自我測試

CFA是研究生水平的考試。雖然AIMR對報名沒有特殊的限制條件，但考試的很多內(nèi)容已經(jīng)超越了"入門"和"基礎(chǔ)知識"的水平。

CFA是香餑餑，但并不是每個人都適合加入CFA考試的行列中來。CFA考試，內(nèi)容多，難度大，水平高，在決定是否報名參加考試前，可以先做一下AIMR提供的自我評估試題（The CFA Candidate Self-Assessment）。在AIMR的網(wǎng)站（ www.aimr.org ）上，可以看到這套測試題，是PDF格式的。

CFA最新的自我評估試題，共65道客觀選擇題，其中，財務(wù)報表分析30題，經(jīng)濟(jì)學(xué)30題，市場和投資工具5題。所附參考答案對試題做了詳細(xì)解釋。

CFA考試語種是英語，需要考生具備一定的英語水平，這對我國很多考生來說，也是一個挑戰(zhàn)。

考試內(nèi)容

CFA考試分三級，一級考試題型是客觀題，側(cè)重考查考生對投資評估及管理工具和概念的理解；二級考試，側(cè)重于考查資產(chǎn)評估（Asset valuation）能力；三級考試，側(cè)重考察組合管理及資產(chǎn)分配（Portfolio management/asset allocation）的能力。二、三級考試的題型，是50%的論文（Essays）和50%的應(yīng)用題（Item sets）。

下面是 2003年考試考察內(nèi)容的比例：

Topic（題目） 一級 二級 三級

Ethical and Professional Standards（道德和職業(yè)準(zhǔn)則） 15％ 10％ 10％

Investment Tools（投資工具）: 10％ 12％ 28％

Economics（經(jīng)濟(jì)學(xué)）： 0-10％ 0-10％ 25-35％

Quantitative Analysis（定量分析）： 0％ 1-10％ 0％

Financial Statement Analysis（財務(wù)報表分析） 30-40％ ％ ％

Asset Valuation（資產(chǎn)估值） 30％ 35-45％ 30-40％

Portfolio Management（投資組合管理） 5％ 5-15％ 40-60％

Total（總計） 100％ 100％ 100％

注： 1.在三級考試?yán)?，?jīng)濟(jì)學(xué)放在組合管理里考查。

2.金融衍生品（Derivatives），在一二級考試的資產(chǎn)評估部分考查，在三級考試的組合管理考查。

資料來源： Chartered Financial Analysts Program 2003

知識體系

CFA課程內(nèi)容廣泛，涉及到投資組合管理、資產(chǎn)估值、衍生證券和定量分析等核心領(lǐng)域的專業(yè)知識和實用知識。這些內(nèi)容，體現(xiàn)在CFA制定的"知識整體"（CFA Candidate Body of Knowledge，CBOK）中。

CBOK包括十個一般性題目和九十多個分類。平均來說，考生需要250個小時來準(zhǔn)備每一項。雖然這樣，每年仍有一部分人無法通過考試。即使是最有經(jīng)驗的投資專業(yè)人士，成功通過CFA考試也不是很容易。

下面，是 CBOK的簡要內(nèi)容，在每一分類后，還有細(xì)目，本書從略。

CFA CANDIDATE BODY OF KNOWLEDGE

I. ETHICAL AND PROFESSIONAL STANDARDS（道德和行為準(zhǔn)則）

A. Professional Standards of Practice:1. The Code of Ethics,2. Standards of Professional Conduct,3. Disciplinary sanctions for violations.

B. Topical Issues:1. Corporate governance,2. Soft dollar standards,3. Fiduciary duty,4. Insider trading,5. Personal investing.

II. QUANTITATIVE METHODS（定量分析方法）

A. Time Value of Money:1. Future value of a single cash flow,2. Future value of a series of cash flows,3. Present value of a single cash flow,4. Present value of a series of cash flows,5. Equivalence of present and future value,6. Other applications of the time value of money,7. Discounted cash flow analysis,8. Simple interest and money-market conventions,9. Investment measures of return.

B. Basic Statistical Concepts:1. Nature of statistics,2. Frequency distributions,3. Measures of central tendency,4. Measures of dispersion,5. Measures of skewness,6. Measures of kurtosis.

C. Probability Concepts and Random Variables:1. Probability concepts,2. Methods of counting,3. Random variables and probability,4. Probability theorems/axioms,5. Expected value, variance, and covariance/correlation,6. Standardized random variables.

D. Common Probability Distributions:1. Discrete random variables,2. Continuous probability distributions,3. Lognormal distribution.

E. Sampling and Estimation:1. Random samples,2. Distribution of the sample mean,3. Point and interval estimates of the population mean.

