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相信大家在學習ACCA“Taxation”這門學科課程時候，當中會涉及比較多英國納稅體系相關知識點，然而有比較多考生會對這部分知識存在疑惑及不理解，為了更好幫助大家認識這一塊內(nèi)容，會計網(wǎng)就跟各位詳細介紹關于英國稅法體系的考點知識。
01、稅收的基本功能function和目的purpose是什么?
稅收是一種強有力的政策工具，也是主要的財政收入來源之一。它的存在，對社會穩(wěn)定發(fā)揮著重要作用，主要體現(xiàn)在如下三個方面：
A)Economic factors(Encourage and discourage certain types of activity：用來鼓勵或者抑制某些特定類型的活動，比如為了國民健康的角度考慮，煙酒的稅率相對較高，一定程度上增大了消費成本)
B)Social factors(Redistribute income and wealth:對收入或者財富的再分配，納稅的金額是根據(jù)收入的高低呈階梯狀分布的，可以簡單理解為收入越高或財富累計值越多的人，需要繳納的稅賦也越多。通過這種累進稅progressive tax的方式，可以一定程度上調(diào)節(jié)社會的貧富差距。)
C)Environmental factors(To deal with environmental concerns like global warming：可以通過稅收的調(diào)節(jié)提高國民環(huán)保的意識，比如高排車征稅多，而環(huán)境友好型或者電動車會更多地被鼓勵使用。)
02、稅賦的類型different types of taxes
A) Direct taxes直接稅
是由承擔納稅義務的人直接向稅務局納稅，而不是繳納給商家/賣家。常見的稅賦類型包括了Income tax，Corporation tax，National insurance contribution，Capital gains tax，Inheritance tax幾種。
B) Indirect taxes間接稅
不是直接將稅交給稅務局，而是交給商家/賣家，由其代交給稅務局。所以向稅務局納稅的人，并不是直接承擔納稅義務方。Value added tax增值稅是一個典型的例子。
C) Revenue taxes收入稅
這個指的是根據(jù)納稅人的收入水平征收的稅，一般來說收入越高，納稅越多。常見的稅賦類型包括了Income tax，Corporation tax(on income profits的部分)，National insurance contribution幾種。
D) Capital taxes資本稅
這個是由于資產(chǎn)自身的增值等帶來了資本利得或者財富，進而征收的稅款。一般來說增值越多，價值越高，納稅越多。常見的稅賦類型包括了Capital gains tax，Corporation tax(on capital gains的部分)，Inheritance tax幾種。
03、英國稅收系統(tǒng)UK tax system
根據(jù)英國的稅收系統(tǒng)基本框架結(jié)構(gòu)及其部門設置，可將主線分為兩條。一邊是負責做事情的財政部Her Majesty’s Treasury，另一邊是負責監(jiān)管的皇家檢察署Crown Prosecution Service(CPS)。
A) 財政部Her Majesty’s Treasury
財政部下設稅務及海關總署Her Majesty’s Revenue and Customs(HMRC)，其中又細分為Officers of Revenue and Customs對稅款進行核對，以及Receivable Management Officers對具體款項進行征收。
B) 皇家檢察署Crown Prosecution Service(CPS)
皇家檢察署下設稅務法庭Tax Tribunal稅務法庭，主要分成一級法院First tier tribunal(針對金額小的，案件簡單，即Basic cases; standard cases; Paper cases)和二級法院Upper tribunal(針對金額大的，案件復雜，即Complex case)。
當一級法院First Tier Tribunal無法做決定時，可以進一步匯報給二級法院Upper Tribunal，或者再由二級法院Upper Tribunal再進一步匯報到法庭Court of Appeal.
04、具有法律效力的幾大法案來源Different sources of revenue law
A) Acts of Parliament議會成文法案
B) Statutory Instruments法定文書
C) Case law判例法
D) 除此之外稅務局還會出具一些公開的信息，統(tǒng)稱為 HMRC publication, 起輔助稅務管理的作用，但是不具法律效力：
(a) Statements of practice, setting out how they intend to apply the law
實踐聲明，具體解釋它如何運用于法律
(b) Extra-statutory concessions, setting out circumstances in which they will not apply the strict letter of the law where it would be unfair
法外特許，關于法律不能被嚴格遵守時的特殊情況說明
(c) A wide range of explanatory leaflets
其他廣泛的解釋
(d) Revenue and Customs Brief. This is gives HMRC's view on specific points
稅務及海關簡述，稅務局對某些具體問題的闡述
(e) The Internal Guidance, a series of manuals used by HMRC staff
內(nèi)部指南，稅務局工作人員從業(yè)手冊
05、節(jié)稅與逃稅Tax avoidance and tax evasion
A)Tax avoidance節(jié)稅
指的是合理避稅，也就是說通過稅務籌劃tax planning的方式，在不違法法律條款的前提下，來達到減免稅賦reduce tax burden的目的。
這種行為是合法Legal的。
B)Tax evasion逃稅
指的是逃稅漏稅，也就是說通過誤導稅務局Misleading HMRC的方式，暗中篡改數(shù)據(jù)或事實，故意隱瞞某些特定信息suppressing information或者故意提供虛假信息deliberately providing false information，以此來達到少交稅的目的。
這種行為是不合法Illegal的。
06、道德相關問題Ethical and professional issues
作為專業(yè)的會計師，我們在給客戶提供稅務相關的專業(yè)服務時，不可忽視的是職業(yè)道德的問題。在遇到客戶逃稅漏稅或者其他不合理行為時，我們要及時作出正確的處理。
A)The accountant has a responsibility to advise the client of the error, omission or failure and recommend that disclosure be made to HMRC.
會計師有責任針對客戶的錯誤、信息缺失或其他行為為客戶提供專業(yè)的建議，告知顧客應該按照相關規(guī)定向稅務局進行披露。
B)If the client does not correct the error, omission or failure , the accountant should cease to act for the client and inform the client in writing.
如果顧客不及時改正錯誤，會計師應該立刻終止服務，并且以書面的形式正式地通知客戶。
A)The accountant should also notify HMRC that the accountant no longer acts for the client but should not provide details of the reason for ceasing to act.
會計師應該通知稅務局不再為顧客提供專業(yè)的稅務服務，但是不需提供具體細節(jié)性的說明(關于終止服務的具體原因)。
B)Report the client's refusal and the facts surrounding it to the Money Laundering Reporting Officer.
會計師應該把顧客的行為和相關事實及時匯報給洗錢相關機構(gòu)MLRO。
C)The accountant must not disclose to the client that such a report has been made because it would be likely to prejudice investigation and this might constitute the criminal offence of 'tipping-off'.
會計師不能向客戶通風報信，可能會提前讓顧客有所準備而妨礙到相關調(diào)查的進行。
本文為ACCA學習幫原創(chuàng)文章，獨家版權(quán)歸于本平臺，受到原創(chuàng)保護。任何渠道的轉(zhuǎn)載請后臺留言聯(lián)系授權(quán)，侵權(quán)必究。
很快又到了ACCA12月份的考季，目前，相信很多考生都已經(jīng)開始了緊張的備考工作。從歷年考情來看，Taxation這門科目涉及的考點比較多，為了提升大家的學習效率，會計網(wǎng)今天就跟各位講解關于Taxation這門科目的相關注意要點。
01、通過率
想必大多數(shù)同學都比較關心這一門的通過率。按照官網(wǎng)給出的最近5次的通過率，Taxation這一門的通過率一直都是比較穩(wěn)定的，徘徊在50%左右，所以同學們的通過幾率還是比較大的。
02、考試框架
考試一共分為3個部分。Section A為15道選擇題，共計30分。Section B為3道中型場景題，每道題包含5道選擇題，共計30分。最后為3道大題，共計40分。
03、考試當天注意事項
帶好打印的準考證，ID，計算器，筆出發(fā)吧!
