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Tue 17 Jun 2008

Portfolio question

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Mike Palm, CFA, is an analyst with a large money management firm. Currently, Palm is considering the risk and return parameters associated with Alux, a small technology firm. After in depth analysis of the firm and the economic outlook, Palm estimates the following return probabilities:

 

Tue 17 Jun 2008

Portfolio Management

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Ned Dennis, a financial planner and CFA charterholder, is working with two clients:
Client One is strongly opposed to taking on risk in his investment portfolio.  Client One will only accept additional risk in his portfolio if he is well compensated for that additional risk by receiving a large amount of additional expected return.
Client Two also does not like risk; however, Client Two is not as risk averse as is Client One.  Relative to Client One, for taking on the same amount of additional risk in her portfolio, Client Two does not require as much additional expected return as compensation.
Based on this information, which of the following statements about these two clients is most accurate?

a. Client One’s investment utility curves are steeper than Client Two’s, and Client One’s optimal portfolio is located higher on the efficient frontier.

b. Client One’s investment utility curves are flatter than Client Two’s, and Client One’s optimal portfolio is located lower on the efficient frontier.

c. Client One’s investment utility curves are steeper than Client Two’s, and Client One’s optimal portfolio is located lower on the efficient frontier.

d. Client One’s investment utility curves are flatter than Client Two’s, and there is only one optimal portfolio, which they share.

 

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Choice "c" is correct.  Risk-averse investors have steeper utility curves because they demand more return for assuming one additional unit of risk relative to less risk-averse investors.  Client One is clearly the more risk averse of the two.  Therefore, Client One has steeper investment utility curve than Client Two.  The optimal portfolio for any investor is the point of tangency between his or her highest utility curve and the efficient frontier.  Steeper utility curves will be tangent to the efficient frontier at a point below flatter utility curves.

Client One’s utility curves are steeper than Client Two’s.  Note that Client Two is willing to assume quite a bit more risk than Client One for the same increase in return.  Client One’s optimal portfolio is the point of tangency at point C, while Client Two’s optimal portfolio is at point D.  Because Client Two is less risk averse than Client One, his optimal portfolio resides higher on the efficient frontier.

My Conclusion :

A is more risk averse than B.
A’s investment utility curves are steeper than B’s.
A’s optimal portfolio is located lower on the efficient frontier.

 

Mon 16 Jun 2008

required rate of return on the stock

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sample exam 1 morning session的第74题，不知道该怎么算。。。不知高手能否指点一下？在p23上

an analyst determisnes that a company has a return on equity of 16% and pays 40% of its earnings in dividends. If the firm last paid a $1.5 dividned and the stock is selling for $40, what is the required rate of return on the stock?

A. 6.4%

B. 9.6%

C. 10.2%

D. 13.7%

ROE=16% 

RR=1- 40%=60% 

g=RR*ROE=60%*16%=9.6%

Current Divident= 1.5*(1+9.6%)=1.644

k=D/P+g=1.644/40+9.6%=13.71%

 

Mon 16 Jun 2008

after-tax yield on the bonds

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Valuable vitamins, Inc, owns some 8 percent preferred stock issued by Healthy Lifestyle, Inc, and the stock is trading at

par. Valuable vitamins receives an 80 percent dividend exemption and has a federal-plus-state marginal tax rate of 40

percent. What is their after-tax yield on the bonds?

 

Mon 16 Jun 2008

ethics

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Stanley Kumar is an influential research analyst covering small cap media companies for a sell side boutique with many hedge fund clients. Kumar learns from a usually reliable industry source that Marconi Radio’s most prominent on-air ‘talent’ may be defecting to join a satellite radio company. After previewing his report with the firm’s sales force, Kumar waits two trading days until the start of Marconi’s quarter-end ‘quiet’ period before releasing his research report. Marconi stock plummets on the report, and the firm’s hedge fund clients cover their short positions. Marconi later issues a press release announcing a new contract with its ‘talent.’ Kumar has violated the CFA Institute Standards of Professional Conduct by:

 

Fri 13 Jun 2008

bond

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Three month ago an investor pruchased a $1000 zero coupon bond with a maturity of exactly one year. At the time of the purchase it was priced to yield 7 percent(with annual compounding). The bond is currently priced to yield 6 percent. What is the three month return (annualized) on this investment if it is sold today?

