分类： 注册金融分析师（CFA）资格认证考试

CFA三级Case Book题目，CFA三级写作讲义及case book

CFA三级考试历年真题（2000年-2007年）下载

包含以下2000年至2007年的真题和答案文件20个：

CFA Level III Essay Examination Book 2000 Morning Section
CFA Level III Essay Examination Book 2000 Morning Section answer
CFA Level III Essay Examination Book 2000 Afternoon Section
CFA Level III Essay Examination Book 2000 Afternoon Section answer
2001 CFA Level III Examination Morning Section – Essay
2001 CFA Level III Examination Morning Section – Essay answer
2002 CFA Level III Examination Morning Section – Essay
2002 CFA Level III Examination Morning Section – Essay answer
2003 CFA Level III Examination Morning Section – Essay
2003 CFA Level III Examination Morning Section – Essay answer
2003 LevelIII Sample Item Sets.pdf
2004 CFA Level III Examination Morning Section – Essay
2004 CFA Level III Examination Morning Section – Essay answer
2005 CFA Level III Examination Morning Section – Essay
2005 CFA Level III Examination Morning Section – Essay answer
Analysis of 2005-Q7 – 2005-Q7错误解析.pdf
2006 CFA Level III Examination Morning Section – Essay
2006 CFA Level III Examination Morning Section – Essay answer
2007 CFA Level III Examination Morning Section – Essay
2007 CFA Level III Examination Morning Section – Essay answer

内容示例：

QUESTION 22 HAS THREE PARTS FOR A TOTAL OF 28 MINUTES

Hugh Donovan is chief financial officer of LightSpeed Connections (LSC), a rapidly growing U.S. technology
company. The company provides a traditional defined benefit pension plan. Because of LSC’s young
workforce, Donovan believes the pension plan has no liquidity needs and can therefore invest aggressively to
maximize pension assets. He also believes that Treasury bills and bonds, yielding 5.4 percent and 6.1 percent
respectively, have no place in a portfolio with such a long time horizon. Therefore, his strategy is to invest the
portfolio as follows:

– 50 percent in a concentrated pool (15 to 20 stocks) of initial public offerings (IPOs) in technology and
internet companies, managed internally by Donovan
– 25 percent in a small-capitalization growth fund
– 10 percent in a venture capital fund
– 10 percent in an S&P 500 index fund
– 5 percent in an international equity fund

Donovan has produced excellent returns utilizing this strategy for the past two years.

A. Evaluate Donovan’s investment strategy with respect to its effect on each of the following:

i. LSC’s pension plan beneficiaries
ii. Managing pension assets in relation to LSC’s corporate strength

Eileen Jeffries, LSC’s president, notes the strong returns of the plan but believes LSC needs a formal
investment policy statement (IPS). Working with the Investment Committee, Jeffries writes the following IPS:

“The LSC Pension Plan’s return objective should focus on real total returns that will fund its long-term
obligations on an inflation-adjusted basis. The “time to maturity” of the corporate workforce is a key
element for any defined pension plan; given our young workforce, LSC’s Plan has a long investment
horizon and more time available for wealth compounding to occur. Therefore the Plan can pursue an
aggressive investment course and focus on the higher return potential of capital growth. Under present
U.S. tax laws, pension plan portfolio income and capital gains are not taxed. The portfolio should focus
primarily on investments in businesses directly related to our main business to leverage our knowledge
base.”

QUESTION 23 HAS TWO PARTS FOR A TOTAL OF 21 MINUTES

Susan Leighton, treasurer for Donner Life Insurance, a U.S. based company, has just joined the board of a
charitable organization that has a large endowment portfolio. She is researching how the investment policy for
an endowment is different from that of life insurance companies.

She has reached the following conclusions:

1. Both endowments and life insurance companies have aggressive return requirements.
2. Endowments are less willing to assume risk than life insurance companies because of donor concerns about
volatility and loss of principal.
3. Endowments are less able to assume risk than life insurance companies because of expectations that
endowments should provide stable funding for charitable operations.
4. Endowments have lower liquidity requirements than life insurance companies because endowment spending
needs are met through a combination of current income and capital appreciation.
5. Both endowments and life insurance companies are subject to stringent legal and regulatory oversight.

