CFA一级考试重点：Due Diligence and Reasonable basis
CFA一考试重点：Due Diligence and Reasonable basis
CFA一级考试重点：Due Diligence and Reasonable basis关于CFA一级重点，罗列一个关于Due Diligence and Reasonable basis试题A model expert developed a model. He gathered lots of historical data, which shows unilateral bull market, that is, only upward trend. If he made investment suggestions based on these historical data, is he in violation of the Code and Standards?A. NoB. Yes, because he should combine more of other theories to make decision.C. Yes, because he should also simulate more of the downward trend.Solution: CThe model expert violated the Code and Standards V(A) Diligence and Reasonable Basis by making investment suggestions based only on historical data which shows only upward trend. The proper way to avoid violating Standards is to simulate more of the downward trend also.各位考生，2015年CFA备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，高顿网校开通了全免费的CFA题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。
cfa一级2024年考纲
cfa一级2024年考纲摘要：1.CFA一级2024年考纲简介2.考试科目及权重分布3.考纲变动及影响4.应对策略和建议正文：随着CFA（特许金融分析师）考试的逐年更新，为了让考生更好地备战2024年的考试，我们整理了一份CFA一级2024年考纲解析。
本文将为大家介绍CFA一级2024年考纲的整体情况、考试科目及权重分布、考纲变动及应对策略等方面的内容，帮助考生把握考试重点，提高备考效率。
一、CFA一级2024年考纲简介CFA一级考试是全球金融领域最具权威性的资格认证考试之一，旨在测试考生对投资工具、公司金融、经济学、财务报表分析等知识的掌握程度。
2024年CFA一级考纲在保持原有考试特点的基础上，进行了适度更新，以反映金融领域的最新发展。
二、考试科目及权重分布CFA一级2024年考试涵盖以下十个科目：1.职业伦理（Ethics and Professional Standards）：权重为15%2.经济学（Economics）：权重为10%3.财务报表分析（Financial Statements Analysis）：权重为10%4.公司金融（Corporate Finance）：权重为10%5.投资工具（Investment Vehicles）：权重为15%6.资产估值（Valuation）：权重为10%7.权益投资（Equity Investments）：权重为10%8.固定收益投资（Fixed Income Investments）：权重为10%9.衍生品（Derivatives）：权重为5%10.另类投资（Alternative Investments）：权重为5%三、考纲变动及影响相较于2023年考纲，2024年CFA一级考纲在以下方面有所变动：1.职业伦理：部分考纲内容进行了更新，以反映行业最新发展。
2.经济学：对部分概念和模型进行了修订，使考试更加贴近实际。
3.财务报表分析：引入了新的分析方法和案例，提高考试的实用性。
CFA考试一级章节练习题精选0331-21(附详解)
CFA考试一级章节练习题精选0331-21（附详解）1、Brendan Witt, CFA, is a sell-side analyst within a research team covering companiesin the technology sector.The team reaches a consensus to recommend sellinga mining company after long time debating.Witt does not agree with theteam's investment conclusion and believes the mining company is a potential targetof takeover.According to the Standards of Professional Conduct relating todiligence and reasonable basis, which of the following statements is most accurate?Witt must:【单选题】A.decline to be identified with the report.B.dissociate from the report because it does not reflect his opinion.C.ensure the consensus opinion has a reasonable and adequate basis and is independentand objective to keep her name on the report.正确答案:C答案解析:个人观点与集体观点不同时，也可以在报告上署名，只要确信参与写这个报告的其他人都做到了勤勉尽责和独立客观即可。
CFA一级自编题150道
Carly Group. However, Yuan had a different thought. He believed the Carly bond price was overvalued. Which of the following action is the most appropriate to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct, Yuan should: A. make these calls with prominent disclose. B. follow his supervisor’s request, because of the chain of command. C. deny his supervisor’s request.
道德（20 道题）
1，Which of the following is most likely part of the CFA Institute Standards of Professional Conduct, Standard I–Professionalism? Members and candidates: A. must understand and comply with all applicable laws. B. must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants. C. must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.