a/10.06%

b/2.42%

c/5086%

d/6054%

先谢过各位大虾了。

because of zero coupon bond, so yield 7 percent mean that it must be cost u 990.65 [(1000+60)/1.07] to buy this bond

three month later u may receive 990.65*0.07/4 for u interest, but, u will not receive this for it yield 6 percent ,when u sell your bond u can receive 1014.35 [(1000+60)/(1+0.06*9/12)] which more than u can receive from the situation of 7 percent yield to mature

so return is 2.4 [(1014.35-990.65)/990.65*100%] percent for three month

 

Fri 13 Jun 2008

schweser notes 还是 assigned bookes-by 艾眉

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I read through all the assigned readings except for the two for fixed income and derivatives from Aug to Dec last year. I then paused because of some personal issues. I picked up notes after Chinese New Year about late Feb. I found notes quite brief and easy to understand; however notes do not cover all the stuff you need to master for the exam precisely.

1.        Ethics
Well, I believe that every note reader encountered the advice in the ethics session: we strongly recommend you read the handbook thoroughly before you start. However, many candidates are over dependent on notes, when preparing for the exam. Sadly, I am one of those guys. I was so confident that I thought that I could judge true from false by intuition. Unfortunately, the ethics questions are too tricky to be judged by intuition. Sometimes you will find all the answers seem quite reasonable.

Read your handbook carefully!! It’s warn, not advice!!

Pay attention to those samples. Do remember the rules and key figures.

You may use Ethics notes for review after you have finished reading the handbook, as it is quite plain.

2.        Quantitative Methods
I’ll say that quantitative notes are more than enough for the exam, however it looks boring. You will find the assigned book more vivid and practical. You actually learn from the cases in the real business world, and quantitative methods can also be applied to our daily life. The book does not seem like a monster, while the notes emphasises too much on the monster formulas which never ever appeared in the exam. Please do not waste you time memorizing those stupid monster formulas. Focus on the key concepts and basic calculations. The quantitative methods repeat themselves from time to time in the following sessions, like asset valuation and equity analysis. The level 1 exam correlates with the time series analysis and NPV concept significantly. If you do not have enough time, I will suggest you skip the quantitative book. You can do fairly well in the exam if you can answer all the questions attached with each quantitative session in the notes.

3.        Financial Statement Analysis (FSA)
FSA weighs the most heavily in the level 1 exam. I hate accounting. I am not of bean-counter style. When I was reading the assigned book “the use and analysis of financial statement analysis”, I found it annoying, for I had no prerequisite knowledge on accounting. I could not persuade myself fighting with the annoying book, which assumes that you know accounting well and skips many necessary explanation, although my friend recommend it as a nice book. I then bought the preliminary reading “financial accounting”. This one is really nice. I read it easily and I even heard my pace speeding up. When finished this book, I moved to another assigned reading “fundamentals of financial management”. This book is witty and practical. I strongly recommend you guys to read it, not only for the exam, but also for it helps in daily work.

When I started the FSA sessions in notes, I found everything was just a piece of cake with all those preparation work backed up. If I had not read those two books, I would have suffered when swallowing the FSA notes. I have to say that the FSA notes cover almost all the LOS that appeared in the June exam. If you have learnt accounting before, go directly to notes then. FSA was not as difficult as we perceived.

4.        Portfolio Management
We have only 12 portfolio questions, and most of them are quite straightforward. I like the portfolio book, as I think that it prepares me well for L1 and the forthcoming more advanced exams. However, notes are more than enough for you to tackle the L1 exam.

5.        Asset Valuation
Notes were bombed for it missed many important LOS in this section last year. My friend sat the L1 last June told me that at least 6-8 questions were never mentioned in the notes!! Notes improved somehow this year, however it still did not give enough lectures for this section. It twists on many history/introduction issues, however it did not catch the precise point.

6.        Fixed Income and Derivatives
I was so sorry that I wasted too much time from Dec to Feb, which I had allocated to assigned readings and notes. I did not even take a glance at those books. However the notes were rubbish for derivatives. It suddenly gives you a formula with limited explanatory words. You can hardly find out why and how to use them. Gosh~~~, I cannot figure out option value even now. That’s why I got lower than 50% in these two sections.

