CFA一级知识点：Economic
cfa一级考点大全
cfa一级考点大全
CFA一级考试涵盖了许多不同的主题和领域，以下是一些主要的考点：
1. 伦理和专业行为，包括职业道德、法规遵从、投资建议、诚实和诚信等方面的内容。
2. 数学和统计学，包括概率论、统计学、线性回归等数学和统计学的基本概念。
3. 财务报表分析，包括资产负债表、利润表、现金流量表等财务报表的分析和解释。
4. 企业财务，包括财务管理、资本预算、成本管理等企业财务方面的知识。
5. 证券市场，包括股票、债券、衍生品等各种证券及其市场的基本知识。
6. 宏观经济学和微观经济学，包括宏观经济学的基本概念和微
观经济学的供求关系、市场结构等内容。
7. 配置投资组合，包括资产配置、投资组合管理、风险管理等方面的知识。
8. 估值和资产定价，包括股票估值、债券估值、期权定价等方面的知识。
以上列举的仅仅是CFA一级考试的一部分考点，考生还需要深入学习和掌握更多的内容，才能顺利通过考试。
希望这些信息能对你有所帮助。
CFA一级笔记之经济学
AVC=
X
c Cost per share ATC
AVC
Economy scale
ATC= =AVC+
MC——总成本关于 Q 的导数
TC=VC+FC
成本曲线的移动：
（1）资源 P↑,成本↑
（2）tax↑，cost↑
Diseconomy （3）regulation↑
scale
LTC cost↑
Q
Q
Q
9. 四种市场结构（profit max MR=MC）。
Elasticity
P
Inelasticity
P
高价区间弹性大，P↓，
P-E
总收入↑
1.替代品的存在
P-1
E=-1，单位弹性收入最大化
2.预算约束
低价区间弹性大，P↑， 总收入↓
D
D
需求收入弹性→1.低档品，负弹性，收入↑→D↓。2.正常商品，收入↑→D↑。 0<E<1, 必需品。E>1 奢侈品
7. law of D (边际效用 8.
（1）完全竞争（同质产品、价格接受者、无进入障（2）垄断竞争（monopolistic competition 差异化产品、负斜率 D、低障碍）
P
M
P
MC
P
ATC
MR=P=D
ATC
M
P
long
short
D
M AT
short
MR=P=D
AT
D
利润最大化
Q
long
Q
（3）垄断（monopoly 一个卖者，无替代品，进入障碍高）
经济学
1. 财政政策——凯恩斯主义（关注 AD 而非 AS，价格和工资具有向下刚性） （1） 相机决策（discretionary）→反周期政策（countercyclical）
cfa level 1词汇 L1word2
cfa level 1词汇L1word2franchise n.选举权；特许权；专营权disposable income one can spend oneself after paying one's income tax, social security contributions, etc 可支配收入（缴纳所得税﹑社会福利金等之后自己可以动用的部分）GDP国内生产总值：一个经济体系在特定时期内生产的所有货品及服务的总值，其中包括消费、政府购买、投资及出口减进口Gross Domestic Product (GDP)The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.GDP = C + G + I + NXwhere:"C" is equal to all private consumption, or consumer spending, in a nation's economy "G" is the sum of government spending"I" is the sum of all the country's businesses spending on capital"NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports)GNP国民生产总值：一种经济统计数据，相等于国内生产总值（GDP）加国内居民来自海外投资的收入，减海外居民在国内赚取的收入self-correcting a.自动调整的, 自动修正的Consideration约定金额；代价；对价；考虑因素pecuniary consideration 金钱报酬similarity consideration (=similitude consideration) 相似［模拟］条件stochastic consideration 或然率考虑stochastic[stəuˈkæstik] adj.【数】随机的pecuniary [piˈkju:niəri] a.1金钱上的，金钱的；2应罚款的keynesian model n.凯恩斯派的模型Elasticity弹性一个可变因素对另一个可变因素的敏感度。
CFA一级知识点概要总结
CFA一级知识点概要总结============Quantitative Methods============#05 Time Value of Money1) EAR在离散复利（Monthly，Quarterly，Semi-annually）和连续复利时的计算2) 分期付款下利率、每期支付金额、FV、PV和支付次数的关系#06 Discounted Cash Flow Applications1) 如何计算Time-Weighted Rate of Return2) 如何计算Money-Weighted Rate of Return3) 如何用计算器计算NPV4) 如何用计算器计算IRR#07 Statistical Concepts and Market Return1) 4种Measurement Scle：Norminal Scale，Ordinal Scale，Interval Scale，Ratio Scale2) 车比雪夫不等式（Chebyshev's Inequality）的含义3) Sharp Ratio的定义4) 偏度（Skewness）的定义以及正偏（Positively Skewness）、负偏（Negatively Skewness）的判断5) Sample Skewness (样本偏度)的计算6) 什么是峰度（Kurtosis）以及尖峰的（Leptokurtic）和平峰的（Platykurtic）7) 如何计算样本偏度（Sample Skewness）和样本峰度（Sample Kurtosis）8) 正态分布(Standard Distribution)的几点属性：比如Sample Kurtosis等于3,mean/middle/mode三者相等#08 Probability Concepts1) 两个事件的联合概率（P(AB)），条件概率（P(A|B)）以及概率加法法则和乘法法则#09 Common Probability Distribution1) 什么是置信区间（Confidence Interval），并且记住90%，95%和99%的置信区间幅度2) 如何计算Safty-First Ratio3) 蒙特卡洛模拟（Monte Carlo Simulation）的思路4) 历史模拟（Historical Simulation）的思路5) 蒙特卡洛模拟（Monte Carlo Simulation）与历史模拟（Historical Simulation）的不同6) 正态分布（Normal Distribution）的三点主要特征#10 Sampling and Estimation1) Standard Error of Sample Mean的计算公式以及它的含义2) 什么是t分布（Student's t-distribution）以及其中自由度（Degrees of Freedom，df）的概念3) t分布的特点以及与正态分布的区别#11 Hypothesis Testing1) Hypothesis Testing的7个步骤（顺序）2) 什么是无效假设（Null Hypothesis）和备择假设（Altanative Hypothesis）3) 什么是单尾检验（One-Tailed Test）和双尾检验（Two-Tailed Test）4) 检验统计量（Test Statistic）的定义5) 如何得到Standard Error of Sample Statistic6) 什么是第一类错误（Type I Error）和第二类错误（Type II Error）============Economics============#13 Elasticity1) Price Elasticity of Demand的定义2) 影响Price Elasticity of Demand的三个方面3) Elastic，Inelastic，Perfectly Elastic和Perfectly Inelastic的图形表示4) Cross Elasticity of Demand的定义5) Income Elasticity的定义以及三个不同等级的商品与它的对应关系6) Price Elasticity of Supply的定义7) 影响Price Elasticity of Supply的两种因素8) 理解在直线需求曲线（Straight-Ling Demand Curve）时，High Elasticity，Unitary Elasticity 以及Low Elasticity的位置（Notes V2 P16）9) Demand Curve在价格越高时弹性越大#14 Efficiency & Equity1) MC(Marginal Cost)和MB(Marginal Benefits)的定义以及关系2) 如何计算消费者剩余（Consumer Surplus）以及它在MC-MB图中的位置3) 什么是生产者剩余（Producer Surplus）以及它在MC-MB图中的位置4) 什么是Equilibrium Quantity5) 阻碍资源分配有效性的几个因素6) 什么是Deadweight Loss，以及它在MC-MB图上的表示7) 有关资源分配公平性/有效性的两种学派：Utilitarianism（功利主义）和Symmetry Principle （对称原则）的中心思想#16 Organizing Production1) 机会成本（Opportunity Cost）的含义2) 两种不同的机会成本：Explicit Cost和Implicit Cost3) 两种不同的隐性成本（Implicit Cost）4) 什么是Implicit Rental Rate，并且知道它是Economic Depreciation和Foregone Interest的和5) Economic Profit的定义以及它与Total Revenue，Total Cost（含Opportunity Cost）的关系6) 理解什么是Economic Profit，并且理解为什么Economic Profit小于Accounting Profit7) 理解在Normal情况下，Economic Profit等于08) 对Maximum Profit的三种类型的限制：技术限制、信息限制和市场限制9) 理解什么是技术有效性（Technological Efficiency），什么是经济有效性（Economic Efficiency），并结合例子（Notes V4 P52）10) 公司组织生产的两种形式：Command System和Incentive System，以及它们的不同11) 什么是Principal-Agent Problem，以及减少Principal Agent Problem的三种常用方法：Ownership，Incentive Pay和Long Term Contract12) 商务组织的三种形式的优缺点：Proprietorships，Partnerships，Corporations13) 四种市场类型：Perfect Competition, Monopllistic Competition, Oligopoly和Monoploy等含义和特点14) Her Findahl-Hirschman Index (HHI)指数的定义是什么15) 四公司集中度（Four Firm Concentration Ratio）的定义是什么16) Concentration Measurement的局限性：地理因素、壁垒因素、市场-行业的差异17) 企业比市场更有效的四个原因：Transaction Cost，Economies of Scale，Economies of Scope，Economies of Team Production#17 Output and Costs1) Short Run Decision和Long Run Decision有什么本质区别：Short Run Decision时，投入的资源固定；Long Run Decision时，可以调节投入的资源2) 什么是Total Product，Marginal Product，Average Product（Notes V4 P65）3) 什么是Total Cost（Total Fixed Cost和Total Variable Cost），Marginal Cost，4) 什么是Average Cost（Average Fixed Cost，Average Variable Cost），并熟悉它们的图形关系（Notes V4 P69）5) 什么是一个公司的生产函数（Production Function）以及为什么会产生Diminishing Returns6) Law of Diminishing Returns的中心思想是什么7) 什么是Marginal Product of Capital以及为什么会产生Diminishing Marginal Product of Capital8) LRATC曲线（Long Run Average Total Cost）是什么形状的9) Economies of Scale和Diseconomies of Scale的区别以及在LRATC曲线上的位置10) LRATC曲线上面的三个阶段Economies of Scale, Constant Returns to Scale，Diseconomies of Scale11) A TC = AFC + A VC等式的含义以及图形表示#18 Perfect Competition1) 在完全竞争市场（Perfect Competition Market）中，Price Taker的概念：价格合适可以卖出任意多；价格高出，可以卖出02) Perfect Competition的若干假定3) Perfect Competition的主要特点#19 Monopoly1) Monopoly市场的特点：没有竞争者；没有替代品；高壁垒2) Monopoly市场的两种壁垒形式：Leagal Barriers和Natural Barries3) Monopoly市场的两种价格方式：Single-Price和Price Discrimination4) 理解Price Discrimination的三个前提：Demand Curve右下斜；至少两个具有不同价格需求弹性的消费群体；消费者不能转卖5) 理解Price Discrimination的目的是为了将消费者剩余（Consumer Surplus）转变成经济收益（Economic Profit）6) Price Discrimination对Economic Profit和Consumer Surplus的影响7) 理解为什么在MC=MR时垄断者的产量最佳8) 理解为什么在垄断市场（Monopoly Market）会产生Deadeight Loss：Monoploy Market没有将Consumer Surplus+Producer Surplus最大化#20 Monopoly Competition & Oligopoly1) Monopoly Competition的特征2) 理解Monopoly Competition下，Price Demand Elasticity大3) 理解Kinked Demand Curve Model产生的原因4) 囚徒困境（Prisoners' Dilemma）是什么道理#21 Markets for Factors of Production1) 什么是Derived Demand2) Marginal Product，Marginal Revenue与Marginal Revenue Product的定义和相互关系3) 在完全竞争（Perfect Competition）环境下，MRP（Marginal Revenue Product）曲线的形状和含义4) 理解什么是Wage Rate5) 理解一个公司产出的商品的价格和它雇佣的Labor量成正比6) 理解影响Demand for Labor的几个因素：商品价格、其他生产因素（是否替代品）、技术进步水平7) 影响Labor Supply的两个因素：Substitution Effect，Income Effect是如何相互作用的：Substitution Effect导致工人用休闲时间换更多工资；Income Effect导致工人更多的用Income去休闲8) 工会（Labor Union）设法增加工人Wage Rate和保证工人就业的主要办法：Collective Bargaining，Traing to Increase MP，Restrick for importing，Increasesubstitution price9) Physical Capital和Financial Capital分别是什么10) 理解为什么Non-Renewable Resource的供应曲线是完全弹性的；为什么Renewable Resource的供应曲线是完全非弹性的11) 理解Economic Rent的经济学意义，以及它的供应曲线图形意义：Supply Curve完全弹性时，Economic Rent等于零；Supply Curve完全非弹性时，Economic Rent最大#22 Monitoring Jobs and the Price Level1) 失业率（Unemployment Rate）的计算公式，主要是其中Labor Force的意义（所有已经工作和有意工作的人群）2) 劳动力参加率（Labor-Force Participation Rate）的计算公式3) 就业人口比率（Employment-to-Population