首頁 / CFA /證照簡介
 
 
 
 
◆ 主辦單位為CFA協會(CFAI),網址為www.cfainstitute.org
  • CFA考試自1963年開始舉辦,超過50年歷史
  • More than 160,000 CFA Program candidates took the CFA exams in FY2012 in one of our 200 test centers around the globe
  • CFA持狀人總數為114636人
  • 會員人數超過120,000人,來自140個國家
  • 60 countries now have local member societies
  • 140 universities around the world have incorporated the CFA Program curriculum into their own academic programs
 
◆在台灣,考上CFA的五大價值
一張全球頂級金融證照CFA創造無比價值
履歷表及名片都增色不少 名片上多了CFA三個字代表的就是專業。履歷表上面有CFA,勝過其它10張證照。
工作機會 CFA考試含蓋面廣,有CFA不僅研究分析能力提升,投資組合的建構實力更是大躍進,英文能力也有長足的進步。年輕人拿到CFA,研究分析、投行、資產管理、交易及風控的工作都適合
績效表現 CFA三關下來完整的股票、債券、衍生性金融商品、財報分析、數量分析、投資組合管理的紮實訓練,讓您管理資產上就是比別人多了一個等級
海外發展 CFA為全球性證照,很多CFA考上後都能夠在海外工作,獲得更好的薪酬
毅力加持 CFA考試需要3年的準備時間。能夠考過CFA,代表自我管理能力強,該特質為資產管理業從業人員最後獲得成功的重要因素
 
◆金融郵報2014年報導,CFA有機會成為新的MBA
http://www.ft.com/intl/cms/s/2/7cae38c2-e811-11e3-b923-00144feabdc0.html#axzz3IN77QI7t
 
◆CFA己在台立足,持狀人薪酬滿意
  • CFA平均年薪150—200萬/年
    *資料來源:「今周刊」第810期(民國101年7月2—8日)第121頁
    *根據CFA台灣分會在2012年內部的調查,30-35歲台灣的CFA持狀人的平均年薪為166萬
    *金證照估計西元二仟年前取得CFA的持狀人,在台工作平均年薪超過250萬
 
部份金融機構對員工參加CFA考試之獎勵方案摘要
  • 新光金控:每考過一關,補助報名費。三關都考過,再補助18萬
  • 美林證券:每過一關獎金補助10萬
  • 台灣證券交易所:每考過一關,補助報名費。三關都考過,再補助3萬
  • 保誠投信:通過第一關獎金3萬、通過第二關獎金4萬、通過第三關獎金5萬
  • 合作金庫:先補助上課及考試費用總額的50%,七年內三關全過,再補助50%
  • 第一銀行:考過CFA三關時,在升等過程可以加分(不用只靠年資)
  • 台新每月獎勵6000元,補助二年
  • 國泰金控:三關都通過又在金控下從事投資工作者,每月補助1.5萬。至2015年八月止,國泰金控集團有CFA的人數為35人左右,全台之冠
  • 富邦 :考過三關獎金補助10萬。富邦副董的兒子在2015年也考過CFA L2考試。他能過,我們也能過。
 

◆台灣位居全球 CFA十大考場

美國 – 57,670 香港 – 12,010
中國大陸 – 19,830 南韓 – 8,480
加拿大 – 15,390 新加坡 – 7,800
印度 – 14,470 澳洲 – 5,044
英國 – 13,450 台灣 – 3,220
*資料來源:「中國時報」民國98年12月5日B1版
 
◆2015年六月CFA考生(L1到L3均包括)全球前七大國家或地區

美國

30,715

中國

21,057

印度

10,651

英國

10,651

加拿大

8,746

香港

5,189

新加坡

3,193

 
◆成為CFA特許狀持有人的過程
  • 參加三級考試:Level 1~3 及格的Level(s)可永久保留
  • 4年相關工作經驗
    *參與investment decision-making process
    *考試前、中、後累積均可
    *工作經驗採自已呈報制,未來審查可能將趨於嚴格
  • 加入CFA Institute成為會員
    *簽定職業準則公約
    *繳交年費(美金275元)及分會費用(台北為美金50元)
 
◆相關工作經驗 Sample Job Titles (一)
  • Accountant
  • Actuary
  • Auditor
  • Compliance analyst/officer
  • Consultant
  • Corporate chief financial officer
  • Corporate finance analyst
  • Client service representative or relationship manager
  • Derivatives analyst
  • Economist
  • Financial adviser
  • Financial journalist/editor
  • Institutional sales professional/business development (buy and sell side)
  • Investment banking analyst
  • Investment consultant
 
