cfa一级笔记
cfa esg 中英文笔记
cfa esg 中英文笔记CFA协会提供的ESG（环境、社会和治理）中英文笔记如下：中文笔记：ESG投资是一种关注企业环境、社会和治理状况的投资策略，旨在实现可持续的长期回报。
ESG因素可以帮助投资者评估企业的潜在风险和机会，从而做出更明智的投资决策。
在投资决策中考虑ESG因素，有助于投资者更好地理解企业的运营模式、战略方向和社会责任等方面的信息。
通过投资于重视ESG因素的企业，投资者可以获得更好的投资回报，同时为可持续发展做出贡献。
英文笔记：ESG investing is an investment strategy that focuses on the environmental, social, and governance factors of a company. It aims to achieve sustainable long-term returns. ESG factors can help investors assess potential risks and opportunities of a company, enabling them to make more informed investment decisions. Taking ESG factors into consideration in investment decisions helpsinvestors better understand a company's operating model, strategic direction, and social responsibilities. By investing in companies that prioritize ESG factors, investors can achieve better investment returns while contributing to sustainable development.。
cfa一级十科笔记
cfa一级十科笔记CFA一级考试是金融行业中非常重要的职业资格认证，涵盖了广泛的金融知识领域。
下面是关于CFA一级考试十科的笔记，以帮助你更好地准备考试。
1. 伦理与专业标准（Ethics and Professional Standards）：了解职业道德和行业规范的重要性。
理解与客户、公司和市场参与者之间的关系。
掌握投资专业人士应遵循的道德准则。
2. 数量方法（Quantitative Methods）：熟悉基本的数学和统计概念。
掌握概率论和假设检验的基本原理。
理解回归分析和时间序列分析的基本概念。
3. 经济学（Economics）：理解宏观经济和微观经济的基本原理。
掌握货币政策、财政政策和国际贸易的影响。
理解经济指标和金融市场之间的关系。
4. 金融报表分析（Financial Reporting and Analysis）：理解财务报表的结构和内容。
掌握财务比率分析和财务报表的解读。
熟悉资产负债表、利润表和现金流量表之间的关系。
5. 公司金融（Corporate Finance）：理解资本预算和资本结构的基本原理。
掌握投资决策和融资决策的方法。
熟悉公司治理和股权结构的影响。
6. 证券投资（Equity Investments）：理解股票市场和股票投资的基本原理。
掌握股票估值和投资组合管理的方法。
熟悉股票投资的风险管理和绩效评估。
7. 固定收益投资（Fixed Income Investments）：理解债券市场和债券投资的基本原理。
掌握债券估值和债券组合管理的方法。
熟悉利率风险和信用风险的评估和管理。
8. 衍生品投资（Derivative Investments）：理解衍生品市场和衍生品投资的基本原理。
掌握期权、期货和其他衍生品的估值和交易策略。
熟悉衍生品投资的风险管理和绩效评估。
9. 另类投资（Alternative Investments）：理解另类投资市场和另类投资的基本原理。
掌握房地产、私募股权和大宗商品等另类投资的特点和风险。
CFA一级笔记-第九部分 衍生品
CFA一级考试知识点第九部分衍生品衍生品derivative是特殊金融工具，是基于标的资产underlying asset 派生出来的金融产品。
标的资产的交易市场成为现货市场spot market，与衍生品市场相对应。
衍生品与保险合同非常相似。
标的资产类型分为：金融衍生品、实物衍生品、其他衍生品（天气、总统竞选）买方buyer，也称为holder，同时也是衍生品多头或持有多头头寸long position。
卖方seller，也称为writer，同时也是衍生品空头或持有空头头寸short position。
交易所交易市场exchange-traded markets，也称为场内市场：标准化合约、没有违约风险、受到监管、交易透明。
场外市场over-the-counter markets，OTC，做市商扮演重要角色，充当买卖双方对手方，通过低买高卖争取差价。
特点：合约个性化、存在违约风险/交易对手风险、缺少监管、交易不透明。
衍生品类别：远期承诺：远期、期货、互换。
或有索取权contingent claim：单务合同，一方有权利无义务，权利义务不对等，期权。
远期合约forward contracts是场外OTC衍生品合约交易价格事先约定，也称为远期价格forward price，是一种零和博弈。
交割分为：实物交割delivery、现金交割cash settlement/nondeliverable forwards，简称NDFs（俗称补差价contracts for differences）。
期货合约futures contracts是特殊的远期合约，是标准化standardized，且在期货交易所中交易的合约。
因此期货合约流动性更好，并且不容易违约。
期货价格futures price合约中约定的资产未来某一时刻交易的价格。
盯市制度mark to market / daily settlement每日结算制度，结算机构会根据当天的结算价格settlement price来确定收益，确保“当日无负债”。
【CFA笔记】portfolio_management（7％）_
Portfolio Management: An OverviewOne measure of the benefits of diversification is the diversification ratio. It is calculated as the ratio of the risk of an equally weighted portfolio of n securities (measured by its standard deviation of returns) to the risk of a single security selected at random from the n securities.例子：If the average standard deviation of returns for the n stocks is 25%, and the standard deviation of returns for an equally weighted portfolio of the n stocks is 18%, the diversification ratio is 18 / 25 = 0.72.Foundations and endowments typically have long investment horizons, high risk tolerance, and, aside from their planned spending needs, little need for additional liquidity.Banks seek to keep risk low and need adequate liquidity to meet investor withdrawals as they occur.Insurance companies invest customer premiums with the objective of funding customer claims as they occur. Life insurance companies have a relatively long-term investment horizon, while property and casualty财产和意外保险(P&C) insurers have a shorter investment horizon because claims are expected to arise sooner than for life insurers.Sovereign wealth funds refer to pools of assets owned by a government.A defined contribution pension plan is a retirement plan in which the firm contributes a sum each period to the employee’s retirement account.In a defined benefit pension plan, the firm promises to make periodic payments to employees after retirement.There are three major steps in the portfolio management process:Step 1: The planning step begins with an analysis of the investor’s risk tolerance, return