1、 第1章 CFA简介（一）CFA简介CFA是国际“特许金融分析师”(Chartered Financial Analyst)的简称， 由美国CFA协会所授予的，全球公认的体现金融从业人员专业能力和道德操守的一种职业资格称号。 是证券投资与管理界的一种职业资格，由美国特许金融分析师协会主办，被称作全球金融第一考。第1章 CFA简介 1，CFA证书的地位： 是美国以及全世界公认金融投资行业最高等级证书，也是全美重量级财务金融机构金融分析从业人员必备证书 厉以宁教授说，CFA资格是国际通行的、国际通行的、最具权威的金融分析领域的行业标准最具权威的金融分析领域的行业标准。 2，CFA的资质认可 CFA
2、在投资金融界被誉为“金领阶层”，在西方一直被视做进军华尔街的“入场券”。美国、加拿大、英国等国家的许多投资管理机构甚至已经把CFA资格作为对其雇员入职的基本要求。CFA的全球公认性会使你的雇主马上认知你对金融市场知识的掌握程度和深度。第1章 CFA简介 3，CFA的收入 据统计，全球CFA特许金融分析师的平均年薪是17.8万美元，美国CFA特许金融分析师 的年收入是19万美元，比哈佛的平均12.8万美元的年薪还要高出近成。在我国香港，CFA的年均收入也达到13.6万美元。目前，CFA协会在134个国家和地区拥有10万多名会员。中国内地现仅有CFA会员1000多名，诸多银行、证券、基金公司更是有
3、千金易得，CFA分析师难求的慨叹。 厉以宁教授说，CFA资格是国际通行国际通行的、最具权威的金融分析领域的行业的、最具权威的金融分析领域的行业标准标准。4，CFA的工作：注册金融分析师(CFA)主要从事证券经营、咨询、分析、管理和投资等工作，从事的是金融业关键业务。5，CFA报考情况我国我国19961996年引入该考试。近年来，年引入该考试。近年来，CFACFA考试迅速升温。来自考试迅速升温。来自160160个国家个国家的的139,900139,900名考生报名参加名考生报名参加20102010年年6 6月的月的CFACFA考试考试, ,增幅达增幅达9%9%，在全球考，在全球考生中，亚太区依然
4、最多，占报考人数的生中，亚太区依然最多，占报考人数的40%40%，美洲考生比例为，美洲考生比例为37%37%，欧，欧中非中非( (欧洲、中东和非洲欧洲、中东和非洲) )考生比例为考生比例为 23%23%。亚太区考生人数在全球增。亚太区考生人数在全球增长幅度最大，较长幅度最大，较20082008年年6 6月考试报名人数增加月考试报名人数增加12%12%。CFA证书的含金量极高，但门槛也高高在上。CFA考试以严格的职业要求和全面的知识考查，被公认为是全球最难的金融认证考试。即便是CFA的入门考试一级考试，通过率也只在34%左右。一级考试是CFA考试体系的基础，国内CFA考生中90%的人报考一级考试
5、。第1章 CFA简介6，CFA报名条件： CFACFA报名条件报名条件- -关于学历的要求：关于学历的要求： 本科学历（大4就可报考，最快的方式是大4上半年顺利拿下CFA1级，接着6月份顺利拿下CFA2级）或大专学历1年半工作经验或4年相关投资专业经验。不鼓励考生早报考。考过3级后申请证书阶段会倒序查询报考记录和相关的资信审核。 CFACFA报名条件报名条件- -关于英语的要求：关于英语的要求： 一般4级就可以，CFA考试考的不是语法等知识，只要能顺利读懂考题和教材知识就可以了，重要的是掌握专业金融词汇和知识，做好充实的知识储备。7，CFA考试考试时间：CFA一级考试每年举行两次，分别在每年六
6、月和十二月的第一个周日；二、三级考试每年举行一次，在每年六月的第一个周日。三个级别的考试时间均为上下午各三个小时。考试题型：一二级的考试题型都是选择题，一级是多项选择（multiple choice），共计240道题，09年开始改革为ABC三个选项，三选一；二级是个案多项选择（item set multiple choice），20道Item Set，每题6个小题，共120道题，三选一。三级题型分两部分，上午是essay，包括简答和按给出的构架应答（比如给您一个表格，要您补全所缺项目），下午跟二级的题型一样。其中的重点是IPS（investment policy statement）的撰写，它
7、所占的比重和篇幅都最大，同时上午的考试中还将涉及到很多计算题，如performance attribution, return calculation，derivative valuation等题目，计算难度和计算量也比较大。8，一二三级考试的侧重点：根据CFA协会的要求，CFA考试的知识结构是如下层次设计的：一级侧重investment tools；二级侧重asset valuation；三级侧重portfolio management。难度是基本上逐级加大，所谓一级要知其然就可以了，二三级要知其所以然。 CFA一级考试课程着重于投资评估和管理的工具和因素，包括资产评估和投资组合管理技巧的入
8、门介绍；CFA二级考试课程着重于资产评估及其工具和因素的应用（包括经济、财务报表分析和定量分析方法）；CFA三级考试课程着重于投资组合管理，包括应用因素和工具的战略，以及个人或机构管理、股票证券、固定收益证券、衍生工具和另类投资的资产评估模式。道德和职业标准是CFA各级考试课程中均强调的内容。一、CFA一级考试内容Ethical and Professional Standards 道德规范与职业行为准则 Quantitative Analysis金融数量分析 Economics经济学原理 Financial Statement Analysis财务报表分析基础 Corporate Finan
9、ce 公司理财 Equity权益类证券产品定价 Fixed Income 固定收益证券分析 Derivatives金融衍生类证券分析 ，Alternatives 另类投资一、CFA一级考试辅导材料 CFA考试的复习材料主要有两类：专业机构出版的“Study Notes(学习精要)”与CFA的指定教材。Study Notes就像是快餐，帮助考生总结复习要点，节约时间，但原来知识点中内在的逻辑关系可能被省略，有些notes甚至没有覆盖到考试要点。相比之下，CFA指定的原版教材，虽然复习量较大，但保证了内容的原汁原味。第二章 Ethical and Professional Ethical and
10、Professional StandardsStandards投资职业伦理投资职业伦理 Ethics in the Investment ProfessionThe new Standards are organized into seven general topics I. ProfessionalismII. Integrity of Capital MarketsIII.Duties to ClientsIV. Duties to EmployersV.Investment Analysis, Recommendations ,and ActionVI. Conflicts of In
