CFA教室

A futures trader takes a long position of 10 contracts. The initial margin requirement is $10 per contract, and the maintenance margin requirement is $7 per contract. She deposits the required initial margin on the trade date. On Day 3, her margin account balance is $40. On Day 4, variation margin is closest to:
A. $30.
B. $60.
C. $70.

解:呢題講MARKET OPERATION.以美國既慣性,開倉時要有足夠既INITIAL MARGIN,而且每當個BALANCE跌穿MAINTENANCE MARGIN,個INVESTOR要補倉去返INTITIAL MARGIN既水平. LONG 10張CONTRACTS,每張要10蚊MARGIN 即係一開倉就要放100蚊去ACCOUNT到.DAY 3 個ACCOUNT得返40蚊即係跌左,佢要補倉到INITIAL MARGIN既水平,所以答案係100-40,即係60蚊. B

At the start of the year, a company's capital contributed by owners and retained earnings accounts had balances of $10,000 and $6,000, respectively. During the year, the following events took place:

1.Net income earned $4,000
2.Interest paid on debt $500
3.Repayment of long-term debt $1,000
4.Proceeds from shares issued $1,000
5.Dividends paid $600

The end-of-year owners' equity is closest to:
A. $19,900.
B. $19,400.
C. $20,400.

解:呢題係會計常識問題,答之前你要明白BALANCE SHEET既組成:
左手邊係ASSET,右手邊係LIABILITIES + EQUITY.呢題係問緊EQUITY既END OF YEAR既VALUE. 年頭,EQUITY有$16,000 ($10,000+$6,000). 而果D EVENTS:

1. NET INCOME係會加落EQUITY到,所以要計.
2. INTEREST PAID ON DEBT係ABOVE THE LINE ITEM( 即係P & L STATEMENT NET INCOME 樓上),所以唔洗計.
3. REPAYMENT, Cash 減少1000,liabilities 減少1000,無影響EQUITY
4. SHARE ISSUES,發多左股票,EQUITY一定多左,要計
5. DIVIDEND PAID, 影響RETAIN EARNING,要計.

所以,年頭$16,000 + 4,000 +1,000 - $600 = $20,400. 答案係C.

A New Zealand traveler returned from Singapore with SGD7,500 (Singapore dollars). A foreign exchange dealer provided the traveler with the following quotes:
Ratio
Spot Rates: USD/SGD 1.2600
NZD/USD 0.7670

The amount of New Zealand dollars (NZD) that the traveler would receive for his Singapore dollars is closest to:
A. NZD7,761.
B. NZD7,248.
C. NZD4,565.

解: 做呢D題目只要冷靜同用數學技巧就可以.本人通常用單位去決定乘或除.呢題你首先拿著SGD,但無一個DIRECT QUOTE可以直接轉做NZD,所以要先轉USD,再轉NZD.
第一個RATE 1.26USD/SGD係要乘,因為睇單位USD/SGD x SGD = USD.所以7500 X 1.26 = USD 9450.然後再轉NZD,一樣道理,NZD/USD x USD = NZD,所以9450 X 0.7670 = NZD 7248.15,答案係B.

A firm’s estimated costs of debt, preferred stock, and common stock are 12%, 17%, and 20%, respectively. Assuming equal funding from each source and a marginal tax rate of 40%, the weighted average cost of capital (WAAC) is closest to:
A. 13.9%.
B. 16.3%.
C. 14.7%.

解: WAAC係講緊間FIRM集資(發債,發新股,發優先股)既成本.由於發債每年所支付既利息可以用尼扣稅,所以實質成本會減少40%.WAAC等於:
0.33[12%(1-0.4)] + 0.33(17%) + 0.33(20%) = 14.73%.

答案係C.

Christina Ng, a Level I CFA candidate, defaulted on a bank loan she obtained to pay for her master's degree tuition when her wedding cost more than expected. A micro finance loan company lent her money to pay off the tuition loan in full, including penalties and interest. The micro finance loan company even extended further credit to pay for her parents' outstanding medical bills. Unfortunately, her parents' health problems escalated to the point that Ng had to take extensive time away from work to deal with the issues. She was subsequently fired and consequently defaulted on the second loan. Because she was no longer employed, Ng decided to file for personal bankruptcy. Do the loan defaults leading up to Ng's bankruptcy most likely violate Standard I(D): Misconduct?
A. No
B. Yes, with regard to the first loan default
C. Yes, with regard to the second loan default

解: Standard I(D) Misconduct 係話所有CFA candidates 同 chartered holder係唔可以犯法及不誠實.第一, Christina 係兩個loan既事件上都無欺瞞果兩間loan company.第二,因財困而宣佈破產亦沒有欺騙成份.所以Christina係無干犯Misconduct呢一條.答案係A.

