2020年cfa一级考试CFA科目最新更新

CFA科目小编 2019-05-30 20:11 浏览量: 89
 
  有很多刚考试CFA小伙伴, 对CFA一级要考什么内容(cfa协会网站:cfa考试时间形式大变革),一级考试的CFA科目最新更新啦。 考哪些学科都非常迷茫, 为此小编写了CFA一级别学科介绍, 希望可以助大家一臂之力。

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  CFA科目介绍(CFA教材电子版从哪儿下载,CFAnotes下载包
  
  Fixed Income,全称固定收益类证券(主要指债券),具体内容围绕着固定收益类证券定价, 固定收益证券风险和收益率这几个核心展开,由于考点较多较散,难以复习,难度系数偏大。
  
  CFA考试分数+题目比重(cfa考试时间公布,一览表
  
  在一级考试中占10%,换言之240道题目里将有24道固定收益有关CFA题目出现(CFA考试科目有哪些,一览表)。
  
  CFA科目结构
  
  CFA一级Fixed Income包括
  
  2个study session
  
  +
  
  从50~55题一共6个reading
  
  每个reading重要考点如下:
  
  Reading 50
  
  Fixed-Income Securities: Defining Elements
  
  ① 债券五个basic features;
  
  ② 债券cashflow structure设计,包括本金和票息;
  
  ③ 债券内嵌期权(embedded option),包括call,put和convertible。
  
  Reading 51
  
  Fixed-Income Markets: Issuance, Trading, and Funding
  
  ① 债券一级市場(Primary market)发行机制;
  
  ② 回购(Repo)定义,影响reporate和repomargin因素。
  
  Reading 52
  
  Introduction to Fixed-Income Valuation
  
  ① 利用单个折现率, 即期利率, 远期利率给债券定价方法和计算;
  
  ② 到期收益率(YTM), 赎回收益率(YTC);
  
  ③ 应计利息(AI), 净价格, 全价格;
  
  ④ 即期利率(spotrate)跟远期利率(forwardrate)之间换算。
  
  Reading 53
  
  Introduction to Asset-Backed Securities
  
  ① Mortgage特征;
  
  ② MBS提前偿付风险定义, 性质与衡量;
  
  ③ CMO分层后,各层风险特征。
  
  Reading 54
  
  Understanding Fixed-Income Risk and Return
  
  ① 债券回報來源,利率风险分类;
  
  ② 久期(Duration)定义,类别,影响久期大小因素;
  
  ③ 凸度及凸度效应。
  
  Reading 55
  
  Fundamentals of Credit Analysis
  
  → 信用风险4C分析
  
  ღ 3道例题解析
  
  1. Elaine Wong haspurchased an 8% coupon bond for $1,034.88 with 3 years to maturity.At what rate must the coupon payments be reinvested to produce a 5%yield-to-maturity rate?
  
  A. 8%
  
  B. 6.5%
  
  C. 5%
  
  Answer:C
  
  C is correct. Yield-to-maturity measure assumes that the coupon payments can bereinvested at the yield-to-maturity. In this case, it’s5%. C is the correct answer.
  
  2. Consider thethree bonds in the following table. Which of the three bonds is mostlikely to have the greatest reinvestment risk?
  
  Bond YTM       Time to Maturity Current Price
  
  A 8%                          15                    $980
  
  B 8%                          15                    $1,000
  
  C 8%                          15                    $1,098
  
  A. Bond A
  
  B. Bond B
  
  C. Bond C
  
  Answer:C
  
  The yield tomaturity assumes the coupon payments are reinvested at the yield tomaturity and the bond will be held until maturity.The bond selling ata premium has the highest coupon rate and thus is expected to earnthe most reinvestment income.
  
  If the reinvestmentrate falls, this bond will suffer the greatest loss.
  
  Therefore, Bond C,which is currently selling at premium, is most likely to have thegreatest reinvestment risk.
  
  3. Using the U.S.Treasury forward provided in the following table, the value of a 2year, 100 par value Treasury bond with a 4% coupon rate is closes to:
  
  Period Years ForwardRate
  
  1 0.5 1.1%
  
  2 1.0 1.7%
  
  3 1.5 2.2%
  
  4 2.0 2.5%
  
  A. $104.20
  
  B. $100
  
  C. $98.74
  
  Answer:A
  
  According to thedefinition of the forward rate, the value of the bond=2/(1+0.011/2)+2/(1+0.011/2)(1+0.017/2)+2/(1+0.011/2)(1+0.017/2)(1+0.022/2)+102/(1+0.011/2)(1+0.017/2)(1+0.022/2)(1+0.025/2)=104.2

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