2018骞6CFA涓绾э舵澶瑙

CFA涓绾ц璇CFA翠釜涓涓骇璇虹锛璇娑虹ヨ瀹藉害甯稿箍锛濡CFA涓绾хヨ濂斤瀵逛杩浜绾с涓绾ц璇锋甯搁瑕浣ㄣ

浠ュ箍澶ц瑕瀵CFA涓绾ц璇浠ラ瑙锛搴规韩涓涓虹璇跺瀛璁″姣ㄧ害1015灏讹辩害18ㄣ

CFA璇棰惧害涓哄冲锛灏ゅ舵涓娆″CFA璇锛濂藉瓒冲澶借澶涔璺

瀵2018骞6浠CFA涓绾ц璇锛涓婚〉寸浜涓浠藉璁″

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瀛锛瀵圭ヨ规ユˉ缂猴瀹ㄦ娉瑙ｇ寮鸿璁板

瀹瑰缓璁釜绾у6涓宸锛虹涓澶堕翠涓锛瀹圭璁″ㄧ骞冲杩涓涓骇璇辫垂堕存4骞淬

蹇垫ヨ12CFA涓绾ф⒊杩锛跺ヨ6璇锛ヨCFA涓绾э杩锋蹇2骞村杩3涓骇璇

CFA璇剧锛浣瑕瀛寰澶绉渚濡涓寰峰涓涓璐㈠″璧缁绠＄锛浠ュ绉瀹绌舵规绛

杩浜芥瀹戒浣瑙瑙锛娌瑰~

涓缁CFA璇惧害澶寤鸿

CFA璇绾у璇褰㈠

CFA璇涓LevelLevel ″Level 涓舵锛蹇椤婚杩涓舵藉娆′舵璇涓涓舵璇堕翠负6涓讹涓涓3灏躲

CFA涓绾ц璇锛240￠╅(棰)锛娉ㄩ宸ュ峰浜т及煎ラㄥ璇哥宸э涓昏瀵瀵规璧璇浼板绠＄归㈢宸ュ峰虹姒蹇;

CFA浜绾ц璇锛芥瑙棰锛120￠╅(涓涓10涓case锛姣釜case)锛娉ㄩ璧浜т及硷冲伐峰烘搴(濡缁浼璁″板煎绛)锛涓昏瀵璧浜ц浼扮藉;

CFA涓绾ц璇锛涓涓哄锛涓涓哄瑙棰锛娉ㄩ璇哥ㄦ冲宸ュ蜂稿瀹哥绛ワ涓昏娣卞ヨ瀵璧缁绠＄璧浜у藉

CFA绉涓璧艰璇锛瀹涓轰涓骇 level level level 瀹炬绋搴澧锛涓涓涓涓(稿崇虹)辨姘村钩(抽辫璇昏藉)扮涓瀹崇郴

CFA璇瀵规板瑕姹

CFA璇瀵规板瑕姹涓瓒杩颁锛涓昏缁璁＄ヨ锛娑版娴绠锛浣浼娑寰Н绛楂绾хヨ

界舵璐㈠＄绉浣储＄镐浼腑界CPA璇ｆ烽ｄ撅ｄ璁╀汉浠搞

CFA璇灏辨瀵瑰¤藉娴楠锛璇寰磋锛璇剧璁剧疆涔寰寸斤淇锛瀹℃璧稿炽

CFA璇瀵硅辫瑕姹

CFA瀵硅辫镐涓撅烘辫4绾ф按骞冲氨浠ラ『╄棰锛骞朵3绾ч舵IPS璧ュ缂充娇璇璇煎璇涓浼ｅ锛涓昏抽璧圭锛濡椋╂垮绋搴璧骞撮椋╄裤绋惰绛绛锛涓涓虹ヨCFA瑕姹锛朵ヨ涓

ㄩ涔涓瀛ㄦ澶涓昏锛涓璇锛杩浜涓涓璇锛芥圭缈昏锛圭瑙ｃ

CFA璇瑰瀹

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涓瀹锛¤储℃ヨ〃锛㈤锛ｇ锛ゅ哄剁璧锛ヨ℃锛璧缁绠＄锛т涓锛ㄨ宸ュ凤╁朵璧烘锛绗舵锛Level I锛璇瀹逛互璧宸ュ蜂负涓昏酱锛绗舵锛Level II锛浠ヨ浜ц浼帮璇稿锛绗舵璇锛Level III锛浠ユ璧缁绠＄璧浜у涓鸿璇广

