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全球財經(jīng)教育

品牌CFA|FRM|ACCA|AICPA|CMA|CIMA|CPA:http://f

20152016STUDY

SESSION

1STUDY

SESSION

1ETHICAL

AND

PROFESSIONAL

STANDARDSETHICAL

AND

PROFESSIONAL

STANDARDSReading

1:Code

of

Ethics

and

Standards

of

Professional

ConductReading

1:

Code

of

Ethics

andStandards

of

Professional

Conducta

describe

the

structure

of

the

CFAInstitute

Professional

Conduct

Program

and

the

processfor

the

enforcement

of

the

Code

and

Standards;a

describe

the

structure

of

the

CFAInstitute

Professional

Conduct

Program

and

the

processfor

the

enforcement

of

the

Code

and

Standards;b

state

the

six

components

of

the

Code

of

Ethics

and

the

seven

Standards

of

ProfessionalConduct;b

state

the

six

components

of

the

Code

of

Ethics

and

the

seven

Standards

ofProfessionalConduct;cexplain

the

ethical

responsibilities

required

bythe

Code

and

Standards,

including

the

sub-sections

of

each

Standard.c

explain

the

ethical

responsibilities

required

by

the

Code

and

Standards,

including

the

sub-sections

of

each

Standard.Reading

2:

Guidancefor

Standards

I–VIIReading

2:

Guidancefor

Standards

I–VIIa

demonstrate

the

application

ofthe

Code

of

Ethics

and

Standards

ofProfessional

Conductto

situations

involving

issues

of

professional

integrity;a

demonstrate

the

application

of

the

Code

of

Ethics

andStandards

of

Professional

Conductto

situations

involving

issues

ofprofessional

integrity;b

distinguish

between

conduct

that

conforms

to

the

Code

and

Standards

and

conduct

thatviolates

the

Code

and

Standards;b

distinguish

between

conduct

that

conforms

to

the

Code

andStandards

and

conduct

thatviolates

the

Code

and

Standards;c mend

practices

and

procedures

designed

to

prevent

violations

of

the

Code

of

Ethicsand

Standards

of

Professional

Conduct.c mend

practices

and

procedures

designed

to

prevent

violations

of

the

Code

ofEthicsandStandards

of

Professional

Conduct.Reading

3:Introduction

to

the

Global

Investment

Performance

Standards

(GIPS)Reading

3:

Introduction

to

the

Global

Investment

Performance

Standards

(GIPS)a

explain

whythe

GIPS

standards

were

created,

what

parties

the

GIPS

standards

applyto,and

who

is

served

by

the

standards;a

explain

why

the

GIPS

standards

were

created,

what

parties

the

GIPS

standards

applyto,and

who

is

served

by

the

standards;b

explain

the

construction

and

purpose

of

composites

inperformance

reporting;b

explain

the

construction

and

purpose

ofcomposites

inperformance

reporting;c

explain

the

requirements

for

verification.c

explain

the

requirements

for

verification.Reading

4:

The

GIPS

StandardsReading

4:

The

GIPS

Standardsa

describe

the

key

features

of

the

GIPS

standards

and

the

fundamentals

of

compliance;a

describe

the

key

features

of

the

GIPSstandards

and

the

fundamentals

of

compliance;b

describe

the

scope

of

the

GIPS

standards

with

respect

to

an

investment

firm’s

definitionand

historical

performance

record;b

describe

the

scope

of

the

GIPS

standards

with

respect

to

an

investment

firm’s

definitionand

historical

performance

record;c

explain

how

the

GIPSstandards

areimplemented

in

countries

with

existing

standards

forperformance

reporting

and

describe

the

appropriate

response

when

theGIPS

standards

andlocal

regulations

;c

explain

how

the

GIPSstandards

areimplemented

in

countries

with

existing

standards

forperformance

reporting

anddescribe

the

appropriate

response

when

the

GIPS

standards

andlocal

regulations

;d

describe

the

nine

major

sections

of

the

GIPS

standards.ddescribe

the

nine

major

sections

of

the

GIPS

standards.STUDY

SESSION

2STUDY

SESSION

2TATIVE

METHODS:Basic

ConceptsTATIVE

METHODS:Basic

Concepts1全球財經(jīng)教育

品牌CFA|FRM|ACCA|AICPA|CMA|CIMA|CPA:http://f

20152016Reading

5:

The

Time

Value

of

MoneyReading

5:

The

Time

Value

of

Moneya

interpret

interest

rates

as

required

rates

of

return,

discount

rates,

or

opportunity

costs;a

interpret

interest

rates

as

required

rates

of

return,

discount

rates,

or

opportunity

costs;b

explain

an

interest

rate

as

the

sum

of

a

realrisk-free

rate,

and

premiums

that

compensateinvestors

for

bearing

distinct

types

of

risk;b

explain

an

interest

rate

as

the

sum

of

a

real

risk-free

rate,

and

premiums

that

compensateinvestors

for

bearing

distinct

types

of

risk;c

calculate

and

interpret

the

effective

annual

rate,

given

the

stated

annual

interest

rate

andthe

frequency

of

compounding;c

calculate

and

interpret

the

effective

annual

rate,

given

the

stated

annual

interest

rate

andthe

frequency

of

compounding;d

solve

time

value

of

moneyproblems

for

different

frequencies

of

compounding;d

solve

time

value

of

moneyproblems

for

different

frequencies

of

compounding;e

calculate

and

interpret

the

future

value

(FV)

and

present

value

(PV)

of

a

single

sum

ofe

calculate

and

interpret

the

future

value

(FV)

and

present

value(PV)

of

a

single

sum

of

money,

an

ordinaryannuity,

anannuity

due, rpetuity

(PV

only),

anda

series

of

unequal

money,

an

ordinary

annuity,

an

annuity

due,

rpetuity

(PV

only),and

a

series

ofunequalf

demonstrate

the

use

of

a

time

line

in

modeling

and

solving

time

value

of

money

problems.

f

demonstrate

the

useof

a

time

line

in

modeling

and

solving

time

value

of

moneyproblems.Reading

6:

Discounted

Cash

Flow

Applications Reading

6:

Discounted

Cash

Flow

Applicationsa

calculate

and

interpret

the

net

present

value

(NPV)

and

the

internal

rate

of

return

(IRR)

ofan

investment;a

calculate

and

interpret

the

net

present

value

(NPV)

and

the

internal

rate

of

return

(IRR)

ofan

investment;b

contrast

the

NPV

rule

to

the

IRR

rule,

and

identify

problems

associated

with

the

IRR

rule;b

contrast

the

NPV

rule

to

the

IRR

rule,

and

identify

problems

associated

with

the

IRR

rule;c

calculate

and

interpret

a

holding

period

return

(total

return);c

calculate

and

interpret

a

holding

period

return

(total

return);d

calculate

and

compare

the

money-weighted

and

time-weighted

rates

of

return

of

aportfolio

and

evaluate

theperformance

of

portfolios

based

on

these

measures;d

calculate

and

compare

themoney-weighted

and

time-weighted

rates

ofreturn

of

aportfolio

and

evaluate

theperformance

of

portfolios

based

on

these

measures;e

calculate

and

interpret

the

bank

discount

yield,holding

period

yield,

effective

annual

yield,

e

calculate

and

interpret

the

bank

discount

yield,holding

period

yield,effective

annual

and

money

market

yield

for

US

Treasury

bills

and

other

money

marketinstruments; yield,

and

money

market

yield

for

US

Treasury

bills

and

other

money

market

instruments;f

convert

among

holding

period

yields,

money

market

yields,

effectiveannual

yields,

andbond

equivalent

yields.f

convert

among

holding

period

yields,

money

market

yields,

effective

annual

yields,

andbond

equivalent

yields.Reading

7:

Statistical

Concepts

and

Market

ReturnsReading

7:

Statistical

Concepts

and

Market

Returnsa

distinguish

between

descriptive

statistics

andinferential

statistics,

between

a

populationand

a

sample,

and

among

the

types

of

measurement

scales;a

distinguish

between

descriptive

statisticsand

inferential

statistics,

between

apopulationand

a

sample,

and

among

the

types

of

measurement

scales;b

define

a

parameter,

a

sample

statistic,

and

a

frequency

distribution;b

define

a

parameter,

a

sample

statistic,

and

a

frequency

distribution;c

calculate

and

interpret

relative

frequencies

and

cumulative

relative

frequencies,

given

afrequency

distribution;c

calculate

and

interpret

relative

frequencies

and

cumulative

relative

frequencies,

given

afrequency

distribution;d

describe

the

properties

of

a

data

set

presented

as

a

histogram

or

a

frequency

polygon;d

describe

the

properties

of

a

data

setpresented

as

a

histogram

or

a

frequency

polygon;e

calculate

and

interpretmeasures

ofcentraltendency,

includingthe

population

mean,sample

mean,

arithmetic

mean,

weighted

averageor

mean,

geometric

mean,

harmonicmean,

median,

and

mode;e

calculate

and

interpret

measures

of

central

tendency,

including

thepopulation

mean,sample

mean,arithmetic

mean,

weighted

average

ormean,

geometric

mean,

harmonicmean,

median,

and

mode;f

calculate

and

interpret

quartiles,

quintiles,

deciles,

and

percentiles;f

calculate

and

interpret

quartiles,

quintiles,

deciles,

and

percentiles;g

calculate

and

interpret

1)

a

range

and

a

mean

absolute

deviation

and

2)

the

variance

andstandard

deviation

of

a

population

and

of

a

sample;g

calculate

and

interpret

1)

a

range

and

a

mean

absolute

deviation

and

2)

the

variance

andstandard

deviation

of

a

population

and

of

a

sample;2全球財經(jīng)教育

品牌CFA|FRM|ACCA|AICPA|CMA|CIMA|CPA:http://f

20152016h

calculate

and

interpret

the

proportion

of

observations

falling

within

a

specified

number

ofstandard

deviations

ofthe

mean

using

Chebyshev’s

inequality;h

calculate

and

interpret

the

proportion

of

observations

falling

within

a

specified

number

ofstandard

deviations

of

the

mean

using

Chebyshev’s

inequality;i

calculate

and

interpret

the

coefficientof

variation

and

the

Sharpe

ratio;i

calculate

and

interpret

the

coefficient

of

variation

and

the

Sharpe

ratio;j

explain

skewness

and

the

meaning

of

a

positively

or

negatively

skewed

return

distribution;j

explain

skewnessand

the

meaning

ofa

positively

or

negatively

skewed

returndistribution;k

describe

the

relative

locations

of

the

mean,

median,

and

mode

for

a

unimodal,nonsymmetrical

distribution;k

describe

the

relative

locations

of

the

mean,

median,

and

mode

for

a

unimodal,nonsymmetrical

distribution;l

explain

measures

of

sample

skewness

and

kurtosis;l

explain

measures

of

sample

skewness

and

kurtosis;mcompare

the

use

of

arithmetic

and

geometric

means

when yzing

investment

returns.mcompare

the

use

of

arithmetic

and

geometric

means

when yzing

investment

returns.Reading

8:

Probability

ConceptsReading

8:

Probability

Conceptsa

define

a

random

variable,

an e,

an

event,

mutually

exclusive

events,

andexhaustive

events;a

define

a

random

variable,

an e,

an

event,

mutually

exclusive

events,

andexhaustive

events;b

state

the

two

defining

properties

of

probability

and

distinguish

among

empirical,subjective,

and

a

priori

probabilities;b

state

the

two

defining

properties

of

probability

and

distinguish

among

empirical,subjective,

and

a

priori

probabilities;c

state

the

probability

ofan

event

in

terms

of

odds

for

and

against

the

event;c

state

the

probability

ofan

event

in

terms

of

odds

for

and

against

the

event;d

distinguish

between

unconditional

and

conditional

probabilities;d

distinguish

between

unconditional

and

conditional

probabilities;e

explain

the

multiplication,

addition,

and

total

probability

rules;e

explain

the

multiplication,

addition,

and

total

probability

rules;f

calculate

and

interpret

1)