CFA一级道德高频错题精选
CFA一级道德高频错题精选CFA一级道德高频错题精选精选问答1题干Sheila Schleif, CFA, is an equity analyst at an investment banking division of MokaraFinancial Group, a full-service financial group. Schleif uses a multifactor computer model to make stock recommendations for all clients of Mokara.Schleif discovers the model contains an error. If the error were corrected, her most recent buy recommendation communicated to all clients would change to a sell.Schleif corrects the error, changing the buy to a sell recommendation, and then simultaneously distributes via e-mail the revision to all investment banking clients who received the initial recommendation.A week later, Schleif sells the same shares she held in her personal portfolio. Concerning her actions,Schleif most likely violated which of the following CFA Institute Standards ofProfessional Conduct?A.Priority of TransactionsB.Diligence and Reasonable BasisC.Fair Dealing答案解析Correct Answer: CThe analyst violated Standards III(B): Fair Dealing by selectively distributing the revised recommendation only to investment banking clients despite being responsible for making investment recommendations to all group clients.Schleifshould distribute the change in recommendation to all clients who received the initial recommendation, not just those within the investment banking division of the group.解题思路这道题是数量与组合两个学科的结合。
CFA一级知识点总结最全
Chartered Financial AnalystCFA 一级考试知识点总结StanhopeCFA一级知识点总结Ethics 部分Objective of codes and standard：永远是为了maintain public trust in1.Financial market2.Investment profession6个code of ethics1.Code 1—ethics and pertinent d personsa.2.Code 2---primacy of client’s interesta.Integrity with investment professionb.客户利益高于自身利益3.Code 3---reasonable and independenta.必须注意reasonable careb.必须exercise independent professional judgment---必须独立判断！4.Code 4---ethical culture in the professiona.不但自己要practice，而且要鼓励别人practice—不仅仅是自己一个人去做，要所有人共同去做5.Code 5---ethnical culture in the capital market!a.促进整个capital market的integrity，推广其相关法规---增强公众对资本市场的trust！b.Capital market是基于i.Fairly pricing of risky assets；ii.Investors‘ confidence6.有关competence—能力---competence7个standard of professional conduct1.Standard 1---professionalism---knowledge of lawa.不需要成为法律专家，但是必须understand和comply with applicable law；b.当两个law发生conflict，则要遵守更加严格的法律！c.Knowingly---know or should knowd.必须attempt to stop the violation，如果不能stop，then must dissociatefrom the violation！必须从其中分离出去!i.Remove name from the written report;ii.Ask for a different assignmente.并不要求向有关部门report！（do not require）f.向CFA 进行书面报告report--encouraged to so2. Standard 1 ---professionalism---integrity of capital marketa.Bias from client or other groups—listed company，controlling shareholder！b.Bias from sell side analystc.Buyer side client—d.Issuer paid report---只能接受flat fee for their worke.3.Standard 1 ---professionalism---misinterpretation—不能误导客户，不能剽窃其他人的研究成果4.Standard 1 ---professionalism---misconduct---5.Standard 2---integrity of capital marketa.不能使用非公开信息！---material nonpublic information---b.mosaic theory---conclusion from analysis of public and non-material nonpublicinformation6.standard 3—duties to clientsa.Loyalty, prudence and care---i.如何定义客户？---考虑最终受益人！---雇佣我们的人未必就是我们的客户，要考虑最终受益人！ii.Soft dollar---when a manager uses client brokerage to purchase research report to benefit the investment manager---比如，作为基金公司，使用证券公司的席位进行交易，肯定会支付一定的费用，这些费用来自客户，所以基金公司只能用这些soft dollar为客户服务！b.Fair dealing---i.对所有客户要公平客观ii.个别的客户要求，可以征收premium的费用之后，是可以做的！条件是，其他的分析都已经公布给其他客户了iii.More critical when changes recommendationiv.Investment action---taking investment action based on research recommendationv.Prorated the allocationc.Suitabilityi.了解客户的经验，风险和回报目标ii.要有书面目标—至少一年进行更新！iii.是否和客户的书面目标相符合？iv.是否符合客户的整个total portfolio的投资目标？v.必须理解其投资组合的constraints，只能进行符合其书面目标的投资推荐！1.Investment policy statement—IPS---risk tolerance，returnrequirement， investment2.Constraint---time horizon, liquidity needs, tax concerns, legaland regulatory factors, unique circumstancesd.Performance presentationi.这里有performance presentation的规定，同时在GIPS里面也有类似规定！其区别是1.一个是自愿的---GIPS，一个是必需的；2.一个是针对公司—firm wide，一个是针对个人member和candidate3.GIPS要求公司to use accurate input data and approvedcalculation method, to prevent the performance record inaccordance with a prescribed formate.Preservation of confidentiality---必须保密---可以不保密的情况i.违法行为ii.法律要求进行披露iii.Client或者prospective client同意披露iv.以现行法律为准v.CFA进行investigate固定收益债券，金融衍生品和alternative investment 部分Nonrefundable bond是指不能通过发行新的债券还旧债Sinking fund provisions---偿债基金条款---为了保护投资者，规定经过一段时间后，每年偿还一定金额的本金。
