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384 Pages·2012·10.04 MB·English

1
BooK ETHICAALN DP ROEFSSIONAL
-
STANDARADNSD Q uANTITTAIVE
METHODS
ReadAisnsgi gnmaennLdte sa rnOiuntgc oSmtea tements 7
........................................
StuSdeys s1i oEnt hiancPdsr osfieosSntaaln dards 13
- .............................................
Se-lTefst-E thaincds ePssrioofSntaaln dards 91
........................................................
StuSdeys s2i oQnua ntitMaettihvoeBd ass:Ci ocn cepts 98
- ......................................
StuSdeys s3i oQnua ntitMaettihvoeAd pslp:i cation 245
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Se-lTefst-Q uantitMaettihvoed s 362
.......................................................................
Formulas 367
............................................................................................................
Apepndices 37 1
........................................................................................................
Index 379
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SCHWESERNOTEST20M1 3C FAL EVELI B OOK 1:E THICAALN D
PROFESSIONSATLA NDARDASN D QUANTITATIMVEET HODS
©201K2a plaInn,c A.l rli ghrtess erved.
Publisihne2 d0 1b2y K aplaSnc hweser.
Printientd h eU niteSdt aetso fA merica.
ISBN9:7 8-1-4277-/412-6492-787 -4269-3
PPN:3 200-2844
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topirce vietwohs e lypo um asttehrme a terainadcl h ecyko uprr ogrAetst sh.ee n do f
eacmha jotro piacr ewae,i ncluadS ee -ltfeSset-l.tf eqsute stiaorncesr eatteobd e e xam­
likienf ormaatn dd ifficulitnoy r deforr y out oe valuhaotwew elylo usrt udoyfe ach
topihca sp repayroeudf ort hea ctueaxla m.
PracQtuiecset ions
Tor etawihna yto ul earni,ti si mporttahnatyt o uq uiyzo ursoeftlefnW .e offCeDr,
downloaandd,o nlivneer siooftn hsSe c hweserPQrBoaTnMkw ,h ich contthaoiunssa nds
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questiyoonucs h oose.
PracExamtsi ce
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eaccho ntatihnr feuel 2l4 0-quesetxiaomnTs h.e saer iem porttaonotfl osrg ainitnhge
speeadn ds kiylolusw ilnle etdo p astsh exea m.E acbho okc ontaainnssw ewrist fuhl l
explanatfioros nes-l gfradainndeg v aluatBiyeo nnt.e ryionugar n sweartSs c hweser.com,
youc anu soeu rP erofrmanTcraec ketrofi ndo uth owy ouh avpee rofrmedc omparteod
otheSrc hwesLeerv eIcl a ndidates.
SchweLsiebrr ary
We havcer eatreeedfr envcied esoosm,e of w hicahr aev ailtaoba llSelc hweserNotes
purchasSecrhsw.e sLeirb ravroyl umaerste y picbaeltlwye 2e0na nd6 0m inutienls e ngth
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witohu r1 6-weleikvo ero nlicnlea sasnedws i tohu rv ideion struc(toinolnio nrC eD s).
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studTyh.eo nliSnceh weser PSltaundnwyei rlc lr eaats et udy jpulsfatorn y oub,r eaking
eacsht udsye ssiinotndo a ialnyd w eektlays tkosk eeypo uo nt raacnkd h elypo um onitor
youprr ogrtehsrso utghhce u rriculum.
©201Ka2p lanI,n c. Page3
Welcotmoe 2t0h1e3S chweesrNoTMt es
AdditioRneaslou rces
Purchoaftsh Eeesr sse Snetlifa-olSrP t ruedmyIi nusmt rPuacctkaialogrsneeo sc eive
accteoos usIr n struOcffitcoHero -uOlrffiescd.e Hourst og aeltl qoyuwoe usyrto iuo ns
abotuhcteu rriacnuslwuiemrnr e etadil am netd os eoet hqeuress'(t aiinondns st ructor
answaewsre slO)lffi .cH eo uirasst ext-lbiiavnsete edro anclctihinwaveite to hut re am
oLfe vIee xlp ertso.pf r AervcOihffioicuHvesoe ussr ess sciaonsn osbr ebt ye dt opic or
daatnead r peo sstheodar ftteleayrsc eh ssion.