the

joint

probability

of

two

events,

2)

the

probability

that

at

leastone

of

two

events

will

occur,

given

the

probability

of

each

and

the

joint

probability

of

thetwo

events,

and

3)

a

joint

probability

of

any

numberof

independent

events;f

calculate

and

interpret

1)

the

joint

probability

of

two

events,

2)

the

probability

that

atleast

one

of

two

events

willoccur,

given

the

probability

of

each

and

the

joint

probability

ofthe

two

events,

and

3)

a

joint

probability

of

any

number

of

independent

events;gdistinguish

between

dependent

and

independentevents;gdistinguish

between

dependent

and

independent

events;h

calculate

and

interpret

an

unconditional

probability

using

the

total

probability

rule;h

calculate

and

interpret

an

unconditional

probability

using

the

total

probability

rule;i

explain

the

use

of

conditional

expectation

in

investment

applications;i

explain

the

use

of

conditional

expectation

in

investment

applications;j

explain

the

use

of

a

tree

diagram

to

represent

an

investment

problem;j

explain

the

use

of

a

tree

diagram

to

represent

an

investment

problem;k

calculate

and

interpret

covariance

and

correlation;k

calculate

and

interpret

covariance

and

correlation;l

calculate

and

interpret

the

expected

value,

variance,

and

standard

deviation

of

arandomvariable

and

ofreturns

on

a

portfolio;l

calculate

and

interpret

the

expected

value,

variance,

and

standard

deviation

of

a

randomvariable

and

ofreturns

on

a

portfolio;m.

calculate

and

interpret

covariance

given

a

joint

probability

function;m.

calculate

and

interpret

covariance

given

a

joint

probability

function;n.

calculate

and

interpret

an

updated

probability

using

Bayes’

formula;n.

calculate

and

interpret

an

updated

probability

using

Bayes’

formula;o.

identify

the

most

appropriate

method

to

solve

a

particular

counting

problem,

and

solvecounting

problems

using

the bination,

and

permutation

notations.o.

identify

the

most

appropriate

method

to

solve

a

particular

counting

problem,

and

solvecounting

problems

using

the

factorial,

combination,

and

permutation

notations.STUDY

SESSION

3STUDY

SESSION

3TATIVE

METHODS:ApplicationTATIVE

METHODS:Application3全球財經(jīng)教育

品牌CFA|FRM|ACCA|AICPA|CMA|CIMA|CPA:http://f

20152016Reading

9:

Common

Probability

DistributionsReading

9:

Common

Probability

Distributionsa

define

a

probability

distribution

and

distinguish

between

discrete

and

continuous

randomvariables

and

their

probability

functions;a

define

a

probability

distribution

and

distinguish

between

discrete

and

continuous

randomvariables

and

their

probability

functions;b

describe

the

set

of

possible es

of

a

specified

discrete

random

variable;b

describe

the

set

of

possible es

of

a

specified

discrete

random

variable;c

interpret

a

cumulative

distribution

function;c

interpret

a

cumulative

distribution

function;d

calculate

and

interpret

probabilities

for

a

random

variable,

given

its

cumulativedistribution

function;d

calculate

and

interpret

probabilities

for

arandom

variable,given

its

cumulativedistribution

function;e

define

a

discrete

uniform

random

variable,

aBernoulli

random

variable,

and

a

binomialrandom

variable;e

define

adiscrete

uniform

random

variable,

a

Bernoulli

random

variable,

and

a

binomialrandom

variable;f

calculate

and

interpret

probabilities

given

the

discrete

uniform

and

the

binomialdistribution

functions;f

calculate

and

interpret

probabilities

given

the

discrete

uniform

and

the

binomialdistribution

functions;g

construct

a

binomial

tree

to

describe

stock

price

movement;g

construct

a

binomial

tree

to

describe

stock

price

movement;h

calculate

and

interpret

tracking

error;h

calculate

and

interpret

tracking

error;i

define

the

continuous

uniform

distribution

and

calculate

and

interpret

probabilities,

givena

continuous

uniform

distribution;i

define

the

continuous

uniform

distribution

and

calculate

and

interpret

probabilities,

givena

continuous

uniform

distribution;j

explain

the

key

properties

of

the

normal

distribution;j

explain

the

key

properties

of

the

normal

distribution;k

distinguish

between

aunivariate

and

a

multivariate

distribution,

and

explain

the

role

ofcorrelation

in

the

multivariate

normal

distribution;k

distinguish

between

a

univariate

and

a

multivariate

distribution,

and

explain

the

role

ofcorrelation

in

the

multivariate

normaldistribution;l

determine

the

probability

that

anormally

distributed

random

variable

lies

inside

agivenl

determine

the

probability

that

anormally

distributed

random

variable

lies

inside

agivenm

define

the

standard

normal

distribution,

explain

how

to

standardize

a

random

variable,and

calculate

and

interpret

probabilities

using

the

standard

normal

distribution;m

define

the

standard

normal

distribution,

explain

how

to

standardize

a

randomvariable,and

calculate

and

interpret

probabilities

using

the

standard

normal

distribution;n

define

shortfall

risk,

calculate

the

safety- ratio,

and

select

anoptimal

portfolio

usingRoy’s

safety-

criterion;n

define

shortfall

risk,

calculate

the

safety- ratio,

and

select

an

optimal

portfolio

usingRoy’s

safety-

criterion;oexplain

the

relationship

between

normal

and

lognormal

distributions

and

why

thelognormal

distribution

is

used

to

model

asset

prices;oexplain

the

relationship

between

normal

and

lognormal

distributions

and

why

thelognormal

distribution

is

used

to

model

asset

prices;p

distinguish

between

discre

y

and pounded

rates

of

return,

andcalculateand

interpret

a pounded

rate

of

return,

given

a

specific

holdingp

distinguish

between

discre

y

and pounded

rates

of

return,

andcalculate

and

interpret

a pounded

rate

of

return,

given

a

specific

holdingq

explain

Monte

Carlo

simulation

and

describe

its

applications

and

limitations;q

explain

Monte

Carlo

simulation

and

describe

its

applications

and

limitations;r

compare

Monte

Carlo

simulation

and

historical

simulation.r

compare

Monte

Carlo

simulation

and

historical

simulation.Reading

10:

Sampling

and

EstimationReading

10:

Sampling

and

Estimationa

define

simple

random

sampling

and

a

sampling

distribution;a

define

simple

random

sampling

and

a

sampling

distribution;b

explain

sampling

error;b

explain

sampling

error;c

distinguish

between

simple

random

and

stratified

random

sampling;c

distinguish

between

simple

random

and

stratified

random

sampling;d

distinguish

between

time-series

and

cross-sectionaldata;d

distinguish

between

time-series

and

cross-sectional

data;e

explain

the

central

limit

theorem

and

its

importance;e

explain

the

central

limit

theorem

and

its

importance;4全球財經(jīng)教育

品牌CFA|FRM|ACCA|AICPA|CMA|CIMA|CPA:http://f

20152016f

calculate

and

interpret

the

standard

error

of

the

sample

mean;f

calculate

and

interpret

the

standard

error

of

the

sample

mean;g

identify

and

describe

desirable

properties

of

an

estimator;g

identify

and

describe

desirable

properties

of

an

estimator;h

distinguish

between

a

point

estimate

and

a

confidence

interval

estimate

of

a

populationparameter;h

distinguish

between

apoint

estimate

and

a

confidence

interval

estimate

ofapopulationparameter;i

describe

properties

of

Student’s

t-distribution

and

calculate

and

interpret

its

degrees

offreedom;i

describe

properties

of

Student’s

t-distribution

and

calculate

and

interpret

its

degrees

offreedom;j

calculate

and

interpret

a

confidence

interval

for

a

population

mean,

given

anormaldistribution

with

1)

