CFA一级考试分析串讲
根据CFA一级考试知识点完全总结
根据CFA一级考试知识点完全总结
CFA（Chartered Financial Analyst）一级考试是全球金融行业的专业证书之一。
本文将对CFA一级考试的知识点进行完全总结，以帮助考生更好地准备考试。
1. 伦理和职业标准
- 了解CFA协会的职业行为准则和道德标准。
- 掌握伦理决策框架，能够应对各类道德冲突。
2. 投资工具
- 研究各类金融资产，包括股票、债券、衍生品等。
- 理解投资组合和资产分配的重要性。
3. 金融市场
- 熟悉各类金融市场的特点和运作机制。
- 理解市场指数和指数基金的概念，以及其在投资中的运用。
4. 估值和分析
- 掌握财务报表分析的基本原则和方法。
- 研究估值模型，包括股票估值和债券估值等。
5. 公司财务
- 理解公司财务管理的基本概念。
- 掌握财务决策的原则和方法。
6. 加权平均成本资本（WACC）
- 研究WACC的计算方法和应用。
- 掌握WACC在投资决策中的重要性和作用。
7. 宏观经济学
- 熟悉宏观经济学理论和实践。
- 掌握经济增长、通货膨胀、失业等宏观经济指标的计算和解读。
8. 风险管理
- 理解风险管理的基本概念和方法。
- 研究风险度量和风险管理工具。
9. 金融衍生品
- 掌握金融衍生品的种类和特点。
- 研究期权、期货等衍生品的定价和交易策略。
以上是根据CFA一级考试的知识点进行的完全总结，希望能对考生们有所帮助。
祝愿大家都能在考试中取得好成绩！。
CFA一级精品课程-Econ SS5-20140610
The IS Curve
The LM Curve
Money supply = Money demand Quantity theory: M V =P Y (1) M P =k Y (where k=1/V) (2) V--velocity of money, the rate at which money circulates Keynes's theory: M / P=M (r, Y) (3)
Aggregate Supply Curve
Shifts in Aggregate Demand
Factors that shift the aggregate demand – household wealth; – consumer and business expectations; – capacity utilization; – monetary policy; – the exchange rate; – growth in global economy; and – fiscal policy (government spending and taxes)
Value Of Output And Sum Of Value Added
Nominal GDP, Real GDP
Nominal GDP: GDP measured by current prices Real GDP: GDP measure by constant prices GDP deflator = (Nominal GDP/Real GDP) X 100
The LM Curve
Keynes's theory: M / P=M (r, Y) (1) M (r, Y) increases with the decrease of r and the rise of Y
090110-11-上海CFA一级经济学讲义_康昊昱
Ethics & Professional Standards1512㆑⧭ㅭ䈞CFA䄜〚⪂⟁ㅓ䅆䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU5Economics¾Study Session 4 —Microeconomic ¾Study Session 5 —Market Structure and Macroeconomic¾Study Session 6 —Monetary and Fiscal EconomicsFramework of Economics䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU6SS 4 Microeconomics Analysis¾R13 Elasticity¾R14 Efficiency and Equity ¾R15 Markets in Action ¾R16 Organizing Production ¾R17 Output and Costs ¾R18 Perfect Competition ¾R19 Monopoly¾R20 Monopolistic Competition and OligopolyFramework of SS4ElasticityLearning Outcome statements(LOS)a.Calculate and interpret the elasticity of demand (price elasticity, cross elasticity, income elasticity) and the elasticity of supply, and discuss the factors that influence each measure;b.Calculate elasticity on a straight-line demand curve, differentiate among elastic, inelastic, and unit elastic demand, and describe the relation between price elasticity of demand and total revenue.Elasticity¾Demand and supply: generally speaking, demand decreased as the price increased, while supply increased as the price increased.¾As a firm, in order to maximize his revenue, should the price increase or decrease?¾Is the price decision for an rice seller the same as that of an automobile dealer?⭐㾵 Elasticity 䐙䄜䐷⢅㑠ⰵ㒎䄜䐷⢅㑠⭥ⳕ䇇⧭Ⱙ䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU9PQprice in change percent demanded quantity in change percent demand of elasticity price ''%%Inelastic demand:the good’s quantity demanded changes a little when the price changes. Example: salt ˄insulin ˅Elastic demand:the good’s quantity demanded changes a lot when the price changes. Example: Coke from two shops nearby ˄car ˅2value beginning value ending valuebeginning - value ending valueaverage in value change change percent䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU10¾Exercise:An analyst has determined that when the price of product X increases from $10 to $12, the quantity demanded declines from 30 units to 28 units. The price elasticity of demand for X product is closest to A.0.38B.0.67C.1.50D.1.67Answer AThe application of elasticity ⭐㾵ⷀ ㅖゼ ⭐㾵⭮ 㳂ゼ¾For necessity (with lower elasticity), if the seller wants to maximize the return, she will raise the price.¾For luxury (with higher elasticity), if the seller wants to maximize his return, she will decrease the price ¾For goods with unitary elasticity, weather the seller increase or decrease the price, the return is constant. Demand curve with variable elasticityElasticity¾Exercise:The price elasticity of furniture has been reported at 1.26. Lee’s Furniture Emporium decides to raise prices by 3%. What is your most appropriate conclusion?A.Demand is elastic and total revenue will increase B.Demand is elastic and total revenue will decrease C.Demand is inelastic and total revenue will increase D.Demand is inelastic and total revenue will decreaseElasticity䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU13Factors that influence the elasticity of demand ¾Availability and closeness of substitute goods 㳇⫛㠘䊞ㅴ㆝ ⭐㾵䊞ⷀ¾The relative amount of income spent on the good 䍝㬶㧌⭥⡩䐹䊞⫔ ⭐㾵䊞ⷀ¾The time that has passed since the price change of the good 㲷㔼⭥㬒㠻䊞⧅ ⭐㾵䊞ⷀ䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU14噝Cross elasticity of demand is positive for Substitute goodsExample: apple and pear•Cross elasticity of demand is negative for complements goodsExample: car and gascross elasticity of demand percent change in quantity demanded=percent change in price of substitute or complementIncome elasticity is the sensitivity of demand to change in consumer income. It is determined by the % change in quantity demanded divided by the % change in income.Income Elasticity affected by :Normal Goods:positive income elasticity, demand rises with income. (> 0)Luxuries:high positive elasticity, demand rises strongly with income. (>1)Inferior Goods:negative income elasticity, demand falls with income (<0)Necessity goods: normal but low elasticityincomein change percent demandedquantity in change percent demand of elasticity incomeElasticityExercise:¾The cross elasticity of demand for a substitute good and the income elasticity for an inferior good are: Cross elasticity Income elasticityA.<0 >0, <1B.<0 <0C.>0 >0, <1D.>0 <0Answer: DElasticityThe length of time following a price change affects the quantity supliedin priceIf the price elasticity of linear demand curve is -1 at theexplain the various means of markets to allocate resources efficiently, marginal is the benefit that a personof good orWhen MB > MC or MB < MC, the quantity of good isConsumer surplus and producer surplusThe difference between the total value to consumers ofThe relationship between consumer surplus andCSPS All else equal, if the elasticity of demand and the elasticity of supply both increase, consumer surplusObstacles to Efficiency and Deadweight LossThe reduction in consumer and producer surplus due to Overproduction is most likely associated with which of䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU29What is fair?¾Utilitarianism refers to the idea that greatest goodoccurs to the greatest number of people when wealth is transferred from rich to the poor in order to make everyone’s wealth equal.¾Main points: (1) Everyone wants and needs the same things and has the same capacity to enjoy.(2) The marginal benefit of a dollar is greater for the poor than the richDraw-back:The big tradeoff, which is a tradeoff between efficiency and fairness. Transferring wealth from the rich to the poor is administrative costs.䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU30¾Symmetry is an economic concept based on the idea that what an individual receives from the economy is equal to his contribution and is based on fairness of the opportunity, not equality of result.¾Main points: (1) Governments must recognize and protect private property. (2) Private property must be given from one party to another only when it is voluntarily done.Exercise:¾The idea that a competitive market allocates resourcesfairly as long as the same rules apply to all participants is suggested by:A.utilitarianism B.the fairness principle C.the symmetry principleD.proponents of the equality of outcomes Answer: CEfficiency and equityMarkets in actionLearning Outcome statements(LOS)a.explain market equilibrium, distinguish between long-term and short-term impacts of outside shocks, and describe the effects of rent ceilings on the existence of black markets in the housing sector and on the market¡¯s efficiency;b.describe labor market equilibrium and explain the effects and inefficiencies of a minimum wage above the equilibrium wage;c.explain the impact of taxes on supply, demand, and market equilibrium, and describe tax incidence and its relation to demand and supply elasticity;d.discuss the impact of subsidies, quotas, and markets for illegal goods on demand, supply, and market equilibrium.Price floor is a minimum price that a buyer can offer agood, service, or resource. The minimum wage in the Compared to equilibrium in the labor market, the most 䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight2009By GFEDUHow Elasticity of Supply and Demand influence theCompared to a producer, the consumer is most likely topay the largest part of a tax increase if the elasticity ofPenalty onexplain the types of opportunity cost and their relation to economic profit, and calculateis the return that a firm’s resources could have earned elsewhere in its next most valuableWith regard to organizational structure and the calculation of costs䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU49Exercise:¾Four years ago a company purchased a $1 million machine with an estimated useful life of 10 years. For accounting purposes, the machine is being depreciated in the amount of $ 100,000 annually. The machine is used to manufacture a particular product. The annual revenue generated from operating the machine is $ 650,000 and the annual cost of the factors of production, other than deprecation, employed to generate that revenue is$600000.Should the company continue to operate the machine?A.YesB.No, because the machine is being operated at a net lossC.No, because the purchase price of the machine is a sunk costD.No, because the opportunity cost of operating the machine is zeroAnswer: A䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU50Exercise:¾Using the following information, calculate the firm’s economic profit Revenues 200,000Cash expenses 100,000Economic depreciation 15,000Accounting depreciation 20,000Normal profit 30,000Forgone interest 12,000A.38,000B.43,000C.68,000D.73,000Answer: BConstrained profit maximization¾Technological constraints:the additional profit from any increased output and revenue is limited by the cost of adopting new technology¾Information constraints:the cost of obtaining information may exceed its value ¾Market constraints:the prices and availability of the resources that a firm uses and the willingness of people to invest in the firm present constraints on the firm’s growth.Organizing Production¾Technology efficiency refers to using the least amount of specific inputs to produce a given output.