一、CFA一級(jí)經(jīng)濟(jì)學(xué)知識(shí)點(diǎn)總結(jié)

CFA一級(jí)考綱中，經(jīng)濟(jì)學(xué)(Economics)：占比：10%。

難度：難。

經(jīng)濟(jì)學(xué)被認(rèn)為是一級(jí)難的一個(gè)科目。尤其是對(duì)于沒(méi)有學(xué)過(guò)經(jīng)濟(jì)學(xué)的考友來(lái)講。經(jīng)濟(jì)學(xué)的知識(shí)點(diǎn)龐雜繁多，但相比財(cái)務(wù)分析的高邏輯，經(jīng)濟(jì)學(xué)則顯得亂無(wú)章法，尤其是宏觀經(jīng)濟(jì)學(xué)。

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章節(jié)：經(jīng)濟(jì)學(xué)分為三個(gè)部分：

1)微觀經(jīng)濟(jì)學(xué)：根據(jù)歷史數(shù)據(jù)分析，經(jīng)濟(jì)學(xué)中有42%的題目分布在微觀經(jīng)濟(jì)學(xué)。好消息微觀經(jīng)濟(jì)學(xué)比較輕松，只有兩個(gè)大的章節(jié)：1)Demand and Supply - 機(jī)制、Consumer Choice、以及公司的成本論;2)市場(chǎng)論。

2)宏觀經(jīng)濟(jì)學(xué)：經(jīng)濟(jì)學(xué)中有37%題目分布在宏觀經(jīng)濟(jì)學(xué)。宏觀經(jīng)濟(jì)學(xué)為認(rèn)為是難的一部分，所以經(jīng)濟(jì)學(xué)的難，其實(shí)就難在這里。而這個(gè)難是“就算看過(guò)教材也不懂"的難。所以，本人奉勸大家，有些知識(shí)點(diǎn)點(diǎn)到為止，看不懂就不懂了，直接記住結(jié)論，多做題，體會(huì)一下考題的思路。有的時(shí)候CFA的教材雖難，但考查方式卻是很弱智。

3)國(guó)際經(jīng)濟(jì)學(xué)(Economics In Global Context)：兩個(gè)閱讀：1)Trade and capital Flow;2)匯率，占比為經(jīng)濟(jì)學(xué)中的21%。相比宏觀，知識(shí)點(diǎn)不多，難度也一般，但惡心的就是匯率：誰(shuí)漲、誰(shuí)跌、兌換是乘以還是除以有點(diǎn)迷糊。If helps~~請(qǐng)把分母貨幣當(dāng)做“豬肉” 或其他“商品”，這樣在衡量的時(shí)候，就make sense了。

CFA考試經(jīng)濟(jì)學(xué)問(wèn)題1.經(jīng)濟(jì)學(xué)中的二級(jí)價(jià)格歧視我有疑問(wèn)。ppt上寫(xiě)的是sell small quantities at the marginal price but large quantities at a higher per unit price.難道不是數(shù)量少的單價(jià)高，數(shù)量多的單價(jià)低嘛?

金程解答：經(jīng)濟(jì)學(xué)的二級(jí)價(jià)格歧視，那句話講的是對(duì)于愿意支付高價(jià)格的消費(fèi)者每單位產(chǎn)品收取的價(jià)格較高，對(duì)于不愿意支付高價(jià)的消費(fèi)者每單位產(chǎn)品收取的費(fèi)用較低。

二、CFA一級(jí)職業(yè)倫理問(wèn)題&解答

CFA考點(diǎn)職業(yè)倫理道德問(wèn)題

1.我是一名聽(tīng)金程網(wǎng)課的學(xué)生，在金程老師講的eithics部分，有些地方我有些沒(méi)聽(tīng)懂，想請(qǐng)教一下。

問(wèn)題一：關(guān)于Blume先生的案例，他發(fā)現(xiàn)公司名單時(shí)有一個(gè)Broker的名字(假設(shè)叫A)，但是公司從來(lái)沒(méi)有跟這個(gè)A所在的做過(guò)任何投資，A也沒(méi)有做過(guò)任何研究報(bào)告。然后Blume就應(yīng)該向上級(jí)匯報(bào)，如果上級(jí)覺(jué)得沒(méi)事，他就應(yīng)該離職。我想問(wèn)的是，這個(gè)A什么都沒(méi)有干，也算是違規(guī)么?違反了CFA什么規(guī)定?

I(A) Case 7. (Reporting Potential Unethical Actions) Blume, a portfolio manager, notes that a broker is responsible for the new business and is allocated payments for research. However, she knows the portfolios do not invest in securities in the broker’s country. And she has not seen any research come from this broker. Blume asks her supervisor about the name being on the list and is told that someone in marketing is receiving the research and that the name being on the list is OK. She believes that what is going on may be that the broker is being paid for new business through the inappropriate research payments and wishes to dissociate from the misconduct.

Comment: Blume should follow the firm’s policies and procedures for reporting potential unethical activity, which may include discussions with her supervisor or someone in a designated compliance department. She should communicate her concerns appropriately while advocating for disclosure between the new broker relationship and the research payments.

金程解答:這個(gè)CASE想說(shuō)的意思是如果BLUME覺(jué)得整個(gè)公司都在違規(guī)的事情就應(yīng)該辭職。A白拿錢(qián)卻沒(méi)有做任何的RESEARCH，這損害了雇主及公司的利益。

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CFA考點(diǎn)職業(yè)倫理道德問(wèn)題

2.視頻中有一個(gè)地方：關(guān)于member 給candidates 給行業(yè)專(zhuān)家提供compensation，讓他們?nèi)ミM(jìn)行分析評(píng)估，這個(gè)評(píng)估的結(jié)果，member和candidates自己不能用，也不能給別人用，(在講義的P97頁(yè))。我很奇怪，既然我自己不能用，也不能讓別人用，我畫(huà)這個(gè)錢(qián)干嘛呢?給誰(shuí)用呢?

金程CFA解答：Members and candidates may provide compensation to individuals for their insights without violating this standard. However, members and candidates are ultimately responsible for ensuring the information they receive does not constitute material nonpublic information.

ümembers and candidates would be prohibited from taking investment actions on the associated firm until the information became publicly known to the marketüFirms connecting experts with members or candidates often require both parties to sign agreements concerning the disclosure of material nonpublic information.

如果專(zhuān)家的分析報(bào)告中有違規(guī)的信息不能使用(比如內(nèi)幕消息)。這點(diǎn)講義中也寫(xiě)的很清楚，并且這個(gè)知識(shí)點(diǎn)是在講義的96頁(yè)。

CFA考點(diǎn)職業(yè)倫理道德問(wèn)題3.視頻36分26秒，關(guān)于well known的analysts的分析報(bào)告，他有償?shù)奶峁┙o他的客戶，不算是內(nèi)幕消息泄露，如果他的客戶里面有mutual fund manager或者h(yuǎn)edge fund manager，那這些manager可以利用這些分析報(bào)告作投資，不算違規(guī)對(duì)么?

金程CFA解答：任何人用well known analysts的分析報(bào)告做投資都不違規(guī)，因?yàn)閣ell known analysts的分析報(bào)告只要投資者愿意都可以通過(guò)付費(fèi)來(lái)獲取。

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