objectives, time horizon, tax exposure, liquidity needs, income needs, and any unique circumstances or investor preferences.This analysis results in an investment policy statement (IPS)that details the investor’s investment objectives and constraints.Step 2: The execution step involves an analysis of the risk and return characteristics of various asset classes to determine how funds will be allocated to the various asset types.in what is referred to as a top-down analysis, a portfolio manager will examine current economic conditions and forecasts of such macroeconomic variables as GDP growth, inflation, and interest rates, in order to identify the asset classes that are most attractive.Step 3: The feedback step is the final step. Over time, investor circumstances will change, risk and return characteristics of asset classes will change, and the actual weights of the assets in the portfolio will change with asset prices.Mutual funds are one form of pooled investments (i.e., a single portfolio that contains investment funds frommultiple investors). Each investor owns shares representing ownership of a portion of the overall portfolio. The total net value of the assets in the fund (pool) divided by the number of such shares issued is referred to as the net asset value (NA V) of each share.With an open-end fund, investors can buy newly issued shares at the NA V. Newly invested cash is invested by the mutual fund managers in additional portfolio securities. Investors can redeem their shares (sell them back to the fund) at NA V as well. All mutual funds charge a fee for the ongoing management of the portfolio assets, which is expressed as a percentage of the net asset value of the fund. No-load funds免佣基金do not charge additional fees for purchasing shares (up-front fees) or for redeeming shares (redemption fees). Load funds charge either up-front fees, redemption fees, or both.Closed-end funds are professionally managed pools of investor money that do not take new investments into the fund or redeem investor shares. The shares of a closed-end fund trade like equity shares (on exchanges or over-the-counter). As with open-end funds, the portfolio management firm charges ongoing management fees.T ypes of Mutual Funds：Money market funds invest in short-term debt securities and provide interest income with very low risk of changes in share value.Bond mutual funds invest in fixed-income securities. They are differentiated by bond maturities, credit ratings, issuers, and types.A great variety of stock mutual funds are available to investors. Index funds are passively managed; that is, the portfolio is constructed to match the performance of a particular index, such as the Standard & Poor’s 500 Index. Actively managed funds refer to funds where the management selects individual securities with the goal of producing returns greater than those of their benchmark indexes.Other Forms of Pooled Investments：Exchange-traded funds (ETFs) are similar to closed-end funds in that purchases and sales are made in the market rather than with the fund itself.【相同之处】【ETFs和close end fund不同之处】While closed-end funds are often actively managed, ETFs are most often invested to match a particular index (passively managed). With closed-end funds, the market price of shares can differ significantly from their NA V due to imbalances between investor supply and demand for shares at any point in time. Special redemption provisions for ETFs are designed to keep their market prices very close to their NA Vs.【ETFs和open end fund不同之处】ETFs can be sold short, purchased on margin, and traded at intraday盘中交易价prices, whereas open-end funds are typically sold and redeemed only daily, based on the share NA V calculated with closing asset prices.Investors in ETFs must pay brokerage commissions when they trade, and there is a spread between the bid price at which market makers will buy shares and the ask price at which market makers will sell shares.With most ETFs, investors receive any dividend income on portfolio stocks in cash, while open- end funds offer thealternative of reinvesting dividends in additional fund shares.One final difference is that ETFs may produce less capital gains liability compared to open- end index funds. This is because investor sales of ETF shares do not