A. Indicate whether each of Leighton’s statements is correct or incorrect. If incorrect, justify your
response by citing one reason.

Answer Question 23-A in the Template provided on pages 13 and 14.

LEVEL III, QUESTION 22

Topic: Portfolio Management / Asset Valuation
Minutes: 28

Reading References:
1. “Determination of Portfolio Policies: Institutional Investors,” Ch. 4, Keith P.
Ambachtsheer, John L. Maginn, and Jay Vawter, Managing Investment Portfolios: A
Dynamic Process, 2nd edition, John L. Maginn and Donald L. Tuttle, eds. (Warren,
Gorham & Lamont, 1990)
2. “Pension Investing and Corporate Risk Management,” Robert A. Haugen, Managing
Institutional Assets, Frank J. Fabozzi, ed. (Harper Collins, 1990)
3. “Twenty Years of International Equity Investing,” Richard O. Michaud, Gary L.
Bergstrom, Ronald D. Frashure, and Brian K. Wolahan, The Journal of Portfolio
Management (Institutional Investor, Fall 1996)

CFA三级考试真题及答案（2008年）下载

The following are representative of questions on the 2008 Level III exam, Morning
Session. These questions and guideline answers illustrate how each topic area was
tested on the 2008 Level III exam. For grading purposes, the maximum point value
for each question is equal to the number of minutes allocated to that question.

Question Topic Minutes

1 Portfolio Management – Individual 36
2 Portfolio Management – Individual/Behavioral 9
3 Portfolio Management – Institutional 36
4 Portfolio Management – Asset Allocation 17
5 Portfolio Management – Fixed Income Investments 13
6 Portfolio Management – Alternative Investments 11
7 Portfolio Management – Risk Management 17
8 Portfolio Management – Execution of Portfolio Decisions 14
9 Portfolio Management – Monitoring and Rebalancing 9
10 Portfolio Management – Performance Evaluation 9
11 Portfolio Management – Global Context 9

Total: 180

QUESTION 1 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 36 MINUTES.

Roberto and Mariana Carvalho live in a large city in Brazil with their two children, ages four and
two. Roberto is 30 years old and Mariana will be 30 years old later this month. Roberto is a
manager in a manufacturing facility and Mariana is a musician in the local symphony orchestra.

Roberto and Mariana’s annual salaries total 120,000 Brazilian reais (BRL) after tax. Their
salaries just cover their living expenses. The average annual inflation rate is four percent and
their salaries and expenses are expected to increase at this rate. They are healthy and believe
their jobs and earning potential are secure. The Carvalhos’ salaries, dividends, and interest are
taxed at 20 percent, and capital gains at 15 percent.

Mariana’s parents have significant wealth and funded an irrevocable personal trust for her.
Brazil has a wealth transfer tax that applies to transfers into trusts and to inheritances. Brazil has
adopted the Prudent Investor Rule for the administration of trusts. The current value of the trust
is BRL 1,500,000. The terms of the trust state that when Mariana reaches the age of 30, she will
receive a tax-free distribution of half the value of the trust. The balance of the trust will remain
invested and will distribute in total to her when she reaches age 40. Since she does not have
access to the remaining balance for ten years, this balance is not considered a part of the
Carvalhos’ investable assets, but is part of their total net worth. In addition, Mariana expects to
inherit a substantial sum of money upon the death of both parents.

The Carvalhos have BRL 500,000 in investable assets, currently all in short-term bank deposits.
It is their intention to maintain at least this amount in investable assets, on an inflation-adjusted
basis, in the future.
The Carvalhos currently live with Mariana’s parents, but are now purchasing a home. The
purchase price of the home is BRL 850,000. The down payment is 30 percent of the cost of the
home and will be funded from the trust distribution. The Carvalhos will take out a fixed rate
mortgage for the balance of the purchase price. The after-tax mortgage cost will be fixed at
BRL 55,000 (principal and interest) annually for 30 years, with the first annual payment due one
year from now.

