furywithin

上午的比较简单些，下午的要难些，文字题普遍比计算题难，答案不确定

Dixiedream

感觉题目不难。大多数题目还是比较straight forward的。不过考试涵盖面相当广。概念做不出的就是做不出。所以很省时间。计算相当简单。经济没考到汇率有点意外。

anyway，我们的目标不是95。就算有20%的概念题有点生疏。也不影响通过。 Good luck。

在伦敦考试的中国同胞不是一般的多。竞争还是很激烈的哦。

cfacraker

FSA 都说TRICKY, 是说下午吧?

上午: held to maturity, available for sale......PBO.....and All current vs Temporal method,

没什么深坑吧?好像就是很简单得.

有人回答一下吗

pighead

No. 6. - may not be the lowest fees but they provide research, something like that, that benefits the client...

The book says:

Seek best execution. Members and candidates must seek best execution for

their clients. Best execution refers to the trading process firms apply that

seeks to maximize the value of a client’s portfolio within the client’s stated

investment objectives and constraints.

pighead

No. 2 - did it say document different opinion on the report?

[此贴子已经被作者于2007-6-7 6:17:41编辑过]

pighead

No. 12

Book says:

Disclose levels of service. Members and candidates should disclose to all clients

whether or not the organization offers different levels of service to clients for the

same fee or different fees. Different levels of service should not be offered to

clients selectively.

My understanding is it didn't say you have to list all the services and fees...but you should publish if you can offer different level of services with different fees...and You should be able to negotiate the fees with your clients.

whether or not the organization offers different levels of service to clients for the

same fee or different fees. Different levels of service should not be offered to

clients selectively.

My understanding is it didn't say you have to list all the services and fees...but you should publish if you can offer different level of services with different fees...and You should be able to negotiate the fees with your clients.

[此贴子已经被作者于2007-6-7 6:20:27编辑过]

pighead

No. 10

when the full amount of the block order is not executed, allocating partially

executed orders among the participating client accounts pro rata on the

basis of order size; (From CFA Book)

executed orders among the participating client accounts pro rata on the

basis of order size; (From CFA Book)

[此贴子已经被作者于2007-6-7 6:18:42编辑过]

清水長官

"hedge fund如果从一个客户的平衡整个PORTFOLIO风险的角度来看，即使对CONSERVATIVE的客户来说，也是可以接受的，在NEW PRUDENCE MAN RULE里面有所体现。"

這位大大，我同意你這個觀點，但我仍選了違反，原因是文中有提及manager在研究某一班客戶的suitability後，推薦hedge fund給他們，但同時在沒有研究conservative的客戶的suitability的情況下，同時推薦給他們。

由於他經過深入的analysis，所以有reasonable basis，但他沒有研究hedge對conservative客戶的suitability。

我相信new prudence man rule應該都要在同時研究了客戶的suitability後才能適用。

即是說當你在研究了客戶的suitability後，發覺持有hedge fund對conservative客戶portfolio total return and risk有diversify 作用或好處之後，new prudence man rule才能apply，即是說若果客戶的suitability合適，even conservative的客戶都可以持有high risk 的hedge fund，我想這樣體現new prudence man rule能對其他code 更能有連繫性，consistent一點

westlakegz

Strip is a zero coupon bond, and all zero-coupon bonds have a duration approximatly equal to their maturity. I don't think this question is out of the scope of the notes. In Level I, we all know how strip is created.

[此贴子已经被作者于2007-6-5 2:09:13编辑过]

babyface80

同意楼上的观点，duration中文就叫做“久期”，approximately equal to “time to maturity”, 而且在题目的提供有限条件下，也只有这样才能算的出来正确的答案，本人不是做证券投资的，但是幸亏很久以前在某张报纸的的理财讲座上浏览过相关的信息，觉得挺有趣（关键是自己在NOTES上看到的概念居然又用）就记了下来，其实我想这个对于真正做金融证券的人来说是一个常识的问题，可惜，我想考CFA的人可能没几个是真正做这一行的，大家都是怀着功利的心理去参加者一个考试，包括本人，真正考了以后能做什么究竟有多少人清楚呢，本人持怀疑态度，包括本人也是非常迷茫，只是在周围人狂热的鼓噪之下才上了这一条船，上了以后才发现骑虎难下，非常尴尬了。[em04]