 

Fri 13 Jun 2008

2006å¹´12月考试一考友的考经,很详细,推荐新考友好好学习…

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2006å¹´12月考试一考友的考经,很详细,推荐新考友好好学习…

其实备考经验我12月考完就心潮澎湃地想share了，只是一直也没敢，怕丢脸。寻思拿到credit suisse的offer这么件好事估计已经把我攒很久的rp给用完了，所以CFA多半是过不了。没想到昨天放榜，rp居然还剩那么一点，不多，正好把CFA level 1给过了。现在rp值多半已是负值，我赶紧给贴出来，希望能够帮到六月份考试的同学们，同时替我的HYP和下个月的GMAT攒回点rp。rp,rp,没有rp万事休啊！
此心得不适用于QF,econs background牛牛们，因为CFA level1 对于超级牛人可能只需要几天时间复习一下就可以过了。那些非常认真每天读notes几个小时连续准备三个月的同学也用不上，因为CFA level 1不难，只是知识点多，只要安排好时间，一个一个sub study session看下去，把后面习题做了，第六本的六套题做完，那也可以高枕无忧了。我的心得主要是帮助基础一般，时间又比较紧张的同学。
我在finance方面略知一二，学过课程FNA1002，EC1301，MA2222，外加参加过的ACCA六科的考试内容（和CFA差别很大，overlap很少）。
8月弄到notes，9月初的时候曾经看过quantitative analysis里面的time value部分，看了半个study session就开始放羊了。然后一直到11月之前，都在忙着听career talk，投简历，准备笔试面试等等，没有心思。准备面试的时候，翻过一部分fixed income和derivative（不够仔细，属于走马观花，后来就没看了，结果不理想），安慰自己说economics和accounting都有学过一点相关的课程，应该会轻松。结果就这样自欺欺人到11月10号左右，知道再也躲不过了，想想不去考算了，但是毕竟700大洋啊。于是开始拼小命看。
三个重点
我最开始认真看的部分就是FSA，FSA是听说历年考试的重中之重，单场考试里面，120题里面有34题是FSA。其中LIFO,FIFO更是必考的重点，其他一些重点也都大多是比较性的那几个知识点，比如几种不同的revenue recognition方式适用的范围，对各种ratio的影响，capitalize 和expense对ratio的影响，operting lease和capital lease的各自影响什么的，Cash flow的运算我以为很重要，实际考到的不多。可以看出来实际考试是非常非常注重对于这些不同accounting method的理解，因为大部分都是考深入概念，考ratio的change。建议把不同method对于balance sheet里面数据和ratio的影响记到非常熟练的程度，因为考试时间有限，我上午考试的时候所有的变化都是现推导的，这部分严重超时，下午因为还记得上午推导的过程和结果，所以做题就快了许多。另外我复习的时候因为时间关系，自以为是地没有好好看defered tax，off-balance-sheet这几个重要的LOS，这次考得很多，让我很吐血。。。。因为在这部分花的时间多，我最后还是考到了70%以上。FSA是level 1 pass的关键，只要这个能上70% pass的机会就很大，反之则十分渺茫。所以如果精力和时间有限，建议从这部分开始看。
corporate finance,equity这部分是我最陌生的地方，但是翻了一下觉得知识点都比较简单，而且非常连贯，是比较容易拿分的。于是成为第二个重点，我死命地看那些WACC, dividend discount model，CAPM，简单的题也反复算，保证正确率，考试时候果然考到不少，还有NPV, IRR的比较，也是每年必考。如果只有两周时间准备CFA，那么一定要看透DDM，顺带着看return on equity, retention rate和那几个price multiplier。这几个点串着的，看起来快，考点重要，做题准确率高。