ThLee vCeFlexA ami asf romidcahballe(l 6et7no gpreie cv iaen5wd0s 0L +ea rning
OutcSIot mmaeet ne,ta sny)do u dmeuvscotot nes itdieamrneaed bff loterob t ep roperly
prepTahreeirdnse.o s horYtoucm uutsl!te atrhmnea terial, know the terminology and
technuinqdueersts,hct eoa nncdae npbdtea s b,tl oae n s2w4eq0ru esqtuiiocanknsld y
(alte astc o7rl0ryF%e.i)c f tttoe2 e0hn o urwse efprkoe2 r0w eeikasgs o oeds timate
otfh set utdiyrm ee quoinar veedrb ausgtoe m,ce a ndiwdinaletlee ds omrlo etrsiesm e,
depenodnti hneigin rdi vbiadcukaglra onexudpn edrsi ence.
Toh eylopmu a stthemiras t earnbidaew le ll pfrrote hpCeaF rEAe xdaw meo, ff er
sevoetrhaeeldr u carteisooniuanrlcc leusd,i ng:
LivWee ekCllya ssPrrooogmr ams
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locadtaitoaennsasd,v, aa biyil.l it
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ti(me6 :00p-m9b):e g0i0ni Jnnai nnugaa nrdy ATuhgaeup sptr.o sxcimhaeftdroeu le
th1e-6 WeOenkl Cilnae(s 3s-ehsso eusrsi iasofs lno lso)w s:
Class# Class#
1E xaImn tro/QuaMnettihtaotdisv e9 SFSi2n anRceipaolr &t iAnnga lySsSilsO
2Q uantitMaettihvoSedS s3 1 C0o rpoFriantaen ScS1e 1
3E conomSiSc45s, 11Eq uiItnyvs etmenStSs1 3, 14
4E conomSiSc56s, 12F ixIendc omSeS1 5
5F inanRceipaolr &t iAnnagl ySsSi7s 13F ixIendc omSeS1 6
6F inanRceipaolr &t iAnnagl ySsSi8s 14D erivaStSi1 v7e s
15P orotlfiMaon agem&e Anltt ernative
7 FinaRnecpioarl&t iAnnagl ySsSi8s, 9
InvestmSeSn1,t1 2s8
8F inanRceipaolr &t iAnnagl ySsSi9s 16E thical easnsdi SoPtnraaonlfd aSrSdls
Archcilvaeasdrsa evei asl afbrovl iee waiatnn tgyi tmher outghhseoe uaCtsa onnd.i dates
enroiltnlh 1ee6dW - eeOkn lCilnaeas lshseaosfuv leal c cteoss usp pleomne-ndteamla nd
vidienos triutnch tei oSncL hiwberasanaerdnery - maadidltr oeu sstseos eqnude stions
tot hien staratun ctyti omre .
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Welcomet h2e0 1S3ch weserNotesTM
to
LatSee asRoenv iew
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Whethyeouru s see lf�osrit nu-dcyol nalsiosn,rve i,d ienos trutcolt eiatorhnnCe F A
curricaul lautme,-r seevaiasenowexdn a mp ractimcaeka elt lhd ei effrenOcuer.
moscto mplleattee �rseevaicseoowun ir sse r oeusri dpernocgeir naWm i ndsOonrt,a rio
(WnidsoereWwkh)e wreec overe nttchiuerr er icouvlesurem vd eany s 4(-M1a0y)
ata ll ltehvrWeeelea s l.os ffoe 3r- Day WEoxrakms hionmp asn cyi t(iaensd online)
thacto mbciunrer icruelvuiwmeiw ta hne qucaolm ponoefhn atn dsp-roancw tiitche
hundroefqd use stainopdnr so blem-tseoclhvniiOnqugurD e asl.l asWo/rFtorhre tv iew
progerxatme tnofid vsde a y(sM a1y3 -1P7l)e.va issueis at tS chwesefroc.roc mopml ete
listainncdgo su rdessec rifpoatrlio lou nlrsa te-rseevaiosefowfn e rings.
Exam
Mock anMdu ltimTeudtioar ial
OnM ay1 82,0 1a3n,Nd o vem2b3e2,r0 1t3h,Se c hweMsoecErkx awmi blelo ffered
liivneo ve6r0c itaireosut nhwdeo ralndad s a no nlexianme asT hweoe pltli.o nal
MultimTeutdoirpair aolv exitdeens deexdp lanaanttdio opntisuc t otroi aglest you
exam-reiantd oyp icw haeryreoeamu si sqsu estointo hnMeso cEkx amP.le ase visit
Schwesefroa.rl c iosmot fi ngca intldio ecsa tions.