11、terestVII.Responsibilities as CFA Institute Members of CFA Candidates第二章 Ethical and Professional Ethical and Professional StandardsStandards投资职业伦理投资职业伦理 Standard I: ProfessionalismA. Knowledge of the Law B. Independence and Objectivity Example 1: An analyst in the corporate finance department promi
12、ses a client that her firm will provide full research coverage of the issuing company after the offering. Example 2: A money manager receives a gift of significant value from a client as a reward for good performance over the prior period and informs her employer of the gift. C. MisrepresentationExa
13、mple 1: A member describes a bank CD as “guaranteed.”Example 2: A member uses definitions he found online for such terms as variance and coefficient of variation in preparing marketing material. D. MisconductTHANK YOUSUCCESS2022-6-5可编辑第二章 Ethical and Professional Ethical and Professional StandardsSt
14、andards投资职业伦理投资职业伦理 Standard II: Integrity of Capital MarketsA.Material Nonpublic Information Example: A member received an advance copy of a stock recommendation that will appear in a widely read national newspaper column the next day, and purchases the stock.B. Market Manipulation Example: A membe
15、r is seeking to sell a large position in a fairly illiquid stock from a fund he manages. He buys and sells shares of the stock between that fund and another he also manages to create an appearance of activity and stock price appreciation so that the sale of the whole position will have less market i
16、mpact and he will realize a better return for the funds shareholders.第二章 Ethical and Professional Ethical and Professional StandardsStandards投资职业伦理投资职业伦理 Standard III: Duties to ClientsA.Loyalty, Prudence,and Care Example: A member does more trades in client accounts than are necessary to accomplish
17、 client goals because she desires to increase her commission income. B. Fair Dealing Example: A member gets options for his part in an IPO from the subject firm. The IPO is oversubscribed and the member fills his own and other individuals orders,but has to reduce allocations to his institutional cli
18、ents. C. Suitability Example: A member gives a client account a significant allocation to non- dividend paying high risk securities,even though the client has low risk tolerance and modest return objectives. D.Performance PresentationE.Preservation of Confidentiality第二章 Ethical and Professional Ethi
19、cal and Professional StandardsStandards投资职业伦理投资职业伦理 Standard IV: Duties to Employers A. Loyalty Example: A member is a full-time employee of an investment management firm and wants to accept a paid position as town mayor without asking his employers permission. Example: A member,who has left one emp
20、loyer,uses public sources to get the phone numbers of previous clients and solicits their business for her new employer. B. Additional Compensation Arrangements Example: A member is on the board of directors of a company whose shares he purchases for client accounts.As a member of the board he recei
