cfa report案例
cfa的ips例子
cfa的ips例子CFA（Chartered Financial Analyst）是国际上最具权威性的金融分析师资格认证之一，其考试内容涵盖了投资组合管理、资产估值、风险管理等多个领域。
在CFA考试中，一个重要的部分就是制定投资政策声明（Investment Policy Statement，简称IPS），它是投资者与投资顾问之间的一份合同，规定了投资目标、风险承受能力、资产配置等方面的内容。
下面，我们来看一个关于CFA的IPS例子。
假设小明是一位年轻的投资者，他刚刚开始工作，希望通过投资来实现财务自由。
他决定参加CFA考试，以提高自己的投资能力。
在制定IPS时，小明首先需要确定自己的投资目标。
他希望在未来的30年内，能够积累足够的财富，以便在退休后过上舒适的生活。
他计划在退休时每年支出50,000美元，因此他需要确保自己的投资组合能够提供足够的收益。
接下来，小明需要评估自己的风险承受能力。
他是一个年轻的投资者，对风险有一定的承受能力。
然而，他也希望能够保护自己的投资，避免过大的损失。
经过仔细考虑，小明决定将自己的风险承受能力定为中等水平。
在资产配置方面，小明希望通过多样化的投资组合来降低风险。
他计划将自己的投资分配到不同的资产类别中，包括股票、债券、房地产和现金等。
他希望通过股票和房地产来获得较高的回报，同时通过债券和现金来保护自己的投资。
根据以上的投资目标、风险承受能力和资产配置，小明制定了他的IPS。
他决定将自己的投资组合分配如下：股票占总投资的40%，债券占30%，房地产占20%，现金占10%。
他希望通过股票和房地产获得较高的回报，同时通过债券和现金来保护自己的投资。
此外，小明还规定了一些其他的投资限制。
他决定不投资于高风险的新兴市场股票，以降低投资组合的波动性。
他还规定了每年最多可以调整投资组合的比例，以避免频繁的交易带来的成本。
最后，小明还规定了定期评估和调整投资组合的时间表。
他决定每年评估一次投资组合的表现，并根据市场情况进行必要的调整。
cfa3级 case study
CFA3级案例研究一、概述CFA3级考试是 Chartered Financial Analyst（注册金融分析师）资格认证考试的最高级别。
该考试是金融行业著名的专业人士认证考试之一，被认为是全球金融行业最具专业性和权威性的认证考试之一。
CFA3级考试的案例研究部分是考试的一个重要组成部分，通过对真实世界的金融案例进行分析和解决问题，考察考生在实际工作中处理复杂金融问题的能力，是考试的重点难点之一。
二、案例分析1. 案例背景本次案例研究的主题是关于某家上市公司的财务报表分析及估值分析。
这家公司是一家跨国企业，主要经营范围涉及多个行业，是全球知名的多元化企业。
在过去的几年中，该公司的业绩呈现出了一定的波动，市场对其未来的发展前景存在一定的分歧。
2. 案例问题本次案例研究主要围绕以下几个问题展开分析：（1）通过分析该公司的财务报表，对其财务状况做出评估，并指出存在的风险和挑战；（2）采用合适的方法对该公司进行估值分析，并提出自己的估值结论；（3）分析该公司所处行业的市场环境和竞争格局，评估其未来的发展潜力；（4）就公司的财务和经营情况，提出自己的投资建议。
3. 解决方法针对上述问题，考生需要运用所学的财务分析、公司估值、风险管理、投资组合管理等知识，结合行业动态和相关领域的最新研究成果，对该公司的财务状况和未来发展进行全面、深入的分析，并给出自己的见解和建议。
三、分析方法1. 财务报表分析需要对该公司的财务报表进行深入分析，包括利润表、资产负债表、现金流量表等，从中提取相关的财务指标，如利润率、资产负债率、经营现金流等，以此来评估该公司的财务状况。
2. 公司估值分析考生需要采用适当的估值模型对该公司进行估值，可以选择盈余折现模型（DCF）、市盈率法、市净率法等多种方法进行估值，综合考虑估值结果的优劣势，得出自己的估值结论。
3. 行业分析第三，需要对该公司所处行业的市场环境进行深入分析，包括行业生命周期阶段、市场增长率、供应链及竞争格局等，以便更好地了解该公司的发展潜力。
CFA一级财务报表GAAP与IFRS异同全面总结
Revenue Recognition (Service)
Does not dealseparately
The outcome of service can be estimated reliably, revenueassociatedwiththetransaction will be recognized with reference to the stage of completion of the transaction at the balance sheet date. The conditions to measure reliablyare:
4.It is probable that theeconomicbenefitsassociated with the transaction will flow to the entity;and
5.The costs incurred or to be incurred in respect of the transaction can be measuredreliably.