F. Statistical Inference and Hypothesis Testing:1. Establishing hypotheses,2. Testing hypotheses,3. Types of hypothesis testing,4. Analysis of variance (ANOVA).

G. Correlation Analysis and Linear Regression:1. Correlation analysis,2. Linear regression.

H. Multivariate Regression:1. Multiple linear regression,2. Using dummy variables in regressions,3. Heteroskedasticity,4. Serial correlation and Durbin-Watson test,5. Multicollinearity,6. Models with qualitative dependent variables.

I. Time Series Analysis:1. Trends,2. Limitations to trends,3. Fundamental issues in time series,4. Autoregressive time series models,5. Random walks and unit roots,6. Moving-average time series models,7. Seasonality in time-series models.

J. Portfolio Concepts:1. Optimal portfolios with three assets,2. Minimum Variance Frontier for many assets,3. Instability in the Minimum Variance Frontier,4. Diversification and portfolio size,5. Risk free assets and the trade-off between risk and return,6. The Capital Allocation Line,7. The Capital Asset Pricing Model (CAPM),8. Estimates based on historical means, variances and covariances,9. The Market Model,10. Adjusted-beta Market Models,11. The structure of factor models,12. Arbitrage Pricing Theory (APT) and the factor model,13. Multifactor models in current practice.

III. ECONOMICS（經(jīng)濟(jì)學(xué)）

A. Market Forces of Supply and Demand:1. Determinants of individual demand,2. Determinants of individual supply,3. Equilibrium price,4. Analyzing changes in equilibrium,5. How prices allocate resources.

B. Elasticity:1. Determinants of price elasticity of demand,2. Determinants of price elasticity of supply,3. Microeconomic government policies,4. Analysis of price ceilings,5. Analysis of price floors,6. Tax incidence,7. Market efficiency.

C. The Firm and Industry Organization:1. Organization of the business firm,2. Costs of production,3. Firms in competitive markets,4. Monopoly,5. Oligopoly,6. Monopolistic competition.

D. Supply and Demand for Productive Resources:1. Demand for resources,2. Capital markets.

E. Measuring National Income:1. Gross Domestic Product (GDP),2. Components of GDP,3. Real versus nominal GDP,4. Problems with GDP as a measure of national product.

F. Economic Fluctuations and Unemployment:1. Descriptive terms in business cycle analysis,2. Index of leading economic indicators,3. Types of unemployment,4. Problems of measuring unemployment.

G. The Monetary System:1. Role of a central bank,2. Tools of monetary control.

H. Inflation: Causes and Consequences:1. Causes of inflation,2. Quantity theory of money,3. Equation of exchange,4. Deflation/stagflation.

I. International Trade:1. Gains from specialization and trade,2. Economics of trade restrictions.

J. International Finance:1. Foreign exchange market,2. Determination of exchange rates,3. Balance of payments.

K. The Macroeconomics of an Open Economy:1. Supply and demand for loanable funds and for foreign-currency exchange,2. Equilibrium in the open economy.

L. Aggregate Demand and Aggregate Supply:1. The aggregate demand curve,2. The aggregate supply curve,3. The influence of monetary policy on aggregate demand,4. The influence of fiscal policy on aggregate demand,5. Expectations and economic policy.

M. Sources of Economic Growth:1. Physical capital,2. Human capital,3. Technological progress,4. Institutional environment (e.g., property rights, political stability, competitive markets, stable money and price, an open economy, moderate marginal tax rates).

N. Government Regulation:1. Regulation of business,2. Costs of regulation.

O. Natural Resource Markets

P. Relationship of Economic Activity to the Investment Process

IV. FINANCIAL STATEMENT ANALYSIS（財務(wù)報表分析）

A. Financial Reporting System:1. General concepts and rules,2. U.S. Generally Accepted Accounting Principles (GAAP),3. International Accounting Standards (IAS).

B. Principal Financial Statements:1. Balance sheet,2. Income statement,3. Statement of cash flows,4. Statement of stockholders' equity,5. Other sources of financial information.

C. Earnings Quality and Nonrecurring Items:1. Earnings quality,2. Nonrecurring items.

D. Analysis of Inventories:1. Relationship between inventory and cost of goods sold.

E. Analysis of Long-Lived Assets:1. Capitalization versus expensing,2. Depreciation methods,3. Analysis of fixed asset disclosures,4. Impairment of long-lived assets,5. Retirement of long-term assets,6. Liabilities for closure and environmental costs.