Ratio）的计算公式4) 什么是Aggregate Hours5) 什么是Real Wage Rate（一小时劳动可以换回多少商品和劳务，扣除价格水平变化），以及它和Wage Rate比较6) 失业的三种类型（Frictional Unemployment，Structural Unemployment，Cyclical Unemployment），注意区分Frictional Unemployment和Structual Unemployment的区别7) 什么是充分就业（Full Employment）：没有Cyclical Unemployment8) 什么是自然失业率（Natual Rate of Unemployment）：Frictional Unemployment和Structual Unemployment导致的失业率9) 什么是Potential GDP：当失业率维持在自然失业率的时候可以产生的GDP10) CPI（Consumer Price Index）的定义以及如何计算11) 哪个单位负责报告CPI，报告频率（Bureau of Labor Statistics BLS，Monthly）12) 通货膨胀率（Inflation Rate）如何计算13) CPI偏差（CPI Bias）的主要因素：New Goods，Quality Change，Commodity Substitution，Outlet Substitution#23 Aggregate Supply and Aggregate Demand1) 什么是总供给（Aggregate Supply）2) 短期总供给（Short Run Aggregate Supply SAS），长期总供给（Long Run Aggregate Supply LAS）的曲线图是什么样的3) 理解为什么LAS不受价格变化的影响，它反映了potential real output of the economy4) 什么是Potential Output（Full Employment下产生的Output）5) Potential Output正相关的几个因素：Quantity of Labor，Quantity of Capital，Technology6) 影响Money Wage Rate的两个因素：Unemployment（负相关）；Inflation Expectation（正相关）7) Aggregate Demand的四个构成成分（Comsumption，Investment，Government Spending，Net Export）8) 影响Aggregate Demand曲线的三个因素（Expectation About Future Income/Inflation/Profits，Fiscal/Monetory Policies，World Economy）1) Classical Macroeconomics，Keynesian Macroeconomics和Monetarist Macroeconomics三种经济学观点的异同比较#24 Money, the Price Level, and Inflation1) Money的三种职能：Means of Payment；Unit of Account；Store of V alue2) 什么是M1，什么是M23) 理解为什么Checks Outstanding和Credit Card都不属于Money4) 三种主要的储蓄机构：Commercial Banks，Thrift Institution5) 存款机构（Depository Institution）的四种主要功能：提供流动性；金融中介；监控风险；分散贷款风险6) Fed的三种政策工具：贴现率；Bank Reserve Requirement；Open Market Operations7) 银行允许贷款量与Required Reserved Ratio之间的关系（Notes V2 P156）8) 什么是Monetary Base，它由什么构成9) 什么是现金漏损（Currency Drain）10) 货币乘数（Money Multiplier）的计算公式，以及它在Quantity of Money公式中的作用11) 理解Demand for Money与Interest Rate负相关的原理12) 什么是Money Velocity，并理解M*V=P*Y=GDP的含义#25 US Inflation, Unemployment, and Business Cycle1) Cost-Push Inflation是如何产生的：Aggregate Supply减少所致2) Demand-Pull Inflation是如何产生的：Aggregate Demand增加所导致3) 飞利浦线（Phillips Curve）是用来表达什么关系的（Inflation与失业率的关系）4) Short-Run Phillips Curve是什么形态；Long-Run Phillips Curve是什么形态5) 什么是期望通胀（Expected Inflation）：在Full Employment下的通胀6) Natural Rate变化对Long-Run Phillip Curve的影响：Natural Rate增大，Long-Run Phillip Curve向右移动#26 Fiscal Policy1) 什么是Supply-Side Effects（Fiscal Policy对Supply的影响，尤其通过税收）2) 理解Laffer Curve描述的是什么原理（Notes V2 P184）3) Financing for Investment的来源主要包括哪些（National Savings，Government Savings，Borrowing from Foreigners）4) 挤出效应（Crowding Out Effect）：政府扩张财政，挤出私人投资/支出机会#27 Monetary Policy1) Fed的货币政策的三个目标：扩大就业；稳定价格；稳定利率2) 理解Fed的主要货币手段是联邦基金利率（Federal Fund Rate）3) Open Market Operations是如何实现的：买入、卖出Treasury Securities#28 An Overview of Central Bank1) 中央银行实施货币政策（Monetary Policy）的工具有哪些2) Inflation Targeting指什么：将通胀率控制在一个区间内为目标的货币政策============FSA============#29 Financial Statement Analysis: Introduction1) 审计的三种结果的含义：Unqualified，Qualified，Adversed Opinion的分别的含义2) MD&A（Management's Discussion and Analysis）记录的内容是什么：一些Disclosure，Discussion3) Footnotes记录什么东西：Accounting Methods，4) Proxy Statement主要记录什么东西：有关Shareholder的信息5) Standard Auditor's Opinion的三部分内容（Notes V3 P14）6) FSA Framework的六步：State Objective and Context；Gather Data；Process Data；Analyze Date；Report Conclusion；Update#30 Financial Reporting Mechanics1) 什么是Contra Account2) 什么是Asset3) 什么是Liability4) 什么是Owners' Equity5) 什么是Income6) 什么是Expense7) 基本会计等式8) 什么是Double-Entry Accounting原则9) 什么是Accrual Basis Accounting，并解释什么是Unearned Revenue，Accrued Revenue，Prepaid Expense，Accrued Expense10) 什么是Cash Basis Accounting11) 什么是Prepaid Expenses12) 什么是Accrued Expenses13) 会用Balance Sheet、Income Statement和Cash Statement之间的金额互算14) Revenue和Unearned Revenue（Liabilities）的区别15) 知道Ending Retained Earning和Beginning Retained Earning的差等于Net Income减去Dividend Declared#31 Financial Reporting Standards1) 国际会计准则(IFSR)和美国会计准则(GAAP)的大略异同2) 国际会计准则No.1对哪些财务报表是必须的3) 什么是Proxy Statements4) 什么是MD&A5) 报表的质量：Understandability，Comparability，Relevance，Reliability6) 制作报表的两个Assumption：Accrual Basis，Going Concern Assumption分别是什么意思6) 一个完好的报表架构需要满足的几点要求：透明性（Transparency），可理解（Comprehensiveness）和一致性（Consistency）#32 Understanding The Income Statement1) Net Income与Revenue和Expense的关系：Revenue - Expense = Net Income2) 明白GnL（Gain and Loss）是Incidental Transaction产生的3) 什么是COGS：Cost of Goods Sold4) Gross Profit与Revenue的关系：Revenue - COGS = Gross Profit5) 什么是Operating Profit（Operating Profit（EBIT）= Gross Profit - Operating Expense - Depreciation Expense）以及它与Gross Profit的不同6) 明白为什么Unearned Revenue是一种负债7) GAAP下的FASB确认Revenue的四项原则是什么：Evidence of Arrangement；Product Delivered；Price Determined；Seller Sure Collecting Money8) Long-Term Contract下确认Revenue的方法：Percentage of Completion；Completed Contract9) 什么是Installment Sale，并且明白Profit根据收到的Cash确认；更有Cost Recovery Method 要求收到的Cash超过Cost时才确认Profit10) 什么是Barter Transaction以及它在GAAP和IFSR下得到Fair Value的不同方法11) Revenue的两种计量方法：Gross Reporting和Net Reporting的区别是什么（Gross Reporting 分别记Revenue和COGS；Net Reporting只记它们的差值）12) Expense确认的原则之一：Matching Principle是什么含义（Expense确认的时间要与Revenue确认的时间一致）13) Expense中的Period Cost是怎么回事，以及它的确认方式14) Straight-line Depreciation的计算方法（Notes V3 P58）15) Double-Declining Balance Depreciation的计算方法16) 关于Inventory的三种会计记录方法：FIFO、LIFO和Average Cost的原理是什么17) 无形资产（Intangible Assets）如何摊销（Amortization）：分有固定使用期限（如Franchise Agreement）和没有固定使用期限（如Goodwill）两种情况18) 被停止的经营项目（Discontinued Operations）的记账原则：与其他项目分开报；对持续经营项目无影响19) 什么样的事情是Unusual Items（比如：Gain n Loss for Sale Assets）；什么样的事情是Infrequent Items（比如：Impairement，Write Down，Write Off）20) 什么样的事情是Extraordinary Items21) 什么是Basic EPS以及公式，尤其清楚如何计算Weighted Average Shares22) 什么是简单资本结构（Simple Capital Structure）；什么是复杂资本结构（Complex Capital Structure）23) 什么是Antidilutive Securities以及与Dilutive Securities的区别24) 什么是Diluted EPS以及公式25) 什么是Common-Size Income Statement，分母是什么26) Gross Profit Margin和Net Profit Margin的公式分别是什么，并且知道Net Sale就是Revenue27) 列举哪些收入不记入Income Statements：Issuing Stock；Reacquiring Stock；Dividend Paid；Other Comprehensive Income（FX，Pension Liability，HedgingDerivative，Available for Sale Securities）28) 什么是Available for Sale Securities29) 理解Comprehensive Income是Net Income和Other Comprehensive Income之和30) 计量Income的方法：Sale Basis Method，Percentage-of-Completion Method，Completed Contract Method，Installment Methods，Cost Recovery Method#33 Understanding Balance Sheet1) Balance Sheet的几种主要格式：Account Format；Report Format和Classified Balance Sheet2)1) 什么是Working Capital2) Current Asset包括哪些3) Long-Term Asset包括哪些4) Current Liability包括哪些5) Stakeholder Equity包括哪些6) Current Ratio如何计算7) Quick Ratio的计算#34 Understanding the Cash Flow Statement1) 呈现CFO的两种方法：Direct Method和Indirect Method分别是什么原理以及它们的异同2) Direct Method是将Cash-Basis Accounting的Income Statement直接转变成CFO的方法3) 针对CFO的Indirect Method的4个步骤以及其中涉及到的加减（Notes V3，第117页和第119页）4) 什么是Free Cash Flow以及它的计算方法5) 什么是Free Cash Flow to the Firm （FCFF）以及它分别用Net Income和CFO两种方法表示的公式6) 什么是Free Cash Flow to Equity（FCFE）以及它用CFO表示的公式7) 罗列所有Cash Flow Ratios，包括Performance Ratios和Coverage Ratios#35 Inventories1) 什么是LIFO Reserve，以及它的公式2) LIFO Reserve的重要衍生公式：FIFO COGS = LIFO COGS - (Ending LIFO Reserve - Beginning LIFO Reserve)#36 Long-Lived Asset1) 什么是ARO（Asset Retirement Obligation）2) 明白为什么每一年的ARO Expense由Depreciation Expense和Accretion Expense组成#37) Income Taxes1) Tax Payable与Income Tax Paid的不同含义2) Taxable Income的含义以及与Tax Base的不同3) Tax Loss Carryforward的含义4) 什么是Income Tax Expense并且理解它的公式（对于Tax Payable, DTL, DTA）5) 什么是Valuation Allowance并且明白它的作用6) Temporary Difference和Permanant Difference的不同含义7) 可以罗列出四种Permanant Difference的情况#38 Long-Term Liabilities & Leases1) Bond的一些名词定义：face value（maturity value, par value）、coupon rate、coupon payments、market rate、balance sheet liability（bond book value，carryingvalue）、interest expense、par bond、discount bond、premium bond2) Finance Lease和Operating Lease的异同3) Direct Financing Lease和Operating Lease对现金流分别不同的影响4) Market Rate与Bond Rate之间大小关系的比较决定Bond是Premium还是Discount的关系5) 什么是Sale Type Lease#39 Financial Analysis Techniques1) Dividend Declared的概念2) Sustainable Growth