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Tài liệu CFA LEVEL 1 2017 Schweser Notebook 1 - chính gốc - file PDF rõ, đẹp
Table of Contents Getting Started Flyer Reading Assignments and Learning Objectives Welcome to the 2017 SchweserNotes™ Ethics and Trust in the Investment Profession Exam Focus LOS 1.a LOS 1.b LOS 1.c LOS 1.d LOS 1.e LOS 1.f Key Concepts LOS 1.a LOS 1.b LOS 1.c LOS 1.d LOS 1.e LOS 1.f Concept Checkers 10 Answers – Concept Checkers Code of Ethics and Standards of Professional Conduct Exam Focus LOS 2.a LOS 2.b Code of Ethics The Standards of Professional Conduct LOS 2.c Standards of Professional Conduct Guidance for Standards I-VII Exam Focus Standards of Practice LOS 3.a LOS 3.b LOS 3.c Standard I: Professionalism Standard II: Integrity of Capital Markets Standard III: Duties to Clients Standard IV: Duties to Employers 10 Standard V: Investment Analysis, Recommendations, and Actions 11 Standard VI: Conflicts of Interest 12 Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate 13 Concept Checkers 14 Answers – Concept Checkers Introduction to the Global Investment Performance Standards (GIPS) Exam Focus LOS 4.a LOS 4.b LOS 4.c The GIPS Standards LOS 5.a LOS 5.b LOS 5.c LOS 5.d Concept Checkers Answers – Concept Checkers Self-Test: Ethics and Professional Standards 10 The Time Value of Money Exam Focus Time Value of Money Concepts and Applications LOS 6.a LOS 6.b LOS 6.c LOS 6.d LOS 6.e LOS 6.f Key Concepts LOS 6.a LOS 6.b LOS 6.c LOS 6.d LOS 6.e LOS 6.f 10 Concept Checkers 11 Answers – Concept Checkers 12 Challenge Problems 13 Answers – Challenge Problems 11 Discounted Cash Flow Applications Exam Focus LOS 7.a LOS 7.b LOS 7.c LOS 7.d LOS 7.e LOS 7.f Key Concepts LOS 7.a LOS 7.b LOS 7.c LOS 7.d LOS 7.e LOS 7.f Concept Checkers 10 Answers –Concept Checkers 11 Challenge Problems 12 Answers – Challenge Problems 12 Statistical Concepts and Market Returns Exam Focus LOS 8.a LOS 8.b 10 11 12 13 14 15 LOS 8.c LOS 8.d LOS 8.e LOS 8.f LOS 8.g LOS 8.h LOS 8.i LOS 8.j LOS 8.k LOS 8.l LOS 8.m Key Concepts LOS 8.a LOS 8.b LOS 8.c LOS 8.d LOS 8.e LOS 8.f LOS 8.g LOS 8.h LOS 8.i 10 LOS 8.j 11 LOS 8.k 12 LOS 8.l 13 LOS 8.m 16 Concept Checkers 17 Answers – Concept Checkers 18 Challenge Problems 19 Answers – Challenge Problems 13 Probability Concepts Exam Focus LOS 9.a LOS 9.b LOS 9.c LOS 9.d LOS 9.e LOS 9.f LOS 9.g LOS 9.h 10 Expected Value 11 LOS 9.i 12 LOS 9.j 13 LOS 9.k 14 LOS 9.l 15 LOS 9.m 16 LOS 9.n 17 LOS 9.o 18 Key Concepts LOS 9.a LOS 9.b LOS 9.c LOS 9.d LOS 9.e LOS 9.f LOS 9.g LOS 9.h LOS 9.i 10 LOS 9.j 11 LOS 9.k 12 LOS 9.l 13 LOS 9.m 14 LOS 9.n 15 LOS 9.o 19 Concept Checkers 20 Answers – Concept Checkers 21 Challenge Problems 22 Answers – Challenge Problems 14 Common Probability Distributions Exam Focus LOS 10.a LOS 10.b LOS 10 LOS 10.d LOS 10.e LOS 10.f LOS 10.g LOS 10.h 10 LOS 10.i 11 LOS 10.j 12 LOS 10.k 13 LOS 10.l 14 LOS 10.m 15 LOS 10.n 16 LOS 10.o 17 LOS 10.p 18 LOS 10.q 19 LOS 10.r 20 Key Concepts LOS 10.a LOS 10.b LOS 10.c LOS 10.d LOS 10.e LOS 10.f LOS 10.g LOS 10.h LOS 10.i 10 LOS 10.j 11 LOS 10.k 12 LOS 10.l 13 LOS 10.m 14 LOS 10.n 15 LOS 10.o 16 LOS 10.p 17 LOS 10.q 18 LOS 10.r 21 Concept Checkers 22 Answers – Concept Checkers 23 Challenge Problems 24 Answers – Challenge Problems 15 Sampling and Estimation Exam Focus Applied Statistics LOS 11.a LOS 11.b LOS 11.c LOS 11.d LOS 11.e LOS 11.f LOS 11.g 10 LOS 11.h 11 LOS 11.i 12 LOS 11.j 13 LOS 11.k 14 Key Concepts LOS 11.a LOS 11.b LOS 11.c LOS 11.d LOS 11.e LOS 11.f LOS 11.g LOS 11.h LOS 11.i 10 LOS 11.j 11 LOS 11.k 15 Concept Checkers 16 Answers – Concept Checkers 17 Challenge Problems 18 Answers – Challenge Problems 16 Hypothesis Testing Exam Focus Hypothesis Testing LOS 12.a LOS 12.b LOS 12.c LOS 12.d LOS 12.e LOS 12.f LOS 12.g 10 LOS 12.h 11 LOS 12.i 12 LOS 12.j 13 LOS 12.k 14 Key Concepts LOS 12.a 17 18 19 20 21 22 23 24 25 26 LOS 12.b LOS 12.c LOS 12.d LOS 12.e LOS 12.f LOS 12.g LOS 12.h LOS 12.i 10 LOS 12.j 11 LOS 12.k 15 Concept Checkers 16 Answers – Concept Checkers 17 Challenge Problems 18 Answers – Challenge Problems Technical Analysis Exam Focus LOS 13.a LOS 13.b LOS 13.c LOS 13.d LOS 13.e LOS 13.f LOS 13.g LOS 13.h 10 Key Concepts LOS 