04、考試小技巧
Taxation的考試時間為3小時，一共要做100分的題目。這意味著在考試中，卷面分值1分所花費的平均時間為1.8分鐘。也就是說在做section A和section B的選擇題時，每道題目最多花費3.6分鐘去做，千萬不要在一道題目上浪費太多的時間。
另外，官方建議在考試的時候最好留出1個小時20分鐘的時間去做section C的三道大題，所以同學們一定要在考場上把握好對時間的掌控。在做Section C的大題時，合理使用spreadsheet自帶的計算功能，比如使用求和功能等，這樣在考試中可以節(jié)省大量的時間。
05、考前小熱身
下面我們一起來看一下在上一次9月份的考試中，錯誤率比較高的2道題吧：
Question 1
Elsa is employed by Bee Ltd. During the tax year 2018-19, Bee Ltd provided Elsa with the following benefits:
(1) A private gym membership (2) A contribution of ￡1,800 into Elsa's private pension schemeElsa had use of the private gym membership throughout the tax year. The normal membership fee is ￡1,000, but Bee Ltd negotiated a discount and paid ￡900 for it.What amount of class 1A national insurance contributions (NICs) are payable by Bee Ltd in respect of Elsa for the tax year 2018-19?
答案：￡124
解析：Class 1A NIC is only charged on the gym membership and it is calculated based on the cost to the employer (not what the employee would have paid). Therefore, 900 * 13.8% = ￡124
Question 2
In which of the following cases must an appeal be made directly to the Tribunal?
A. A company appealing against a penalty for late filing of a corporation tax return
B. A company appealing against a penalty for late filing of employer year end returns
C. An individual appealing against a penalty for late registration for value added tax (VAT)
D. An individual appealing against a penalty for late payment of capital gains tax
答案：C
解析：Appeals relating to indirect taxes must be made directly to the Tribunal. Many candidates selected A, which is not correct because for direct taxes, appeals must first be made to HMRC.
來源：ACCA學習幫
在ACCA考試中，F(xiàn)M科目的“宏觀經(jīng)濟目標和宏觀經(jīng)濟政策”一直都是考生最容易混淆的知識難點，同時該考點也經(jīng)常出現(xiàn)在試卷考題中，對此，今天會計網(wǎng)就著重為大家詳解“Economic environment for business”這個考點內(nèi)容。
宏觀經(jīng)濟的目標主要有4個：
1) 經(jīng)濟增長(Economic growth)：宏觀經(jīng)濟的目標之一是經(jīng)濟增長，但是這里的增長的一定是real 的而不是由于通脹而導致的增長。這個目標也是代表了國民生活水品的提高。
2) 控制物價上漲(control price inflation)：宏觀經(jīng)濟的另一個目標是需要保持物價水平的穩(wěn)定，維持在一個較低的水平，因此通脹是一個主要需要面對的問題。比如一個通脹較高的國家如果出口商品到其他通脹較低的國家，那么就會導致出口的價格更高昂。
3) 充分就業(yè)(Full employment)：充分就業(yè)并不是說所有想找工作的人都能找到工作，而是能保證社會就業(yè)率較高，即使失業(yè)也是短期的。
4) 保持國際收支平衡(balance of payments stability)：國際中的收入代表的是出口額，國際中的支出代表的是出口額，保持國際收支平衡的意思就是保持國家的出口額和進口額持平，相對穩(wěn)定。不能過度依賴進口或者出口，避免國家長期出現(xiàn)貿(mào)易順差(surplus)，或者逆差(deficit)。
考試中一般會直接考察宏觀經(jīng)濟的目標，讓同學們選出正確的，另外也要求同學們每個目標都能理解含義。
下面我們繼續(xù)介紹宏觀經(jīng)濟相關的政策，政策一共分為貨幣政策(monetary policy)、財政政策(fiscal policy)、外匯政策(exchange rate policy)以及對外貿(mào)易政策(external trade policy)。我們這里主要講解前兩個。
貨幣政策(monetary policy)主要是用控制一個國家的貨幣情況來實現(xiàn)宏觀經(jīng)濟的目標，其中包括利率(interest rate)以及貨幣供給(money supply)。
對于一個國家來說，貨幣是重要的因素，在交易中貨幣可以作為對價，就好像是一個國家經(jīng)濟活動的車輪，推動國家的經(jīng)濟活動發(fā)展。而貨幣的數(shù)量也對于一個國家的經(jīng)濟活動以及通脹也有極其重要的影響。
財政政策(fiscal policy)可以理解為一個國家的財政收入和支出。國家可以通過稅收和為企業(yè)貸款/融資來干預經(jīng)濟的。因此稅收(tax)以及支出(spending)就是財政政策。稅收是國家最主要的來源之一，貸款是比較主要的支出方式。
具體來看，國家可以通過為一些公共組織投資(比如醫(yī)院，學校等)來增加政府的支出，政府在這里的投資會一定程度上拉動內(nèi)需(raise demand)。另外如果保持支出不變的情況下，降低稅收也是拉動內(nèi)需的，稅收作為政府一大收入來源，對于企業(yè)來說是一筆支出，降低企業(yè)的支出，能讓他們有更多的錢去投資，從而拉動經(jīng)濟發(fā)展。
考試中一般喜歡將貨幣政策和財政政策混在一起進行考察，考察方式較為直接，會直接讓同學們選出財政政策或者貨幣政策，因此同學們要明確記憶對應的政策。
來源：ACCA學習幫
由于ACCA考試涉及的科目比較多，很多知識點是讓考生們難以理解的，為了使大家高效備考，今天會計網(wǎng)就跟各位詳細講解，關于PM科目高頻考點之目標成本法內(nèi)容。
目標成本法介紹
在學習PM科目的目標成本法之前，我們需要了解一下這種方法的理念和意義，它是為了幫助企業(yè)的管理者更好的做成本控制，并且以顧客能夠接受的價格，提供更好的商品和服務，顛覆了傳統(tǒng)的加成定價法。
那么這種方法到底是如何操作的呢?目標成本法是一個市場導向的成本方法。
它認為如果一家企業(yè)只是把自己關在屋子里，閉門造車，然后在發(fā)生的成本上加上一個自己想要的利潤，就想產(chǎn)品被顧客很好的接受，在激烈的市場競爭中，這是很難的。
企業(yè)不能只是被動的希望顧客提出他們的需求，而是要科學的預測顧客的需要，并進行充分的市場調(diào)研。
不像傳統(tǒng)方法那樣，成本加上期望的利潤就計算出銷售價格(如下圖1),目標成本法先通過充分的市場調(diào)研確定銷售價格和銷售量，然后減去期望實現(xiàn)的利潤，最終得到目標成本(如下圖2)。
圖1
圖2
接著拿現(xiàn)時成本對比目標成本，若現(xiàn)時成本比目標成本高的話，就會出現(xiàn)成本鴻溝cost gap。
綜上所述，可以用兩個公式來表示：
Target cost=Selling price-desired profit margin
Cost gap=Estimated cost-Target cost
當出現(xiàn)成本鴻溝時，企業(yè)就需要尋找方法去縮小這個鴻溝了。那么會有哪些方法呢?