¾Economic efficiency refers to producing a given output at the lowest possible cost.¾Technology efficiency depends only on what is feasible, economic efficiency depends on the relative cost ofresources. The economically efficient method is the one that uses a small amount of a more expensive resource and a large amount of a less expensive resource.Organizing Production䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU53Exercise:¾Which of the following statements regarding technological and economic efficiency is most accurate?A.Whenever an activity is technologically efficient, it must beeconomically efficientB.It is not possible for an economic activity to be both economicallyand technologically efficientC.For a given output, a technologically efficient method uses theleast amount of inputs and an economically efficient method has lowest possible costD.For a given output, a technologically efficient method uses theleast amount of labor and an economically efficient method uses the least amount of capital Answer: C䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU54¾Command systems organize production according to a managerial chain of command. Example: U.S. military¾Incentive systems is a means organizing production whereby senior management creates a system ofrewards intended to motivate workers to perform in such a way as to maximize profits.Example: Sales organizationCommand systems are used when it is easy to monitor the performance of employees (production workers), while incentive systems are usually most effective for organizing the production of employees whose activities are difficult or costly to monitor (ECO, senior officers or outside salesmen)¾Principal-agent problem of the firmPrincipal-agent problem -the agent (management) may be working for different objectives than those of the principal (owner). The essence of the problem is that it is difficult or costly for the principal to monitor the actions of the agent. There is an incentive for the agent to "shirk".Organizing Production¾The measures to reduce the impact of the principal-agent problem:1.ownership:If managers have ownership in the firm, it maymotivate them to perform in a manner that maximizes the firm’s profits or value.2.Incentive pay:It is based on a variety of performance criteriasuch as profits, production, or sales targets.3.Long-term contracts:it ties the long-term fortunes ofmanagers and workers (agents) to the success of the principals (firm owners)Organizing Production䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU 57Owner (s)Liability Advantages Disadvantages proprietorship oneUnlimitedEasy Taxed onceUnlimited Bad decision Expensive capital partnership ̱2Unlimited Easy Taxed once Unlimited Capital shortfall corporationManyLimitedLimited;Inexpensive capital;Expert managerComplex Decision-making slow and costly Taxed twiceTypes of business organization䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU58¾The four types of economic markets are:(1) perfect competition,(2) monopolistic competition,(3) oligopoly,(4) monopolytypeNumber of firmsDegree of difference of productsDegree of price control Difficulty to enter or leaveThe example in our life Perfect competitionmany No differenceNo price control Too easySomeagricultural productsMonopolistic competitionmanySome differenceSome tinyprice controlRelatively easySome retail products OligopolyMore thanone, but not manyLittle or no difference Some control to some extent difficult Steel,automobile, oil Pure monopolysingleSole product,nearly no substituteperfectly controlNo wayPublicsectors and MicrosoftOrganizing Production¾The Four-Firm Concentration Ratio is the percentage of the value of sales accounted for by the four largest firms in an industry.The ratio of monopoly industry is 100%The ratio below 40% is considered an indication of a competitive market, and the ratio greater than 60% indicates an oligopoly.エ䓂䎃゙㭞䓷 㝱ⰰ㬱⧂㏁㾮Organizing Production䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU61¾The Herfindahl-Hirschman Index (HHI) is the square of the percentage market share of each firm summed over the largest 50 firms (or summed over all the firms if there are fewer than 50) in the market.In a competitive market, HHI<1000In a moderately competitive market, 1000<HHI<1800In an uncompetitive market, HHI>1800In a monopoly market, HHI = 10000ェ㰄ⳉ䋓 㻩㠞Ⳟ䊺㼁ゴ䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU62¾Barriers for using concentration measures-Geographical scope of the market such as newspaper, competitive in global market, but monopolistic in local market-Barriers to entry and firm turnover in a market (such as restaurant, sometimes highly concentrated, but have easy entry and an enormous amount of turnover of firms)-Relationship between a market and an industry a. market is narrower than industry (pharmaceutical)b. most firms make several products (Haier)c. switch from one market to another (Motorola)¾Firms are often more efficient than markets in coordinating economic activity ¾Market coordination: (example, outsourcing)¾Firm coordination: a. Lower transaction costs b. Economies of scale c. Economies of scoped. Economies of team productionOrganizing ProductionExercise:¾Which of the following statements least accurately describes why firms can sometimes coordinateeconomic activity more efficiently than markets? Firms can achieve economies of:A.scale B.scope C.costD.team production Answer: COrganizing Productiondifferentiate between short-run and long-run decision time frames;is defined as a time period for which quantities of some resources are fixed, such as buildings,If adding one additional unit of labor results in positiveTotal cost = total fixed cost + total variable costMarginal cost = change in total cost / change in outputIf marginal cost per unit is greater than average totalThe MC curve intersects the AVC and ATC curves at When MC is less than ATC or AVC curves, respectively, Short-run cost curves are plant-size specific, whereas long-run cost curves show minimum average unit costsIn the long run, if increasing output causes total䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU 77SS 5 Market structure andMicroeconomics Analysis¾R18 Perfect competition ¾R19 Monopoly¾R20 Monopolistic competition and Oligopoly ¾R21 Demand and Supply in factor markets ¾R22 Monitoring Cycles, Jobs, and The price level ¾R23 Aggregate supply and Aggregate demandFramework of SS5䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDUPerfect CompetitionLearning Outcome statements(LOS)a.describe the characteristics of perfect competition, explain why firms in a perfectly competitive market are price takers, and differentiate between market and firm demand curves;b.determine the profit maximizing (loss minimizing) output for a perfectly competitive firm, and explain marginal cost, marginal revenue, and economic profit and loss;c.describe a perfectly competitive firm’s short-run supply curve and explain the impact of changes in demand, entry and exit of firms, and changes in plant size on the long-run equilibrium;d.discuss how a permanent change in demand or changes in technology affect price, output, and economic profit.78Perfect Competition¾ A price taker is a firm that cannot influence the market price and that sets its own price at the market price. The key reason why a perfectly competitive firm is that it produces a tiny proportion of the total output of a particular good and buyers are well informed about the prices of other firms.Perfect CompetitionThe assumption of perfect competition¾All the firms in the market produce identical products ¾There is a large number of independent firms ¾Each seller is small relative to the size of the total market ¾There are no barriers to entry or exitProducer firms in perfect competition has an equation as All firm maximize economic profit by producing and selling the, profit maximization also occurs whenWhy the stop-loss point is AVC (average variable A price-taker firm will increase output as long as:䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU85Exercise:¾In a perfectly competitive market that is operating witheconomic loss, what is the effect on the quantity supplied when firms exit the industry?Output of the industry Output of remaining firmsA.Decline DeclineB.Decline IncreaseC.Increase DeclineD.Increase IncreaseAnswer: B䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU86¾The short-run supply curve for a firm is its MC line above the average variable cost curve.