a

known

population

variance,

2)an

unknown

population

variance,

or3)an

unknown

variance

and

a

large

sample

size;j

calculate

and

interpret

a

confidence

interval

for

a

population

mean,

given

a

normaldistribution

with

1)a

known

population

variance,

2)

an

unknown

population

variance,

or

3)an

unknown

variance

and

a

large

sample

size;k

describe

the

issues

regarding

selection

of

the

appropriate

sample

size,

data-mining

bias,sample

selection

bias,

survivorship

bias,

look-ahead

bias,

and

time-period

bias.k

describe

the

issues

regarding

selection

of

the

appropriate

sample

size,

data-mining

bias,sample

selection

bias,

survivorship

bias,

look-ahead

bias,and

time-period

bias.Reading

11:Hypothesis

TestingReading

11:Hypothesis

Testinga

define

a

hypothesis,

describe

the

steps

of

hypothesis

testing,

and

describe

and

interpretthe

choice

of

the

null

andalternative

hypotheses;a

define

a

hypothesis,

describe

the

steps

of

hypothesis

testing,

and

describe

and

interpretthe

choice

of

the

null

and

alternative

hypotheses;b

distinguish

between

one-tailed

and

two-tailed

tests

of

hypotheses;b

distinguish

between

one-tailed

and

two-tailed

tests

of

hypotheses;c

explain

a

test

statistic,

Type

I

and

Type

II

errors,

a

significance

level,

and

how

significancelevels

are

used

in

hypothesis

testing;c

explain

atest

statistic,

Type

I

and

Type

II

errors,

a

significance

level,

and

how

significancelevels

are

used

in

hypothesis

testing;d

explain

a

decision

rule,

the

power

of

a

test,

and

the

relation

between

confidence

intervalsand

hypothesis

tests;d

explain

a

decision

rule,the

power

of

atest,

and

the

relation

between

confidence

intervalsand

hypothesis

tests;edistinguish

between

a

statistical

result

and

an

economically

meaningful

result;e

distinguish

between

a

statistical

result

and

an

economically

meaningful

result;f

explain

and

interpret

the

p-value

as

it

relates

tohypothesis

testing;f

explain

and

interpret

the

p-value

as

it

relates

to

hypothesis

testing;g

identify

the

appropriate

test

statistic

and

interpret

the

results

for

a

hypothesis

testconcerning

the

population

mean

of

both

large

and

small

samples

when

the

population

isnormally

or

approxima

y

distributed

and

the

variance

is

1)

known

or

2)

unknown;g

identify

the

appropriate

test

statistic

and

interpret

the

results

for

a

hypothesis

testconcerning

the

population

mean

of

both

large

and

smallsamples

when

the

population

isnormally

or

approxima

y

distributed

and

the

variance

is

1)

known

or

2)

unknown;h

identify

the

appropriate

test

statistic

and

interpret

the

results

for

a

hypothesis

testconcerning

the

equality

of

the

population

means

of

two

at

least

approxima

y

normally

distributed

populations,

based

on

independent

randomsamples

with

1)

equal

or2)

unequalh

identify

the

appropriate

test

statistic

and

interpret

the

results

for

a

hypothesis

testconcerning

the

equality

of

the

population

means

of

two

at

least

approxima

y

normally

distributed

populations,

based

on

independent

random

samples

with

1)

equal

or

2)

unequali

identify

the

appropriate

test

statistic

and

interpret

the

results

for

a

hypothesis

testconcerning

the

mean

difference

of

two

normally

distributed

populations;i

identify

the

appropriate

test

statistic

and

interpret

the

results

for

a

hypothesis

testconcerning

the

mean

difference

of

two

normally

distributed

populations;j

identify

the

appropriate

test

statisticand

interpret

the

results

for

a

hy

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