補充：
1) Improve productivity (Automation)
2) Eliminate non-value added activities (cost value, market value, use value, esteem value)
3) Simply the design without influence quality
來源：ACCA學習幫
CMA是美國注冊管理會計師的簡稱，在國際管理會計領域有著比較高的知名度和含金量，今天會計網(wǎng)為考生們介紹經(jīng)濟利潤和會計利潤的相關內(nèi)容。
CMA知識點之經(jīng)濟利潤和會計利潤
機會成本：選擇某一方案而放棄其他方案時，所放棄方案的相關收益。有現(xiàn)金流出的機會成本被稱為顯性成本有時也被稱為會計成本。沒有現(xiàn)金流出的機會成本被稱為隱性成本。會計利潤側(cè)重會計期間假設，依據(jù)權(quán)責發(fā)生制原則對利潤表當中的收入和費用進行確認，要遵循一般公認會計原則（GAAP）。
會計利潤=總收入-顯性成本（會計成本）經(jīng)濟利潤側(cè)重持續(xù)經(jīng)營，是指公司在生命周期內(nèi)實現(xiàn)盈利的凈現(xiàn)值；
經(jīng)濟利潤=總收入-顯性成本（會計成本）-隱性成本
經(jīng)濟利潤和會計利潤的例題分析
會計利潤和經(jīng)濟利潤的關鍵區(qū)別是，經(jīng)濟利潤：
A、突出的是歷史成本概念。
B、使用經(jīng)濟訂貨量模型計算供貨中的變化。
C、不包括所得稅及利息費用。
D、考慮權(quán)益的機會成本。
答案：D解析：經(jīng)濟利潤與會計利潤的本質(zhì)區(qū)別在于經(jīng)濟利潤考慮了隱含的權(quán)益資金的機會成本，而會計利潤只考慮了顯性成本。經(jīng)濟利潤=息前稅后利潤-(長期負債+股東權(quán)益)×加權(quán)平均資金成本率（WACC）其中：息前稅后利潤=息稅前利潤-所得稅(不扣利息)，加權(quán)平均資金成本率是長期負債、股東權(quán)益的資金成本按各自比重，與各自資金成本率相乘。
S公司上一年度部分的財務資料如下：流動資產(chǎn)$500,000固定資產(chǎn)250,000流動負債100,000長期負債300,000所有者權(quán)益350,000經(jīng)營利潤1,000,000所得稅400,000 S公司的加權(quán)平均資本成本率是10%，請問該公司上年的經(jīng)濟利潤（EVA）是多少？A、$535,000 B、$570,000 C、$935,000 D、$970,000
【答案】A【解析】息前稅后利潤=1,000,000-400,000=600,000 EVA=600,000-(300,000+350,000)×10%=535,000
2023年CFA二級考試大綱已經(jīng)發(fā)布出來了，各科目考試權(quán)重和去年一致，雖然有新增部分，但也有部分考綱被刪除，整體難度并沒有增加，所以大家也不用恐慌。我們來看看吧。
CFA二級考綱變動說明
1. 各科目考試權(quán)重和去年一致，沒有發(fā)生變化
2. 取消了之前Reading的概念，改為了現(xiàn)在的module，從而更好地與官網(wǎng)學習系統(tǒng)契合。
CFA二級考綱變動詳情
1. 考綱細則無變動的科目
固收：原來的5個Reading現(xiàn)調(diào)整為5個Learning Module?？季V細則無變動。
道德：原來的3個Reading現(xiàn)調(diào)整為3個Learning Module?？季V細則無變動。
衍生：原來的2個Reading現(xiàn)調(diào)整為2個Learning Module。考綱細則無變動，僅順序有一定微調(diào)。
經(jīng)濟：原來的3個Reading現(xiàn)調(diào)整為3個Learning Module。考綱細則無變動。僅將原Reading 7 Economic growth and the investment decision的標題變成Learning Module 2 Economic growth，考綱細節(jié)內(nèi)容無變動。
另類：原來的3個Reading現(xiàn)調(diào)整為5個Learning Module?？季V細則無變動。但新考綱Module 3 LOS a-b，將原考綱k, l中對REITS的描述改為publicly traded real estate securities。
2. 考綱細則刪除的科目
組合：原來的7個Reading現(xiàn)調(diào)整為7個Learning Module。
原Reading 42 Economics and investment markets對應的是Learning Module 5。
其中刪除了一條考綱k describe how economic analysis is used in sector rotation strategies。
權(quán)益：原來的8個Reading現(xiàn)調(diào)整為4個Learning Module。
刪除Reading 21 Return concepts收益概念和Reading 22 Industry and company analysis公司和行業(yè)分析，其余部分考綱細則不變，僅考綱順序進行了微調(diào)。
3. 考綱細則新增的科目
財報：原來的6個Reading現(xiàn)調(diào)整為7個Learning Module。
新增考綱：Financial Statement Modeling財務報表建模
全章節(jié)新增，部分內(nèi)容與2022年權(quán)益Reading 22 Industry and company analysis行業(yè)和公司分析接近。
新增考綱細則如下：
(1)compare top-down, bottom-up, and hybrid approaches for developing inputs to equity valuation models
(2)compare “growth relative to GDP growth” and “market growth and market share” approaches to forecasting revenue
(3)evaluate whether economies of scale are present in an industry by analyzing operating margins and sales levels
(4)demonstrate methods to forecast cost of goods sold and operating expenses
(5)demonstrate methods to forecast non-operating items, financing costs, and income taxes
(6)describe approaches to balance sheet modeling
(7)demonstrate the development of a sales-based pro forma company model
(8)explain how behavioral factors affect analyst forecasts and recommend remedial actions for analyst biases
(9)explain how competitive factors affect prices and costs
(10)evaluate the competitive position of a company based on a Porter’s five forces analysis
(11)explain how to forecast industry and company sales and costs when they are subject to price inflation or deflation
(12)evaluate the effects of technological developments on demand, selling prices, costs, and margins
(13)explain considerations in the choice of an explicit forecast horizon
(14)explain an analyst’s choices in developing projections beyond the short-term forecast horizon
數(shù)量：原來的5個Reading現(xiàn)調(diào)整為7個Learning Module。
刪除原Reading 1 Introduction to linear regression一元線性回歸內(nèi)容下放到一級數(shù)量中的最后一個模塊。
原Reading 2 Multiple regression多元回歸內(nèi)容拆分成4個模塊module 1-module 4。
與原Reading 2考綱細節(jié)做比對，考綱的順序、表示和知識點都有較大變化，部分考綱進行了拆分，變化結(jié)果如下：
考綱刪除3條：
(1)formulate a null and an alternative hypothesis about the population value of. a regression coefficient, calculate the value of the test statistic, and determine whether to reject the null hypothesis at a given level of significance;
(2)interpret the results of hypothesis tests of regression coefficients;
(3)evaluate and interpret a multiple regression model and its results.
考綱新增2條：
(1)describe the types of investment problems addressed by multiple linear regression and the regression process
(2)describe influence analysis and methods of detecting influential data points
原Reading 4對應的是module 6。其中新增了一條考綱f describe supervised machine learning, unsupervised machine learning, and deep learning.
公司金融：考綱變動最大的科目。原來的5個Reading現(xiàn)調(diào)整為4個Learning Module。
刪除原Reading 15 Capital Structure資本結(jié)構(gòu)章節(jié)和Reading 19 Capital Budgeting資本預算章節(jié)，精簡并下放到一級。
新增：Cost of Capital: Advanced Topics
新增考綱細則如下：
(1)explain top-down and bottom-up factors that impact the cost of capital
(2)Compare methods used to estimate the cost of debt.
(3)explain historical and forward-looking approaches to estimating an equity risk
premium
(4)compare methods used to estimate the required return on equity
(5)estimate the cost of debt or required return on equity for a public company and a private company
(6)evaluate a company’s capital structure and cost of capital relative to peers
原Reading 18 Measures and Acquisitions兼并收購章節(jié)調(diào)整為Learnings Module 4 Corporate Restructurings企業(yè)重組，章節(jié)內(nèi)容完全重寫，新增內(nèi)容為各種公司重組事件、他們的分析和納入財務模型的預測和估值。
企業(yè)重組模塊考綱細則如下：
(1)explain types of corporate restructurings and issuers’ motivations for pursuing them
(2)explain the initial evaluation of a corporate restructuring
(3)demonstrate valuation methods for, and interpret valuations of, companies involved in corporate restructurings
(4)demonstrate how corporate restructurings affect an issuer’s EPS, net debt to EBITDA ratio, and weighted average cost of capital
(5)evaluate corporate investment actions, including equity investments, joint ventures, and acquisitions
(6)evaluate corporate divestment actions, including sales and spin offsevaluate cost and balance sheet restructurings
CFA二級考綱變動總結(jié)
雖然CFA二級考綱中有新增的部分，但也有部分考綱被刪除，整體難度并沒有增加，所以大家也不用恐慌。
對于備考新手來說，無需太過關注之前的考綱，只需要按照新考綱去備考即可。
對于“二戰(zhàn)”考生來說，則需要關注一下組合和權(quán)益科目中刪除的考綱，避免增加學習負擔。此外需要特別注意：財報、數(shù)量和公金科目，尤其是變動幅度最大的公金。
本文由高頓金融分析師原創(chuàng)編輯，作者：向俊。
根據(jù)官方消息，2023年CFA二級考綱最新出爐，會計網(wǎng)整理了相關考綱變動詳情，對考綱變動進行了總結(jié)，趕快跟著會計網(wǎng)看看吧~
點擊下方圖片????立即領取全套CFA備考資料，助你2023成功上岸??????