F. Analysis of Income Taxes:1. Issues in tax and financial reporting,2. Deferred tax assets and liabilities.

G. Analysis of Financing Liabilities:1. Analysis of balance sheet debt,2. Bond covenants,3. International accounting and reporting practices for balance sheet debt.

H. Analysis of Leases:1. Incentives for leasing,2. Lease classification issues from lessee perspective (e.g., capital lease, operating lease),3. Financial reporting by lessees,4. Financial reporting by lessors,5. Financial reporting for sales with leasebacks.

I. Analysis of Off-Balance-Sheet Assets and Liabilities:1. Disclosure of off-balance-sheet assets,2. Disclosure of off-balance-sheet liabilities,3. Take-or-pay and throughput arrangements,4. Sale of receivables,5. Finance subsidiaries,6. Joint ventures and investment in affiliates.

J. Analysis of Pensions, Stock Compensation, and Other Employee Benefits:1. Disclosures,2. Analysis of pension costs and liability,3. Employee stock compensation plans.

K. Analysis of Inter-Corporate Investments:1. Accounting for marketable securities,2. Analysis of marketable securities,3. Equity method of accounting,4. Consolidations policy and procedures.

L. Analysis of Business Combinations:1. Accounting for acquisitions,2. Effects of accounting methods,3. International differences in accounting for business combinations,4. Analysis of goodwill,5. Choosing the acquisition method,6. Spin-offs and tracking stocks.

M. Analysis of Multinational Operations:1. Effects of exchange rate changes on a firm's actual and reported performance,2. Basic accounting issues,3. Prescribed foreign currency translation,4. Choice of the functional currency for a foreign subsidiary,5. Comparison of translation and remeasurement,6. Analysis of foreign currency disclosures.

N. Ratio and Financial Analysis:1. Common-size statements,2. Activity analysis and turnover ratios,3. Liquidity analysis,4. Long-term debt analysis,5. Profitability analysis,6. Operating and financial leverage,7. Earnings per share (EPS),8. Other ratios and value metrics,9. Integrated ratio analysis,10. Valuation implications of financial statement analysis.

V. CORPORATE FINANCE（公司理財）

A. Fundamental Issues:1. Forms of business organization,2. Corporate governance issues.

B. Capital Investment Decisions:1. Investment decision criteria,2. Cash flow projections,3. Project analysis and evaluation,4. Capital rationing.

C. Business and Financial Risk:1. Breakeven analysis,2. Operating leverage,3. Financial leverage,4. Total combined leverage.

D. Long Term Financial Policy:1. Cost of capital,2. The effects of financial leverage,3. Dividends and dividend policy.

E. Mergers and Acquisitions:1. Legal forms of acquisition,2. Classifications,3. Gains from acquisition,4. Defensive tactics.

F. Valuation Implications of Corporate Finance:1. Capital investment decisions,2. Long term financial policy.

VI. ANALYSIS OF EQUITY INVESTMENTS（股票投資分析）

A. Organization and Functioning of Securities Markets:1. Primary capital markets,2. Secondary financial markets,3. Types of orders.

B. Security Market Indexes and Benchmarks:1. Broad market versus specialized indexes,2. Stock market indicator series.

C. Equity Risk Definition (e.g., statistical, economic, downside, relative, absolute, political) and Measurement:1. Single factor models (e.g., capital asset pricing model (CAPM)),2. Multi-factor models.

D. Fundamental Analysis:1. Theory of valuation,2. Analysis of world security markets,3. Valuation of stock market series (e.g., S&P 500, FT100),4. Industry analysis,5. Company analysis.

E. Special Applications of Fundamental Analysis:1. Analysis of corporate restructuring events,2. Valuation of preferred stock and convertible securities.

F. Technical Analysis:1. Definition and assumptions,2. Indicators, rules, and theories.

VII. ANALYSIS OF DEBT INVESTMENTS（債券投資分析）

A. Debt Securities:1. Features of debt securities,2. Provisions for paying off bonds,3. Debt market structure.

B. Risks Associated with Investing in Bonds:1. Interest rate risk,2. Yield curve risk,3. Call and prepayment risk,4. Reinvestment risk,5. Credit risk,6. Liquidity risk,7. Exchange rate or currency risk,8. Inflation or purchasing power risk,9. Volatility risk,10. Event risk.

C. Global Bond Sectors and Instruments:1. U.S. Treasuries and other government securities,2. Municipal securities (including European),3. Corporate debt instruments,4. Asset-backed and mortgage-backed securities,5. International bonds.

D. Yield Spreads:1. The role of the central bank in influencing interest rates,2. The Treasury yield curve,3. Measuring yield spreads (e.g., absolute yield spread, relative yield spread),4. Effect of issue size/liquidity on spreads.

