cfa report案例

cfa的ips例子CFA（Chartered Financial Analyst）是国际上最具权威性的金融分析师资格认证之一，其考试内容涵盖了投资组合管理、资产估值、风险管理等多个领域。

在CFA考试中，一个重要的部分就是制定投资政策声明（Investment Policy Statement，简称IPS），它是投资者与投资顾问之间的一份合同，规定了投资目标、风险承受能力、资产配置等方面的内容。

下面，我们来看一个关于CFA的IPS例子。

假设小明是一位年轻的投资者，他刚刚开始工作，希望通过投资来实现财务自由。

他决定参加CFA考试，以提高自己的投资能力。

在制定IPS时，小明首先需要确定自己的投资目标。

他希望在未来的30年内，能够积累足够的财富，以便在退休后过上舒适的生活。

他计划在退休时每年支出50,000美元，因此他需要确保自己的投资组合能够提供足够的收益。

接下来，小明需要评估自己的风险承受能力。

他是一个年轻的投资者，对风险有一定的承受能力。

然而，他也希望能够保护自己的投资，避免过大的损失。

经过仔细考虑，小明决定将自己的风险承受能力定为中等水平。

在资产配置方面，小明希望通过多样化的投资组合来降低风险。

他计划将自己的投资分配到不同的资产类别中，包括股票、债券、房地产和现金等。

他希望通过股票和房地产来获得较高的回报，同时通过债券和现金来保护自己的投资。

根据以上的投资目标、风险承受能力和资产配置，小明制定了他的IPS。

他决定将自己的投资组合分配如下：股票占总投资的40%，债券占30%，房地产占20%，现金占10%。

他希望通过股票和房地产获得较高的回报，同时通过债券和现金来保护自己的投资。

此外，小明还规定了一些其他的投资限制。

他决定不投资于高风险的新兴市场股票，以降低投资组合的波动性。

他还规定了每年最多可以调整投资组合的比例，以避免频繁的交易带来的成本。

最后，小明还规定了定期评估和调整投资组合的时间表。

他决定每年评估一次投资组合的表现，并根据市场情况进行必要的调整。

CFA3级案例研究一、概述CFA3级考试是 Chartered Financial Analyst（注册金融分析师）资格认证考试的最高级别。

该考试是金融行业著名的专业人士认证考试之一，被认为是全球金融行业最具专业性和权威性的认证考试之一。

CFA3级考试的案例研究部分是考试的一个重要组成部分，通过对真实世界的金融案例进行分析和解决问题，考察考生在实际工作中处理复杂金融问题的能力，是考试的重点难点之一。

二、案例分析1. 案例背景本次案例研究的主题是关于某家上市公司的财务报表分析及估值分析。

这家公司是一家跨国企业，主要经营范围涉及多个行业，是全球知名的多元化企业。

在过去的几年中，该公司的业绩呈现出了一定的波动，市场对其未来的发展前景存在一定的分歧。

2. 案例问题本次案例研究主要围绕以下几个问题展开分析：（1）通过分析该公司的财务报表，对其财务状况做出评估，并指出存在的风险和挑战；（2）采用合适的方法对该公司进行估值分析，并提出自己的估值结论；（3）分析该公司所处行业的市场环境和竞争格局，评估其未来的发展潜力；（4）就公司的财务和经营情况，提出自己的投资建议。

3. 解决方法针对上述问题，考生需要运用所学的财务分析、公司估值、风险管理、投资组合管理等知识，结合行业动态和相关领域的最新研究成果，对该公司的财务状况和未来发展进行全面、深入的分析，并给出自己的见解和建议。

三、分析方法1. 财务报表分析需要对该公司的财务报表进行深入分析，包括利润表、资产负债表、现金流量表等，从中提取相关的财务指标，如利润率、资产负债率、经营现金流等，以此来评估该公司的财务状况。

2. 公司估值分析考生需要采用适当的估值模型对该公司进行估值，可以选择盈余折现模型（DCF）、市盈率法、市净率法等多种方法进行估值，综合考虑估值结果的优劣势，得出自己的估值结论。