¾The short-run market supply curve is the horizontal sum (add up the quantities from all firms at each price) of the MC curves for all firms in a given industry.¾The influence of permanent change in market demand and change in technologyMonopolyLearning Outcome statements(LOS)a.describe the characteristics of a monopoly, including factors that allow a monopoly to arise, and monopoly price-setting strategies;b.explain the relation between price, marginal revenue, and elasticity for a monopoly, and determine a monopoly¡¯s profit-maximizing price and quantity;c.explain price discrimination, and why perfect price discrimination is efficient;d.explain how consumer and producer surplus are redistributed in a monopoly, including the occurrence of deadweight loss and rent seeking;e.explain the potential gains from monopoly and the regulation of a natural monopoly.Monopoly¾ A monopoly is characterized by:¾a single seller of a well-defined product for which there are no good substitutes ¾high barriers to the entry of other firms into the market for the product ¾Types of barriers¾Legal barriers to entry create legal monopoly. A legal monopoly is a market in which competition and entry are restricted by the granting of a public franchise ,government license, patent or copyright .Example: radio and television station¾Natural barriers to entry create natural monopoly, which is an industry in which one firm can supply the entire market at a lower price than two or more firms can. (Economies of scale)Example: electric utility䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU89¾A monopolist faces a downward sloping demand curve . Just as price searchers with low entry barriers will expand output untilmarginal revenue equals marginal cost, so do monopolists. This will maximize profit. Positive economic profits can exist in the long run due to the high entry barriers.¾Do monopolists charge the highest possible price? The answer is no, because monopolists want to maximize profits, not price. Production will expand until MR = MC to get the maximum profit and give optimal output of Q*.¾To find the price at which it will sell Q* units you must go to the demand curve. Note that the demand curve itself does not determine the optimal behavior of the monopolist. It is theintersection or equality of MR and MC that determines the optimal quantity.¾Monopolists are price searchers and have imperfect information regarding market demand. They must experiment with different prices to find the one that maximizes profit.䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU90Exercise:¾Which one of the following statement most accurately describes a significant difference between a monopoly firm and a perfectly competitive firm? A perfectly competitive firm:A.minimizes costs; a monopolistic firm maximizes profitB.maximizes profit; a monopolistic firm maximizes priceC.takes price as given; a monopolistic firm must search fro the bestprice D.does not seek to maximize profit because profits are forced to zeroin the long run, a monopoly firm will maximize profits Answer: CMonopoly¾Monopolistic short-run costs and revenuesDMRATCMCPriceQuantityP*ATC*Q*MonopolyExercise:¾A monopoly’s equilibrium level os output is least likely to occur where A.demand is elastic B.demand is inelasticC.price is greater than average total costD.marginal revenue equals marginal cost Answer: BExplain: A monopoly will never choose to operate where demand is inelastic because marginal revenue is negative in the inelastic portion of the demand curve䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU93¾Under perfect competition, the industry supply curve is the sum ofthe supply curves of the many competing firms in the industry. The perfect competition equilibrium price and quantity are at theintersection of the industry supply curve and the market demand curve.¾ A monopolist facing the same demand curve, and with the same MC curve, at where MR=MC can he realizes the maximum profit ¾The important thing to note here is that when compared to a perfect competitive industry, the monopoly firm will produce less total output and charge a higher price.¾Monopoly is considered to be inefficient relative to perfectcompetition because monopoly produce a quantity that does not maximize the sum of consumer surplus and producer surplus.䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU94Principle of price discrimination and How a firm might apply this principle to gain from such a practicePrice Discrimination is the practice of charging different consumers different prices for the same product or service.For price discrimination to work the seller must: 1. Have a downward sloping demand curve2. Have at least two identifiable groups of customers with different price elasticities of demand for the product3. Must be able to prevent the customers paying the lower price from reselling the product to the customers paying the higher priceMonopoly¾Price discrimination reduces this inefficiency byincreasing output toward the quantity where marginal benefit equals marginal cost, and the deadweight loss is smaller.¾An extreme case of price discrimination is perfect price discrimination. If it were possible for the monopolist to charge each consumer the maximum they are willing to pay for each unit, where would be no deadweight loss, since a monopolist would produce the same quantity as under perfect competition. With perfect pricediscrimination the consumer surplus would all be captured by the monopolist.Monopoly¾The important thing to note here is that when compared to a perfectly competitive industry, the monopoly firm will produce less total output and charge a higher price.¾A further loss of efficiency results from rent seeking when producers spend time and resources to try to acquire or establish a monopoly.䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU97¾Government Regulation¾Average cost pricing is the more common form of regulation at the point where ATC=D. This will increase output and decrease price, increase social welfare and ensure the monopolist a normal profit (but no economic profit)¾Marginal cost pricing forces the monopolist to reduce price to the point where MC=D, which increases output and reduced price but causes the monopolist to incur a loss. Such a solution requires a government subsidy ¾Economies of scope can also lead to a natural monopoly.䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU98¾Some reasons make government go astray whendealing with problems associated with markets with high barriers to entry.¾Lack of information (not know the ATC, MC)¾Cost shifting (If the firm allows costs to rise, the regulator will allow prices to increase)¾Quality regulations (It’s easier to regulate price than it is to regulate quality)¾Special interest effect (rent-seeking)Learning Outcome statements(LOS)a.describe the characteristics of monopolistic competition and an oligopoly;b.determine the profit-maximizing (loss-minimizing) output under monopolistic competition and an oligopoly, explain why long-run economic profit under monopolistic competition is zero, and determine if monopolistic competition is efficient;c.explain the importance of innovation, product development, advertising, and branding under monopolistic competition;d.explain the kinked demand curve model and the dominant firm model, and describe oligopoly games including the Prisoners’Dilemma.Monopolistic Competition and OligopolyConditions that characterize monopolistic competitionMonopolistic competition is another name for competitive price searcher markets .The following market and product features define monopolistic competition:¾There are a large number of independent sellers .¾Each seller produces a differentiated product .