1、Welcome to Kaplan Financial! Thank you for your interest in the Kaplan Financial CFA course. The following slides are extracts of our Education Program class notes, which are designed to be used for our tutored courses. The purpose is to help candidates reduce the time spent writing notes so that mo
2、re attention can be paid to understanding the topics taught. Features of Kaplan slide packs: z CFA Institute LOS at the top of each page to help you focus on what you will be tested on in the exam. z Schweser page references Our slide packs are fully cross referenced to the Schweser study material.
3、z CFA Institute page references our slide packs are fully cross referenced to the Institute material. z Worked Examples The slide packs include worked examples that will be covered in class, full solutions are included at the end of each study session. z Full coverage of LOS The slide packs are desi
4、gned to cover all LOS (if any LOS is not covered it is clearly listed at the end of the study session). Online Progress Tests As you progress, Online Progress Tests will be given at pre-defined intervals. You can use these tests to gauge your level of understanding of the topics taught in class. Que
5、stions in multiple choice format, you can take the tests at the comfort of you home, in the office, or during business trip, as long as you have access to the internet. Recommendations The CFA examinations will be the toughest set of exams candidates have studied to date. The CFA Institute recommend
6、s 300 study hours at each level. Kaplan Financial courses are designed to develop your understanding of the learning outcomes but plenty of home-study will be required to achieve success. Should you need additional question practice for your home-study, we highly recommend the Schweser Classroom Com
7、panion Pack that includes 9 SchweserPro QBank and Practice Exams, Vol. 1 for drill practice 9 Schweser Study Notes for concept checking At Kaplan we view ourselves as your study partner, our courses and tutors will help guide you through the study material and offer support but you will need to rema
8、in dedicated and focused to pass these examinations. We recommend that you would: z Start your study as early as possible z Focus on testing your progress with questions z Avoid simply rewriting Schweser (if you have purchased) or the Institute material in your own handwriting. Put simply there just
9、 isnt enough time to do this z Leave the mock exams until the final month and use them to practice your timings and exam technique z Dont underestimate the time it will take to cover the material 300 hours is a reasonable estimate Should you have any question about our course, please call us by phon
10、e or email. Our staff is more than happy to give you more details. Kaplan Financial Enquiry: +86 21 6474 1391/ 6474 1256 Email: Address: Unit 101, No.1195, Fu Xing Road (M),SBC USST,Shanghai,200331 Prep Provider Guidelines Program This voluntary program has been developed by CFA Institute to provi
11、de enhancedcommunications to prep providers that will translate into more accurate messages to candidates about the educational purpose and principles of the CFA Program. The goals of the Guidelines Program are: z To improve overall communications to candidates and potential candidates about the val
12、ue and educational rigor of the CFA Program z To provide informational service benefits for prep providers to stay current regarding candidate trends and operational changes in the structure of the CFA Program z To ensure uniform compliance with high standards of communication regarding the suppleme
13、ntal role of prep provider products in candidate exam preparation Kaplan Financial and Kaplan Schweser are program participating providers Copyright Kaplan, Inc. 2008 Copyright Kaplan Financial (China) Limited 2008 Unit 101,No.1195, FuXing Road (M), SBC USST,Shanghai, 200331 Tel: +86 21 6474 1391 /
14、6474 1256 Web: Required CFA Institute disclaimer: “CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.CFA Institute (formerly the Association for Investment Management and Research) does not endorse, promote,review or warrant the accuracy of the products or services offered b
15、y Kaplan Financial.”These materials may not be reproduced, copied or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author. The unauthorised duplication of th
16、ese notes is a violation of global copyright laws and the CFA Institute Code of Ethics. Your assistance in pursuing potential violators of this law is greatly appreciated. Disclaimer: The Class Notes should be used in conjunction with the original readings as set forth by CFA Institute in their stud
17、y guides. The information contained in these Notes covers topics contained in the readings referenced by CFA Institute and is believed to be accurate. However, their accuracy cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success. The authors of the referenced readings ha
