[此贴子已经被作者于2008-6-7 10:48:27编辑过]

响应版主,明天晚上回来写

Good luck to everyone.

good luck!

明天就要考了，祝大家都好运！

有的题简单得离谱, 但也有的题有点烦人,

计算很少, 很多都是YES NO 的概念题,

总的来说, 个人觉得下午比上午难

08年的新题出了那么几道, 主要是国际会计和GAAP的区别

6/7 Atlanta

我是第二次考，觉得比去年12月份要简单，时间上比较充裕。但是考生人数比上次少了一半，不知道为什么。

自己感觉上午部分比下午部分简单。而且不像去年12月份那样有很多上下午重复的考点了。

出了好多call option的题目啊，正是我最弱的地方。狂晕！！！

回忆几道题目啊：

1。职业道德部分：1）题目比去年12月份要短，读起来快多了

                              2）公司要执行几年该标准才可宣称遵守GIPS

2。定量计算：1）对数分布是 左偏还是右偏，无限接近于0否；

             2）中值，均值的关系

             3）均值为5，方差为8，在90％的置信水平下，估计置信区间

            4） 过去六年里有三年盈利，问在此基础上，未来六年里盈利年份大于等于五年的概率

            5）几何平均

            6) 样本标准差，总体标准差，绝对离差

3。经济学：1）H－H行业集中度指标。这个行业只有三家企业，给了他们的销售额，

                    2) 哪个经济周期投资不动产好

                    3）货币政策、财政政策     

4。财务报表分析：1) LIFO reserve 与 COGS

                              2) operation/financing/investment cost

                               3) 在评价项目接受还是拒绝时，哪两种方法会冲突：NPV、IIR、盈利能力

                               4）

5。资产定价：1) 好多call option的题目啊

                       2)

6。投资组合：1）ETF的特点

                        2）hedge fund

                        3) 夏普指数

                        4) β系数

                       5)

（先吃口饭，待会补）

[此贴子已经被作者于2008-6-8 11:20:44编辑过]

第二次考的闪过...考前只做过Schweser的Practice Volume 1，所以只能与这个对比。

Level 1的考点就是那么些了，所以Practice基本覆盖了绝大部分这次考试的考点，但是真题的题干比Practice来得明快很多。所以如果做Practice时，题目都会，但是时间不够，那么真题应该就没问题了。如果做Practice时有的题不会做，那么真题也大概就不会做。

我做Exam 1和Exam 2四份题都用了将近3个小时，但是今天上午我只做了两小时，下午做了两个半小时，而存疑比例则跟做Practice时的错误率大致相当。

下午的题目明显比上午难。但是12月考的时候没有这个感觉。

真题的题干明快，不代表简单。真题会明显地比Practice来得tricky。

举个例子：题目有common share和convertible bond，问diluted EPS。而选项中的四个数字，会有(Net Income)/(Common + Convert),有(Net Income + Interest)/(Common + Convert),有(Net Income + Interest*(1 - tax))/(Common + Convert)。

再举个例子：题目问Average Fixed Asset Age。选项的数字有(Gross Fixed Asset)/(Depre Exp)，有(Accum Depre)/(Depre Exp)，有(Fixed Asset - Accum Depre)/(Depre Exp)。

我验算了大概十题这样的计算题。题目的选项基本都会有常见错误算出来的“正确”选项。所以一定要看清楚题目问的是什么，想清楚自己用的公式是否正确。千万不要算了个数字出来看见正好有这么个选项就选了。

还有，Portfolio的6题放在了最后，感觉很痛苦。这个section题数本来就少，正确率波动很大。放在最后115~120的话，做到那时人的意志都快消耗光了，犯错机会大大地提高...

顺便抱怨一下NYC的Jacob Center考场，空调好冷好冷...好冷好冷...一边做一边哆嗦...

NYC 的 Javitz Center 并不冷，穿的太少而已。

给大家做一道今天的真题 （题面我改了，但用到的公式一模一样）

CFA考试240道题，作对70%可以通过。每题有四项选择。请问如果纯粹用猜的做题，做对70%通过的probability 是多少？

巴黎考的, 下午的难一点, 但感觉还能接受,只是每场都晚半小时才开始，考完又要等监考人清点卷子，一等又是半小时，所以中午的休息时间只有50分钟，非常的不爽！！

北京的来了，

个人感觉，上午和下午完全不是一个水平（还是我困了？[em09]）

主要感觉有些概念，公式掌握的还是不够牢固

加拿大考的

感觉比Notes第6本的ethics阅读量少许多,GIPS的考得不少. 主要都是考概念.如果概念清晰,做起来会比较得手,如果模糊的话,选答案很容易摇摆不定.要读清题目,要注意给的条件例如:是D/E,不是D/A; 是market risk premium, 不是market expected return; 是after-tax,不是before-tax...计算不难.

上午的是2个小时做完,下午的是2个小说15分钟做完.比做Notes的快很多.  

希望大家都能通过吧~   

SHG

感觉还可以，上午2小时，下午2个半小时。

80%的考点都在CFAi的sample，mock，还有sch的mock考试当中，印象中至少有20道原题。

做完这些资料的估计都没问题。

1 普遍反映下午考题难于上午;

2 概念确实很多,一句话,会的不难,难的不会;

3 个人水平有限,满打满算三个小时正好用完;

4 做好不考准备,同时也期待奇迹发生;

5 一级打基础的,对各板块覆盖较广,做透notes, mock & sample.

6 Good luck to everyone.

我在香港考的，题目应该都差不多，下午明显比上午难，上午的很简单，早早作完

下午虽然提前了15分钟左右，但记忆中有好些题拿不稳，有两道题从没见过，是不是没看教材造成的？

现在心里完全没底了。。。

不如大家一齊記題目

等我記番d 題目出來先:

Ethnics:

The Designated Officer, upon reviewing the material obtained during
the investigation, which of the following is least likely to carry out:
choices: cease CFA resignation, issue a cautionary letter, inquiry with no disciplinary sanction,  continue proceedings to discipline the member or candidate
ans: cease CFA resignation

Should clients information be disclosed if the clients is doing illegal activities under

require diclosure?

