Carefully: Ensure you fully understand the question's requirements. Identify the key information and the specific task you need to complete. This step is often overlooked but can significantly impact your ability to answer correctly.Structure Your Answer: Organize your thoughts and present your answer in a logical and coherent manner. Use headings and bullet points to break up your response and make it easier for the examiner to follow.Focus on the Key Points: Prioritize the most important information and arguments. Ensure you cover the essential elements of the question, even if you don't have time to elaborate on every detail.Use Real-World Examples: Draw upon your practical experience and industry knowledge to illustrate your answers. Concrete examples can help bring abstract concepts to life and demonstrate your understanding of how they apply in real-world scenarios.Check Your Work: Review your answers to ensure they are complete and accurate. Look for any gaps or inconsistencies in your reasoning and make adjustments where necessary. Manage Your Time Effectively: Time management is crucial in the CFA Level 3 exam. Allocate appropriate time to each question, ensuring you don't spend too much time on one question and leave others unfinished. Practice timed mock exams to familiarize yourself with the exam format and time constraints.Use the Resources Available: Take advantage of the reference materials and calculators provided during the exam. Use them efficiently to support your answers and calculations.。
常见的CFA考试公式表
一、经营成果指标部分CFA公式1、利润率＝利润总额÷营业收入×100％；2、资本金利润率＝利润总额÷资本金×100％；3、成本率＝总成本÷营业收入×100％；4、综合费用率＝营业费用÷(营业收入＋投资收益)×100%。
二、经营状况指标部分CFA公式1、流动比率＝流动资产÷流动负债×l00％；流动资产是指可以在一年内或者超过一年的一个营业周期内变现或者耗用的资产，包括现金及各银行在中央银行和专业银行的各种存款、短期贷款、短期投资、应收及预付款项等。
流动负债是指将在一年内或者超过一年的一个营业周期内偿还的债务，包括短期借款、活期存款、活期储蓄存款、应付票据、应付账款、应付工资、应交税金、应付利润、其他应付款、预提费用等。
2、速动比率=速动资产÷流动负债×100%；速动资产是指现金、短期投资和应收款项等项目的合计数，它们具有直接快速变现的能力，因此称为速动资产。
3、资本风险比率＝不良贷款÷资本金×100％；4、固定资产比率＝(固定资产净值＋在建工程)÷所有者权益（不含未分配利润）×100％；三、会计分析部分CFA公式1、负债比率＝负债总额÷资产总额×100%；2、权益比率（产权比率）＝所有者权益总额÷资产总额×100%；3、负债对所有者权益比率＝负债总额÷所有者权益×100%；4、流动资产比率＝流动资产÷资产总额×100%；5、贷款收息率＝贷款利息收入÷贷款年平均余额×100%；6、应收利息比率＝应收未收利息÷利息收入总额×100%；7、存款平均付息率＝存款利息支出总额÷各项存款年均余额×100%；8、拆入资金平均利率＝拆入资金利息支出额÷拆入资金年平均余额×100%；9、利润完成率＝当年实现利润总额÷本年计划利润×100%；10、利润增减率＝(本年实际利润——本年计划利润)÷本年计划利润总额×100%；11、资产利润率＝净利润÷资产平均余额×100%；12、资本(权益)收益率＝净利润÷资本总额×100%。