¾Firms compete on product quality, price and marketing ¾Firms are free to enter and exit¾Firms in monopolistic competition face downward-sloping demand curves and the curves are highly elastic because competing products are perceived by consumers as close substitutesMonopolistic Competition and OligopolyShort-Run and Long-Run Output Under Monopolistic CompetitionIn the long run, firms in a monopolistically competitiveEfficiency of monopolistic competition is unclearis a form of market competition characterizedof oligopoly is basedis a game that illustrates that the best course of action for an oligopoly firm, when Collusion is when firms make an agreement among themselves to avoid various competitive practices,䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDU109Exercise:¾Compared with outcomes that result from collusion,independent action by companies operating in an oligopolistic industry would tend to increase A.output but not prices B.prices but not output C.both output and prices D.neither output nor prices Answer: AMonopolistic Competition and Oligopoly䓉䄖㎕䓵➺➺⭥㵗㧌CopyRight 2009By GFEDULearning Outcome statements(LOS)a.explain why demand for the factors of production is called derived demand, differentiate between marginal revenue and marginal revenue product (MRP), and describe how the MRP determines the demand for labor and the wage rate; b.describe the factors that cause changes in the demand for labor and the factors that determine the elasticity of the demand for labor;c.describe the factors determining the supply of labor, including the substitution and income effects, and discuss the factors related to changes in the supply of labor, including capital accumulation;d.describe the effects on wages of labor unions and of a monopsony, and explain the possible consequences for a market that offers an efficient wage;e.differentiate between physical capital and financial capital, and explain the relation between the demand for physical capital and the demand for financial capital;f.explain the factors that influence the demand and supply of capital;g.differentiate between renewable and non-renewable natural resources and describe the supply curve for each;h.differentiate between economic rent and opportunity costs.110Demand and Supply in Factor marketsMarginal product, marginal revenue and marginal revenue product¾The additional output of a product from using one more unit of a productive input (resource) is called the marginal product of that resource.¾Marginal revenue is the addition to total revenue from selling one more unit of product.¾We defined a product’s marginal revenue product (MRP)as the addition to total revenue from selling one more unit of output from employing one more unit of productive resource.Demand and Supply in Factor marketsThe MRP is downward sloping in any range of output for whichdiminishing marginal returns are realized from using additional units of a productive resource. This downward-sloping MRP curve is in fact the firm’s short run demand curve for the productive resource or input.Marginal Revenue Product (Price)Quantity Used (Quantity Demanded)MRP(demand)Demand and Supply in Factor markets。
CFA一级知识点总结最全
Chartered Financial AnalystCFA 一级考试知识点总结StanhopeCFA一级知识点总结Ethics 部分Objective of codes and standard：永远是为了maintain public trust in1.Financial market2.Investment profession6个code of ethics1.Code 1—ethics and pertinent d personsa.2.Code 2---primacy of client’s interesta.Integrity with investment professionb.客户利益高于自身利益3.Code 3---reasonable and independenta.必须注意reasonable careb.必须exercise independent professional judgment---必须独立判断！4.Code 4---ethical culture in the professiona.不但自己要practice，而且要鼓励别人practice—不仅仅是自己一个人去做，要所有人共同去做5.Code 5---ethnical culture in the capital market!a.促进整个capital market的integrity，推广其相关法规---增强公众对资本市场的trust！b.Capital market是基于i.Fairly pricing of risky assets；ii.Investors‘ confidence6.有关competence—能力---competence7个standard of professional conduct1.Standard 1---professionalism---knowledge of lawa.不需要成为法律专家，但是必须understand和comply with applicable law；b.当两个law发生conflict，则要遵守更加严格的法律！c.Knowingly---know or should knowd.必须attempt to stop the violation，如果不能stop，then must dissociatefrom the violation！必须从其中分离出去!i.Remove name from the written report;ii.Ask for a different assignmente.并不要求向有关部门report！（do not require）f.向CFA 进行书面报告report--encouraged to so2. Standard 1 ---professionalism---integrity of capital marketa.Bias from client or other groups—listed company，controlling shareholder！b.Bias from sell side analystc.Buyer side client—d.Issuer paid report---只能接受flat fee for their worke.3.Standard 1 ---professionalism---misinterpretation—不能误导客户，不能剽窃其他人的研究成果4.Standard 1 ---professionalism---misconduct---5.Standard 2---integrity of capital marketa.不能使用非公开信息！---material nonpublic information---b.mosaic theory---conclusion from analysis of public and non-material nonpublicinformation6.standard 3—duties to clientsa.Loyalty, prudence and care---i.如何定义客户？---考虑最终受益人！---雇佣我们的人未必就是我们的客户，要考虑最终受益人！ii.Soft dollar---when a manager uses client brokerage to purchase research report to benefit the investment manager---比如，作为基金公司，使用证券公司的席位进行交易，肯定会支付一定的费用，这些费用来自客户，所以基金公司只能用这些soft dollar为客户服务！b.Fair dealing---i.对所有客户要公平客观ii.个别的客户要求，可以征收premium的费用之后，是可以做的！条件是，其他的分析都已经公布给其他客户了iii.More critical when changes recommendationiv.Investment action---taking investment action based on research recommendationv.Prorated the allocationc.Suitabilityi.了解客户的经验，风险和回报目标ii.要有书面目标—至少一年进行更新！iii.是否和客户的书面目标相符合？iv.是否符合客户的整个total portfolio的投资目标？v.必须理解其投资组合的constraints，只能进行符合其书面目标的投资推荐！1.Investment policy statement—IPS---risk tolerance，returnrequirement， investment2.Constraint---time horizon, liquidity needs, tax concerns, legaland regulatory factors, unique circumstancesd.Performance presentationi.这里有performance presentation的规定，同时在GIPS里面也有类似规定！其区别是1.一个是自愿的---GIPS，一个是必需的；2.一个是针对公司—firm wide，一个是针对个人member和candidate3.GIPS要求公司to use accurate input data and approvedcalculation method, to prevent the performance record inaccordance with a prescribed formate.Preservation of confidentiality---必须保密---可以不保密的情况i.违法行为ii.法律要求进行披露iii.Client或者prospective client同意披露iv.以现行法律为准v.CFA进行investigate固定收益债券，金融衍生品和alternative investment 部分Nonrefundable bond是指不能通过发行新的债券还旧债Sinking fund provisions---偿债基金条款---为了保护投资者，规定经过一段时间后，每年偿还一定金额的本金。
CFA重点知识梳理(9A1B通过一级考试)
Ethic重点知识梳理一、前言部分（一）相关AMC Asset Manager Code of professional conduct（二）The code of ethics1.以高风亮节出现在所有人面前（integrity、competence、diligence、respect）2.把职业道德和客户利益凌驾于自身利益之上。
3.投资建议有理有据有节4.感化他人5.维护市场6.提高专业能力二、条款I professionalismI（A）Knowledge of law1.知道相关法律2.遵守更严格法律3.不能“理应”知道还犯法4.怀疑犯法——咨询——上报主管——上报监管部门——脱离5.如果咨询错误，依然不能免责I（B）Independence and objectivity不能受到威逼利诱1.上市公司：不能接受会影响客观独立性的礼物，只要在别人眼中认为会影响就不行（如gift、favor、Job referral 、invitation to lavish function）不能接受奢侈的旅行安排、可以接受commercial、common 的差旅安排一般的小纪念品可以接受2.客户：要disclose给其他客户及雇主，并收到雇主的书面同意才可以收，如果仅仅告诉雇主但没有得到同意就收礼物，违反了IV（B）additional compensation arrangement既没告诉也没得到书面同意违反IV（B）、I（B）、V（A）3.Outside manager ：不能收礼物，要选择物美价廉的，尤其是管理能力强的4.Issuer-paid research可以接受flat fee 任何与结论相关的bonus不能收5.M&A、IBD及buyside：不能受到此三方的压力，可以考虑放入restricted list上面，只陈述事实不发表评论。
其他美国员工的可以买IPO，但需要雇主同意且客户优先，比较火的IPO（over-subscribt）不能买，且不能参与private placement错题部分：领导要求当事人给客户推荐垃圾债，应该ignored the request，而不是推荐的同时给客户披露，不能受到来自领导的压力。
CFA重点知识梳理(AB通过一级测验)
CFA重点知识梳理(AB通过一级测验)————————————————————————————————作者：————————————————————————————————日期：Ethic重点知识梳理一、前言部分（一）相关AMC Asset Manager Code of professional conduct（二）The code of ethics1.以高风亮节出现在所有人面前（integrity、competence、diligence、respect）2.把职业道德和客户利益凌驾于自身利益之上。
3.投资建议有理有据有节4.感化他人5.维护市场6.提高专业能力二、条款易混条款：条款区别Misrepresentation Professionaliam条款之下，包括所有不正当陈述，重点是吹牛、遗漏、剽窃Performance presentation Loyal to client条款之下，重点是对客户的业绩披露Communicate with clients and prospective 投资行为条款之下，重点是跟客户交流时分清事实和观点Fair dealing 客户内部之间的公平Priority of transaction 客户、自己、雇主之间的优先顺序Additional compensation arrangement 对雇主忠诚的条款下面，重点是给雇主批露客户给的奖励等Disclosure of conflict 其他相关冲突的披露I professionalismI（A）Knowledge of law1.知道相关法律2.遵守更严格法律3.不能“理应”知道还犯法4.怀疑犯法——咨询——上报主管——上报监管部门——脱离5.如果咨询错误，依然不能免责I（B）Independence and objectivity不能受到威逼利诱1.上市公司：不能接受会影响客观独立性的礼物，只要在别人眼中认为会影响就不行（如gift、favor、Job referral 、invitation to lavish function）不能接受奢侈的旅行安排、可以接受commercial、common 的差旅安排一般的小纪念品可以接受2.客户：要disclose给其他客户及雇主，并收到雇主的书面同意才可以收，如果仅仅告诉雇主但没有得到同意就收礼物，违反了IV（B）additional compensation arrangement既没告诉也没得到书面同意违反IV（B）、I（B）、V（A）3.Outside manager ：不能收礼物，要选择物美价廉的，尤其是管理能力强的4.Issuer-paid research可以接受flat fee 任何与结论相关的bonus不能收5.M&A、IBD及buyside：不能受到此三方的压力，可以考虑放入restricted list上面，只陈述事实不发表评论。
融跃教育_2019年CFA一级【衍生品】讲义
/
Derivatives
ØDerivative Markets and Instruments
pDerivatives classification:
)
(
Forward Commitments
Forwards Futures Swaps
Terms are set by exchanges
/
Derivatives
ØDerivative Markets and Instruments
pForward commitment-Forward Contracts ü Definition: one party agrees to buy and the counterparty to sell a
ØFour types of derivatives
ü Forwards, futures, swaps and options
ØDerivatives classifications
ü OTC and exchange-traded ü Forward commitments and Contingent claims
/
Derivatives
ØDerivative Markets and Instruments
pForward commitment-Forward Contracts ü Payoff:
Contingent Claims
Option Credit Derivative
ABS
ü Forward commitments: force the two parties to perform some action in the future.
cfa一级2024年考纲
cfa一级2024年考纲（原创版）目录1.CFA 一级 2024 年考纲概述2.考纲内容详解2.1 投资工具2.2 公司金融2.3 经济学2.4 财务报表分析2.5 投资组合管理3.备考建议正文【CFA 一级 2024 年考纲概述】CFA（Chartered Financial Analyst）一级考试是 CFA 认证的三个级别中的第一个，旨在为考生提供一个全面的金融知识体系，帮助他们在投资领域取得成功。
2024 年 CFA 一级考纲已经发布，为考生提供了详细的考试内容和知识点。
本文将对 2024 年 CFA 一级考纲进行解析，帮助考生了解考试重点，并提供一些备考建议。
【考纲内容详解】2024 年 CFA 一级考纲分为五个部分，分别是：投资工具、公司金融、经济学、财务报表分析和投资组合管理。
2.1 投资工具投资工具部分主要涉及各类金融产品，包括股票、债券、衍生品、另类投资等。
考生需要了解这些投资工具的特征、风险和回报，以及如何在投资组合中进行有效配置。
2.2 公司金融公司金融部分主要考察公司估值、资本预算、企业治理等内容。
考生需要掌握企业财务决策的基本原则，学会分析企业的经营和财务状况，评估公司的价值和吸引力。
2.3 经济学经济学部分涉及宏观经济和微观经济两个层面，包括经济增长、通货膨胀、货币政策、贸易政策等。
考生需要理解经济现象背后的原理，掌握经济分析的基本方法。
2.4 财务报表分析财务报表分析部分主要考察财务报表的编制、财务比率分析、现金流量分析等内容。
考生需要具备阅读和分析财务报表的能力，以便在投资决策中充分了解企业的财务状况。
2.5 投资组合管理投资组合管理部分主要涉及投资组合的构建、监测和调整，包括资产配置、风险管理、绩效评估等内容。
考生需要学会如何在控制风险的前提下，实现投资组合的最优化。
【备考建议】面对 2024 年 CFA 一级考纲，考生可以采取以下措施进行备考：1.制定学习计划：根据考纲内容，制定详细的学习计划，确保每个知识点都能得到充分的复习。
CFA考试《CFA一级》历年真题精选及详细解析1107-3
B.77
C.123
正确答案:C
答案解析:，两边取Ln，计算出n = 123。
2、Companies pursuing cost leadership will most likely:【单选题】
A.invest in productivity-improving capital equipment.
