2019年CFA課程二級(jí)分冊(cè) 1

ETHICALAND

PROFESSIONAL

STANDARDS,

QUANTITATIVE

METHODS,AND

ECONOMICS

?

CFAPROGRAMCURRICULUM

2019?LevelII?Volume1

1

?2018,2017,2016,2015,2014,2013,2012,2011,2010,2009,2008,2007,2006byCFA

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ISBN978-1-946442-13-0(paper)

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2

TABLEOFCONTENTS

TitlePage

CopyrightPage

TableofContents

HowtoUsetheCFAProgramCurriculum

CurriculumDevelopmentProcess

OrganizationoftheCurriculum

FeaturesoftheCurriculum

Requiredvs.OptionalSegments[OPTIONAL]

PracticeProblems/Solutions

GlossaryandIndex

LOSSelf-Check

SourceMaterial

DesigningYourPersonalStudyProgram

CreateaSchedule

CFAInstitutePracticeQuestions

CFAInstituteMockExams

PreparatoryProviders

Feedback

EthicalandProfessionalStandards

StudySessions

TopicLevelLearningOutcome

StudySession1.EthicalandProfessionalStandards(1)

ReadingAssignments

Reading1.CodeofEthicsandStandardsofProfessionalConduct

LearningOutcomes

Preface

EvolutionoftheCFAInstituteCodeofEthicsandStandardsof

ProfessionalConduct

StandardsofPracticeHandbook

SummaryofChangesintheEleventhEdition

CFAInstituteProfessionalConductProgram

AdoptionoftheCodeandStandards

Acknowledgments

EthicsandtheInvestmentIndustry

WhyEthicsMatters

CFAInstituteCodeofEthicsandStandardsofProfessionalConduct

Preamble

TheCodeofEthics

StandardsofProfessionalConduct

Reading2.GuidanceforStandardsI–VII

LearningOutcomes

StandardI:Professionalism

StandardI(A)KnowledgeoftheLaw

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardI(B)IndependenceandObjectivity

Guidance

3

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardI(C)Misrepresentation

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardI(D)Misconduct

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardII:IntegrityofCapitalMarkets

StandardII(A)MaterialNonpublicInformation

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardII(B)MarketManipulation

Guidance

ApplicationoftheStandard

StandardIII:DutiestoClients

StandardIII(A)Loyalty,Prudence,andCare

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardIII(B)FairDealing

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardIII(C)Suitability

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardIII(D)PerformancePresentation

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardIII(E)PreservationofConfidentiality

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardIV:DutiestoEmployers

StandardIV(A)Loyalty

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardIV(B)AdditionalCompensationArrangements

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardIV(C)ResponsibilitiesofSupervisors

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardV:InvestmentAnalysis,Recommendations,andActions

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StandardV(A)DiligenceandReasonableBasis

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardV(B)CommunicationwithClientsandProspectiveClients

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardV(C)RecordRetention

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardVI:ConflictsofInterest

StandardVI(A)DisclosureofConflicts

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardVI(B)PriorityofTransactions

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardVI(C)ReferralFees

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardVII:ResponsibilitiesasaCFAInstituteMemberorCFA

Candidate

StandardVII(A)ConductasParticipantsinCFAInstitutePrograms

Guidance

ApplicationoftheStandard

StandardVII(B)ReferencetoCFAInstitute,theCFADesignation,

andtheCFAProgram

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

PracticeProblems

Solutions

StudySession2.EthicalandProfessionalStandards(2)

ReadingAssignments

Reading3.ApplicationoftheCodeandStandards

LearningOutcomes

Introduction

1.EdvardStark

DutiestoClients

DutiestoEmployers

InvestmentAnalysis,Recommendations,andActions

ConflictsofInterest

2.SubathAgarway

Professionalism

ConflictsofInterest

3.PeterSherman

LoyaltytoOne’sEmployer

SolicitationofClientsandProspects

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MisappropriationofEmployerProperty

DisclosureofAdditionalCompensationandConflicts

4.PrestonPartners

ResponsibilitiestoClientsandInteractionswithClients

AllocationofTrades

ResponsibilitiesofSupervisors

5.SuperSelection

ResponsibilitiesofSupervisors

EmployeesandtheEmployer/Supervisor

ReasonableBasis

DutiestoClients

InvestmentRecommendationsandActions

PriorityofTransactions

Reading4.TradeAllocation:FairDealingandDisclosure

LearningOutcomes

Reading5.ChangingInvestmentObjectives

LearningOutcomes

QuantitativeMethods

StudySession

TopicLevelLearningOutcome

StudySession3.QuantitativeMethods

ReadingAssignments

Reading6.FintechinInvestmentManagement

LearningOutcomes

1.Introduction

2.WhatIsFintech?