3. 行业分析第三，需要对该公司所处行业的市场环境进行深入分析，包括行业生命周期阶段、市场增长率、供应链及竞争格局等，以便更好地了解该公司的发展潜力。

CFA考试《CFA一级》历年真题精选10（附详解）1、Yip Wai Yin, a CFA Candidate, is an independent mutual fund sales agent. For every front-end load product she promotes, Yip receives a portion of the front-end fee as commission, at the time of sale. For every back-end load fund she sells, Yip receives a smaller commission paid at the end of the year. Yip always informs her clients she is paid a commission as an agent, but does not provide details of the compensation structure. When pitching her favored front-end load product line she tells clients 20% of her commission is always invested in the same fund as proof of her confidence in the fund she recommends. Which CFA Code of Standards with regard to Conflicts of Interest does Yip least likely violate?【单选题】A.Referral Fees.B.Disclosure of Conflicts.C.Priority of Transactions.正确答案:C答案解析:“Guidance for Standards I-VII,” CFA InstituteC is correct because Yip’s investments do not adversely affect the interest of the clients and therefore do not violate the Priority of Transactions requirement. A Candidate having the same investment positions does not always create a conflict of interest and in some instances, having an aligned investment portfolio can be beneficial to the client.2、The Global Investment Performance Standards least likely require:【单选题】A.nondiscretionary portfolios to be included in composites.posites to be defined according to similar investment objectives and/or strategies.C.non-fee-paying portfolios to be excluded in the returns of appropriate composites.正确答案:A答案解析:Composites (Standard IV – Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites. 2014 CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute3、Assuming no short selling, diversification benefit is most likely to occur when the correlations among the securities contained in the portfolio are:【单选题】A.equal to positive one.B.less than positive one.C.greater than positive one.正确答案:B答案解析:“Probability Concepts,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pi nto, CFA, and David E. Runkle, CFAWhen we do not reject a false null hypothesis we have a Type II error.4、A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm's capital structure is closest to:【单选题】A.79%.B.37%.C.65%.正确答案:C答案解析:WACC=weight of debt*before-tax cost of debt*(1-tax rate)+weight of equity*cost of equity.5、The following information is available about a company ($ millions):During 2009 the company most likely decreased the:【单选题】A.proportion of sales made on a cash basis.B.inventory, anticipating lower demand for its products in 2010.C.proportion of interest-bearing debt relative to trade accounts payable.正确答案:A答案解析:“Understanding the Cash Flow Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFASales, net income, and net margin are relatively constant for the two years. The substantial drop in cash flow from operations could be attributed to an increase in receivables and/or inventory. A decrease in the proportion of cash sales implies an increase in the proportion of credit sales, increasing accounts receivable. An increase in accounts receivable would decrease cash flow from operations.6、Providing information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users is most accurately described as the role of:【单选题】A.financial reporting.B.the auditor’s report.C.financial statement analysis.正确答案:A答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonA is correct. The role of financial reporting is to provide information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.7、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【单选题】A.$92.89B.$99.07C.$107.44正确答案:A答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi8、A security has a beta of 1.30. If the risk-free rate of interest is 3% and the expected return of the market is 8%, based on the capital asset pricing model (CAPM), the expected return of the security is closest to:【单选题】A.9.5%.B.6.5%.C.13.4%.正确答案:A答案解析:The formula for the CAPM is expressed as:Section 4.29、Kim Stone, CFA, works at trading desk in Howard Hedge Funds.SamuelPeter, a chief investment manager for Howard has instructed Stone to sell a largeamount of one stock based on an inside information of significant legal disputes.Peter inadvertently heard the information from a company's president in anelevator.Stone is unaware that Peter got this information.Stone accepts thetrade instruction and completes the order.Has Stone most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, with respect to responsibilities of supervisors.C.Yes, with respect to material nonpublic information.正确答案:A答案解析:Stone并不知道该交易行为来自重大的非公开信息，他接受了交易指令并不违反任何标准，只有当他知道或者应当知道时才会违反标准。