3、When are credit spreads most likely to narrow? During:【单选题】
A.economic expansions.
B.economic contractions.
C.a period of flight to quality.
正确答案:A
答案解析:“Understanding Yield Spreads,”Frank J. Fabozzi, CFA2013 Modular Level I, Vol. 5, Reading 55, Section 4.3Study Session 15-55-fDescribe credit spreads and relationships between credit spreads and economic conditions.A is correct. Credit spreads narrowduring economic expansions and widen during economic contractions. During an economic expansion, corporate revenues and cash flows rise, making it easier for corporations to service their debt, and investors purchase corporates instead of Treasuries, thus causing spreads to narrow.
CFA一级考试《数量分析》考试大纲
CFA一级考试《数量分析》考试大纲CFA一级考试大纲科目《数量分析》中的考纲变化：数量科目权重未变8-12%，但被移动到第一个部分，替代道德的位置。
CFA一级考试总体来说，本科目是新考纲中变动较大的科目，主要体现在协会更加注意学问的有用性，与当前金融行业的进展特别契合。
新增两个章节分别为：Organizing,Visualizing,And Describing Data以及Introduction To Linear Regression,同时删除Statistical Concepts and Market Returns，其余每一个reading 都有少量的增减。
变化分析：第一个新增的"Organizing,Visualizing,and Describing Data'其实是原本"Statistical Concepts and Market Returns'的进阶版本。
在新增的这个章节中，除了保留对数据描述性的分析介绍之外，更加注意对数据进行系统性的分类、整理和可视化分析，介绍了在实务中常用的一些数据分析手段和方法论，比如热力图、树状图、云图、气泡线图等。
另一个新增的章节"Introduction to Linear Regression'原本是二级数量中的一个章节，这个章节主要讲的是线性回归的基本规律和原理，是为二级数量中多元回归打基础的一个章节。
另外，线性回归是金融数据分析中常用的一个量化分析模型，更加偏重应用，突出了协会对量化建模的重视。
详细变动内容：STUDY SESSION 1-QUANTITATIVE METHODS（1）Reading 1.THE TIME VALUE OF MONEY（原Reading 6-R6）：（1）由solve time value of money problems for different frequencies ofcompounding变为calculate the solution for time value of moneyproblems with different frequencies of compounding，考纲描述变化。
CFA1级财务部分复习串讲
Financial Reporting and Analysis and Corporate Finance上海交通大学上海高级金融学院肖立1.accounting: Balance Sheet(BS), Income Statement(I/S), Cash Flow Statement(CFS)Balance Sheet: Asset= liability+equityasset:current asset:cash and cash equivalentsmarketable securities(trading securities)accounts receivablesinventoryothers(prepaid expense,accured revenue)non-current asset:PP&E (property, plant & euipment)investment propertyintangible assetfinancial asset(avavilable for sale, held to maturity)DTA(deferred tax asset)Liability:current:accounts payablesaccrued expense, unearned revenueshort-term liabilitiesnon-current:DTL(deferred tax liabilities)long-term liabilitiesEquity:contributed capitalretained earningspreferred stocktreasury stockminority interestaccumulated other comprehensive income = delta equity –net income- transaction with shareholders(issing stock, repurchase stock,dividends)(?)*contributed capital(capital reserve资本公积surplus reserve盈余公积)retained earningsIncome StatementRevenue-COGS(variable cost)=gross profit-selling expense, admistrative expense, financial expense(fixed cost)-depreciation/amortization-unusual or infrequent items=operating income/EBIT (EBITDA = EBIT + depreciation +amortization)-interest expense=EBT- income tax=net income from continued operations+/- income from discontinued operations+/- extraordinary items(only GAAP)+/- gain or losses from continued and discontinued operations=net incomeCash Flow Statement: CFO CFI CFFGAAP:-CFO:●payment from client and purchase to supplier●buy or sell trading securities●interest or dividend received, interest paid, tax paid●payment or money to others-CFI:●purchase or sell PP&E●purcase or sell financial securities other than trading securities●make loans to others(principal received or loans made to others)-CFF:●principal amount that lend from others (debt issued, or principal paid) ●issurance of stock (proceeds got or payment to reacquire)●dividend paid to othersIFRS:dividend, interest paid to others CFF or CFOdividend, interest received by others CFI or CFO2.recognition of asset/liablity(BS)(1)4个容易混淆的科目：(BS)●unearned revenue liability●prepaid expense asset●accured revenue asset●accured expense liability(2)physical asset and financial asset(BS, CFS)●physical asset: PP&E, inventory, investment property, intangible asset●financial asset: current asset or non-current asset? how to value them？what cash flow?⏹trading secutiry:current, fair value, CFO⏹available for sale:non-current, fair value, CFI⏹held to maturity:non-current,bond, amotized cost,CFI(3)value measurement会计计量属性(BS)●carrying value= book value账面价值●historical cost历史成本●replacement cost重置成本●recoverable value(NRV, net realizable value)可变现净值●PV of future cash flows现值●fair value公允价值3. recognition of revenue: (I/S)房地产企业签长期合同用的收入确认方法：●percentage of completion method●completed contract method分期：●installment sales●cost recovery method以物以物：●barter4.recognition of expense: (I/S)(1)COGS(variable cost):the matching principle(I/S)phase costs(fixed cost):not tied to revenue generation, such as administrative cost(2) relationship of COGS and inventory expense and Inventory expense recognition(I/S)-FIFO-LIFO-weighted average cost（考得不多）-special identification*LIFO VS FIFO? LIFO only allowed in GAAP. LIFO will result in……model: rising price, LIFO will result in higher COGS, lower inventory, lower net profit, lowertax(motivation), lower asset, lower equity, lower current asset, lower working capital = CA – CL, lower current ratio, quick ratio not change(3) depreciation expense recognition(I/S)-straight line: depreciation= histocial cost-residual value/years to depreciate-accelerated depreciation (DDB: double declining balance method) = 2(cost-accumulated depreciation)/years to depreciate-why different method?matching principle(4)amortization expense recognition(I/S)intangible assests with definite lives: straight-line amortizationwith indefinite lives: not amortized, instead they must be tested for impairment at least annually5.calculation of EPS(I/S)basic EPS=net income –preferred stock dividends/weighted average number of shares of common stock outstanding(时间加权)diluted EPS=net inome –preferred stock dividends+ convertible preferred dividends + convertible debt interest(1-t)/weighted average shares + shares from conversion of convertible preferred shares/debt/options*treasury stock method: for option/warrants exercise, firms will use the funds from options to buy back stocks, so net number of shares from options = (market price –exercise price)/market price * number of convertible shares of options6.Other things in I/S(1)Non-recurring items●discontinued operation: management has decided to dispose of but not has done yet, arereported net of tax, after income from continuing operations●unusual or infrequent items: gains or losses from sales of part of business or impairments,write-offs, write-downs, and restructuring costs, are reported before tax, included in income before continuing operations●extraordinary items: only in GAAP and reported net of tax, after income from continuingoperations, including losses from an expropriation, gains or losses from early retirement of debt, losses from natural disasters(2)Comprehensive incomecomprehensive income= net income + other comprehensive income,other comprehensive income includes:●gains or losses from foreign currency translation●unrealized gain or loss from sale of available for sale secutities●unrealized gain or loss from cash flow hedged deravative trading●adjustment of minimum pension liability(3)change in accouting principle(GAAP->IFRS) retrospective application需要向前调整change in accounting estimate(eg. residual value, years to depreciate) just need prospective change只要未来报表调整correct a wrong accounting method(eg. DDB wrong) needs prior-pediod adjustment需要往前调整一期7. Inventory(BS)(1)inventory carrying value(BS)IFRS: inventory carrying value = min(cost, NRV),NRV stands for net realizable value = selling price-selling cost-completion cost-write down ok? ok! loss in the income statement-write up(reversal) ok? ok! decrease COGS, cannot write up more than its previous write downGAAP: inventory carrying value = min(cost, market),market = replacement cost between [NRV – normal profit margin, NRV]write down ok?ok! loss in the income statementwrite up ok? no reversal!