3.BigData

3.1.SourcesofBigData

3.2.BigDataChallenges

4.AdvancedAnalyticalTools:ArtificialIntelligenceandMachineLearning

4.1.TypesofMachineLearning

5.DataScience:ExtractingInformationfromBigData

5.1.DataProcessingMethods

5.2.DataVisualization

6.SelectedApplicationsofFintechtoInvestmentManagement

6.1.TextAnalyticsandNaturalLanguageProcessing

6.2.Robo-AdvisoryServices

6.3.RiskAnalysis

6.4.AlgorithmicTrading

7.DistributedLedgerTechnology

7.1.PermissionedandPermissionlessNetworks

7.2.ApplicationsofDistributedLedgerTechnologytoInvestment

Management

Summary

PracticeProblems

Solutions

Reading7.CorrelationandRegression

LearningOutcomes

1.Introduction

2.CorrelationAnalysis

2.1.ScatterPlots

2.2.CorrelationAnalysis

2.3.CalculatingandInterpretingtheCorrelationCoefficient

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2.4.LimitationsofCorrelationAnalysis

2.5.UsesofCorrelationAnalysis

2.6.TestingtheSignificanceoftheCorrelationCoefficient

3.LinearRegression

3.1.LinearRegressionwithOneIndependentVariable

3.2.AssumptionsoftheLinearRegressionModel

3.3.TheStandardErrorofEstimate

3.4.TheCoefficientofDetermination

3.5.HypothesisTesting

3.6.AnalysisofVarianceinaRegressionwithOneIndependent

Variable

3.7.PredictionIntervals

3.8.LimitationsofRegressionAnalysis

Summary

References

PracticeProblems

Solutions

Reading8.MultipleRegressionandMachineLearning

LearningOutcomes

1.Introduction

2.MultipleLinearRegression

2.1.AssumptionsoftheMultipleLinearRegressionModel

2.2.PredictingtheDependentVariableinaMultipleRegression

Model

2.3.TestingwhetherAllPopulationRegressionCoefficientsEqual

Zero

2.4.AdjustedR2

3.UsingDummyVariablesinRegressions

4.ViolationsofRegressionAssumptions

4.1.Heteroskedasticity

4.2.SerialCorrelation

4.3.Multicollinearity

4.4.Heteroskedasticity,SerialCorrelation,Multicollinearity:

SummarizingtheIssues

5.ModelSpecificationandErrorsinSpecification

5.1.PrinciplesofModelSpecification

5.2.MisspecifiedFunctionalForm

5.3.Time-SeriesMisspecification(IndependentVariables

CorrelatedwithErrors)

5.4.OtherTypesofTime-SeriesMisspecification

6.ModelswithQualitativeDependentVariables

7.MachineLearning

7.1.MajorFocusesofDataAnalytics

7.2.WhatIsMachineLearning?

7.3.TypesofMachineLearning

7.4.MachineLearningAlgorithms

7.5.SupervisedMachineLearning:Training

Summary

References

PracticeProblems

Solutions

Reading9.Time-SeriesAnalysis

LearningOutcomes

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1.IntroductiontoTime-SeriesAnalysis

2.ChallengesofWorkingwithTimeSeries

3.TrendModels

3.1.LinearTrendModels

3.2.Log-LinearTrendModels

3.3.TrendModelsandTestingforCorrelatedErrors

4.Autoregressive(AR)Time-SeriesModels

4.1.Covariance-StationarySeries

4.2.DetectingSeriallyCorrelatedErrorsinanAutoregressive

Model

4.3.MeanReversion

4.4.MultiperiodForecastsandtheChainRuleofForecasting

4.5.ComparingForecastModelPerformance

4.6.InstabilityofRegressionCoefficients

5.RandomWalksandUnitRoots

5.1.RandomWalks

5.2.TheUnitRootTestofNonstationarity

6.Moving-AverageTime-SeriesModels

6.1.SmoothingPastValueswithann-PeriodMovingAverage

6.2.Moving-AverageTime-SeriesModelsforForecasting

7.SeasonalityinTime-SeriesModels

8.AutoregressiveMoving-AverageModels

9.AutoregressiveConditionalHeteroskedasticityModels

10.RegressionswithMorethanOneTimeSeries

11.OtherIssuesinTimeSeries

12.SuggestedStepsinTime-SeriesForecasting

Summary

References

PracticeProblems

Solutions

Reading10.Excerptfrom“ProbabilisticApproaches:ScenarioAnalysis,

DecisionTrees,andSimulations”