CFA考试《CFA一级》历年真题精选及详细解析1007-11、A company which prepares its financial statements in accordance with IFRS incurred and capitalized €2 million of development costs during the year. These costs were fully deductible immediately for tax purposes, but the company is depreciating them over two years for financial reporting purposes. The company has a long history of profitability which is expected to continue. Which is the most appropriate way for an analyst to incorporate the differential tax treatment in his analysis? He should include it in:【单选题】A.liabilities when calculating the company’s current ratio.B.equity when calculating the company’s return on equity ratio.C.liabilities when calculating the company’s debt-to-equity ratio.正确答案:C答案解析:“Income Taxes,” Elbie Antonites, CFA, and Michael A. Broihahn, CFA2011 Modular Level I, Vol. 3, pp. 460, 485-486, 490Study Session 9-38-iAnalyze disclosures relating to deferred tax items and the effective tax rate reconciliation, and discuss how information included in these disclosures affects a company’s financial statements and financial ratios.The different treatment for tax purposes and financial reporting purposes is a temporary difference and would create a deferred tax liability. Deferred tax liabilities should be classified as debt if they are expected to reverse with subsequent tax payments. The long history of profitability implies the company will likely be paying taxes in the following years and hence an analyst could reasonably expect the temporary difference to reverse. Under IFRS all deferred tax liabilities are non-current and therefore do not affect the current ratio.2、According to the International Accounting Standards Board’s Conceptual Framework for Financial Reporting, the two fundamental qualitative characteristics that make financial information useful are best described as:【单选题】A.timeliness and accrual accounting.B.understandability and verifiability.C.relevance and faithful representation.正确答案:C答案解析:“Financial Reporting Standards,” Elaine Henry, CFA, Jan Hendrik van Greuning, CFA, and Thomas R. Robinson, CFA 2013 Modular Level I, Vol. 3, Reading 24, Section 5.2Study Session 7-24-dDescribe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of financial statements, required reporting elements, and constraints and assumptions in preparing financial statements.C is correct. Relevance and faithful representation are the two fundamental qualitative characteristics that make financial information useful according to the IASB Conceptual Framework.3、An analyst does research about cash flow and gathers the following information(in thousands) about a company.Based on the information above, cash paid to suppliers ( in thousands) in 2011is closest to:【单选题】A.$ 11 443B.$ 13 221C.$ 15 651正确答案:A答案解析:$ 14 436 - ( $ 5 980 - $ 3 876) - ( $ 7 321 - $ 6 432 ) = $ 144 36 - $ 2 104 - $ 889 =$ 11 443。

