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2014年12月CFA一级考试大纲（十六）

来源：高顿网校 2014-05-07

　　Fixed Income

　　Analysis of Risk

　　This study session focuses on the analysis risks associated with fixed-income secu?rities; emphasis is on interest rate and credit risks. The first reading describes the sources of return on fixed-income securities and measures and analysis of interest rate risk. The second reading introduces measures and analysis of credit risk of fixed-income securities.

　　READING ASSIGNMENTS

　　Reading 55 Understanding Fixed-Income Risk and Return by James F. Adams, PhD, CFA, and Donald J. Smith, PhD

　　Reading 56 Fundamentals of Credit Analysis by Christopher L. Gootkind, CFA

　　LEARNING OUTCOMES

　　READING 55. UNDERSTANDING FIXED-INCOME RISK AND RETURN

　　The candidate should be able to:

　　a calculate and interpret the sources of return from investing in a fixed-rate bond;

　　b define, calculate, and interpret Macaulay, modified, and effective durations;

　　c explain why effective duration is the most appropriate measure of interest rate risk for bonds with embedded options;

　　d explain how a bond’s maturity, coupon, embedded options, and yield level affect its interest rate risk;

　　e calculate the duration of a portfolio and explain the limitations of portfolio duration;

　　f calculate and interpret the money duration of a bond and price value of a basis point (PVBP);

　　g calculate and interpret approximate convexity and distinguish between approxi?mate and effective convexity;

　　h estimate the percentage price change of a bond for a specified change in yield, given the bond’s approximate duration and convexity;

　　i describe how the term structure of yield volatility affects the interest rate risk of a bond;

　　j describe the relationships among a bond’s holding period return, its duration, and the investment horizon;

　　k explain how changes in credit spread and liquid affect yield-to-maturity of a bond and how duration and convexity can be used to estimate the price effect of the changes.

　　READING 56. FUNDAMENTALS OF CREDIT ANALYSIS

　　The candidate should be able to:

　　a describe credit risk and credit-related risks affecting corporate bonds;

　　b describe seniority rankings of corporate debt and explain the potential violation of the priority of claims in a bankruptcy proceeding;

　　c distinguish between corporate issuer credit ratings and issue credit ratings and describe the rating agency practice of “notching”;

　　d explain risks in relying on ratings from credit rating agencies;

　　e explain the components of traditional credit analysis;

　　f calculate and interpret financial ratios used in credit analysis;

　　g evaluate the credit quality of a corporate bond issuer and a bond of that issuer, given key financial ratios of the issuer and the industry;

　　h describe factors that influence the level and volatility of yield spreads;

　　i calculate the return impact of spread changes;

　　j explain special considerations when evaluating the credit of high yield, sover?eign e calculate the duration of a portfolio and explain the limitations of portfolio duration;

　　f calculate and interpret the money duration of a bond and price value of a basis point (PVBP);

　　g calculate and interpret approximate convexity and distinguish between approxi?mate and effective convexity;

　　h estimate the percentage price change of a bond for a specified change in yield, given the bond’s approximate duration and convexity;

　　i describe how the term structure of yield volatility affects the interest rate risk of a bond;

　　j describe the relationships among a bond’s holding period return, its duration, and the investment horizon;

　　k explain how changes in credit spread and liquid affect yield-to-maturity of a bond and how duration and convexity can be used to estimate the price effect of the changes.

　　READING 56. FUNDAMENTALS OF CREDIT ANALYSIS

　　The candidate should be able to:

　　a describe credit risk and credit-related risks affecting corporate bonds;

　　b describe seniority rankings of corporate debt and explain the potential violation of the priority of claims in a bankruptcy proceeding;

　　c distinguish between corporate issuer credit ratings and issue credit ratings and describe the rating agency practice of “notching”;

　　d explain risks in relying on ratings from credit rating agencies;

　　e explain the components of traditional credit analysis;

　　f calculate and interpret financial ratios used in credit analysis;

　　g evaluate the credit quality of a corporate bond issuer and a bond of that issuer, given key financial ratios of the issuer and the industry;

　　h describe factors that influence the level and volatility of yield spreads;

　　i calculate the return impact of spread changes;

　　j explain special considerations when evaluating the credit of high yield, sover?eign,and municipal debt issuers and issues.

　　扫一扫微信，*9时间获取2014年CFA考试报名时间和考试时间提醒

　　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
　　免费题库：2014年CFA免费题库
　　考前冲刺：CFA备考秘籍
　　高清网课：CFA考试网络课程　　

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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。

cfa考试内容有哪些？: cfa考试分为三个等级，cfa一级和二级考试科目包括《职业伦理道德》、《定量分析》、《经济学》、《财务报表分析》、《公司理财》、《投资组合管理》、《权益投资》、《固定收益投资》、《衍生品投资》、《其他类投资》。cfa三级考试科目包括《经济学》、《投资组合管理》、《权益投资》、《职业伦理道德》、《固定收益投资》、《其他类投资》、《衍生工具》。

cfa一年考几次？: cfa每年考试的次数每个级别均有不同，其中CFA一级考试每年设置四次，CFA二级考试每年设置三次，CFA三级考试每年设置两次。需注意，协会规定考生必须要按照CFA考试的三个级别，依次进行报考，且报考两个级别考试的窗口之前需至少间隔6个月。

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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