argumentative16周轻松搞定CFA LEVEL 1 (第1~16周 全)(保罗时报)

16

周轻松搞定

CFA LEVEL 1

——第

1

天

不知道各位昨天有没有根据《保罗时报》的要求学习

Readi ng

1

。现在《保罗时

报》就来帮您 按照

CFA

LEVEL

1

教材梳理一下

Reading

1

的重要知识点。按教材

要求，

考生对

Reading 1

要掌握：

a. describe the structure of the CFA Institute Professional Conduct

Program and the process for the enforcement of the Code and Standards;

b.

state

the

six

components

of

the

Code

of

Ethics

and

the

seven

Standards

of Professional Conduct;

c.

explain

the

ethical

responsibilities

required

by

the

Code

and

Standards,

including the multiple sub-sections of each Standard.

具体分解一下。上述

a

点关于

Pro fessional Conduct Program

的回答为：

All members and candidates must apply with the Code and Standards. The

CFA Institute Board of Governors oversees the Professional Conduct

Program through a Disciplinary Review Committee.

Professional Conduct staff conduct professional conduct inquiries. The

following can bring about an investigation:

1. self-disclosure on annual conduct statements

2. written complaints

3. media reports of wrongdoing

4. exam proctors can submit a violation report

Rules of Procedure are based on two primary principals:

1. Fair process to the member and candidate

2. Confidentiality of proceedings

A CFA Institute Designated Officer reviews the material obtained by

Professional Conduct staff in the investigation and may

1. conclude there is no disciplinary sanction

2. issue a cautionary letter

3.

continue

proceeding

to

discipline

the

member

or

candidate.

The

member

or candidate may accept or reject the proposed sanction. If he rejects

it, the case is referred to a panel of CFA Institute members. Violators

may be suspended from the CFA program.

b

点所指的

Code of Ethics6

个组成部分为：

Members and Candidates must:

1.

Act

with

integrity,

competence,

diligence,

respect,

and

in

an

ethical

manner with the public, clients, prospective clients, employers,

employees, colleagues in the investment profession, and other

participants in the global capital markets.

2.

Place

the

integrity

of

the

investment

profession

and

the

interests

of

clients above their own personal interests.

3. Use reasonable care and exercise independent professional judgement

when

conducting

investment

analysis,

making

investment

recommendations,

taking

investment

actions,

and

engaging

in

other

professional

activities.

4.

Practice

and

encourage

others

to

practice

in

a

professional

and

ethical

manner that will reflect credit on themselves and the profession.

5. Promote the integrity of, and uphold the rules governing, capital

markets.

6. Maintain and improve their professional competence and strive to

maintain and improve the competence of their investment professionals.

考题有可能问：“Which of the following

is not stated in the Code of

Ethics?”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

Standards of Professional Conduct

有

7

类：

1. Professionalism

2. Integrity of Capital Markets

3. Duties to Clients and Prospective Clients

4. Duties to Employers

5. Investment Analysis, Recommendations, and Action

6. Conflicts of Interest

7. Responsibilities as a CFA Institute Member or CFA Candidate

根据

c

点要求， 考生还必须牢记

Standards of Professional Conduc t7

大类下

的梭有小分类。请各位

CF A LEVEL 1

备考者们做好相应准备

16

周轻松搞定

CFA LEVEL 1-

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

200 4

年关于

fair dealing

的考试真题。

1.

When

an

AIMR

member

has

a

limited

number

of

shares

of

an

initial

public

offering to distribute, the member would be least likely to violate the

AIMR Standards of Professional Conduct by:

a. allocating the shares pro rata to all subscribers for whom the issue

is appropriate.

b.

first

filling

the

orders

of

individual

clients,

then

filing

the

orders

of institutional clients.

c. first filling the orders of clients who have generated the most

commissions during the past year.

d. first filling the orders of those who have been clients of the

investment professional for the longest period of time.

A

。

B

、

C

、

D

Fair Dealing Standard, Standard III B.

2.

Dave

Bauman,

CFA,

is

a

portfolio

manager

who

wants

to

buy

Arrow

Company

common stock for his clients’ accounts and his personal account.

According to the Guidance, Bauman:

a. must buy the stock for his clients’ accounts before buying for his

personal account.

b.

must

wait

30

days

after

buying

the

stock

for

clients

before

buying

for

his personal account.

c. may buy for his personal account at any time as long as he discloses

the trades to his employer and clients.

d.

may

buy

for

his

personal

account

at

any

time

as

long

as

the

execution

price

is

not

more

favorable

than

the

execution

price

realized

by

clients.