How long does a firm need to maintain records (not gips related performance)?
ans: 7 years

Supervisor notices that employee trades for his personal account before a report is released. what is the appropriate action?
ans: supervisor needs to begin investigation

Which of the following is not allowed under CFA SOP?
ans: CFA Level II, CFA designation expected in 2009

Do you consider real estate part of firm assets when a) firm doesn't have control over real estate(Yes/No) and b) when real estate generates no income(Yes/No)?
ans: Yes, Yes

Lady gets a M&A tip from her private equity colleague. Client calls the next day asking about it (the price has been rising over the past couple weeks), and the CFA responded that the client should sell short cause it's overvalued. 
ans: violation of material nonpublic info

Husband/wife... both working in finance jobs. They routinely discuss possilibility of clients entering mergers, etc.
Has they violated Standard of confidentiality(Yes/No) and Standard of Material non-public information(Yes/No)?

Which of the following is not one of the eight major section on GIPS standards?
choices: Hedge Fund, Private equity, mutual fund

Questions on content in fundmanetals of compliance?

A firm is existed for 12 years, accrording to GIPS, the firm need minimum compliance records:

choices: .3 years, 5 years, 10 years, 12 years

Which of the following is likely to violated Market Manipiulation for buying and immediately selling to have tax benefit(Yes/No) and using Legitimate trading strategy to exploit market inefficiency(Yes/No)

A member put CFA logo on his individual letterhead or business card. In order to prevent CFA is incorporated into company name, he doesn't place in such close proximity to a company name and put at the bottom of the card. Has he violated Standard VII(B) for his individual letterhead or business card? (Yes/No)

"The CFA program helped to enhance my portfolio skills" violates Standard of misrepresentation(Yes/No)and standard VII(B) (Yes/No)? Ans: No, No

Stat:

When you increase significance level from 5% to 10%, type 1 (increases/decrease) and type 2 (increase/decreases)?

Stock index increase 3 out of 6 months last year. This year the total probability of increasing for 5 or more out of 6 months?

Which is most likely to result in an increase in the width of the confidence interval for the population mean?

choices: Sample size derease(Yes/No) or degrees of freedom decrease (Yes/No)

Stock buy at 90 and sold for 120 one year later, find the continuous compounding yield?

Given T-bill has a face value of $1,000,000 and priced at $970,000 for 270 days remaining until maturity, find the EAY?

Calculation on effective annual yield on an investment of bond-equivalent yield of 7%?

Which of the following measures relative dispersion?

choices: covariance, standard deviation, mean absolute deviation, coefficient of variation

Calculation of CV given sharpe ratio, mean return and risk-free return?

Find which portfolio will mininize Roy's safety-first criterion given $1,000,000 investment and need $400,000 later, given the expected return and standard deviation of retun of 4 portfolio?

Which of the following is true for monte carlo simulation?

choices: calculate estimate of VaR, ask "what-if", required resampling of historical data, determine pricing of the mortgage-back securities

Which of the following distribution is used for hypothesis testing on single variance:

choices: z-test, t-test, F-test, chi-square test

Given small sample of non-normal date and Given a sample of ranked data, Parametric testing and non-parametric test is for which of them?

Which of the following is not Lognormal distribution characteristics?

choices: Bounded by zero, positive skewness,

assigned probability with Logical or reasoning.

choices: Priori, subjective, conditional, empirical

Question on distinguish between escalation bias, confirmation bias, overconfidence bias, survivorship bias

which kind of data type for "Buy", "Held", "Sell"?

choices: ordinal, nominal, ratio, interval

Question on standard error given standard deviation and sample size

Question on calculation of upper limit and lower limit in 90% confidence interval given 1.645 as XXX(forget the term)

Econ: (Would someone post the question on microecon, i think it will add more value to candidate)

Would a change in the following factors change the money supply: interest rates(Yes/No) and expected future income(Yes/No)?
ans: No, No

Firms more efficient than markets LEAST LIKELY?
choices: Economics of team production, economies of scope, economies of scale, outsourcing, transaction cost
ans: outsourcing

Which of the following would solve principal-agent problem:
choices: assigning business ownership to workers, clear command, incentive with setting sales target, signing a contract of multliple years employment with workers
ans: clear command

Would change in the following factors change the money supply: interest rate(Yes/No) and future income(Yes/No)?

About Price Ceiling and black market, what is black market price?
choices: Maximum price that renters are willing to pay, cost for searching the activity, equilibrium price, (wt is the last choices)?

Fed deposit reqirement =0.25 , loan = 10000 ,how much deposit in making loan? (ans:2500)
Choices: 2500, 7500,

Under Laffer curve, a government want to increase the revenue by increasing tax
which of the following is more likely to be correct:
choices: move from downward curve to upper, move from upward curve to downward, at the highest point of the curve

Which of the following is most like to correct for Fed policy to increase money supply:
choices: decreasing discount rate(Yes/No), government buying securities in open market (Yes/No)

Is aggregate demand decreased with a decrease in foreign exchange rate( foreign currency per unit domestic currency) (Yes/No) and transfer benefit by government?

Is interest rate increased with decrease in discount rate(Yes/No) and government buying securities in open market(Yes/No)?

Average unit produced of 840,000 at $25. Last year, the unit was 880,000 at $23. Find the price elasticity of demand?

Ans: ((880000-800000)/840000)/((26000-24000/25000) = -1.19 (the answer was positive 1.19)

Questions on component of implicit cost

For perfect competition, if the increase in demand permanently, which of the following is most likely to be:

choices: Price is higher and is higher than the original cost, price decreases initally and increases, price increases intially and decrease as new firm will enter the market.

Question on assumption of monopolistic competition, which of the following is least likely correct:

choices: a smaller number of independent seller, each seller produces a differentiated product, firm compete on price, quality and marketing, low barrier to entry

Question on definition of frictional umemployment.