◆相關工作經驗 Sample Job Titles (二)
  • Investment strategist
  • Investor relations
  • Mutual fund sales
  • Portfolio administrator
  • Portfolio manager
  • Private client investment adviser
  • Product/software developer
  • Professor/instructor
  • Quantitative investment or risk analyst
  • Real estate investment manager
  • Regulator
  • Securities trader
  • Securities underwriter
  • Security/investment analyst
  • Supervisor of investment firm
  • Valuator of closely held business
  • Venture capital analyst
 
◆如何考CFA?
  • 報名資格: 大學畢業或同等學歷 (高中畢業+工作四年)
  • 報名流程
  • 至金證照網站 (http://www.gocharter.com.tw/) 首頁「最新考情」專區研讀「*金證照CFA線上報名考試逐頁說明*」,先準備好相關資料
    *至CFAI網站 http://www.cfainstitute.org/cfaprogram/process 報名
    *報名時須準備:英文姓名(須與護照上的一致)、email address、信用卡號碼、英文郵寄地址、畢業學校的英文名稱及畢業年月、現職單位之英文名稱等等
    *務必緊記自行設定之User Name及Password
    *為免截止日網路太擠,建議截止日前5~10天完成報名
 
◆2018年 6 月考試之Fee Schedule

要報考2018年6月考試的CFA L1考生,要在美東時間9/20前完成報名,費用為美金650元(如下表所示,以及一次性的註冊費美金450元(enrollment fee)

報名網頁如下,在報名上有問題,請打02-2375-3000,我們會協助您:
https://www.cfainstitute.org/LoginApplication/CreateNewAccount.aspx

 
◆考試費用包括下列資源之取得
  • The eBook (contains the complete curriculum you need to study)。如果要買實體書,要再加US$150+運費
  • An interactive study planner to guide and track your exam preparation
  • Topic-based practice tests
  • Mock exams
  • A mobile study app with access to everything listed above
 
 

◆CFA三級考試內容及比重

 

◆考試方式

  • 考試時間為6小時,上午3小時(9:00-12:00),下午3小時(14:00-17:00)
  • 中間沒有休息時間,但考生可暫時離開考場
  • 第一級考試為240題單選題,三選一,答錯不倒扣
  • 第二級考試為120題單選題,三選一,上午60題,下午60題
  • 第三級考試上午為簡答題,下午為60題單選題
  • 紙筆測驗,委託美國在台協會(AIT)舉辦,最近2年考場在 東吳大學 、台師大分部, 交通便利,考場美麗
  • 考場可以攜帶的東西,請至該網頁觀看::http://www.gocharter.com.tw/about/about.htm
 
以下介紹CFA三關考試大綱

Ethical and Professional Standards

  • A. Professional Standards of Practice
    B. Ethical Practices

  • ◆Quantitative Methods
    A. Time Value of Money
    B. Probability
    C. Probability Distributions and Descriptive Statistics
    D. Sampling and Estimation
    E. Hypothesis Testing
    F. Correlation Analysis and Regression
    G. Time Series Analysis
    H. Simulation Analysis
    I. Technical Analysis

  • ◆Economics

    A. Market Forces of Supply and Demand
    B. The Firm and Industry Organization
    C. Measuring National Income and Growth
    D. Business Cycles
    E. The Monetary System
    F. Inflation
    G. International Trade and Capital Flows
    H. Currency Exchange Rates
    I. Monetary and Fiscal Policy
    J. Economic Growth and Development
    K. Effects of Government Regulation
    L. Impact of Economic Factors on Investment Markets

    Financial Reporting and Analysis
  • A. Financial Reporting System (IFRS and GAAP)
    B. Principal Financial Statements
    C. Financial Reporting Quality
    D. Analysis of Inventories
    E. Analysis of Long-Lived Assets
    F. Analysis of Taxes
    G. Analysis of Debt
    H. Analysis of Off-Balance-Sheet Assets and Liabilities
    I. Analysis of Pensions, Stock Compensation, and Other Employee Benefits
    J. Analysis of Inter-Corporate Investments
    K. Analysis of Business Combinations
    L. Analysis of Global Operations
    M. Ratio and Financial Analysis

  • Corporate Finance
    A. Corporate Governance
    B. Dividend Policy
    C. Capital Investment Decisions
    D. Business and Financial Risk
    E. Long-Term Financial Policy
    F. Short-Term Financial Policy
    G. Mergers and Acquisitions and Corporate Restructuring