TopWieci ghting
Inp repafrotirhn exameg, yomuuI s pta ayt tenttoti hwoeen i gahstssi tgoen aecdth o pic
withtihne cuurmTr.hi eLc euvletlo pwieci gahrtaessf ollows:
Topic ExamWe ight
EthiacnaPdlr osfseioSntaaln dards 15%
QuantitMaettihvoed s 12%
Economics 10%
FinanRceipaolr atniAdnn ga lysis 20%
CorpoFriantaen ce 8%
PortfMoalniaog ement 5%
EquiItnyv estments 10%
FixIendc oImnev estments 12%
Derivatives 5%
AlternaItnivvees tments 3%
Total 100%
Howt oS ucceed
Thearrene os hortcutosn;t hfdeae cpteC nFtdAhI ants twiittluelts et i nayw oauy
that rewviheloalwl well tyhoLeue vIkec nluo rwr icYuolsuuh mo.ub ledge ianra lnyd
stitcoyk o usrt updlya Yno.u shorueladtd hS efic rhswte searnNcdoo tmepsl ete the
ConcCehpetc kaenrCdsh allPernogbelf eoemras ct ho priecv iYeowsu.h ouplrde pare
for aatntdea ln idcv lea asnos n,l ineo rc laa gssrsto,uu dpy w eeeaYkco.hsu h outladk e
quizozfteesn using Schwegsoeb raPctrkoro e vQipberawen vkti ooapuanisndc Sd st udy
Sessaiswo enlsAl tt. h een odf e actho paircey ao,su h outladkt ehS ee lft-oct heesctk
youprr ogrYeosush so.u filndit shhoe v ercaulrlr icautll euafmso tu r (wpereekfse rably
fivwee ekbse)f tohrLeee vIe lex asmot hyaothu a vseu fficiteinmfteoP rr acEtxiacmes
anfdo fru rtrheevrio eftw h otsoep tihcyasot hu a vneo yte mta stered.
©2102Ka plIannc,. PageS
Welcotmote h 2e0 1S3ch weserNTMo tes
Iw oulldi tkoet haCnrka Pirgo chaCsFkAaC,,o nteSnpte ciaanlJdia srtHe edi nLteza,d
Editfoortr,h eciorn tribtuopt rioodnusct ihneg LevIeS lc hweserfNotorht CeeF sA
Exam. 2013
Besrte gards,
DrD.o uglVaasnE atoCnF,A
SVPo fC FAE ducatainoLdne veMla nager
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KaplSacnh weser
Page6 ©201Ka2p lanI,n c.
READINAGs siNGMENTASN D
LEARNINOGu TcoMES TATEMENTS
Thefo llowmiantgeis ri aal roeft vhEiete hwai ncPrdsofe sosniSatlna daradsn Qdu antitative
Metohdpsrc iinpdleesnsie tgdoa dd retshse learninsgt aeotnuesttmefocstro tmbyhe CFA
Intsitute.