E. Introduction to the Valuation of Debt Securities:1. General principles of valuation,2. The arbitrage-free valuation approach (e.g., using treasury spot rates, credit spreads).

F. Yield Measures, Spot Rates, and Forward Rates:1. Sources of return,2. Traditional yield measures,3. Theoretical spot rates,4. Forward rates.

G. Measurement of Interest Rate Risk:1. The full valuation approach,2. Price volatility characteristics of bonds,3. Duration,4. Convexity,5. Price value of a basis point (or DV01) (including its relationship to duration).

H. The Term Structure and Volatility of Interest Rates:1. Yield curve shifts (e.g., parallel shift, nonparallel shift, twist, butterfly),2. Treasury returns resulting from yield curve movements,3. Constructing the theoretical spot rate curve for Treasuries,4. Theories of the term structure,5. Measuring yield curve risk (e.g., rate duration, key rate duration),6. Yield volatility and measurement.

I. Valuing Bonds with Embedded Options:1. The Binomial Model,2. Valuing and analyzing a callable bond,3. Valuing a putable bond,4. Analysis of convertible bonds.

J. Mortgage-Backed Securities (MBS):1. Features,2. Stripped mortgage-backed securities,3.Nonagency mortgage-backed securities,4. Commercial mortgage-backed securities,5.International mortgage-backed securities.

K. Asset-Backed Securities:1. Features of an asset-backed security,2. Types of securities.

L. Valuing Mortgage-Backed and Asset-Backed Securities:1. Cash flow yield analysis (static cash flow yield),2. Zero-volatility spread (the Z-spread),3. Monte Carlo simulation model and option-adjusted spread (OAS),4. Measuring interest rate risk of MBS (including duration measures such as effective duration, cash flow duration, coupon curve duration, empirical duration),5. Valuing asset-backed securities.

M. Assessing Trading Strategies:1. The principle of leverage,2. Borrowing funds via repurchase agreements (repo),3. Total return analysis,4. Controlling for interest rate risk in assessing trading strategies.

N. Principles of Credit Analysis:1. Analysis of an issuer's character,2. Analysis of the capacity to pay,3. Analysis of collateral,4. Analysis of covenants,5. Analysis of management quality,6. Special considerations for high-yield corporate bonds,7. Credit analysis of non-corporate bonds.

VIII. ANALYSIS OF DERIVATIVES（衍生工具分析）

A. Derivative Markets and Instruments:1. Purposes of derivative markets,2. Elementary pricing principles,3. Sources of risk (e.g., interest rates, equity prices, commodity prices, exchange rates,credit, model, operational, legal, accounting, tax, regulatory, settlement, liquidity,systemic, other).

B. Forward Markets and Instruments:1. Structure of global forward markets,2. Basic definitions of forward contracts,3. Credit risk in forward contracting,4. Types and characteristics of forward contracts,5. Valuing forward contracts.

C. Futures Markets:1. Structure of global futures markets (e.g., exchanges, trading, margin, clearinghouse, settlement, electronic markets),2. Contract types and characteristics,3. Valuing futures contracts,4. Applications of futures.

D. Options Markets:1.Structure of global options markets (e.g., exchange-listed,over-the-counter,electronic),2.Basic definitions and characteristics of options contracts,3.Underlying instruments,4. Option Trading,5. Valuing options,6.Option pricing (valuation) models,7.Managing an option portfolio,8.Option trading strategies.

E. Swaps Markets:1. Structure of global swaps markets,2. Basic definitions of swaps,3. Types and characteristics of swaps,4. Valuing swaps,5. Swap strategies,6. Managing swap credit risk,7. Forward swaps and swaptions.

IX. ANALYSIS OF ALTERNATIVE INVESTMENTS（其他投資分析）

A. Real Estate:1. Forms of commercial/multi-family real estate investment,2. Valuation approaches.

B. Investment Companies:1. Valuing investment company shares,2. Closed-end versus open-end investment companies (including exchange-traded funds),3. Fund management fees,4. Investment strategies.

C. Venture Capital:1.Stages of venture capital investing,2. Risk,3. Investment characteristics,4.Types of liquidation,5.Performance measurement.

D. Hedge Funds (e.g., characteristics, fee structure, leverage, short versus long)

E.Closely-held Companies and Inactively Traded Securities:1.Legal environment,2.Valuation alternatives,3.Bases for discounts/premiums (e.g., freely marketable minority value, enterprise value, third party sale value, book value).

F. Distressed Securities/Bankruptcies

G.Commodity Markets and Commodity Derivatives:1.Types of commodity derivatives,2.Fundamental concepts,3.Analysis issues (e.g., contract specifications and delivery, cash and futures price quotations),4.Spreads.