    Equity Investments
    A. Types of Equity Securities and Their Characteristics
    B. Equity Markets: Characteristics, Institutions, and Benchmarks
    C. Fundamental Analysis (Sector, Industry, Company) and the Valuation of Individual Equity Securities
    D. Equity Market Valuation and Return Analysis
    E. Special Applications of Fundamental Analysis (Residual Earnings)
    F. Equity of Hybrid Investment Vehicles

    Fixed Income
    A. Types of Fixed-Income Securities and Their Characteristics
    B. Fixed-Income Markets: Characteristics, Institutions, and Benchmarks
    C. Fixed-Income Valuation (Sector, Industry, Company) and Return Analysis
    D. Term Structure Determination and Yield Spreads
    E. Analysis of Interest Rate Risk
    F. Analysis of Credit Risk
    G. Valuing Bonds with Embedded Options
    H. Structured Products

    Derivatives
  • A. Types of Derivative Instruments and Their Characteristics
    B. Forward Markets and Instruments
    C. Futures Markets and Instruments
    D. Options Markets and Instruments
    E. Swaps Markets and Instruments
    F. Credit Derivatives Markets and Instruments

  • ◆Alternative Investments
    A. Types of Alternative Investments and Their Characteristics
    B. Real Estate
    C. Private Equity/Venture Capital
    D. Hedge Funds
    E. Closely Held Companies and Inactively Traded Securities
    F. Distressed Securities/Bankruptcies
    G. Commodities
    H. Tangible Assets with Low Liquidity

  • ◆Portfolio Management and Wealth Planning
    A. Portfolio Concepts
    B. Management of Individual/Family Investor Portfolios
    C. Management of Institutional Investor Portfolios
    D. Pension Plans and Employee Benefit Funds
    E. Investment Manager Selection
    F. Other Institutional Investors
    G. Mutual Funds, Pooled Funds, and ETFs
    H. Economic Analysis and Setting Capital Market Expectations
    I. Tax Efficiency
    J. Asset Allocation (including Currency Overlay)
    K. Portfolio Construction and Revision
    L. Equity Portfolio Management Strategies
    M. Fixed-Income Portfolio Management Strategies
    N. Alternative Investments Management Strategies
    O. Risk Management
    P. Execution of Portfolio Decisions (Trading)
    Q. Performance Evaluation
    R. Presentation of Performance Results
 

◆準備方向

  • 依據Learning Outcome Statements (LOS)的重點學習
  • 充分掌握CFA Institute的課程內容
  • 先從最難及最重要的科目下手
  • 財務報表分析宜儘早準備
  • 建立清楚的觀念比機械性地演練複雜的計算題更重要
  • 用教科書自修,要看近3,500頁,準備時間較長
  • 在有限的時間下,可以課程,配合study notes (參考書) 為學習主軸
  • 教科書可以當輔助工具,幫助理解
 

◆LOS範例

  • calculate and interpret the future value (FV) and present value (PV) of a single sum of money, an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows(數量統計)
  • calculate and interpret individual and aggregate demand, inverse demand and supply functions and interpret individual and aggregate demand and supply curves(經濟)
  • describe the steps in the preparation of direct and indirect cash flow statements, including how cash flows can be computed using income statement and balance sheet data(財報分析)
  • calculate and interpret the cost of fixed rate debt capital using the yield-to-maturity approach and the debt-rating approach(公司財管)
  • describe collateralized debt obligations(債券)
  • explain put–call parity for European options, and explain how put–call parity is related to arbitrage and the construction of synthetic options(衍商)
  • explain the relationship between spot prices and expected future prices in terms of contango and backwardation(其它投資)
  • state the six components of the Code of Ethics and the seven Standards of Professional Conduct(職業準則)
 

分享過關之道

  • 先是一個警語:實力太弱的考不上CFA,沒有準備的考不上CFA。考CFA,就是讓自己變強的最好磨練過程!
    先對CFA三關考試綱要印下來好好過目一遍,知道三關在考什麼。以下為CFA協會公佈的三關考試綱要(LOS)

    http://www.cfainstitute.org/programs/cfaprogram/courseofstudy/Pages/study_sessions.aspx

  • 會計、經濟、統計比較弱的考生,先利用坊間的中文書籍將底子打好些
  • 英文閱讀能力要有中上水準,常常培養閱讀英文報刊的習慣
  • 每一關要花500小時以上時間準備
  • 要將每一科的讀書結果做成摘要,用自己消化過的語言寫下,以方便最後一、二個月總複習時使用
  • 可以團體學習,激發士氣,組成讀書會,讓自己觀念更暢
  • 參加優質課程,大大減少自己模索學習的時間
  • CFA協會提供的線上模擬試題(Topic-based practice tests Mock exams)一定要精練,金證照會提供學員過去幾年完整的題目練習。練習到對的題目,是過關的不二法門
 

◆CFA L1作答要領

  • 考試時的時間管理很重要,柿子挑軟的吃:
  • 先從最強的科目開始做,累積得分及信心,最弱的科目最後才做、難題及不確定的題目先跳過,不要浪費太多時間在得分機會低的題目,做完會做的題目後,再回頭做先前跳過的題目
  • 早上不會的題目要記住,也許下半場會再出現
  • 確定將答案填在電腦卡上對應的題號
  • 該簽名的地方要記得簽名(Candidate pledge)
  • 中間可以休息一下,refresh yourself!
 