集中学习的两周里面，我把差不多一周时间分配在这两块内容上面。FSA一共4个study session，15个小章节，corportate finance和equity一共3个study session，接近20个小章节。基本正常速度应该差不多都是一个小时看一个小章节，半个小时完成每个小章节后面的练习题，并且搞懂错在哪里。我记得大约一天学6个小章节，分两次读，平均大约一次读四个半小时学习3个小章节。。。一次FSA,一次corporate finance这样错开来看。我觉得强度大的学习是很有好处的，今天看到的，明天又要用到，一个星期内不断接触，加强记忆。不过FSA部分，如果我没有ACCA打底的话，是肯定读不了那么快的，最后几个章节，defered tax什么的，我以前没有接触过，为了保证进度还是按照前面速度来，最后就没掌握好。所以accounting没有基础的话，估计要花两倍时间在这上面。
第三个重点，Fixed income，这部分是我的失误，我误以为自己以前走马观花看过一遍就掌握的不错了，结果真正考的时候做得很差，原因是我那部分后面的练习题都没有做，不够熟练，bond部分的duration，yield需要非常的熟练，不然这部分简单的题需要做很久，尤其是头脑疲倦的时候。我下午考试的时候想一个duration前面有没有加过负号就想了五分钟。这部分应该属于第三个重点，应该在前面花时间学习的。我觉得很可惜，因为知识点都是掌握的，就差这么临门一脚，做些题目琢磨琢磨透就成。
一个关键
ethics，我一听说bottom line pass是要看ethics成绩的，立马超级认真，把道德手册捧在手上，利用每天吃饭的时候读，读了两个星期从头读到尾，每一个案例都看一遍。考试前一天晚上又把GIPS和corporate governance看一遍，这个有点像小时候的政治考试，除了拼命读没有别的方法。
其余部分
derivative部分不会很难，而且会有几道仁慈的送分题，比如问问你strike price是多少之类的。
quantitative没有什么太多重要的，运气很关键吧。正式考试还是挺难的，一道题目里可能考两个考点。尤其是stats和probability部分，我考试之前练习了很多hypothesis testing,还有那些chi-square, t-distribution的计算，但是实际上把Z-test那几个critical value记住就够用啦。不会考太难的运算。但是它可能会考点比较偏的，比如MAD和standard derivative比较什么的。当时一看就有点懵。time value部分应该说算是送分的，因为毕竟如果这个做不熟练后面的asset valuation也没法做，算是考用financial calculator的基本功吧。基本上这个部分中国的同学都可以拿到70%以上。
economics我没有仔细看，纯粹是因为最后没有时间了，因为microeconomics以前学过我整个跳过了，foreign exchange那些我也没有看，因为做题的时候感觉比较common sense。大部分时间花在了macroeconomics上面，尤其是fiscal policy和money policy以及几种情况的影响上面，后来体会到虽然micro上面丢了一些分，但是策略基本还是正确的。学过economics的同学问题都不大。
portfolio部分，一共只有六道题目。这个属于比较容易拿分的题目。重点是CML和SML，尤其是SML，还有total error和beta的概念。里面用到一些standard derivative的概念都是前面学过的。
alternative investment部分，不好考，知识点不少，real estate考，但是考得很刁。基本上也是一道题目两个知识点那种。
其他
两周集中学习后，进入了学校考试周，所以最后的几天没有时间和心情再看notes，索性开始做第六本的模拟题，并且总结错题。最后只来得及做了六套里面的五套题目。不过做的比较认真，之后花不少时间订正。另外我做的时候掐表很严，基本都要求两小时四十分钟做完，因为正式考试的时候听说上下午的难度不同，有一场会比较难，所以要平时做题速度要求高一些，保证两场都能按时做完，不会自乱阵脚。后来证明是对的，我正式考试早上的时候很不顺利，做的很慢，几乎到最后一分钟才做完的，下午就好了，提前快一个小时做完。还有就是做那六套sample test的时候，最好模拟着做一次上下午六个小时的，这样可以感受一下，不然考试当天下午那三个小时估计心理挑战蛮大的。
总体来讲，我的体会是CFA虽然是选择题，要比ACCA level 1 和level 2的考试都难，最重要最重要最重要是看得时候千万不能以为自己能做对几个题目就可以把这个知识点翻过去，一定要弄得非常清楚才行。如果时间不够，宁可有策略地放弃一些部分，也绝对不可以囫囵吞枣，这样会一点分也拿不到！简单讲就是要么不看，要看就要吃透。
希望能给要考试的同学一点帮助，wangyue.rp++！
 

