CFA？资格认证应考秘籍（Ⅰ级）（2016版） 下载 pdf 百度网盘 epub 免费 2025 电子书 mobi 在线

CFA，Chartered Financial

Analyst （特许金融分析师），是全球投资业为严格与含金量的资格认证，在投资金融界被誉为“金领阶层”，在西方一直被视做进军华尔街的“入场券”。

Kaplan被公认为金融领域中全球有实力的内容和培训提供商。CFA®资格认证应考秘籍（Kaplan Schweser CFA® Secret Sauce）（Ⅰ级）（2016版），根据2016年CFA协会出版的官方教材和*考纲编写；紧扣CFA考试知识重点，深度提炼精华例题，形成绝密备考秘籍；目前全球的CFA考生都选择kaplan出版的Secret Sauce备考秘籍。

Level I Schweser’s Secret Sauce ®

Foreword

...................................................iii

Ethical and Professional Standards: SS 1

...................1

Quantitative Methods: SS 2&3

...............................8

Economics: SS 4,5, &6 .....................................43

Financial Reporting and Analysis: SS 7, 8,

9, &10 .........90

Corporate Finance: SS 11

..................................161

Portfolio Management: SS 12

...............................175

Securities Markets and Equity Investments:

SS 13&14 .......196

Fixed Income: SS 15&16

....................................227

Derivatives: SS 17

........................................258

Alternative Investments: SS

18.............................278

Essential Exam Strategies .................................286

Index

.................................................... 301

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在金融领域， Kaplan被公认为全球有实力的内容和培训提供商。

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Ethical and Professional Standards

Study Session 1

Weight on Exam 15%

SchweserNotes™ Reference Book 1, Pages 1–52

Ethics is 15% of the Level I examination

and is extremely important to your overall success (remember, you can fail a

topic area and still pass the exam, but we wouldn’t recommend failing Ethics).

Ethics can be tricky, and small details can be important on some ethics

questions. Be prepared.

In addition to starting early, study the

ethics material more than once. Ethics is one of the keys to passing the exam.

Standards of Practice Handbook

Cross-Reference to CFA Institute Assigned

Readings #1 & 2

We recommend you read the original

Standards of Practice Handbook. Although we are very proud of our reviews of

the ethics material, there are two reasons we recommend you read the original

Standards of Practice Handbook (11th Ed., 2014). (1) You are a CFA® candidate.

As such, you have pledged to abide by the CFA Institute® Standards. (2) Most of

the ethics questions will likely come directly from the text and examples in

the Standards of Practice Handbook. You will be much better off if you read

both our summaries of the Standards and the original Handbook and all the

examples presented in it.

The CFA Institute Professional Conduct

Program is covered by the CFA Institute Bylaws and the Rules of Procedure for

Proceedings Related to Professional Conduct. The Disciplinary Review Committee

of the CFA Institute Board of Governors has overall responsibility for the

Professional Conduct Program and enforcement of the Code and Standards.

CFA Institute, through the Professional

Conduct staff, conducts inquiries related to professional conduct. Several

circumstances can prompt such an inquiry:

 Self-disclosure by members or candidates on

their annual Professional Conduct Statements of involvement in civil litigation

or a criminal investigation, or that the member or candidate is the subject of

a written complaint.

 Written complaints about a member or

candidate’s professional conduct that are received by the Professional Conduct

staff.

 Evidence of misconduct by a member or

candidate that the Professional Conduct staff received through public sources,

such as a media article or broadcast.

 A

report by a CFA exam proctor of a possible violation during the examination.

 Analysis of exam scores and materials and

monitoring of websites and social media by CFA Institute.

Once an inquiry is begun, the Professional

Conduct staff may request (in writing) an explanation from the subject member

or candidate, and may:

 Interview the subject member or candidate.

 Interview the complainant or other third

parties.

 Collect documents and records relevant to the

investigation.

The Professional Conduct staff may decide:

 That

no disciplinary sanctions are appropriate.

 To

issue a cautionary letter.

 To

discipline the member or candidate.

In a case where the Professional Conduct

staff finds a violation has occurred and proposes a disciplinary sanction, the

member or candidate may accept or reject the sanction. If the member or

candidate chooses to reject the sanction, the matter will be referred to a

panel of CFA Institute members for a hearing. Sanctions imposed may include

condemnation by the member’s peers or suspension of the candidate’s continued

participation in the CFA Program.

Code and Standards

Questions about the Code and Standards will

most likely be application questions. You will be given a situation and be

asked to identify whether or not a violation occurs, what the violation is, or

what the appropriate course of action should be. You are not required to know

the Standards by number, just by name.

One of the first Learning Outcome

Statements (LOS) in the Level I curriculum is to state the six components of

the Code of Ethics. Candidates should memorize the Code of Ethics.

Members of the CFA Institute [including

Chartered Financial Analyst® (CFA®) charterholders] and candidates for the CFA

designation (Members and Candidates) must:

 Act

with integrity, competence, diligence, and respect and in an ethical manner

with the public, clients, prospective clients, employers, employees, colleagues

in the investment profession, and other participants in the global capital

markets.

 Place the integrity of the investment

profession and the interests of clients above their own personal interests.

 Use

reasonable care and exercise independent, professional judgment when conducting

investment analysis, making investment recommendations, taking investment

actions, and engaging in other professional activities.

 Practice and encourage others to practice in a

professional and ethical manner that will reflect credit on themselves and the

profession.