require the fund to sell any securities. If an open-end fund has significant redemptions that cause it to sell appreciated portfolio shares, shareholders incur a capital gains tax liability.A separately managed account is a portfolio that is owned by a single investor and managed according to that investor’s needs and preferences. No shares are issued, as the single investor owns the entire account.Portfolio Risk and Return: Part IHolding period return (HPR) is simply the percentage increase in the value of an investment over a given time period:The geometric mean return is a compound annual rate. When periodic rates of return vary from period to period, the geometric mean return < the arithmetic mean return:The money-weighted rate of return is the internal rate of return on a portfolio based on all of its cash inflows and outflows.Gross return refers to the total return on a security portfolio before deducting fees for the management and administration of the investment account. Net return refers to the return after these fees have been deducted.Note that commissions on trades and other costs that are necessary to generate the investment returns are deducted in both gross and net return measures.Pretax nominal return refers to the return prior to paying taxes.After-tax nominal return refers to the return after the tax liability is deducted.year when inflation is 2%. The investor’s approximate real return is simply 7 - 2 = 5%. The investor’s exact real return is slightly lower, 1.07 / 1.02 - 1 = 0.049 = 4.9%.A leveraged return refers to a return to an investor that is a multiple of the return on the underlying asset.The leveraged return is calculated as the gain or loss on the investment as a percentage of an investor’s cash investment. An investment in a derivative security, such as a futures contract, produces a leveraged return because the cash deposited is only a fraction一小部分of the value of the assets underlying the futures contract. Leveraged investments in real estate are very common: investors pay for only part of the cost of the property with their own cash, and the rest of the amount is paid for with borrowed money.small-capitalization stocks have had the greatest average returns and greatest risk over the period.Covariance measures the extent to which two variables move together over time. A positive covariance means that the variables (e.g., rates of return on two stocks) tend to move together. Negative covariance means that the two variables tend to move in opposite directions.Here we will focus on the calculation of the covariance between two assets’ returns using historical data.The covariance of the returns of two securities can be standardized by dividing by the product of the standard deviations of the two securities. This standardized measure of co-movement is called correlation and is computed as:A risk-averse investor is simply one that dislikes risk (i.e., prefers less risk to more risk). Given two investments that have equal expected returns, a risk-averse investor will choose the one with less risk (standard deviation).A risk-seeking (risk-loving) investor actually prefers more risk to less and, given equal expected returns, willchoose the more risky investment. A risk-neutral investor has no preference regarding risk and would be indifferent between two such investments.The variance of returns for a portfolio of two risky assets is calculated as follows:Note that portfol io risk falls as the correlation between the assets’ returns decreases. This is an important result of the analysis of portfolio risk: The lower the correlation of asset returns, the greater the risk reduction (diversification) benefit of combining assets in a portfolio. If asset returns were perfectly negatively correlated, portfolio risk could be eliminated altogether for a specific set of asset weights.For each level of expected portfolio return, we can vary the portfolio weights on the individual ass ets to determine the portfolio that has the least risk. These portfolios that have the lowest standard deviation of all portfolios with a given expected return are known as minimum-variance portfolios. T ogether they make up the minimum-variance frontier. On a risk versus return graph, the portfolio that is farthest to the left (has the