18、ve not endorsed or sponsoredthese Notes, nor are they affiliated with Kaplan Financial. Kaplan STel: (8621) 6474 1391上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼CFALevel 2CFAPROGRAM 2008LEVEL 2WELCOME TO KAPLANCFALevel 2 The Chartered Financial Analyst (CFA) programme consists of three six hour examinations t
19、o be taken over three years. At all three levels the exam tests candidatesknowledge in four functional areas: Ethical and Professional Standards (important for all three levels) Investment tools (focus at Level 1) Asset valuation (focus at Level 2) Portfolio management (focus at Level 3)THE CFA PROG
20、RAMME AT A GLANCEKaplan STel: (8621) 6474 1391上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼CFALevel 2 Ethics 10% Teaching Phase 1 Economics 5 - 10% Teaching Phase 1 Quant 5 - 10% Teaching Phase 1 Portfolio Management 5 - 15% Teaching Phase 1 FSA 15 - 25% Teaching Phase 2 Corp Finance 5 15% Teaching Phase 2 Equ
21、ity 20 - 30% Teaching Phase 2 Fixed Income 5 - 15% Teaching Phase 3 Derivatives 5 - 15% Teaching Phase 3 Alt Investments 5 - 15% Teaching Phase 3THE SYLLABUS 2008CFALevel 2Using the Slide Packs The Kaplan slide packs are produced in conjunction with Schweser Fully cross referenced to both institute
22、and Schweser material All LOS covered to allow note taking at home You will not cover all slides in class! Full solutions at the end of each study session for any examples workedKaplan STel: (8621) 6474 1391上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼CFALevel 2 Sunday 8thJune in Eastern Asia/Oceania Six hours
23、, 9 a.m. to noon, 2 to 5 p.m. Exam style: 120 multiple choice questions, 180 seconds each20 Item sets 6 questions in each THE EXAMCFALevel 2 The CFA institute does not produce the examinations from an existing bank of questions Rather, a new Level 2 examination is produced each time although some qu
24、estions may be versions of questions that have appeared in the past The CFA institute does not release past examination questions however it provides: Free sample questions Timed, online examinations for a fee For a sample of 2 item sets please visit:http:/www.cfainstitute.org/cfaprog/courseofstudy/
25、pdf/sample_levelii_itemset_questions.pdfEXAM STYLEKaplan STel: (8621) 6474 1391上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼CFALevel 2Calculations60%:40%Narrative/Written QuestionsCalculation based questionsThe lessons:1. Dont ignore the wordy bits2. Dont over focus on calculations3. Dont wrote learn calculati
26、ons you need to know what the calculation is doing4. What are the calculations telling us!CFALevel 2 The minimum passing score (MPS) was 70% of the total points (1963 - 1977 ) 70% of the average of the top 1% (1978 1989) Since 1989, the CFA uses a mix of the above metrics, among others, to set the m
27、inimum passing score for each examination. Sample groups are now used to assess each question. The passing score is the number of questions these groups believe a newly qualified charter holder should be able to correctly answer The CFAI have never failed a candidate scoring over 70% Marginal studen
28、ts are assessed on their ethics scoresMINIMUM PASSING SCOREKaplan STel: (8621) 6474 1391上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼CFALevel 21. Attend class and annotate slide packs2. Review Schweser material and add points missed in class to slide packs. Do not make your own hand written notes on Schweser!
29、Use institute material to supplement Schweser on tricky areas3. Attack Schweser end of chapter questions4. Use SchweserPro to tackle any weak areas identified when doing Schweser end of chapter questions5. Ensure you have covered all the study sessions before the final month (May)STUDY TECHNIQUESCFA
30、Level 26. Focus your attention on question practice in May:1. Complete the Book 6 mock exams to time2. Do Practice Exam Book mocks (harder than the real exams)3. Use Schweser Pro for more question practice on weak areas4. Consider reviewing some CFAI questions7. The night before the exam focus on re
31、-reading the wordy areas e.g. ethicsSTUDY TECHNIQUESKaplan STel: (8621) 6474 1391上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼CFALevel 2Pass Rates Level 2For more data on pass rates: http:/www.cfainstitute.org/cfaprog/pdf/candidate_results.pdfLevel 2 Pass Rates544647 4732564840010203040506020002001200220032004
32、200520062007Year% Pass RateLevel 2 Pass RatesCFALevel 2Why is Level 2 Harder than Level 1? Technical content similar to level 1 Style of examination is different and trickier Item sets 6 related questions allowing greater detail to be examined on each topic area Answers to later questions can rely o
