澶CFA涓ゅ勾锛10ㄨ绋涓3涓惰璇瑙ｆ

澶存虫冲涔CFA涔涓ゅ勾堕翠韬竟浜鸿ヨ澶板ュCFA璇澶у涓绌剁涓涓CFA璇璇涔藉甫缁浠涔锛藉颁涔锛

瀹㈣璇达濡涓轰娣蜂釜璇姹楂瑙搴ヨ锛CFA涓澶с姣勾榛灏辩ラ澶ч澶灏浜哄澶胯涓浜浠涔涓瑗夸缁澶浜锛灏变甯轰姹灏卞涓杩杩涓ゅ勾CFA涔颁腑藉ぇ伴浠ヤ1绾ц浣杩浣濂浣浜锛涓绾ч瑰堕杩璇棰涓告杩骞磋澶浜寰澶撮锛瀹璁＄棰涔澶浜璧锋(浠骞翠绾т璁＄涓灏锛浜娌℃堕寸浜借浜~~)

浠涔瑙搴ヨ锛CFA涓昏负ュ浠＄エ甯锛洪宸ヤ浠剁濡澶у冲ぇ浣瀛浜瑙ｇ甯轰宸ュ蜂甯猴CFA涔CFA娑骞垮害寰瀹斤哄剁锛琛锛＄エ绌讹璧缁绛绛(蜂瀹瑰ㄥ㈢璇剧浠缁涓姒瑕璇存).瀵逛板涓濂界瀛ㄤ釜绂筹CFA板娑姣杈娴俱褰跺浜瀛板寰寮哄瀵归╃璁￠磋叮璇锛璇峰FRMCQF

充浣搴璇澶璇锛灏变琛ㄦ浜锛汉浠氨璇锛璇宸у涔规归娌℃浠涔濂界

璇剧妗讹10ㄨ绋浠ュ3涓讹

虹妗讹姣濡寰凤伴浠ュ缁

璐㈠′富瀵肩妗讹璐㈠℃ヨ〃锛璐

宸ュ锋讹哄剁锛琛锛朵绫绘璧锛浠ュ璧缁绠＄

Ethics锛涓锛锛涓冲璇达烘芥CFA瑕姹瑙瀹锛姣濡濡浣垮榧浠锛濡浣淇璇浣涓汉ュэ濡浣瀵瑰峰璇锛Soft Dollar澶绛绛瀵逛浜浠绠＄锛娉￠ㄧヨ浜存

伴锛锛CFA甯告晶浜扮板寮辩瀛姝ゅ虹璇剧涓界舵伴浠锛浣瀹归藉Basic锛涓浼澶ч澶板璁＄锛浼娑板烘姒璁虹瀹广涓绾т富瑕浜璁炬楠

浜绾т腑涓浜妯″烘锛涓褰(Regression)锛澶褰(Multi-Regression)锛 堕村妯″(Time-Series) 浠璇瑙搴ヨ锛涓绾х板浜虹璁＄锛璁╀绠涓Covariance, 绠涓Sharp Ratio绛绛 浜绾т腑寮鸿瀵瑰绉妯″烘蹇电锛瀹瀹瑰灏锛CFA辫灏辨浜妯″璁撅ㄨ寸绛

涓汉璁や负伴瀛浠峰间楂锛村ㄤ璇濡浠ュ冲宸ョ锛涓(椋╁)璧璇锛CFA娑扮ヨ杩杩涓澶锛瀛涓苟娌℃浣濡浣杩涓浜杞欢ュ缓妯★澶灏卞璇浣浜濡浣Model

涓汉瀵规伴ā杩杩杈磋叮锛浣涓轰涓甯锛璁烘＄エ锛璐э杩姹锛濡浣芥惧颁涓Model, 锛充娇娌℃缁锛姣濡涓跨搴藉甯A℃姝ｇ稿崇崇郴锛瀵逛璧绌惰借捣颁瀹版浣(藉拷浣)

缁锛涓锛锛娑涓昏井瑙锛瀹缁涓涓浜寰涓昏充姹锛渚缁寸崇郴浠涔绱藉淇杩缁匡3涓璁恒瀹寮鸿垮琛涓哄缁跨褰卞锛璐у跨锛璐㈠℃跨褰卞绛绛浜绾т腑娑颁充╃锛璐цㄨ锛浠ュ姹涔寸崇郴瀹癸 姣濡涓Inflation楂锛澶瑕讹灏辫╂浜锛藉辫锛璧╁樊锛骞跺ㄥ姹璐у轰瀹姹绌RMB锛瀵艰RMB璐笺杩涓烘抽灏卞浜PPP锛IRP浠ュFish璁恒