The Carvalhos’ immediate investment goal is to have their investment portfolio cover the cost of
the mortgage, while maintaining the portfolio’s inflation-adjusted value. They plan to retire at
the age of 60 and their long-term goal is to have an investment portfolio that will provide an
annual income comparable to their current salaries adjusted by inflation. Their family health
insurance is provided by Roberto’s employer, both now and in retirement. They are hopeful
their two children will attend the local university at no cost. The university does not charge
tuition fees for qualified students who pass its entrance exam. Those who do not pass the exam
are required to pay full tuition, which is high relative to the Carvalhos’ living expenses.

In order to meet their investment goals, the Carvalhos realize they need to consider investments
other than short-term bank deposits. The Carvalhos hire Luiz Oliveira, CFA, to manage an
investment portfolio that they will fund with their BRL 500,000 in bank deposits and the net
proceeds of Mariana’s trust distribution at age 30.

CFA三级考试真题及答案（2009年）下载

QUESTION 1 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 26 MINUTES.

Patricia and Alexander Tracy, both age 59, are residents of Canada. They have twin sons who
will enter a four-year university program in one year. Patricia is a long-time employee of a
telecommunications company. Alexander is a self-employed sales consultant.

Alexander’s annual income is now steady after years of extreme highs and lows. The Tracys
have built an investment portfolio through saving in Alexander’s high income years. The
Tracys’ current annual income is equal to their total expenses; as a result, they cannot add to
savings currently. They expect that both their expenses and income will grow at the inflation
rate. All medical costs, now and in the future, are fully covered through government programs.

The Tracys worry about whether they have saved enough for retirement, and whether they will
be able to maintain the real value of their portfolio. Inflation is expected to average 4% for the
foreseeable future.

The Tracys have approached Darren Briscoe to help them analyze their investment strategy and
retirement choices. The Tracys disagree about the appropriate investment strategy. Patricia
prefers not losing money over making a high return. This is partly a result of continuing regret
for a loss experienced in an equity mutual fund several years ago. Alexander’s history of making
frequent changes in their portfolio greatly annoyed Patricia. She thinks Alexander focused only
on potential return and paid little attention to risk.

The Tracys currently have all their assets in inflation-indexed, short-term bonds that are expected
to continue to earn a return that would match the inflation rate after taxes. After retirement, they
are willing to consider changing their investment strategy if necessary to maintain their lifestyle.

The Tracys are eligible to retire next year at age 60. If they do, Patricia will receive annual
payments from her company’s defined-benefit pension plan and both Patricia and Alexander will
receive payments from the Canadian government pension plan. Alexander does not participate
in any company or individual retirement plan. Briscoe has compiled financial data and market
expectations for the Tracys’ retirement, shown in Exhibit 1. Currently, Briscoe estimates that the
Tracys’ investment portfolio will grow to 1,100,000 Canadian dollars (CAD) by their retirement
date next year.

Pension income from both Patricia’s company plan and the government pension plan is fully
indexed for inflation. Briscoe expects a tax rate of 20% to apply to the Tracys’ withdrawals from
the investment account. The Tracys expect to earn no employment income after retirement. The
Tracys’ residence is not considered part of their investable assets.

The Tracys have the option to delay retirement until age 65. The Tracys intend to retire together,
whether it is in 2010 at age 60 or in 2015 at age 65.

Briscoe determines that if the Tracys retire at age 60, their risk tolerance is below average. If
they retire at age 60, they plan to pay off their mortgage and associated taxes by withdrawing
CAD 100,000 from their portfolio upon retirement.

Another consideration for the Tracys relates to funding university expenses for their sons. If the
Tracys retire at age 60, each son will receive a scholarship available to retiree families from
Patricia’s company that will cover all university costs.

If the Tracys retire at age 65, all pension income would increase and would almost meet their
annual spending needs. If they retire at age 65, the Tracys would pay all university expenses
from their investment portfolio through an arrangement with the university. The arrangement,
covering both sons, would require the Tracys to make a single payment of CAD 200,000 at age
60.