CFA考试《CFA一级》历年真题精选10(附详解)
CFA考试《CFA一级》历年真题精选10（附详解）1、Yip Wai Yin, a CFA Candidate, is an independent mutual fund sales agent. For every front-end load product she promotes, Yip receives a portion of the front-end fee as commission, at the time of sale. For every back-end load fund she sells, Yip receives a smaller commission paid at the end of the year. Yip always informs her clients she is paid a commission as an agent, but does not provide details of the compensation structure. When pitching her favored front-end load product line she tells clients 20% of her commission is always invested in the same fund as proof of her confidence in the fund she recommends. Which CFA Code of Standards with regard to Conflicts of Interest does Yip least likely violate?【单选题】A.Referral Fees.B.Disclosure of Conflicts.C.Priority of Transactions.正确答案:C答案解析:“Guidance for Standards I-VII,” CFA InstituteC is correct because Yip’s investments do not adversely affect the interest of the clients and therefore do not violate the Priority of Transactions requirement. A Candidate having the same investment positions does not always create a conflict of interest and in some instances, having an aligned investment portfolio can be beneficial to the client.2、The Global Investment Performance Standards least likely require:【单选题】A.nondiscretionary portfolios to be included in composites.posites to be defined according to similar investment objectives and/or strategies.C.non-fee-paying portfolios to be excluded in the returns of appropriate composites.正确答案:A答案解析:Composites (Standard IV – Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites. 2014 CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute3、Assuming no short selling, diversification benefit is most likely to occur when the correlations among the securities contained in the portfolio are:【单选题】A.equal to positive one.B.less than positive one.C.greater than positive one.正确答案:B答案解析:“Probability Concepts,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pi nto, CFA, and David E. Runkle, CFAWhen we do not reject a false null hypothesis we have a Type II error.4、A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm's capital structure is closest to:【单选题】A.79%.B.37%.C.65%.正确答案:C答案解析:WACC=weight of debt*before-tax cost of debt*(1-tax rate)+weight of equity*cost of equity.5、The following information is available about a company ($ millions):During 2009 the company most likely decreased the:【单选题】A.proportion of sales made on a cash basis.B.inventory, anticipating lower demand for its products in 2010.C.proportion of interest-bearing debt relative to trade accounts payable.正确答案:A答案解析:“Understanding the Cash Flow Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFASales, net income, and net margin are relatively constant for the two years. The substantial drop in cash flow from operations could be attributed to an increase in receivables and/or inventory. A decrease in the proportion of cash sales implies an increase in the proportion of credit sales, increasing accounts receivable. An increase in accounts receivable would decrease cash flow from operations.6、Providing information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users is most accurately described as the role of:【单选题】A.financial reporting.B.the auditor’s report.C.financial statement analysis.正确答案:A答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonA is correct. The role of financial reporting is to provide information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.7、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【单选题】A.$92.89B.$99.07C.$107.44正确答案:A答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi8、A security has a beta of 1.30. If the risk-free rate of interest is 3% and the expected return of the market is 8%, based on the capital asset pricing model (CAPM), the expected return of the security is closest to:【单选题】A.9.5%.B.6.5%.C.13.4%.正确答案:A答案解析:The formula for the CAPM is expressed as:Section 4.29、Kim Stone, CFA, works at trading desk in Howard Hedge Funds.SamuelPeter, a chief investment manager for Howard has instructed Stone to sell a largeamount of one stock based on an inside information of significant legal disputes.Peter inadvertently heard the information from a company's president in anelevator.Stone is unaware that Peter got this information.Stone accepts thetrade instruction and completes the order.Has Stone most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, with respect to responsibilities of supervisors.C.Yes, with respect to material nonpublic information.正确答案:A答案解析:Stone并不知道该交易行为来自重大的非公开信息，他接受了交易指令并不违反任何标准，只有当他知道或者应当知道时才会违反标准。
