分类： 注册金融分析师（CFA）资格认证考试

Standards of Practice Handbook NINTH EDITION

Preface . v
CFA Institute Code of Ethics and
Standards of Professional Conduct . 1
Standard I: Professionalism
A. Knowledge of the Law 7
B. Independence and Objectivity . 15
C. Misrepresentation . 25
D. Misconduct 33
Standard II: Integrity of Capital Markets
A. Material Nonpublic Information . 37
B. Market Manipulation 49
Standard III: Duties to Clients
A. Loyalty, Prudence, and Care 53
B. Fair Dealing. . 61
C. Suitability. . 69
D. Performance Presentation. 75
E. Preservation of Confidentiality. 79
Standard IV: Duties to Employers
A. Loyalty. . 83
B. Additional Compensation Arrangements 91
C. Responsibilities of Supervisors . 93
Standard V: Investment Analysis, Recommendations, and Actions
A. Diligence and Reasonable Basis 99
B. Communication with Clients and Prospective Clients . 105
C. Record Retention 111
Standard VI: Conflicts of Interest
A. Disclosure of Conflicts 113
B. Priority of Transactions. . 121
C. Referral Fees 127
Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
A. Conduct as Members and Candidates in the CFA Program. 131
B. Reference to CFA Institute, the CFA Designation, and the
CFA Program . 135
CFA Institute Standards of Practice Exam. 143
Index 159

It is critical that research analysts adhere to strict standards of conduct that
overn how the research is to be conducted and what disclosures must be made
the report. Analysts must engage in thorough, independent, and unbiased
nalysis and must fully disclose potential conflicts, including the nature of their
ompensation. Otherwise, analysts risk misleading investors by becoming an
xtension of an issuer’s public relations department while appearing to produce
ndependent” analysis.
Investors need clear, credible, and thorough information about companies
nd research based on independent thought. At a minimum, research should
clude a thorough analysis of the company’s financial statements based on
ublicly disclosed information, benchmarking within a peer group, and industry
nalysis. Analysts must exercise diligence, independence, and thoroughness in
onducting their research in an objective manner. Analysts must distinguish
etween fact and opinion in their reports. Conclusions must have a reasonable
nd adequate basis, and must be supported by appropriate research.
Analysts must also strictly limit the type of compensation that they accept for
onducting research. Otherwise, the content and conclusions of the reports could
asonably be expected to be determined or affected by compensation from the
onsoring companies. This compensation can be as direct, such as payment based

CFA二级soft dollar & Ros参考word版本

CFA Level 2 mock 21 questions and Answers～mock 26

2009年CFA一级原版书题目汇总扫描文件下载

PRACTICE 09_CFA_level_1 Book1 Ethical Professional standards and Quantitative Methods.pdf、PRACTICE 09_CFA_level_1 Book1 Total.pdf、PRACTICE 09_CFA_level_1 Book2 Economics.pdf、PRACTICE 09_CFA_level_1 Book3 Financial Reporting And Analysis.pdf、PRACTICE 09_CFA_level_1 Book4 Corporate Finance and Portfolio Management.pdf、PRACTICE 09_CFA_level_1 Book5 Equity and Fix Income.pdf、PRACTICE 09_CFA_level_1 Book6 Derivatives and Alternative Investments.pdf等7个影印扫描文件

CFA注册金融分析师三级培训SS3、SS6、SS7习题.pdf下载

QUESTION 3 HAS ONE PART FOR A TOTAL OF 12 MINUTES.
John Nultione was recently hired as a portfolio manager with Equity Advisors (EA). As part of
his responsibilities, Nultione prepares market forecasts for the firm’s chief investment officer,
Walt Hyatt. The U.S. equity market declined by 20 percent last year. After constructing a model
of factors affecting the market, Nultione becomes convinced that U.S. market returns will be
13.47 percent for the first half of this year followed by an 11.21 percent return for the second
half of this year.
Nultione remembers similar conditions several years ago when his forecast was too pessimistic
and he missed a significant buying opportunity. He does not want to miss another market low.
Nultione proposes a large increase in EA’s portfolio allocation to U.S. equities, which will move
his position from underweight to overweight. By contrast, Hyatt believes the recent downward
trend in the market will continue, and any gains from restructuring EA’s portfolio allocation
would not be worth the risk of relative underperformance.
After preparing his forecast, Nultione reads reports by several respected analysts, including
Harinder Singh. Nultione disagrees with Singh’s forecast of a continued decline in the market.
Hyatt, however, attended a conference where Singh presented his market forecast. Hyatt found
Singh’s analysis convincing and agreed with his forecast. Nultione points out that since the
conference, several key variables in Singh’s analysis have changed. Despite this evidence, Hyatt
remains convinced that Singh’s forecast is correct.
Hyatt believes that Nultione’s proposed portfolio allocation could result in a significant
underperformance of EA’s portfolio compared to its peers. Hyatt believes such
underperformance could harm his own position at the firm. As a result, Hyatt asks Nultione to
review the work of the top 20 equity analysts and reassess his forecast. Nultione presents his
review of the 20 analysts to Hyatt, focusing on the views of three analysts who agree with
Nultione’s optimistic market view.
For each Nultione and Hyatt:
i. Identify two psychological traps they have fallen into.
ii. Justify your position by stating evidence from the information provided.
Note: Four different psychological traps must be identified.
Answer Question 3 in the Template provided on page 23.