2010年CFA注册金融分析师三级总复习讲义（PDF版）-PDF56页

2010 level 3 schwesers secret sauce

STUDY SESSION 1 – ETHICAL AND PROFESSIONAL STANDARDS
CFA INSTITUTE CODE OF ETHICS AND STANDARDS OF PROFESSIONAL
CONDUCT
Cross-Reference to CFA Institute Assigned Readings #1 & 2
Ethics will be tested in two selected resp9nse item sets. The distracters (incorrect
choices) will all appear indistinguishable unless you have learned to think in the
spirit of the Code and Standards. The best way to do this is through the practice
questions contained in the Handbook and Book 1 of the SchweserNotesTM.
As you read this material, keep in mind that it is assumed you have already
read/studied the Code and Standards and our coverage in the SchweserNotes. As
such, this material represents a downsizing of the material in our SchweserNotes
without the LOS, concept checkers, applications (examples), and cases. Given
a familiarity with the Code and Standards, this critical core of the Code and
Standards should be all you need for that last push before the exam.
Code ofEthics
Members ofCFA Institute, including Chartered Financial Analyst® (CFA®)
charterholders, and Candidates for the CFA designation (~’Members and
Candidates") must: 1
Act with integrity, competence, diligence, 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.

I Study Sessions 1 & 2
Ethics
r
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 of, and uphold the rules governing, capital markets.
Maintain and improve their professional competence and strive to maintain and
improve the competence ofother investment professionals.
GUIDANCE FOR STANDARDS I-VII
I. Professionalism
I(A). Knowledge of the Law. Members must understand and comply with
laws, rules, regulations, and Code and Standards of any authority governing their
activities. In the event of a conflict, follow the more strict law, rule, or regulation.
Guidance
Members must know the laws and regulations relating to dteir professional
activities in all countries in which they conduct business. Do not violate Code or
Standards even if the activity is otherwise legal. Always adhere to the most strict
rules and requirements (law or CPA Institute Standards) that apply.
Dissociate from any ongoing client or employee activity that is illegal or unethical,
even if it involves leaving an employer (an extreme case). While a Member
may confront the involved individual first, he must approach his supervisor or
compliance department. Inaction with continued association may be construed as
knowing participation.

Recommended Procedures for Compliance
Members should keep up with changes in applicable laws, rules, and regulations:
Review compliance procedures on an ongoing basis to assure that they address
cutrent law, CPAl Standards, and regulations.
Maintain current reference materials.
Seek advice of counsel or compliance department when in doubt.
Document any violations when they disassociate themselves from prohibited
activity and encourage employers to bring an end to such activities.
There is no requirement under the Standards to report violations to
governmental authorities, but this may be advisable in some circumstances and
required by law in others.

Members should encourage their firms to:
Develop and/or adopt a code ofethics~
Make information available that highlights applicable laws and regulations.
Establish written procedures for reporting suspected violations.
I(B). Independence and Objectivity. Use reasonable care to exercise
independence and objectivityin professional activities. Do not offer, solicit, or
accept any gift, benefit, compensation, or consideration that would compromise
independence and objectivity.
Guidance
Do not let the investment process be influenced by any external sources. Modest
.gifts are permitted. Allocation of shares in oversubscribed IPOs to personal
accounts is NOT permitted. Distinguish between gifts from clients and gifts from
entities seeking influence to the detriment of any client. Gifts must be disclosed to
the Member’s employer in any case.

2010年CFA一级NOTES及培训资料

包括：

18个STUDY SESSION

book1：Ethical and professional standards and quantitative methods PDF电子版
book2：economics PDF电子版
book3：financial reporting and analysis PDF电子版
book4：corporate finance,portfolio management,and equity investments PDF电子版
book5：fixed income,derivatives,and alternative investments PDF电子版