Jackson Barnes, CFA, works for an insurance company providing financial planning services to clients for a fee. Barnes has developed a network of specialists—including accountants, lawyers, and brokers—who contribute their expertise to the financial planning process. Each of the specialists is an independent contractor. Each contractor bills Barnes separately for the work he or she performs, providing a discount based on the number of clients Barnes has referred. What steps should Barnes take to be consistent with the CFA Institute Standards of Professional Conduct?
A. Inform potential clients about his arrangement with the contractors before they agree to hire him
B. List the consideration he receives from the specialists on monthly client invoices
C. Have his independent contractors approved by the insurance company

解: CFA Standard of Professional Conduct 第三條, duties to clients要求portfolio manager 要對客忠心. Jackson請外援幫手financial planning 既process,而且越介紹得多客比D外援,佢越多discount.呢個arrangement要同客disclose,因為Jackson同客仔有潛在既conflict of interests.選擇B係唔岩,因為先斬後奏.選擇C都唔岩因為果D外援同佢既僱主係無conflict of interests.所以答案係A.

When Abdullah Younis, CFA, was hired as a portfolio manager at an asset management firm two years ago, he was told he could allocate his work hours as he saw fit. At that time, Younis served on the board of three non-public golf equipment companies and managed a pooled investment fund for several members of his immediate family. Younis was not compensated for his board service or for managing the pooled fund. Younis's investment returns attract interest from friends and co-workers who persuade him to include their assets in his investment pool. Younis recently retired from all board responsibilities and now spends more than 80% of his time managing the investment pool for which he charges non-family members a management fee. Younis has never told his employer about any of these activities. To comply with the CFA Institute Standards of Professional Conduct with regard to his business activities over the past two years, Younis would least likely be required to disclose which of the following to his employer?
A. Family investment pool management
B. Board activities
C. Non-family member management fees

解: Standard of Professional Ethics 第三條講到,CFA candidates 同 chartered holder 一定要對僱主忠心,遇上一D有EMPLOYER同EMPLOYEE既CONFLICT OF INTEREST既JOB,佢地一定要DISCLOSE同羅完僱主CONSENT先可以做. Younis 幫公司又幫family同non-family members做資產管理,有兩點要留意.第一,佢會唔會用好多時間同心機做自己野多過做公司既野?第二,如果有D STRONG BUY或STRONG SELL既RECOMMENDATIONS,佢會唔會幫自己管理緊既FUND做左先,然後先到公司呢?由於佢份兼職同佢份正職有CONFLICT,所以佢做同埋收錢之前,都要通知僱主同羅僱主CONSENT.呢度唯一唔洗DISCLOSE係佢SIT ON BOARD ON GOLF EQUIPMENT,因為GOLF BUSINESS同ASSET MANAGEMENT大欖扯唔埋冷,完全無CONFLICT,所以答案係B.

Sheila Schleif, CFA, is an equity analyst at an investment banking division of Mokara Financial Group, a full service financial group. Schleif uses a multifactor computer model to make stock recommendations for all clients of Mokara. Schleif discovers the model contains an error. If the error were corrected, her most recent buy recommendation communicated to all clients would change to a sell. Schleif corrects the error, changing the buy to a sell recommendation, and then simultaneously distributes via e-mail the revision to all investment banking clients who received the initial recommendation. A week later, Schleif sells the same shares she held in her personal portfolio. Concerning her actions, Schleif most likely violated which of the following CFA Institute Standards of Professional Conduct?

A. Priority of Transactions
B. Diligence and Reasonable Basis
C. Fair Dealing

解: 做呢類題目第一件事要睇清楚問題,佢係問MOST LIKELY,唔係LEAST LIKELY.第二,由於選擇只有三個,用否定的方式去答都唔會浪費太多時間.