CFA一级模考题1 .Anderb, a portfolio manager for XYZ Investment Management Company-a registered investment organization that advises investment firms and private accounts-was promoted to that position three years ago. Bates, her supervisor, is responsible for reviewing Anderb's portfolio account transactions and her required monthly reports of personal stock transactions. Anderb has been using Jonelli. a broker, almost exclusively for brokerage transactions for the portfolio account. For securities in which Jonelli's firm makes a market, Jonelli has been giving Anderb lower prices for personal purchases and higher prices for personal sales than Jonelli gives to Anderb's portfolio accounts and other investors. Anderb has been filing monthly reports with Bates only for those months in which she has no personal transactions, which is about every fourth month. Which of the following is most likely to be a violation of the Code and Standards?A Anderb failed to disclose to her employer her personal transactionsB Anderb owned the same securities as those of her clients.C Bates allowed Anderb to use Jonelli as her broker for personal trades.2. Which of the following is a correct statement of a member's or candidate's duty under the Code and Standards?A In the absence of specific applicable law or other regulatory requirements,the Code and Standards govern the member's or candidate's actions.B A member or candidate is required to comply only with applicable local laws, rules, regular:ions, or customs, even though the Code and Standards may impose a higher degree of responsibility or a higher duty on the member or candidate.C A member or candidate who trades securities in a securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on material nonpublic information.3 . Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward's expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?A Accept the expense-paid trip and write an objective report.B Pay for all travel expenses, including costs of meals and incidental items.C Accept the expense-paid trip but disclose the value of the services accepted in the report.4 . Which of the following statements is correct under the Code and Standards?A CFA Institute members and candidates are prohibited from undertaking independent practice in competition with their employer.B Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member's or candidate's employer.C Members and candidates are prohibited from making arrangements or preparations to go into a competitive business before terminating their relationship with their employer.5 . Smith is a financial analyst with XYZ Brokerage Firm. She is preparing a purchase recommendation on JNI Corporation. Which of the following situations is most likely to represent a conflict of interest for Smith that would have to be disclosed?A Smith frequently purchases items produced by JNI.B XYZ holds for its own account a substantial common stock position in JNI.C Smith's brother-in-law is a supplier to JNI.1 . A is correct. This question involves three of the Standards. Anderb, the portfolio manager, has been obtaining more favorable prices for her personal securities transactions than she gets for her clients, which is a breach of Standard Ⅲ(A)-Loyalty, Prudence, and Care. In addition, she violated StandardⅠ(D)-Misconduct by failing to adhere to company policy and by hiding her personal transactions From her firm. Anderb's supervisor. Bates, violated Standard Ⅳ(C)-Responsibilities of Supervisors; although the company had requirements for reporting personal trading, Bates failed to adequately enforce those requirements. Answer B does not represent a violation because Standard Ⅵ(B) - Priority of Transactions requires that personal trading in a security be conducted after the trading in that security of clients and the employer. The Code and Standards do not prohibit owning such investments, although firms may establish policies that limit the investment opportunities of members and candidates. Answer C does not represent a violation because the Code and Standards do not contain a prohibition against employees using the same broker they use for their personal accounts that they also use for theirclient accounts. This arrangement should be disclosed to the employer so that the employer may determine whether a conflict of interest exists.2. A is correct. This question relates to Standard Ⅰ(A)-Knowledge of the Law- specifically, global application of the Code and Standards. Members and candidates who practice in multiple jurisdictions may be subject co various securities laws and regulations. If applicable law is more strict than the requirements of the Code and Standards, members and candidates must adhere to applicable law; otherwise, members and candidates must adhere to the Code and Standards. Therefore. answer A is correct. Answer B is incorrect because members and candidates must adhere to the higher standard set by the Code and Standards if local applicable law is less strict. Answer C is incorrect because when no applicable law exists, members and candidates are required to adhere to the Code and Standards, and the Code and Standards prohibit the use ofmaterial nonpublic information.3 . B is correct. The best course of action under Standard Ⅰ(B)-Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward to pay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not bethe best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.4. B is correct. Under Standard Ⅳ(A)-Loyalty, members and candidates may undertake independent practice that may result in compensation or other benefit in competition with their employer as long as they obtain consent from their employer. Answer C is not consistent with the Standards because the Standards allow members and candidates to make arrangements or preparations to go into competitive business as long as those arrangements do not interfere with their duty to their current employer. Answer A is not consistent with the Standards because the Standards do not include a complete prohibition against undertaking independent practice.5. B is correct. This question involves Standard Ⅵ(A)-Disclosure of Conflicts- specifically, the holdings of an analyst's employer in company stock. Answers A and C do not describe conflicts of interest that Smith would have to disclose. Answer A describes the use of a firm's products, which would not be a required disclosure. In answer C, the relationship between the analyst and the company through a relative is so tangential that it does not create aconflict of interest necessitating disclosure.。

CFA财务报表分析DTADTL精讲小程同学老师Financial Reporting andAnalysis 中碰到了一个难点就是DTA和DTL.金老师是的，Income Taxes中的DTA和DTL 是我们在学习财报分析中的难点，当然也是重点。

首先我先考你2个概念吧，什么是DTA和DTL?小程同学Deferred Tax Asset（DTA）是递延所得税资产，就是未来预计可以用来抵税的资产，递延所得税是时间性差异对所得税的影响，在纳税影响会计法下才会产生递延税款。

Deferred TaxLiability（DTL）就是递延所得税负债，是指根据应税暂时性差异计算的未来期间应付所得税的金额。

金老师是的，DTA以及DTL是因为tax expense 在会计报表中以及税务报表中由于确认时间的差异以及确认方式的不同所导致的。

但是我们在这里说的都是暂时性的不同，也就是这种差异在未来可以被reverse 的。

它可以又分为两种，一个是Taxable TemporaryDifferences(TTD) 导致DTL, 另外一个则是Deductible TemporaryDifferences(DTD) 导致DTA。

我们看一下下面这张表格，它具体说明了资产以及负债的tax bases和carrying amount不同将导致的DTA或者DTL。

下面我们来看一道例题，小程同学应该是选A吧？金老师是的，根据会计准则这个Asset是被立即Expensed的，而税法允许这项资产被capitalized andamortized。

因此，将导致carryingamount=0而Tax Base＞0。

我们根据上面那张表格可知，当Asset 的Carrying Amount＜Tax Base的时候，我们将会得到DTA。

下面我们来看一道计算。

我们拿到这道题目的时候，首先来判断导致的是DTA还是DTL?小程同学应该是DTL,因为这项资产的carrying amount为900,000，而tax base是800,000。