least risk) is known as the global minimum-variance portfolio整体最小方差投资组合.Assuming that investors are risk averse, investors prefer the portfolio that has the greatest expected return when choosing among portfolios that have the same standard deviation of returns. Those portfolios that have the greatest expected return for each level of risk (standard deviation) make up the efficient frontier.An investor’s utility function效用函数represents the investor’s preferences in terms of risk and return (i.e., his degree of risk aversion).An indifference curve is a tool from economics that, in this application, plots combinations of risk (standard deviation) and expected return among which an investor is indifferent.a more risk-averse investor will have steeper indifference curves, reflecting a higher risk aversion coefficient. Combining a risky portfolio with a risk-free asset is the process that supports the two- fund separation theorem, which states that all investors’ optimum portfolios will be made up of some combination of an optimal portfolio of risky assets and the risk-free asset. The line representing these possible combinations of risk-free assets and theoptimal risky asset portfolio is referred to as the capital allocation line.Now that we have constructed a set of the possible efficient portfolios (the capital allocation line) Portfolio Risk and Return: Part IIThe line of possible portfolio risk and return combinations given the risk-free rate and the risk and return of a portfolio of risky assets is referred to as the capital allocation line (CAL).A simplifying assumption underlying modern portfolio theory (and the capital asset pricing model, which is introduced later in this topic review) is that investors have homogeneous expectationsDepending on their preferences for risk and return (their indifference curves), investors may choose different portfolio weights for the risk-free asset and the risky (tangency) portfolio. Every investor, however, will use the same risky portfolio. When this is the case, that portfolio must be the market portfolio of all risky assets because all investors that hold any risky assets hold the same portfolio of risky assets.只有与有效边界相切的那条才是CML。
CFA一级Ethics道德笔记
CFA一级Ethics道德笔记道德在CFA一级考试中占比15%，约36道题目。
最重要的是掌握七大标准，22个细则！最好能够阅读官方教材或者职业道德手册，并且一定要多做题。
这个章节共有4个Reading，其考试占比大致如下图，一定要好好掌握Reading 2，下面为大家提供详细的道德笔记，希望能给大家带来帮助。
Reading 1.Code of Ethics and Standards of Professional ConductReading 1有三个LOS，根据历年考试规则，主要需要掌握LOS 1.a中五种被调查的情况及相应的处罚结果，同时要了解LOS 1.b 中六大道德规范（Code of Ethics）的内容。
笔记一：五种引起调查的情况（Circumstances that can prompt at inquiry）Members和Candidates在职业行为陈述表中自我披露其行为违反了CFA职业道德标准职业行为调查人员（Professional Conduct Stuff）收到书面投诉来自媒体或其他公众资源的考生、会员或持证人的不当行为证据，CFA考官在报告中披露的考生违反考试规定，CFA 考试后分析试卷检测社交媒体去检测是否有考试相关信息泄露笔记二：调查结果及相应处罚没有违反职业道德——No discipline sanction(无纪律处分）违反了职业道德但是情节不严重——Issue a cautionary letter(不进行公开披露，给与警告信）违反并且情节严重——A disciplinary sanction(纪律处分），由处罚的严重程度从轻到重排列Public censure（公开责备），其他CFA会员进行谴责Suspension of membership and the use of the CFA designation（暂停会员资格和使用CFA称号的资格）Revocation of the CFA charter（收回CFA证书）Suspension from the further participation in the CFA Program（暂停之后参加CFA考试的资格）注：如果考生和会员不认可处罚结果，可申请由DRC members和CFA协会会员志愿者组成的听证陪审团（a hearing panel）重新裁决，此裁决结果为最终裁决！Reading 2. Guidance for Standards I-VII——Standard I: ProfessionalismReading 2包括三个LOS,处处皆重点，共有7大准则，22个细则。
CFA 笔记整理 Income Taxes备课讲稿
C F A笔记整理I n c o m e T a x e sIncome TaxesTax terminology (税务报表科目)•Taxable income：Income subject to tax based on the tax return.•Taxes payable：The tax liability on the balance sheet caused by taxable income. This is also known as current tax expense.•Income tax paid：The actual cash flow for income taxes including payments or refunds from other years.•Tax loss carry forward：A current or past loss that can be used to reduce taxable income (thus, taxes payable) in the future. Can result in a deferred tax asset.由于亏损产生，可以抵扣未来利润•Tax base：Net amount of an asset or liability used for tax reporting purposes.Financial reporting Terminology(财务报表科目)•Accounting profit：Pretax financial income based on financial accounting standards. Also known as income before tax and earnings before tax•Income tax expense：Expense recognized in the income statement that includes taxes payable and changes in deferred tax assets and liabilities (DTA and DTL). The income tax expenseequation is:Income tax expense=taxes payable+ΔDTL-ΔDTA•Deferred tax liabilities：Balance sheet amounts that result from an excess of income tax expense over taxes payable that are expected to result in future cash outflows.