◆準備時數要充足
  • CFAI 考後調查,2017年6月大考,3級最難的3個科目

  • 通過的考生平均花四年通過CFA三級考試
  • 考生平均每級準備時間約450小時以上,而理想之準備時間視考生的個別狀況及專業背景而定
 

◆上課教材及考試工具

  • 講師精心編撰上課講義“Golden Notes” 及提供精選考題
    – 讓學員快速掌握考試重點,並鍛鍊出過關必備的解題技巧
  • 介紹各CFA相關教科書及考試專用參考書之優缺點,協助學員選擇最適合之教材
    – 2018年SchweserNotes Package
  • 全球最暢銷CFA參考書
  • 優惠價格提供 CFA考試專用計算機 TI BA-II PLUS(一般版及專業版都有)
 

◆參加課程快速進入狀況

  • 面對近3,500頁厚厚的教科書,不少白天上班、晚上讀書時間有限的自修考生很容易陣腳大亂,無法有效掌握課程重點
  • CFA考試難度愈來愈高,題目愈來愈靈活,充分理解變得更重要,自修實在不容易過關
  • 參加優質課程可大幅提高效果
    – 快速掌握重點 (講義 + 考試專用教材)
    – 更有效掌握最近考題趨勢
    – 獲知珍貴考情素材、歷屆模考題目、相關網站資訊等
    – 讀書計劃配合考試時程 (小考 + 模考)
    – 講師解答難題
    – 具學習氣氛
    – 提供最新考情
 
◆範例題
債券 A portfolio manager is evaluating investments in mortgage securities as part of a portfolio to fund long term liabilities. If she wants to minimize prepayment risk in her portfolio she is most likely to invest in:
A. mortgage loans.
B. mortgage pass-through securities.
C. collateralized mortgage obligations.
 
◆範例題
機率 The joint probability of events A and B is 32 percent with the probability of event A being 60 percent and the probability of event B being 50 percent. Based on this information, the conditional probability of event A given event B has occurred is closest to:
A. 30.0%.
B. 53.3%.
C. 64.0%.
 
◆範例題
股票評價 A company’s $100 par perpetual preferred stock has a dividend rate of 7 percent and a required rate of return of 11 percent. The company’s earnings are expected to grow at a constant rate of 3 percent per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:
A. overvalued by $11.36.
B. undervalued by $15.13.
C. undervalued by $36.36.
 
◆範例題
職業準則 Sammy Sneadle, CFA, is the founder and portfolio manager of the Everglades Fund. In its first year the fund generated a return of 30 percent. Building on the fund’s performance, Sneadle created new marketing materials that showed the fund’s gross 1-year return as well as the 3 and 5-year returns which he calculated by using back-tested performance information. As the marketing material is used only for presentations to institutional clients, Sneadle does not mention the inclusion of back-tested data. According to the Standards of Practice Handbook, how did Sneadle violate CFA Institute Standards of Professional Conduct?
A. He did not disclose the use of back-tested data.
B. He failed to deduct all fees and expenses before calculating the fund’s track record.
C. The marketing materials only include the Everglades Fund’s performance and are not a weighted composite of similar portfolios.
 
◆範例題

財報分析 A company has just issued $5 million of mandatory redeemable preferred shares with a par value of $100 per share and a 7 percent dividend. The issue matures in 5 years. Which of the following statements is least likely correct? The company’s:
A. Debt/Total capital ratio will improve.
B. interest coverage ratio will deteriorate.
C. preferred shareholders will rank below debt holders should the company file for bankruptcy.

 

◆成績單獵影 【及格版】
Level 1: Pass
The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area.


 
◆成績單獵影 【不及格版(一)】

Level 3: Fail

The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area.

 
◆成績單獵影 【不及格版(二)】

We have divided the full group of failed candidates into ten approximately equal score bands. Your score band below shows how your overall score on the exam compares with all other failed candidates.