Rate的计算方法3) DSO（Days Sales Outstanding）的几种计算方法4) Inventory Turnover的计算方法5) Cash Conversion Cycle的计算方法6) Total Asset Turnover的公式7) Financial Leverage Multiplier的公式#41 Accounting Shenanigans on The Cash Flow Statement1) Stretching Out Payable是如何实现舞弊的2) Financing Of Payable是如何实现舞弊的3) Securitization of Receivable是如何实现舞弊的4) Using Stock Buybacks to Offset Dilution of Earning是如何实现舞弊的5) 如何计算Days' Sales in Accounts Payable（应付账款天数）#42 Financial Statement Analysis: Application1) 如何利用common-sized的报表预测下年的一些财务指标#43 International Standards Convergence1) Marketable Investment Securities的几种类型以及它们对Balance Sheet和Income Statement 的影响================ Corporate Finance ==================#44 Capital Budgeting1) Capital Budgeting的几个基本原则2) 什么是沉没成本（Sunk Cost）3) 什么是外部性（Externalities）4) 什么是同型装配（Cannibalization），以及它对现金流的影响5) Conventional Cash Flow Pattern与Unconventional Cash Flow Pattern的区别6) 什么是机会成本（Opportunity Cost），并且明白Capital Budgeting的现金流基于机会成本考虑7) 评估资本项目的方法之一：NVP法的原理是什么8) 评估资本项目的方法之二：IRR法的原理是什么9) 评估资本项目的方法之三：PBP法的原理是什么10) 评估资本项目的方法之四：Discounted PBP法的原理是什么11) 评估资本项目的方法之五：AAR法的原理和公式12) 罗列为什么NPV方法和IRR方法可能产生不同的衡量结果#45 Cost of Capital1) Marginal Cost of Capital的定义是什么2) 加权资本成本（Weighted Average Cost of Capital）的公式3) 清楚投资机会曲线（Investment Opportunity Schedule）和MCC Curve（Marginal Cost of Capital Curve）的形状、关系。
CFA一级经济学最新考点解析20200127
最新CFA一级经济学考点解析对于很多想参加CFA考试的同学来说，对于CFA的考试内容还不是很了解。
我就为大家分享一下CFA考试的考试科目：1、道德与职业行为标准(Ethics and Professional Standards)2、定量分析(Quantitative)3、经济学(Economics)4、财务报表分析(Financial Statement Analysis)5、公司理财(Corporate Finance)6、权益投资(Equity Investments)7、固定收益投资(Fixed Income)8、衍生工具(Derivatives)9、其他类投资（Alternative Investments）10、投资组合管理 (Portfolio Management)经济学即是最有意思的一门学科，因为学会了经济学知识就可以和实务相结合分析宏观经济热点，但同时又是学起来最烦躁的一门学科，尤其是CFA一级经济学，内容真的是超级多！既然报名参加了CFA考试，首先还是要对得起我们的人民币，首要目标就是要通过考试！那么掌握一个好的复习方法，将会事半功倍！方法决定一切CFA一级经济学应该是三个级别中最难的，不是在于知识点的难度，而是在于内容真的是太多啦！涵盖了：微观经济学、宏观经济学、国际经济学三大块儿的内容，每一个类别的经济学内容在本科财经专业学起来，都是要学习一个学期的，而在一级经济学中他们却都要求掌握。
然而，不幸的是内容这嘛多可以和财务报表分析相媲美，但是考试占比仅仅只有10%，只有财务报表分析一半的重要性，性价比真的是非常低。
所以，在复习考试中好的备考策略显得尤为重要！如何在有限的时间里快速备考拿分呢，这就要求我们在经济学的复习中一定要抓大放小，没有必要面面俱到。
在微观、宏观、国际部分，国际经济学内容相对简单，较易拿分，每年大概5道题左右；微观部分相对来说也较易拿分，每年大概6-8道题左右；宏观部分应该是最难的，每年大概10-12道题左右。
Economics-词汇整理
指随着收入增加而需求量上升或随着收入减少而需求量降低的商品
O
oligopoly
寡头垄断
指一种货品或服务的市场被少数公司控制的情况
P
perfect competition
完全竞争
完全竞争是这样一种市场结构，在其中同质的商品有很多卖者，没有一个卖者或买者能控制价格，进入很容易，并且资源可以随时从一个使用者转向另一个使用者
远期升水
货币的远期汇率高于即期汇率
G
GDP deflator
GDP 平减指数
名义与真实GDP 的比值
Giffen good
吉芬物品
一种特殊的低档物品。作为低档物品，吉芬物品的替代效应与价格呈反方向变动；而收入效应与价格呈同方向变动
gross domestic product
国内生产总值
是指一个国家(或地区)所有常住单位在一定时期内生产的全部最终产品和服务价值的总和
流动性陷阱
发生流动性陷阱时，再宽松的货币政策也无法改变市场利率，使得货币政策
失效。
LM curve
LM 曲线
LM曲线是一条用来描述在货币市场均衡状态下国民收入和利率之间相互关系的曲线
long-run shutdown point
停业点
在这个市场价格水平,企业的收入正好等于它的可变成本(或者说,损失正好等于固定成本),这个关键的市场价格称为停业点
CFA一级~经济Economics词汇吐血整理
Economics
A
aggregate demand
总需求
总需求曲线是经济中的需求总量与价格水平之间关系的曲线
aggregate supply
总供给
总供给曲线表明了价格与产量的相结合，即在某种价格水平时整个社会的厂商所愿意供给的产品总量
CFA一级知识点总结最全
CFA 一级知识点总结Ethics 部分Objectiveofcodesandstandard ：永远是为了maintainpublictrustin 1. Financialmarket2. Investmentprofession6个codeofethics1. Code1—ethicsandpertinentdpersons2. Code2---primacyofclient’sinterest乐享科技CFA 一级考试知识点总结 Stanhopea.Loyalty,prudenceandcare---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.Softdollar---whenamanagerusesclientbrokeragetopurchaseresearchreporttobenefittheinvestmentmanager---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softdollar为客户服务！b.Fairdealing---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，司iii.Client或者prospectiveclient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alternativeinvestment部分Nonrefundablebond是指不能通过发行新的债券还旧债Sinkingfundprovisions---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。
有两种方式进行：1.Cashpayment---通过抽签形式进行2.Deliveryofsecurities---购回债券---当债券价格下跌时候，回购债券的方式比较便宜！有利于发行者的条款：1.TherighttoCall2.Acceleratedsinkingfundprovision---加速偿债条款—有利于发行者，发行者可以选择是否多还一些本金3.Prepaymentoption4.Acaponfloatingcouponrate有利于持有者的条款1.Conversionprovision2.Floor3.Putoption购买债券融资的方式有两种1.Margincall证券作为头寸----保证金的利息要比repagreement的利息要高！2.回购交易repoagreement----实际上是一种抵押融资---大多数的bond-dealer融资采用1.2.----3.Yield 4.什么是债券的1.2.3.1.2.3.1.2.3.！1.Bid-askspread2.保证金交易情况下流动性差，需要缴纳保证金！波动性风险---当波动性提高的时候，option的value会升高—那么对于有calloption的债券来说，则这个callablebond的价值降低；对于有putoption的债券来说，这个puttablebond的价值升高！---重要结论Valueofcallablebond=valueofoption-freebond-valueofthecallValueofputablebond=valueofoption-freebond+valueoftheput Overviewofbondsectorsandinstruments美国财政部发行债券的auction制度—1.Regularcycleauction---singleprice2.Regularcycleauction-multipleprice3.Adhocauctionsystem4.Tapsystem----issuanceandauctionofbondsidenticaltopreviouslyissuedbondsT-bill---不超过一年，零息债券，打折销售T-note---2-10年，有coupon，non-callableT-bond---20年或者30年TIPS—treasuryinflation-protectedsecurities通货膨胀保护债券•面值parvalue开始是1000美金；•后面每半年按照CPI指数进行调整；•最后的本金，即使通货紧缩导致调整后的面值小于1000美金，也要支付1000美金Ontherun是指新发的债券---流动性更强，反应了现行市场的信息！Debenture是无抵押的债券---theyareunsecured！1.2.3.4.1.2.3.1.登记一次，多次发行；---securitiescanbeplacedontheshelf2.不是通过承销—firmcommitment，而是通过best-effort进行销售3.到期日可能是9个月到100年！4.可以是固定息票和可以是浮动息票Structurednote结构性票据1.普通债券和金融衍生品结合起来的债务工具；2.专门面向一些特殊要求的机构投资者；3.机构投资者有时候受到限制，不能投资某些金融产品，通过结构性票据可以达到目标Commercialpaper商业票据1.270天以下；2.Unsecured3.无利息，一般贴现发行；4.一般持有到期；---likeT-bills,commercialpaperisissuedasapurediscountsecurityandmakesasinglepaymentequaltothefacev alueatmaturity;Directly-placepaperDealer-placedpaperNegotiableCDs可转让存单1.银行发行卖给客户的；2.代表银行的承诺支付一定的利息和本金3.不能提前撤销，但是可在二级市场买卖1.2.3.4.1.2.3.1.2.1.2.3.4.FED1.2.3.4.1.b.如果即期利率期望会升高，远期利率会比即期利率更高2.流动性偏好理论liquiditypreferencetheorya.投资者希望持有流动性较好的债券b.长期债券的流动性差，故利率要高3.市场分割理论marketsegmentationtheorya.远期利率和即期利率是分离的b.市场上存在着有不同期限偏好的投资者，有的喜欢远期，有的喜欢即期利率期限理论和收益率曲线的形状1.期望理论没有针对哪种图形形状a.即期利率期望升高-------向上倾斜b.即期利率期望下降-----向下倾斜2.流动偏好理论----可能是任何一种形状a.收益率曲线将有一个向上的偏差----但是不一定是向上倾斜的3.市场分割理论a.可能是任何一种形状b.Supply和demand会决定不同maturity的yieldc.Underpreferredhabitattheory，在一定maturity附近的收益率高的话，可以induce投资者购买超出其偏好的maturity的债券即期利率1.即期利率根据期限变化2.注意即期利率和YTM的区别绝对收益率差=高收益率债券的收益率-低收益率债券的收益率1.2.3.4.1.2.3.4.5.以上3，1.2.3.YTM1.2.3.4.无回购YTM实际上也就是一个内部收益率！BEY的广义理解-----已经在后面有过解释！几个概念的理解：1.Yieldtocall2.Yieldtofirstcall3.Yieldtofirstparcall4.Yieldtoworst---各个yield的比较最差的一个5.Yieldtorefunding再融资收益率---现在可赎回，但是有条款规定在一定期限内不得赎回a.Thebondthatarecallable,butnotcurrentlyrefundable,canbecalledusingfundsformsourcesthatarenotfromtheissuanceofalowercouponbond6.Yieldtoput7.Cashflowyield现金流量收益率a.针对MBS和ABS等每个月有CF的情况b.BEY=[(1+CFY)^6-1]*2影响再投资风险的因素：1.Highercoupon2.Longermaturity比较不同的couponfrequency的债券的收益率的大小----通过BEY进行转换比较！！P113例题Bootstrapping逐层剥离法1.有两个功能---a.计算即期利率2.3.1.2.3.不是Z利差1.2.以，3.Z1.2.Z3.4.5.6.1.2.Duration/convexityapproach3.完全定价法更加准确，可以用于计算任何复杂的情况4.而严格说来，久期方法则只能用于估算收益率曲线平行移动的情况可以预见，当yield发生变化的时候，高的couponrate，短的maturity的债券，其价格的变化比低couponrate长的maturity的债券的利率风险更小，债券的价格变动也小重要结论！正的凸性---1.当收益率YTM增大，其价格的下降幅度变的越来越小，而当收益率较小的时候，曲线比较陡峭，价格下降的幅度比较大！2.价格和收益率是成反比的3.收益率曲线凸向原点！4.正的凸性说明，当债券的价格上升到时候，加速上升，当价格下降的时候，减速下降！5.对于债券持有者来说，正的凸性是一个好事情；6.Thepricechangeinresponsetorisingratesissmallerthanthepricechangeinresponsetofallingratesforoption-freebonds!Negativeconvexity负的凸性1.Callable或者prepayablebond，其价格上升的空间被option限制；2.根据图形可以看出，对于callableoptionbond来说，当债券的收益率低于某个点的时候，债券的价格不能继续上升，收益率曲线呈现负的凸性---这是有利于债券发行者的；3.对于puttablebond来说，当债券收益率高于某个点的时候，债券的价格不能继续下降，收益率曲线呈现负的凸性----这是有利于债券持有者的；4.不论是call还是putoption的债券，由于option的存在，其利率风险都降低了，但是久期1.2.3.option计算得1.2.3.1.2.3.久期1.2.Portfolio1.2.凸性1.是价格收益率曲线的二阶导数；2.Convexity越大，越弯曲，通过duration计算出来的pricechange的误差就越大3.Duration的计算实际上是衡量在变化比较小的时候，将收益率曲线的变化近似成直线的变化来估计4.基于duration计算出来的债券的价格的变化，比实际的变化要大----价格的实际变化实际上要小些！----因为收益率曲线是弯曲的，而不是直的---根据图形理解记忆！5.Percentagechangeinprice=durationeffect+convexityeffect=[-duration*?y+convexity*(?y)^2]*1006.Convexity是一个好东西！使得价格上升到更多，下降的更小7.Effectiveconvexity考虑了由于内置的option对现金流的影响---是计算option的bond的正确方法基点价值basispoint基点价值万分之一的收益率变化对价格变化的价值1.Pricevalueofonebasispoint=duration*.0001*bondvalue2.可以用来计算利率风险几点重要补充：1.零息债券的duration就等于其maturity的期限！2.当市场利率下降时候，买入duration长的债券，卖出duration短的债券-----为什么？a.利率下降，债券价格上升，duration长的债券价格上升的幅度大！3.含有option的bond，由于久期较小，所以interestrisk就比较小！不论是---duration对于当以整个没有option的bond，收益越高，久期越低，利率风险越低-重要-可以从市场收益率曲线上得到证的风险，比如：calloptionputoption，不会影响到债券的价格利息风险，利息敏感度，和久期实际上就是一个意思!如何理解couponrate增加，interestrate风险降低？1.Coupon增加，说明coupon部分占整个bond的价值部分大，当利率发生变化时，由于剩余的部分的价值小，所以bond的价格变动会小些，所以ir的风险降低；2.Coupon和久期成反比，coupon增加，久期减小，所以ir风险降低债券估价的五个因素1.债券价值和投资者要求的收益率成反比-见上图；2.投资者要求的收益率高于couponrate，溢价发行，反之折价发行3.当债券接近到期日时，则债券的价格接近其面值4.长期债券的利率风险大于短期债券；5.债券价值对市场利率的敏感性不仅与maturity有关，而且也与债券所产生的预期未来现金流的期限结构有关，即与coupon的大小有关3.可摊销证券—anamortizingsecurity4.Prepaymentoption5.利率降低，提前还款的可能性增大，收到还款的再投风险增大逐层剥离法bootstrapping方法：该方法的关键之处在于：将市场上所有带票面利息的债券看成是许多个coupon和principalpayment的零息债券，这样就可以计算其即期利率—spotrate。