•Deferred tax assets：Balance sheet amounts that result from an excess of taxes payable over income tax expense that are expected to be recovered from future operations. Can also result from tax loss carry forwards.•Valuation allowance：Reduction of deferred tax assets based on the likelihood the assets will not be realized.(递延税资产减值)•Carrying value：Net balance sheet value of an asset or liability.DTL(递延税负债）和 DTA(递延税资产）由于实际上缴给国家税务机构的税金和财务报表上计算得出的税金不一样产生的。
cfa1级 2023 品职三色笔记
CFA 1级2023三色笔记：打造高效学习技巧在CFA 1级考试备考过程中，一份高质量的笔记是至关重要的。
在这篇文章中，我将共享我对CFA 1级2023三色笔记的理解和个人观点，帮助你更好地理解这一学习方法并提高学习效率。
一、三色笔记的概念三色笔记是一种高效的学习方法，它通过使用不同颜色的笔记录重要知识点、关键概念和需要重点记忆的内容，帮助学生更好地理解和记忆。
在CFA 1级考试备考中，采用三色笔记可以帮助考生整理复杂的知识点，提高复习效率。
二、三色笔记的制作方法1. 黑色笔：用于记录主要内容和关键知识点，例如定义、公式和重要概念。
黑色笔记录的内容应该是整篇笔记的核心，重点突出。
2. 红色笔：用于标记重点和难点部分，帮助考生在复习时更快地找到需要重点记忆的内容。
标记的内容可以是重要公式、易错知识点等。
3. 蓝色笔：用于记录个人理解、补充说明和重要提示。
蓝色笔的内容可以是对某个知识点的个人理解、与其他知识点的联系等。
三、三色笔记的优势1. 帮助记忆：通过不同颜色的标记，可以帮助大脑更好地记忆和理解知识点，提高复习效果。
2. 突出重点：通过红色标记，可以帮助考生更快地找到重点和难点内容，有针对性地进行复习和强化记忆。
3. 个性化学习：通过蓝色笔的使用，可以帮助考生记录个人理解和补充说明，使笔记更贴近个人学习情况。
四、个人观点和理解在我个人的学习过程中，我发现三色笔记是一种非常有效的学习方法。
通过不同颜色的标记，我可以更清晰地把握重点和难点内容，也更好地理解和记忆知识点。
在CFA 1级考试备考中，三色笔记帮助我更好地整理复杂的知识，提高了复习效率，也增强了自信心。
总结回顾CFA 1级2023三色笔记是一种非常有效的学习方法，它通过不同颜色的标记帮助考生更好地理解和记忆知识点，提高复习效率。
在制作笔记时，考生可以根据自己的学习情况灵活运用三种颜色的笔，使笔记更加个性化。
通过三色笔记的使用，考生可以更有效地备考，取得更好的成绩。
CFA一级笔记-第八部分 固定收益证券
CFA一级考试知识点第八部分固定收益证券债券五类主要发行人超国家组织supranational organizations，收回贷款和成员国股金还款主权（国家）政府sovereign/national governments，税收、印钞还款非主权（地方）政府non-sovereign/local governments（美国各州），地方税收、融资、收费。
准政府机构quasi-governments entities（房利美、房地美）公司（金融机构、非金融机构）经营现金流还款Maturity到期时间、tenor剩余到期时间小于一年是货币市场证券、大于一年是资本市场证券、没有明确到期时间是永续债券。
计算票息需要考虑付息频率，未明确的默认半年一次付息。
双币种债券dual-currency bonds支付票息时用A货币，支付本金时用B货币。
外汇期权债券currency option bongds给予投资人选择权，可以选择本金或利息币种。
本金偿还形式子弹型债券bullet bond，本金在最后支付。
也称为plain vanilla bond（香草计划债券）摊销性债券amortizing bond，分为完全摊销和部分摊销。
偿债基金条款sinking found provision，也是提前收回本金的方式，债券发行方在存续期间定期提前偿还部分本金，例如每年偿还本金初始发行额的6%。
票息支付形式固定票息债券fixed-rate coupon bonds，零息债券会折价发行，面值与发行价之差就是利息，零息债券也称为纯贴现债券pure discount bond。
梯升债券step – up coupon bonds票息上升递延债券deferred coupon bonds/split coupon bonds，期初几年不支付，后期才开始支付票息。
（前期资金紧张或研发型项目）实物支持债券payment-in-kind/PIK coupon bonds票息不是现金，而是实物。
CFA一级笔记-第四部分 财务报告与分析
CFA一级考试知识点第四部分财务报告与分析CFA考核的内容均为权责发生制长期股权投资investments in affilates，指企业的其他企业发行的股票。
主营业务成本cost of goods sold COGS销售及一般管理费用selling , general , and administrative expenses SG&A毛利gross profit主营收入-主营支出经营利润operating profit 毛利- SG&A息税前利润earnings before interest and tax EBIT 经营利润+其他收入-其他成本税前利润earning before tax EBT等于EBIT-利息费用净利润NI等于EBT-所得税费用投资性现金流cash flow from oprations CFO投资性现金流cash flow from investing CFI融资性现金流cash flow from financing CFF现金流量表中的年末现金及现金等价物余额等于资产负债表的现金科目余额。
所有者权益变动表年末权益余额和资产负债表权益期末余额相同。
管理层讨论与分析MD&A不经审计，是对业绩的重大事件回顾和趋势展望。
审计报告意见无保留意见unqualified audit opinion表示完全按照会计准则。
保留意见qualified audit opinion表示部分没有完全按照会计准则。
否定意见adverse audit opinion 大部分偏离会计准则要求。
无法表示意见disclaimer of opinion 不能够充分获取审计证据。
股东委托书proxy statements披露股东投票的决议事项，高管董事的薪酬，董事成员候选人及背景。
中期报告interim report 季度报告或半年度报告，一般不审计新闻稿press release 其中盈利公告预先披露财务数据电话会议conference calls 对经营业绩回答与会者提问股本溢价paid-in capital 指企业收到的投资者出资超出其注册资本的部分。
CFA 笔记整理Income Taxes
Income TaxesTax terminology (税务报表科目)•Taxable income：Income subject to tax based on the tax return.•Taxes payable：The tax liability on the balance sheet caused by taxable income. This is also known as current tax expense.•Income tax paid：The actual cash flow for income taxes including payments or refunds from other years.•Tax loss carry forward：A current or past loss that can be used to reduce taxable income (thus, taxes payable) in the future. Can result in a deferred tax asset.由于亏损产生，可以抵扣未来利润•Tax base：Net amount of an asset or liability used for tax reporting purposes.Financial reporting Terminology(财务报表科目)•Accounting profit：Pretax financial income based on financial accounting standards. Also known as income before tax and earnings before tax•Income tax expense：Expense recognized in the income statement that includes taxes payable and changes in deferred tax assets and liabilities (DTA and DTL). The income tax expense equation is:Income tax expense=taxes payable+ΔDTL-ΔDTA•Deferred tax liabilities：Balance sheet amounts that result from an excess of income tax expense over taxes payable that are expected to result in future cash outflows.