For long run, the econonmy is operating at full employment, which of the following is true:

choices: an increase in potential GDP, an increase in money wages, decrease in price level,

Which of the following would be least likely to affect Elasticity of Demand for Labour?
choices: Labour Intensity, elasticity of demand for the product, substuitutability of capital for labour

Which of the following is correctly related to budget dedicit or expansionary fiscal policy:
ans: increasing government expenditure and decreasing tax rate

FSA:

gross vs. net accounting: if you dont have control over pricing and you dont bear inventory risk you can;t use gross reporting

Which of the following would record lowest initial balance sheet liabililty:
choices: Zero-coupon, convertible bond, bonds with warrants, conventional bond

Which of the following would provide information about board members compensation and management qualification?
choices: proxy statement, Management's Discussion and Analysis

Installment method
A sell something to B for $10M, the cost is $8M, and B make a down payment of $1M
and the remaining payment are collected in the subsequent 9 months,
how much profit is reported for first year?

which of the following is not included in f/s:
choices: statement of changes in equity, statement of change in income, footnotes w/ disclosure of accounting policies
ans: statement of change in income

Depreciation is larger when shorter depreciable lives and low salvage values

Person is running a program that is filtering stock based on ROE and P/S. What should he also add as a filter to get rid of meaningless results are positive?
choices: book value, CFO, earnings

which of the following is capitalized?
ans: franchise

Company issues 10 million of bonds at par (7% rate) and calls them one year later at 104. Then company issues new noncallable bonds with 9 years to maturity and 6%. What is total gain/loss? 
ans: 400,000 loss.

IFRS is different from GAAP in treatment of

choices: discontinued operation, extraordinarily item, extraordinarily item

Under IFRS, would interest paid be recognised as cash flow from:

choices: operating or financing, operating or investing, operating only, financing only

Company A rent all planes from Company B, which of the following is the incentives for company A structuring as an operating lease:
choices: better able to resell the asset, higher return on asset, enjoying a lower tax bracket, because they gonna continue leasing the planes for a long time
ans: higher return on asset

Given current dividend payout, NI, asset, liability, find the implied growth rate.

solution; find retaining earning from NI -dividend, RR can be found and g=RRxROE

Which of the following is related to have current and noncurrent portion within asset and liability?

choices: report format, account format, classified balance sheet, unclassified balances

which of the following reflects liquid crisis?

choices: increase in trade credit or increase in account receivable or debt to equity ratio

Which of the following will not affect net income or XXX with shareholder XXX?

choices: extraordinarily item, discontinued operation, other comprehensive income

This year net profit margin and financial leverage is unchanged from last year, however this year ROE decreases from last year, which of the following is more like to be:

Choices Asset increases more than revenue increase, revenue increase more than asset increase, net income increases more than equity increase,

Which of the following off-balance sheet item would increase the CFO:

choices: take-or-pay and throughput agreement, joint ventures, sales of receivables, operating lease

Written up for inventory ?
which of the following is true for US GAAP(Yes/No) and IFRS(Yes/No)?
ans: No, No

Corporate Finance:

Whether Herfindahl index  was a more intuitive measure of competition(Yes/No) and more discrimination(Yes/No)?
choices: Yes, No

A company has limited fund of $400,000, which of the following combination of project should be chosen
choices: 1 and 2, 1 and 4, 2 and 3, 3 and 4

Project 1
inital outlay=$100,000  
NPV= (highest NPV)
IRR=12%

Project 2
inital outlay=$300,000
NPV=
IRR=12%

Project 3
inital outlay=$100,000
NPV=2,000
IRR=16% (highest IRR)

Project 4
inital outlay=$300,000
NPV=20,000 (highest NPV)
IRR=

and : For independent budgets with cost constraints, always go with the combination that produces the highest NPV within the cost constraints

Bad for corporate governance?
when board votes with management on nonroutine issues
ans: Yes

70% equity 30% debt, equity amount 5 mio, debt amount 8 mio

What is the next breakpoint: (Ans is c)

choices were

a. 5 mio
b. 8 mio
c. 7.1 mio
d. 26.7 mio

For indepentent project, IRR and NPV should be used (Yes / No) and PI and IRR (Yes/No) should be used?

Question on payback period and discounted payback period (very simple calculation)

Optimal capital budget occurs at:

choices: intersection of upward sloping marginal cost of capital and downward sloping of investment opportunity schedule curve, intersection of downward sloping marginal cost of capital and upward sloping of investment opportunity schedule curve

Which of the following component should not be considered as capital budeting?

choices: sunk cost

Questions on given NI, asset, liability, find the implied growth rate?

Find margin call price given current stock price is $50 with initial margin=50%, maintenance margin=25% for long position in stock? ans: $37.50

Which of the following is least likely to be associated with long position in stock?

choices: Stop loss, Stop buy, Limit buy

Which of the following exchange membership would help customer to buy and sell?

choices: specialist, commision broker, floor brokers, registred traders

Question on incorrect step in the portfolio management process:

choices: write a policy statement detailing choices of securities

Which of the following is not an assumption of Markowitz model?

choices: investors expected utility exhibit increasing marginal utility of wealth, risk aversion, each investment opportubity as a probability distribution of expected return over a given investment horizon, utility vurves are function of expected return and variance of return distribution

Questions on capital preservation, capital appreciation, current income, total return.

Questions on Basic EPS, Given NI=$4,000,000, Preferred dividend=$500,000, Suppose on 1 Jan 2007, company issues 1,400,000 shares, on Oct declares 2-for-1 stock split, find the basic EPS?

For top-down approach, which of the following is related to step 2?

Which of the following stages will have stock investment?

choices: recovery, early swing, late swing, end of recession

For industry life cycle, in mature growth phase, wt is the effect of profit margin

choices: profit margin start to decline

Questions on elements related to risk in global industry analysis area

Country risk prenium involves calculation of ?

choices: stock beta, sovereign yield spread times ratio of annualized SD of equity index of developing country to annualised SD of soverign bond market in terms of developed market currency,

Questions on break point of WACC

Question on ROE calculation given operating profit margin, effect of nonoperating item, tax effect, total asset turnover, financial leverage

Given 2007 cash ratio < 2006 cash ratio by 0.1,  2007 quick ratio > 2006 quick ratio by 0.1, which of the following will have an increase in:

choices: inventory, current liability, account receivable

Is price-to-earning ratio is more stable than price-to-cash flow ratio (Yes/No) and price-to-sales ratio(Yes/No)?