充姹杩杩娑颁涓瑙濂╃瀹癸绠璇村氨杩涓绉澶甯姹涔存Risk-Free濂╃崇郴锛姣濡 8RMB/US, 1.2US/Euro, 10RMB/Euro 3涓姹浠凤1涓US浠ラ杩杞负Euro锛ㄩ杩Euro杞负RMB锛杩RMB㈢寰濂╂轰杩涓存涓瀹涓涓藉烘ㄥ瀹堕惰翠澶姹浠疯琛涓瑙濂╃轰ｏ绠杩涓惰澶姹浠凤妫楠杩涓浜璐у寸崇郴锛杩娌℃拌濂╃轰讳ョ锛缁璇剧浜涓澶娣卞ャ涓杩冲版ョ锛饥锛″涔锛缁浜澶уご锛版跺浠ユ惰ˉ涓

璐㈠′富瀵肩妗舵CFA璇涓广濡璐㈠¤蹇浠CFA灏变寰蹇搴锛椤哄╃澶浜

璐㈠℃ヨ〃锛浜锛锛涓绾т绾ц璇涓藉颁20锛宸锛杩Fail浜锛璇灏辨病涓绾т富瑕虹浼璁＄瀹癸锛澶ц〃璁よ锛娴璁＄锛瀛璐х澶规锛绉姣浠缁锛琛ㄥ璧浜х浼璁″规璇涓灏辨姣璁＄烘蹇电

浜绾т腑涓昏瀵锛澶у锛

(1) 存璧崇郴浼璁℃规╁澶杩姒蹇垫杈绻锛缁父瀵涓规涓璐㈠℃姣杈瀵硅储℃ヨ〃褰卞锛浼琛涓BS Model涓璧疯ワ锛

(2) 昏浼璁″杩涓昏璇涓富瑕浣PBO,PA涓items浼璁″Pension Reporting 涓涓绱讹濡浣褰卞Pension Expense

(3) Multinational Operation. 濡娴峰瀛锛濡浣浣版璐㈠℃ヨ〃涓杩涓昏娑板姹浠风浣跨ㄣ涓规涓锛ㄥ釜堕存澶姹浠凤浠ュヨ〃璋剁哄涓规涓姣姣杈广

(4) 濡浣琛￠储℃ュ╄川杩涓昏虹浼璁＄ヨ瀵锛涔芥绾х瀹广╄川杩浠ヨ　跺ヨ川璐圭ㄦ楠瑕虫敞ｄ绛绛浣涓洪璐㈠＄ㄥ姹锛涓汉瀵硅储¤杩磋叮锛CFA瀵硅储℃ヨ〃杩浜寰缁寸璁茶В烘璐㈠℃ヨ〃涓澶э涓杩瑕虫繁ユヨ〃瀹癸璐㈠＄楗帮琛ヨ〃璋绛绛锛杩涓瀛绉疮杩ㄨ绋瀛涔板ラㄥ甯浣ㄣ讹璐㈠＄瀛锛涔㈢璇剧Equity, Corporate Finance虹

Equity Investment(浜):瀵逛蹇涓鸿涓绌剁蹇浠ヨ锛Equity绮惧僵ㄥ棣缁浜浜ゆ甯虹绉绫伙Order-DrivenPrice-Driven甯轰浼缂虹癸涓昏扮缂舵规舵浠缁浜涓浜璧浜у渚濡ADR, Close-Open Fund 浠ュETF烘蹇靛浼缂虹广㈤ㄥヨ浜舵ｏ村瑙ｇ浜ゆ甯轰互涓浜宸ュ枫ㄥ涓昏涓缁浜琛涓绌朵互＄エ浼板笺瀵逛灏虹CFAヨ锛＄エ绌剁辫涓椤哄琛

棣缁㈢锛ゆ澧灞浜ㄦ釜舵锛瑕涔颁绉璧浜у

跺涓㈢绌讹褰卞琛涓绱锛娉㈢逛锛杩锛绩锛╂ゆ澶琛涓绔浜绋搴绛灞锛杩稿浼板(P/E.P/S,P/B,EV/EBITDA,etc)锛缁瀵逛及兼瀵瑰杩琛浠峰艰浼(FCFF,DCF, Residual Model).杩娑瀹瑰澶涓及兼规ㄦэ姣濡EV/EBITDAㄤуぇ锛Fix Asset 澶х杩琛浼板硷浠ュ濂界璇浼板杩ユ