CFA考试《CFA一级》历年真题精选及详细解析1007-1
CFA考试《CFA一级》历年真题精选及详细解析1007-11、A company which prepares its financial statements in accordance with IFRS incurred and capitalized €2 million of development costs during the year. These costs were fully deductible immediately for tax purposes, but the company is depreciating them over two years for financial reporting purposes. The company has a long history of profitability which is expected to continue. Which is the most appropriate way for an analyst to incorporate the differential tax treatment in his analysis? He should include it in:【单选题】A.liabilities when calculating the company’s current ratio.B.equity when calculating the company’s return on equity ratio.C.liabilities when calculating the company’s debt-to-equity ratio.正确答案:C答案解析:“Income Taxes,” Elbie Antonites, CFA, and Michael A. Broihahn, CFA2011 Modular Level I, Vol. 3, pp. 460, 485-486, 490Study Session 9-38-iAnalyze disclosures relating to deferred tax items and the effective tax rate reconciliation, and discuss how information included in these disclosures affects a company’s financial statements and financial ratios.The different treatment for tax purposes and financial reporting purposes is a temporary difference and would create a deferred tax liability. Deferred tax liabilities should be classified as debt if they are expected to reverse with subsequent tax payments. The long history of profitability implies the company will likely be paying taxes in the following years and hence an analyst could reasonably expect the temporary difference to reverse. Under IFRS all deferred tax liabilities are non-current and therefore do not affect the current ratio.2、According to the International Accounting Standards Board’s Conceptual Framework for Financial Reporting, the two fundamental qualitative characteristics that make financial information useful are best described as:【单选题】A.timeliness and accrual accounting.B.understandability and verifiability.C.relevance and faithful representation.正确答案:C答案解析:“Financial Reporting Standards,” Elaine Henry, CFA, Jan Hendrik van Greuning, CFA, and Thomas R. Robinson, CFA 2013 Modular Level I, Vol. 3, Reading 24, Section 5.2Study Session 7-24-dDescribe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of financial statements, required reporting elements, and constraints and assumptions in preparing financial statements.C is correct. Relevance and faithful representation are the two fundamental qualitative characteristics that make financial information useful according to the IASB Conceptual Framework.3、An analyst does research about cash flow and gathers the following information(in thousands) about a company.Based on the information above, cash paid to suppliers ( in thousands) in 2011is closest to:【单选题】A.$ 11 443B.$ 13 221C.$ 15 651正确答案:A答案解析:$ 14 436 - ( $ 5 980 - $ 3 876) - ( $ 7 321 - $ 6 432 ) = $ 144 36 - $ 2 104 - $ 889 =$ 11 443。
CFA一级模考
CFA一级模考题1 .Anderb, a portfolio manager for XYZ Investment Management Company-a registered investment organization that advises investment firms and private accounts-was promoted to that position three years ago. Bates, her supervisor, is responsible for reviewing Anderb's portfolio account transactions and her required monthly reports of personal stock transactions. Anderb has been using Jonelli. a broker, almost exclusively for brokerage transactions for the portfolio account. For securities in which Jonelli's firm makes a market, Jonelli has been giving Anderb lower prices for personal purchases and higher prices for personal sales than Jonelli gives to Anderb's 