Which of the following is correct about the normalized earning?

choices: use the average historical earnings, use the average ROE

Breadth of market is most likely correct for:

choices: contrarian view, smart money technicians, stock volume technique, a momentum indicator

when dividend payout decreases, it has the supplemental effect of what?
increase the growth rate
ans: Yes

Shareholders' interests are best served by: all members of nomination(Yes/No) and/or compensation committee are independent(Yes/No)
ans : Yes, Yes

Over time, the major source of investment return and isk is most likely attributed to:
choices: market timng, stock selection, asset allocation, risk maangement

Fixed income:

How does the fed sell bonds when rates are lowest?
choices: tap, ad hoc, auction/single price
ans: ad hoc (p.298 CFAI vol5)

What is the annual stated yield of a bey of 6.5%?

A series of interest rate calls is equivalent to interest rate cap
ans: Yes

Duration is 4, change in yield is 200 bps. what is % change in price?
ans: 8%

Which of the following is least likely for YTM?

choices: determine coupon income, assume to hold to maturity, reinvest the coupon payment at YTM, timing of the cash flow

Are credit spreads positively related to credit rating(Yes/No) and well being of economy(Yes/No)?

For Callable bond, higher reinvestment risk(Yes/No) and higher interest rate risk(Yes/No)?

Compared with callable bond, zero-coupon bond has higher reinvestment risk(Yes/No) and higher interest rate risk(Yes/No)?

Putable Bond exhibits positive convexity and bond price decrease when interest rate decline?

Which of the following correctly account the yield different of mortgage back security of Ginnie Mae and US treasury bond?

Choices: prepayment risk, liquidity risk, credit risk

Is upward-sloping yield curve implies short term expectation to rise in the future?

choices: Liquidity preference theory (Yes/No) and Pure expectation theory (Yes/No)

Derivatives:

Which of the following has the possibility of infinite gain?
choices: long call, short call, long put, short put
ans: long call

Which of the following is least likely to be used to value a callable bond?

Choices: Effective duration, modified duration, option adjusted duration

ans: Modified Duration

Margin question where they give you limited information. Guy has $5 initial margin/contract. $3 maintenance, 10 contracts. Price at t=0 is $100 per contract. Day 2, guy needs to deposit $30 into margin account. What was the closing price on Day 1?
$97 and he has a long margin position

Covered call break even?

Minimum value of American Put prior to expiration?

choices: zero, instrinic value, greater of zero and V of strike over current stock price, greater of zero and current stock price over PV of strike

Long FRA: 90 days maturity with 180-LIBOR at 6.0%, If settlement is 6.5%, how much long is gained at maturity?

Which of the following correctly describes a derivative is a series of interest put option having expiration dates that corresponding to the reset dates on a floating-rate loans and to protect a floating-rate lender from a decline in interest rates?

choices: interest rate floor, interest cap, interest rate collar,

Which of the following is exchange traded?

choices: interest rate swap, currency swap, exchange future contract, forward contract

Alternative Investment:

Which of the following stage is related to investments in a company that is producing and selling a product buy is not yeet generating income?

choices: Later stage, early stage, seed stage, formative stage

Question on REIT(but i forget), choices: traded at value near NAV, open-end fund investment ???

Is FOF has lower return than Hedge Fund and higher management fee?

Which of the following is the least likely the features of hedge fund?

choices: Is highly leveaged, components of basic fee and incentive fee, absolute return, "Limited partnership, a limited liability corporation, or an offshore coporation.

Questions on Estimated NPV of potential investment

Questions on Given Amount of borrowing mortgage, interest on amount of borrowing, gross potential rental income, estimated vancancy and collection loss rate, insurance, taxes, utilities, maintenance, depreciation, financing cost, annual payment, Find the 1st year after-tax cash flow of real estate investment.

Question on components of collateralized commodities future position is the long future contract and long government securities

[此贴子已经被作者于2008-6-11 2:17:13编辑过]

SHG

上午2个小时， 下午2个半小时， 和大家差不多

下午的难，有些概念见过但是想不起来，多出来的时间在那里根据对各个题目的不确定的程度给了一个rank然后算了一下各个板块的概率， 结论是运气好能过， 运气不好就得再考了，唉～

我今天刚考完，但不知道还要不要重考。

衷心地给个建议：一定要看书；一定要提前看书；只有充分地准备才有可能考过。

如果在大学是学金融或会计专业的，那么CFA的考试范围应该都是在大学所学的课程之内，但是

有三点最大的不同，一是语言不同，无论英文程度如何，我们看英文材料肯定要比看中文的困难，

碰到纯专业的术语及解释更是如此，英语六级我也过了，在看NOTES时也没发现太多问题，但是在考试时，

还是经常被题目的表述给绕晕了；二是CFA的范围虽然大多学过，但内容还是有很多不同，CFA是主要是基于

美国的金融市场和会计标准，当然也介绍了与其他国际标准的区别，但这些与我们国内现行的金融市场产品

和通常的理解有很多不同的地方；三是CFA相当于集中了道德、经济、会计、统计、资本市场几门课程的内

容，知识量有多少，看看六本教材就知道了，反过来想想我们大学的课程，有多少人能保证自己这几门功课都

学得很好？而能够融会贯通就是ＣＦＡ的要求了。

总结一下，我认为要想顺利通过这个考试，必须做好两件事，一是认真地复习，把书看透，尽可能理解每个

ＬＯＳ的要求；二是要多做题，做一本习题是最起码的要求，做题的主要目的不只是题海战术，而是要习惯

英文出题的逻辑，因为正式考试留给你思考的时间很有限，不可能给你多余的时间去绕语言弯。

以上就是我参加这次Level１考试的一点体会，及时写下来，供大家参考，也记录自己此时的体会。

悉尼考场。感觉这次考题比上年十二月的简单，其次题干短，跟MOCK和SHCWESER比起来简短多了，以至于在看到题目后怀疑自己是否拿错试卷。呵呵。

还有觉得就是概念的性的题目比较多，虽说很多东西都看过，但是就是不能100%SURE 答案。

北京的归来。

下午的Ethics很绕，这次Quantitative也挺麻烦的，但是题目风格简单明快，省了不少事情。一定要好好准备，好好准备就能过……最好能花一月时间吃透Notes。

祝大家都好运！

加拿大考的

上午的题比较简单，答案也直接....