•Deferred tax assets：Balance sheet amounts that result from an excess of taxes payable over income tax expense that are expected to be recovered from future operations. Can also result from tax loss carry forwards.•Valuation allowance：Reduction of deferred tax assets based on the likelihood the assets will not be realized.(递延税资产减值)•Carrying value：Net balance sheet value of an asset or liability.DTL(递延税负债）和 DTA(递延税资产）由于实际上缴给国家税务机构的税金和财务报表上计算得出的税金不一样产生的。
2024年cfa一级题库
2024年cfa一级题库
道德与专业标准
CFA协会道德及行为准则概述，包括其原则、准则和定例道德困境识别、分析和解决的框架
利益冲突、信息保护和公平交易的原则
专业技能和责任的标准
数量方法
数据摘要、展示和解释
概率论的基础知识，包括事件、条件概率和贝叶斯定理
假设检验，包括t检验、Z检验、方差分析和卡方检验
回归分析，包括一元线性回归和多元回归
时间序列分析，包括平稳性检验和指数平滑
经济学
微观经济学的核心原理，包括供求、消费者行为和企业行为
宏观经济学的核心原理，包括国民收入、通货膨胀和失业
货币和财政政策的作用
国际经济学，包括汇率和国际贸易
经济增长和发展理论
财务报表分析
财务报表的三个主要组成部分：资产负债表、利润表和现金流量表
财务报表分析的定性和定量方法
应收账款、存货和固定资产的分析
负债和所有者权益的分析
损益表分析
公司金融
资本预算技术，包括净现值、内含报酬率和收益指数
资本结构和融资决策
股息政策
风险和收益率的关系
权益投资
股票估值模型，包括贴现现金流模型、股利贴现模型和市盈率债券估值和利率风险
投资组合管理，包括多元化、资产配置和绩效评估衍生工具
期货、期权和互换合约的基本概念
衍生工具的定价和使用
衍生工具的风险管理
其他相关主题
投资分析师的角色和责任
金融业监管
职业道德和行为守则的实际应用。
史上最全的CFA复习笔记
史上最全的CFA复习笔记
方式分红。
3-for-1 split每股分成3份
reverse stock splits逆股票分割。
分红的日期：1.declaration date红利宣布日：董事会确认支付红利的日期。
2.e某-dividend date超过分红日：该日起不再有红利。
3.holder-of-record date红利记录日记录的股票持有者红利委派日。
4.payment date红利支付日。
在超过分红日那天，股票价格开始下降（除权除息日）。
share repurchase股份回购：
1.在公开市场购买。
2.以固定价格购买固定数量股票。
3.直接协商回购。
价格依次上升。
如果用于购买股票的债务的税后成本比股票回报率低，那么EPS将在回购后增加。
否则减小。
24cfa一级公式
24cfa一级公式
24CFA一级公式包括了各种财务和投资领域的数学公式、财务报表分析公式、统计学公式、经济学公式等。
这些公式涉及到财务管理、投资组合管理、风险管理等方面的知识，是金融分析师在实际工作中必须掌握的重要工具。
这些公式可以帮助金融分析师进行财务分析、风险评估、投资决策等工作，是金融领域从业人员必备的技能之一。
在备战24CFA一级考试时，熟练掌握这些公式并灵活运用是非常重要的。
考生需要深入理解这些公式的推导过程、适用范围和实际应用，才能在考试中取得较好的成绩。
同时，对于金融领域的从业人员来说，持续学习和掌握这些公式也是提升自身专业能力的重要途径之一。
总之，24CFA一级公式涵盖了金融领域的各个重要知识点，对于金融分析师的职业发展和专业能力提升至关重要。
希望我的回答能够满足你的要求，如果还有其他问题，也欢迎继续提出。
cfa一级词汇
cfa一级词汇
CFA一级考试涉及的词汇主要包括金融和投资领域的专业术语和概念。
下面是一些常见的CFA一级考试词汇：
1. 资产配置（Asset Allocation）：投资组合中不同资产类别的分配比例。
2. 资产负债表（Balance Sheet）：一家公司在特定日期上的资产、负债和股东权益的快照。
3. 基点（Basis Point）：表示利率或投资回报率的一种测量单位，相当于1/100百分点。
4. 基金经理（Fund Manager）：负责管理投资组合的专业人员。
5. 财务杠杆（Financial Leverage）：使用借款或其他负债来增加投资回报率的策略。
6. 期货合约（Futures Contract）：一种标准化的合约，约定在未来某个日期以特定价格交割某种商品或金融资产。
7. 净现值（Net Present Value）：将未来现金流折现到当前时点的价值。
8. 风险溢价（Risk Premium）：投资回报率高于无风险回报率的额外回报。
9. 投资组合（Portfolio）：持有多种不同资产的集合。
10. 股息收益率（Dividend Yield）：股票每年支付的股息与股票价格的比率。
以上只是一些常见的CFA一级考试词汇，实际考试中还会涉及更多的专业术语和概念。
考生需要全面掌握相关词汇，并理解其在金融和投资领域的含义和应用。
CFA一级alternatives其他笔记
Alternative investments: differ from traditional investments (publicly traded stocks, bonds, cash).1.Characteristics:a.Less liquidity of assets held (e.g. real estate).b.More specialization by investment managers / narrow management specialization(need more profession).c.Less regulation and transparency (e.g. hedge fund).d.More problematic and less available historical return and volatility data (e.g.large amounts of derivates and options in HF caused asymmetric profits, whilenormal investments’ S.D. is normally distributed).e.Different legal issues and tax treatments (e.g. real estate).f.Relatively low correlations with returns of traditional investment (e.g. RE &stock).g.High fees.h.Restrictions on redemptions. 严格的赎回条款i.Relatively more concentrated portfolios.e leverage / derivatives.2.Categories:a.Hedge funds: use leverage, hold long & short positions, use derivatives.b.Private equity fund;c.Real estate;modities;e.Infrastructure;f.Other.Hedge funds:1.Characteristics:e leverage and derivatives;b.Take long or short positions in derivatives & short equity positions;c.Amid at higher returns wither in absolute or relative sense;rge initial investment;e.Restriction on redemptions: include a lockup period and/or a notice period andadditional fees charged.Lockup period: time after initial investment when withdrawals are not allowed.Notice period: amount of time a fund has after receiving a redemption request tofulfil the request.f.Less regulated;g.Limited partnership of investors: avoid double taxation (need pay company tax ifis company,ltd.);management firm:general partners,receiving bothmanagement fee and incentive fees.h.HF index bias: survivorship bias: 只算没清盘的HF的return; backfill bias: HFdisclosure 是自愿非强制的，开始disclose时index要加上历史数据，且只有good HF 才会选择disclose.2.Fund-of-fund: investment company that invests in HF; allowing smaller investors toaccess HF; have expertise in conducting Due Diligence尽职调查; better redemption terms; diversified; additional layer of fees.3.HF Strategies:a.Event-driven strategies:based on corporate restructuring or acquisition thatcreates profit opportunities.