LearningOutcomes

1.Introduction

2.Simulations

2.1.StepsinSimulation

2.2.AnExampleofaSimulation

2.3.UseinDecisionMaking

2.4.SimulationswithConstraints

2.5.Issues

2.6.Risk-AdjustedValueandSimulations

3.AnOverallAssessmentofProbabilisticRiskAssessmentApproaches

3.1.ComparingtheApproaches

3.2.ComplementorReplacementforRisk-AdjustedValue

3.3.InPractice

4.Conclusion

Economics

StudySession

TopicLevelLearningOutcome

StudySession4.Economics

ReadingAssignments

Reading11.CurrencyExchangeRates:UnderstandingEquilibriumValue

LearningOutcomes

8

1.Introduction

2.ForeignExchangeMarketConcepts

2.1.ArbitrageConstraintsonSpotExchangeRateQuotes

2.2.ForwardMarkets

2.3.TheMark-to-MarketValueofaForwardContract

3.ALong-TermFrameworkforExchangeRates

3.1.InternationalParityConditions

4.TheCarryTrade

5.TheImpactofBalanceofPaymentsFlows

5.1.CurrentAccountImbalancesandtheDeterminationof

ExchangeRates

5.2.CapitalFlowsandtheDeterminationofExchangeRates

6.MonetaryandFiscalPolicies

6.1.TheMundell–FlemingModel

6.2.MonetaryModelsofExchangeRateDetermination

6.3.ThePortfolioBalanceApproach

7.ExchangeRateManagement:InterventionandControls

8.WarningSignsofaCurrencyCrisis

Summary

References

Appendix

PracticeProblems

Solutions

Reading12.EconomicGrowthandtheInvestmentDecision

LearningOutcomes

1.Introduction

2.GrowthintheGlobalEconomy:Developedvs.DevelopingEconomies

2.1.SavingsandInvestment

2.2.FinancialMarketsandIntermediaries

2.3.PoliticalStability,RuleofLaw,andPropertyRights

2.4.EducationandHealthCareSystems

2.5.TaxandRegulatorySystems

2.6.FreeTradeandUnrestrictedCapitalFlows

2.7.SummaryofFactorsLimitingGrowthinDevelopingCountries

3.WhyPotentialGrowthMatterstoInvestors

4.DeterminantsofEconomicGrowth

4.1.ProductionFunction

4.2.CapitalDeepeningvs.TechnologicalProgress

4.3.GrowthAccounting

4.4.ExtendingtheProductionFunction

4.5.NaturalResources

4.6.LaborSupply

4.7.LaborQuality:HumanCapital

4.8.Capital:ICTandNon-ICT

4.9.Technology

4.10.PublicInfrastructure

4.11.Summary

5.TheoriesofGrowth

5.1.ClassicalModel

5.2.NeoclassicalModel

5.3.EndogenousGrowthTheory

5.4.ConvergenceDebate

6.GrowthinanOpenEconomy

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Summary

References

PracticeProblems

Solutions

Reading13.EconomicsofRegulation

LearningOutcomes

1.Introduction

2.OverviewofRegulation

2.1.ClassificationofRegulationsandRegulators

2.2.EconomicRationaleforRegulation

2.3.RegulatoryTools

3.RegulationofCommerce

4.RegulationofFinancialMarkets

5.Cost–BenefitAnalysisofRegulation

6.AnalysisofRegulation

6.1.EffectsofRegulations

Summary

References

PracticeProblems

Solutions

Appendices

Glossary

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

Y

Z

PAGELIST

i

10

HowtoUsetheCFAProgramCurriculum

?2018CFAInstitute.Allrightsreserved.

Show/HideParagraphNumbers

CongratulationsonreachingLevelIIoftheCharteredFinancialAnalyst?(CFA?)Program.

Thisexcitingandrewardingprogramofstudyreflectsyourdesiretobecomeaserious

investmentprofessional.Youareembarkingonaprogramnotedforitshighethicalstandards

andthebreadthofknowledge,skills,andabilities(competencies)itdevelops.Your

commitmenttotheCFAProgramshouldbeeducationallyandprofessionallyrewarding.

