分类： 注册金融分析师（CFA）资格认证考试

2008年特许金融分析师（CFA）二级培训班讲义全部课程10个课件下载

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word版2008 特许金融分析师CFA Level 1 quick sheet公式、数据速查表

ETHICAL AND PROFESSIONAL STANDARDS

I.Professionalism
A)Knowledge of the Law.
B)Independence and Objectivity.
C)Misrepresentation.
D)Misconduct.
II.Integrity of Capital Markets
A)Material Nonpublic Information.
B)Market Manipulation.
C)Plagiarism: Don’t use others’ work without reference and permission.
III.Duties to Clients
A)Loyalty, Prudence, and Care.
B)Fair Dealing.
C)Suitability.
D)Performance of Presentation.
E)Preservation of Confidentiality.
IV.Duties to Employers
A)Loyalty.
B)Additional Compensation Arrangements.
C)Responsibilities of Supervisors.
V.Investment Analysis, Recommendations, and Action
A)Diligence and Reasonable Basis.
B)Communication with Clients and Prospective Clients.
C)Record Retention.
VI.Conflicts of Interest
A)Disclosure of Conflicts.
B)Priority of Transactions.
C)Referral Fees
VII.Responsibilities as a CFA Institute Member or CFA Candidate
A)Conduct as Members and Candidates in the CFA Program.
B)Reference to CFA Institute, the CFA designation, and the CFA Program.

2008 CFA Level 1 Schweser’s Secret Sauce – CFA一级秘籍

CFA Level 1 2008 Schweser QuickSheet影印版下载

critical concepts for exam success

CFA Level 1 2008考试重点概念汇总整理。

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

Questions 1 through 18 relate to Ethical and Professional Standards.

1. According to the Standards of Practice Handbook, which of the following statements
about fair dealing is least accurate? The Standard related to fair dealing:

A. states that members should treat all clients equally.
B. imposes a duty with respect to both clients and prospective clients.
C. pertains to both investment recommendations and investment actions.

Answer: A

“Guidance for Standards I-VII,” CFA Institute
2009 Modular Level I, Volume 1, pp. 53-58
Study Session 1-2-a
Demonstrate a thorough knowledge of the Code of Ethics and Standards of
Professional Conduct by applying the Code and Standards to situations involving
issues of professional integrity.

The Standard related to fair dealing states that all clients cannot be treated equally
because it is impossible to reach everyone simultaneously and each client has unique
needs and objectives.

2. An asset manager, a CFA charterholder, manages small-cap portfolios for
By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to
currently-registered CFA candidates. Candidates may view and print the exam for personal exam
preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal
action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying,
posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose.

institutional clients. The manager is convinced, given the deteriorating economic
conditions, that as a group, small-cap equities will underperform during the next 12-
24 months. To preserve her client’s wealth, the manager sells small-cap equities that
she considers most vulnerable to price declines. After considerable research, the
manager buys large-cap equities that she believes are better positioned to weather the
expected economic downturn. The manager provides complete disclosure of these
trades to her clients after the purchase. Has the manager violated any CFA Institute
Standards of Professional Conduct?

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

2009 Level I Mock Exam: Morning Session

The morning 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
By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to
currently-registered CFA candidates. Candidates may view and print the exam for personal exam
preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal
action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying,
posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose.

109-114 Alternative Investments 9
115-120 Portfolio Management 9
Total: 180

2009年11月（CFA）模拟题 – 2009 Level I Mock Exam: Morning Session ANSWERS AND REFERENCES

2009 Level I Mock Exam: Morning Session
ANSWERS AND REFERENCES

Questions 1 through 18 relate to Ethical and Professional Standards.

1. Which of the following is a key characteristic of the Global Investment
Performance Standards (GIPS)? The GIPS standards:

A. rely on the integrity of input data.
B. consist of required provisions for firms to follow to achieve best practice.
C. must be applied with the goal of achieving excellence in performance
presentation.

Answer: A

Global Investment Performance Standards (GIPS)
2009 Modular Level I, Volume 1, pp. 129-130
Study Session 1-4-a
Describe the key characteristics of the GIPS standards and the fundamentals of
compliance.

A key characteristic of the Standards is that the Standards rely on the integrity of
input data. The accuracy of input data is critical to the accuracy of the
performance presentation.

2. According to the Standards of Practice Handbook, a member who is an
By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to
currently-registered CFA candidates. Candidates may view and print the exam for personal exam
preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal
action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying,
investment manager is least likely to breach his duty to clients by:

A. disclosing confidential client information to the CFA Institute Professional
Conduct Program.
B. using client brokerage to purchase goods or services that are used in the
investment decision-making process.
C. consistently supporting management’s recommendations by voting with
management on proxies related to non-routine governance issues.