时间到的时候发现一道题明显错误，监考老师盯着，没敢改过来。。。郁闷

下午的题。。呵呵。。。好绕啊[em06]

建议注重背概念，计算题真是少的可怜那

估计12月还得来一次

个人认为不难，但是道德准则大家一定要多看看，现在就担心道德准则。。。

现金流量什么这次没怎么考，应该是新趋势吧。。。。

SHG,上午一个半小时做完，但是下午作的云里雾里的，下午明显难，加上犯困，哎。。。。

我在巴黎考的，感觉坐在化粪池上面，一阵阵的臭味传来，看在法国狗屎向来多的情况下，原谅的。也很冷。我手都冻紫了，看了旁边的美女脚都冻紫了，我就没抱怨了。。。

比较失望CFA法国的考场组织。

新加坡考场

一个字 - 冷！ 下次一定要多穿衣服去！

考完总体感觉良好， 比mock exam的简单很多，题干也清晰。 建议大家考试多做几套题， 考试时间比较有把握了。

北京考场

同感下午比上午难，人都晕了。好多本来掌握得挺好的概念都记不太明白了。中午休息时间太短。

BJG

对于考试相关后勤的组织工作，大家各位可有什么看法呀？

大家伙交给institute 这么多的考试费，看看昨个颐方圆的状况吧。上千的考生，中午大家吃饭可就成了大问题，暂不说午餐有多糟糕，单是排队等候哪个没有半个小时？还有，这么多人，就那么个上厕所的地方，各位女同胞估计每次都要排队等上半小时吧。更可气的，好像考场的顶层，时不时还有施工电钻的声音，晕呀！就是如此的组织工作？？？

Exam in Auckland, late start and late finish, not enough lunch break...............and the after noon section is harder than the morning one!!

Hope can pass..................

amsterdam

感觉下午的比上午的要顺手。

是不是每个考区的题目不尽相同？

可唔可以有考生 记忆题目呀? 帮下手呀!

唔该你呀!!!

考试一天，全靠红牛抗了下来。终于考完了，突然放松下来，还真有些累呀。哈哈！

现在凭着还能记起的东西，写一点出来，但愿对后来者有些益处。

最最想说的是，Sch的notes配套的两套exam practice 中，第二本开始的八十多道历年真题很重要。由于CFA官方对于真题的信息控制的很严格，所以很难有其他途径得到历年真题。所以这里提供的真题很有用，不但重复率很高，而且它体现出了考试的出题思路和难度。我在考前一天的下午做了他们，考试当天记得有不少似曾相识。

Sch的notes配套的两套exam practice实在是比真题难很多。在复习后期练习时，简单做几套，靠其综合回顾和梳理知识点、练习做题速度是可以的，但不需要做的太多。

CFA官方最后公布的sample和mock，自己认为mock实在是一般（同时还和真题有偏差），但sample还可以，应该认真做一下，仔细看看其对应的答案解释。

就记得以下这些，和大家分享。

希望对大家能有所帮助。

CFA LEVEL ONE EXAM ON JUNE 8, 2008

STUDY SESSION 1 ETHICS

1-18

1.       GIPS 某公司开业2年，在遵守GIPS规定时需要披露已有的业绩，一直到今后的几年？答案：5年【A.2年，B.3年，C.5年，D.10年】

2.       GIPS 某投资公司开业15年，对外宣称遵守GIPS规定，在保留投资经理与客户资料时需要保留几年的资料？答案：7年【A.5年，B.7年，C.10年，D.15年】

3.       GIPS有以下特征的公司宣称遵守GIPS，是否违反相关规定那个：

拥有少量非控股的公司股权           没有管理资产

NO                                                             NO

NO                                                             YES

YES                                                          NO

YES                                                            YES

4.       RESPONSIBILITITES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE

以下哪一个对于CFA的引用是不正确的

CFA, Expected 2008

5.       CONFLICTS OF INTESTEST

6.       INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTION

7.       DUTIES TO EMPLOYERS

一题关于监管责任，一个CFA发现下属私自先于客户卖出自己账户的股票，问下一步该如何行动，答案就是进一步调查。有一个干扰项是把之前违规卖出的股票买回来

8.       DUTIES TO CLIENTS

考了一体关于keep confidential of clients当clients出项了illegal的行为

9.       INTEGRITY OF CAPITAL MARKETS

问是否进行了市场操纵

有个分析师写了报告并向公司的基金经理推荐的股票都没有被录用，她个人就自己买了这些股票。问是否违反了fair dealing，conflicts of interests?

10.   PROFESSIONALISM

被捕3次，是否违反PROFESSIONALISM？

问以下哪一个most likely violate the standard? 应该是Proxy routine with management for nonroutine issue.

问独立董事的权限，应该包括管理层的compensation.

121-138

121.  GIPS的8项规定中包括以下哪一个？正确答案：PRIVATE EQUITY

122.  RESPONSIBILITITES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE

一位CFA在为自己建立公司做广告的时候，引用了如下一句话：“Completion of the CFA Program has enhanced my portfolio management skills”

May the member violate the Standards of Practice Handbook?

*********              RESPONSIBILITITES AS A CFA INSTITUTE MEMBER

 OR CFA CANDIDATE

NO                                                             NO

NO                                                             YES

YES                                                          NO

YES                                                            YES

STUDY SESSION 2-3 QUANTITATIVE METHODS

19-32

19.     以下哪一个是检验一个统计量的方法？答案：Z分布

A.T分布B.Z分布C.F分布D.

20.     对数的分布，特性：？答案：右边后尾超过0.

选项：右边后尾还是左边后尾，是否超过0

21.     XYZ公司的股价在6个月里有3个月是上涨的，符合贝努力分布，问后6个月中5个月上涨的概率是多少？

22.     2年期的债券，年率6.35%，半年付息的收益率与持续复利后的收益率之差

23.     自由度从10%下降到5%，假设检验降低了TYPE I EORRO的可能性, 提高了TYPE II ERROR的可能性。

24.     Sharp ratio考了一题

139-152

计算三个预期收益的几何平均数

CV的计算，给出了Sharp ratio

计算相关系数，给出了协方差，和两个变量各自的标准差。

根据总体标准差和抽样数量计算样本标准差

计算绝对离差

STUDY SESSION 4-6 ECONOMICS

33-44

计算HHI

问垄断竞争的特征

计算收入弹性

关于挤出效应的问题

关于Laffer曲线，当税率升高，Tax Revenue下降，在曲线的哪个部位

153-164

关于总需求下降，价格总水平和失业率的变化

关于Phillips曲线

STUDY SESSION 7-10 FINANCIAL STATEMENT ANALYSIS

45-68

45.     关于INSTALLMENT的计算题，问第一年的profit如何确认？

46.     问是哪种Format of the Balance Sheet? 选项：report format, account format, classic format.