CFA考试《CFA三级》历年真题精选及详细解析1107-591、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?【单选题】A.Accept the expense-paid trip and write an objective report.B.Pay for all travel expenses, including costs of meals and incidental items.C.Accept the expense-paid trip but disclose the value of the services accepted in the report.正确答案:B答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward to pay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.2、Are the three compliance procedures reviewed by Campanelli consistent with both the required and recommended standards of the CFA Institute Asset Manager Code of Professional Conduct?【单选题】A.No, the procedures regarding record retention are inconsistent.B.No, the procedures regarding portfolio review are inconsistent.。

利用CFA分析解读问卷数据：报告撰写中的应用一、引言二、了解问卷数据及CFA分析的基本概念1.问卷数据的特点和意义2.CFA分析的定义及作用三、设计合理的因子模型1.因子提取方法的选择2.因子结构的确定四、数据预处理和可信度检验1.数据预处理的必要性2.判断问卷的信度和效度五、应用CFA分析解读问卷数据1.因素分析和构念验证2.验证结构模型3.分析因素间的关系六、结果报告的撰写要点和注意事项1.结果报告的基本结构2.数据呈现的方式和格式3.结果解读的准确性和客观性七、案例分析：CFA分析在问卷调查中的应用1.研究目的和背景2.数据收集和处理方法3.CFA分析的结果解读八、总结一、引言问卷调查是社会科学研究中常用的数据收集方法之一，而对问卷数据的分析和解读是研究过程中不可或缺的环节。

本文旨在探讨利用CFA分析解读问卷数据，并提供相关报告撰写的应用建议。

二、了解问卷数据及CFA分析的基本概念1.问卷数据的特点和意义问卷数据具有客观性、广泛性和可比性等特点，可以反映被调查群体的态度、行为和特征。

了解这些特点有助于我们更好地理解和解读问卷数据。

2.CFA分析的定义及作用CFA分析是一种用于验证和构建问卷量表的数据分析方法，可以验证测量模型的结构、因素之间的关系以及所构建的量表的信度和效度。

CFA分析有助于研究者深入了解被调查群体的某些潜在特征和行为模式。

三、设计合理的因子模型1.因子提取方法的选择因子提取是CFA分析的第一步，常用的方法有主成分分析和最大似然估计等。

选择合适的因子提取方法可以提高建模的准确性和可靠性。

2.因子结构的确定因子结构通常包括公因子、私因子和误差项，在确定因子结构时需要考虑因变量之间的相关性、因素聚集性和单个因素的解释力等因素。

四、数据预处理和可信度检验1.数据预处理的必要性数据预处理是确保问卷数据可靠性和可解释性的重要步骤。

包括数据清洗、异常值处理、缺失值处理和变量标准化等。

2.判断问卷的信度和效度信度和效度是评估问卷量表的重要指标，常用的方法有Cronbach's α系数和构念效度检验等。

CFA考试一级章节练习题精选0331-40附详解）1、Etienne Gagne, CFA, is an independent research analyst covering some unknownsmall companies and its shares are traded over-the-counter.Gagne is hired towrite research report about these small companies who pay him for her service.Gagne issues research reports on these small companies to retail and institutionalclients who also pay him for his research report.Gagne doesn' t disclose thesesmall companies' payment to her research clients.Has Gagne most likely violatedthe Standards of Professional Conduct?【单选题】A.No.B.Yes, relating to referral fees.C.Yes, relating to conflicts of interests.正确答案:C答案解析:Gagne撰写针对小公司的独立研究报告并卖给其零售和机构客户，但在他的报告中没有披露这些小公司会给他报酬的事项，这个事项属于利益冲突的事项，如果没有告知客户的话，就违反了利益冲突的披露的有关规定。

2、Lynn Moody is an investment officer at the Lester Trust Company (LTC).If acurrent or former client of LTC has not permitted the disclosure of confidentialinformation and disclosure of clients’ confidential information does not conflictwith local law, which of the following statements is most accurate?According tothe Professional Conduct Standards, a member will breach his duties bydisclosing confidential client information that relates to:【单选题】A.an individual client who ended the client relationship with LTC ten years ago.B.illegal activities on the part of an individual who is a current client of LTC.rmation requested by the CFA Institute Professional Conduct Programduring the course of an investigation into that member's conduct by designedofficer.正确答案:A答案解析:在任何情况下都要保守过去、当前、潜在客户的秘密，除非属于以下的4个例外情况：法律上要求公开，客户允许公开，包含非法行为及接受CFA协会调查。