考綱變動說明
1.各科目考試權(quán)重和去年一致，沒有發(fā)生變化
2.取消了之前Reading的概念，改為了現(xiàn)在的module，從而更好地與官網(wǎng)學習系統(tǒng)契合。
考綱變動詳情
1.考綱細則無變動的科目
固收：原來的5個Reading現(xiàn)調(diào)整為5個Learning Module?？季V細則無變動。
道德：原來的3個Reading現(xiàn)調(diào)整為3個Learning Module。考綱細則無變動。
衍生：原來的2個Reading現(xiàn)調(diào)整為2個Learning Module?？季V細則無變動，僅順序有一定微調(diào)。
經(jīng)濟：原來的3個Reading現(xiàn)調(diào)整為3個Learning Module?？季V細則無變動。僅將原Reading 7 Economic growth and the investment decision的標題變成Learning Module 2 Economic growth，考綱細節(jié)內(nèi)容無變動。
另類：原來的3個Reading現(xiàn)調(diào)整為5個Learning Module?？季V細則無變動。但新考綱Module 3 LOS a-b，將原考綱k,l中對REITS的描述改為publicly traded real estate securities。
2.考綱細則刪除的科目
組合：原來的7個Reading現(xiàn)調(diào)整為7個Learning Module。
原Reading 42 Economics and investment markets對應的是Learning Module 5。
?其中刪除了一條考綱k describe how economic analysis is used in sector rotation strategies。
權(quán)益：原來的8個Reading現(xiàn)調(diào)整為4個Learning Module。
?刪除Reading 21 Return concepts收益概念和Reading 22 Industry and company analysis公司和行業(yè)分析，其余部分考綱細則不變，僅考綱順序進行了微調(diào)。
3.考綱細則新增的科目
財報：原來的6個Reading現(xiàn)調(diào)整為7個Learning Module。
新增考綱：Financial Statement Modeling財務報表建模
全章節(jié)新增，部分內(nèi)容與2022年權(quán)益Reading 22 Industry and company analysis行業(yè)和公司分析接近。
新增考綱細則如下：
?。?）compare top-down,bottom-up,and hybrid approaches for developing inputs to equity valuation models
?。?）compare“growth relative to GDP growth”and“market growth and market share”approaches to forecasting revenue
（3）evaluate whether economies of scale are present in an industry by analyzing operating margins and sales levels
?。?）demonstrate methods to forecast cost of goods sold and operating expenses
?。?）demonstrate methods to forecast non-operating items,financing costs,and income taxes
（6）describe approaches to balance sheet modeling
?。?）demonstrate the development of a sales-based pro forma company model
?。?）explain how behavioral factors affect analyst forecasts and recommend remedial actions for analyst biases
（9）explain how competitive factors affect prices and costs
?。?0）evaluate the competitive position of a company based on a Porter’s five forces analysis
（11）explain how to forecast industry and company sales and costs when they are subject to price inflation or deflation
?。?2）evaluate the effects of technological developments on demand,selling prices,costs,and margins
?。?3）explain considerations in the choice of an explicit forecast horizon
（14）explain an analyst’s choices in developing projections beyond the short-term forecast horizon
數(shù)量：原來的5個Reading現(xiàn)調(diào)整為7個Learning Module。
?刪除原Reading 1 Introduction to linear regression一元線性回歸內(nèi)容下放到一級數(shù)量中的最后一個模塊。
原Reading 2 Multiple regression多元回歸內(nèi)容拆分成4個模塊module 1-module 4。
與原Reading 2考綱細節(jié)做比對，考綱的順序、表示和知識點都有較大變化，部分考綱進行了拆分，變化結(jié)果如下：
?考綱刪除3條：
（1）formulate a null and an alternative hypothesis about the population value of.a regression coefficient,calculate the value of the test statistic,and determine whether to reject the null hypothesis at a given level of significance;
?。?）interpret the results of hypothesis tests of regression coefficients;
（3）evaluate and interpret a multiple regression model and its results.
考綱新增2條：
?。?）describe the types of investment problems addressed by multiple linear regression and the regression process
（2）describe influence analysis and methods of detecting influential data points
原Reading 4對應的是module 6。其中新增了一條考綱f describe supervised machine learning,unsupervised machine learning,and deep learning.
公司金融：考綱變動最大的科目。原來的5個Reading現(xiàn)調(diào)整為4個Learning Module。
?刪除原Reading 15 Capital Structure資本結(jié)構(gòu)章節(jié)和Reading 19 Capital Budgeting資本預算章節(jié)，精簡并下放到一級。
新增：Cost of Capital:Advanced Topics
新增考綱細則如下：
?。?）explain top-down and bottom-up factors that impact the cost of capital
?。?）Compare methods used to estimate the cost of debt.
（3）explain historical and forward-looking approaches to estimating an equity risk
premium
?。?）compare methods used to estimate the required return on equity
?。?）estimate the cost of debt or required return on equity for a public company and a private company
?。?）evaluate a company’s capital structure and cost of capital relative to peers
原Reading 18 Measures and Acquisitions兼并收購章節(jié)調(diào)整為Learnings Module 4 Corporate Restructurings企業(yè)重組，章節(jié)內(nèi)容完全重寫，新增內(nèi)容為各種公司重組事件、他們的分析和納入財務模型的預測和估值。
企業(yè)重組模塊考綱細則如下：
?。?）explain types of corporate restructurings and issuers’motivations for pursuing them
?。?）explain the initial evaluation of a corporate restructuring
?。?）demonstrate valuation methods for,and interpret valuations of,companies involved in corporate restructurings
?。?）demonstrate how corporate restructurings affect an issuer’s EPS,net debt to EBITDA ratio,and weighted average cost of capital
?。?）evaluate corporate investment actions,including equity investments,joint ventures,and acquisitions
?。?）evaluate corporate divestment actions,including sales and spin offsevaluate cost and balance sheet restructurings
考綱變動總結(jié)
雖然CFA二級考綱中有新增的部分，但也有部分考綱被刪除，整體難度并沒有增加，所以大家也不用恐慌。
對于備考新手來說，無需太過關注之前的考綱，只需要按照新考綱去備考即可。
對于“二戰(zhàn)”考生來說，則需要關注一下組合和權(quán)益科目中刪除的考綱，避免增加學習負擔。此外需要特別注意：財報、數(shù)量和公金科目，尤其是變動幅度最大的公金。
最后我們還為大家準備了附加驚喜????特邀請高頓研究院的老師傾力打造了《CFA金融分析師3天實戰(zhàn)營》，本次課程匯集了CFA金融思維、金融知識體系深度剖析、專業(yè)投資分析思路與估值策略、金融知識配套資料等內(nèi)容。
點擊下方圖片??????即可免費報名聽課，立即解鎖Get金融英語詞匯手冊、金融英語課程、CFA練習題等更多禮包！助力大家攻破CFA考試難題，成功上岸！
本文由高頓金融分析師原創(chuàng)編輯，作者：向俊。如需引用或轉(zhuǎn)載請聯(lián)系原作者授權(quán)，如有侵權(quán)，請?zhí)砑游⑿盘枺篶fawx666議定處理！
cfa持證需要不低于36個月，性質(zhì)為投資決策相關的工作經(jīng)驗。職位本身的名稱不能直接決定是否被CFA協(xié)會認可，主要是日常工作中涉及到的職務內(nèi)容必須50%以上和投資決策相關的才是被認可。如果所從事的工作在以下舉例的職位以外，但工作中涉及的職務內(nèi)容和投資決策相關，亦可提供詳細的工作經(jīng)驗給CFA協(xié)會，也是被認可的。
cfa持證符合要求的工作經(jīng)驗包含三大類：
1、在金融、經(jīng)濟或者統(tǒng)計數(shù)據(jù)分析中，直接涉及了投資決策（investment decision-making process）；
2、作為領導監(jiān)督指導（supervise）上述工作；
3、和上述工作相關的教學培訓；
cfa持證要求工作經(jīng)驗詳細解讀
對于工作性質(zhì)更具體的描述其實在協(xié)會設計的一個問卷里，通過問題就可以看出什么工作是可以被認定為“符合要求”。大家可以參考：
1、Do you construct or rebalance client portfolios，prepare financial models，or perform/evaluate independent analysis leading to an investment decision?
