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16周轻松搞定CFALEVEL1-第1周保罗时报系列专题2010年2月15日星期一16周轻松搞定CFALEVEL1——第1周新的一年开始了，今年你的新年愿望是什么？一次通过CFA一级考试？《保罗时报》特于农历新年推出CFALEVEL1考试准备计划，希望有志于立足金融业的您可以按照《保罗时报》科学、合理的备考方案，顺利通过6月份的考试，实现新年愿望。《保罗时报》与您共饮庆功酒！2月15日周一Reading1:CodeofEthicsandStandardsofProfessionalConduct道德与职业行为准则Reading2:GuidanceforStandardsI–VII职业行为准则I–VII指导仔细阅读这两个小节，特别是书中的例子。2月16日周二——2月17日周三Reading3:CFAInstituteSoftDollarStandardsCFA协会软美元准则Reading4:CFAInstituteResearchObjectivityStandardsCFA协会研究客观性准则仔细阅读这两个小节，特别是书中的例子，并做完session后的习题。做完后将做错的题再回到书中原文对照，务必将各种准则理解。2月18日周四——2月19日周五Reading5:TheTimeValueofMoney资金的时间价值Reading6:DiscountedCashFlowApplications现金流量折现应用做完章节后的习题，熟练PV,IR,FV的各种算法。2月20日周六——2月21日周日Reading7:StatisticalConceptsandMarketReturns统计概念和市场收益Reading8:ProbabilityConcepts概率概念Reading9:CommonProbabilityDistributions概率分布Reading10:SamplingandEstimation抽样与推断此部分概率内容不难，大多都为大学本科课程内的内容，大家只需将notes看一遍，将章节后习题做一遍即可。16周轻松搞定CFALEVEL1——第1天不知道各位昨天有没有根据《保罗时报》的要求学习Reading1。现在《保罗时报》就来帮您按照CFALEVEL1教材梳理一下Reading1的重要知识点。按教材要求，CFALEVEL1考生对Reading1要掌握：a.describethestructureoftheCFAInstituteProfessionalConductProgramandtheprocessfortheenforcementoftheCodeandStandards;b.statethesixcomponentsoftheCodeofEthicsandthesevenStandardsofProfessionalConduct;c.explaintheethicalresponsibilitiesrequiredbytheCodeandStandards,includingthemultiplesub-sectionsofeachStandard.具体分解一下。上述a点关于ProfessionalConductProgram的回答为：AllmembersandcandidatesmustapplywiththeCodeandStandards.TheCFAInstituteBoardofGovernorsoverseestheProfessionalConductProgramthroughaDisciplinaryReviewCommittee.ProfessionalConductstaffconductprofessionalconductinquiries.Thefollowingcanbringaboutaninvestigation:1.self-disclosureonannualconductstatements2.writtencomplaints3.mediareportsofwrongdoing4.examproctorscansubmitaviolationreportRulesofProcedurearebasedontwoprimaryprincipals:1.Fairprocesstothememberandcandidate2.ConfidentialityofproceedingsACFAInstituteDesignatedOfficerreviewsthematerialobtainedbyProfessionalConductstaffintheinvestigationandmay1.concludethereisnodisciplinarysanction2.issueacautionaryletter3.continueproceedingtodisciplinethememberorcandidate.Thememberorcandidatemayacceptorrejecttheproposedsanction.Ifherejectsit,thecaseisreferredtoapanelofCFAInstitutemembers.ViolatorsmaybesuspendedfromtheCFAprogram.b点所指的CodeofEthics6个组成部分为：MembersandCandidatesmust:1.Actwithintegrity,competence,diligence,respect,andinanethicalmannerwiththepublic,clients,prospectiveclients,employers,employees,colleaguesintheinvestmentprofession,andotherparticipantsintheglobalcapitalmarkets.2.Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.3.Usereasonablecareandexerciseindependentprofessionaljudgementwhenconductinginvestmentanalysis,makinginvestmentrecommendations,takinginvestmentactions,andengaginginotherprofessionalactivities.4.Practiceandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.5.Promotetheintegrityof,andupholdtherulesgoverning,capitalmarkets.6.Maintainandimprovetheirprofessionalcompetenceandstrivetomaintainandimprovethecompetenceoftheirinvestmentprofessionals.考题有可能问：“WhichofthefollowingisnotstatedintheCodeofEthics?”给出的选项中会有3个来自于以上6个组成部分，而有1个却不是。b点所指的StandardsofProfessionalConduct有7类：1.Professionalism2.IntegrityofCapitalMarkets3.DutiestoClientsandProspectiveClients4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andAction6.ConflictsofInterest7.ResponsibilitiesasaCFAInstituteMemberorCFACandidate根据c点要求，考生还必须牢记StandardsofProfessionalConduct7大类下的梭有小分类。请各位CFALEVEL1备考者们做好相应准备16周轻松搞定CFALEVEL1-第2天进入正题前，《保罗时报》先上两图，让各位考生看一下CFA美国考场的情况。16周轻松搞定CFA一级第二天复习的是职业行为准则I–VII指导。在这里《保罗时报》要提醒大家，作为CFA考生，知道相关法律是责任，“我不知道”并不能成为辩护。另外要注意，当CFA准则与当地法律不一致时，应当遵守更为严格的一条法律。这一概念经常被考，考生须牢记。下面我们再来看两道2004年关于fairdealing的考试真题。1.WhenanAIMRmemberhasalimitednumberofsharesofaninitialpublicofferingtodistribute,thememberwouldbeleastlikelytoviolatetheAIMRStandardsofProfessionalConductby:a.allocatingthesharesproratatoallsubscribersforwhomtheissueisappropriate.b.firstfillingtheordersofindividualclients,thenfilingtheordersofinstitutionalclients.c.firstfillingtheordersofclientswhohavegeneratedthemostcommissionsduringthepastyear.d.firstfillingtheordersofthosewhohavebeenclientsoftheinvestmentprofessionalforthelongestperiodoftime.正确答案为A。B、C、D全部违反了FairDealingStandard,StandardIIIB.2.DaveBauman,CFA,isaportfoliomanagerwhowantstobuyArrowCompanycommonstockforhisclients’accountsandhispersonalaccount.AccordingtotheGuidance,Bauman:a.mustbuythestockforhisclients’accountsbeforebuyingforhispersonalaccount.b.mustwait30daysafterbuyingthestockforclientsbeforebuyingforhispersonalaccount.c.maybuyforhispersonalaccountatanytimeaslongashedisclosesthetradestohisemployerandclients.d.maybuyforhispersonalaccountatanytimeaslongastheexecutionpriceisnotmorefavorablethantheexecutionpricerealizedbyclients.正确答案为A。16周轻松搞定CFALEVEL1——第3天学习CFA一级已经进入了第3天，大家有没有跟着《保罗时报》进行备考呢？第3天我们学的是IntroductiontoGlobalInvestmentPerformanceStandards，简称GIPS。a.ExplainwhytheGIPSstandardswerecreated,whatpartiestheGIPSstandardsapplytoandwhoi