FCFF浠ュ濂界琛￠浠峰硷浣浜烘浜猴′浠ュ绠＄灞崇郴锛锛藉瀵瑰ぇ′杩琛浼板笺娈妯″浼板煎瀵规ラ娴渚璧锛奸ㄥ浜浼板肩澶уご规版芥储ヤ腑烘ョ锛姝ゅ纭瀹㈣璋磋璐㈡ユ藉浠峰艰琛ソ浣瀵逛村浜虹绌剁蹇ヨ锛璐㈠℃按骞虫涓涓

璇涓绉规璁＄涔涓灏缁浣涓寮ヨ〃锛璁╀绠FCFF锛璇浣Growth Rate, Required rate of Return, 姹Multi-stage DDM. 褰讹瀹娲讳腑涓浼璇浣妯″瑕姹ョ灏锛甯涓昏瀵硅姹ョゆ涓涓达瀵艰翠烘瀵瑰浼板间涓浼稿CFA瀵硅姹ョ涔缁轰涓浜绉瀛妯″

棣轰CAPM(Capital Asset Price Model)锛CAPMPortfolio绔浠缁锛涓昏杩＄エ瑕姹ョ浠ュ甯ョゆ＄エ浣及浼般杩CAPM浠ユ鸿＄エ瑕姹ョ濡杩CAPM璁＄ョ璇锛娑颁涓扮锛妯″涓瑕板烘孩浠ERP(Return Rate Market涓Risk-Free Rate of Return宸)浠ュBeta(绯荤ч)濡浣纭ｏCFA渚娉浠ュForward-Looking 娉瀵ERP杩琛浼板笺瀵逛beta纭锛灏辫╂板绔涓涔扮Regression瀵瑰Beta 褰寰恒涓杩甯革BetaMean value涔宸规绫诲渚缁Beta笺姣濡Cyclical浼涓Beta>1,Defense绫诲浼涓Beta<1.Growth绫诲Beta兼澶с讹Beta浠ラ杩琛涓琛涓Beta煎ㄤ浠ュ恒浜BetaERP浠氨浠ラ杩CAPMョョ棰娴瑕姹ョ镐俊烘㈠Required Rate of Return璁＄涔浼ㄥCAPM. CAPM瀛涔甯稿瑕

やCAPM妯″涔澶锛CFA杩渚浜澶绉妯″ラ娴瑕姹ョ锛姣濡澶绱妯″澶у婧环锛娴婧环锛浠ュ甯㈠烘(B/M)婧环绛绛澶绱妯″杩灏变哄甯璧烘瑕瀵瑰＄エ浠峰肩褰卞绱藉浠ュヨ(杩褰规惧扮稿崇绱)甯杩濂界妯″寰扮稿纭ョ浠杈纭璇浼板哄ㄤ环笺Equity杩瀹硅寰澶锛姣濡板村虹浼板(涓戒绠锛缇凡缁涓藉杈惧藉浜靛)锛甯(Private Company)浼板奸藉绮惧僵杩ㄨ绋板瑰锛涓杩充娇涓CFA瀛滑涔瀛涓靛点澶锛濡澶у瀵瑰浼板兼磋叮璇锛楹＄浼板尖锛涔寰绮惧僵

Corporate Finance(浜):杩ㄩㄥ瀹逛浠ョ浣储￠ㄩㄧ寤剁画村濡浣╅」杩浠涔规ラ╅」崇借灏辨NPV锛IRR绛绛澶涓圭灏辨杈涓骞撮跺浣╅」濡浣杩琛娴╂绾跨绛绛绾跨╂惰娓翠浠峰肩浼板(WACC:哄稿℃浜虹瑕姹ョ)杩℃璇浼(℃浜虹ョ)浜绾ч富瑕娑5瀹广

(1) 璧浠ュ浣跨ㄣ濡浣冲浼璧璁╁浠峰兼澶у缇璁(MM)浠ュㄦ骞宠　璁虹绛

(2) ″╁浠ュ跨瀵瑰褰卞ㄤ″╂跨(绾★璐)瀵瑰璐㈠℃(EPS,P/E,甯肩绛)褰卞锛浠ュｄ妯″(娈艰″╂ā)浠ョ瀛冲Dividend

(3) 棰绠(Capital Budgeting).杩ㄩㄥ瀹规瑙ｆ存繁ヤ姝ラ杩涓浜妯″璁ㄥ濡浣╅」涓杩绠NPVIRR冲

3涓ā锛

1.Economic Profit-涓昏椤圭绋娴借杩(璧棰Capital涔浠WACC)骞惰琛绾裤杩涓涓村版版锛ㄩ╅」朵负浣ROC(Return on Capital)涓Economic Profit浜х炬讹瑕虫敞ョ╂鼎藉涓虫敞楂ROC? -_-