∙Merger arbitrage: Buy shares of a firm being acquired and sell short the firm making the acquisition. 一般收购都是溢价收购，收购失败则无效∙Distressed/restructuring:Buy the (undervalued) securities of firms in financial distress (not bankruptcy) when analysis indicates value will beincreased by a successful restructuring;possibly short overvaluedsecurity types at the same time. 赌可以重组成功，失败=清算b.Relative value strategies: buying a security and selling short a related securitywhen a perceived pricing discrepancy between the two is resolved.∙Convertible arbitrage fixed income:Exploit discrepancy between convertible bonds and the common stock of the issuing companies.∙Volatility:Exploit discrepancy between returns volatility implied by options prices and manager expectations of future volatility.c.Macro strategies:based on global economic trend and event(looking atcurrency).d.Equity HF strategies: in publicly traded equities and derivatives.∙Market neutral:select undervalued equities to be held long and overvalued equities to be sold short,without exposure to market risk: 令portfolio β = 0 即不受大盘影响∙Short bias: employ short positions in overvalued equities 提前尽调发现overvalued的公司，做空该公司，然后发布做空报告4.Valuation: conservative: bid price for long and ask price for short.Private equity: in private companies, or public companies with intent to take them private.1.Strategy:a.Leveraged buyouts (LBOs):中后期；向银行借钱收购公司A，以将被收购的A为抵押Can be bank debt (leveraged debt), high-yield bonds, or mezzanine financing.Mezzanine financing:debt or preferred shares with warrants or conversionoption & pays high coupon rate.Characteristics of target companies for LBOs:undervalued/depressed stockprice; willing management (willing to sell); inefficiency (where LBO can getprofit from: low efficiency, thus has space to improve and increase valuation);strong and sustainable CF (enough CF to pay loans); low leverage; with manyassets.Management buyouts (MBO): existing management team is involved in purchase.Management buy-ins (MBI): external management team will replace existingteam.b.Developmental capital/minority equity investing :provision of capital forbusiness growth or restructuring; may be public or private. If public companies:private investment in public equities (PIPEs).c.Venture capital: in early stages.Portfolio companies: companies in which a VC is invested.Stages:formative: earliest period;angel investing: “ideal” stage, used for businessplans; seed stage: VC进；early stage: to fundinitial commercial production and sales;later stage: initial commercial production and salesare realized, purpose in this stage is expansion ofproduction or increasing sales.Mezzanine-stage financing: prepare firm for IPO.2.Structure and fees:a.Limited partnerships;b.Hedge fund and private equity:Management fees Incentive feesHF AUM Yearly payment when > hurdlePE Committed capital 随年份递减按项目是否IPO / LP exitmitted capital: the amount of capital provided to the fund by investors; notall invested immediately but is “drawn down” as securities are identified andadded to the portfolio. 每个LP 和GP签承诺书，说将来最多投多少钱，GP按n个LP出的总价找非上市公司，tell LP, LP直接投给公司，不给GP，committed capital=n个LP的总价.随着年份增加，LP不断退出，CC减少。
cfa一级笔记
cfa一级笔记
CFA一级笔记主要包括以下内容：
1. 金融市场与资产类别：包括全球金融市场概览、资产类别和金融产品概述等内容。
2. 数量方法：包括财务数据分析和处理、统计学、概率论和回归分析等内容。
3. 经济学：包括微观经济学、宏观经济学和国际经济学等内容。
4. 公司财务：包括财务报表分析、公司估值和资本结构等内容。
5. 投资组合管理：包括投资组合理论、投资组合构建和风险管理等内容。
6. 固定收益投资：包括固定收益市场和产品、债券估值和风险管理等内容。
7. 权益投资：包括股票市场和产品、股票估值和风险管理等内容。
8. 衍生品投资：包括衍生品市场和产品、衍生品估值和风险管理等内容。
9. 另类投资：包括房地产、私募股权和对冲基金等内容。
10. 道德与职业准则：包括道德和职业准则、合规和监管等内容。
此外，CFA一级笔记中还可能包含一些重要公式和概念，例如现值公式、终值公式、有效利率、单资产和两资产等。
这些公式和概念对于理解CFA一
级考试中的金融概念和问题至关重要。
史上最全的CFA复习笔记
