Course Contents of CFA

Course Contents and Examination Style

Curriculum for CFA Level I focus on tools and concepts that apply to investment valuation and portfolio management, CFA Level II focuses on asset valuation and CFA Level III on portfolio management. Each level also contains material on ethics as it pertains to the practice of investment management.
Level I examination is by multiple choice questions and places a premium on the ability to recall facts and apply basic concepts and formulas.
Level II examination comprises item sets (or mini cases), which draw upon concepts and facts studied at both Levels II and I but involves "real world" problems requiring more analysis, calculation and evaluation.
Level III consists of essay questions and requires students to draw upon concepts learned at Level I and Level II to prepare, support and recommend practical financial solutions.
The CFA syllabus includes:

* Ethical and Professional Standards
* Quantitative Methods
* Economics
* Financial Statement Analysis
* Corporate Finance
* Analysis of Equity Investments
* Analysis of Debt Investments
* Analysis of Derivatives
* Analysis of Alternative Investments
* Portfolio Management

Nội dung của CFA.

Kỳ thi CFA gồm 3 vòng tương ứng với 3 cấp độ khác nhau:

Cấp độ 1: gồm các câu hỏi trắc nghiệm để nhận xét khả năng của thí sinh trong việc áp dụng những kiến thức cơ bản vào đánh giá và quản lý danh mục đầu tư.

Cấp độ 2: chủ yếu tập trung vào đánh giá tài sản qua các trường hợp thực tế cụ thể và yêu cầu nhiều hơn về phân tích cũng như tính toán.

Cấp độ 3: bao gồm những câu hỏi yêu cầu phân tích và trả lời chi tiết. Tập trung vào lĩnh vực quản lý danh mục đầu tư và đưa ra các giải pháp tài chính thực tế.

Nội dung của các kỳ thi CFA bao gồm những lĩnh vực sau:
Topical Outline 

CFA Exam Topic Area Weights

Topic Area	Level I	Level II	Level III
Ethical and Professional Standards (total)	15	10	10
Investment Tools (total)	50	30-60	0
Corporate Finance	8	5-15	0
Economics*	10	5-10	0
Financial Reporting and Analysis	20	15-25	0
Quantitative Methods	12	5-10	0
Asset Classes (total)	30	35-75	35-45
Alternative Investments	3	5-15	5-15
Derivatives	5	5-15	5-15
Equity Investments	10	20-30	5-15
Fixed Income	12	5-15	10-20
Portfolio Management and Wealth Planning (total)	5	5-15	45-55
Total	100	100	100

*Economics is part of Portfolio Management at Level III.

Note: These weights are intended to guide the curriculum and exam development processes. Actual exam weights may vary slightly from year to year. Please note that some topics are combined for testing purposes.

CFA Candidate Body of Knowledge (CBOK) 

I. ETHICAL AND PROFESSIONAL STANDARDS 
A. Professional Standards of Practice 
B. Topical Issues 

II. QUANTITATIVE METHODS 
A. Time Value of Money 
B. Basic Statistical Concepts 
C. Probability Concepts and Random Variables 
D. Common Probability Distributions 
E. Sampling and Estimation 
F. Statistical Inference and Hypothesis Testing 
G. Correlation Analysis and Linear Regression 
H. Multivariate Regression 
I. Time Series Analysis 
J. Portfolio Concepts 

III. ECONOMICS 
A. Market Forces of Supply and Demand 
B. Elasticity 
C. The Firm and Industry Organization 
D. Supply and Demand for Productive Resources 
E. Measuring National Income 
F. Economic Fluctuations and Unemployment 
G. The Monetary System 
H. Inflation: Causes and Consequences 
I. International Trade 
J. International Finance 
K. The Macroeconomics of an Open Economy 
L. Aggregate Demand and Aggregate Supply 
M. Sources of Economic Growth 
N. Government Regulation 
O. Natural Resource Markets 
P. Relationship of Economic Activity to the Investment Process 

IV. FINANCIAL STATEMENT ANALYSIS 
A. Financial Reporting System 
B. Principal Financial Statements 
C. Earnings Quality and Nonrecurring Items 
D. Analysis of Inventories 
E. Analysis of Long-Lived Assets 
F. Analysis of Income Taxes 
G. Analysis of Financing Liabilities 
H. Analysis of Leases 
I. Analysis of Off-Balance-Sheet Assets and Liabilities 
J. Analysis of Pensions, Stock Compensation, and Other Employee Benefits 
K. Analysis of Inter-Corporate Investments 
L. Analysis of Business Combinations 
M. Analysis of Multinational Operations 
N. Ratio and Financial Analysis 

V. CORPORATE FINANCE 
A. Fundamental Issues 
B. Capital Investment Decisions 
C. Business and Financial Risk 
D. Long Term Financial Policy 
E. Mergers and Acquisitions 
F. Valuation Implications of Corporate Finance 

VI. ANALYSIS OF EQUITY INVESTMENTS 
A. Organization and Functioning of Securities Markets 
B. Security Market Indexes and Benchmarks 
C. Equity Risk Definition (e.g., statistical, economic, downside, relative, absolute, political) and Measurement 
D. Fundamental Analysis 
E. Special Applications of Fundamental Analysis 
F. Technical Analysis 

VII. ANALYSIS OF DEBT INVESTMENTS 
A. Debt Securities 
B. Risks Associated with Investing in Bonds 
C. Global Bond Sectors and Instruments 
D. Yield Spreads 
E. Introduction to the Valuation of Debt Securities 
F. Yield Measures, Spot Rates, and Forward Rates 
G. Measurement of Interest Rate Risk 
H. The Term Structure and Volatility of Interest Rates 
I. Valuing Bonds with Embedded Options 
J. Mortgage-Backed Securities (MBS) 
K. Asset-Backed Securities 
L. Valuing Mortgage-Backed and Asset-Backed Securities 
M. Assessing Trading Strategies 
N. Principles of Credit Analysis 

VIII. ANALYSIS OF DERIVATIVES 
A. Derivative Markets and Instruments 
B. Forward Markets and Instruments 
C. Futures Markets 
D. Options Markets 
E. Swaps Markets 

IX. ANALYSIS OF ALTERNATIVE INVESTMENTS 
A. Real Estate 
B. Investment Companies 
C. Venture Capital 
D. Hedge Funds (e.g., characteristics, fee structure, leverage, short versus long) 
E. Closely-held Companies and Inactively Traded Securities 
F. Distressed Securities/Bankruptcies 
G. Commodity Markets and Commodity Derivatives 

X. PORTFOLIO MANAGEMENT 
A. Capital Market Theory 
B. Management of Individual Investor Portfolios 
C. Management of Institutional Investor Portfolios 
D. Pension Plan and Employee Benefit Funds 
E. Endowment Funds and Foundations 
F. Insurance Companies 
G. Other Corporate Investors (investment policy considerations) 
H. Capital Market Expectations 
I. Asset Allocation 
J. Portfolio Construction and Revision 
K. Equity Portfolio Management Strategies 
L. Debt Portfolio Management Strategies 
M. Real Estate and Alternative Investments in Portfolio Management 
N. Risk Management 
O. Performance Measurement 
P. Presentation of Performance Results

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