2012CFA一级总结(经济学部分)
经济学部分一、微观经济学稳定均衡（能够回到均衡）和不稳定均衡1.拍卖Common value auction（拍卖物对任何bidder价值一样，但是bidder拍卖时不知道价值，eg，油田的租约，winner’s curse）；Private value auction ,eg, 艺术收藏品英式拍卖ascending price auction（价高者得），sealed bid auction（每个bidder都不知道其他bidder的出价，提交最高价的bidder win），second price sealed bid auction（最高价win，但支付第二高的价格）Dutch auction（decending price auction）以一个高于所有出价的价格开始拍卖，直到降到有人愿意出价，第一个出价者买够后，第二个出价者以低于前一成交价的价格win，也有modified，所有出价者都以最后一个win的出价者的价格成交。
Single price auction所有的bid都以一个价格成交。
（看累计的成交量，以最后一个满足条件的价格成交）2.Elasticity1）Own price elasticityE=%ΔQ/%ΔP=(ΔQ/Q0)/(ΔP/P0)Percentage的变化=change in value/average value---一般用平均值！１.绝对值大于1，富有弹性，奢侈品２.绝对值小于1，缺乏弹性，0和1之间---必需品３.=1单元弹性,是总收益(P*Q)最大的point.线性D曲线，价格高的地方弹性大４.花费占收入比重大的good，弹性大５.价格弹性在长期比短期会更大2）Income elasticity of Demand=%ΔQ/%ΔI,if>0，normal goods；if<0,inferior goods3）Cross Price Elasticity of Demand=%ΔQ1/%ΔP2.if>0,good2是替代品，if<0,good2是complement价格弹性的影响因素１.对商品需求的强度２.替代品和可替代程度３.商品用途的广泛性---用途越广，弹性越高供给的价格弹性１.替代品的availability２.The time that elapsed since the price changea.Momentary supply即时供给b.Short-term supply短期供给c.Long-term supply长期供给注意：弹性不是需求曲线的斜率消费者剩余consumer surplus和生产者剩余producer surplus１.消费者愿意支付价格和实际价格的差额２.生产者剩余是市场价格超过生产的机会成本的部分３.当消费者剩余和生产者剩余都达到最大的时候，则资源得到了有效的利用！否则deadweight loss产生资源有效配置的障碍１.Price controla.Price ceilingb.Price floor２.Tax and trade restrictions３.Monopoly４.External costs在决定生产时没有考虑到的对其他人成本的影响５.External benefit６.Public goods（无论人们是否pay都可以消费的资源，国防）and common resources （大家都可以使用的，海洋捕鱼）税负：如果需求没有供给有弹性，则消费者承担的税负大，如果供给没有需求弹性大，则生产者承担的税负大。
CFA一级知识点总结最全
CFA一级知识点总结最全
1.伦敦银行同业拆借率（LIBOR）：LIBOR是衡量银行间资金借贷成
本的利率，也是全球重要的基准利率之一
2.股票市场基础知识：包括股票的定义、类型、权益和价值、市场价
值计算、股票风险和回报等。
3.债券市场基础知识：债券的定义、类型、债券持有者的权益和责任、利率风险和违约风险等。
4.衍生品市场基础知识：包括期权、期货、互换和其他衍生工具的定义、种类、风险和应用。
5.投资组合管理：包括投资组合的种类、目标、限制、风险管理和绩
效评估等知识。
6.投资组合理论：包括现代投资组合理论、有效前沿、资本资产定价
模型和套利定价模型等。
7.金融市场和经济指标：包括金融市场的类型、功能、参与者和运作
机制，以及宏观经济指标的计算和解释。
8.估值和财务分析：包括公司估值、股票估值、债券估值、财务报表
分析和财务比率分析等。
9.风险管理：包括市场风险、信用风险、流动性风险和操作风险等风
险管理技术和工具。
10.伦敦巴塞尔委员会（BCBS）规则：包括资本充足率要求、风险权
重计算和监管规定等。
11.道德和专业行为：包括CFA协会的道德和专业行为准则，以及投资专业人士的职业道德标准。
以上是CFA一级考试的主要知识点总结。
考生需要熟悉这些知识点，并进行系统的学习和准备，以便能够顺利通过考试。
同时，还需要进行大量的练习题和模拟考试，提高自己的应试能力。
希望以上内容对CFA一级考试的备考有所帮助。
(完整版)cfa一级公式
Quantitative1010365/:D 360360:==360:1360A :(1)1Continuously compounded rate of re BD BD MM BD t P P CF Holding Period Yield HPY P FV P Bank Discount Yield r F t FV tr Money Market Yield r HPY t t r Effective nnual Yield EAY HPY -+ =- ⨯⨯ =⨯=-⨯ =+-()12turn: r ln ln 1cc s HPR s ⎛⎫==+ ⎪⎝⎭23653651111(1)(1)21;;);1t tTime weighted Money weighted nini Arithmetic Weighted i i Geometric Geometric Arithmetic Harmonic ni i iy BEY HPY EAY R R IRR Xn X X W X X X X X n X L ⨯--===+=+=+=====<==∑∑∑(1)100y n +⨯2222111[()]2Excess kurtosis = Sample kurtosis - 3()();:;:;111nnniiii i i x X ks Range MaxValue MinValue XXXX MAD PopulationVariance SampleVariance s MAD n nn P k Coefficient of Variat μμσσ===-≤= ----===<-≥- ∑∑∑切比雪夫不等式：:;xp fpsion CV XR R Sharp Ratio σ=- =越大越好Excess Kurtosis=Sample Kurtosis 3()1()Odds of event=;Odds against of event=1()()()(|)()(|)();()()()()()=0()()()()(|)()P E P E P E P E P AB P A B P B P B A P A P AorB P A P B P AB P AB P AorB P A P B P AB P B A P A ---=⨯=⨯=+-=+=一般条件：互斥事件：；贝叶斯公式：(|)()()(1)()x x n xn P A B P B P x C P P P A -⨯=⋅⋅-=;贝努力实验：2221,2121,21111222212221122121,21;()[()()][()()]()[()()][()()]()();290% Confidence interval for X is 1.65 ; 95% for 1.96A B A B n p p i i i Cov Cov P A B P A E r P B E r P A B P A E r P B E r E R w E R w w w w Cov X s X s ρσσσσσ===⋅-⋅-+⋅-⋅-=⋅=++±±∑2) ; 95% for 2.58~(,),;()1()(Roy's Safety-first Ratio=;Minimum Acceptable Returnp LL pX sx X N Z F z F z E R R R μμσσσ±-=-=--=/2/20000000000Confidence interval: point Estimate;One tail:,;,;Two tail:,Reject :;F X Z X Z X Z H H H H H H H test statistic critical value αααααμμμμμμ=±≥<≤>== >中心极限定理：0ail to reject ::~(0,1);:~(1)H test statistic critical value X X Z test Z N t test t t n < -=-=-22221121222212121/222212121(1) :~(1);:(S S )~(1,1)Test for equality of means: t-statistic=(Sample Variances assumed unequal);t-statistic=PPs n s chi Square test x x n F test F F n n s x x x x s s s s n n n σ--=--=>----⎛⎫++ ⎪⎝⎭条件：1/222(equal)n ⎛⎫ ⎪⎝⎭Portfolio Management22221,21212221122121,2,,2()()():()[()]pM f p f pM i mkti i i mkt mktmkti f i M f p fpCov w w w w Cov E R R CML E R R Total Risk systematic Risk unsystematic RiskCov SML CAPM E R R E R R R R Sharpe Ratio ρσσσσσσσσβρσσβσ==++-⎡⎤:=+⎢⎥⎣⎦= + ==⨯=+-- =;()();'()()Mp f M f pp fp p f p M f pM Squared R R R R R R Treynor Measure Jensen s R CAPM R R R R σσαββ-=---- ==-=---Economics%;1,;1,%Pr %;0,normal good(0<<1,necessity good;>1,Luxury);e 0,inferior good%%%Price of related g p p i i i i QOwn price elasticity e elastic e inelasticice QIncome elasticity e e e IncomeQCross elasticity ∆- =><∆∆ =><∆∆ =∆;0,;0,oodbreakeven point if AR=ATC(Perfect competition);TR=TC(imperfect competition)shutdown point if AR<AVC(Perfect competition);TR<TVC(imperfect competition)TR=P Q;AR=TR/Q;c c e substitute e complement><⨯MR=TR/QTC=TFC+TVC;MC=TC/QAccounting profit = total revenue - total accounting costsEconomic profit = Accounting profit-implicit opportunity costs=total revenue-explicit costs-implicit costs Normal p ∆∆∆1110rofit = accounting profit - economic profit=;x y x nyNominal GDPGDP deflator=Real GDP ()()()();Fiscal budget deficit=Excess over dome xy yMRS n xQ P Base BaseQ P GDP C I G X M C S TG T S I X M ∆=-∆⨯⨯=⨯⨯=+++-=++-=---用替代，用1替代currentBase PeriodRe [stic investment+trade balance Price CPI=100Price 1Money multiplier =Reserve MV=PY;Real money supply Velocity of money=Price level Real GDP :Nom al Inflati requirementFisher Effect R R E ⨯ ⨯⨯ =+]1Fiscal multiplier =;Marginal propensity to consume1(1)Real Exchange Rate(d/f)=nominal forex rate 1domestic interst (d/f):(d/f)on MPC MPC t foreign CPIdomestic CPIForward No Arbitrage Forex Rate Spot =-- ⨯+- =rate 3601foreign interest rate 360tt ⨯+⨯Equity001111Trigger Price();Trigger ()11Pr ice Weighted Index=number of stocksPrice-changeEqual Weighted Index =(1+) Equal Weighted In ni i nii Arithmetic IM IMLong P price Short P MM MMPinitial index valuen==-+=⨯=⨯-+⨯∑∑1110dex current total market valueMarket capitalization-weighted index=base year index valuebase year total market valueOne-year DDM:;Multiple-y 11Geometric n ps pss s X initial index valueD P k D P P k k ⨯⨯==+++12020ear DDM:...1(1)(1)(1)FCFE=CFO-FCInv+net borrowing;FCFF=CFO-FCInv+Int(1-t)CFO=NI+Dep-Increase in working capital;net borrowing -debt principal+new debt issues P (1n n n ns s s s ns D P D D P k k k k FCFE k =++++++++==+0110100000111) :;(1);(1);:[()](1)///;/nni s s f i M f D DGordon Growth Model P D D g g RR ROE payout ratio ROE payout ratio k g EPSCAPM k R E R R P P D g E D E Payout Ratio Payout Leading P E Trailing P E E k g k g E k g β===⨯+=⨯=- ⨯ =-=+-+ === ===---∑(1)Enterprise Value=MV of common stock+MV of Pre-stock+MV of Debt-Cash and Investment Market Value of equity/;Common equity=total asset-total liabilities-pref Book Value of equityRatio g k g P B Ratio MV ⨯+- ==erred stockAlternativeNAV Per Share Assets - Per Share LiabilitiesProb (1)Appraisal price NOI /Market cap rate;NOI=Income-Operating Expense Market cap rate Benchmark NOI /Benchmark trans nSuccess nCF Venture Capital NPV CF i = =⨯-+==()()()()action price After Tax Net Income NOI D INT *1t After Tax Cash Flow ATNI D PRN principal repayment NOI TAX PRN INT =---=+-=--+Derivative()()floating rate at settlement forward rate 360notional principal 39361+floating rate at settlement 360 rincipal ( )360Option v days FRA FRA