CFA一级例题（一）答案1、A stated objective of the CFA Institute's Global Investment Performance Standards (GIPS) is to:A. encourage individual investment companies to develop the Code of Ethics internally.B. foster superior investment performance and return among CFA Institute members.C. promote the notion of self-regulation.D. support the standards developed internationally by top-performing investment companies.(key: C, the objectives of GIPS are most commonly tested topics in the examination)2、Jack, CFA, is head of the equities research department for ABC Asset Management. Jack sent a memo to all equity analysts stating that, in the future, their involvement in ABC's investment banking transactions as well as the number and quality of their research report would be rewarded in ABC's annual performance evaluation of each analyst. The memo asked the analysts to provide detailed information regarding their participation in the origination, execution, and follow-up for each transaction. According to the CFA Institute Standards of Practice Handbook, Jack:A. did not violate any AIMR Standards.B. violated only CFA Institute's Standard relating to misrepresentation.C. violated only CFA Institute's Standard relating to responsibilities of supervisors.D. violated CFA Institute's Standards relating to both misrepresentation and disclosure of compensation arrangements.(key:C,why? The key is that the staff conduct the investment banking and research, which are in conflict in nature, therefore the supervisors should be responsible for the existence of the conflict of interest)3、Under the Prudent Man Rule, trustees need nm set the proper balance of proprieties between:A. principal protection and current income.B. the interest of trustees and the interests of beneficiaries.C. expected income and probable safety of capital.D. the interest of current beneficiaries and the interest of the remainderman and secondary beneficiaries.(Key: B, the fiduciary should balance the interest between the beneficiaries, and there is no duty to the sponsor under any circumstances)4、The CFA Institute Standards of Practice Handbook is least likely to require a member or member's firm to disclose which of the following to clients and prospective clients?A. Market-making activities.B. Underwriting relationships.C. Service as directors of a company's board.D. Obligation to abide by CFA Institute's Code of Ethics and Standards of Professional Conduct.(Key: D, Generally speaking, MCC should disclose the conflict of interest to clients and prospects, including underwriting position, corporate finance relationship, directorship, and financial and other pressure)5、7. According to the CFA Institute Standards of Practice handbook, insider trading is the least likely to be prevented by establishing:A. fire walls.B. watch list.C. restricted list.D: selective disclosure.(Key: D)。

CFA考试历年真题精选13（附详解）1、Lawrence Hall, CFA, and Nancy Bishop, CFA, began a joint research report on Stamper Corporation. Bishop visited Stamper’s corporate headquarters for several days and met with all company officers. Prior to the completion of the report, Bishop was reassigned to another project. Hall utilized his and Bishop’s research to write the report but did not in clude Bishop’s name on the report, because she did not agree with Hall’s conclusion included in the final report. According to the CFA Institute Standards of Practice Handbook, did Hall violate any CFA Institute Standards of Professional Conduct?【单选题】A.No.B.Yes, with respect to misrepresentation.C.Yes, with respect to diligence and reasonable basis.正确答案:A答案解析:“Guidance for Standards I-VII”, CFA InstituteMembers are in compliance with CFA Institute’s Standard V (A) Diligence and Reasonable Basis, if they rely on the research of another party who exercised diligence and thoroughness. Because Bishop’s opinion did not agree with the final report, disassociating her from the report is one way to handle this difference between the analysts.2、Which of the following least likely describes an advantage of investing in hedge funds through a fund of funds? A fund of funds may provide investors with:【单选题】A.lower fees due to economies of scale.B.access to funds that are closed to new investors.C.access to managers with expertise in finding reliable and good-quality hedge funds.正确答案:A答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyA is correct because the fees on funds of funds are usually higher. The fund of funds manager charges a fee, and there is a fee charged by each hedge fund.3、Theresa Green, CFA, manages the portfolio of Ian Knowlden, a client of TisburyInvestments.Green knows that Knowlden is preparing to sell a large positionin the Franklin Industries, a relatively small inactively-traded stock listingin a local exchange.Green places a sell order for Franklin Industries in his ownaccount before the Knowlden's order is placed.Green has most likely violatedthe Standard(s) of Professional Conduct relating to:【单选题】A.only material non-public information.B.only priority of transactions.C.both material nonpublic informationand priority of transactions.正确答案:C答案解析:Green在客户交易之前进行个人交易，违反了优先交易权（priority of transactions）的行为标准。