STUDY SESSION 18
ALTERNATIVE INVESTMENTS

Reading 14: Efficiency and Equity
The candidate should be able to:
a. explain the various means of markets to allocate resources, describe marginal
benefit and marginal cost, and demonstrate why the efficient quantity occurs
when marginal benefit equals marginal cost;
b. distinguish between the price and the value of a product and explain the
demand curve and consumer surplus;
c. distinguish between the cost and the price of a product and explain the supply
curve and producer surplus;
d. discuss the relationship between consumer surplus, producer surplus, and
equilibrium;
e. explain 1) how efficient markets ensure optimal resource utilization and 2) the
obstacles to efficiency and the resulting underproduction or overproduction,
including the concept of deadweight loss;
f. explain the two groups of ideas about the fairness principle (utilitarianism and
the symmetry principle) and discuss the relation between fairness and efficiency.
Reading 15: Markets in Action
The candidate should be able to:
a. explain market equilibrium, distinguish between long-term and short-term
effects of outside shocks, and describe the effects of rent ceilings on the
existence of black markets in the housing sector and on the market’s efficiency;
b. describe labor market equilibrium and explain the effects and inefficiencies of a
minimum wage above the equilibrium wage;
c. explain the impact of taxes on supply, demand, and market equilibrium, and
describe tax incidence and its relation to demand and supply elasticity;
d. discuss the impact of subsidies, quotas, and markets for illegal goods on
demand, supply, and market equilibrium.
Reading 16: Organizing Production
The candidate should be able to:
a. explain the types of opportunity cost and their relation to economic profit, and

calculate economic profit;
b. discuss a company’s constraints and their impact on achievability of maximum
profit;
c. differentiate between technological efficiency and economic efficiency and
calculate economic efficiency of various companies under different scenarios;
d. explain command systems and incentive systems to organize production, the
principal-agent problem, and measures a firm uses to reduce the principal-agent
problem;
e. describe the different types of business organization and the advantages and
disadvantages of each;
f. calculate and interpret the four-firm concentration ratio and the Herfindahl-
Hirschman Index and discuss the limitations of concentration measures;
g. explain why companies are often more efficient than markets in coordinating
economic activity.

Reading 17: Output and Costs
The candidate should be able to:
a. differentiate between short-run and long-run decision time frames;
b. describe and explain the relations among total product of labor, marginal
product of labor, and average product of labor, and describe increasing and
decreasing marginal returns;
c. distinguish among total cost (including both fixed cost and variable cost),
marginal cost, and average cost, and explain the relations among the various
cost curves;
d. explain the company’s production function, its properties of diminishing returns
and diminishing marginal product of capital, the relation between short-run and
long-run costs, and how economies and diseconomies of scale affect long-run
costs.

This study session first compares and contrasts the different market structures
in which companies operate. The market environment influences the price a
company can demand for its goods or services. The most important of these
market forms are monopoly and perfect competition, although monopolistic
competition and oligopoly are also covered.
The study session then introduces the macroeconomic concepts that have
an effect on all companies in the same environment, be it a country, a group
of related countries, or a particular industry. The study session concludes
by describing how an economy’s aggregate supply and aggregate demand
are determined.
READING ASSIGNMENTS
Reading 18 Perfect Competition
Economics, Eighth Edition, by Michael Parkin
Reading 19 Monopoly
Economics, Eighth Edition, by Michael Parkin
Reading 20 Monopolistic Competition and Oligopoly
Economics, Eighth Edition, by Michael Parkin
Reading 21 Markets for Factors of Production
Economics, Eighth Edition, by Michael Parkin
Reading 22 Monitoring Jobs and the Price Level
Economics, Eighth Edition, by Michael Parkin
Reading 23 Aggregate Supply and Aggregate Demand
Economics, Eighth Edition, by Michael Parkin
STUDY SESSION 5
ECONOMICS:
Market Structure and Macroeconomic Analysis

2011年CFA三级官网LOS合集PDF电子文档下载

2011年CFA三级官网LOS合集PDF电子文档

CFA 考试的所有题目都是根据Study Guide 的一个LOS 或者几个LOS 的综合， 是所有CFA 考试的复习指南。

The readings in this study session establish a framework for ethical conduct in
the investment profession. The principles and guidance presented in the
CFA Institute Standards of Practice Handbook (Handbook) form the basis for the
CFA Institute self-regulatory program to maintain the highest professional
standards among investment practitioners. A clear understanding of the CFA
Institute Code of Ethics and Standards of Professional Conduct (both found in the
Handbook) should allow practitioners to identify and appropriately resolve ethical
conflicts, leading to a reputation for integrity that benefits both the individual
and the profession. Material under “Guidance” in the Handbook addresses the
practical application of the Code and Standards. The guidance for each standard
reviews its purpose and scope, presents recommended procedures for
compliance, and provides examples of the standard in practice.
READING ASSIGNMENTS
Reading 1 Code of Ethics and Standards of Professional Conduct
Standards of Practice Handbook, Tenth Edition
Reading 2 Guidance for Standards I-VII
Standards of Practice Handbook, Tenth Edition