STUDYS ESSIO1N
ERteihacdaaAinlsPnd srgfe io sgsnimSoetannnatdalsra dsn Qdu antitaotdsi,v e Meth
CPAP rogram
CurricVuolluumm1e,( CFIAn sti2t0u1t3e),
1.C odoefE thaincSdst andoafPr rdosf esCsoinodnuaclt page 13
1-
2.G uidafnocre StaVnIdIa rds page 13
3.I ntrodtuotc htGeil oonbI anlv estPmeernfto rSmtaanncde(a GrIdPsSp ®a)g e 82
4.G lobIanlv estPmeernfto rSmtaanncde(a GrIdPsS ®) page 84
STUDYS ESSIO2N
ERteihacdaaAinlsPrnd sogfe i sgnsmieSontantnasdal ra dsn Qdu antiMteatothdsi,v e
CPAP rogram
CuSr.r icVuolluumm1e,( CFA In2s0t1i3t)u te,
ThTei mVeal uoefM oney page 98
6.D iscouCnatsFehld o Awp plications pag1e3 8
7.S tatiCsotnicceaapnltd s MaRrekteutr ns pag1e6 3
8.P robabCiolnicteyp ts pag2e0 1
STUDYS ESSIO3N
ERteihacdaaAinlsPrnd sogfe i sgsnimSoetannnatdalsra dsn Qdu antiMteatothdsi,v e
CPAP rogram
CurricVuolluumm1e,( CFA In2s0t1i3t)u te,
9.C ommoPnr obaDbiisltirtiyb utions pag2e4 5
10. SaamnpEdls itnigm ation pag2e8 0
11H.y pothTeessitsin g pag3e0 3
12T.e chnAincaally sis page 343
©201Ka2p lanI,n c. Pag7e
Boo1k E thiancaldPr ofessiSotannadlaan rddsQ u antitaMteitvheo ds
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ReadinAgs signamneLednarning t s OutcoStmaet ements
LEARNINOGU TCOMSETT AEMEN(TLSO S)
STUDY SESSI1O N
Thtepo iccaolav gecero "peosnwdsi tthhfo el lowiCnFAgI sntiatsustiergn eeadd ing:
1.C odoefE thaincSdst andoafPr rdeosssf ioCnoanld uct
to:
Thec andisdhaotuela db lbee
a.d esctrhisebt er ucotftu hCreFe A I nstPirtouftees CsoinodnuPacrlto garnadm
thper ocfeotsrhs ee n forcoeftm heCeno tda en Sdt and(aprad1gs3e.)
b.s tatthseei cxo mponoeftn htCeso doefE thainctdsh see vSetna ndoafr ds
ProfesCsoinodnu(acplta 1.g4 e)
c.ex platihnee t hirceaslp onsriebqiulbiiyrtt ehiCd1eeo 5sda )en Sdt andards,
2.G uiindcaflnouctSrdeht is eanu ngbdI -a-srVIedIcs t iSotnasn do(afpr adeg.ae c h
The cansdhiodubaletd e at bol:e
a.d emonstthraeap tpel icoaftt hCieoo dnoe fE thaincSdst andoafPr rdosf essional
Condutcos ti tuaitnivoonlisvs isnougfpe rso fesisneitgorni(atplya .g e 18)
b.d istinbegtuwicesoehnn d tuhcactto nfotrotm hsCe o daen Sdt andaanrdd s
conduct thtahCteo dvaein oSdlt aatnedsa rds. (page 18)
c.r ecommend prparcotciecddeeussr ieagtsnno pde r de vveinotl aotfti hoCeno sd e
InotfEr tohdaitunccotSdst htG iealo nondb IoaanfPlrv r deossf tePmseersnfoitro mn(Saaptnlaac 1gneC8ed o)(a nG IrdPdusSc ®t).
3.
Thcea ndisdhaotubelea d b le to:
a.e xplwahiytn h GeI PsSt andwaerrcders e awtheapdta, r ttihGeeIs P sSt andards
apptloy, wahnoid ss e rbvyet dhs et and(aprad8gs2e.)
b.e xpltahiceno nstrauncpdtu iropnoo fcs oem poisni tpeesr froerpmoarntcien g.
(pa8g3e)
cG.le oxbIpanlltva heiresne tP qmeueorinrfrtmfe aomvnSreect nreati nsfid (ca(GIarptPdaiSsgo® en) . 8 3)
4.
Thcea ndisdhaotubelea d b le to:
a.d esctrhikebe efy e atouftr heGesI PsSt andaanrtddh fusen damenotfa ls
compli(apnac8ge4e.)
b.d esctrhisebc eoo pfte h GeI PsSt andwairtrdhes s pteoc itan nsv temefinrtm 's
definiatnihdoi ns topreircfaolrr meacnocred 8.6 )( page
c.e xplhaoiwtn h GeI PsSt andaariremd psl emenctoeudn twriiintexe his s ting
standfaoprred rsf ormancaen ddre espcorritbien gt hree sappwophnresonep riate
thGeI PsSt aanrddasnl do craelg ulcatoinof(nlpsia c8gt6e.)
d. descnriinmbeae j soterhc eto ifto hnGesI PsSt and(apradgse. 86)
Page 8 ©201Ka2p lanI,n c.