47.     DEFEERED TAX LIABILITIES  是不是OFF-BALANCE-SHEET？take-or-pay contracts的处理

48.     FIFO的COGS的计算

49.     在评价项目接受还是拒绝时，哪两种方法会冲突：NPV、IIR、盈利能力

50.     Cash conversion的计算，直接给出各个period。

51.     FASB与IAS在处理dividend paid的确别

52.     FASB与IAS在处理interest paid的确别

53.     Unrealized gain on available-for-sale securities在哪张Financial Statement中哪个位置出现，应该是Balance Sheet中的Common Shareholder’s Equity

165-188

双倍加速折旧算第一年的CFO

LIFO FIFO对于财务ratio的比较

Operating Lease 和Capital Lease对于财务ratio的比较

FCF的计算

STUDY SESSION 11 CORPORATE FINANCE

69-78

独立董事的作用

公司发行了Bond和Common Stock Share计算WACC

189-188

给出期初投入，5年内每年的先进流入和折现率。两个互斥项目的比较，第一个项目NPV值是负的，第二个项目NPV值是正的。

STUDY SESSION 12 PORTFOLIO MANAGEMENT

115-120

在SML线上的股票价值是被高估了还是低估了
关于有效前沿的一个题目

215-240

资产分配的益处

STUDY SESSION 13-14 SECURITY MARKETS, EQUITY INVESTMENTS

79-90

Long a stock by margin, 计算收到margin call的price

有优先股的EPS计算

P/E P/BV P/S P/CF的区别

The semistrong form的特征

189-210

DILUTE EPS计算

算K_cq

STUDY SESSION 15-16 DEBT INVESTMENTS

103-114

103.  Duration是负数，Convexity也是个负数，问下降100基点，收益率是多少？答案：B下降100基点，收益率是上升的。

A.15.57B.8.74C.-8.74D.-15.57

104.  市场利率波动对于callable bond和putable bond的影响

105.  Zero-coupon bond和普通的bond相比对于利率和再投资的风险比较

106.  Compute spot rates form forward rates and forward rates from spot rates

107.  比较了modified duration, effective duration

108.  Bond 的1年前后由于时间带来了价格差异

109.  Compute the tax-equivalent yield of a tax-exempt security

223-234

STUDY SESSION 17 DERIVATIVE INVESTMENTS

91-96

传统题的变型，给出Day 0的价格 和Day 2要补的费用，问Day1的价格和头寸的情况。

212-216

问哪个是必须交换本金的，CURRENCY SWAP。

FRA的特性

American put Option的价值bound【0,X-S】

STUDY SESSION 18 ALTERNAVITVE INVESTMENTS

97-102

房地产的discounted after-tax cash flow计算题

217-222

ETF的特点中哪个描述是最不准确的，应该是费用最低。

CFA LEVEL ONE EXAM ON JUNE 8, 2008

STUDY SESSION 1 ETHICS

1-18

1.       GIPS 某公司开业2年，在遵守GIPS规定时需要披露已有的业绩，一直到今后的几年？答案：5年【A.2年，B.3年，C.5年，D.10年】

2.       GIPS 某投资公司开业15年，对外宣称遵守GIPS规定，在保留投资经理与客户资料时需要保留几年的资料？答案：7年【A.5年，B.7年，C.10年，D.15年】

3.       GIPS有以下特征的公司宣称遵守GIPS，是否违反相关规定那个：

拥有少量非控股的公司股权           没有管理资产

NO                                                             NO

NO                                                             YES

YES                                                          NO

YES                                                            YES

4.       RESPONSIBILITITES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE

以下哪一个对于CFA的引用是不正确的

CFA, Expected 2008

5.       CONFLICTS OF INTESTEST

6.       INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTION

7.       DUTIES TO EMPLOYERS

一题关于监管责任，一个CFA发现下属私自先于客户卖出自己账户的股票，问下一步该如何行动，答案就是进一步调查。有一个干扰项是把之前违规卖出的股票买回来

8.       DUTIES TO CLIENTS

考了一体关于keep confidential of clients当clients出项了illegal的行为

9.       INTEGRITY OF CAPITAL MARKETS

问是否进行了市场操纵

有个分析师写了报告并向公司的基金经理推荐的股票都没有被录用，她个人就自己买了这些股票。问是否违反了fair dealing，conflicts of interests?

10.   PROFESSIONALISM

被捕3次，是否违反PROFESSIONALISM？

问以下哪一个most likely violate the standard? 应该是Proxy routine with management for nonroutine issue.

问独立董事的权限，应该包括管理层的compensation.

121-138

121.  GIPS的8项规定中包括以下哪一个？正确答案：PRIVATE EQUITY

122.  RESPONSIBILITITES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE

一位CFA在为自己建立公司做广告的时候，引用了如下一句话：“Completion of the CFA Program has enhanced my portfolio management skills”

May the member violate the Standards of Practice Handbook?

*********              RESPONSIBILITITES AS A CFA INSTITUTE MEMBER

 OR CFA CANDIDATE

NO                                                             NO

NO                                                             YES

YES                                                          NO

YES                                                            YES

STUDY SESSION 2-3 QUANTITATIVE METHODS

19-32

19.     以下哪一个是检验一个统计量的方法？答案：Z分布

A.T分布B.Z分布C.F分布D.

20.     对数的分布，特性：？答案：右边后尾超过0.