QUESTION 10 HAS THREE PARTS (A, B, C) FOR A TOTAL OF 19 MINUTES.
Greta Steiner, an analyst at Shopond Research, has been asked to develop an estimate of the
aggregate operating profit margin for the companies in the S&P 500 Index. She is using the S&P
500 as a representation of the overall U.S. economy. Steiner first reviews the U.S. economic
data presented in Exhibit 1. She notes that U.S. firms cannot raise prices to fully compensate for
inflation because of the current elasticity of demand.

CFA三级基础班讲义SS11-12 Equity Investments & SS13 Alternative Investments–pdf下载

1. The role of the equity portfolio
Equities are a substantial portion of the investment universe, and US
equity typically constitutes about half of the world equities.
In the US, institutional investors hold about 60 % of their portfolio in
equities. In Europe, the percentage is closer to 20%.
US and in other countries indicates that equities have been a good inflation
hedge.
There are some important qualifiers, however.
First, because corporate income and capital gains tax rates are not
indexed to inflation, inflation can reduce the stock investor’s return,
unless this effect was priced into the stock when the investor bought it.
Second, the ability of an individual stock to hedge inflation will depend
on its industry and competitive position. The greater the competition,
the less likely the firm will be able to pass inflation on to its consumers,
and its stock will be a less effective hedge·
Examined the historical record in 17 countries from 1900—2005, equities
have had consistently positive real returns. Equities have also had higher
real returns than bonds in all 17 countries.

3. Passive equity investing
Index vs. weighting
There are 3 weighting choices:
Price weighted;
Value weighted; and
Equal weighted.
Price weighted
Each stock in the index is weighted according to its absolute share
price;
The performance of index represents the performance of a portfolio
that simply bought and held one share of each index component.
It is biased towards the highest-priced share.

3. Passive equity investing
Value weighted
Each stock is weighted according to its market cap;
the performance of a portfolio that owns all the outstanding shares of
each index component.
Float-weighted
Involves adjustment of market cap weights for each issue’s
floating supply of shares – the shares outstanding that are
actually available to investors;
The performance of portfolio that busy and holds all the shares of
index component available for trading;
It’s the gold benchmark;
It is biased towards the shares with the largest market capitalizations,
large and mature companies or overvalued companies.
A value weighted index may be:
Concentrated on relatively few issues and;
Less diversified

CFA三级基础班Asset Allocation–pdf下载

Framework of Reading 26 Asset
Allocation
1. 资产分配种类
2. 资产分配的重要性
3. 资产分配的分类
4. 资产分配过程—确定投资目标
5. 资产分配的具体方法–均值-方差法
6. Selected extensions to MV Approach
7. 资产分配的具体方法–重新抽样有效边界法
8. 资产分配的具体方法– Black-Litterman法
9. Strategic allocation
10.Tactical asset allocation

资产分配种类
战略性资产分配（Strategic Asset Allocation）
战略性资产分配是从资本市场预期出发，在综合投资者投资目标、投资偏好和
投资限制后，根据投资者负债特性，依据收益/风险最大化原则（Efficient
Frontier）所产生的投资资产在不同投资品种上的分配。战略性资产分配所制
定的是长期资产分配目标，是静态的管理分配
其次是战术性资产分配（Tactic Asset Allocation）
战术性资产分配是指在战略性资产分配的范围内，根据现实市场收益/风险情
况以及负债现金流所作出的中短期资金分配。战术性资产分配是基于短期资本
市场预期所作出的不同于战略性资产的分配，是动态的分配管理
其三则是证券选择（Security Selection）
战略性资产分配层面包括资产负债匹配管理、制定公司中长期投资策略、资产
分配策略和风险控制策略；战术性资产分配层面具体涉及到每个帐户的投资组
合管理；证券选择层面包括对具体投资品种的研究和操作，涉及到银行存款、
债券、基金和回购。阶段性的战略性资产审阅、持续的战术性资产分配和相应
的证券选择就组成了资产组合分配完整而动态的循环

资产分配的重要性
1. To provide discipline, that is, to maintain focus on objectives
and constraints.
2. Well established empirically.
One study shows that 94 % of the variability of total portfolio
returns is explained by the strategic asset allocation .
Another study shows that more than 100% of the long-term
performance of a portfolio is explained by its strategic asset
allocation .
These results suggest that the returns to market timing and
security selection ( tactical allocation ) are minimal at best
and at worst insufficient to cover the associated operating
expenses and trading costs .

CFA三级基础班Execution of Portfolio Decisions：Monitoring and Rebalancing–pdf下载

Framework of Reading 45
1. The Context of Trading: Market Microstructure
2. Quote-Driven (dealer) Market
3. Order-Driven Market
4. Brokered Markets
5. Roles of Brokers and Dealers
6. Market Quality
7. Execution Cost
8. WWAP VS. Implementation Shortfall
9. Pre-trade Analysis: Econometric Models For Costs
10. Types of Traders and Their Preferred Order Types
11. Algorithmic Trading
12. Serve The Clients’ Interests-Best Execution

The Context of Trading: Market
Microstructure—Orders
Market-not-held order
Participate (do not initiate) order
Best efforts order
Undisclosed limit (reserve/hidden) order
Market on open/close order

Roles of Brokers and Dealers
1. Represent the order
2. Find the opposite side of a trade
3. Supply market information
4. Provide discretion and secrecy
5. Provide other supporting investment services
6. Support the market mechanism

Market Quality
Liquidity
Small bid ask spread
Market Depth
Resilience
Many buyers and sellers
Diversity of opinions, information and needs
Convenience
Market integrity
Transparent
Information availability to investors; pre-trade and post-trade
Assurity of Completion
The counterparty will uphold their side of the trade agreement