STUDY SESSION 2
ETHICAL AND PROFESSIONAL
STANDARDS IN PRACTICE

Using examples and case studies, the readings in this study session
demonstrate the use of the CFA Institute Code of Ethics and Standards of
Professional Conduct as a body of principles for ethical reasoning and decision
making. The readings serve as effective aids in understanding and internalizing
the values and standards presented in the CFA Institute Standards of Practice
Handbook. By applying the Code and Standards to case study conflicts, the
candidate will gain experience identifying and explaining fundamental principles
of conduct that serve as the basis for dealing with real world challenges.
The Asset Manager Code of Professional Conduct uses the basic tenets of the
CFA Institute Code of Ethics and Standards of Professional Conduct to establish
ethical and professional standards for firms managing client assets. The Asset
Manager Code of Professional Conduct also extends the Code and Standards to
address investment management firm practices regarding trading, compliance,
security pricing, and disclosure.
READING ASSIGNMENTS
Reading 3 Ethics in Practice
Ethics in Practice, by Philip Lawton, CFA
Reading 4 The Consultant
Ethics Cases
Reading 5 Pearl Investment Management (A), (B), and (C)
Ethics Cases
Reading 6Asset Manager Code of Professional Conduct
STUDY SESSION 2
ETHICAL AND PROFESSIONAL
STANDARDS IN PRACTICE
2011 Level III CFA Program Curriculum © CFA Institute.
Study Session 2

LEARNING OUTCOMES
Reading 3: Ethics in Practice
The candidate should be able to:
a. summarize the ethical responsibilities required by each of the six provisions of the
Code of Ethics and the seven categories of the Standards of Professional Conduct;
b. interpret the Code of Ethics and Standards of Professional Conduct in situations
involving issues of professional integrity and formulate corrective actions where
appropriate.
Reading 4: The Consultant
The candidate should be able to:
a. evaluate professional conduct and formulate an appropriate response to actions
that violate the Code of Ethics and Standards of Professional Conduct;
b. prepare appropriate policy and procedural changes needed to assure compliance
with the Code of Ethics and Standards of Professional Conduct.
Reading 5: Pearl Investment Management (A), (B), and (C)
The candidate should be able to:
a. evaluate professional conduct and formulate an appropriate response to actions
that violate the Code of Ethics and Standards of Professional Conduct;
b. prepare appropriate policy and procedural changes needed to assure compliance
with the Code of Ethics and Standards of Professional Conduct.
Reading 6: Asset Manager Code of Professional Conduct
The candidate should be able to:
a. summarize the ethical responsibilities required by the six components of the
Asset Manager Code;
b. interpret the Asset Manager Code in situations that present issues of compliance,
disclosure, or professional conduct;
c. recommend practices and procedures designed to prevent violations of the Asset
Manager Code.

注册金融分析师cfa二级课件打包下载

收集整理了一批注册金融分析师cfa二级课件，一批CFA培训班上的讲座讲义，包含以下课件：

二级整体框架分析&伦理.pdf

二级经济学.pdf

上海数量分析.pdf

上海组合管理.pdf

上海财务分析.pdf

上海企业理财.pdf

上海权益.pdf

上海Equity.pdf

二级Fixed Income.pdf

上海衍生证券分析.pdf

打包收费：280，单个收费：90

2009年11月（CFA）模拟题 – 2009 Level I Mock Exam: Afternoon Session

The afternoon session of the 2009 Level I Chartered Financial Analyst
Mock
Examination has 120 questions. To best simulate the exam day experience, candidates
are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes
(3 hours) for this session of the exam.

Questions Topic Minutes
1-18 Ethical and Professional Standards 27
19-32 Quantitative Methods 21
33-44 Economics 18
45-68 Financial Statement Analysis 36
69-78 Corporate Finance 15
79-90 Equity Investments 18
91-96 Derivative Investments 9
97-108 Fixed Income Investments 18