如何申请CFA资格证书，CFA成绩和证书是否终身有效？
备考必备 | 2017-12-20
听说想要通过CFA I，II 和 III 每个级别至少要进行300个小时的学习。否则，你将要参加各种培训班。即使如此，你可能会被非常棘手的问题击倒。小编找来CFA考试的八道题目，据说这八个问题是考试难的八道题目，现在跟随小编来看看是哪八道题目，以及正确答案和解析吧！CFA持证人需满足四年工作经验申请的职位有哪些？
一、拥有四年（48个月）与投资相关工作经验
二、加入CFA协会，成为协会正式会员
三、宣誓遵守《职业道德规范及职业行为标准》
四、申请加入当地分会
五、完成CFA三个级别的考试
Tim Smaby, VP, Advance Designations, Kaplan Professional:
CFA全套备考资料：
其实在计算 share values 之前你就可以选出正确答案啦。Royal is using a shorter period of supernormal growth and a higher required rate of return on the stock. Both of these factors will contribute to a lower value using the multistage DDM.
Royal’s valuation is $5.10 less that Knight’s valuation.
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Nicholas Blain, chief executive, Quartic Training:
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“Using Bayes’ Formula : P（Event|Information） = P（Event） * P（Information |Event） / P（Information）
In this case, the event is getting a good bonus, and the information is that Gray has bought the new watch.
The probability that he got a good bonus and then bought the watch is given by:
P（Event）*P（Information |Event） = 0.3*1.00 = 0.30
The total probability that he would buy the watch is given by:
P（Information） = 0.3*1.00 + 0.5*0.50 + 0.2*0.10 = 0.57
Therefore, the probability that he got a good bonus is the proportion of probability that he got a good bonus and got the watch, to the total probability he got the watch:
P（Event|Information） = 0.30 / 0.57 = 0.53.”
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五、完成CFA三个级别的考试
Nicholas Blain, chief executive, Quartic Training:
CFA全套备考资料：
“Share price up = Option Price Up
Dividend up = Option Price Down （dividends are benefits of holding the underlying share, when holding the option, you do not receive dividend）
Share in High Demand = Option Price down as this is a benefit in holding the underlying
Interest Rates Fall = Option Price Down as this reduces the cost of carry of holding the underlying
Share increases in volatility = Option Price Up
Cancels next dividend = Option Price Up, as these dividends are not received by the option holder anyway
A is the correct answer; as the increase in the option price due to the share going up could be offset by the decrease in the price due to the dividend going up.
B results in the option price falling for both scenarios and C results in the option price rising in both scenarios.”
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五、完成CFA三个级别的考试
Tim Smaby, VP, Advance Designations, Kaplan Professional:
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Based on a free cash flow valuation model, Sudbury Industries shares appear to be fairly valued.
Since Sudbury is an all-equity firm, WACC is the same as the required return on equity of 8%.
The firm value of Sudbury Industries is the present value of FCFF discounted by using WACC. Since FCFF should grow at a constant 3 percent rate, the result is:
Firm value = FCFF1 / WACC?g = 400 million / 0.08?0.03 = 400 million / 0.05 = $8,000 million
Since the firm has no debt, equity value is equal to the value of the firm. Dividing the $8,000 million equity value by the number of outstanding shares gives the estimated value per share:
V0 = $8,000 million / 100 million shares = $80.00 per share
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五、完成CFA三个级别的考试
Nicholas Blain, chief executive, Quartic Training:
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“The H-model is frequently required in Level II item sets on dividend or free cash flow valuation.
The model itself can be written as V0 = D0 ÷ （r – gL） x [（1 + gL） + （H x （gS – gL））] where gS and gL are the short-term and long-term growth rates respectively, and H is the “half life” of the drop in growth.
For this question, the calculation is: dividend D0 = $240m x 0.6 ÷ 20m = $7.20 per share.
V0 = $7.20 ÷ （0.12 – 0.05） x [1.05 + 2 x （0.14 – 0.05）] = $126.51, answer B.
However, there is a neat shortcut for remembering the formula. Sketch a graph of the growth rate against time: a line decreasing from short-term gS down to long-term gL over 2H years, then horizontal at level gL. Consider the area under the graph in two parts: the ‘constant growth’ part, and the triangle.
If you look at the formula, the ‘constant growth’ component uses the first part of the square bracket, i.e. D0 ÷ （r – gL） x [（1 + gL） …], which is your familiar D1 ÷ （r – gL）。 For the triangle, what is its area? Half base x height = 0.5 x 2H x （gS – gL） = H x （gS – gL）。 This is the second part of the square bracket.
Hence the H-model can be rewritten as V0 = D0 ÷ （r – gL） x [（1 + gL） + triangle].”
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五、完成CFA三个级别的考试
Tim Smaby, VP, Advance Designations, Kaplan Professional:
“The German manager （short position） has contracted with a U.S. bank to sell dollars at €0.8135, and the dollar has strengthened to €0.8170. The manager would be better off in the spot market than under the contract, so the bank faces the credit risk （the manager could default）。
From the perspective of the U.S. bank （the long position）， the amount of the credit risk is:
Vbank （long） = €8,170,000 / （1.04）2/12 ? €8,135,000 / （1.035）2/12 = €28,278
（The positive sign indicates the bank faces the credit risk that the German manager might default.）”
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五、完成CFA三个级别的考试
Nicholas Blain, chief executive, Quartic Training:
“First, work out the cost of the box spread. Combine the two call options into a bull spread （buy the low strike call and sell the high strike call）， and the two put options into a bear spread （buy the high strike put and sell the low strike put）。 Combining those two gives a box spread. To calculate the initial cost, work out the net premia:
Cost = c1 – c2 + p2 – p1 = 6 – 4 + 8.001 – 0.604 = $9.397
The payoff from the box spread will be the difference between the strike levels, ie 30 – 20 = $10.
If you borrowed $9.397 at the beginning in order to enter the box spread, how much would you have to pay back after 6 months? You need to compound the cost at the risk-free rate:
$9.397 x e0.04 x 0.5 = $9.58683
So the arbitrage profit would be the difference between the payoff and what you have to pay back on the loan, ie $10 – $9.58683 = $0.41317”
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五、完成CFA三个级别的考试
Nicholas Blain, chief executive, Quartic Training
“The domestic return （return in USD terms） depends on the EUR-return of the asset, as well as on the change in exchange rates:
RDC = （1+RFC） （1+RFX） -1
where RFX is the change in spot rates, using the domestic currency as the price currency （ie we require a USD/EUR quote）。 In this example, the exchange rate is quoted as such, so we can use the quote provided （otherwise, if the domestic currency was the base currency, we would need to invert the quote first）。
RFC = -1 = 0.0078 = 0.78%
RFX = -1 = 0.0261 = 2.61%
RDC = （1 + 0.78%）（1 + 2.61%） – 1 = 3.41%
Burrow’s domestic currency return was higher than the underlying asset return, because he further benefits from the appreciation of the Euro （depreciation of the USD）。”
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