Thecredentialyouseekisrespectedaroundtheworldasamarkofaccomplishmentand

dedication.Eachleveloftheprogramrepresentsadistinctachievementinprofessional

development.Successfulcompletionoftheprogramisrewardedwithmembershipina

prestigiousglobalcommunityofinvestmentprofessionals.CFAcharterholdersarededicatedto

life-longlearningandmaintainingcurrencywiththeever-changingdynamicsofachallenging

profession.TheCFAProgramrepresentsthefirststeptowardacareer-longcommitmentto

professionaleducation.

TheCFAexaminationmeasuresyourmasteryofthecoreknowledgeandskillsrequiredto

succeedasaninvestmentprofessional.Thesecoreknowledgeandskillsarethebasisforthe

CandidateBodyofKnowledge(CBOK?).TheCBOKconsistsoffourcomponents:

?AbroadoutlinethatliststhemajortopicareascoveredintheCFAProgram

(/cbok);

?Topicareaweightsthatindicatetherelativeexamweightingsofthetop-leveltopicareas

(/level_II);

?Learningoutcomestatements(LOS)thatadvisecandidatesaboutthespecificknowledge,

skills,andabilitiestheyshouldacquirefromreadingscoveringatopicarea(LOSare

providedincandidatestudysessionsandatthebeginningofeachreading);and

?TheCFAProgramcurriculumthatcandidatesreceiveuponexamregistration.

Therefore,thekeytoyoursuccessontheCFAexaminationsisstudyingandunderstandingthe

CBOK.ThefollowingsectionsprovidebackgroundontheCBOK,theorganizationofthe

curriculum,andtipsfordevelopinganeffectivestudyprogram.

11

CURRICULUMDEVELOPMENTPROCESS

TheCFAProgramisgroundedinthepracticeoftheinvestmentprofession.Beginningwiththe

GlobalBodyofInvestmentKnowledge(GBIK),CFAInstituteperformsacontinuouspractice

analysiswithinvestmentprofessionalsaroundtheworldtodeterminethecompetenciesthatare

relevanttotheprofession.Regionalexpertpanelsandtargetedsurveysareconductedannually

toverifyandreinforcethecontinuousfeedbackfromtheGBIKcollaborativewebsite.The

practiceanalysisprocessultimatelydefinestheCBOK.TheCBOKreflectsthecompetencies

thataregenerallyacceptedandappliedbyinvestmentprofessionals.Thesecompetenciesare

usedinpracticeinageneralistcontextandareexpectedtobedemonstratedbyarecently

qualifiedCFAcharterholder.

TheEducationAdvisoryCommittee,consistingofpracticingcharterholders,inconjunction

withCFAInstitutestaff,designstheCFAProgramcurriculuminordertodelivertheCBOKto

candidates.Theexaminations,alsowrittenbycharterholders,aredesignedtoallowyouto

demonstrateyourmasteryoftheCBOKassetforthintheCFAProgramcurriculum.Asyou

structureyourpersonalstudyprogram,youshouldemphasizemasteryoftheCBOKandthe

practicalapplicationofthatknowledge.Formoreinformationonthepracticeanalysis,CBOK,

anddevelopmentoftheCFAProgramcurriculum,pleasevisit.

ORGANIZATIONOFTHECURRICULUM

TheLevelIICFAProgramcurriculumisorganizedinto10topicareas.Eachtopicareabegins

withabriefstatementofthematerialandthedepthofknowledgeexpected.

Eachtopicareaisthendividedintooneormorestudysessions.Thesestudysessions—17

sessionsintheLevelIIcurriculum—shouldformthebasicstructureofyourreadingand

preparation.

Eachstudysessionincludesastatementofitsstructureandobjectiveandisfurtherdividedinto

specificreadingassignments.Anoutlineillustratingtheorganizationofthese17studysessions

canbefoundatthefrontofeachvolumeofthecurriculum.

ThesereadingsaredrawnfromcontentcommissionedbyCFAInstitute,textbookchapters,

professionaljournalarticles,researchanalystreports,andcases.EachreadingincludesLOSand

thecorematerialtobestudied,oftenacombinationoftext,exhibits,andin-textexamplesand

questions.Areadingtypicallyendswithpracticeproblemsfollowedbysolutionstothese

problemstohelpyouunderstandandmasterthetopicareas.TheLOSindicatewhatyoushould

beabletoaccomplishafterstudyingthematerial.TheLOS,corematerial,andthepractice

problemsaredependentoneachother,withthecorematerialandpracticeproblemsproviding

contextforunderstandingthescopeoftheLOSandenablingyoutoapplyaprincipleorconcept

inavarietyofscenarios.