2.娈兼ā(寰瑕涓涓ā锛Equity娑)锛

3.Claims Valuation-璁茬娴℃烘涓や釜ㄩㄨ琛

(4) 绠＄锛芥绠＄归㈢浠ュ′锛ｄ浼绠＄灞涓涔寸崇郴锛濡浣璁╄′浠峰兼澶у绛绛ㄩㄩ芥瀹х

(5) 煎苟缁(M&A).煎苟锛涓轰涔煎苟锛煎苟瀵瑰浼板硷濡浣缁缁舵煎苟瀵M&A磋叮浠ョ涓汉璁や负涔浠峰煎涔濡＄エ锛瀵瑰娴浠ュュ璧椤圭涓浠浠虫敞锛存甯搴璇ュ虫敞

杩涓ㄩㄥ瀹瑰浜CFA澹姹灞便浣浜ュ澶浠琛涓ヨ锛瀛涓ワ瑙甯告甯┿涓ㄤ唤瀹圭浜ゅ绋搴寰绱у璇撮宸ュ锋躲

哄剁()锛杩ㄩㄥ瀹规娌℃澶ぇ磋叮涔娌℃濂藉ソ瀛靛点浣哄稿韩ヨ杩浠峰肩寰澶洪芥贩绉锛瀵瑰洪浠浜哄瑕姹涔浼涓浜＄エ锛杩瑕峰涓瀹烘藉讳ヨ锛哄稿藉╃跨锛淇＄ㄧ绾э琛锛甯烘尝ㄦт互烘褰涓芥崇郴杩灏变灞寮璇翠浣ㄤ唤娑颁垫艰捶娆捐MBS浠ュ璧浜цABS.镐俊澶у瀵MBS涓浼辨虹璁╂浠颁MBS村с

浣MBS璁捐韩ヨ骞舵病浠涔缂洪凤璁捐濮句ソ锛瀵逛俊ㄧ绾ц姹寰楂锛甯╅惰村ソ瀹璧锛骞朵绻ｄ翠釜烘汉х璐┆浣垮杩绫昏烘ㄤ娇ㄤ版层涓ラ涓戒惰藉浣跨ㄨ绫昏锛璁╅浜у村澶琛烘ㄦヤ腑介灞涓涔璁镐虹锛磋叮瀛滑浠ュ虫敞杩绫讳骇璁捐寤鸿瀛FRMCQF稿宠绋锛CFA瀹浠疯娌℃娑般

琛()锛琛杩璇寸涔璁镐ㄩ瀹娑涔姣杈澶(告CQFFRM杩ぇ宸灏帆浜)涓昏瀵瑰轰琛浜у濡锛璐эSwap浠ュ浠缁琛浜у瀹浠锋釜广濡浣杩琛椋╁╃

琛ㄤ腑界ョ绉澶锛ヤ澶у灞瓒裤浣杩绋搴氦绯荤杩琛椋╁╋涓界灞姣杈蹇姣濡绉涓娴峰寮瀹娴峰棰寰澶ф芥腑ф璧瀹BEAF濂╁洪ㄩ杩绋搴浜ゆ绯荤寰剁骞冲35%宸硅浜靛点CFA杩琛浠缁杩锛寰澶瀹璐ㄦх瀹硅FRMCQF涓杩板涓濂界瀛濂藉氨涓瑕娑杩瀵绘惧ソ板妯″涔充腑ф璧广

璧缁(浜)锛缁浣涓瀛＄エ浜у锛濡浣浠浠浣垮浠峰兼澶уｏ璁烘烘璧锛杩锋璧锛介复杩风┿

骞村涓椹缁村澶撮杩椋╃浣Variance,剁Expected value 寤虹浜涓涓MPT妯″惧颁灏瑰樊娌(Minimum Variance Frontier)妯″(ㄦ剁涓瀹跺锛璁╂瑰樊灏)

杩璧宸茬嚎涓灏瑰樊娌跨稿寰剁涓瀹讹瑰樊灏璧缁涓杩澶村娌¤椋╀骇(藉)锛浠ュ藉虹椋╂剁版ā㈠浜涓涓Capital Asset Line.惧颁椋╁╃椋╀骇涔寸浼缃澶村充锛濡甯轰椋╀骇藉杩ョ璇锛ｄ锛杩ユ村椋╀骇锛灏瑰樊娌胯浆涓烘娌匡杩椋Rf缁浜CML锛Capital Market Line锛

浜CALCML绾夸浠氨芥版惧版姣妯″姣绔ā锛寰澶璁剧锛浠ュㄧ瀹娲讳腑浣跨ㄦ惰浜у涔寸稿虫э浠ュ璧璧椋(╁)绛绛

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宸澶浜锛灏卞拌сぉ瑕烘缁╀ God bless me pass it.