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 三级 公式 2023
cfa 三级公式2023摘要：一、前言二、CFA 三级简介三、CFA 三级公式概述1.股票估值与分析2.债券估值与分析3.衍生品估值与分析4.投资组合管理5.企业金融6.经济学7.财务报表分析四、2023 年CFA 三级考试展望五、结论正文：【前言】CFA（Chartered Financial Analyst）是国际金融领域的顶级证书，被誉为金融界的“金领”。
CFA 三级是CFA 认证的最高级别，要求考生具备扎实的金融知识基础和丰富的实践经验。
本文将重点介绍CFA 三级考试中的重要公式，帮助考生更好地应对2023 年的CFA 三级考试。
【CFA 三级简介】CFA 三级考试分为上午和下午两个部分，每个部分时长均为3 小时。
考试内容涵盖了股票估值与分析、债券估值与分析、衍生品估值与分析、投资组合管理、企业金融、经济学、财务报表分析等领域。
考生需要掌握大量的公式和计算方法，以应对各种复杂的金融问题。
【CFA 三级公式概述】【股票估值与分析】1.股票价格模型（P/E Model）：P = D / (k - g)其中，P 为股票价格，D 为预期股息，k 为折现率，g 为股息增长率。
2.企业价值/息税前利润模型（EV/EBITDA Model）：P = (EBITDA × (1 - t)) / (k - g)其中，P 为股票价格，EBITDA 为息税前利润加折旧摊销，t 为企业所得税率，k 为折现率，g 为净利润增长率。
【债券估值与分析】1.债券价格模型（P/F Model）：P = F / (1 + r)^n其中，P 为债券价格，F 为债券面值，r 为债券收益率，n 为剩余期限。
2.债券收益率模型（YTM Model）：r = (F / P) / (1 - 1 / (1 + r)^n)其中，r 为债券收益率，F 为债券面值，P 为债券价格，n 为剩余期限。
【衍生品估值与分析】1.布莱克- 斯科尔斯模型（Black-Scholes Model）：C = S × N(d1) -Xe^(-rT) × N(d2)其中，C 为看涨期权价格，S 为标的资产价格，X 为期权行权价，r 为无风险利率，T 为期权到期时间，N(d) 为正态分布函数，d1 和d2 为相关参数。
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凸性计算公式
cfa凸性计算公式
凸性，这是CFA固定收益中的知识，具体来说是债券价值相对利率变化的敏感性的分析方法。
凸性则提供了预测价格的部分解。
实际的变化取决于价格曲线的曲率，即凸性。
工作表包括计算凸性的三种计算方法，工作表则展示了凸性的敏感性分析。
（一）公式1
一种方法是对较小变化的一种近似方法，因为它还是假设线性关系。
公式基于收益率1%的变动计算价格变动。
息票率是周期利率，而非年利率。
（二）公式2 修正的久期也可以用以计算收益率变化1%导致的价格变化。
同样的，这也是假设线性关系，并且会变得越来越不。
公式：-全价×收益率的变化×修正的久期
（三）公式3 凸性公式为：
使用这些方法，我们可以评估利率变化对债券现金流的影响。
ffo计算公式 cfa
ffo计算公式 cfaCFA（Chartered Financial Analyst）是国际上公认的金融分析领域的专业资格认证。
FFO（Funds From Operations）是一种用于衡量房地产投资信托（REITs）及其他房地产公司经营绩效的指标。
本文将介绍CFA以及FFO的计算公式。
CFA资格认证是金融行业从业者追求的重要证书之一，拥有CFA资格证书的人被认为具备了广泛的金融知识和专业技能。
CFA考试分为三个级别，涵盖了投资管理、证券分析、财务报表分析等多个领域。
通过CFA考试，考生需要具备良好的金融理论知识和实践经验，同时还需要具备一定的道德操守和职业道德意识。
FFO是衡量房地产投资信托及其他房地产公司经营绩效的重要指标之一。
它被用来评估公司的运营能力和持续盈利能力。
FFO的计算公式是净利润加上折旧费用、摊销费用和不动产投资的损益调整项。
具体公式如下：FFO = 净利润 + 折旧费用 + 摊销费用 + 不动产投资的损益调整项其中，净利润是指公司在一定期间内的总收入减去总成本和费用后的剩余金额。
折旧费用是指公司在使用固定资产过程中，由于使用和使用寿命的消耗而产生的费用。
摊销费用是指公司在使用无形资产过程中，由于使用寿命的消耗而产生的费用。
不动产投资的损益调整项是指公司在计算FFO时对不动产投资进行的调整。
通过计算FFO，投资者可以更好地了解房地产投资信托及其他房地产公司的盈利能力和运营能力。