标题：深入探讨CFA一级中的YTM计算：基础理论与实例分析一、引言在CFA一级考试中，YTM计算是一个十分重要的概念，也是许多考生头疼的难题。

本文将从基础理论和实例分析两个方面，深入探讨CFA 一级中的YTM计算，帮助考生更好地理解和掌握这一知识点。

二、基础理论1. 什么是YTM？在金融领域中，YTM是指债券的预期收益率，即债券的持有人在债券持有期间所能获得的预期收益率。

它是指投资者在购买债券并持有至到期时所能获得的年化收益率。

2. YTM的计算公式YTM的计算公式涉及到债券的面值、债券价格、债券年限和票面利率等因素。

一般而言，YTM的计算公式较为复杂，需要考虑到债券的现金流量以及时间价值的影响。

常用的计算方法有利用Excel函数来进行逼近计算，或者利用金融计算器进行精确计算。

3. YTM计算的意义YTM是债券投资中的一个重要指标，它能够帮助投资者评估债券投资的收益率和风险。

通过计算YTM，投资者可以比较不同债券投资之间的收益率，做出更为理性的投资决策。

三、实例分析以下通过一个例题来进行YTM计算的实例分析，以帮助读者更好地理解和掌握YTM的计算方法。

假设一家公司发行了一张面值1000元、年限为5年、票面利率为5%的债券，假设当前市场利率为4%，请计算该债券的YTM。

解答：根据上述条件，可以将债券的现金流量进行如下列示：第一年到第四年，债券持有人将获得50元的利息支付；第五年，债券持有人将获得50元的利息支付和1000元的本金偿还。

利用Excel函数或金融计算器，可以进行YTM的精确计算，得出该债券的YTM约为4.56%。

通过上述例题的分析，读者可以清晰地了解YTM的计算方法，以及YTM与债券价格、市场利率之间的关系。

四、总结与展望本文通过基础理论和实例分析，对CFA一级中的YTM计算进行了深入探讨，希望可以帮助考生更好地理解和掌握这一知识点。

在将来的学习中，建议考生多加练习，通过实例计算来加深对YTM计算方法的理解，从而顺利通过CFA一级考试。

STANDARD Iprofessionalism（A）knowledge of law不要求成为法律专家，有困难找律师从严已发现违法活动中不作为，视为知情参与case 案例1：已经知晓有违背法律法规的情况发生咨询法律顾问后，也不能免除遵守法律法规的要求。

最好的做法是将情况报告给主管，寻求独立的法律意见，来确定是否要把这个错误提供给监管机构。

Absolvecase 案例2 远离违规行为知道招股说明书中有错误，应该报告给company主管。

如果事情没有被修正，主管没有停止承销，该员工应该停止承销相关活动。

咨询法律意见来确定是否进行额外的报告。

ConcealRemedycase 案例3 远离违规行为给自己company业绩做广告，而以往账户中，在company销户的业绩遗漏，而在描述中，说包括了所有账户业绩。

company要求该员工使用这个材料招揽客户。

当其使用了这个广告招揽客户就违规，因为已经知情。

而由于不是他计算的业绩，错误陈述不是他的事。

将这个计算错误告知搜集数据的人而无果，通知他的主管或company合规部。

company不愿意重新计算，拒绝使用这个材料并告知company 拒绝原因。

company坚持让他使用，考虑离职。

Omitcase 案例4 从严要求当地法律不禁止内部交易。

要遵守严格要求，遵守“重大非公开信息”Abidecase 案例5 从严要求当地法律不允许咨询专家个人账户参加IPO，自己国家允许，CFA要求IPO时有利益冲突要披露。