Answer: B

3. Carla Scott, CFA, is a portfolio manager for a company that manages investment
accounts for wealthy individuals. Scott has no beneficial interest in any of the
fee-paying accounts she manages, including her uncle’s account. When shares in
initial public offerings (IPOs) become available, Scott first allocates shares to all
her other clients for whom the investment is appropriate; only if shares are still
available does she purchase shares in her uncle’s account, if the issue is
appropriate for him. Scott provides each of her clients with full disclosure of her
allocation procedures and has received each client’s verbal consent to her
allocation procedures. According to the Standards of Practice Handbook, does

CFA Institude Soft dollar Standards reading 3～reading 4

INTRODUCTION
CFA Institute Soft Dollar Standards provide guidance to investment profession-
als worldwide through the articulation of high ethical standards for CFA
Institute Members dealing with “soft dollar” issues. CFA Institute Soft Dollar
Standards are consistent with and complement the existing CFA Institute
Standards of Professional Conduct that all CFA Institute Members and Candidates
in the CFA Program are required to follow.
The purposes of the Standards are to define “soft dollars,” identify what is
“allowable” research, establish standards for soft dollar use, create model disclo-
sure guidelines, and provide guidance for client-directed brokerage arrangements.
The Soft Dollar Standards are voluntary standards for Members. If a CFA
Institute Member claims compliance with the Standards, then certain of these
Standards are mandatory (i.e., they must be followed to claim compliance) and

others are recommended (i.e., they should be followed). CFA Institute strongly
encourages Members to adopt the required and recommended Standards. If the
Soft Dollar Standards are adopted, compliance will not supplant the responsibility
to comply with applicable law.
1 CFA Institute Members should comply at all times
with the relevant laws of the countries in which they do business. In situations in
which these Standards impose a higher degree of responsibility or disclosure than,
but do not conflict with, local law, the Member is held to the mandatory provi-
sions of these Standards.
BACKGROUND
In 1975, the U.S. Congress created a “safe harbor” under Section 28(e) of the
Securities and Exchange Act of 1934 to protect investment managers from claims
that they had breached their fiduciary duties by using their client commissions to
pay a higher commission to acquire investment research than they might have
paid for “execution” services. According to Securities and Exchange Commission
(SEC) Staff, the protection of Section 28(e) is available only for securities trans-
actions conducted on an agency basis.
2 Since that time, the soft dollar area has
undergone considerable expansion, both in terms of actual usage and the types
of products and services for which safe harbor protection is claimed. The com-
plexity of these practices, including technologically sophisticated research tools
and the existence of “mixed-use” products, has resulted in a fair amount of legit-
imate confusion surrounding the appropriate use of soft dollars.
CFA Institute seeks to provide ethical standards for CFA Institute Members
and those in the industry that engage in soft dollar practices and also emphasizes
the paramount duty of the investment manager, as a fiduciary, to place the inter-
ests of clients before those of the investment manager. In particular, the Soft Dol-
lar Standards focus on six key areas:
 Definitions—to enable all parties dealing with soft dollar practices to have a
common understanding of all of the different aspects of soft dollars.
 Research—to give clear guidance to investment managers on what prod-
ucts and services are appropriate for a manager to purchase with client
brokerage.

注册金融分析师（CFA）二级基础班讲义-Financial statement analysis

Reading 21 Analysis of Intercorporate Investments
Reading 22 Mergers, Acquisitions, and Other Intercorporate
Investments
Reading 23 Variable Interest Entities, Intercompany Debt,
Consolidated Cash Flow, and Other Issues
Reading 24 Pension and Other Postretirement Benefits

Reading 27 Accounting Shenanigans on the Cash Flow
Statement
Reading 28 Financial Reporting Quality: Red Flags and
Accounting Warning Signs
Reading 29 The Lessons We Learn
Reading 30 Analysis of Financial Statements: A Synthesis

Financial Statements Analysis
Reading 21: Analysis of Inter-corporate
Investments

This classification below only apply to debt or equity investment with
no significant influence (Ownership level < 20%)
Debt securities held-to-maturity:
are securities of which a company has the positive intent and
ability to hold to maturity.
This classification applies only to debt securities; it does not
apply to equity investments.
Debt and equity securities available-for-sale
may be sold to address the liquidity and other needs of a
company.
Debt and equity trading securities
are securities acquired for the purpose of selling them in the
near term