FFO能够排除一些非现金因素的影响，更准确地反映公司的经营情况。
投资者可以根据FFO的大小和变化趋势来评估公司的价值和潜在回报。
除了FFO，还有其他一些指标可以用于评估房地产投资信托及其他房地产公司的经营绩效，如每股净资产收益（NAVPS）和每股经营现金流量（OCF）。
这些指标在投资决策和比较分析中都具有重要的作用。
CFA资格认证是金融行业从业者追求的重要证书，具备CFA资格的人被认为具备广泛的金融知识和专业技能。
CFA考生都应该了解的ROE公式
CFA考生都应该了解的ROE公式ROE（Return on Equity，股东权益回报率）是衡量公司利润与股东投资之间关系的重要财务指标。
它代表了公司对股东投资的回报率。
CFA （Chartered Financial Analyst，特许金融分析师）考试中，ROE公式是需要了解和掌握的基本知识之一、下面是对ROE公式的详细解析。
ROE公式可以分解为三个关键要素，即净利润率（Net Profit Margin）、资产周转率（Asset Turnover Ratio）和财务杠杆（Financial Leverage）。
首先，净利润率是指公司净利润与销售收入之间的比率。
它代表了公司在经营活动中的盈利能力。
净利润率可以通过以下公式计算：净利润率=净利润/销售收入净利润率的高低取决于公司的盈利能力以及成本控制能力。
高净利润率意味着公司能够在销售收入中获得更高的利润。
其次，资产周转率是指公司销售收入与资产总额之间的比率。
它衡量了公司利用其资产进行经营活动的效率。
资产周转率可以通过以下公式计算：资产周转率=销售收入/资产总额资产周转率的高低取决于公司的经营效率和资源利用情况。
高资产周转率意味着公司能够利用较少的资产创造更多的销售收入。
最后，财务杠杆是指公司利用债务融资进行投资的程度。
它衡量了公司利用债务杠杆放大股东权益回报的能力。
财务杠杆可以通过以下公式计算：财务杠杆=资产总额/股东权益财务杠杆的高低取决于公司的债务水平。
较高的财务杠杆意味着公司使用债务融资进行投资的力度较大。
ROE可以通过以下公式计算：ROE=净利润率×资产周转率×财务杠杆ROE的计算反映了公司利润、资产周转和资本结构等多个方面的因素。
一个高ROE可以说明公司在股东权益水平下的回报较好，反之则表示回报较差。
理解和掌握ROE公式的意义对于CFA考试和金融从业者来说是至关重要的。
ROE的计算帮助分析师评估公司的盈利能力、资产利用效率和财务结构，进而对公司的投资价值进行评估。
cfa中bp test的检验统计量计算公式
cfa中bp test的检验统计量计算公式
摘要：
一、BP Test 简介
二、BP Test 的检验统计量计算公式
1.计算投资组合的预期回报
2.计算检验统计量Z
3.比较Z 与临界值
正文：
首先，我们需要了解BP Test 的概念。
BP Test 是用于评估投资组合风险的一种方法，它通过计算投资组合中各种可能情景的预期回报，来确定投资组合是否能够实现预期的回报目标。
在CFA 中，BP Test 的检验统计量计算公式如下：
1.计算投资组合的预期回报
预期回报可以通过对投资组合中每种资产的预期回报进行加权平均来得到，权重为每种资产在投资组合中的比例。
2.计算检验统计量Z
检验统计量Z 的计算公式为：Z = (Rp - Rf) / √(Wp * Var(Rp))，其中：
- Rp 为投资组合的预期回报
- Rf 为无风险利率
- Wp 为投资组合的权重
- Var(Rp) 为投资组合的预期回报的方差
3.比较Z 与临界值
最后，我们需要将计算得到的检验统计量Z 与临界值进行比较，以判断投资组合是否能够实现预期的回报目标。
临界值的计算需要参考CFA 协会提供的临界值表。
以上就是CFA 中BP Test 的检验统计量计算公式的详细步骤。
CFA考生都应该了解的ROE公式
CFA考生都应该了解的ROE公式ROE（Return on Equity）是衡量公司利用股东权益实现利润的能力的一个重要指标。
CFA考生在备考过程中需要熟练掌握ROE的计算公式和相关概念。
本文将详细介绍ROE的公式以及与ROE相关的重要概念。
ROE的公式为：ROE=净利润/股东权益其中，净利润指的是公司经营活动所实现的净收入，也可以是净利润与少数股东权益之和。
股东权益是指公司所拥有的所有者权益，包括普通股股本、优先股股本、留存收益和其他权益等。
ROE是衡量公司盈利能力和资本运用效率的重要指标，它反映了投资者对股东权益的回报率。
在实际应用中，ROE通常与其他指标结合使用，如ROA（Return on Assets）、EPS（Earnings Per Share）等，来全面评估公司的业绩。
ROE=ROA*杠杆率ROA（Return on Assets）是衡量公司资产利用效率的指标，它表示了公司每一单位资产创造的净利润。
ROA的公式为：ROA=净利润/总资产杠杆率是指公司使用借款或其他财务工具来融资以扩大业务规模和利润水平的程度。
杠杆率的公式为：杠杆率=资产总额/股东权益从ROE的计算公式中可以看出，ROE受到净利润和股东权益的影响。
