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2014年12月CFA一级考试大纲（十三）

来源：高顿网校 2021-07-15

　　Equity

　　Market Organization, Market Indices, and Market Efficiency

　　This study session explains important characteristics of the markets in which equi?ties, fixed-income instruments, derivatives, and alternative investments trade. The reading on market organization and structure describes market classifications, types of assets and market participants, and how assets are traded. The reading on security market indices explains how indices are constructed, managed, and used in investments. The reading on market efficiency discusses the degree to which market prices reflect information. It also explains implications of different degrees of market efficiency for security analysis and portfolio management.

　　READING ASSIGNMENTS

　　Reading 46 Market Organization and Structure by Larry Harris, CFA

　　Reading 47 Security Market Indices by Paul D. Kaplan, CFA, and Dorothy C. Kelly, CFA

　　Reading 48 Market Efficiency by W. Sean Cleary, CFA, Howard J. Atkinson, CFA, and Pamela Peterson Drake, CFA

　　LEARNING OUTCOMES

　　READING 46. MARKET ORGANIZATION AND STRUCTURE

　　The candidate should be able to:

　　a explain the main functions of the financial system;

　　b describe classifications of assets and markets;

　　c describe the major types of securities, currencies, contracts, commodities, and real assets that trade in organized markets, including their distinguishing char?acteristics and major subtypes;

　　d describe types of financial intermediaries and services that they provide;

　　e compare positions an investor can take in an asset;

　　f calculate and interpret the leverage ratio, the rate of return on a margin trans?action, and the security price at which the investor would receive a margin call;

　　g compare execution, validity, and clearing instructions;

　　h compare market orders with limit orders;

　　i define primary and secondary markets and explain how secondary markets support primary markets;

　　j describe how securities, contracts, and currencies are traded in quote-driven, order-driven, and brokered markets;

　　k describe characteristics of a well-functioning financial system;

　　l describe objectives of market regulation.

　　READING 47. SECURITY MARKET INDICES

　　The candidate should be able to:

　　a describe a security market index;

　　b calculate and interpret the value, price return, and total return of an index;

　　c describe the choices and issues in index construction and management;

　　d compare the different weighting methods used in index construction;

　　e calculate and analyze the value and return of an index given its weighting method;

　　f describe rebalancing and reconstitution of an index;

　　g describe uses of security market indices;

　　h describe types of equity indices;

　　i describe types of fixed-income indices;

　　j describe indices representing alternative investments

　　k compare types of security market indices.

　　READING 48. MARKET EFFICIENCY

　　The candidate should be able to:

　　a describe market efficiency and related concepts, including their importance to investment practitioners;

　　b distinguish between market value and intrinsic value;

　　c explain factors that affect a market’s efficiency;

　　d contrast weak-form, semi-strong-form, and strong-form market efficiency;

　　e explain the implications of each form of market efficiency for fundamental analysis, technical analysis, and the choice between active and passive portfolio management;

　　f describe selected market anomalies;

　　g contrast the behavioral finance view of investor behavior to that of traditional finance.

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　　高顿网校特别提醒：已经报名2014年CFA考试的考生可按照复习计划有效进行！另外，高顿网校2014年CFA考试辅导高清网络课程已经开通，通过针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升备考效果。

　　报考指南：2014年CFA考试备考指南
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cfa备考热门问题解答

cfa证书就业岗位有哪些？: cfa考完后可以从事的工作包括公司会计、基金经理助理、投资管理师、股票研究分析师、基金分析师、投资产品分析师、券商助理分析师、交易员等。在全球范围内，cfa会员的雇主包括了摩根大通、汇丰银行等机构。

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cfa的含金量如何？: CFA证书全称Chartered Financial Analyst（特许注册金融分析师），是全球投资业里最为严格与高含金量资格认证，为全球投资业在道德操守、专业标准及知识体系等方面设立了规范与标准，具有较高的知名度和影响力。英国的国际学术认证中心，还将持有CFA证书视为拥有硕士学历水平，能让想进修的金融专业人士，充分学习等同于金融硕士的知识课程。此外，人民日报三年内连续四次推荐CFA证书！因此，无论是从国际知名度还是国内知名度来说，CFA资格认证的含金量和认可度都是非常高的。

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