 

For example, if your reported score band is 1, you scored in approximately the bottom 10% of failed candidates. If your reported score band is 2, your score was within the next band width ranging from approximately the bottom 11% to 20% of failed candidates. If your score band is reported as 10, you scored in the top 10% of all failed candidates.

Performance band of your overall score among all candidates who failed the exam: 10

 
◆及格分數是多少?
  • CFA考試的及格分數稱為Minimum Passing Score (簡稱MPS)
    – 1963~1977: MPS = 總分數 x 70%
    – 1978~1989: MPS = 分數最高的1%考生平均分數 x 70%
    – 1989年後: MPS每年由CFA Institute視各種指標而決定,並無固定的公式決定,惟一般相信分數最高的1%考生平均分數的70%仍為設定MPS的最重要依據
    – CFA Institute表示雖然及格率持續走低,考試分數最高的1%考生的平均分數歷來是十分穩定的,似乎隱含一個訊息,歷年來的考試題目並不曾難倒認真學習的考生
  • 結論:70% 以上,一定及格!
 

◆近年來CFA 及格率趨勢

 

 

不過關常見之原因

  • 英文和專業有待提升
  • 學習方向不夠精準
  • 觀念沒有真正懂,題目一轉彎,就不知所措
  • 投入時間不足,考題做得不夠
  • 學習時間不夠
  • 半途而廢
  • 運氣不佳
  • 缺乏有效的輔考機構幫忙
 
CFA課程
  • 2003年成立,十四年歷史,三級課程完備,師資結構完整
  • 師資堅強,全台一時之選。具豐富CFA教學經驗,能充分掌握考試方向、課程重點及作答技巧。CFA L3老師還會幫過關的學員免費Sponsor,讓學員早日拿到證照
  • 精心整理重點講義“Golden Notes”,幫忙學員快速掌握重點
  • 課程安排嚴謹,每次上課前安排上一堂課內容的復習測驗,協助學員累積足夠之過關實力及信心
  • 金證照講師累積輔導過關學員突破一千人次,居業界翹楚
    - CFA考試 2017年6月全球平均及格率:L1=43%; L2=47%; L3=54%。
    - 金證照學員過關率,高於全球平均或台灣考生平均。
  • 與東海大學、中山大學、逢甲大學、京城銀行、高點集團、台北金融研究發展基金會及元智大學等教育機構策略聯盟
  • 新光人壽、怡富投信、保誠投信、寶來證券集團、國際大通投顧及德明財經科技大學等之CFA/FRM/證券/期貨分析師 特約培訓機構
 
◆CFA L1講師陣容堅強
  • 羅傑,CPA,CFP,CSIA, CIA
    具豐富教學及會計實務經驗,教學生動有趣,內容貼近考試。教授課程: 財報分析
  • Alex,CFA,FRM
    熟悉CFA考試內容。教授課程:其它投資
  • 張繁 ,CSIA
    教學及實務經驗豐富。教授課程:債券評價、投資組合管理、經濟分析
  • Marco,CFA,FRM
    邏輯清析、實務經驗豐富。教授課程:數量、職業準則
  • 齊菲,PhD,CFA,CSIA ,FRM
    任職於大型金控,教學熱誠,教學經驗豐富。教授課程:股票投資、公司財管、 衍生性商品
 
關於金證照公司CFA三級課程堅強師資更多的描述,請至:

http://www.gocharter.com.tw/cfa/teacher_cfa.htm

 
2018年上半年CFA保證班課程1/6開課

http://www.gocharter.com.tw/cfa/cfa_l1_012.htm

 
最後要請你看CFA協會關於2017年6月考生調查統計資料,下方顯示每一級考試的考生準備小時數:


上面的數字顯示,全球CFA L1考生平均的準備時間為300小時。CFA協會並沒有公佈考過的人平均花的時間是多少。但金證照公司常常都會問考過的考生花的時間,得到的答案是450個小時,不管那一個LEVEL,黃生先這樣說、吳先生這樣說,陳先生這樣說,程先生也這樣說,幾乎沒有一個人讀300個小時過的,period。

完整報告請連結:https://www.cfainstitute.org/programs/cfaprogram/Pages/cfa_candidate_insights.
aspx

 
◆結語
  • CFA=全球通用備受推崇的投資金融學位
  • 評估CFA對您的價值
  • 準備CFA需要全心全意付出
  • 參加課程,一起學員,才有動力,但自己要花足時間準備,不能只是在教室聽的懂,要溫故知新
  • 讓金證照協助您快速取得CFA,大展鴻圖
 
最後的最後:
金證照FB粉絲團有好東西,要過關,一定要來: www.facebook.com/gocharter

最後更新時間: 2017/9/19