Boo1k E thiancald P rofessSitoanndardalsan dQ uantiMtaettihvoed s
-
ReadingA ssignmanednL tesarn iOnugt coSmtaet ements
STUDYS ESSIO2N
5.T he TVailmuoeefM oney
Thcea ndsihdoabuteale bd tl oe:
a.i nteirnptrererateat erssset q uriarteeds of retourorn p,p odritsucnoiutnyt rates,
cos(tpsa.g e
b.e xpalani1i 0n n0t) er raaettsseh t se u ma r oefra ils kr-afatrneepd,er emituhmast
compeinnsvaetfserobt eoarrsdi insgtt iynpcets (opfa grei sk.
c.c alcaunlidan tteet rhpeerff eectat ninvrueaa gtlie v,te hsnet1 a0a1tn)en diu natle rest
raatnetd h feer queoncfco ym pou(npdaigneg .
d.s oltviem e valpuer oobfflro ed mmiosff1ne f0erer1yeq) nu te onfcc oimepso unding.
(page
e.c al1c0au3nl)id an tteet rhper efutt u(rFeVa )npv dra elvsuaeel n(utPe Vo )afs ingle
sum oyfa, nmo orndieannantruyayi,na nnudiutaepy ,e rpe(tPouVni ltayyn) d,
as eroiufen se qcuaaflsloh w s. (page
f.d emontshtuerso aefat t ei lmeii n1nm0e o4 )d ealnisdno gl tviivmnaegl oumfeo ney
prob(lpeamgse.
DiscoCuansFth1le1 oAd8wp ) p loincsa ti
6.T hcea ndsihdoabuteale bd tl oe:
a.c alcaunlidan tteet rhpnerep etrt e vsaeln(utNe P V)t hiaenn tde rnal rate of
ret(uIrRRno) af n i nves(tpmaegnet .
b.c onttrhNaePs Vrt u tloe ItRRh er1 ua3ln8ie)dd, e nptriofyba lsesmoswc iitaht ed
thIeRR rul(pea.g e
c.c alcaunlidan tt1ee4a r1h p)o rledptie nrrgie otd(u trornte atl.u( rpna)ge
d.c alcaunlcdao tmept ahmreoe n ey-waenitdgi hmtee-dwr eai1tog4efrh3se t) te oudfrn
ap ortfoelvuiaaolt eap neotdrrh fmea onpfco er tfbolaisooentsd h emseea sures.
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e.c al1c4au3nl)id an tteet rhper edbtia sncykoi uehnlotdl ,dp ienrygii oedelff de,c tive
annual yield,y iaefnrlod d Tmeroansebuyir alymnl oadstr hkmeeortn ey
mariknestt ru(mpea1ng4te7s ). U.S.
f.c onvaemrohtno gl dpienrygii oedml odnsme,ay r ykieetel ffdesc,at ninvuea l
yiealndbdso ,ne dq uivyailc:(elpndatsSg .Oe )
7. StatiCsotnicaceanpMldta sr kReett ur1n s
The casnhdoibudeala bdttl eoe :
a.d istibnegtuwdieeseshnc rsitpattaiinvsidetn ifcesrs etnattbiieastltw iaec esn,
populaantdsi aoamn pa lned, amtoynepgs m teohafes ursecmaelnets .
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b.d efi1anp6 e3a )r amase atmesprtl,ae t ainsdfte riqacu ,ed nicsyt ri(pbau1gt46ei) o n.
c.c alcaunlidan tteer replrfaeerttqi uveean nccdiu emsu lraetliafverteqi uveen cies,
givafe ernq uednicsyt r(ipbaugtei on.
d.d esctrhpierb oep eorfadt aisteeaps1t r 6 e6s)ae asnh tiesdt oogrfr eraaqm u ency
polyg(opna.g e
e.c alcaunlid1an 6tt8ee)m r eparseoutfcr e enstt ernaydli,e nnccltuhdpeio npgu lation
measna,m mpelaean r,i thmmeeawtnei,ic g ahvteerodarm g eeag ne,o metric
mean, hmaeramno,n iamcnem ddo ida(enp.,a ge
f.c alcaunlidan tteeq ruparreqttui ilnedtsei,cl 1aie6nls9pde,)e s r,c e(nptaiglee s.
g.c alcaunlidan ttee rapr raenatgn aedm eaanb soluotnea nddte 1hv74ei ) a ti
variaannsdct ea nd1de)av ridoa fatp ioopnu laantodifa so anm p(lp2ea).g e
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