A. Priority of Transactions, 根據上文佢係講緊EMAIL比D客仔一星期後先由自己個ACCOUNT沽貨.好明顯,佢有比客仔足夠時間ACT ON佢既INVESTMENT RECOMMENDATION,所以無犯到呢條.

B. Diligence and Reasonable Basis, 由於佢知道自己個MODEL有錯而又去改正,所以佢既RECOMMENDATION係由合理既根據,所以無犯.

C. Fair Dealing, 根據上文描述,佢更正完個RECOMMENDATION之後只發電郵比IBANK既CLIENTS通知佢地而無發比其他客仔. Fair Dealing 要求我地要對每個客仔公平,當中包括對佢地distribute investment analysis, recommendation, acting on recommendation同professional activities,所以,答案係C

CFA Mock Exam 2014

When a client asks her how she makes investment decisions, Petra Vogler, CFA, tells the client she uses mosaic theory. According to Vogler, the theory involves analyzing public and nonmaterial nonpublic information, including the evaluation of statements made to her by company insiders in one-on-one meetings in which management discusses new earnings projections not known to the public. Vogler also gathers general industry information from industry experts she has contacted. Vogler most likely violates the CFA Institute Standards of Professional Conduct because of her use of:
A. nonmaterial nonpublic information.
B. one-on-one meeting information.
C. industry expert information.

解: 根據Standards of Professional Conduct 第二條 INTEGRITY OF CAPITAL MARKETS A. Material Nonpublic Information, 所有CFA candidates 及 chartered holders 係嚴禁使用material(重要) "AND" non public(非公開)既資料去寫研究報告.呢條所引伸既意思就係所有CFA candidates and chartered holders 都可以用以下既資料寫研究報告:
1) non material and non public
2) material and public
3) non material and public

根據上文描述,只有insider既one-on-one meeting係屬於material 同non public,所以答案係B.

CFA Mock Exam 2014

1. Linda Chin, CFA, is a member of a political group advocating less governmental regulation in all aspects of life. She works in a country where local securities laws are minimal and insider trading is not prohibited. Chin's politics are reflected in her investment strategy, where she follows her country's mandatory legal and regulatory requirements. Which of the following actions by Chin would be most consistent with the CFA Institute Standards of Professional Conduct?
A. Continuing her current investment strategy
B. Following the CFA Institute Standards of Professional Conduct
C. Disclosing her political advocacy to clients

解: 根據Standards of Professional Conduct 第一條 Professionalism A. Knowledge of the Law, Linda要比較二個地方既法例及CFA 既 standards, 然後佢要follow 最 strict既法例或守則。Linda 提倡 less government 既regulation,而內文亦講到Linda既political thought反映係佢既投資策略裡面 (loosen). 佢做野既地方既securities law 更鬆散.所以 Linda要follow CFA standards. 答案係B.

Remark: Standards of Professional Conduct第二條INTEGRITY OF CAPITAL MARKETS A,禁止CFA candidates 同 chartered holder 使用material and nonpublic information去做交易.

各位好!相信有不少從事金融界的朋友都打算或正在參與CFA的考試。CFA是一個業界裡享負盛名的專業資格。通過CFA的課程除了能你更深入了解金融市場及其運作之外，更能提升個人的思考及理解能力。雖然不能保證給你高官厚職，但一定能提升你的競爭能力，擴闊你的職場道路。

整個CFA課程分為3階段，每階段都有不同的金融及會計課題。每完成一階段都能充實你自己及提升你的個人能力及在行業裡面的發展!

儘管CFA課程對個人發展很有幫助，但是該3階段的考試也有一定難度。而且考試失敗後要等半年才可以再嘗試，實在消耗很多時間。

本人是從2009年開始CFA的課程並於2011年完成了3階段的課程及考試。考試完後我一直從事CFA私人補習到現在，並發現許多學生都害怕合格率太低而放棄。

其實他們沒錯，全球的考試人數相當高，故合格的人數不多。但就亞洲區而高，考獲的人數也相對地高。

考CFA是沒有捷徑，唯有對課程深入明白及多做練習才能減低考試的壓力及提高成功率。

因此本人欲為考生們提供試前補習及重點課題的講解，同時傳授你們考試的技巧及時間掌握，希望能幫助同學更有效去掌控整個CFA考試。

如同學們有須要補習服務，可以以下聯絡方法聯絡本人。
EMAIL : [email protected]
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同學們可自由選擇課題及教材。市面上較常見的是Stella及Schweser Notes.