史上最全的CFA复习笔记，爱不释手T-bill rates是 nominal risk-free ratesnominal risk-free rate= real risk-free rate + expected inflation rate风险种类：default risk违约风险 liquidity risk 流动性风险 maturity risk 久期风险（利率风险）EAR=e^t-1贴现率=opportunity cost，required rate of return， cost of capitalordinary annuity在期末产生现金流 annuity due在期初产生现金流永续年金perpetuity PV=PMT/(I/Y)对于同一个项目IRR和NPV结论相同：IRR大于必要收益率则NPV为正，否则NPV为负如果公司目标是权益所有人财富最大化，那么始终选择NPV（通常都是这样）HPR(持有期回报）=（期末值-期初值）/期末值或者（期末值-期初值+现金）/期末值Time-weighted rate of return时间的加权平均值，（1+H PR1)(1+HPR2)…即几何平均数如果组合处于高上涨期，时间加权平均会比金钱加权平均小，反之则大。
因此更准确。
如果组合刚经历了现金流入或流出，则金钱加权平均更合理。
T-bills和美国政府债不同，它以BDY计算rBD=D/F*360/t即：以面值为基准价格，以360天为基准期限，按银行贴现率计算（即不含复利）的一年利率rBD不代表投资者收益（看上面公式）HPY=(P1-P0+D1)/P0代表投资者在投资期间获得的所有回报EAY=（1+HPY)^(365/t)-1代表按复利计算的年化收益率，期限为365天money market yield（CD equivalent yield）360天折算的HPYRmm=HPY*360/t上述公式中另F=P1可以相互转换Bond equivalent yield=一年复利2次descriptive statistics 和 inferential statistics之间的区别：前者是直接数据计算得到，后者是推断nominal scale名义尺度：把某个数直接归类到某类，无顺序：1到类别1,3到类别2ordinal scales 有顺序归类1~50类别1 ，50~150类别2interval scale 在ordinal scale基础上使得间隔相同ratio scales 最严格的的排序，有0点frequency distribution：分布频率（不是概率分布）表格化展示各区间分布上述表格中包含观察值最多的区间叫做modal intervalrelative frequency，将上述表格中观察值的数量用相对比例表示cumulative frequency 将上述比例或者绝对值累计frequency polygon（折线图）取每个区间的中点观察值与均值之间的离散deviation程度的和为0unimodal:单峰，众数只有一个，bimodal众数有2个，trimodalharmonic mean调和平均数可以用于购入股票平均值的计算（每隔一段时间购入相同价值股票，如：1000，每期固数1000/P，则总共1000/P1+1000/P2+…股，平均价格就是调和）一般harmonic《geometirc《arithmeticquantile分位数小于或等于某数量的值Ly=（n+1）y/100：（10+1）*75%/100%中心趋势描述回报，离散程度描述风险MAD平均绝对偏差。
cfa考试的知识点
CFA考试知识点CFA（Chartered Financial Analyst）是金融业内的一个国际性资格认证，被公认为是金融行业从业者的职业素养和专业能力的象征。
CFA考试分为三级，涵盖了金融和投资领域的广泛知识，包括投资组合、股票和债券等金融工具、财务报表分析、公司估值、风险管理等方面的内容。
在这篇文章中，我将为您介绍CFA考试的一些重要知识点。
1.投资组合理论：投资组合理论是CFA考试中的重要部分，它研究如何构建一个最优的投资组合，以实现最大的收益或最小的风险。
投资组合理论的核心概念包括资产配置（Asset Allocation）、风险分散（Diversification）和有效边界（Efficient Frontier）等。
2.股票和债券分析：CFA考试涵盖了对股票和债券的分析和估值。
对于股票分析，考生需要了解公司的财务报表分析、盈利能力和估值方法等。
对于债券分析，考生需要学习债券价格计算、利率风险和信用风险的评估等内容。
3.财务报表分析：财务报表分析是评估公司财务状况和绩效的重要工具。
考生需要学习如何分析财务报表，包括利润表、资产负债表和现金流量表。
财务报表分析涉及到比率分析、现金流分析和财务预测等技术。
4.金融市场与机构：了解金融市场和金融机构是CFA考试的基础知识。
金融市场包括股票市场、债券市场和衍生品市场等。
金融机构包括商业银行、投资银行和资产管理公司等。
考生需要熟悉这些市场和机构的运作机制和相关法规。
5.风险管理：风险管理是金融业务中至关重要的一环。
CFA考试涵盖了对风险的评估和管理的知识点。
考生需要学习不同类型的风险，如市场风险、信用风险和操作风险，并了解使用不同的工具和方法来管理这些风险。
6.伦理和职业行为：作为金融从业者，遵守伦理规范和职业道德是至关重要的。
CFA考试要求考生了解和遵守CFA协会的道德准则和职业行为标准。
这些准则包括诚实、公正、诚信、尊重客户利益和保持专业独立性等。
cfa一级衍生品笔记
cfa一级衍生品笔记
CFA一级衍生品笔记可参考以下内容：
金融产品可分为现货市场和衍生品市场。
衍生品与保险合同特别相像，可分为金融衍生品、实物衍生品、其他衍生品（天气、总统竞选）。
在衍生品交易中，买方也称为Holder，同时也是衍生品多头或持有多头头寸；卖方也称为Writer，同时也是衍生品空头或持有空头头寸。
衍生品类别包括远期承诺：远期、期货、互换；或有索取权（单务合同，一方有权益无义务，权益义务不对等）：期权。
远期合约是场外OTC衍生品合约，交易价格事先商定，也称为远期价格，是一种零和博弈。
交割分为实物交割和现金交割。
期货合约是特别的远期合约，是标准化的，且在期货交易所中交易的合约。
期货价格是合约中商定的资产将来某一时刻交易的价格。
期货交易采用盯市制度，结算机构会依据当天的结算价格来确定收益，确保“当日无负债”。
2024cfa一级考纲
2024cfa一级考纲2024 CFA一级考纲一、考试概述2024年CFA一级考试是国际金融学会（CFA Institute）举办的一项金融专业资格认证考试。
该考试旨在评估考生对投资业务的基本知识和技能的掌握程度，包括投资银行、资产管理、风险管理、投资估值等方面的知识。
通过此考试，考生可以获得国际金融专业资格认证，提升自身在金融行业的竞争力。
二、考试科目2024年CFA一级考试科目包括以下十个模块：1.伦理与职业标准：涵盖道德和职业行为标准，强调金融从业人员应具备的职业道德和行为规范。
2.投资工具：介绍各种金融工具，包括股票、债券、衍生品等，以及它们的特点、风险和收益。
3.金融市场与市场参与者：介绍金融市场的组织结构、交易方式、市场参与者的角色和行为。
4.投资组合管理：讲解投资组合构建和管理的基本原理、方法和技巧。
5.资产估值：介绍各种资产的估值方法，包括股票、债券、房地产等。
6.固定收益投资：深入研究债券市场，包括债券估值、利率风险管理等。
7.权益投资：探讨股票投资的原理、方法和技巧，包括股票估值、股票选择等。
8.衍生品：介绍期权、期货、互换等衍生品工具，以及它们的特点、应用和风险管理。
9.替代投资：研究私募股权、房地产投资信托（REITs）、大宗商品等替代投资工具。
10.投资组合与风险管理：讲解投资组合的风险管理方法，包括资产配置、风险度量等。
三、考试形式2024年CFA一级考试采用笔试形式，分为两个三小时的考试，每个考试包含90道选择题。
第一次考试在6月举行，第二次考试在12月举行。
考生需通过两次考试才能获得CFA一级资格认证。
四、备考建议1.充分理解考试内容：仔细阅读并理解考纲，掌握每个模块的考点和重点。
2.制定合理的学习计划：合理安排时间，将复习任务分解为小目标，每天坚持学习。
3.多做练习题：通过做大量的练习题，巩固知识点，熟悉考试题型，提高答题速度和准确率。
4.参加模拟考试：参加模拟考试可以帮助考生熟悉考试流程和时间限制，检验自己的复习效果。
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cfa一级笔记
（实用版）
目录
1.CFA 一级考试简介
2.CFA 一级笔记的重要性
3.如何高效利用 CFA 一级笔记
4.CFA 一级笔记的具体内容
5.结论
正文
1.CFA 一级考试简介
CFA（Chartered Financial Analyst）一级考试是 CFA 认证考试的第一阶段。
该考试旨在为考生提供一个全面的金融知识体系，帮助他们在投资工具、公司金融、经济学、财务报表分析等领域建立坚实的基础。
通过 CFA 一级考试是迈向成为金融分析师、投资经理等职业的重要一步。
2.CFA 一级笔记的重要性
CFA 一级笔记对于备考至关重要，因为它们可以帮助考生整理和梳理繁多的知识点，使学习过程更加有条理。
笔记还可以辅助考生进行复习，提高复习效率。
此外，良好的笔记还有助于考生在考试期间快速找到关键信息，从而提高答题速度和准确性。
3.如何高效利用 CFA 一级笔记
（1）整理知识点：在学习过程中，将重要的概念、公式和方法整理成笔记，方便后续复习。
（2）梳理逻辑：按照课程模块，梳理各知识点之间的逻辑关系，帮助自己建立知识体系。
（3）对比分析：对比各知识点的异同，加深理解，提高记忆效果。
（4）总结归纳：在学习的过程中，不断总结和归纳自己的理解和心得，形成自己的观点。
（5）定期复习：按照艾宾浩斯遗忘曲线进行复习，提高记忆效果。
4.CFA 一级笔记的具体内容
CFA 一级笔记应包括以下几个方面的内容：
（1）投资工具：包括股票、债券、衍生品等金融产品的基本概念、特点和定价方法。
（2）公司金融：涉及资本预算、财务报表分析、现金流量预测等方面的知识。
（3）经济学：包括宏观经济学和微观经济学的基本原理和应用。
（4）财务报表分析：探讨财务报表的编制方法、财务比率分析、现金流量分析等技术。
5.结论
CFA 一级笔记是备考过程中重要的学习工具，可以帮助考生梳理知识点、提高复习效率。
要想在 CFA 一级考试中取得好成绩，考生需要掌握笔记的整理方法和技巧，并定期进行复习。