Mon 9 Jun 2008

公司财务/资产定价.

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Corporate Finance
Corporate Finance在CFA课程的比重并不算高，但考生却十分有必要充分掌握相关的财务理论。在CFA第一级课程中，比重最高的是财务报表分析，占28%，而公司财务是包括在财务报表分析内，估计公司财务本身单独的比重约在5到8%间，其内容的难度约相当于大学的财务管理课程。

   财务管理主要分为三大决策：投资决策、融资决策及股利政策。其中，投资决策又称为资本预算，主
要是找出投资案的价值，再与投资成本比较，如同一般的成本效益分析。那投资案或资产之价值如何估
算呢？

 * 一般我们在看财务报表时，总是看公司之盈余有多少? 股市中，股民爱看每股盈余，到底从财务报表上的盈余数字，是否可以推估出公司价值呢? 这个问题的答案并不容易，在回答这个问题前，我们要知道其实任何资产的价值完全取决于该资产未来创造现金的能力，所以如何计算现金流量是十分重要。而报表上的盈余(会计利润)不一定等于现金流量，要运用盈余数字去计算公司价值，须要作一些调整，须考虑因素包括营运资金的变动、机会成本、外部性、税负及排除沈没成本及非现金项目(如折旧费用)等。

  *

  * 在计算净现值过程中，需要知道折现率，在进行与公司风险相若的个案时，一般系使用公司加权资金成本，其系负债资金成本、特别股资金成本及普通股资金成本加权平均，故如何计算各资金来源之资金成本是一大课题，特别要了解殖利率、资本市场订价模型(CAPM)及戈登模式等重要观念。

  * 设定净现值为零，求得的折现率称为内报报酬率(IRR)，若高于加权资金成本，就值得投资。NPV及IRR的优缺点比较特别值得注意。另外，回收期亦是常用的投资决策指针之一。

  * 投资报酬与冒的风险是对应的，所以折现率高低与公司之风险有着密切关系。首先，考生要知道如何运用统计学上的标准差、相关系数等指针去衡量风险。其次，是了解其它衡量风险的工具，如敏感度分析、情境分析、计算机仿真及贝他系数等。

  * 一般来说，公司风险主要分为业务风险及财务风险，前者受外部景气及固定成本高低之影响，后者则决定于负债的多寡，即公司的资本结构。不同财务理论对最适资本结构有不同的主张，其中特别需要注意利息抵税效果及财务危机成本。

  * 公司融资进行投资，营运并获利后，接下来要考虑是否要将获利保留或以股利方式配发予股东，股利政策对股东来说，自然是一大课题。到底盈余是否应该保留，亦有多派理论，其中税负、公司成长率与净值报酬率的关系等均是要考虑的因素。另外，要知道现金股利、股票股利、股票分割及公司买回库藏股的利弊及对公司价值之影响。

  * 公司财务可说是资产评价的基础，若能将相关观念融会贯通，对学习其它的科目如股票分析及债券评价及第二级课程中的核心内容评价模式均十分有帮助，值得投入可观的时间好好学习。

资产价值来自于未来的现金流量，但因为金钱可生利息及现金流量的不确定性，要将未来现金流量折现后加总，寻找出来的现值，就是资产的价值，若再将投资成本从预期现金流量现值中扣除，就是净现值(NPV)，其为正数即代表有投资利得，值得投资。

资产价值来自于未来的现金流量，但因为金钱可生利息及现金流量的不确定性，要将未来现金流量折现后加总，寻找出来的现值，就是资产的价值，若再将投资成本从预期现金流量现值中扣除，就是净现值(NPV)，其为正数即代表有投资利得，值得投资。

 

Mon 9 Jun 2008

Ethical and Professional Standards

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2003年12月考试中Ethics部分36题，占15％，主要有3大部分：code of ethics、professional standards 、GIPS,估计今年考试可能主要集中在professional standards,还有一些就在GIPS。
professional standards在2003年12月考了下面一些内容：
1、laws and regulations
2、use of CFA charter/candidate titles
3、use of insider information(material,apporiate actions,etc.)
4、duties to employers (if you are leaving your employer ,what can/cannot be done)
5、duties to clients (IPO shares allocation,etc.)
6、duties of a supervisor (how to deal with incompliance,etc.)
 
GIPS部分的问题问的很直接，一般比较容易。
 
 
code of ethics:remenber the exact wording of code of ethics,understand what they mean.
 
professional standards (challenging but manageabel):do as many questions as possible (from different publishers if available).focus on sorting out the priorities.in general,you should do alright if you follow the following order of priority:
1、the investing public
2、the profession
3、your clients
4、your employer
5、youself
 
ethics is manageable if you have a clear sense of priority in mind.
 
read GIPS
 
Economic

1. Microeconomic
    主要包括供给与需求、消费者行为、成本与生产、市场结构、其中市场结构是最为重要的部分，考生必须充分熟悉不同市场结构下厂商的定价与生产行为，以及其社会福利及效率差异。这部分是较为容易准备，因为个体经济较多使用数学与图形，大都属于局部均衡分析，对亚洲学生和平常不太注意经济政策的考生来说是很容易得分的，而且熟悉了个体经济的供需分析，学会经济学的分析工具以后，总体经济与国际经济就不会太困难了，因为经济学始终离不开供给与需求，所以在三部分中建议考生先准备个体经济，可事半功倍。