*Exception: agriculture industry, ore-mining industry inventory’s carrying value can be more than historical costs, both in IFRS and GAAP(2)delta inventory = purchase - COGS(3)periodic and perpetual inventory system(?)periodic: carrying value reviewed monthlyperpetual: carrying value reviewed continuously8.Long-lived Assets(BS)(1)capitalize vs expense(BS, I/S, CFS)-difference? the same behavior, but different accounting behavior-influence what cash flow?●capitalize CFI outflow, higher asset, higher equity (relative to expensed), higherdepreciation/amortization,第一年net income higher,之后lower●expense CFO outflow, 第一年net income lower,之后higher(2)tangible assets and intangible assests(BS, I/S)●tangible assets: property, plant and euipment(PP&E), investment property(generate rentalincome or capital appreciation)●intangible assets: identifiable or unidentifiable⏹identifiable: amortization. it can separate from the firm, it can arise from a legal right and ithas measurable worth.⏹unidentifiable: test for impairment at least annually. it cannot separate from the firm.e.g. goodwill, trademark(that can extend its effectiveness at minimum cost)*goodwill: from M&A or internally generated●M&A: capitalize, value= acquisition cost – fair value of equity●internally generated: expense(3)intangible asset: R&D expenseIFRS GAAPresearch cost expense expensedevelopment cost captialize expense*Exception: Software R&D.●for sales: after determining technology feasibility, development cost expensed -> capitalized bothin IFRS and GAAP●for own use: all capitalize in GAAP and not change in IFRS(4)carrying value of PP&E(BS): cost or revaluation modelGAAP: only cost modelIFRS: cost or revaluation model(后者很少用)cost model: carrying value = historical cost – accumulated depreciation – impairmentrevaluation model: carrying value = fair value – accumulated depreciation,●if increase or >historical cost, increased value in “revaluation surplus”●if decrease or<historical cost, decreased value in “income statement”*upward revaluation cause equity increase, asset increase, depreciation increase, profitability decrease(5)impairment of PP&E(BS)IFRS:●when to test for impairment? Annually or condition changes.●what condition to impairment? recovable price < carrying value,recovable price = max(NRV, value in use),NRV stands for net realizable value= fair value – selling cost,可变现净值value in use= PV of future cash flows现值●carrying value after impairment? recovable price●allow reversal? yes, but cannot exceed the original carrying valueGAAP:●when to test for impairment? Only condition changes.●what condition to impairment? future undiscounted cash flow < carrying value,●carrying value after impairment? fair value (if not available, use discounted future cash flow)●allow reversal? no!(6)carrying value of investment property(BS): cost model or fair value modelGAAP: no specific definition of investment propertyIFRS: cost model of fair value model●cost model: like that of PP&E●fair value model: different from revaluation. revaluation: increased value in “revaluation surplus”,fair value: increased value in “income statement”(7)DTA, DTLincome taxes = tax payable + delta DTL – delta DTA当期利润表(FS) 当期计税基础(tax)●income taxes对应accounting profit, tax payable(?)对应taxable income●why difference?●DTL?DTL: if income taxes > tax payable,计税的临时性少算；depreciation不一样，看asset value,若asset value in tax< asset value in FS,则形成DTL●DTA?DTA: if income taxes< tax payable,计税的临时性多算；depreciation不一样，看asset value，若asset value in tax> asset value in FS,则形成DTA9. Ratio for financial analysis(BS I/S) three categories:-Profitablity: revenue related or invested capital relatedrevenue related: (I/S)●gross margin=(revenue-COGS)/revenue*100%●EBIT margin=EBIT/revenue*100%●operating profit margin=operating profit/revenue*100%●net profit margin=net profit/revenue*100%invested capital related: (BS)●ROA=net profit/asset●ROE=net profit/equity●ROIC=EBIT(1-tax%)/(equity+liability),其中liability指的是融资性负债（银行借款、应付债券等），而非经营性负债（应付票据、预收收入）-asset management:(BS I/S)●accounts receivable turnover ratio, days of turnover: revenue/receivables●accounts of inventory turnover ratio, days of turnover: COGS/inventory●accounts of payable turnover ratio, days of turnover: purchase(COGS)/payables●cash conversion cycle= days of receivables + days of inventory – days of payables-financial leverage: liqudity or solvencyliquidity:(BS)●current ratio: CA/CL●quick ratio: CA-inventory/CL or cash+marketable securities+receivables/CL●cash ratio: cash and cash equivalents/CLsolvency:(BS)●financial leverage:A/E●debt-to-equity ratio:D/E●debt ratio:D/A●interest coverage ratio:EBIT/interest, EBITDA/interest-Dupont AnalysisROE=net income/equity=net income/revenue* revenue/asset* asset/equity=net profit margin* asset turnover * financial leverage10.Basics of financial reporting(1)footnotes, management discussion&analysis(MD&A), changes in equity statement, proxy statements●footnotes: accounting assumption and accounting estimates by the management, inventorydisclosure●MD&A: management’s forecasts and discussion about the future trend and past performance●changes in equity statement: delta equity●proxy statement: matters that require a shareholder vote, such as election of board members,compensation, management qualification, issurance of stock options, etc.