CFA一、二级练习题精选及答案0516-10
CFA一、二级练习题精选及答案0516-10CFA Level I1.Alan Quanta, CFA, provides credit rating analysis of high-yield bonds using external credit ratings as a foundation. At the end of the last quarter, Quanta's firm, North Investment Bank, held a large position in the bonds of Veyron Corporation, a real estate company with all of its land holdings in a country recently downgraded by several credit rating agencies. The downgrades made Veyron bonds extremely difficult to sell because the bond price has dropped every day since the downgrades. Quanta has been asked by his supervisor to contact institutional clients of the firm to convince them that Veyron bonds are still an attractive purchase, especially at these lower prices. Quanta does not consider the Veyron bonds a buy at this price level. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Quanta is toA. obey his supervisor's request.B. ignore his supervisor's request.C. promote the bonds with appropriate disclosures.Correct answer: B"Guidance for Standards I–VII," CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard I (B) Independence and Objectivity, GuidanceStudy Session 1-2-bDistinguish between conduct that conforms to the CFA Institute Code of Ethics and Standards of Professional Conduct and conduct that violates the Code and Standards.B is correct. Quanta should refuse to promote the bonds, which he does not rate as a buy, because his opinion of the Veyron bonds must not be affected by internal pressure or compensation. If Quanta followed the request from his supervisor, he would be in violation of Standard I (B) Independence and Objectivity. Quanta must refuse to promote Veyron bonds until they are an attractive purchase based on fundamental analysis and market pricingCFA Level II1-6：The government of a developing countrypublished a Request for Proposal (RFP) for the development of policies toimprove the business conduct of its capital markets licensees with the hope ofimproving confidence levels among investors.Kingfisher Financial Development Partnersresponded with a detailed proposal including the following justifications forwhy the firm should win the tender.Justification1:With a team of three CFAcharterholders, Kingfisher is more qualified than our competitors to designpolicies to uphold and enhance capital market integrity. Justification2:Each team member must annually renewhis or her commitment to abide by the CFA Institute Code of Ethics and Standardsof Professional Conduct.Justification 3:In addition, every team member passed the CFAexams on the first try.Later, Kingfisher was notified that it wonthe tender. Kingfisher's team consists of team leader Khalid Juma, CFA, and histwo associates, Vimal Bachu, CFA, and Anila Patel, CFA. Kingfisher and thegovernment agree the first step to improve market integrity is to create anindustrywide Code of Conduct based on the CFA Institute Code of Ethics andStandards of Professional Conduct. Although the Code and Standards are notadopted in full, the decision is made to concentrate on four main areas:Professionalism, Capital Market Integrity, Duties to Clients, and InvestmentRecommendations.The Kingfisher team subsequently drafts thefollowing policy statements:Levelsof ProfessionalismFinancial services professionals must actin a professional manner at all times to help protect the integrity of thecountry's capital markets. As such, financial services professionals mustensure they meet, at a minimum, three major requirements. Professionals must:(1) disclose all conflicts of interest; (2) selectively differentiate servicesto clients; and (3) outline all manager compensationarrangements for