X. PORTFOLIO MANAGEMENT（組合管理）

A. Capital Market Theory:1. Markowitz Portfolio Theory,2. Asset pricing models,3. Efficient Market Hypothesis.

B. Management of Individual Investor Portfolios:1. Investor characteristics,2. Objectives,3. Constraints,4. Investment policy statement,5. Investment strategy and asset allocation,6. Investment vehicles and asset class exposures,7. Wealth transfer, estate planning, and personal trusts.

C.Management of Institutional Investor Portfolios:1. Objectives,2. Constraints,3. Investment policy statement,4. Selection of investment managers/advisors,5. Fiduciary responsibility.

D. Pension Plan and Employee Benefit Funds:1. Defined benefit plans,2. Defined contribution plans,3. Other employee benefit plans,4. Investment policy statement.

E. Endowment Funds and Foundations:1. Spending policy,2. Investment policy statement.

F. Insurance Companies:1. Asset/liability management,2. Investment policy statement.

G. Other Corporate Investors (investment policy considerations):1. Banks (e.g., spread management),2. Non-financial corporations (e.g., cash management).

H. Capital Market Expectations:1. Key macroeconomic factors affecting asset returns,2. Macro valuation model,3. Developing macroeconomic expectations,4. Macroeconomic forecasts in determining asset class/security return expectations,5. Relationship of economic activity to the investment process.

I. Asset Allocation:1. Determination of asset mix,2. Assessment of opportunities,3. Selection of asset classes,4. Issues in multiple manager environment.

J. Portfolio Construction and Revision:1. Inputs to portfolio construction and revision,2. Diversification issues,3. Implementation issues,4. Portfolio monitoring and rebalancing.

K. Equity Portfolio Management Strategies:1. Active management,2. Passive management (e.g., indexing),3. Semi-active strategies,4. Cross-border strategies,5. Derivatives-enabled strategies.
L. Debt Portfolio Management Strategies:1. Active management,2. Passive management,3. Semi-active strategies (e.g., enhanced indexing),4. mmunization strategies,5. Derivatives-enabled strategies,6. Cross border issues.

M. Real Estate and Alternative Investments in Portfolio Management:1. Traditional diversification in real estate portfolios,2. Analysis of critical attributes,3. Factors influencing real estate returns,4. Real estate in a multiple asset class portfolio.

N. Risk Management:1. Firm wide risk management,2. Portfolio Risk Management.

O. Performance Measurement:1. Return measures (arithmetic, geometric, time weighted, dollar weighted) including derivatives-enhanced positions,2. Risk-adjusted measures,3. Benchmark selection,4. Performance attribution,5. Peer group comparisons (i.e., distinguished from benchmark comparisons).

P. Presentation of Performance Results:1. AIMR Global Investment Performance Standards (GIPS ).

專用計算器

參加CFA考試，考生可以攜帶兩種類型的計算器：德州儀器BAII Plus(Texas Instruments BAII Plus)或者惠普12C(Hewlett－Packard 12C)。在進(jìn)入考場前，計算器的所有存貯內(nèi)容，必須清零。

德州儀器 TI BAII Plus是一款功能強大、簡便易用的計算器，它有如下功能：

1.將諸如貨幣的時間價值等標(biāo)準(zhǔn)財務(wù)函數(shù)功能和諸如現(xiàn)金流量分析的高等函數(shù)功能輕松的融合在一起。

2.操作提示功能?？梢酝ㄟ^顯示當(dāng)前變量符號和數(shù)值來指導(dǎo)您完成財務(wù)計算。幫助提示功能可以告訴您正在進(jìn)行的工作和下一步要進(jìn)行的工作。

3.計算IRR及NPV用于對現(xiàn)金流量進(jìn)行分析。可以儲存高達(dá)24個不等額現(xiàn)金流量，每一個現(xiàn)金流量可高達(dá)四位數(shù)字的頻度設(shè)置。

4.貨幣的時間價值及攤銷?？梢杂嬎沭B(yǎng)老金、貸款、抵押、租賃和存款等。可以很方便地生成攤銷表。

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7.可以在年利潤（標(biāo)準(zhǔn)利率）和實際利率之間進(jìn)行利率轉(zhuǎn)換。

8.其它功能。定額、價格和利潤的盈虧平衡計算；兩個數(shù)值之間差異百分比（△%）的

計算；利潤計算，可進(jìn)行成本、銷售和利潤額的計算；時間功能，可以確定一個期間的天數(shù)；可以對債券的價格和收益進(jìn)行評估；三角函數(shù)和對數(shù)函數(shù)。