(2)Journal entries, general ledger, trial balance●journal entries: recorded by date, or all transaction happened●general ledger: journal by account●trial balance: balance of each account(3)Fundamental characteristics and characterisitics to enhance fundamentals●fundamental characteristics: relevance and faithful representation●characteristics to enhance fundamentals: comparability, complete, neutral, variability, timely,understandable*vertical analysis: compare at the same FS, usually with one factor, e.g. revenuehorizontal analysis: compare with history performance(4)features of financial statements●fair presentation●accural basis:权责发生制●going concern basis：持续经营●consistency 一致性●materiality- free from misstatements●aggeration: similar items add together, no offseting of asset against liabilities(5)audit or assuarance opinion●unqualified无保留意见（clean）●qualified保留意见(need to explain exceptions)●adverse否定●disclaimer of opinion无法给出意见11. Cash flow statement, direct and indirect method, FCFF and FCFE(1)direct and indirect methoddirect: easyindirect: CFO = net income + depreciation/amortization –gain/+loss on disposal of assets –delta operating asset accounts(receivables, inventory, dta) + delta operating liability accounts(payables, dtl) (100 120CFI 20gain进入了net income，其实本不属于CFO)*dividend payable是属于CFF，不做加减(2)FCFF and FCFEFCFF {= CFO + interest(1-tax rate)- Capex} = net income + interest(1-tax rate)+ depreciation/amotization –Capex –delta working capital (EBIAT =EBIT*(1-tax rate)=net income + interset(1-tax rate) , delta WC= delta CA – delta CL)FCFE = CFO – Capex +net borrowing= net income + depreciation/amortization – gain/+loss on disposal of assets – Capex – delta working capital + net borrowing,net borrowing = debt issued – debt repaid12.WACC=Wd*Kd(1-tax rate)+Wps*Kps+Wce*Kce(1)cost of equityKce= d0(1+g)/P0 +g(2)cost of equity using CAPMkce=RFR+ b(Rm-RFR)(3)cost of preferred stockKps=Dps/P13.Capitla budgeting(1)NPV(2)IRR(3)payback period(4)profitablity index = PV/CF0 = 1+ NPV/CF014.two leverage: operating leverage and financial leverage(1)operating leverage: DOL= delta EBIT/delta sales= sales-TVC/sales-TVC-TF, 看一个公司控制fixed cost的水平，if there is no fixed cost, DOL=1Qobe=fixed cost/price-variable cost per unit(2)financial leverage: DFL=delta EPS/delta EBIT= EBIT/EBIT-interest,看一个公司控制interest expense 的水平，it there is no interest expense, DFL=1Qbe=(fixed cost+ interest cost)/price-variable cost per unitDTL=DOL*DFL15.pure play method(1)why this method?For lack of data, to estimate cost of projectcomparable company:Basset=Bequity /[1+(1-tax rate)*D/E]去杠杆化unleveredBproject=Basset*[1+(1-tax rate)*D/E]杠杆化leverage(2)calculation16.working capital management(1)primary source: cash balance, short-term funding, effective working capital management,●short-term funding from banks:⏹lines of credit⏹bank acceptance: for export firms, as promises from bank⏹factoring of receivables: sale of receivables at a discount to bank(2)secondary source●liquidity of long-lived assets●renegotiation of debt●filing for bankruptcy●reorganization17.several date about dividend and repurchase ways:(1)declaration date, ex-dividend date, holder-of-record date(2天后), payment date(2)repurchase ways:●repurchase in the open market：cheapest●tender offer: premium to market price●repurchase by direct negotiation: premium to market price(3)borrow funds to repurchase?cost of debt< earnings yield, increase EPS;cost of debt>earnings yield, decrease EPS.(4)repurchase will increase bookvalue?stock price<BVPS, increase,stock price>BVPS, decrease.。
2020年CFA一级数量分析重点知识串讲
CFA一级数量分析CFA原版书将数量分为两个session去阐述:第一个session主要围绕着计量的基本概念去展开;第二个session 则着眼于实际运用。
Reading 5和Reading 6:铺垫类的内容，为学习其他科目做一个铺垫，同时也是金融人的common sense的一部分。
Reading 7、Reading 8和Reading 9：描述性统计的内容。
Reading 10和Reading 11是推断性统计的内容。
Reading 12其实就是一个理论具体分析运用的过程，为分析师们提供了一些可实操重要指标。
Reading 5 The time value of the money串讲一：同一个时间点的现金流才可直接相加；不同的时间点的钱如若要相加，就需要引入利率的概念将其等同起来串讲二：利率可作为要求的回报率（Required rate of return），折现率（Discounted rate）和现在消费的机会成本（Opportunity cost）串讲三：利率的组成部分（不考虑风险的情况）名义的无风险利率（nominal risk-free rate）=实际的无风险利率（real risk-free rate）+预期的通货膨胀率（expected inflation rate）其中：实际的无风险利率是在假定没有预期通货膨胀的情况下，单期贷款的理论利率。
注:T-bills（美国国债）的收益率，是名义的无风险利率，因为其预期的通货膨胀率不是0。
串讲四：利率的组成部分（考虑风险的情况）要求的回报率（Required interest rate on a security）= 名义的无风险利率（nominal risk-free rate）+ 违约风险溢价（Default risk premium）+ 流动性风险溢价（Liquidity risk premium）+ 到期风险溢价（Maturity risk premium）其中：违约风险溢价反映了借款人没有按期支付本息的风险流动性风险溢价反映了当出售某项投资时，获得的收入少于该投资公允价值的风险到期风险溢价之长期的债券波动性比短期的债券波动性要大。
2020年CFA一级公司理财重点知识串讲
CFA重点知识串讲-Corporate Finance公司金融Corporate Finance, 中文通常译作公司金融，或者公司理财。
在CFA一级考试中，它占比8%，难度系数在整个一级的学习科目中，为中等偏下，以理解为主。
虽然只有一个session,但包含6个主题，这构成了一个公司理财核心的三件事：钱从哪里来？钱怎么花？钱怎么分？这门课程告诉学员，一个公司，尤其是公司的高管是如何针对公司财务报表，使公司规划出最合适的资本结构，来获得资本的最优收益；在制定资本预算时，如何做出正确的现金流量估计和风险分析，从而作出正确的决定；如何在决定股利政策时，充分了解其中的资讯和意义；以及如何实现公司融资结构与投资结构的最优化并做出未来决策。
所以，这门课具有较强的实用性。
知识点一： Capital Budgeting 资本预算在众多的投资项目中，企业应当如何去做决策，这需要科学的方法论，由此衍生了资本预算理论的发展。
我们首先要了解的是资本预算的一般过程和资本预算的五大基本原则，以及在对一个项目进行评估的时候，几种主流评估方法：1）NPV (Net Present Value) 净现值法2）IRR (Internal Rate ofReturn) 内部收益率法3）Payback Period 投资回收期法4）Discounted Payback Period 贴现回收期法5）Average Accounting Rate of Return 平均会计收益率法6）Profitability Index 盈利性指数。
这其中，NPV和IRR深受大企业和学术研究的欢迎，也是考试的核心。
然而它们也有其各自优势与不足。
就NPV和IRR 的比较来说：（1）理论上看，净现值是最正确的方法，它考虑了所有的现金流情况，多个项目进行投资选择时，应该选择净现值最大的项目；（2）内部收益率法的最大优点就是以百分比的形式计算收益率，容易让人理解，但是存在多重解问题(即一个项目有可能出现两个IRR) 。
cfa一级知识点总结最全
cfa一级知识点总结最全CFA一级考试是全球金融专业人士的通行证，持有CFA一级证书对于金融行业的职业发展具有重要意义。
CFA一级考试对金融市场、投资工具、伦理、财务报表、公司财务分析等方面的知识要求甚高。
下面我们将对CFA一级考试的知识点进行总结，希望对即将参加考试的同学有所帮助。
1. 金融市场与投资工具金融市场是指金融资产交易的场所和方式，包括股票市场、债券市场、货币市场等。
投资工具是指投资者用于获取收益的各种金融工具，包括股票、债券、期货、期权等。
CFA一级考试对金融市场与投资工具的知识点要求很高，考生需要熟悉各种金融市场的特点和投资工具的特点及风险。
2. 伦理与职业道德伦理与职业道德是金融行业的基本准则，CFA一级考试对伦理与职业道德的考察也很重要。
考生需要熟悉CFA协会的伦理准则和职业准则，了解职业操守和职业责任。
3. 财务报表分析财务报表是企业经营状况和财务状况的重要信息披露方式，包括资产负债表、利润表、现金流量表等。
财务报表分析是对财务报表内容的分析和解释，CFA一级考试对财务报表分析的要求也很高，考生需要掌握财务报表的编制方法和财务报表内容的分析技巧。
4. 公司财务分析公司财务分析是对公司经营状况和财务状况的分析和评价，包括财务指标分析、财务比率分析、公司价值评估等。
CFA一级考试对公司财务分析的要求也很高，考生需要掌握公司财务分析的方法和技巧。
5. 固定收益证券固定收益证券是指支付一定利息或股息的金融工具，包括债券、优先股等。
CFA一级考试对固定收益证券的知识点要求也很高，考生需要掌握固定收益证券的特点、风险和评价方法。
6. 衍生金融工具衍生金融工具是指其价值来源于其他资产的金融工具，包括期货、期权、远期合约等。
CFA一级考试对衍生金融工具的知识点要求也很高，考生需要掌握衍生金融工具的特点、定价方法和风险管理技巧。
7. 企业融资与分红决策企业融资是指企业通过债务融资或股权融资获取资金的行为，企业分红决策是指企业决定利润分配方式的决策。
CFA Level 1 知识点总结
Chartered Financial AnalystCFA 一级考试知识点总结StanhopeCFA一级知识点总结Ethics 部分Objective of codes and standard：永远是为了maintain public trust in1.Financial market2.Investment profession6个code of ethics1.Code 1—ethics and pertinent d personsa.2.Code 2---primacy of client’s interesta.Integrity with investment professionb.客户利益高于自身利益3.Code 3---reasonable and independenta.必须注意reasonable careb.必须exercise independent professional judgment---必须独立判断！4.Code 4---ethical culture in the professiona.不但自己要practice，而且要鼓励别人practice—不仅仅是自己一个人去做，要所有人共同去做5.Code 5---ethnical culture in the capital market!a.促进整个capital market的integrity，推广其相关法规---增强公众对资本市场的trust！b.Capital market是基于i.Fairly pricing of risky assets；ii.Investors‘ confidence6.有关competence—能力---competence7个standard of professional conduct1.Standard 1---professionalism---knowledge of lawa.不需要成为法律专家，但是必须understand和comply with applicable law；b.当两个law发生conflict，则要遵守更加严格的法律！c.Knowingly---know or should knowd.必须attempt to stop the violation，如果不能stop，then must dissociatefrom the violation！必须从其中分离出去!i.Remove name from the written report;ii.Ask for a different assignmente.并不要求向有关部门report！（do not require）f.向CFA 进行书面报告report--encouraged to so2. Standard 1 ---professionalism---integrity of capital marketa.Bias from client or other groups—listed company，controlling shareholder！