days daysNet Fixed Rate Payment P Fixed rate LIBOR ⎡⎤-⨯⎢⎥=⨯=⎢⎥⎢⎥⨯⎣⎦=⨯-⨯；期前，期后()0000alue intrinsic value time value /1covered call S ;Breakeven=S c;Maximum Gain= X (S c)protective put S ;Breakeven=S ;Maximum Loss= X (S )Tfc X R S pp p p =+++=+=---=++-+－cFixed Income112n tt=1t 0Full Price Clean PriceAccrued Interest Accrued interestt PVCF Macaulay duration=PVCF ()Macaulay duration Modified duration=1+periodic market yield Effective Duration=T CouponT T P P P P y+0/2Δy 21absolute yield spread Absolute yield spread =high yield-low yield;Relative yield spread=benchmark bond yieldsubject Yield ratioOptionbondoptionfree bondPut Call OptionP V V V STRIPS Maturity 10111(1)1 bond yield benchmark bond yieldTax Free YieldTax equivalent yield1tax rateOAS Z-spread - Option cost(Z-spread > Nominal Spread, if spot Yield is upward sloping)(1)(1)(1)(1);TT T S f f ff 00n 2N MRT 2Face valueZero coupon bond value=(interest rate risk )(1+)2Reinvestment Income=PV (1+r )-FV-Coupon Total percentage price change=duration effect + convexity effect [MD ()][Conv ()S i Py y P最大]Dollar duration duration bond price 1%(100)PVBPduration bond price 0.01%(1) [Duration PV ]bp bp 不求，算出两个相减也可计算FSAA=L+E; E=CC+R/E; R/E R/E +NI-Div; A=L+CC+R/E +Revenue-Expense-Div current assets Current ratio =current liabilitiescash + marketable securities + A/RQuick ratio =current liabilitiescash Cash ratio =E B B =+ marketable securitiescurrent liabilitiescash + marketable securities + A/RDefensive interval=Average daily expend annual salesReceivables turnover =A/R Inventory turnover =Payables turn COGSInventory over =A/P365Average receivables collection period =receivable turnover365Average inventory processing period =inventory turnover 365Average payment period =payable Cash conversion c turn yc overPurchasePretax margin =total debt total debtD/E ratio=;D/A le = collection period + inve ratio=Equtiy AssetRevenueWorking Capital turno ntory period - payme ver=;Working Ca Average Working Capital nt period EBT Sales pital=Current Asset-Current LiabilityInterest Coverage EBIT+Lease PaymentFixed Charge Coverage=Interest+Leasr Payment Return on assets (ROA) =Return on equity(ROE) Net =ROE=EBITInterestNIAsset NIEquity=Profit Margin Asset Turnover Financial Leverage Tax burden Interest burden EBIT Margin Asset Turnover Financial Leverage =ROE=EBT NI Sales AssetSales Asset EquityNI EBIT Sales Asset EBT EBIT Sales Asset Equit ⨯⨯⨯⨯⨯⨯⨯⨯=⨯⨯⨯⨯LIFO Reserve COGS LIFO Reserve taxable income tax rate=tax payableIncome tax expense=tax payable+DTL-DTAReported effec END BGN FIFO LIFO FIFO LIFO yInventory Inventory Purchase COGS Inventory Inventory COGS =+-=+=-∆⨯∆∆income tax expensetive tax rate=pretax incometax payableeffective tax rate=pretax incomeCorporate Finance120120101100...(1)(1)(1)(1)1(1):();;(1);nnniii d d ps ps c spsps s f m f s s Asse CF CF CF NPV CF k k k CF CF IRR NPVPI CF WACC W k t W k W k D k PCAPM k R R R D D D k g P g RR ROE payout ratio ROE payout ratio P k g EPSββ==+++++++=+=+=⨯-+⨯+⨯==+-=+==⨯=- ⨯ =-∑Pr ;[1(1)]1(1)cost of capital change :Break Point=weight of capital structure()();()()(Equityt oject Asset D t EDt EMCC Q P V S TVC EBIT Q P V FDOL DFL Q P V F S TVC F EBIT Interest Q P V F IQ P DTL DOL DFL βββ==⨯+-⋅+-⋅----====--------=⨯=)();365365365;//Net working capital=Current Asset-Current Liabilitie Breakeven OperatingBE V S TVCQ P V F I S TVC F IF I FQ Q P V P VCash Conversion Cycle Purchase Inv COGSCOGS Sales Purchase Inventory A R A PC --=------+==-- =+-=∆+365/()(1)11tdiscount ost of trade credit EAR discount=+--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 ra te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 capital ordinary 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+HPR1)(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。
CFA特许金融分析师一级知识点总结
CFA特许金融分析师一级知识点总结
系统风险和非系统风险
1. 非系统风险是可以避免的，也叫做unique，diversifiable，或者firm-specific risk.
2. 系统风险不能规避，无法消除---也叫beta---β风险.
3. 证券系统风险的本质是，该证券与市场上所以证券协方差的加权和!因为一种证券与其他证券之间无法完全独立，所以系统风险不可能为零.
4. 投资组合的风险=系统风险+非系统风险.
5. 当组合中的股票超过30个左右的时候，其标准差基本就固定不变了，说明其他的风险是系统风险，无法消除了.
6. CML的理论表明，证券的均衡回报依赖于组合的系统风险，而不是由标准差衡量的总风险！
7. 证券组合的投资者不会因为投资多元化而获得额外利润！
8. 由标准差得出的风险最高的股票，并不一定是投资回报最高的股票！
9. 由标准差得出的风险最高的股票，并不一定是投资回报最高的股票！
10. 组合中的个股的required rate of return 由系统风险来决定！
11. CML的力量表明，非系统风险高的公司的均衡收益率要低于非系统风险低的公司股票的收益率。
原因是前者的非系统风险占比例比较高，系统风险比例低，所以其均衡收益率比较低！
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。
cfa一级知识框架
cfa一级知识框架
CFA一级的知识框架可以概括为“1+4+3”：
- 一个培养目标：在道德和法律的约束前提下，用投资工具分析投资产品，构成一定的投资组合，并获取预期收益；
- 四大知识模块：道德与职业伦理、投资工具（包括数量方法、经济学、财务报告分析、公司金融这四科）、资产类别（包括权益投资、固定收益、衍生品和另类投资这四科）和投资组合管理及财富规划；
- 三级各有侧重：CFA考试三个级别对候选人（考生）专业能力的考查各有侧重，一级重点考查投资工具的掌握，包括数量分析、经济学、财务报表分析和公司金融。
CFA1 财务分析记忆要点
分清题目是那个报表里的概念，则答案也该也是想要报表里的概念一、收入表（不包含和股东的交易）从股东手里得到或者发放利益给股东的部分不用于计算incomeNon-recurring items（考虑频率）:Discontinued operations(不影响营业利润): measurement date, phaseout period.在measurement date公司就要对其进行估计它的Income or loss （税后）在income statement里分开，之前的income statement 要重算（它的Income of loss 要在income statement里分开），在销售没有结束前，gains不能计入。
Unusual or infrequent items(影响营业利润): 包含在Incomes from Continuing operations and reported before tax.Extraordinary items(不影响营业利润):U.S.GAAP: 它的Income or loss （税后）要在income statement里分开IFRS: 不允许在income statement里分开对原有错误会计方法的订正（Prior-period adjustment）或改变使用的财务标准要回溯计算后表示在当期的报表中。
改变对财产的估计，不要求回溯。
EPS：使用月份（从可转化证券发行开始算）加权平均后拖欠股息的股数；被公司回购后的股票无需计算；Dilutive EPS:首先判断是否是Dilutive，计算后主要和Basis EPS比较大小；期权行使的计算：相当于在总资产不便的情况下，市场上增加的股数；净收入是已经计算过利息，所以在算可转换债是要将利息加回去（税后）。
Commone-size income statement: 其中Tax和ruvenue的比率的值意义不大，意义比较大的是tax和毛利的比率（effective tax rate）Other Comprehensive income: P74二、资产负债表（包含和股东的交易）：由于衡量公司的liquidity, solvency the ability to pay dividends无法估计价值的A或者L不在balance sheet里体现。
CFA一级重要笔记
Ethic1.GIPS 初始5年，而后每年+1保存至少10年记录。
2.must promote the integrity and viability of the global capital markets for theultimate benefit of society. 是原则不是standard。
3.Standard V diligence and resonable basis 可以使用第三方研报，但要定期对研报提供者进行考察。
4.Portfolio valuations must use fair market values for periods on or after 1 January2011.5.Standard III(C)–Suitability of the CFA Institute Standards of ProfessionalConduct requires that when members and candidates are in an advisory relationship with a client, they must judge the suitability of investments in the context of the client’s total portfolio.6. a personal bankruptcy does not necessarily constitute a violation of StandardI(D). If the circumstances of the bankruptcy involved fraudulent or deceitful business conduct, then failing to disclose it may constitute a violation of the Standards.7. A composite must include all actual, fee-paying, discretionary portfoliosmanaged in accordance with the same investment mandate, objective, or strategy.Quantitative methodsHypothesis testCOefficient=S/X拔The variance of the number of yearly increases over the next 10 years is σ2=np(1 −p)binomial randomThe position of the first quintile is found with the following formula:Ly= (n+ 1) × (y/100),.Free trade areas(FTA) are one of the most prevalent forms of regional integration in which all barriers to the flow of goods and services among members have been eliminated. However, each country maintains its own polices against non-members.A customs union extends the FTA by not only allowing free movement of goods and services among members but also creating a common trade policy against non-members.The common market is the next level of economic integration that incorporates all aspects of the customs union and extends it by allowing free movement of factors of production among members.Economics求谁的弹性，谁就是分母We can expand Equation 5 algebraically by noting that the percentage change in any variable x is simply the change in x (∆x) divided by the level of x. So, we can rewrite Equation 5, using a few simple steps, asE>1ELASTIC E<1 inelastic求谁的弹性，谁就是分母In summary, own-price elasticity of demand is likely to be greater (i.e., more sensitive) for items that have many close substitutes, occupy a large portion of the total budget (House), are seen to be optional instead of necessary, or have longer adjustment times. Obviously, not all these characteristics operate in the same direction for all goods, so elasticity is likely to be a complex result of these and other characteristics. In the end, the actual elasticity of demand for a particular good turns out to be an empirical fact that can be learned only from careful observation and, often, sophisticated statistical analysis.Market structureShifts in the aggregate demand curveShifts in the SR aggregate supply curve•●Easy fiscal policy/tight monetary policy: If taxes are cut or government spendingrises, the expansionary fiscal policy will lead to a rise in aggregate output. If this is accompanied by a reduction in money supply to offset the fiscal expansion, then interest rates will rise and have a negative effect on private sector demand.We have higher output and higher interest rates, and government spending will be a larger proportion of overall national income.