33、n earlier answers (unlike level 1) Only 20 item sets not all topics will be examined. Level 1 covered most topics as the 240 questions were stand-a-lone If an item set is on one of your weaker areas six questions are affected (5% of the exam!). Kaplan STel: (8621) 6474 1391上海培训中心: 复兴中路1195号上海理工大学中英国
34、际学院办公楼1楼CFALevel 21. Spending study time re-writing the Schweser material2. Failing to focus on question practice (you must complete all the questions within Schweser) 3. Leaving the serious study until the last couple of months4. Believing that the 300 hours wont apply to you5. Not covering all the
35、 LOS6. Spending a disproportionate time on certain study sessions (Derivatives is a classic example) COMMON REASONS FOR FAILINGCFALevel 27. Failing to develop an exam technique that will allow you to complete the exam8. Over focusing on calculations the split is approximately40% calculation60% narra
36、tive based9. Failing to practice mock exams to time10. Studying to hard the day before the real exam and exhausting yourself11. Nerves these are heightened if you know you are not properly preparedCOMMON REASONS FOR FAILINGKaplan STel: (8621) 6474 1391上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼CFALevel 2Gett
37、ing Help General technical email help line:This is checked by the tutor team on a daily basis Your tutors email address: Administrative queries:Please only send your query to one of the above to avoid unnecessary duplication when replyingKaplan STel: ( 86 21) 64741391 上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公
38、楼1楼Quantitative MethodsQuantitative Methods - Book 1Quantitative MethodsStudy Session 3Topic Weight: 5% to 10%Quantitative MethodsQuantitative Methods - Book 1Study Session 3Quantitative Methods11. Correlation and Regression12. Multiple Regression and Issues13. Time-Series AnalysisKaplan STel: ( 86
39、21) 64741391 上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼Quantitative MethodsSS3: The Scoop Length: Medium Material: Quantitative (but more qualitative than you might think); medium intensity Big dogs: Multiple regression Difficulty: Medium Reach: Applications found in valuation materialsQuantitative MethodsS
40、S3: Foreshadowing “Correlation”: Many concepts repeated in multiple regression “Multiple Regression”: Focus your attention here “Time-Series Analysis”: New material for 2008Kaplan STel: ( 86 21) 64741391 上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼Quantitative MethodsQuantitative Methods - Book 1Correlation a
41、nd RegressionQuantitative MethodsInterpreting a scatter plot A scatter plot graphically represents the relationship between two variables For example, a scatter plot could graphically represent the relationship between the market return and the return of a particular stock Each point on the scatter
42、plot represents the performance of the market and the stock for a particular month (see next slide)LOS 11.a CFAI pg 210 Schweser pg 142Kaplan STel: ( 86 21) 64741391 上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼Quantitative MethodsA Scatter Plot of Monthly ReturnsLOS 11.a CFAI pg 210 Schweser pg 142RstockRmark
43、et2%1% 3%-1%-2%-3%-1%-2%1%2%Quantitative MethodsCovariance An absolute measure of how closely two variables move together May range from negative to positive infinity Units are squared (e.g. percent squared) rendering covariance less meaningful than correlation Sample covariance is the average of th
44、e product of the deviations of two random variables from their sample means LOS 11.a CFAI pg 213 Schweser pg 138Kaplan STel: ( 86 21) 64741391 上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼Quantitative MethodsCovariance of Rates of Return()()= =nt,1 1 t,2 2t11,2RRR Rcovn1Example: Calculate the covariance betwee
45、n the returns on the two stocks:Year Stock 1 Stock 21 +0.05 +0.072 0.02 0.043 +0.12 +0.18LOS 11.a CFAI pg 214 Schweser pg 139Quantitative MethodsCovariance Using Historical DataR2= 0.07=Covariance =R1= 0.05Year Stock 1 Stock 2 (Rt1R1)(Rt2R2)(Rt1R1)(Rt2R2)1 +0.05 +0.072 0.02 0.043 +0.12 +0.18LOS 11.a
46、 CFAI pg 215 Schweser pg 140Kaplan STel: ( 86 21) 64741391 上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼Quantitative MethodsCorrelation Standardised measure of the direction and extent of linear association between two variables It is bounded by -1 and +1 The closer the correlation coefficient is to 1 the stro
47、nger the relationship between the two variablesLOS 11.a CFAI pg 210 Schweser pg 139Correlation coefficient (r) Interpretationr = +1 Perfect positive correlation0 r +1 Positive linear relationshipr = 0 No linear relationship-1 r 0 Negative linear relationshipr = -1 Perfect negative correlationQuantitative MethodsInterpreting Correlation Coefficient (r)LOS 11.a CFAI pg 212 Schweser pg 141Kaplan STel: ( 86 21) 64741391 上海培训中心: 复兴中路1195号上海理工大学中英国际学院办公楼1楼Quantitative MethodsSam