即進行投資組合構(gòu)建和調(diào)整，使用金融模型，對于投資決策進行獨立的分析。
2、Do you make investment decisions based on the application of financial，economic，or statistical data involving securities or similar investments held as part of an investment portfolio?
即應用數(shù)據(jù)分析進行投資。
3、Do you determine capital structure and funding needs through equity，debt，and alternative investments，conduct long-range financial planning，evaluate financial fundamentals，analyze and value securities for public offerings or mergers and acquisitions，and/or make asset sales and capital investment decisions?
即融資和財務規(guī)劃，適用于企業(yè)的資金部，銀行的計財部等。以及分析IPO、并購重組、重大資產(chǎn)收購等，適用于投行類業(yè)務。
4、Do you conduct asset allocation analysis or apply investment knowledge to develop，analyze，and/or explain investment policy statements or strategies designed to achieve investor goals as part of the overall investment process?
即資產(chǎn)配置和IPS撰寫，也是三級兩門重點科目。
5、Are you engaged in investment/financial advising or planning for corporations，institutions，or individuals（other than yourself or your family）?
即投資顧問。但這里考生需要注意，給自己理財不算工作經(jīng)驗，并且?guī)图胰艘膊恍小?/p>
6、Do you supervise employees who evaluate or apply financial，economic，and/or statistical data as part of the investment decision-making process?
第六條為三大類工作經(jīng)驗的第二類：監(jiān)督指導與投資決策相關的工作。
7、Do you research or develop tools，models，strategies，and/or communications that assist portfolio managers and traders with investment decision and risk management?
即研發(fā)投資或風控相關的模型。
8、Do you oversee legal/regulatory compliance matters in the investment profession，perform due diligence，and/or ensure that investment firms adhere to applicable laws，regulations，and professional standards of practice?
即投資相關的法律或合規(guī)工作。
9、Are you a full-time professor or instructor teaching finance-related courses and/or CFA Program curriculum，developing educational content，and engaging in research to advance the understanding of investment practice and theory?
即全職金融類教授或講師，特別指出的是教CFA也算在內(nèi)。
10、Do you design and implement software solutions for people，processes，and technology that directly drive investment decisions（i.e.，software and/or platforms that are used to build financial models，construct，manage，and analyze portfolios，analyze risk and return）?
即為投資分析設計背后的軟件。很多機構(gòu)的“金融科技部”或“技術部”符合這一要求。
只要你符合以上這十個問題里描述的任何一項工作就可以去申請持證了。
為了讓對CFA感興趣的伙伴們更好的了解CFA考試的相關知識，更好地進行學習，我們準備了免費的CFA金融知識配套資料，直接戳下方圖片↓↓，即可免費報名聽課，立即解鎖Get金融英語詞匯手冊、金融英語課程、CFA練習題等更多禮包！助力大家攻破CFA考試難題，順利上岸！
PMP考試中有不少英文縮寫的專用名稱，為了方便考生更好地記憶考試知識點，這里將PMP常見的英文縮寫進行整理如下：
AC 實際成本 actual cost
ACWP 已完工作實際成本 Actual Cost for Work Performed
BAC 完工預算 budget at completion
CCB 變更控制委員會 change control board
COQ 質(zhì)量成本 cost of quality
CPAF 成本加獎勵費用合同 cost plus award fee contracts
CPFF 成本加固定費用合同 cost plus fixed fee contract
CPI 成本績效指數(shù) cost performance index
CPIF 成本加激勵費用合同 cost plus incentive fee contract
CPM 關鍵路徑法 critical path activity
CV 成本偏差 cost variance
EAC 完工估算 estimate at completion
EF 最早完成日期 early finish date
EMV 預期貨幣價值 expected monetary value
ES 最早開始日期 early start date
ETC 完工尚需估算 estimate to complete
EV 掙值 earned value
EVM 掙值管理 earned value management
FF 完成到完成 Finish-to-Finish
FFP 固定總價合同 Firm-Fixed-Price Contract
FMEA 失效模式與影響分析 Failure Mode and Effect Analysis
FP-EPA 總價加經(jīng)濟價格調(diào)整合同 Fixed Price with Economic Price Adjustment Contracts
FPIF 總價加激勵費用合同 Fixed Price Incentive Fee Contract
FS 完成到開始 Finish-to-Start
IFB 投標邀請書 Invitation for Bid
LF 最晚完成日期 Late Finish Date
LOE 支持型活動 Level of Effort
LS 最晚開始日期 Late Start Date
OBS 組織分解結(jié)構(gòu) Organizational Breakdown Structure
PDM 緊前關系繪圖法 Precedence Diagramming Method
PMBOK 項目管理知識體系 Project Management Body of Knowledge
PV 計劃價值 Planned Value
QFD 質(zhì)量功能展開 Quality Function Deployment
RACI 執(zhí)行、負責、咨詢和知情矩陣 Responsible、Accountable、Consult、Inform Matirx
RAM 責任分配矩陣 Responsibility Assignment Matrix
RBS 風險分解結(jié)構(gòu) Risk Breakdown Structure
RFI 信息邀請書 Request for Information
RFP 建議邀請書 Request for Proposal
RFQ 報價邀請書 Request for Quotation
SF 開始到完成 Start-to-Finish
SOW 工作說明書 Statement of Work
SPI 進度績效指數(shù) Schedule Performance Index
SS 開始到開始 Start-to-Start
SV 進度偏差 Schedule Variance
SWOT 優(yōu)勢、劣勢、機會與威脅 Strengths,Weaknesses,Opportunities,Threats
T&M 工料 Time and Material
WBS 工作分解結(jié)構(gòu) Work Breakdown Structure
公司估值是投融資、交易的前提。估值不是獨立的過程，而是全盤的考慮。一家投資機構(gòu)將一筆資金注入企業(yè)，應該占有的權(quán)益首先取決于企業(yè)的價值。而一個成長中的企業(yè)值多少錢？這是一個非常專業(yè)、非常復雜的問題。宏觀環(huán)境、行業(yè)特性、估值方法、財務分析等等都是影響公司股值的關鍵因素。
你投資的公司真的賺錢嗎？
如何準確評估得到的和流失的資產(chǎn)價值？哪種估值策略運用的準確性最佳？
你如何評估自己苦心經(jīng)營的企業(yè)之價值？如何應對公司估值與做出投資決策中的風險？
投資有其固有的方法，掌握了這些方法，就必定能為你鏟除投資道路上的干擾，幫助你獲得投資回報。因此，在進行公司估值以前，需要掌握如何分析公司報表，如何利用模型進行預測、評估，這樣才能找到真正值得投資的公司。
【洞悉環(huán)境】充分認識宏觀經(jīng)濟環(huán)境，分析行業(yè)所處階段與發(fā)展情況
【方法掌握】全面掌握估值方法，在工作中靈活運用，進行高效的估值和定價分析
【模型建立】深度掌握公司估值與定價模型，學會利用三大報表進行財務預測
【因素分析】對于影響估值的關鍵因素進行深入分析，提高估值的效率
投資并購部、戰(zhàn)略規(guī)劃部經(jīng)理
投行、基金公司及券商的分析師與研究員
CFO、財務總監(jiān)、董秘
PE，VC的負責人
一、宏觀經(jīng)濟及行業(yè)狀況的解讀與分析 | 二、估值基礎理論與方法的準備 |
- 目前大的宏觀環(huán)境分析，對行業(yè)的影響情況 - 行業(yè)所處的階段，企業(yè)本身在市場中的份額 - 市場飽合度評估與分析 - 競爭對手情況，企業(yè)對市場的敏感度
| - 現(xiàn)金流量與資產(chǎn)價值的關系 - 引入風險與收益的描述手段與方法 - 如何利用目標權(quán)重確定資本成本——WACC - 破解MM定理 - 關于價值的關鍵概念區(qū)分 - 價值與價格 - 市場價值與賬面價值 - 持續(xù)經(jīng)營價值與清算價值 - 非控股權(quán)價值與控股權(quán)價值 |