2. Macroeconomic Analysis
    除了如何使用货币政策和财政政策处理通货膨胀和失业等经济问题以外，不同学派比较是总体经济较重要的部分，考生必须充分熟悉不同派别对总体经济政策的主张，包括古典学派、凯恩斯学派、供给学派等在货币政策和财政政策上的差异。除了研习教材以外，如果时间充裕的话，平常多阅读总经新闻和评论，从生活中学习也是扎根的方法，毕竟实际的总体经济现象较课本复杂很多，而且考生都是目前任职或将来想投入金融行业的人员，有了坚实的经济知识基础，未来在职场上也会受用无穷。

3. Global Economic Analysis
    主要包括国际贸易和外汇市场。国际贸易所占比重不多，汇率制度、外汇套利行为、汇率平价关系等反而占有较多份量。这部分多为计算题例如汇率换算、套利报酬等，只要理解个中原理就不难应付。

    以上仅对CFA的经济学Level 1考试内容作一重点提示，考生还是须根据AIMR的学习指南加以详细研读，并且要多做模拟考题，把理论应用到解题上以及增加实战经验。不过，CFA考试的科目相当多，如果只考经济学一门，当然可以自行购买CFA的参考书籍自修，但需要有相当的毅力与恒心，而且要忍受孤军作战的寂寞。近年来坊间有许多辅导机构举办各种投考CFA的专业课程，有意取得CFA证照的同学不妨也可以考虑透过这种方式准备考试，相信可以节省不少自行摸索的时间，也可以认识一些志同道合的考友，一起共同勉励和互相打气，往CFA的专业资格迈进。

Financial Statement Analysis

主要有下面几个重要部分:

1. 财务比率
这个部分是财务分析师在从事分析时的工具，CFA 考试所需准备的比率相当多，但考生可以将所有比率先按其性质区分为：内部流动性的分析比率、营运效率比率、营运获利能力比率及财务风险比率等，再来背诵，会事半功倍。在CFA 的考试除了会考简单的财务比率之外，常会考的是当会计处理方法不同时，其各项财务比率的增减变动情形。考生在研读其它会计主题时，须同时注意对各项比率之影响。

2. 存货
存货系会计上蛮重要的一个主题，CFA 的考试着重于各项成本流动假设之比较分析。诸如：先进先出 (FIFO)、后进先出 (LIFO)，及 FIFO与LIFO相互变更之影响。另外，期末存货的评价也是重点之一，如成本市价孰低法{LCM}之评价。至于存货与销货成本之间的公式亦是考生一定要会的。考题也常出现公式之间各项金额之增减变动，考生一定得注意。

3. 固定资产
考试重点在固定资产的折旧控制方式，各种方法都不难，但须注意折旧提取的多寡影响损益大小，所以考题除计算折旧金额外，亦须注意其对损益的影响。

4. 公司债
主要是考核考生对公司债的发行及溢折价摊销的处理，只要理解正确并不困难。

5. 租赁
CFA考试考核的是最基础的会计处理，但内容稍多，考生可能多花点时间在这个部分，因为租赁又区分为营业租赁与资本租赁。

6. 所得税
所得税的观念在于时间性的差异造成财务会计所得与课税所得的不同，造成财务会计所得与课税所得的不同，造成财务报表的所得税费用与申报所得税的应付所得税的差异。所以考生须注意当会计处理方法对财务会计与税务上不同时，就会产生递延所得税的资产或负债，考生须花更多时间在所得税这个主题，因为除了事先要学习会计处理方法之不同外，得再进一步其对于所得税之影响，考生不得不花点心思在所得税。

7. 保留盈余及每股盈余
这个主题很重要的就是在计算基本每股盈余及稀释每股盈余，因其计算较为复杂，考生真得多多练习考题，勤于计算，特别是稀释每股盈余更要注意计算时分子、分母之加减情形。

8. 现金流量表
不论是理科或文科考生对现金流量表都不是很熟悉，特别是需编此表那就更难了，但CFA考试并不考编表，纯粹是考观念，所以考生只要把观念理清楚就不难了，因为现金流量表把公司的现金流量区分三种活动，所以考生一定要非常清楚什么现金流量是属于什么活动，而且进一步要知道是现金流出或流入，考题就是在这些观念打转，考生须把重点摆在观念的建立。

 

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