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 is most likely to be a violation of the Code and Standards?A Anderb failed to disclose to her employer her personal transactionsB Anderb owned the same securities as those of her clients.C Bates allowed Anderb to use Jonelli as her broker for personal trades.2. Which of the following is a correct statement of a member's or candidate's duty under the Code and Standards?A In the absence of specific applicable law or other regulatory requirements,the Code and Standards govern the member's or candidate's actions.B A member or candidate is required to comply only with applicable local laws, rules, regular:ions, or customs, even though the Code and Standards may impose a higher degree of responsibility or a higher duty on the member or candidate.C A member or candidate who trades securities in a securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on material nonpublic information.3 . Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward's expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?A Accept the expense-paid trip and write an objective report.B Pay for all travel expenses, including costs of meals and incidental items.C Accept the expense-paid trip but disclose the value of the services accepted in the report.4 . Which of the following statements is correct under the Code and Standards?A CFA Institute members and candidates are prohibited from undertaking independent practice in competition with their employer.B Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member's or candidate's employer.C Members and candidates are prohibited from making arrangements or preparations to go into a competitive business before terminating their relationship with their employer.5 . Smith is a financial analyst with XYZ Brokerage Firm. She is preparing a purchase recommendation on JNI Corporation. Which of the following situations is most likely to represent a conflict of interest for Smith that would have to be disclosed?A Smith frequently purchases items produced by JNI.B XYZ holds for its own account a substantial common stock position in JNI.C Smith's brother-in-law is a supplier to JNI.1 . A is correct. This question involves three of the Standards. Anderb, the portfolio manager, has been obtaining more favorable prices for her personal securities transactions than she gets for her clients, which is a breach of Standard Ⅲ(A)-Loyalty, Prudence, and Care. In addition, she violated StandardⅠ(D)-Misconduct by failing to adhere to company policy and by hiding her personal transactions From her firm. Anderb's supervisor. Bates, violated Standard Ⅳ(C)-Responsibilities of Supervisors; although the company had requirements for reporting personal trading, Bates failed to adequately enforce those requirements. Answer B does not represent a violation because Standard Ⅵ(B) - Priority of Transactions requires that personal trading in a security be conducted after the trading in that security of clients and the employer. The Code and Standards do not prohibit owning such investments, although firms may establish policies that limit the investment opportunities of members and candidates. Answer C does not represent a violation because the Code and Standards do not contain a prohibition against employees using the same broker they use for their personal accounts that they also use for theirclient accounts. This arrangement should be disclosed to the employer so that the employer may determine whether a conflict of interest exists.2. A is correct. This question relates to Standard Ⅰ(A)-Knowledge of the Law- specifically, global application of the Code and Standards. Members and candidates who practice in multiple jurisdictions may be subject co various securities laws and regulations. If applicable law is more strict than the requirements of the Code and Standards, members and candidates must adhere to applicable law; otherwise, members and candidates must adhere to the Code and Standards. Therefore. answer A is correct. Answer B is incorrect because members and candidates must adhere to the higher standard set by the Code and Standards if local