三、企業(yè)如何選擇合適的評估方法 | 四、分析被評估企業(yè)的財務狀況 |
- 絕對估值法的理解與運用 - 導入絕對估值法的基本原理與使用步驟 - 現(xiàn)金流折現(xiàn)估值方法的解析 - 股權(quán)自由現(xiàn)金流模型與紅利折現(xiàn)模型的比較 - 解析凈資產(chǎn)價值法與經(jīng)濟增加值法中適用性與局限性 - 分析與對比相對估值法 - 理清相對估值法的特點與運用環(huán)境 - 引入股票價格倍數(shù)法 - 引入企業(yè)價值倍數(shù)法 - 如何選擇可比公司與可比指標 - 選擇估值方法應當考慮的因素
| - 構(gòu)建財務預測模型——價值評估的前提 - 三大財務報表的關系 - 三大財務報表預測模型的構(gòu)造 - 財務預測模型檢查和總結(jié) - 公司價值評估模型的構(gòu)成與計算步驟 - 現(xiàn)金流折現(xiàn)（DCF）——公司價值評估的主流方法 - 自由現(xiàn)金流量（FCF）to 股東和債權(quán)人 - 股東的現(xiàn)金流量－（FCFE） - 貼現(xiàn)率與貝塔值的確定 - 基于財務模型的后續(xù)分析 - EVA（Economic Value Added）分析 - 財務狀況分析（Financial Status） - 敏感性分析 - 前景分析 |
五、持續(xù)盈利能力預測的重要性 | 六、分析評估結(jié)論 |
- 企業(yè)收入情況預測 - 企業(yè)成本狀況分析 - 企業(yè)稅收與利潤分析 - 企業(yè)凈現(xiàn)金流預測 - 折現(xiàn)率如何確定 | - 收益法和市盈率法分別對企業(yè)進行價值進行評估 - 根據(jù)評估結(jié)果進行全面分析 |
想了解詳細課程資料，點擊網(wǎng)頁左側(cè)的在線咨詢圖標，與在線老師交流。
In the world only has two facts inevitably,one is the death,two is the tax revenue.
China is one of the biggest markets in the world and is attracting more and more global investors to move into the China market.In order to run the business in a most cost efficient way,it is necessary for the foreign investors to understand all the potential relevant tax costs that would be incurred in China before making an investment decision.In addition,different type of investment activities will trigger different types of taxes.
You can learn about China's tax policies and regulations.
You can understand the impact of tax laws on foreign investment in China
You can master the enterprise in the VAT reform in expanding around the pilot to adjust in accounting
You can grasp the meaning and usage of key taxes,such as Corporate income tax.
You can familiar with trial reform of the tax planning under the new basic concepts and skills.
You can understand the pilot reform possible strategy for enterprise influence.
Foreigners
Foreign Investment Enterprises("FIEs")
Foreign Enterprises("FEs")doing business in China
Module 1 China's Taxation System
Framework of tax system in China
Classification of taxes and Type of Tax
Module 2 Analysis of Specific Taxes
Tax on income
?Corporate income tax("CIT")
-standard tax rate is 25%
-the tax rate could be reduced to 15%for qualified enterprises which are engaged in industries encouraged by the China government.
?Individual income tax("IIT")
-progressive rates range from 5%to 45%.
Tax on transactions
?Value-added tax
-The meaning and the scope
-The standard tax rate is 17%with certain necessities taxed at 13%.
?Consumption tax
-The meaning and the scope
-Tax rate
?Business tax
-The meaning and the scope
-Tax rate
Tax on specific objective
?Land appreciation tax
-The meaning and the scope
-Calculation of added value
Tax on resource
?Resources tax
-The meaning and the scope
-Tax rate
Tax on property
?Real estate tax
-The meaning and the scope
-Tax rate
Tax on behavior
?Vehicle and vessel tax
-The meaning and the scope
-Tax rate
?Motor vehicle acquisition tax
-The meaning and the scope
-Tax rate
?Stamp tax
-The meaning and the scope
-Tax rate
Tax levied by the Customs
?Customs duties
-The meaning and the scope
-Tax rate
Tax levied by finance department
?Deed tax
-The meaning and the scope
-Tax rate
想了解最新詳細課程資料，點擊網(wǎng)頁的在線咨詢圖標，與在線老師交流。
2024年CFA一級考試的8個科目均有調(diào)整，考綱變化50%左右。其中：衍生、道德，未發(fā)生變化。數(shù)量、經(jīng)濟學、組合、企發(fā)、財報、權(quán)益、固收、另類，均發(fā)生重大變化。
2024年的數(shù)量內(nèi)容有重大調(diào)整，將原來的7章內(nèi)容拆分成11章：
2024年新增第1章Rates and Returns；
2024年的第2章Time Value of Money in Finance與2023年的第1章The Time Value of Money有一定類似之處，但刪減了大量內(nèi)容；
2023年的第2章Organizing,Visualizing,and Describing Data予以刪除；
2024年新增第11章Introduction to Big Data Techniques；
其它章節(jié)名稱更新，大部分知識點2023考綱中均有涉獵，但2024年考綱要求發(fā)生一定變化和調(diào)整。
2023年的第1章Topics in Demand and Supply Analysis被刪除；
2023年的第3章Aggregate Output,Prices,and Economic Growth被刪除；
2024年相比2023年保留的章節(jié)考綱要求也發(fā)生了調(diào)整，多數(shù)為考綱的刪減；
2024年的第8章Exchange Rate Calculations只保留了匯率計算相關內(nèi)容，定性相關知識點均被刪除。
2024年的組合內(nèi)容有重大調(diào)整：
2023年的第7章Technical Analysis被刪除；
2023年的第8章Fintech in Investment Management被刪除；
Portfolio management overview由原來的Module 1調(diào)整為Module 3。
2023年的原有的第8章Measures of Leverage被刪除；
其余章節(jié)名稱、順序變化，考綱要求也發(fā)生了重大調(diào)整。
2024年的財報內(nèi)容變動較大，除新增第12章外，刪除兩個章節(jié)，拆分一個章節(jié)，保留章節(jié)考綱要求也發(fā)生一定調(diào)整：
刪除原有的Module 2和Module 12，新增第12章Introduction to Financial Statement Modeling；
Learning Module 5 Understanding Cash Flow Statements拆分為兩個章節(jié)Analyzing Statements of Cash Flows I和Analyzing Statements of Cash Flows II；
Learning Module 6 Financial Analysis Techniques調(diào)整為Module 11；
保留的章節(jié)名稱發(fā)生變化，考綱要求也發(fā)生了較大變化。
2024年的權(quán)益內(nèi)容變動主要為新增，新增第5和7章外，其余章節(jié)的順序做了調(diào)整，內(nèi)容無重大變更：
新增第5章Company Analysis:Past and Present；
新增第7章Company Analysis:Forecasting；
2024年的固收將原來的6章內(nèi)容拆分成19章，變化幅度較大，知識點做了細化拆分和調(diào)整。
2024年的另類將原來的3章內(nèi)容變化為7章，知識點做了細化處理，除新增第7章外，其余內(nèi)容主要為原有章節(jié)拆分：
新增第7章Introduction to Digital Assets.
本考綱變化僅參考2023和2024 Level I Topic Outlines整理，具體的細節(jié)變化最終需以CFA協(xié)會原版書為準。
你投資的公司真的賺錢嗎?你投資的公司是盈利高手嗎?你如何評估自己苦心經(jīng)營的企業(yè)之價值?