选项：右边后尾还是左边后尾，是否超过0

21.     XYZ公司的股价在6个月里有3个月是上涨的，符合贝努力分布，问后6个月中5个月上涨的概率是多少？

22.     2年期的债券，年率6.35%，半年付息的收益率与持续复利后的收益率之差

23.     自由度从10%下降到5%，假设检验降低了TYPE I EORRO的可能性, 提高了TYPE II ERROR的可能性。

24.     Sharp ratio考了一题

139-152

计算三个预期收益的几何平均数

CV的计算，给出了Sharp ratio

计算相关系数，给出了协方差，和两个变量各自的标准差。

根据总体标准差和抽样数量计算样本标准差

计算绝对离差

STUDY SESSION 4-6 ECONOMICS

33-44

计算HHI

问垄断竞争的特征

计算收入弹性

关于挤出效应的问题

关于Laffer曲线，当税率升高，Tax Revenue下降，在曲线的哪个部位

153-164

关于总需求下降，价格总水平和失业率的变化

关于Phillips曲线

STUDY SESSION 7-10 FINANCIAL STATEMENT ANALYSIS

45-68

45.     关于INSTALLMENT的计算题，问第一年的profit如何确认？

46.     问是哪种Format of the Balance Sheet? 选项：report format, account format, classic format.

47.     DEFEERED TAX LIABILITIES  是不是OFF-BALANCE-SHEET？take-or-pay contracts的处理

48.     FIFO的COGS的计算

49.     在评价项目接受还是拒绝时，哪两种方法会冲突：NPV、IIR、盈利能力

50.     Cash conversion的计算，直接给出各个period。

51.     FASB与IAS在处理dividend paid的确别

52.     FASB与IAS在处理interest paid的确别

53.     Unrealized gain on available-for-sale securities在哪张Financial Statement中哪个位置出现，应该是Balance Sheet中的Common Shareholder’s Equity

165-188

双倍加速折旧算第一年的CFO

LIFO FIFO对于财务ratio的比较

Operating Lease 和Capital Lease对于财务ratio的比较

FCF的计算

STUDY SESSION 11 CORPORATE FINANCE

69-78

独立董事的作用

公司发行了Bond和Common Stock Share计算WACC

189-188

给出期初投入，5年内每年的先进流入和折现率。两个互斥项目的比较，第一个项目NPV值是负的，第二个项目NPV值是正的。

STUDY SESSION 12 PORTFOLIO MANAGEMENT

115-120

在SML线上的股票价值是被高估了还是低估了
关于有效前沿的一个题目

215-240

资产分配的益处

STUDY SESSION 13-14 SECURITY MARKETS, EQUITY INVESTMENTS

79-90

Long a stock by margin, 计算收到margin call的price

有优先股的EPS计算

P/E P/BV P/S P/CF的区别

The semistrong form的特征

189-210

DILUTE EPS计算

算K_cq

STUDY SESSION 15-16 DEBT INVESTMENTS

103-114

103.  Duration是负数，Convexity也是个负数，问下降100基点，收益率是多少？答案：B下降100基点，收益率是上升的。

A.15.57B.8.74C.-8.74D.-15.57

104.  市场利率波动对于callable bond和putable bond的影响

105.  Zero-coupon bond和普通的bond相比对于利率和再投资的风险比较

106.  Compute spot rates form forward rates and forward rates from spot rates

107.  比较了modified duration, effective duration

108.  Bond 的1年前后由于时间带来了价格差异

109.  Compute the tax-equivalent yield of a tax-exempt security

223-234

STUDY SESSION 17 DERIVATIVE INVESTMENTS

91-96

传统题的变型，给出Day 0的价格 和Day 2要补的费用，问Day1的价格和头寸的情况。

212-216

问哪个是必须交换本金的，CURRENCY SWAP。

FRA的特性

American put Option的价值bound【0,X-S】

STUDY SESSION 18 ALTERNAVITVE INVESTMENTS

97-102

房地产的discounted after-tax cash flow计算题

217-222

ETF的特点中哪个描述是最不准确的，应该是费用最低。

唉，我的时间完全不够用，上午考试的时候，发现导最后ASSET VALUATION 的完全不够时间，后面很多都没有花什么时间相，就写答案了

然后等到下午考试的时候，吸取教训，先做最后2个部分，然后在倒回来做前面的，结果做到最后，前面的时间又不够，唉，不过我觉得，上午的考试相对比下午的难一点，当时考的时候，后面部分好多计算体，特别是FINANCE 部分的，我好多都不会做，当时头那叫一个大啊！

为什么我觉得下午的好简单啊。。。。。我觉得上午的很难啊~·可是由于我晚上只睡了3个小时的缘故，我上午的状态非常的不好，最后的一个部分，我是在5分钟之内做完的，不过最后一部分还是比较简单的~~

考完了上午我都虚脱了~~一想到下午还要考3个小时，我就头疼~~吃了点东西就进场了，不过下午的状态很好~·觉得很简单~~2个小时就基本上快完了~~有些考友说下午的题目很混淆。。。。怎么我都没有感觉的到。。。。难道说。。。我跳进了所有的陷阱了吗？？？疯了。。。。ethic只看了一遍~~所以把握不是很大~~~

上午不到2个小时涂完了答题卡,下午好像涂完卡正好2个小时

总体感觉上午的70%应该没什么问题,下午的道德部分比较没把握,有8个左右觉的摸棱两可得

看完后面的贴子才放心，因为我也觉得下午的考题比较容易。上午的时间也不够用，希望可以过关。

[em09]

我觉得下午比上午难，但是我也没留意到什么陷阱，莫非我自己掉进去了？

但是SCH的两本练习和官方SAMPLE和MOCK很重要！！！

我在试卷里面看到超多一样的题！！！反正满眼都是熟悉的题目

题目我想不起来了

这两天回忆起来好几道错题了

郁闷啊

都是不该错的

都是因为下午脑袋一团浆糊

monopolistic competition---price searcher, yes

perfect competition---price taker, no

 i think d. was stock price minus the PRESENT VALUE of ex price.

so the answer should be b. INTRINSIC VALUE.

did anyone remember this question?

应该是选B:intrinic value

墨尔本考，上下午感觉难度相当,比Mock简单很多，和sample差不多难度。 很多题都不用转弯，直接套数字就行了...什么么唉

上午一个半小时做完，下午的也用了差不多的时间。 反正都检查了一遍，然后正好3个小时用完：）

there was another question about leasing instead of buying the planes.

what would be the benefits of doing so?

