CFA  距离考试还有    天



发表时间:2015-07-07 03:54 编辑: 告诉小伙伴:

解读handbook变化内容,助力CFA考试(下),在CFA一级考试进入复习备考阶段,重新解读2015年handbook变化的内容,每年CFA参考教材、CFA考试大纲变化部分都是高频考点,抓住变化内容,通过CFA考试so easy!

       1、Standard V(A) Diligence and Reasonable Basis

       Guidance的改变:修订了两条,原先只有一条“Quantitatively Oriented Research”,现在变成两条“Using Quantitatively Oriented Research”和“Developing Quantitatively Oriented Techniques”。

       (1).Using Quantitatively Oriented Research

       Although they are not required to become experts in every technical aspect of the models, they must understand the assumptions and limitations inherent in any model and how the results were used in the decision-making process.

       Members and candidates should make reasonable efforts to test the output of investment models and other pre-programed analytical tools they use, include extremely positive and negative scenarios.

       (2).Developing Quantitatively Oriented Techniques

       Individuals who create new quantitative models and services must exhibit a higher level of diligence.

       Must understand the technical aspects of the products they provide to clients.

       A thorough testing of the model and resulting analysis should be completed prior to product distribution.

       Members and candidates need to consider the source and time horizon of the data used as inputs in financial models.

       In reviewing the computer models or the resulting output, members and candidates need to pay particular attention to the assumptions used in the analysis and the rigor of the analysis to ensure that the model incorporates a wide range of possible input expectations, including negative market events.

       案例的改变:新增example 13、14、15、16、17.

       2、Standard V(B) Communication with Clients and Prospective Clients

       Content的改变:新增“Disclose to clients and prospective clients significant limitations and risks associated with the investment process. ”



       (1).修订了一条:Identifying Risk and Limitations

       Members and candidates must adequately disclose the general market-related risks and the risks associated with the use of complex financial instruments that are deemed significant. Other types of risks that members and candidates may consider disclosing include, but are not limited to, counterparty risk, country risk, sector or industry risk, security-specific risk, and credit risk.

       Investment securities and vehicles may have limiting factors that influence a client’s or potential client’s investment decision. Examples of such factors and attributes include, but are not limited to, investment liquidity and capacity.

       The appropriateness of risk disclosure should be assessed on the basis of what was known at the time the investment action was taken (often called an ex ante basis). Members and candidates must disclose significant risks known to them at the time of the disclosure. Having no knowledge of a risk or limitation that subsequently triggers a loss may reveal a deficiency in the diligence and reasonable basis of the research of the member or candidate but may not reveal a breach of Standard V(B).

       (2).新增了一条:Report Presentation

       Once the analytical process has been completed, the member or candidate who prepares the report must include those elements that are important to the analysis and conclusions of the report so that the reader can follow and challenge the report’s reasoning.

       If changes in methodology are made, they should be highlighted.

       案例的改变:新增example 11、12、13、14.

       3、Standard V(C) Record Retention


       New Media Records

       没有什么本质的增加,这一条只是为了与时俱进,强调The nature or format of the information does not remove a member’s or candidate’s responsibility to maintain a record of information used in his or her analysis or communicated to clients.

       Standard VI(A) Disclosure of Conflicts

       案例的改变:新增example 12.

       Standard VI(B) Priority of Transactions没有改变。

       Standard VI(C) Referral Fees

       案例的改变:删了原example 4.

       Standard VII(A) Conduct as Participants in CFA Institute Programs

       Content的改变:Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of CFA Institute programs.

       点评:以前的准则里面主要强调了要确保在CFA考试当中不能违反考场纪律,而现在的准则更多的强调应该确保对整个CFA institute program的诚实,因为CFA协会当中不仅有CFA考试,还有其他证书。不过这只是说法的改变,从后面的案例来看(案例没有任何新增),针对考试来讲,考察的重点没有什么影响。

       4、Guidance的改变:没有本质性改变,很多原来描述中的CFA examination都变成了CFA institution program。

       案例的改变:删了原example 7.CFA CFA基础测评系统

       Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program

       案例的改变:新增example 7.



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