隨著市場化交易活動的增加和證券市場的發(fā)展，資產(chǎn)價值評估問題日益重要，價值評估的實際需求也日益迫切。報表分析歸根結(jié)底是為了估值，因此報表分析必須要以估值為目標，以專業(yè)性評價來對支持估值。價值評估是金融、投資、財務等領域的重要研究和應用內(nèi)容。企業(yè)管理、證券投資、實業(yè)投資等經(jīng)營行為的對象就是各種資產(chǎn)，成功地管理和投資這些資產(chǎn)的關鍵就在于理解這些資產(chǎn)的價值組成、掌握這些資產(chǎn)的價值度量。
【方法掌握】全面掌握估值方法，在工作中靈活運用，進行高效的估值和定價分析
【模型建立】深度掌握公司估值與定價模型，學會利用三大報表進行財務預測
【因素分析】對于影響估值的關鍵因素進行深入分析，提高估值的效率
CFO、財務總監(jiān)
企業(yè)進行投資并購的負責人
保薦人
投行、基金公司及券商的分析師與研究員
PE，VC的負責人
一、公司估值方法全解析 | 二、建模前的準備 |
-關于價值的關鍵概念區(qū)分 -價值與價格 -市場價值與賬面價值 -持續(xù)經(jīng)營價值與清算價值 -非控股權(quán)價值與控股權(quán)價值 -企業(yè)價值等式分析 -價值等式的簡單形式與一般形式 -使用價值等式時需要注意的事項 -絕對估值法（折現(xiàn)方法） -現(xiàn)金流量折現(xiàn)方法 -期權(quán)定價方法 -相對估值法（乘數(shù)方法） -企業(yè)價值倍數(shù)法 -一些特殊可比的指標（A/H指標，PEG指標） | -建模前的思考：建模內(nèi)容、原因及工具 -歷史數(shù)據(jù)來源及整理 -預測假設數(shù)據(jù)來源 -企業(yè)歷史數(shù)據(jù)、企業(yè)發(fā)展規(guī)劃 -行業(yè)特點及發(fā)展規(guī)律、宏觀經(jīng)濟預測
|
三、用Excel建立估值模型的技巧 | 四、構(gòu)建財務預測模型——價值評估的前提 |
-Excel常用快捷鍵 -Excel中常用函數(shù) -SUM、SUMIF、SUMPRODUCT -If、Max、Min -COUNT、COUNTA、COUNTIF、CHOOSE、HLOOKUP、INDEX、OFFSET 案例分析： -案例1：對目標公司進行估值的案例 拓展應用： -應用1：用Excel建立估值模型案例研究（實際上市公司Excel模型案例研究） | -三大財務報表的關系 -三大財務報表預測模型的構(gòu)造 -財務預測模型檢查和總結(jié) |
五、公司價值評估模型的構(gòu)成與計算步驟 | 六、基于財務模型的后續(xù)分析 |
-現(xiàn)金流折現(xiàn)（DCF）——公司價值評估的主流方法 -自由現(xiàn)金流量（FCF）to股東和債權(quán)人 -股東的現(xiàn)金流量－（FCFE） -貼現(xiàn)率與貝塔值的確定 | -EVA（Economic Value Added）分析 -財務狀況分析（Financial Status） -敏感性分析 -前景分析 |
七、對于影響估值之關鍵因素的討論 | |
-收入增長速度受到行業(yè)平均水平的制約 -利潤率受到行業(yè)平均水平的制約 -凈資產(chǎn)收益率受到行業(yè)平均水平的制約 -永續(xù)增長率 -資本開支——收入增長的基石 案例分析： -案例2：如何選擇目標公司：兩個公司估值分析對比 拓展應用： -應用2：企業(yè)在進行投資時應當考慮的風險因素有哪些 | |
想了解最新詳細課程大綱及資料，點擊網(wǎng)頁左側(cè)的在線咨詢圖標，與在線老師交流。
我們通過EVA管理體系與企業(yè)戰(zhàn)略、風險控制、經(jīng)營管理、投資、考核評估等方面之間的詳細講解，幫助學員理解如何成功設計和實施EVA管理體系，企業(yè)該如何依靠EVA管理體系實現(xiàn)價值的增長，并妥善處理企業(yè)規(guī)模擴張與投資回報約束這一難題。
隨著《中央企業(yè)負責人經(jīng)營業(yè)績考核暫行辦法》的正式施行，經(jīng)濟增加值(EVA)成為中央企業(yè)業(yè)績考核的核心指標。一石激千層浪，該辦法的施行正逐漸引發(fā)央企內(nèi)部管理升級的連鎖反應。EVA確實是一個好理念，它是一種新興的經(jīng)濟指標，在國外一些大企業(yè)運用較為成熟，國資委推進EVA績效考核也標志著EVA管理體系正受到越來越多公司的追捧，它使得經(jīng)理人像所有者一樣思考和行為，有助于分析并找出多元化企業(yè)中最佳的資本投向，更合理的優(yōu)化資源配置。
了解EVA的作用及其解決的問題
掌握EVA的基本計算方法
學習如何利用EVA參與企業(yè)戰(zhàn)略的制定與風險的管控
掌握EVA與經(jīng)營管理和投資之間的關系以及EVA在這兩方面中的運用
了解EVA績效考核模式與EVA和激勵政策的內(nèi)在聯(lián)系
掌握成功實施EVA管理體系的因素和步驟
企業(yè)董事、總經(jīng)理
企業(yè)CFO、CIO、COO、CHO、CMO等部門負責人
企業(yè)財務經(jīng)理、財務部人員
企業(yè)人力資源部管理人員
一、EVA管理體系的介紹 | 二、EVA與企業(yè)戰(zhàn)略 |
-以經(jīng)濟增加值為核心的價值管理體系概述 -業(yè)績考核 -激勵制度 -理念體系 -EVA與BSC的考量 | -幾種戰(zhàn)略目標的組合模式 -EVA作為核心戰(zhàn)略目標的運作模式 -EVA作為平行戰(zhàn)略目標的運作模式 -EVA在戰(zhàn)略規(guī)劃中的功能定位 -風險管理或風險管控的基本概念和方法 -EVA的天然風險控制功能 -結(jié)合EVA進行更加有效的風險控制 |
三、EVA的基本概念與計算 | 四、EVA與企業(yè)日常經(jīng)營管理 |
-EVA的會計調(diào)整 -不同的會計調(diào)整對EVA的影響 -資本市場與WACC -EVA與資本成本的內(nèi)在聯(lián)系 -資本成本 -債務資本成本 -股權(quán)資本成本 -資本的風險(Beta系數(shù))概念 -資本風險的行業(yè)性質(zhì) -WACC計算公式概要解析 -采用跨行業(yè)統(tǒng)一WACC的利弊分析 -行業(yè)差異化WACC的意義與操作可行性 -保證EVA實施成功的WACC測算 | -在公司戰(zhàn)略與業(yè)績考核指標既定環(huán)境中建立以EVA最大化為判別標準﹑決策依據(jù)的經(jīng)營決策機制 -業(yè)務外包 -資金、物料加速周轉(zhuǎn) -經(jīng)營租賃 -市場推廣、品牌建設與商業(yè)模式創(chuàng)新 -研究與開發(fā)、人才培育 |
五、EVA與投資決策 | 六、EVA的4M價值管理體系 |
-企業(yè)發(fā)展(或擴張)戰(zhàn)略與價值管理(以EVA為核心)的關系 -投資項目的短期盈利考核與長期價值評價 -通過建立“市EVA率”(股價/每股EVA)指標改進投資項目估值方法 -通過市值管理平衡上市企業(yè)長期投資價值衡量與短期盈利要求的關系 -通過對“貼現(xiàn)現(xiàn)金流量估值法”的改進,解決非上市企業(yè)長期投資價值衡量與短期盈利要求的關系 | -業(yè)績考核 -概述各種業(yè)績考核模式(含KPI﹑平衡計分卡)的運作機制及其演變 -業(yè)績考核與評價的異同 -EVA及其派生的指標體系 -EVA作為獨立指標體系的考評模式 -EVA與企業(yè)現(xiàn)行KPI(或BSC)的結(jié)合 -考核指標組合的不同確定方式 -考核指標目標值確定的多種方法 -當外部經(jīng)濟環(huán)境發(fā)生重變化時,如何保持考評結(jié)果的客觀性與公平性 -管理決策 -激勵制度 -考核指標與薪酬掛鉤 -EVA的激勵模式：EVA獎金庫 -員工持股計劃 -股票期權(quán)激勵 -企業(yè)年金 -經(jīng)營理念 |
七、成功實施EVA的因素和步驟 | |
-實施EVA關鍵成功因素 -實施EVA的具體步驟 -實施EVA過程中應解決的問題 | |
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CFO EVA,LIFO,FIFO,do these professional terms of accounting and finance still seem like a foreign language to you?Can you eliminate the mystery behind the numbers of the financial statements?Or,how would you utilize those financial concepts to become a greater asset to your company?