ヨ瑰扮浜

跺瀛堕磋搴〃骞朵弗兼ц杩琛瀛澶涔锛 CFA 璇澶杩绋楠锛寤鸿涓ユ兼у跺瀛璁″杩琛瀛澶涔

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ㄨ瀛瀹涓 Study Notes 瀛搴规韩靛 LOS 瑕姹锛惧鸿璇瑕广剧癸涓荤淬姣釜 Study session 瀛瀹归芥浣绯伙绉琛澶涔锛荤绉璁恒缁搁鹃ㄦ繁ョ瑙ｅ绉ヨ圭虹涓锛灏翠釜ヨ浣绯昏浼璐锛ㄩ㈡с＄с昏у版ヨ瑕广

浣涓

浠璇瀹规ョ锛FSA, Equity,Corporate Finance 浠ュ Fixed Income 杈澶锛搴渚ч瀛FSA ㄥㄥ璇涓寮鸿瀵逛 accounting method 瑙ｏ朵腑 LIFO,FIFO 瀵规锛Revenue recognition瑰浣跨ㄨ达瀵 Financial ratio 褰卞Operating/Capital lease 璐㈠℃瀵规绛瀹规勾蹇FSA ㄥ CFA璇杩抽濡堕村绮惧锛寤鸿浠ㄥ寮濮Corporate Finance ㄥ涔杩绋涓变ヨ硅涓鸿璐CFA 涓绾ц璇姣杈瀹规垮ㄥ锛寤鸿㈠烘 WACC,DDM,CAPM 绛ヨ癸淇璇璇剁绛棰姝ｇ‘

绗涓

寮濮璁ょㄥ灏辨FSA锛FSA骞磋璇涓锛鸿璇120棰㈡34棰FSA朵腑LIFO,FIFO存癸朵涓浜逛藉ぇ澶杈хｅ涓ヨ癸姣濡绉涓revenue recognition瑰ㄧ达瀵瑰绉ratio褰卞锛capitalizeexpense瀵ratio褰卞锛operting leasecapital lease奖浠涔锛Cash flow杩绠浠ヤ负寰瑕锛瀹扮涓澶

浠ョ烘ュ璇甯告敞瀵逛浜涓accounting method瑙ｏ涓哄ぇㄥ芥娣卞ユ蹇碉ratiochange寤鸿涓method瀵逛balance sheet㈡版ratio褰卞璁板伴甯哥缁绋搴涓鸿璇堕存锛涓璇跺芥瀵肩锛杩ㄥ涓ラ瓒讹涓涓鸿璁板涓瀵肩杩绋缁锛浠ュ棰灏卞揩浜璁稿

澶澶涔跺涓烘堕村崇郴锛互涓烘版病濂藉ソdefered tax锛off-balance-sheet杩涓瑕LOS锛杩娆¤寰寰澶锛璁╂杩芥涓哄ㄨㄥ辩堕村锛颁70%浠ヤFSAlevel 1 pass抽瑕杩涓戒70% pass轰灏卞澶э涔娓鸿浠ュ绮惧堕存锛寤鸿浠ㄥ寮濮

绗涓

corporate finance,equity杩ㄥ版癸浣炕浜涓涓瑙寰ヨ归芥杈绠锛涓甯歌璐杈瀹规垮浜涓虹浜涓癸姝诲藉扮ｄWACC, dividend discount model锛CAPM锛绠棰涔澶绠锛淇璇姝ｇ‘锛璇跺惰颁灏锛杩NPV, IRR姣杈锛涔勾蹇濡涓ゅㄦ堕村澶CFA锛ｄ涓瀹瑕DDM锛椤哄甫return on equity, retention rateｅ涓price multiplier杩涓逛覆锛璧锋ュ揩锛归瑕锛棰纭楂

涓涔涓ゅㄩ宸澶涓ㄦ堕村ㄨ涓ゅ瀹逛FSA涓4涓study session锛15涓锛corportate financeequity涓3涓study session锛杩20涓烘甯搁搴璇ュ樊涓澶芥涓剁涓涓锛涓跺姣釜灏㈢缁涔棰锛骞朵ㄥ璁板澶х害涓澶╁6涓锛涓ゆ璇伙骞冲澶х害涓娆¤涓灏跺涔3涓娆FSA,涓娆corporate finance杩烽寮ョ瑙寰寮哄害澶х瀛濂藉锛浠澶╃扮锛ぉ瑕ㄥ帮涓涓涓瑙寮鸿蹇涓锛defered tax浠涔锛浠ュ娌℃瑙锛涓轰淇璇杩搴у㈤搴ワ氨娌℃濂姐浠ヨ瑕澶辩规堕村ㄤ

绗涓

Fixed income锛杩ㄥ澶辫锛璇互涓鸿繁浠ュ璧伴┈瑙辩杩涓灏辨涓浜锛缁姝ｈ跺寰寰宸ｉㄥ㈢缁涔棰芥病锛涓澶缁锛bondㄥduration锛yield瑕甯哥缁锛涓惰ㄥ绠棰瑕寰涔锛灏ゅ舵ご插跺涓璇跺充涓duration㈡娌℃杩璐灏辨充浜杩ㄥ搴璇ュ浜涓涓癸搴璇ュㄥ㈣辨堕村涔瑙寰寰锛涓虹ヨ归芥锛灏卞樊杩涔涓撮ㄤ锛浜棰㈢（㈢（氨