12

Theentirereadings,includingthepracticeproblemsattheendofthereadings,arethebasisfor

allexaminationquestionsandareselectedordevelopedspecificallytoteachtheknowledgeand

skillsreflectedintheCBOK.

YoushouldusetheLOStoguideandfocusyourstudybecauseeachexaminationquestionis

basedononeormoreLOSandthecorematerialandpracticeproblemsassociatedwiththe

LOS.Asacandidate,youareresponsiblefortheentiretyoftherequiredmaterialinastudy

session.

WeencourageyoutoreviewtheinformationabouttheLOSonourwebsite

(/programs/cfaprogram/courseofstudy/Pages/study_sessions.aspx),

includingthedescriptionsofLOS“command

words”(/programs/Documents/cfa_and_cipm_los_command_words.pdf).

FEATURESOFTHECURRICULUM

Beginoptionalsegment

Requiredvs.OptionalSegments

Youshouldreadallofanassignedreading.Insomecases,though,wehavereprintedanentire

chapterorarticleandmarkedcertainpartsofthereadingas“optional.”TheCFAexaminationis

basedonlyontherequiredsegments,andtheoptionalsegmentsareincludedonlywhenitis

determinedthattheymighthelpyoutobetterunderstandtherequiredsegments(byseeingthe

requiredmaterialinitsfullcontext).Whenanoptionalsegmentbegins,youwillseeaniconand

adashedverticalbarintheoutsidemarginthatwillcontinueuntiltheoptionalsegmentends,

accompaniedbyanothericon.Unlessthematerialisspecificallymarkedasoptional,you

shouldassumeitisrequired.Youshouldrelyontherequiredsegmentsandthereading-specific

LOSinpreparingfortheexamination.

Endoptionalsegment

PracticeProblems/Solutions

Allpracticeproblemsattheendofthereadingsaswellastheirsolutionsarepartofthe

curriculumandarerequiredmaterialfortheexam.Inadditiontothein-textexamplesand

questions,thesepracticeproblemsshouldhelpdemonstratepracticalapplicationsandreinforce

yourunderstandingoftheconceptspresented.Manyofthesepracticeproblemsareadapted

frompastCFAexaminationsand/ormayserveasabasisforexamquestions.

GlossaryandIndex

Foryourconvenience,wehaveprintedacomprehensiveglossaryineachvolume.Throughout

thecurriculum,aboldedwordinareadingdenotesatermdefinedintheglossary.The

curriculumeBookissearchable,butwealsopublishanindexthatcanbefoundontheCFA

InstitutewebsitewiththeLevelIIstudysessions.

13

LOSSelf-Check

WehaveinsertedcheckboxesnexttoeachLOSthatyoucanusetotrackyourprogressin

masteringtheconceptsineachreading.

SourceMaterial

Theauthorship,publisher,andcopyrightownersaregivenforeachreadingforyourreference.

WerecommendthatyouusetheCFAInstitutecurriculumratherthantheoriginalsource

materialsbecausethecurriculummayincludeonlyselectedpagesfromoutsidereadings,

updatedsectionswithinthereadings,andproblemsandsolutionstailoredtotheCFAProgram.

NotethatsomereadingsmaycontainawebaddressorURL.Thereferencedsiteswereliveat

thetimethereadingwaswrittenbutmayhavebeendeactivatedsincethen.

SomereadingsinthecurriculumcitearticlespublishedintheFinancialAnalysts

Journal?,whichistheflagshippublicationofCFAInstitute.Sinceitslaunchin1945,

theFinancialAnalystsJournalhasestablisheditselfastheleadingpractitioner-oriented

journalintheinvestmentmanagementcommunity.Overtheyears,ithasadvancedthe

knowledgeandunderstandingofthepracticeofinvestmentmanagementthroughthe

publicationofpeer-reviewedpractitioner-relevantresearchfromleadingacademicsand

practitioners.Ithasalsofeaturedthought-provokingopinionpiecesthatadvancethe

commonlevelofdiscoursewithintheinvestmentmanagementprofession.Someofthe

mostinfluentialresearchintheareaofinvestmentmanagementhasappearedinthe

pagesoftheFinancialAnalystsJournal,and12Nobellaureateshavecontributedmore

than40articles.