applicable law is less strict. Answer C is incorrect because when no applicable law exists, members and candidates are required to adhere to the Code and Standards, and the Code and Standards prohibit the use ofmaterial nonpublic information.3 . B is correct. The best course of action under Standard Ⅰ(B)-Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward to pay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not bethe best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.4. B is correct. Under Standard Ⅳ(A)-Loyalty, members and candidates may undertake independent practice that may result in compensation or other benefit in competition with their employer as long as they obtain consent from their employer. Answer C is not consistent with the Standards because the Standards allow members and candidates to make arrangements or preparations to go into competitive business as long as those arrangements do not interfere with their duty to their current employer. Answer A is not consistent with the Standards because the Standards do not include a complete prohibition against undertaking independent practice.5. B is correct. This question involves Standard Ⅵ(A)-Disclosure of Conflicts- specifically, the holdings of an analyst's employer in company stock. Answers A and C do not describe conflicts of interest that Smith would have to disclose. Answer A describes the use of a firm's products, which would not be a required disclosure. In answer C, the relationship between the analyst and the company through a relative is so tangential that it does not create aconflict of interest necessitating disclosure.。
CFA财务报表分析DTADTL精讲
CFA财务报表分析DTADTL精讲小程同学老师Financial Reporting andAnalysis 中碰到了一个难点就是DTA和DTL.金老师是的，Income Taxes中的DTA和DTL 是我们在学习财报分析中的难点，当然也是重点。
首先我先考你2个概念吧，什么是DTA和DTL?小程同学Deferred Tax Asset（DTA）是递延所得税资产，就是未来预计可以用来抵税的资产，递延所得税是时间性差异对所得税的影响，在纳税影响会计法下才会产生递延税款。
Deferred TaxLiability（DTL）就是递延所得税负债，是指根据应税暂时性差异计算的未来期间应付所得税的金额。
金老师是的，DTA以及DTL是因为tax expense 在会计报表中以及税务报表中由于确认时间的差异以及确认方式的不同所导致的。
但是我们在这里说的都是暂时性的不同，也就是这种差异在未来可以被reverse 的。
它可以又分为两种，一个是Taxable TemporaryDifferences(TTD) 导致DTL, 另外一个则是Deductible TemporaryDifferences(DTD) 导致DTA。
我们看一下下面这张表格，它具体说明了资产以及负债的tax bases和carrying amount不同将导致的DTA或者DTL。
下面我们来看一道例题，小程同学应该是选A吧？金老师是的，根据会计准则这个Asset是被立即Expensed的，而税法允许这项资产被capitalized andamortized。
因此，将导致carryingamount=0而Tax Base＞0。
我们根据上面那张表格可知，当Asset 的Carrying Amount＜Tax Base的时候，我们将会得到DTA。
下面我们来看一道计算。
我们拿到这道题目的时候，首先来判断导致的是DTA还是DTL?小程同学应该是DTL,因为这项资产的carrying amount为900,000，而tax base是800,000。
CFA考试《CFA三级》历年真题精选及详细解析1107-59
CFA考试《CFA三级》历年真题精选及详细解析1107-591、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?【单选题】A.Accept the expense-paid trip and write an objective report.B.Pay for all travel expenses, including costs of meals and incidental items.C.Accept the expense-paid trip but disclose the value of the services accepted in the report.正确答案:B答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward to pay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.2、Are the three compliance procedures reviewed by Campanelli consistent with both the required and recommended standards of the CFA Institute Asset Manager Code of Professional Conduct?【单选题】A.No, the procedures regarding record retention are inconsistent.B.No, the procedures regarding portfolio review are inconsistent.。
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cfa report案例
案例分析报告
执行摘要
本报告重点分析了投资组合中包含特定资产的财务影响。
通过评估资产的风险和回报特征，以及对整体投资组合的影响，我们旨在为投资决策提供见解和建议。
资产评估
公司A：
收益率：过去5年的年化收益率为10%，高于行业平均水平。
风险：贝塔值为1.2，表明其波动性高于市场。
流动性：日均交易量高，流动性良好。
公司B：
收益率：过去5年的年化收益率为5%，低于行业平均水平。
风险：贝塔值为0.8，表明其波动性低于市场。
流动性：日均交易量低，流动性较差。
投资组合整合
将公司A和公司B纳入投资组合可以实现以下目标：
收益率增强：公司A的高收益率潜力可以提高整体收益率。
风险分散：公司B的低波动性可以抵消公司A的更高波动性，
降低整体风险。
流动性考虑：公司A的高流动性可以弥补公司B的流动性较差，增强整体流动性。
投资组合优化
为了优化投资组合，可以考虑以下策略：
资产配置：根据风险承受能力和投资目标，确定公司A和公司B的适当权重。
再平衡：定期重新调整资产权重，以维持目标配置并应对市场变化。
风险管理：使用衍生品或其他工具管理风险，如对冲公司A的波动性。
潜在影响
纳入公司A和公司B对投资组合的影响可能包括：
潜在收益提高：公司A的较高收益率有可能提高投资组合的整体收益。
风险水平波动：公司A的高波动性可能会影响投资组合的整体风险水平。
投资目标实现：优化后的投资组合可以更有效地实现特定的投资目标，如增长或收入。
结论
通过评估公司A和公司B的财务特征以及对投资组合的影响，我们可以制定明智的决策，以增强投资收益率、分散风险并优化整体投资组合。
定期监测和调整投资组合对于保持其与投资目标的一致性至关重要。
通过遵循这些建议，投资者可以最大限度地利用资产并实现财务目标。