涓涓抽

ethics锛涓bottom line passethics缁╃锛绔椹绾ц锛寰锋уㄦ涓锛╃ㄦぉ楗跺璇伙璇讳涓や釜浠ご璇诲板熬锛姣涓渚界涓璇涓澶╂涓GIPScorporate governance涓锛杩涓瑰跺挎不璇锛や煎借娌℃规

derivativeㄥ涓浼寰撅涓浼浠棰锛姣濡strike price灏涔绫荤

quantitative娌℃浠涔澶瑕锛杩姘寰抽с姝ｅ璇杩洪剧锛涓棰借涓や釜广灏ゅ舵statsprobabilityㄥ锛璇涔缁涔浜寰澶hypothesis testing,杩ｄchi-square, t-distribution璁＄锛浣涓Z-testｅ涓critical value璁颁氨澶ㄥ涓浼澶剧杩绠浣戒规杈锛姣濡MADstandard derivative姣杈浠涔褰朵灏辨规点time valueㄥ搴璇ヨ绠锛涓烘绔濡杩涓涓缁㈢asset valuation涔娌℃锛绠financial calculator烘с烘杩涓ㄥ涓界瀛藉浠ユ垮70%浠ヤ

economics娌℃浠缁锛绾补涓烘病堕翠锛涓microeconomics浠ュ瀛翠釜璺宠浜锛foreign exchangeｄ涔娌℃锛涓哄棰跺瑙姣杈common sense澶чㄥ堕磋卞ㄤmacroeconomics涓灏ゅ舵fiscal policymoney policy浠ュ绉电褰卞涓ヤ浼拌界micro涓涪浜涓浜锛浣ュ烘纭瀛economics瀛戒澶с

portfolioㄥ锛涓卞棰杩涓浜杈瀹规垮棰规CMLSML锛灏ゅ舵SML锛杩total errorbeta姒蹇点㈢ㄥ颁浜standard derivative姒蹇甸芥㈠杩

alternative investmentㄥ锛涓濂借锛ヨ逛灏锛real estate锛浣寰寰烘涔棰袱涓ヨ归ｇ

朵

涓ゅㄩ涓涔澶╂病堕村蹇notes锛绱㈡у濮绗妯℃棰锛骞朵荤棰ュ浜㈢浜濂棰涓杩姣杈璁ょ锛涔变灏堕磋姝ｃ澶跺琛ㄥ涓ワ烘借姹涓ゅ跺瀹锛涓烘寮璇跺涓涓惧害涓锛涓轰姣杈撅浠ヨ骞虫跺棰搴姹楂涓浜锛淇璇涓ゅ洪借芥跺瀹锛涓浼贡佃ヨ锛姝ｅ璇╀跺寰涓椤哄╋寰涔版瀹锛涓灏卞ソ浜锛蹇涓跺瀹杩灏辨ｅsample test跺锛濂芥ā涓娆′涓釜灏剁锛杩峰浠ユ涓涓锛涓惰璇褰澶╀ｄ涓朵及璁″ぇ

缁姒蹇甸寸浜ㄥ崇郴

CFA 涓绾ц璇棰ぇ锛堕寸涓哄缓璁ㄧ瑙ｆц蹇虹涓寮哄舵ц蹇渚濡锛LIFO FIFO 瀵 Net Income,cash flow褰卞锛ㄨ轰娌℃堕村涓姝ユ瀵煎浠寸崇郴锛涓灏辫芥冲板ㄧ╀环姘村钩涓涓甯虹澧涓浣跨 LIFO 娴稿浜 FIFO 规瑕ぇ锛姝ｅ板浜ㄥ崇郴浜搞

妯℃棰冲抽瑕

绛棰搴杩 CFA 涓绾ц璇抽CFA 璇藉浣革璇充涓病璺杩涓涓绫崇浜哄涓涓绫虫杈锛缁╁宠ャ妯℃棰ㄤ珐哄涔锛楂棰搴惧鸿寮辩骞跺讥琛ュ涔涓瓒充澶

寤鸿涓涓璇剧硅

CFA 寮缁煎藉璇涔跺杩绋灏辨ヨ绉疮锛藉瑰荤杩绋锛涓涓ヨ涓轰釜浜哄藉璧 CFA 璇澶ф剁CFA 涓绾ц璇ヨ瑰ㄩ浜绾т绾ц璇涓戒琚姹缁煎搴ㄣCFA 涓绾у涔濡虹涓浼存褰卞浜绾ц璇涓濡′欢璁革寤鸿娉界ǚ缃CFA涓涓璇剧硅