1. enjoying a lower tax bracket
2. because they gonna continue leasing the planes for a long time

(cant remember the other 2 choices.)

i picked "enjoying a lower tax bracket" cos leasing = more expenses = low incomes & lower tax.

did anyone have a different answer?

你说的这个题目是说

这两种竞争环境下 哪种企业对价格有一定的控制力

[此贴子已经被作者于2008-6-11 8:51:22编辑过]

pls delete this post

[此贴子已经被作者于2008-6-11 9:11:49编辑过]

which of the following is not included in f/s:
choices: statement of changes in equity, statement of change in income, footnotes w/ disclosure of accounting policies
ans: statement of change in income

why？

 大家能不能具体讨论一下题目啊? 谁有叫不准的,大家一起研究一下哦.

monopolistic competition---price searcher, yes

perfect competition---price taker, no

我觉得有问题吧,monopolistic competition 个人认为是PRICE TAKER, 因为由于对替代品的需求最终使得价格=ATC上,所以应该是PRICE TAKER, 他只能控制产量在价格=ATC这个点上

perfect competition 这个肯定是PRICE TAKER, 因为市场的宏观供求决定了最终的价格,而不是对单一公司本身的供求.

1：Husband/wife... both working in finance jobs. They routinely discuss possilibility of clients entering mergers, etc.
Has they violated Standard of confidentiality(Yes/No) and Standard of Material non-public information(Yes/No)?

我的答案是YES, NO, 因为没有操作。。。

2：

Which of the following is not one of the eight major section on GIPS standards?
choices: Hedge Fund, Private equity, mutual fund

这个好像不是 NOT ONE OF 吧，应该是ONE OF 吧？  答案很清楚。

3：Questions on content in fundmanetals of compliance?

A firm is existed for 12 years, accrording to GIPS, the firm need minimum compliance records:

choices: .3 years, 5 years, 10 years, 12 years

我的答案是5年，有人说10年

4：Which of the following is likely to violated Market Manipiulation for buying and immediately selling to have tax benefit(Yes/No) and using Legitimate trading strategy to exploit market inefficiency(Yes/No)

我选的是NO ，YES

5：A member put CFA logo on his individual letterhead or business card. In order to prevent CFA is incorporated into company name, he doesn't place in such close proximity to a company name and put at the bottom of the card. Has he violated Standard VII(B) for his individual letterhead or business card? (Yes/No)

这道我肯定错了不过国外的论坛讨论也有争议，不过集中在YES YES 和 NO NO 上

6："The CFA program helped to enhance my portfolio skills" violates Standard of misrepresentation(Yes/No)and standard VII(B) (Yes/No)? Ans: No, No （同意）

Stat:

4：Which of the following is likely to violated Market Manipiulation for buying and immediately selling to have tax benefit(Yes/No) and using Legitimate trading strategy to exploit market inefficiency(Yes/No)

他说的INEFFICIENT是说的2 种行为还是后边的一种行为？ 我的理解是只是后边的行为，要是指2个的话我也一定会选择 YES YES

在GOOGLE上搜  cfa exam discussion 第一个链接 就是了

有题问公司发行新bond retire 旧的，$680,000 Loss or $280,000 gain?? 有人记得是问accounting or economic loss?

1：Husband/wife... both working in finance jobs. They routinely discuss possilibility of clients entering mergers, etc.
Has they violated Standard of confidentiality(Yes/No) and Standard of Material non-public information(Yes/No)?

我的答案是YES, NO, 因为没有操作。。。

错了， 都违反了！ 知道了就应该力求公布出去

5：A member put CFA logo on his individual letterhead or business card. In order to prevent CFA is incorporated into company name, he doesn't place in such close proximity to a company name and put at the bottom of the card. Has he violated Standard VII(B) for his individual letterhead or business card? (Yes/No)

这道我肯定错了不过国外的论坛讨论也有争议，不过集中在YES YES 和 NO NO 上

4：Which of the following is likely to violated Market Manipiulation for buying and immediately selling to have tax benefit(Yes/No) and using Legitimate trading strategy to exploit market inefficiency(Yes/No)

NO  NO

3：Questions on content in fundmanetals of compliance?

A firm is existed for 12 years, accrording to GIPS, the firm need minimum compliance records:

choices: .3 years, 5 years, 10 years, 12 years

5Year Minimum

同意  实在受不了丰台的考场了 什么安排都是

本来人就很晕了  考场还这么闷 尤其下午 连空调都不开  考一半就不行了

还有，老师的效率就不能高点  有的考场都填答题卡了  有的连考卷那都没拿到

以为CFA 协会很严谨  不过如此

结果要等这么久，真是郁闷哪~

http://www.analystforum.com/

this is the english forums related to the CFA Exam Discussion

下午拿不准的多些，概念真的很重要，理解透了才做起来顺手！

Good luck to everyone!

gan xie

谢谢

考试结束快三周了，情绪很复杂。

总体来说上午的很简单，比自己预想的要简单的多，体现在两方面，一是题目包含的知识点普遍少，总感觉题目没问透，只停留在表面上，即使对知识点掌握的不是很全面，通过排除法，依然可以做对，当然大部分题，不需要如此麻烦，一看就知道答案；另一方面，很多难点的考点，上午的考题都没有涉及到，感觉是做了一份不完整的卷子。

下午的考试就是真刀真枪了，从一开始的道德题目就可以看出，题目变长了，表达的方式也复杂了，每道题知识点的平均含量也多了，大多数是两个。

这时候最需注意的就是不要着急，我本着做自己会做的题目的原则，尽量认真的做，不着急。即使如此，依然感觉自己是在克服一座难以翻越的大山岭。

现在情绪很复杂，是不知道自己PASS还是FAIL。

说有什么后悔的，其实也没什么好后悔，该做准备的已经做了。

只是感觉如果这次没有通过，第二次再考可能也是这样的结果了。

15天后终于我想起了一些题,是在午夜梦醒时，拿起计算器，仔细再一算，确定不是我选的那个答案。这种感觉糟透了。

为什么让我这么多天了才想起来？而且想到的都是错的？？？

应该