随着国内逐渐开放衍生品市场，越来越需要有衍生品专业知识的人才。这部分的衍生品主要介绍衍生品的一些基本知识，包括衍生品的种类及市场区分，4大类衍生品的基本定价原理，以及简单期权策略。
CFA一级考试的Derivatives（金融衍生品）具体的内容知识点包含1个study session，3个reading。
其中，Reading 57对衍生品市场进行了区别，并对4大类衍生品进行了基本定义；
Reading 58讲衍生品的定价和估值的基本原理，并对4大类衍生品的基本定价做了介绍；
Reading 59对期权做了进一步分析，介绍两种期权及两种期权策略的应用。
从考试的重要度来看，Reading 58、Reading 59是最重要的，Reading 57其次，其他Reading重要性不大。
以下是高顿教育冯老师对重要的Reading的考点进行了总结，以下内容建议考生们全部掌握。
★ Reading 57:Derivative Markets and Instruments（金融衍生品市场及工具）
金融衍生品的定义；
金融衍生品市场的分类及区别;
金融衍生品的分类；
金融衍生品的优缺点。
★ Reading 58:Basics of Derivative Pricing and Valuation（金融衍生品基本定价和估值原理）
金融衍生品定价的基本原理；
区别远期和期货合约的定价以及估值；
合约期初、期中、期末如何计算远期的价值，以及理解影响远期价值的因素；
解释期货和远期定价的异同；
解释互换和远期定价的不同；
欧式期权价值的计算以及影响因素；
欧式期权的平价公式、远期平价公式以及二叉树模型的理解；
美式期权与欧式期权定价的差异。
★ Reading 59:Risk Management Applications of Option Strategies（风险管理应用：期权策略）
看涨期权和看跌期权的到期价值、利润、小盈亏、盈亏平衡点的计算；
Covered call和protective put的到期价值、利润、小盈亏、盈亏平衡点的计算。
CFA衍生品练习题
"Derivative"Exercise:Futures price and interest rate
Questions 1:
A forward rate agreement most likely differs from most other forward contracts because:
A、positions cannot be closed out prior to maturity.
B、it involves an option component.
C、its underlying is not an asset.
【Answer to question 1】C
【analysis】
C is correct.Forward rate agreements,unlike most other forward contracts,do not have an asset as an underlying.Instead,the underlying is an interest rate.
A is incorrect.Forward rate agreements can also be closed out prior to maturity.
B is incorrect.Forward rate agreements do not involve an option component.
Questions 2:
The pricing of forwards and futures will most likely differ if:
A、interest rates exhibit zero volatility.
B、futures prices and interest rates are negatively correlated.
C、futures prices and interest rates are uncorrelated.
【Answer to question 2】B
【analysis】
B is correct.The pricing of forwards and futures will differ if futures prices and interest rates are negatively correlated.A negative correlation between futures prices and interest rates makes forwards more desirable than futures in the long position.
A is incorrect.If interest rates exhibit zero volatility,the pricing of forwards and futures will be identical.
C is incorrect.If futures prices and interest rates are uncorrelated,the pricing of forwards and futures will be identical.
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