●Tight fiscal policy/easy monetary policy: If a fiscal contraction is accompanied byexpansionary monetary policy and low interest rates, then the private sector will be stimulated and will rise as a share of GDP, while the public sector will shrink.●Easy monetary policy/easy fiscal policy: If both fiscal and monetary policy areeasy, then the joint impact will be highly expansionary—leading to a rise in aggregate demand, lower interest rates (at least if the monetary impact is larger), and growing private and public sectors.●Tight monetary policy/tight fiscal policy: Interest rates rise (at least if themonetary impact on interest rates is larger) and reduce private demand. At the same time, higher taxes and falling government spending lead to a drop in aggregate demand from both public and private sectors.Trade surplus X>MTrade dificit X <M•Empl oyed: The number of people with a job. This figure normally does not include people working in the informal sector (e.g., unlicensed cab drivers, illegal workers, etc.).Labor force: The number of people who either have a job or are actively looking for a job. This number excludes retirees, children, stay-at-home parents, full-time students, and other categories of people who are neither employed nor actively seeking employment.Unemployed: P eople who are actively seeking employment but are currently without a job. Some special subcategories include:Long-term unemployed: People who have been out of work for a long time (more than three to four months in many countries) but are still looking for a job. Frictionally unemployed: they are “between jobs,” and those new entrants or re-entrants into the labor force who have not yet found work. Frictional unemployment is short-term and transitory in natureUnemployment rate: The ratio of unemployed to labor force.Activity ratio(or participation ratio): The ratio of labor force to total population of working age (i.e., those between 16 and 64 years of age).Underemployed: A person who has a job but has the qualifications to work at a significantly higher-paying job.Discouraged worker:Discouraged workers are statistically outside the labor force (similar to children and retirees), which means they are not counted in the officialunemployment rate.•Equal weighting 1/nPrice weightingMarket-Capitalization WeightingFinancial report周转天数Money marketyield 360=FV-PV/PV*(360/days) Bond equivalent yield =FV-PV/PV*(365/days)天Discount basis yield =FV-Pv/FV*(360/days)Under US GAAP, material items that are unusual or infrequent and that are both as of reporting periods beginning after 15 December 2015 are shown as part of a company’s continuing operations but are presented separately.Fixed incomeMoneyDur = AnnModDur ×PV Full永续麦考利回流的时间ModDur =1/1+r*麦考林久期收益率变动1%，债券价格变动的% R 是期间利率。
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一级笔记第三部分经济学
CFA一级笔记第三部分经济学CFA一级考试知识点第三部分经济学需求函数demand function Q x d=f(P x , I , P y…)Q x d为商品X的需求量；P x为商品X的价格； I 为消费者收入；P y为其他相关商品的（替代品或互补品）Y的价格。
需求曲线公式也可以简化为Q x d = f(P x)，需求曲线与需求函数式互为反函数，被称为反需求函数P x = f(Q x d)ΔPΔQ需求曲线，ΔP是价格的变化量、ΔQ是需求量的变化量，横坐标是需求曲线Q，纵坐标是价格P ，图形是个向右下倾斜的曲线。
需求价格弹性，衡量商品需求对价格变化的敏感程度E px dE px d= (ΔQ x dΔP x ) (P xQ x d) 其中ΔQ x dΔP x是需求函数的斜率，不是需求曲线的斜率。
如果题目中表达式是：Q=10-2P，则ΔQ x dΔP x =-2，如果P=5-1/2Q，ΔQ x dΔP x等于-1/2的倒数，即ΔQ x dΔP x=-2曲线弹性绝对值大于1，富有弹性elastic曲线弹性绝对值小于1，缺乏弹性inelastic曲线弹性绝对值等于1，单位弹性unit elastic需求价格弹性的因素：替代品的可得性availability of substitutes与相似性closeness of substitutes、该商品展消费者总预算的比例、反应时间、商品服务的必要性。
商品富有弹性E px d＞1，价格下降需求量上升幅度会超过商品下降幅度，从而总收入或总支出增加，商品富有弹性时，价格和总收入或总支出呈反向关系。
E px d＜1时，商品缺乏弹性，价格和总收入或总支出呈正向关系。
飞机经济舱富有弹性，降价会提高整体收入，商务舱价格弹性低，打折会使得整体收入降低。
交叉弹性为正是替代品交叉弹性为负是互补品收入弹性为正是正常品（奢侈品）收入弹性为负是低档品（劣质品）需求量增加的为正效应、需求量减少的为负效应。
CFA一级经济学最新考点解析20200127
最新CFA一级经济学考点解析对于很多想参加CFA考试的同学来说，对于CFA的考试内容还不是很了解。
我就为大家分享一下CFA考试的考试科目：1、道德与职业行为标准(Ethics and Professional Standards)2、定量分析(Quantitative)3、经济学(Economics)4、财务报表分析(Financial Statement Analysis)5、公司理财(Corporate Finance)6、权益投资(Equity Investments)7、固定收益投资(Fixed Income)8、衍生工具(Derivatives)9、其他类投资（Alternative Investments）10、投资组合管理(Portfolio Management)经济学即是最有意思的一门学科，因为学会了经济学知识就可以和实务相结合分析宏观经济热点，但同时又是学起来最烦躁的一门学科，尤其是CFA一级经济学，内容真的是超级多！既然报名参加了CFA考试，首先还是要对得起我们的人民币，首要目标就是要通过考试！那么掌握一个好的复习方法，将会事半功倍！方法决定一切CFA一级经济学应该是三个级别中最难的，不是在于知识点的难度，而是在于内容真的是太多啦！涵盖了：微观经济学、宏观经济学、国际经济学三大块儿的内容，每一个类别的经济学内容在本科财经专业学起来，都是要学习一个学期的，而在一级经济学中他们却都要求掌握。
然而，不幸的是内容这嘛多可以和财务报表分析相媲美，但是考试占比仅仅只有10%，只有财务报表分析一半的重要性，性价比真的是非常低。
所以，在复习考试中好的备考策略显得尤为重要！如何在有限的时间里快速备考拿分呢，这就要求我们在经济学的复习中一定要抓大放小，没有必要面面俱到。
在微观、宏观、国际部分，国际经济学内容相对简单，较易拿分，每年大概5道题左右；微观部分相对来说也较易拿分，每年大概6-8道题左右；宏观部分应该是最难的，每年大概10-12道题左右。
CFA必考专有名词
CFA备考必备名词解释1. CFA Institute:Definition:The organization that awards the Chartered Financial Analyst (CFA) designation. It sets the curriculum and conducts the CFA exams.2. Chartered Financial Analyst (CFA):Definition: A professional designation granted by the CFA Institute, indicating expertise in investment and financial analysis.3. CFA Program:Definition: A three level examination process administered by the CFA Institute, covering ethics, investment tools, portfolio management, and more.4. CFA Charter:Definition:The certification and membership granted to individuals who successfully complete all three levels of the CFA Program, including meeting work experience requirements and adhering to ethical standards.5. Ethical and Professional Standards:Definition:A key component of the CFA curriculum that emphasizes ethical behavior and integrity in the investment industry.6. Quantitative Methods:Definition:A CFA exam topic covering statistical and mathematical techniques used in investment analysis.7. Economics:Definition:A CFA exam topic focusing on economic principles and their application to financial markets.8. Financial Statement Analysis:Definition: The examination of financial statements to assess a company's financial performance and make investment decisions.9. Corporate Finance:Definition:A CFA exam topic covering financial management and decision making within corporations.10. Equity Investments:Definition:A CFA exam topic addressing the analysis and valuation of stocks and equity securities.11. Fixed Income:Definition: A CFA exam topic covering bonds and other fixed income securities, including valuation and risk analysis.12. Derivatives:Definition:A CFA exam topic involving financial instruments whose value depends on the price of an underlying asset.13. Alternative Investments:Definition:A CFA exam topic encompassing non traditional investment options like hedge funds, private equity, and real assets.14. Portfolio Management and Wealth Planning:Definition:A CFA exam topic focusing on constructing and managing investment portfolios, as well as wealth planning strategies.15. Time Value of Money (TVM):Definition: A fundamental financial concept in the CFA curriculum, representing the idea thata sum of money has a different value today than it will in the future.16. Risk Management:Definition:In the context of the CFA curriculum, this involves identifying, analyzing, and managing risks associated with investment portfolios.17. Hurdle Rate:Definition:The minimum rate of return required by an investor or a firm for undertaking an investment or project.18. Monte Carlo Simulation:Definition:A statistical method used in financial modeling to account for risk and uncertainty by simulating a range of possible outcomes.19. Arbitrage:Definition:The practice of exploiting price differences in different markets to make a profit with no net cash flow or risk.20. Sharpe Ratio:Definition:A measure of risk adjusted return, indicating the return of an investment compared to its risk (volatility).21. CAPM (Capital Asset Pricing Model):Definition:A model used to determine the expected return on an investment based on its risk in relation to the overall market.22. Black Scholes Model:Definition: A mathematical model used for calculating the theoretical price of options, helping in option pricing and risk assessment.23. Liquidity Risk:Definition:The risk that an asset cannot be quickly bought or sold in the market without affecting its price.24. Credit Risk:Definition:The risk of loss from the failure of a borrower to fulfill their financial obligations. 