13.a LOS 13.b LOS 13.c LOS 13.d LOS 13.e LOS 13.f LOS 13.g LOS 13.h 11 Concept Checkers 12 Answers – Concept Checkers Self-Test: Quantitative Methods Formulas Appendix A: Areas Under The Normal Curve Cumulative Z-Table Appendix B: Student’s t-Distribution Appendix C: F-Table at Percent (Upper Tail) Appendix D: F-Table at 2.5 Percent (Upper Tail) Appendix E: Chi-Squared table Copyright Pages List Book Version BOOK – ETHICAL AND PROFESSIONAL STANDARDS AND QUANTITATIVE METHODS Reading Assignments and Learning Outcome Statements Study Session – Ethical and Professional Standards Study Session – Quantitative Methods: Basic Concepts Study Session – Quantitative Methods: Application Formulas Appendices WELCOME TO THE 2017 SCHWESERNOTES™ Thank you for trusting Kaplan Schweser to help you pass the Level I CFA exam Please take a moment to read about how our program materials fit together provide a comprehensive study solution Candidates find our Candidate Resource Library video “How to Pass the Level I CFA Exam” very helpful in both planning and executing a successful study strategy In it we explain the structure of the exam, the question format, and topic weights, and offer advice on study techniques and how to create an effective plan for exam success Candidates typically begin with study of the Level I CFA Curriculum Our five books of SchweserNotes cover every Learning Outcome Statement required for the Level I exam with clear explanations, examples, and practice questions After studying a reading or group of readings, candidates get good results by doing questions based on those readings from SchweserPro QBank, our online question bank of over 4,000 questions Over the course of study you should periodically take additional quizzes from the QBank on topics you previously studied to improve your retention of that material through exam day This also allows you to further improve your knowledge and understanding by reviewing the SchweserNotes for areas in which you not well in the quizzes Our On-Demand Video Lectures are typically available for the entire Level I curriculum when we begin shipping SchweserNotes, so that they can be used by those who begin their study early in the season (highly recommended) They offer instruction covering every required Learning Outcome Statement and, for many candidates, they are an important supplement to the written SchweserNotes Our live online classes for the June exam begin in October for candidates who want to start their study early In January we offer three different live weekly online classes, presented in the evening based on New York time, London time, or Hong Kong time All of our live online classes are archived and available on-demand through the exam date for those who prefer a different day or time of day for their classes Although they cover essentially the same material as the video lectures, the live classes offer more integration of the curriculum material, more practice questions, and more instruction focused on exam preparation and the ways the material may be tested If you prefer live classroom instruction, Schweser, its partner CFA Societies, and international distributors offer classes in major cities worldwide A comprehensive list is available on our website Note that we not cover Ethics (Study Session #1) in our live classes but it is covered in our ondemand video lectures Candidates are expected to read the Standards of Practice Handbook (all of it, including all the examples) multiple times in order to well on the Level I exam, which will have 36 questions (15% of the exam) from Study Session #1 A lot of this material is simply memorization and our candidates have done very well following this strategy Classes for the June exam conclude by the end of April, and for the December exam by the end of October, to allow a full month for exam practice and review This is a very important part of preparing to pass your Level I exam While QBank questions are typically based on a single LOS and designed to help you understand and retain the curriculum material, our Practice Exams Volumes and are as close to the actual exam as we can make them in terms of topic weights, question format, timing, and