 Promote the integrity and viability of the

global capital markets for the ultimate benefit of society.

 Maintain and improve their professional

competence and strive to maintain and improve the competence of other

investment professionals.

Standards of Professional Conduct

The following is a list of the Standards of

Professional Conduct. Candidates should focus on the purpose of the Standard,

applications of the Standard, and proper procedures of compliance for each

Standard.

The following is intended to offer a useful

summary of the current Standards of Practice, but certainly does not take the

place of careful reading of the Standards themselves, the guidance for

implementing the Standards, and the examples in the Handbook.

 Know

the law relevant to your position. Comply with the most strict law or Standard

that applies to you.

 Don’t solicit gifts.

 Don’t compromise your objectivity or

independence.

 Use

reasonable care.

 Don’t lie, cheat, or steal.

 Don’t continue association with others who are

breaking laws, rules, or regulations.

 Don’t use others’ work or ideas without

attribution.

 Don’t guarantee investment results or say that

past results will be certainly repeated.

 Don’t do things outside of work that reflect

poorly on your integrity or professional competence.

Economics

Study Sessions 4, 5, & 6

Weight on Exam 10%

SchweserNotes™ Reference Book 2, Pages

1–246

Study Session 4: Economics—Microeconomic

Analysis

Demand and Supply Analysis: Introduction

Cross-Reference to CFA Institute Assigned

Reading #13

Types of Markets

Factor markets refers to markets for

factors of production, and goods markets refers to markets for consumer goods

and services.

Capital markets refers to the markets where

firms raise money for investment by selling debt (borrowing) or selling

equities (claims to ownership), as well as the markets where these debt and

equity claims are subsequently traded.

The Demand Function and the Demand Curve

A general form of the demand function for

Good X over some period of time is:

QDx = f (Px, I, Py...)

where:

QDx = quantity demanded of Good X

Px = price of Good X

I = some measure of individual or average

income

Py… = prices of related goods

As an example, consider the weekly demand

function for gasoline:

QD gas = 9 – 1.5Pgas 0.02I 0.11PBT –

0.008Pauto

where income and car price are measured in

thousands, and the price of bus travel (BT) is measured in average dollars per

100 miles traveled. The fact that thequantity demanded typically is negatively

related to price is referred to as the law of demand. Note that an increase in

the price of automobiles will decrease demand for gasoline (they are said to be

complements), and an increase in the price of bus travel will increase the

demand for gasoline (they are substitutes). The positive coefficient on income

indicates that gasoline for this consumer is a normal good. A negative exponent

on income would indicate that gasoline is an inferior good.

To get quantity demanded as a function of

only the price of gas, insert values for all the other independent variables.

Assuming that the average car price is $26,000, income is $40,000, and the

price of bus travel is $25, our demand function above becomes QD gas = 9 –

1.5(Pgas) 0.02(40) 0.11(25) – 0.008(26) = 12.342 –1.5Pgas, and at a price

of $4 per gallon, the quantity of gas demanded per week is 6.34 gallons.

In order to find the demand curve that

shows the price of gasoline as a function of the quantity demanded, invert the

demand function to show price as a function of the quantity demanded. For our

function, QD gas = 12.342 – 1.5Pgas, we get Pgas =8.228 – 0.667QD gas.

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编辑推荐

    系列书推荐：

          CFA考试核心词汇手册

          CFA®资格认证应考秘籍（Ⅰ级）（2016版）

          CFA 考试高仿真模拟试题与解答》（Ⅰ级）

•一枝独秀：国内目前无其他相关CFA考试权威Secret Sauce落地出版。

•独家授权：全球CFA®备考服务商翘楚KAPLAN授权正版。

前言

Foreword

This book will be a valuable addition to

the study tools of any CFA exam candidate. It offers a very concise and very readable

explanation of the major parts of the Level I CFA curriculum. Here is the

disclaimer: this book does not cover every Learning Outcome Statement (LOS)

and, as you are aware, any LOS is “fair game” for the exam. We have tried to

include those LOS that are key concepts in finance and accounting, have

application to other LOS, are complex and difficult for candidates, require

memorization of characteristics or relationships, or are a prelude to LOS at

Levels II and III.

We suggest you use this book as a companion

to your other, more comprehensive study materials. It is easier to carry with

you and will allow you to study these key concepts, definitions, and techniques

over and over, which is an important part of mastering the material. When you

get to topics where the coverage here appears too brief or raises questions in

your mind, this is your clue to go back to your SchweserNotes™ or the textbooks

to fill in the gaps in your understanding. For the great majority of you, there

is no shortcut to learning the very broad array of subjects covered by the

Level I curriculum, but this volume should be a very valuable tool for learning

and reviewing the material as you progress in your studies over the months

leading up to exam day.

Pass rates have recently been between 35%

and 45%, and returning Level I candidates make comments such as, “I was

surprised at how difficult the exam was.” You should not despair because of

this, but you should definitely not underestimate the task at hand. Our study

materials, practice exams, question bank, videos, seminars, and Secret Sauce

are all designed to help you study as efficiently as possible, help you to

grasp and retain the material, and apply it with confidence come exam day.

Best regards,

Doug Van Eaton

Dr. Doug Van Eaton, CFA

SVP of CFA Education and Level I Manager

Craig S. Prochaska

Craig S. Prochaska, CFA

Content Specialist

Kaplan Schweser