ParisXue

楼上的兄弟，我忘记涂id了  但是在上面的格子里写上了id。 监考和我说cfa协会在阅卷前检查并帮我填上。。。没有官方确定的答案 我已经去query CFA的客服了 

pighead

ok, let's say discuss any of the specific questions is against cfa code....

[此贴子已经被作者于2007-6-5 0:33:38编辑过]

koeln

the upper guy is indeed a pighead......

shanexin

看看老外考生怎么看这次二级考试的吧：

Because you gloss over important, core material like All Current/Temporal (I mean, could those questions have been any easier?) and then you slam people in portfolio mgmt and ask multiple sets on derivatives, all the while covering every single nook and cranny of material.

I know some people are going to have a problem with someone saying things like this, but I just dont see how there's benefit to testing the material in this way. The "important" topics that require so much more attention should be treated as such. You want CFAs to know the core of the material, so test them on it. Personally, I dont think the economics questions asked were anywhere NEAR as valuable as, say, Triangular arbitrage, or risk premiums. thats what you want people to know, to learn and to study, then test them on it.

shanexin

大概扫了下，老外反映跟我们差不多，都反映FSA比较tricky，上午比较有把握，下午吃不准，基本都是quants ok, qualitative sucks...

哎，数学不拿满分，惘为炎黄子孙，这下跟老外拼qualitative，要吃亏了

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]

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]

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

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]

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]