正确答案为

A

。

16

周轻松搞定

CFA LEVEL 1

——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

Introduction to Global Investment Performance Standards

，

简称

GIPS

。

a. Explain why the GIPS standards were created, what parties the GIPS

standards apply to and who is served by the standards.

Individuals

and

institutions

are

constantly

scrutinizing

past

investment

performance in search of the best performing manager to achieve their

investment object. GIPS were created to ensure fair representation and

full disclosure of performance information. GIPS set a global standard

for calculation and reporting performance recognized and accepted

worldwide.

GIPS apply to investment management firms.

GIPS serve clients and prospective clients (investors), including

consultants that may assist investors in selecting management firms.

GIPS do not apply to consultants and software companies who produce the

measurement software, i.e. the performance measurement tools.

Plan

sponsors,

consultants

and

software

companies,

unless

they

actually

manage

assets,

cannot

make

performance

claims.

They

can

endorse

or

require

GIPS. Software companies can “calculate performance in a manner

acceptable by the Standards.”

b. Explain the construction and purpose of composites in performance

reporting.

A composite is an aggregation of discretionary portfolios into a single

group that represents a particular investment objective or strategy. A

composite must include all actual fee-paying, discretionary portfolios

managed in accordance with the same objective or strategy. A composite

is asset weighted.

For example, if a GIPS- compliant firm presents its track record for a

Global

Equity

Composite,

the

Composite

must

include

all

portfolios

that

are managed, or have historically been

managed, in the firm’s Global

Equity

strategy.

The

firm

may

not

subjectively

select

which

Global

Equity

portfolios will be included in or excluded from the calculation and

presentation

of

the

Global

Equity

Composite.

The

determination

of

which

portfolios to include in the Composite should be done according to

pre-established

criteria

(i.e.,

on

an

ex-ante

basis),

not

after

the

fact.

This

prevents

a

firm

from

including

only

their

best

performing

portfolios

in the Composite.

Purpose

of

Composites:

Creating

meaningful,

asset-weighted

campsites

is

critical to the fair presentation, consistency, and comparability of

results over time and among Firms.

c. Explain the requirements for verification of compliance with GIPS

standards.

A firm is responsible for its claim of GIPS compliance, that is, a firm

“self

-

regulates” its claim of GIPS compliance; verification is not

required.

However,

if

done,

verification

of

that

claim

must

be

done

by

an

independent

third party. A firm cannot perform its own verification.

Verification provides assurance and credibility that the firm claiming

GIPS compliance has adhered to GIPS firm wide. Also, a firm undergoing

verification has an added benefit to improve its internal GIPS policies

and procedures because of a review by an independent third party.

Verification is done on the entire firm, not on specific composites.

Verification tests:

1. That the firm has complied with all the composite construction

requirements of GIPS on a firm wide basis; and

2. That the firm’s processes and proce

dures calculate and present

performance in compliance with GIPS.

16

周轻松搞定

CFA LEVEL 1-

第

4

天

按照

《保罗时报》

的复习计划，

今天应该是

CFA

一级考试复习的第

4

天了，

不知

各位考生 朋友经过这几天的学习，

感觉如何？是不是有点难呢？没关系。

觉得有

困难绝对不只你一人，其他人都是。

CFA

考量的不只是才智，还有意志力。坚持

到底，

就是胜 利！

累了的话，

不如看一下电视转播的冬奥会比赛，

运动员的矫健表现一定不会让你失望。相比他们花在训练上的 时间，

CFA

一级备

考似乎就是小菜一 碟了吧。

想要轻松一下的话，

不如看看

《保罗时报》

对于冬奥

会的报道

，从不 同角度了解本届温哥华奥运会和奥运健儿们。

16

周轻松搞定

CFA LEVEL 1-

第

5

天

《保罗时报》的《

16

周轻松搞定

CFA

LEVEL

1

》计划第

5

天学习的是货币时间 价

值。

这里有些重要公式需要考生记住。

《保罗时报》

特选两条公式配合练习题供

各位小试牛刀：

1.

r

= Real risk-free interest rate + Inflation premium + Default risk

premium + Liquidity premium + Maturity premium