25. Duration:Definition:A measure of the sensitivity of the price of a bond to changes in interest rates. 26. Callable Bond:Definition:A bond that the issuer can redeem (call back) before its maturity date.27. Put Option:Definition:A financial contract giving the holder the right to sell an asset at a specified price within a certain timeframe.28. Active Management:Definition:Investment management strategy involving making specific investment decisions to outperform the market.29. Passive Management:Definition: Investment strategy that aims to replicate the performance of a specific market index rather than outperforming it.30. GIPS (Global Investment Performance Standards):Definition:A set of ethical standards and performance reporting guidelines for investment managers, ensuring fair representation and full disclosure.31. Margin Call:Definition:A demand by a broker for an investor to deposit additional funds or securities to cover potential losses.32. Market Capitalization (Market Cap):Definition:The total value of a company's outstanding shares of stock, calculated by multiplying the share price by the number of shares.33. Systematic Risk:Definition:The risk inherent to the entire market or an entire market segment, often referred to as market risk.34. Unsystematic Risk:Definition:Risk specific to an individual investment or asset class, also known as idiosyncratic or specific risk.35. Active Return:Definition:The difference between the actual return of a portfolio and the return of a benchmark index.36. Passive Return:Definition:The return on a portfolio that results from simply holding the securities in a benchmark index.37. Tracking Error:Definition:A measure of how closely a portfolio follows the index it is benchmarked against, indicating the volatility of the portfolio's returns relative to the benchmark.38. Yield Curve:Definition:A graphical representation of the relationship between the yield on bonds of the same credit quality but different maturities.39. Duration Risk:Definition:The risk associated with the sensitivity of a bond's price to changes in interest rates, measured by its duration.40. Behavioral Finance:Definition:The study of how psychological factors can influence financial decision making and market behavior.41. Hedging:Definition:A risk management strategy designed to reduce or offset the impact of adverse price movements in an asset.42. Earnings Per Share (EPS):Definition: A financial metric representing the portion of a company's profit allocated to each outstanding share of common stock.43. Return on Investment (ROI):Definition:A performance measure used to evaluate the efficiency or profitability of an investment, calculated by dividing the net gain or loss by the initial investment cost.44. Beta:Definition:A measure of a stock's volatility in relation to the overall market, used to assess systematic risk.45. Convertible Bond:Definition:A bond that can be converted into a predetermined number of shares of the issuer's common stock.46. Currency Risk:Definition:The risk that changes in exchange rates will adversely affect the value of an investment denominated in a foreign currency.47. Stakeholder:Definition:An individual or group with an interest in the success or failure of a business, often including employees, customers, and investors.48. Working Capital:Definition: The difference between a company's current assets and current liabilities, representing its short term operational liquidity.49. Regression Analysis:Definition:A statistical technique used to quantify the relationship between a dependent variable and one or more independent variables.50. VaR (Value at Risk):Definition: A measure of the maximum potential loss in the value of a risky asset or portfolio over a specific time period with a certain level of confidence.51. Monetary Policy:Definition: The actions taken by a central bank to manage and control the money supply and interest rates to achieve economic goals.52. Fiscal Policy:Definition:Government policy concerning taxation and public spending to influence the economy.53. Call Option:Definition:A financial contract that gives the holder the right, but not the obligation, to buy an asset at a predetermined price within a specified timeframe.54. Dividend Discount Model (DDM):Definition:A method used to value a stock by estimating its future dividends and discounting them back to present value.55. Duration Matching:Definition:A strategy used in portfolio management to match the duration of assets and liabilities to minimize interest rate risk.56. Commodity:Definition:A raw material or primary agricultural product that can be bought and sold, such as gold, oil, or wheat.57. LIBOR (London Interbank Offered Rate):Definition:The benchmark interest rate at which major global banks lend to one another in the international interbank market.58. Alpha:Definition:A measure of investment performance, indicating the excess return of a portfolio relative to a benchmark index.59. Z Score:Definition:A statistical measurement that describes a value's relationship to the mean of a group of values, measured in terms of standard deviations.60. Treynor Ratio:Definition:A risk adjusted performance measure that evaluates the returns earned above the risk free rate per unit of systematic risk.61. Margin Trading:Definition: The practice of borrowing funds to trade financial instruments, using the borrowed money as leverage.62. Asset Allocation:Definition:The distribution of an investment portfolio among different asset classes, such as stocks, bonds, and cash, to achieve specific investment goals.63. Return on Assets (ROA):Definition:A financial ratio that measures a company's profitability by expressing its net income as a percentage of its total assets.64. Return on Equity (ROE):Definition:A financial ratio that evaluates a company's profitability by expressing its net income as a percentage of shareholders' equity.65. Solvency:Definition:The ability of a company to meet its long term financial obligations.66. Treasury Stock:Definition:Shares of a company's own stock that it has repurchased and holds in its treasury.67. Benchmark:Definition:A standard against which the performance of a security, mutual fund, or investment manager can be measured.68. Tender Offer:Definition:A public offer to buy shares of a company at a specified price, typically higher than the current market price.69. Discount Rate:Definition:The interest rate used to determine the present value of future cash flows in discounted cash flow analysis.70. Reverse Stock Split:Definition:A corporate action in which a company reduces the number of its outstanding shares, increasing the share price proportionally.71. Proxy Statement:Definition:A document provided to shareholders before an annual meeting, containing information about issues to be