clients.CapitolMarket IntegrityFinancial services professionals mustprotect the integrity of the capital markets by ensuring that any insiderinformation obtained is managed in such a way as to prevent the generalinvesting public from being disadvantaged. In addition, no financial servicesprofessional can knowingly participate in any activity devised to misleadinvestors or distort any price-setting mechanism.Dutiesto ClientsClients' interests must come before thoseof the financial services firm and/or its staff. To ensure clients' interestsare protected,all portfolios must be invested according to each client'sinvestment plan and must be well diversified across all asset classesavailable. Furthermore, fund managers must annually review client needs andobjectives and rebalance portfolios if required.InvestmentRecommendationsAll investment recommendations should bemade after extensive research undertaken by or on behalf of the firm. Inaddition, each research report must:Requirement 1:be reviewed by peers as soon as practical to ensure that adequate basisand due diligence policies,were followed;Requirement 2:be assessed to determine the quality of the recommendation over time;andRequirement 3:name only those team members who took part in the research and agreedwith the recommendation.The Kingfisher team and the governmentcommittee meet to agree on the draft Code. Members of the government committeesuggest an additional policy "Each financial services firm must have acompliance supervisor to ensure that:Task 1:systemsare in place to detect violations of laws, rules, regulations, firm policies,and the industrywide Code ofConduct and to enforce investment-relatedcompliance policies;Task 2:the firm has adequate documented compliancepolicies and procedures; it trains all personnel on the same and makes sure thepolicies and procedures are followed; andTask 3: inadequateprocedures are identified and recommendations to correct inadequate proceduresare submitted to senior management forapproval and implementation."Question1Which of Kingfisher's statements in the RFPregarding its qualifications most likely violates the CFA Institute Code ofEthics and Standards of Professional Conduct?A.Justification 1B.Justification 2C.Justification 3Question2Regarding the proposed policy statementrelating to Levels of Professionalism, which requirement least Likely reflectsany of the CFA Institute Code of Ethics and Standards of Professional Conduct?A.Conflicts of interestB.Differentiation of servicespensation arrangementsQuestion3Do any of Kingfisher's proposed policystatements related to Capital Market Integrity most likely violate any CFAInstitute Code of Ethics and Standards of Professional Conduct?A.No.B.Yes, regarding marketmanipulation.C.Yes, regarding materialnonpublic information.Question4Which of Kingfisher's proposed requirementsto ensure Duties to Clients is least appropriate to prevent violations of CFAInstitute Code of Ethics and Standards of Professional Conduct? The requirementcalling for a(n):A.periodic review.B.investment plan.C.well-diversified portfolio.Question5Which of Kingfisher's proposed requirementsregarding investment recommendations is most appropriate to prevent violationsof CFA Institute Standard V (A) Diligence and Reasonable Basis?A.Requirement 1B.Requirement 2C.Requirement 3Question6Which of the following governmentcommittee-suggested tasks would least likely conform to CFA Institute StandardIV (C) Responsibilities of Supervisors?A.Task 1B.Task 2C.Task 31. Correct answer：ACFA Institute Guidance for Standards I-VII2013 Modular Level IL Vol. 1, Reading 2,Section Standard VII (B) Reference to CFA Institute, the CFA Designation, andthe CFA Program, GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFAInstitute Code of Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.A is correct because it is a violation ofStandard VII (B) Reference to the CFA Institute, the CFA Designation, and theCFA Program to imply that the competencies of a CFA charterholder are superiorto those of others not holding the designation. R is not a