difficulty By using our online analytics you can get important feedback on how well prepared you are in each topic area This will help guide your review and improve your performance on subsequent exams At the beginning of your practice and review, or after taking a Practice Exam or two, you can benefit from our 101 Must Knows for the Level I CFA exam There are 101 online questions but it is not a test, you can attempt them at any pace Each question includes a multimedia tutorial with a targeted review of the underlying definitions, concepts, and techniques from the curriculum necessary to Because this is a two-tailed test with an alpha of 0.01, there is a 0.005 rejection region in both tails Thus, we need to find the value 0.995 (1.0 – 0.005) in the table The closest value is 0.9951, which corresponds to a critical z-value of 2.58 Because the test statistic is less than the critical value, we fail to reject H0 and conclude that the stock’s return equals 0.0 percent CUMULATIVE Z-TABLE APPENDIX B: STUDENT’S T-DISTRIBUTION APPENDIX C: F-TABLE AT PERCENT (UPPER TAIL) APPENDIX D: F-TABLE AT 2.5 PERCENT (UPPER TAIL) APPENDIX E: CHI-SQUARED TABLE All rights reserved under International and Pan-American Copyright Conventions By payment of the required fees, you have been granted the non-exclusive, non-transferable right to access and read the text of this eBook on screen No part of this text may be reproduced, transmitted, downloaded, decompiled, reverse engineered, or stored in or introduced into any information storage and retrieval system, in any forms or by any means, whether electronic or mechanical, now known or hereinafter invented, without the express written permission of the publisher SCHWESERNOTES™ 2017 LEVEL I CFA® BOOK 1: ETHICAL AND PROFESSIONAL STANDARDS AND QUANTITATIVE METHODS (EBOOK) ©2016 Kaplan, Inc All rights reserved Published in 2016 by Kaplan, Inc Printed in the United States of America ISBN: 978-1-4754-4114-7 If this book does not have the hologram with the Kaplan Schweser logo on the back cover, it was distributed without permission of Kaplan Schweser, a Division of Kaplan, Inc., and is in direct violation of global copyright laws Your assistance in pursuing potential violators of this law is greatly appreciated Required CFA Institute disclaimer: “CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by Kaplan Schweser CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.” Certain materials contained within this text are the copyrighted property of CFA Institute The following is the copyright disclosure for these materials: “Copyright, 2016, CFA Institute Reproduced and republished from 2017 Learning Outcome Statements, Level I, II, and III questions from CFA® Program Materials, CFA Institute Standards of Professional Conduct, and CFA Institute’s Global Investment Performance Standards with permission from CFA Institute All Rights Reserved.” These materials may not be copied without written permission from the author The unauthorized duplication of these 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 Schweser Notes should be used in conjunction with the original readings as set forth by CFA Institute in their 2017 Level I CFA Study Guide 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 have not endorsed or sponsored these Notes PAGES LIST BOOK VERSION 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Cover i iii iv v vi vii viii ix x xi xii xiii 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 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Problems 15 Sampling and Estimation Exam Focus Applied Statistics LOS 11 .a LOS 11 .b LOS 11 .c LOS 11 .d LOS 11 .e LOS 11 .f LOS 11 .g 10 LOS 11 .h 11 LOS 11 .i 12 LOS 11 .j 13 LOS 11 .k 14 Key Concepts LOS 11 .a... LOS 10 .a LOS 10 .b LOS 10 .c LOS 10 .d LOS 10 .e LOS 10 .f LOS 10 .g LOS 10 .h LOS 10 .i 10 LOS 10 .j 11 LOS 10 .k 12 LOS 10 .l 13 LOS 10 .m 14 LOS 10 .n 15 LOS 10 .o 16 LOS 10 .p 17 LOS 10 .q 18 LOS 10 .r 21 Concept... Focus LOS 10 .a LOS 10 .b LOS 10 LOS 10 .d LOS 10 .e LOS 10 .f LOS 10 .g LOS 10 .h 10 LOS 10 .i 11 LOS 10 .j 12 LOS 10 .k 13 LOS 10 .l 14 LOS 10 .m 15 LOS 10 .n 16 LOS 10 .o 17 LOS 10 .p 18 LOS 10 .q 19 LOS 10 .r