voted on.72. Hedonic Pricing Model:Definition:A pricing model that breaks down the price of a good or service into components, allowing for the analysis of each component's contribution to the overall price.73. Intrinsic Value:Definition:The perceived or calculated value of an asset, based on fundamental factors, rather than its market price.74. Margin of Safety:Definition:The difference between the intrinsic value of a security and its market price, providing a buffer against potential market fluctuations.75. R Squared:Definition:A statistical measure that represents the proportion of a security's price movement explained by the movement in a benchmark index.76. Dividend Yield:Definition:A financial ratio that represents the annual dividend income a company pays out to its shareholders as a percentage of its stock price.77. Initial Public Offering (IPO):Definition:The first sale of stock by a private company to the public, transitioning from private to public ownership.78. Underwriting:Definition:The process by which investment banks raise investment capital from investors on behalf of corporations or governments.79. Write Down:Definition:The reduction of the book value of an asset due to a decrease in its market value.80. Duration Gap:Definition:The difference between the duration of a bank's assets and liabilities, used to measure interest rate risk.81. Beta Risk:Definition:The risk associated with the uncertainty of a security's beta, which measures its sensitivity to market movements.82. Cross Sectional Analysis:Definition:An analysis that compares different companies or assets at the same point in time.83. Bottom Up Investing:Definition:An investment strategy that focuses on the analysis of individual stocks rather than broader market trends.84. Top Down Investing:Definition:An investment strategy that starts with an analysis of macroeconomic factors before narrowing down to specific industries or individual stocks.85. Risk Free Rate:Definition:The theoretical return on an investment with zero risk of financial loss, often represented by government bonds.86. Financial Modeling:Definition:The process of creating a mathematical representation of a financial situation, used for decision making and financial analysis.87. Rollover Risk:Definition:The risk that short term debt will not be able to be refinanced at the same or lower interest rates when it matures.88. Maturity Transformation:Definition:The process by which financial institutions convert short term liabilities into long term assets.89. Scenario Analysis:Definition:An analysis technique that examines how a portfolio or company's financial health would fare under different scenarios or conditions.90. Working Capital Turnover:Definition:A financial ratio that measures a company's efficiency in using its working capital to generate sales.91. Equity Risk Premium (ERP):Definition:The excess return that an individual stock or the overall stock market provides overa risk free rate.92. Market Microstructure:Definition:The study of the mechanisms and processes in financial markets, including how orders are executed and the impact of market participants on prices.93. Exchange Traded Fund (ETF):Definition:An investment fund traded on stock exchanges, representing a basket of assets like stocks, bonds, or commodities.94. Venture Capital:Definition:Funding provided to startup companies or small businesses that show high growth potential in exchange for equity ownership.95. Stress Testing:Definition:The analysis of how a financial institution's portfolio or system would perform under adverse conditions or extreme scenarios.96. Fiduciary Duty:Definition:The legal and ethical obligation to act in the best interest of another party, often associated with the duty of financial advisors to their clients.97. Securitization:Definition: The process of converting assets, such as loans or receivables, intomarketable securities.98. Futures Contract:Definition:A financial contract obligating the buyer to purchase, or the seller to sell, a specified amount of an asset at a predetermined future date and price.99. Leveraged Buyout (LBO):Definition:The acquisition of a company using a significant amount of borrowed funds, often with the acquired company's assets serving as collateral.100. Alpha Return:Definition:The portion of a portfolio's total return that is attributable to the manager's skill in selecting individual securities.101. Convertible Preferred Stock:Definition:A type of preferred stock that can be converted into a predetermined number of common shares.102. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): Definition:A measure of a company's operating performance, representing its earnings before certain expenses are deducted.103. Risk Parity:Definition:An investment strategy that allocates capital to different asset classes based on their risk contribution to the overall portfolio.104. Cash Flow Statement:Definition:A financial statement that shows how changes in balance sheet accounts affect cash and cash equivalents.105. Variance:Definition:A statistical measure of the dispersion of returns for a given security or market index. 106. Nominal Interest Rate:Definition:The interest rate before adjusting for inflation, representing the actual interest paid or earned on an investment.107. Real Interest Rate:Definition:The interest rate adjusted for inflation, providing a more accurate measure of the purchasing power of money.108. Efficient Market Hypothesis (EMH):Definition:A theory asserting that financial markets are informationally efficient, making it impossible to consistently achieve higher than average returns through market timing or stock picking.109. Mutual Fund:Definition:An investment vehicle that pools funds from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities.110. Custodian:Definition:A financial institution that holds and safeguards financial assets on behalf of clients. 111. Markowitz Portfolio Theory:Definition:A theory developed by Harry Markowitz that explores how investors can construct portfolios to maximize expected return for a given level of risk.112. Black Litterman Model:Definition:An asset allocation model that combines views from investors with equilibrium market expectations to generate an optimal portfolio.113. Duration Convexity:Definition:A measure of the sensitivity of a bond's duration to changes in interest rates, providing a more accurate estimation of price changes.114. Money Market:Definition:A segment of the financial market where short term borrowing and lending occur, typically involving highly liquid and low risk instruments.115. Put Call Parity:Definition:A principle stating that the price of a European call option and a European put option of the same class, with the same strike price and expiration date, should be equal. 116. Risk Neutral Valuation:Definition:A pricing approach that calculates the present value of future cash flows by discounting them at the risk free rate, assuming investors are risk neutral.117. Cross Hedging:Definition:A hedging strategy that involves using a financial instrument that differs from the asset being hedged.118. Liberalization:Definition:The process of reducing or removing restrictions and regulations in a market, often associated with financial markets becoming more open to foreign investment.119. Elasticity:Definition:A measure of how sensitive the quantity demanded or supplied of a good is to a change in price, income, or other factors.120. Callable Preferred Stock:Definition:A type of preferred stock that can be redeemed by the issuer after a specified date.。
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全球最大的CFA(特许金融分析师)培训中心
总部地址：上海市虹口区花园路171号A3幢高顿教育
电话：400-600-8011网址： 微信公众号：gaoduncfa 1 CFA 一级知识点：Economic
1. 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。
各位考生，2015年CFA 备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，网校开通了全免费的高顿题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。