对于投资者来说，ROE越高，则代表公司利用股东权益实现的利润越高，投资回报率也越高，具有更好的投资价值。
在分析ROE时，还需要考虑一些其他的因素：1.ROE分解分析：ROE可以通过分解分析来了解公司利润和资本运用效率的情况。
分解分析把ROE分解为净利润率、资产周转率和权益乘数三个部分，通过分析每个部分的变化可以了解公司业绩的变动原因。
净利润率=净利润/营业收入资产周转率=营业收入/总资产权益乘数=总资产/股东权益通过分析这三个部分的变化，可以帮助投资者更好地了解公司的盈利能力和资本运用效率的情况。
2.行业比较：ROE具有行业参考价值，投资者可以通过比较不同公司和行业的ROE 来评估公司的盈利能力和资本运用效率的优劣。
CFA公式集合
CFA公式集合定量分析类财务：资金的时间价值。
投资：是对未来事件进行评估。
储蓄：是延迟的消费。
也即用现在的消费换取将来的消费。
一、单一现金流的计算：(1)(1)ppn p np FVFV PV i PV i =+⇒=+s p i i m=p n m n =⨯利率（i ），收益率（r 或y ），增长率（g ），FV 未来现金值，PV 当前现金值， 票面利率（si ）又称年度回报率（APRi ）：s APR p i i mi ==实际年利率（EAR ）(1)1EARpm i i =+- 二、连续复利求FV/PV ： ininFVFV PVePV e =⇒=三、连续复利求有效年利率： 1i EAR e =-[1]i APR Ln EAR ==+ 四、年金——相等的连续现金流 终身年金的现值：1P PPMT PVI =普通年金的FV ：(1)1[]pn p p pi FV PMT i +-=五、年百分率：s p i APR m i ==⨯有效年利率：(1)1m p EAR i =+- 六、持有期收益率 ：1V HPR V =-期末期初七、货币加权收益率=内部收益率(IRR) 八、时间加权收益率=几何平均数-⎛⎫=⎪⎝⎭BD F P 360r Ft九、银行贴现基准： 十、实际年收益率：十一、货币市场收益率：=绝对频数相对频数样本总数十二、算术平均数： 总体：样本：几何平均数：加权平均数：投资组合的平均年回报率：十三、方差和标准差 总体：样本：=+-365/t EAY (1HPY)1⎛⎫= ⎪⎝⎭MM 360r HPY t 12NX X X Nμ++=1nii X X n==∑()112NN X X X μ=12(1)(1).....(1)1n G nr r r r =+++112233123..................N N Nw X w X w X w X w w w w μ+++=+++11tt t V R V -=-221()Nixi xx u N σ=-=∑2x x σσ=221()1nii x xX S n =-=-∑2x xS S =x xσμ=x S X==XXσCV μRoy 安全第一条件——最佳投资是安全第一比率SFR 最大的组合总体均值的置信区间称为显著程度称为显著水平 可以以总体平均值的样本估计值为中心构建置信区间α是显著性水平，等于1 -用%表示的置信水平。
cfa三级框架
cfa三级框架CFA三级框架CFA（Chartered Financial Analyst）是国际上金融业最具权威和最高职业道德规范的认证之一。
CFA三级考试是CFA认证的最后一关，也是最具挑战性的一关。
本文将围绕CFA三级框架展开讨论。
CFA三级考试涵盖了投资组合管理和财务规划两大部分，主要考察候选人在实践中运用金融知识和技能的能力。
CFA三级框架主要包括以下几个方面：1. 投资组合管理投资组合管理是CFA三级考试的重点内容之一。
在投资组合管理中，候选人需要掌握资产配置、证券选择、风险管理等方面的知识。
资产配置是指将投资组合资金分配到不同的资产类别中，以实现投资目标。
证券选择是指在资产类别内选择具体的证券进行投资。
风险管理是指通过分散投资、风险度量和风险控制等手段，降低投资组合的风险。
2. 财务规划财务规划是CFA三级考试的另一个重要内容。
在财务规划中，候选人需要掌握个人财务规划和企业财务规划的知识。
个人财务规划是指个人在不同生命周期阶段的财务目标和规划。
企业财务规划是指企业在不同阶段的财务目标和规划，包括资本预算、融资决策、股权激励等方面的内容。
3. 道德与职业角色道德与职业角色是CFA三级考试的基础。
CFA认证强调职业道德和职业责任，候选人需要掌握CFA协会的道德和职业准则。
在实际工作中，CFA持证人需要遵守职业道德规范，保护客户利益，提供专业的投资建议。
4. 实践与综合技能实践与综合技能是CFA三级考试的另一个重点。
候选人需要具备实际应用金融知识和技能的能力。
这包括投资报告撰写、投资决策分析、风险管理等方面的能力。
候选人需要运用所学知识和技能，解决实际投资和财务问题。
CFA三级框架的学习和备考需要候选人全面掌握金融知识和技能，并将其应用到实际情境中。
考生需要通过阅读教材、参加培训课程、做题和模拟考试等方式进行复习和准备。
在备考过程中，要注重理论与实践相结合，注重思考和解决问题的能力。
CFA三级考试的通过率相对较低，考生需要付出大量的时间和精力进行准备。