21、ves the companys product at no charge. C.Responsibilities of Supervisors Example: A member responsible for compliance by the firms trading desk notices a high level of trading activity in a stock that is not on the firms recommended list. Most of this trading is being done by a trainee and the membe
22、r does not investigate this trading.第二章 Ethical and Professional Ethical and Professional StandardsStandards投资职业伦理投资职业伦理 Standard V: Investments Analysis,Recommendations, and ActionsA.Diligence and Reasonable BasisExample: A member posts buy recommendations in a internet chat room based on “conventi
23、onal wisdom” and what the public is currently buying.Example: A member is a principal in a small investment firm that bases its securities recommendations on third-party research that it purchases.B.Communication with Clients and Prospective ClientsExample: A members firm ,in response to poor result
24、s relative to its stated benchmark,decides to structure portfolios to passively track the benchmark and does not inform clients.C.Record Retention第二章 Ethical and Professional Ethical and Professional StandardsStandards投资职业伦理投资职业伦理 Standard VI: Conflicts of InterestA.Disclosure of ConflictsExample: A
25、 members investment banking firm receives a significant number of options as partial compensation for bringing a firm public.The member will profit personally from a portion of these options as well. B.Priority of TransactionsExample: A member who is a research analyst does not recommend a stock to
26、his employer because he wants to purchase it quickly for his personal account. C.Referral FeesExample: James Handley works for the Trust Department of Central Trust Bank.He receives compensation for each referral e makes to Central Trusts brokerage and personal financial management department that r
27、esults in a sale. He refers several of his clients arrangement within Central trust to his clients.第二章 Ethical and Professional Ethical and Professional StandardsStandards投资职业伦理投资职业伦理 Standard VII: Responsibilities as a CFA Institute Member or CFA CandidateA. Conduct as Members and Candidates in the
28、 CFA ProgramB.Reference to CFA Institute ,the CFA Designation,and the CFA Program第二章 Ethical and Professional Ethical and Professional StandardsStandards投资职业伦理投资职业伦理 Case 1:Anderb,a portfolio manager for XYZ Investment Management Company private accounts-was promoted to that position three years ago
29、.Bates,her supervisor,is responsible for reviewing Anderbs portfolio account transactions and her required monthly reports of personal stock transactions. Anderb has been using Jonelli, a broker,almost exclusively for portfolio account brokerage transactions. For securities in which Jonellis firm ma
30、kes a market,Jonelli has been giving Anderb lower prices for personal purchases and higher prices for personal sales than Jonelli gives to Anderbs portfolio accounts and other investors.Anderb has been filing monthly reports with Bates only for those months in which she has no personal transactions,which is about every fourth month.which of the following applies/appplyI.Anderb violated the Code and Standards in that she failed to disclose to her employer her personal transactions.THANK YOUSUCCESS2022-6-5可编辑