violation, however,to factually state that charterholders must annually renew their commitment toabide by the CFA Institute Code of Ethics and Standards of ProfessionalConduct or that each of the team memberspassed all three CFA exams in their first try.2. Correct answer：BCFA Institute Guidance for Standards I-VII2013 Modular Level II, Vol. 1, Reading 2,Sections Standard III(B) Fair Dealing, Guidance; Standard IV (B) AdditionalCompensation Arrangements, Guidance; StandardVI (A) Disclosure of Conflicts,Guidance Study Session 1-2-a Demonstrate a thorough knowledge of the CFAInstitute Code of Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.B is correct because Standard III(B) FairDealing accommodates the differentiation of services to clients as long as suchservices are not offered selectively. The different service levels should bedisclosed to clients and prospective clients and should be available toeveryone. A requirement to disclose all conflicts of interest would not violateStandard VI (A) Disclosure of Conflicts, nor would the outline of all compensationarrangements violate Standard IV (B) Additional Compensation Arrangements.3. Correct answer：ACFA Institute Guidance for Standards I-VII2013 Modular Level II Vol. 1. Reading 2,Sections Standard II (A) Material Nonpublic Information. Guidance; Standard II(B) Market Manipulation, GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFAInstitute Code of Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.A is correct because Kingfisher's proposedgeneral principles related to Capital Market Integrity properly address in principleStandard II (A) Material Nonpublic Information and Standard II(8) MarketManipulation.Standard II (A) does not disallow thepossession of insider information but does disallow using the information totake unfair advantage of the general investing public. Standard II (B) requiresthe prohibition of: (1)market manipulation, that is, dissemination of false ormisleading information: and (2) transactions that deceive or would be likely tomislead market participants by distorting the price-setting mechanism offinancial instruments.4. Correct answer：C"Guidance for Standards I-VII".CFA Institute2013 Modular Level II Vol. 1, Reading 2,Section Standard III (A) Developing the Client's PortfolioStudy Session 1-2-bRecommend practices and procedures designedto prevent violations of the Code of Ethics and Standards of ProfessionalConduct.C is correct because Standard III (A)Loyalty, Prudence and Care requires a client's portfolio to be managed byinvestment guidelines agreed with the client. Some clients' investmentobjectives may not allow for a diversified portfolio across all asset classesavailable. "Therefore, to do so may violate this Standard."5. Correct answer：BCFA Institute Guidance for Standards I-VII2013 Modular Level II Vol. 1, Reading 2,Section Standard V (A) Diligence and Reasonable Basis, GuidanceStudy Session 1-2-bviolations of the CFA Institute Code of Ethics and Standards ofProfessional Conduct.B is correct because it is recommended todevelop and use measurable criteria for assessing the quality of research tohelp comply with Standard V (A) Diligence and Reasonable Basis. Therefore, the researchrecommendations need to be assessed to determine their validity over time. Didthe process and the analyst's view lead to the right recommendation? That is,did clients have the potential to benefit from the recommendation? Ifrecommendations consistently over time prove to be wrong. perhaps the researchprocesses need to be changed-or the analysts themselves!6.Correct answer：ACFA Institute Guidance for Standards 1-VII2013 Modular level II, Vol. 1, Reading 2,Section Standard IV (C) Responsibilities of Supervisors, GuidanceStudy Session 1-2-bviolations of the CFA Institute Code of Ethics and Standards ofProfessional ConductA is correct because Task 1 is insufficientin that Standard IV(C) Responsibilities of Supervisors requires supervisors toenforce non-investment-related policies as well as investment-related policies.。
CFA一级知识点总结最全