b.Bias from sell side analystc.Buyer side client—d.Issuer paid report---只能接受flat fee for their worke.3.Standard 1 ---professionalism---misinterpretation—不能误导客户，不能剽窃其他人的研究成果4.Standard 1 ---professionalism---misconduct---5.Standard 2---integrity of capital marketa.不能使用非公开信息！---material nonpublic information---b.mosaic theory---conclusion from analysis of public and non-material nonpublicinformation6.standard 3—duties to clientsa.Loyalty, prudence and care---i.如何定义客户？---考虑最终受益人！---雇佣我们的人未必就是我们的客户，要考虑最终受益人！ii.Soft dollar---when a manager uses client brokerage to purchase research report to benefit the investment manager---比如，作为基金公司，使用证券公司的席位进行交易，肯定会支付一定的费用，这些费用来自客户，所以基金公司只能用这些soft dollar为客户服务！b.Fair dealing---i.对所有客户要公平客观ii.个别的客户要求，可以征收premium的费用之后，是可以做的！条件是，其他的分析都已经公布给其他客户了iii.More critical when changes recommendationiv.Investment action---taking investment action based on research recommendationv.Prorated the allocationc.Suitabilityi.了解客户的经验，风险和回报目标ii.要有书面目标—至少一年进行更新！iii.是否和客户的书面目标相符合？iv.是否符合客户的整个total portfolio的投资目标？v.必须理解其投资组合的constraints，只能进行符合其书面目标的投资推荐！1.Investment policy statement—IPS---risk tolerance，returnrequirement， investment2.Constraint---time horizon, liquidity needs, tax concerns, legaland regulatory factors, unique circumstancesd.Performance presentationi.这里有performance presentation的规定，同时在GIPS里面也有类似规定！其区别是1.一个是自愿的---GIPS，一个是必需的；2.一个是针对公司—firm wide，一个是针对个人member和candidate3.GIPS要求公司to use accurate input data and approvedcalculation method, to prevent the performance record inaccordance with a prescribed formate.Preservation of confidentiality---必须保密---可以不保密的情况i.违法行为ii.法律要求进行披露iii.Client或者prospective client同意披露iv.以现行法律为准v.CFA进行investigate固定收益债券，金融衍生品和alternative investment 部分Nonrefundable bond是指不能通过发行新的债券还旧债Sinking fund provisions---偿债基金条款---为了保护投资者，规定经过一段时间后，每年偿还一定金额的本金。
CFA一级重点难点知识解析
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CFA 一级重点难点知识解析
CFA 一级考试难度在于计算和零散知识点的记忆，同时强调记忆和计算，所以考生在复习和考试的过程中极容易遇到陌生的知识点，在复习的时候对教材的逻辑难于把握和整理。
比如理解基本的经济分析方法和常识，基本的金融市场运行实践 (指数计算，股票内在价值DDM 计算的基本公式，财务报表分析技术)，考卷也考察对某些重要计算公式的理解(比如正态分布的性质、对单尾或者双尾检验的理解，经济学的MC 、MP 的计算过程理解和图形分析，债券的久期和凸性等)。
所以广大考生在复习一级考试的时候，要着重对整体框架把握的基础上，通过后面大量做题再对单个零散知识点进行把握，做到复习的时候心中有数把握框架，做题的时候注重细节。
各位考生，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，高顿网校开通了全免费的CFA 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。
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FSA and Corporate Finance财报分析所占的比重约在23%，从单一科目来讲，这部分是最大科目，考生不仅不能忽略，更要精通。
要想在财报分析中拿高分，就必须对考试的范围每一点都下工夫。
了解每一项财务比率，了解每一个会计处理原则的改变对相关比率的影响，了解分析师重新调整会计科目以符合公司的真实价值或营运状况，对相关财务比率的影响。
公司财务管理与大学修的差不多，要掌握三大决策: 投资、融资及股利。
如何计算资金成本，并运用净现值、内部报酬率及回收期选择投资案为一大重点。
融资对公司之利弊及最适资本结构的几派理论、股利政策与公司成长率之关系及股利变动对股价之影响等主题务必了解。
Asset Valuation证券市场部份比较零碎，但不困难，常考的内容包括各种指数之计算及成份、三种效率市场假说的理论及代表的含意、信心指数及融资余额等技术指针。
股票评价则以现金流量折现法去计算股票价值是必考的题型，其中又以固定成长率的Gordon成长模型及多阶段成长模型题目最为常见，考生只要多加练习，在这部份得分并不难。
Quantitative Methods这部分考30题，是最好拿分的部分。
CFA的数量分析考的比大学的统计学还简单，而且多了一些和统计学比较没有关系的观念，如连续复利的观念，随机变量分配的型态，有效年利率(Effective Annual Rate)的计算方式，夏普指数(Sharpe Ratio)、罗伊获利保本指数等(Roy’s Safety First Criterion)。
当然大部分的考题还是会集中在机率概念、平均数及标准差，分配型态(二项式分配或常态分配等)、信赖区间、假设检定及回归分析等。
其中常态分配的应用是数量分析的核心，而善用计算器的统计及时间价值的功能是统计拿高分的二大法门。
Ethical and Professional Standards此科目的投资报酬率最低，但是这科不达到一定的成绩就不能通过一级考试。
要拿高分的密诀只有一个，那就是去买AIMR所指定的教科书: Standards of Practice Handbook。
将那本书的范例从头到尾全部看二遍，找出最有代表性的几个范例，特别是牵涉到多重违反及法条竞合的案例，自已一定要培养阅读题目时就能找出相关法条之违反的敏锐性。
反之，如果你对这一科没有把握，则考试的时候留在最后再做，没有人规定你答题的时候一定要从第一题开始答。
职业准则考试的重点包括: 分析师的独立客观(Independence and Objectivity)、对客户的公平对待(Fair Dealing)、研究报告的完整性(Research Report)。
当然，利益冲突的揭露(Disclosure of Conflicts to Employer and Clients)、对雇主的忠诚(Duty to Employer)，和禁止内线交易(Prohibition against the U se of Nonpublic Material Information)也不会在未来几次的考试中缺席。
同时，去年6月才列入CFA考试的全球投资绩效报告准则(Global Investment Performance Standards)规范了资产管理公司在做绩效报告时应该谨守的方法原则，也一定是考试的重点。
Ethical and Professional Standards2003年12月考试中Ethics部分36题，占15％，主要有3大部分：code of ethics、professional st andards 、GIPS,估计今年考试可能主要集中在professional standards,还有一些就在GIPS。
professional standards在2003年12月考了下面一些内容：1、laws and regulations2、use of CFA charter/candidate titles3、use of insider information(material,apporiate actions,etc.)4、duties to employers (if you are leaving your employer ,what can/cannot be done)5、duties to clients (IPO shares allocation,etc.)6、duties of a supervisor (how to deal with incompliance,etc.)GIPS部分的问题问的很直接，一般比较容易。
code of ethics:remenber the exact wording of code of ethics,understand what they mean.professional standards (challenging but manageabel):do as many questions as possible (from different publishers if available).focus on sorting out the priorities.in general,you should do alright if you follow the following order of priority:1、the investing public2、the profession3、your clients4、your employer5、youselfethics is manageable if you have a clear sense of priority in mind.read GIPSEconomic1. Microeconomic主要包括供给与需求、消费者行为、成本与生产、市场结构、其中市场结构是最为重要的部分，考生必须充分熟悉不同市场结构下厂商的定价与生产行为，以及其社会福利及效率差异。
这部分是较为容易准备，因为个体经济较多使用数学与图形，大都属于局部均衡分析，对亚洲学生和平常不太注意经济政策的考生来说是很容易得分的，而且熟悉了个体经济的供需分析，学会经济学的分析工具以后，总体经济与国际经济就不会太困难了，因为经济学始终离不开供给与需求，所以在三部分中建议考生先准备个体经济，可事半功倍。
2. Macroeconomic Analysis除了如何使用货币政策和财政政策处理通货膨胀和失业等经济问题以外，不同学派比较是总体经济较重要的部分，考生必须充分熟悉不同派别对总体经济政策的主张，包括古典学派、凯恩斯学派、供给学派等在货币政策和财政政策上的差异。
除了研习教材以外，如果时间充裕的话，平常多阅读总经新闻和评论，从生活中学习也是扎根的方法，毕竟实际的总体经济现象较课本复杂很多，而且考生都是目前任职或将来想投入金融行业的人员，有了坚实的经济知识基础，未来在职场上也会受用无穷。
3. Global Economic Analysis主要包括国际贸易和外汇市场。
国际贸易所占比重不多，汇率制度、外汇套利行为、汇率平价关系等反而占有较多份量。
这部分多为计算题例如汇率换算、套利报酬等，只要理解个中原理就不难应付。
以上仅对CFA的经济学Level 1考试内容作一重点提示，考生还是须根据AIMR的学习指南加以详细研读，并且要多做模拟考题，把理论应用到解题上以及增加实战经验。
不过，CFA考试的科目相当多，如果只考经济学一门，当然可以自行购买CFA的参考书籍自修，但需要有相当的毅力与恒心，而且要忍受孤军作战的寂寞。
近年来坊间有许多辅导机构举办各种投考CFA的专业课程，有意取得CFA证照的同学不妨也可以考虑透过这种方式准备考试，相信可以节省不少自行摸索的时间，也可以认识一些志同道合的考友，一起共同勉励和互相打气，往CFA的专业资格迈进。
Financial Statement Analysis主要有下面几个重要部分:1. 财务比率这个部分是财务分析师在从事分析时的工具，CFA 考试所需准备的比率相当多，但考生可以将所有比率先按其性质区分为：内部流动性的分析比率、营运效率比率、营运获利能力比率及财务风险比率等，再来背诵，会事半功倍。
在CFA 的考试除了会考简单的财务比率之外，常会考的是当会计处理方法不同时，其各项财务比率的增减变动情形。
考生在研读其它会计主题时，须同时注意对各项比率之影响。
2. 存货存货系会计上蛮重要的一个主题，CFA 的考试着重于各项成本流动假设之比较分析。
诸如：先进先出(FI FO)、后进先出(LIFO)，及FIFO与LIFO相互变更之影响。
另外，期末存货的评价也是重点之一，如成本市价孰低法{LCM}之评价。
至于存货与销货成本之间的公式亦是考生一定要会的。
考题也常出现公式之间各项金额之增减变动，考生一定得注意。
3. 固定资产考试重点在固定资产的折旧控制方式，各种方法都不难，但须注意折旧提取的多寡影响损益大小，所以考题除计算折旧金额外，亦须注意其对损益的影响。
4. 公司债主要是考核考生对公司债的发行及溢折价摊销的处理，只要理解正确并不困难。
5. 租赁CFA考试考核的是最基础的会计处理，但内容稍多，考生可能多花点时间在这个部分，因为租赁又区分为营业租赁与资本租赁。
6. 所得税所得税的观念在于时间性的差异造成财务会计所得与课税所得的不同，造成财务会计所得与课税所得的不同，造成财务报表的所得税费用与申报所得税的应付所得税的差异。
所以考生须注意当会计处理方法对财务会计与税务上不同时，就会产生递延所得税的资产或负债，考生须花更多时间在所得税这个主题，因为除了事先要学习会计处理方法之不同外，得再进一步其对于所得税之影响，考生不得不花点心思在所得税。
7. 保留盈余及每股盈余这个主题很重要的就是在计算基本每股盈余及稀释每股盈余，因其计算较为复杂，考生真得多多练习考题，勤于计算，特别是稀释每股盈余更要注意计算时分子、分母之加减情形。
8. 现金流量表不论是理科或文科考生对现金流量表都不是很熟悉，特别是需编此表那就更难了，但CFA考试并不考编表，纯粹是考观念，所以考生只要把观念理清楚就不难了，因为现金流量表把公司的现金流量区分三种活动，所以考生一定要非常清楚什么现金流量是属于什么活动，而且进一步要知道是现金流出或流入，考题就是在这些观念打转，考生须把重点摆在观念的建立。
Corporate FinanceCorporate Finance在CFA课程的比重并不算高，但考生却十分有必要充分掌握相关的财务理论。
在C FA第一级课程中，比重最高的是财务报表分析，占28%，而公司财务是包括在财务报表分析内，估计公司财务本身单独的比重约在5到8%间，其内容的难度约相当于大学的财务管理课程。