CandidatesarenotresponsibleforfamiliaritywithFinancialAnalystsJournalarticles

thatarecitedinthecurriculum.But,asyourtimeandstudiesallow,westrongly

encourageyoutobeginsupplementingyourunderstandingofkeyinvestment

managementissuesbyreadingthispractice-orientedpublication.Candidateshavefull

onlineaccesstotheFinancialAnalystsJournalandassociatedresources.Allyouneed

istologinonusingyourcandidatecredentials.

DESIGNINGYOURPERSONALSTUDY

PROGRAM

14

CreateaSchedule

Anorderly,systematicapproachtoexampreparationiscritical.Youshoulddedicatea

consistentblockoftimeeveryweektoreadingandstudying.Completeallreadingassignments

andtheassociatedproblemsandsolutionsineachstudysession.ReviewtheLOSbothbefore

andafteryoustudyeachreadingtoensurethatyouhavemasteredtheapplicablecontentand

candemonstratetheknowledgeandskillsdescribedbytheLOSandtheassignedreading.Use

theLOSself-checktotrackyourprogressandhighlightareasofweaknessforlaterreview.

Asyouprepareforyourexam,wewille-mailyouimportantexamupdates,testingpolicies,and

studytips.Besuretoreadthesecarefully.Curriculumerrataareperiodicallyupdatedand

postedonthestudysessionpageat.

Successfulcandidatesreportanaverageofmorethan300hourspreparingforeachexam.Your

preparationtimewillvarybasedonyourprioreducationandexperience,andyouwillprobably

spendmoretimeonsomestudysessionsthanonothers.AstheLevelIIcurriculumincludes17

studysessions,agoodplanistodevote15?20hoursperweekfor17weekstostudyingthe

materialandusethefinalfourtosixweeksbeforetheexamtoreviewwhatyouhavelearned

andpracticewithpracticequestionsandmockexams.Thisrecommendation,however,may

underestimatethehoursneededforappropriateexaminationpreparationdependingonyour

individualcircumstances,relevantexperience,andacademicbackground.Youwillundoubtedly

adjustyourstudytimetoconformtoyourownstrengthsandweaknessesandtoyour

educationalandprofessionalbackground.

Youshouldallowampletimeforbothin-depthstudyofalltopicareasandadditional

concentrationonthosetopicareasforwhichyoufeeltheleastprepared.

Aninteractivestudyplannerisprovidedalongwithyourpracticequestionsandmockexamsto

helpyouplanyourstudytime.Theinteractivestudyplannercalculatesyourstudyprogressand

pacebasedonthetimeremaininguntilexamination.

CFAInstitutePracticeQuestions

TheCFAInstitutepracticequestionsareintendedtoassessyourmasteryofindividualtopic

areasasyouprogressthroughyourstudies.Aftereachpracticequestionset,youwillreceive

immediatefeedbacknotingthecorrectresponsesandindicatingtherelevantassignedreadingso

youcanidentifyareasofweaknessforfurtherstudy.Formoreinformationonthepractice

questionsets,pleasevisit.

CFAInstituteMockExams

Thethree-hourmockexamssimulatethemorningandafternoonsessionsoftheactualCFA

examination,andareintendedtobetakenafteryoucompleteyourstudyofthefullcurriculum

soyoucantestyourunderstandingofthecurriculumandyourreadinessfortheexam.Youwill

receivefeedbackattheendofthemockexam,notingthecorrectresponsesandindicatingthe

relevantassignedreadingssoyoucanassessareasofweaknessforfurtherstudyduringyour

reviewperiod.Werecommendthatyoutakemockexamsduringthefinalstagesofyour

preparationfortheactualCFAexamination.Formoreinformationonthemockexaminations,

pleasevisit.

15

PreparatoryProviders

AfteryouenrollintheCFAProgram,youmayreceivenumeroussolicitationsforpreparatory

coursesandreviewmaterials.Whenconsideringaprepcourse,makesuretheproviderisin

compliancewiththeCFAInstituteApprovedPrepProviderProgram

(/utility/examprep/Pages/index.aspx).Justremember,thereareno

shortcutstosuccessontheCFAexaminations;readingandstudyingtheCFAcurriculumisthe

keytosuccessontheexamination.TheCFAexaminationsreferenceonlytheCFAInstitute

assignedcurriculum—nopreparatorycourseorreviewcoursematerialsareconsultedor

referenced.

SUMMARY

EveryquestionontheCFAexaminationisbasedonthecontentcontainedinthe

requiredreadingsandononeormoreLOS.Frequently,anexaminationquestionis

basedonaspecificexamplehighlightedwithinareadingoron