CFA二级考试题目回忆

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下面就一些今天考试题目进行回忆，一般不太会记得很牢，做出来的就忘了，尽量回想吧

上午ethics,考了soft dollar standard也考了些准则，关于interest conflict,要披露用于让客户收益的有利于投资决策过程中的佣金比例，寻找eligible broker是best excution 不是minimum cost

economics,cross rate,然后发现套利机会，产生spread 的影响，GDP deflater的识别;fisher internation relations 和IRP

FSA,1.pension.net economic pension libility, underlying economic expense,影响stoke-granted earing 上升的因素(time horizon,risk free rate,divident yield),net periodic expense 与acutal cash flow之间的差异

2.会计报表的综合调整，一个公司用LIFO,有人要转到FIFO,对使得下面那些指标上升(比如net profit magin,CFO)一个人用operation lease,另一个用financial lease,要让operating lease转为financial lease,问DEratio变为多少，使得那些指标上升;Licence amortization对财务报表的影响

corporate finance: CAPITAL BUDGETING是有个abondon option, 第一年有个option,是选择拿20每年(high demand)还是直接拿到after tax savage,还有如果expand,有40每年(high demand),各50%概率算NPV;annual operating cash flow,termianal non-operating cash flow的计算，给了IRR 和EAA比较，给了Outlay进行captial rationing(选NPV**的)，deprication方法的改变(straight li ne到double duduction balance method)的变动对operating income和operating cash flow的影响。

equtiy:比较杂了，将了一个emerging market,要算reqiured rate of return,讲了一个private company有很多division,有些已经分拆上市(pubicly),有些private，对于每个division,他有各种的估值方式，问为什么，怎么选WACC，怎么根据一个comparable company的beta来算private company beta.GGM,cost of equity 的估计(buildup method,femafrench method and muliteconomic method)

fixed income，这次有点冷，考了CDO(cash flow CDO or market value CDO),CDO中的structure,loss如何分配，问equity 可以拿到minimum 多少钱，home equtiy中根据1.5PPC算CPR，讲到NAS结构起到什么作用

Derivatives:给了外汇期货，如果expect exchange rate exactly 等于期货价格那gain 多少，求arbitrage-free of hedged stock with series dividend.讲到当有value时是否有credit risk

portfolio:算information ratio(company factor risk and spific risk，given ex.return of 9%,让其达到11%，要borrow how much of money.

下午：ethics,将dicretionary account 分配股票，给一个表，从新分配现金流算出一个平均价格，not benfit non-dicretionary ,说recommend股票和公司自营盘有这个股票conflict of interest;supervisor 又担任compliance officer 对员工进行training;员工担任客户公司的董事是否违背，记不清了

QUANTITATIVES:考一一元回归，求根据corrlation of coefficient given covariance，再对correlation进行检验，求出t-statistic;对slope coefficient进行检验，t-statistic,求给定一个independant varible(change in consumption next quartly)算lower bound of intervel of preditor.说有个说法：根据change in asumption(t-1) 来预测change in GDP(t)说明与qualitive dependent(indepent?) varible 与gdp change 的回归?

FSA：3外币会计，算net PPE;对 current ratio, asset returnover,receivable turnover, gross profit margin对货币升值有什么影响

4.investment:求goodwill.,2011年(过了一年后)的Investment，从持股比例20 percentage(equity method到50percent(controlling),求net profit margin变大还是变小?说joint venture 用除了equity method 还有proportionate colidation;

Equtiy,RI，justified P/B,求FCFF，根据FCFF求equity价值，asset-base valuation,mulitstage FCFE with trailing P/E ,PVGO，哪个公司反映financial flexibility

corporate finance:MM理论中有税无税理论，MA中target benefit,synery,

fixed income:duration使得不同的portfolio价值，debt payback period,FOCF,

derivatives:给了三个transaction.第一是个swap,算value，第二个是short a fixed payer swapion,算现金流，第三是sell a floor,说什么方式可以使他的头寸降低，为了Hedge enter in a currency swap 求price

alternative:算AFCF,用DC方法求capitalization rate,用multiply 估值;DC法与GIM法的比较，给了PE fund 表。问哪一个fund 更能使得GP align with LP,哪种fund 更能active in investment

以上仅供参考，在漫漫CFA道路上与大家共勉，祝大家成功