CFA 一级知识点总结Ethics 部分Objective of codes and standard ：永远是为了maintain public trust in1. Financial market2. Investment profession6个code of ethics1. Code 1—ethics and pertinent d persons2. Code 2---primacy of client’s interesta. Integrity with investment professionb. 客户利益高于自身利益3. Code 3---reasonable and independenta. 必须注意reasonable careb. 必须exercise independent professional judgment---必须独立判断！4. Code 4---ethical culture in the professiona. 不但自己要practice ， 而且要鼓励别人practice —不仅仅是自己一个人去做， 要所有人共同去做5. Code 5---ethnical culture in the capital market!a. 促进整个capital market 的integrity ，推广其相关法规---增强公众对资本市场的trust ！b. Capital market 是基于i. Fairly pricing of risky assets ；ii. Investors ‘ confidence6. 有关competence —能力---competence7个standard of professional conduct1. Standard 1---professionalism---knowledge of lawa. 不需要成为法律专家， 但是必须understand 和comply with applicable law ；b. 当两个law 发生conflict ，则要遵守更加严格的法律！c. Knowingly---know or should knowd. 必须attempt to stop the violation ， 如果不能stop ， then must dissociate from the violation ！必须从其中分离出去!i. Remove name from the written report;乐享科技CFA 一级考试知识点总结Stanhopeii.Ask for a different assignmente.并不要求向有关部门report！（do not require）f.向CFA 进行书面报告report--encouraged to so2. Standard 1 ---professionalism---integrity of capital marketa.Bias from client or other groups—listed company，controllingshareholder！b.Bias from sell side analystc.Buyer side client—d.Issuer paid report---只能接受flat fee for their work3.Standard 1 ---professionalism---misinterpretation—不能误导客户，不能剽窃其他人的研究成果4.Standard 1 ---professionalism---misconduct---5.Standard 2---integrity of capital marketa.不能使用非公开信息！---material nonpublic information---b.mosaic theory---conclusion from analysis of public and non-materialnonpublic information6.standard 3—duties to clientsa.Loyalty, prudence and care---i.如何定义客户？---考虑最终受益人！---雇佣我们的人未必就是我们的客户，要考虑最终受益人！ii.Soft dollar---when a manager uses client brokerage to purchase research report to benefit the investment manager---比如，作为基金公司，使用证券公司的席位进行交易，肯定会支付一定的费用，这些费用来自客户，所以基金公司只能用这些softdollar为客户服务！b.Fair dealing---i.对所有客户要公平客观ii.个别的客户要求，可以征收premium的费用之后，是可以做的！条件是，其他的分析都已经公布给其他客户了iii.More critical when changes recommendationiv.Investment action---taking investment action based on research recommendationv.Prorated the allocationc.Suitabilityi.了解客户的经验，风险和回报目标ii.要有书面目标—至少一年进行更新！iii.是否和客户的书面目标相符合？iv.是否符合客户的整个total portfolio的投资目标？v.必须理解其投资组合的constraints，只能进行符合其书面目标的投资推荐！1.Investment policy statement—IPS---risk tolerance，returnrequirement， investment2.Constraint---time horizon, liquidity needs, tax concerns, legaland regulatory factors, unique circumstancesd.Performance presentationi.这里有performance presentation的规定，同时在GIPS里面也有类似规定！其区别是1.一个是自愿的---GIPS，一个是必需的；2.一个是针对公司—firm wide，一个是针对个人member和candidate3.GIPS要求公司to use accurate input data and approvedcalculation method, to prevent the performance record inaccordance with a prescribed formate.Preservation of confidentiality---必须保密---可以不保密的情况i.违法行为ii.法律要求进行披露iii.Client或者prospective client同意披露iv.以现行法律为准v.CFA进行investigate固定收益债券，金融衍生品和alternative investment 部分Nonrefundable bond是指不能通过发行新的债券还旧债Sinking fund provisions---偿债基金条款---为了保护投资者，规定经过一段时间后，每年偿还一定金额的本金。
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CFA 一级考试重点：Due Diligence and Reasonable basis
关于CFA 一级重点，罗列一个关于Due Diligence and Reasonable basis 试题
A model expert developed a model. He gathered lots of historical data, which shows unilateral bull market, that is, only upward trend. If he made investment suggestions based on these historical data, is he in violation of the Code and Standards?
A. No
B. Yes, because he should combine more of other theories to make decision.
C. Yes, because he should also simulate more of the downward trend.
Solution: C
The model expert violated the Code and Standards V(A) Diligence and Reasonable Basis by
making investment suggestions based only on historical data which shows only upward trend. The proper way to avoid violating Standards is to simulate more of the downward trend also.
各位考生，2015年CFA 备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，高顿网校开通了全免费的CFA 题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。