最严格的。

case 案例6 从严，宗教规则中东客户希望自己的投资遵守伊斯兰教。

而营销广告中并未写出是否对于该客户合适。

现在投资日益全球化，应注意文化、宗教、不同政府法律的区别。

company应提前了解是否合适客户。

case 案例7 报告不符合道德的行为发现有一些新的欧洲国家的账户，以前company在这个国家没有业务，这个业务也指定了该国的经纪人。

分配研究资源给第三方研究company时，发现该经纪人被分配了研究费。

英语写作教学案例--- Make a report一．教学思路设计：本节课写作目标是描述你跟你的身边的一位朋友并做比较。

在教学过程中设计了多个游戏和活动来帮助学生复习、整合本单元的目标词句，再安排了一个调查活动引导学生综合运用新旧知识进行调查、报告。

最后让学生将口头表达转化成书面表达，完成写作任务。

二．学生分析：学生对书面表达构思不够重视，轻视审题，不假思索，信手就写，甚至逐句翻译，致使作文的信息点叠加在一起，句与句之间逻辑联系不紧密，从篇章上来看作文缺乏层次和结构。

原因主要有如下几个：1.心理恐惧。

部分学生一见到英语写作就产生恐慌心理，特别是当看到有些情境难以用英语表达出来时，这种恐惧心理就更加“猖獗”。

他们不知道写作第一步应该是谋篇，谋篇成功就会产生“胸有成竹”之感，被一个或几个单词、句式“障目”而恐惧是幼稚的。

2.由于学生英语基础较差，且受汉语的影响，不少学生所写的文章词不达意，语言单调，缺少文采，汉语式的表达更是屡见不鲜。

3.不懂谋篇。

不知道写作的主旨意图，以为写作就是要完成教师布置的任务。

4．这一届很多学生基本功很差，学习比较懒散，不愿积累。

三．教学内容：用形容词的比较级来谈论自己以及朋友，分析比较调查的结果并做汇报。

四．写作目标：综合运用本单元所学的语言知识，描述你跟你的一位朋友并做比较。

五．目标分析：本节基础写作教学课，就是要解决学生书面表达过程中基本句子结构运用的问题，为培养学生谋篇能力打下基础。

具体说来，应当达成如下几个目标：1.认知目标：通过分析一首英语歌曲，使学生了解句子结构多样性的重要性。

2.培养基本功目标：通过对人物进行描写、比较，使学生能正确运用他们于写作中。

3. 情感目标：教育学生要珍惜友谊。

六．教学重点、难点：引导学生如何综合运用本单元的词和句，并结合以往学习过的关于外貌、爱好等的词句，对人物进行描写、比较。

七．教学方法：通过活动，比较的方法，由词——句——文的主线进行教学。

cfa report案例前言特许金融分析师 (CFA) 报告是一个全面的报告，旨在评估公司的财务状况和投资潜力。

报告由多位分析师团队撰写，利用广泛的定性和定量分析。

本报告涵盖公司的财务表现、市场估值、行业和竞争格局以及风险因素。

财务表现分析财务表现分析是 CFA 报告的核心部分。

分析师审查公司的损益表、资产负债表和现金流量表，以评估其财务健康状况。

他们评估收入和利润率趋势、毛利率和运营费用、债务水平和偿债能力。

报告还包括对公司资产负债表价值的分析，包括流动资产、固定资产、负债和所有者权益。

市场估值市场估值部分对公司进行定量分析，以确定其股票价值。

分析师使用各种估值方法，例如贴现现金流法、市盈率法和市净率法。

他们考虑公司的收益、增长潜力、行业趋势和市场情绪。

报告提供对公司股票的合理价值估计以及与同行和基准指数的比较。

行业和竞争格局CFA 报告考察了公司所在的行业和竞争环境。

分析师评估行业规模、增长率、进入壁垒和主要竞争对手。

他们研究行业趋势、技术创新和监管变化，以确定对公司运营和财务表现的潜在影响。

报告还包括对公司竞争优势、市场份额和客户忠诚度的分析。

风险因素风险因素部分确定并评估了影响公司财务状况和投资潜力的风险。

分析师考虑运营风险、财务风险、行业风险和监管风险。

他们评估这些风险的可能性和潜在影响，并讨论公司为减轻这些风险而采取的措施。

报告还包括对公司治理和可持续性实践的分析。

投资建议基于对公司财务表现、市场估值、行业环境和风险因素的全面分析，CFA 报告提供投资建议。

分析师对公司的股票提出买入、持有或卖出的评级。

他们还提供目标股价，反映他们对公司未来表现的预期。

投资建议基于分析师对公司长期价值的评估和投资时机的考虑。

免责声明和披露CFA 报告包含重要的免责声明和披露，告知读者报告中表达的意见仅代表分析师的观点，不应被视为投资建议。

报告还披露任何潜在利益冲突或分析师或公司之间存在的任何关系。