As a business executive,you experience the tide of global change in ways few others do.And you know that to manage this tide,which will only intensify in the years ahead,you need a foundation that is at once timeless and flexible.Higher position means greater responsibility where understanding and talking the language of finance becomes a significant part of the job,executives at all levels need to be adequately equipped.
Finance and Accounting for the Non-Financial Manager teaches the basics of financial reports,as well as the fundamentals of business valuation and the creation of shareholder value.The course begins by describing the accounting process and the creation of financial statement,meanwhile,reveals the company’s operation and finance truth behind the data.Once knowing how to read financial statements will be invaluable throughout your career,in analyzing business opportunities,assessing financial risks,communicating your ideas to others,and dealing with the real business situations.
Breakthrough the language of finance
Understanding the basic accounting model and its limitations
Analyzing and interpreting financial statements within the context of industry analysis and macroeconomic fundamentals
Mastering forecasting techniques
Providing rigorous tools and approaches to measure the effectiveness of your expenditures
Clarifying financial statements and their relationship to strategic decisions
Communicating more effectively with financial managers and accountants
Understanding different valuation techniques and respective benchmarks
General Managers,Directors,Experienced Managers
Vice President and Top Executives in all respective
Business Managers,Department Heads&Managers
Sales&Marketing Managers
Accountants,Corporate Treasury Managers
Investment Professionals
Any staff with a non-financial background looking to learn the fundamentals of finance
Finance Fundamental | Management Application |
-Introduction to the Course -The role of the finance function -Working with the finance teams -How companies succeed on finance? -Accounting Information—The Language of Business -What is financial accounting? -Why Financial Accounting is necessary? -Some process,terminology and concepts -Learn how financial data is generated and reported -Users and interpretation of Financial Statements -Managers and Financial Statements -The concept of shareholder value -Demystifying Financial Statements -Components of Financial Reports:balance sheet and P&L -Use financial data to evaluate the performance of department,organization,or division -Understand how accountants measure income,and show how it is related to a balance sheet -Cost of goods sold -The accrual concept and timing adjustments -Financial statements:graphical balance sheet simulation -Revisit the Income Statement and Balance sheet in a financial perspective -Cash Flow Statement,Distinguishing income from cash flow -The shortcomings of accounting -Implications of Revenue Recognition -Know effects of fair value measurement on financial statement -Analysis of Financial Statement—Where do you find useful information? -Qualitative Characteristics of financial Information -Locate and use sources of information about business performance -How accounting information assists in decision making -Linking decisions to financial metrics -How to increase ROCE -Profitability ratios -Economic Value Added(EVA TM) -Financial Decision Making -Profitability,liquidity ratios -Managing working capital -Financial Leverage -Debt ratios -Measuring business risk -Cash management -Study of the Annual Report of a Listed Company -Case:analyzing and interpreting a listed company’s annual report -Accounting Creates Value -Functions of management accounting -Management accounting compared to financial accounting -How the use of cost information defines its focus and form -Break-even analysis:ensuring fixed costs are covered -The costing principles and avoiding costing traps -The difference between traditional cost management systems and activity-based cost management systems
| -Budgeting and Forecasting:A Must in Pricing Effectively for Profit.Selecting the Best Costing Method and the Relevant Practical Pricing Theory -Budgeting and Forecasting:Two sides of the same process -Understanding the different steps involved in the process -How to minimize the risks in assessing the hypothesis underlying the performance -The cost information for pricing and product planning -Cost based pricing:a value-added approach -Customers:an outside in pricing -Competitors:predict their price -How to price effectively for profit,evaluating pricing methods -Case Study -Capital Investment Decision:Cash is King! -Cash flow forecasts as a planning tool -EBITDA,free cash flows -The analysis of return of capital employed,payback period,and discounted cash flow -Establishing cash flow forecasts -Calculating Net Present Values,IRR -Company Valuation:Risk and Corporate Characteristics -The fundamental tools of investment appraisal -The cost of capital and WACC,and how these are determined -The sensitivity analysis:how sensitive are key decision to potential changes in circumstances -Approaches to valuation -Capital Markets,Investment Banking and Financial Instruments:How to Face Your Long-term Financing Issues and More? -An introduction to capital markets -Different forms of financing(long term,short term) -Debt versus Equity -Gearing and beta factors -Capital Asset Pricing Models -Tax shields -Investing in China through Mergers or Acquisitions:Financial Business Practices and Managing the Related Risks -An Overview of the M&A market in China -Understanding the valuation gap between sellers and buyers -Understanding the structuring gap by the buyer -Understanding the negotiation gap between sellers and buyers -Understanding the execution gap -Understanding the challenges of the integration gap -Taking into account the Human dimension of any merger or acquisition |
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決策者只有具備了較高的財商，才能在企業(yè)經(jīng)營決策中游刃有余，機會自然也就接踵而來，企業(yè)對利潤、財富、價值的渴望就有可能變成希望，變成現(xiàn)實。
會計信息是企業(yè)經(jīng)營決策的重要依據(jù)，管理會計在幫助決策者從問題定位、評估選項、制定決策等一系列決策過程中都發(fā)揮著核心的作用。由于一些企業(yè)的決策者對于管理會計認識的不足，使得財務信息無法發(fā)揮實際效力，或是因為錯誤地運用會計原理做出了愚蠢的決定，給企業(yè)帶來了災難性的后果。
財商解碼課程站在管理會計的角度來審視戰(zhàn)略決策，從預算、成本、績效這一主線來深入剖析管理，打破傳統(tǒng)的決策套路，跳出晦澀的理論難題，側(cè)重講述管理會計對企業(yè)經(jīng)營過程中各種決策的支持運用，讓決策者擁有在全球經(jīng)濟快速變化的環(huán)境下提升企業(yè)整體績效的能力。
這是決策者必修的一門實戰(zhàn)型的管理會計課程。
【意識強化】認識管理會計在公司決策中的重要性
【預算控制】明確決策者在全面預算管理中的職責，掌握全面預算管理的體系與預算控制重點
【成本價值】掌握不同成本模式對核心競爭力提升的影響，學會價值流各環(huán)節(jié)中運用精益理念
【績效提升】掌握平衡計分卡、EVA等有效的績效管理工具并能有效利用工具進行公司激勵
董事長、總經(jīng)理
各分子公司、事業(yè)部負責人
財商關鍵：管理會計，決策的工具 | 財商基礎：成本管理，管理會計的核心 |
一、管理會計如何為戰(zhàn)略決策服務 -國際、國內(nèi)管理會計發(fā)展趨勢 -競爭性商業(yè)環(huán)境中的管理會計 二、財務計劃與預算 -戰(zhàn)略目標與經(jīng)營目標 -全面預算與公司發(fā)展規(guī)劃 案例分析： -案例1：錯誤管理會計應用導致的災難 -案例2：頂尖高管的財商實例 拓展應用： -練習1：管理會計的錯誤 | 三、經(jīng)營決策中的成本理念 -成本模式與核心競爭力 -機會成本與決策選擇 四、從成本歸集看企業(yè)真實狀況 -成本結(jié)構(gòu)的選擇 -本-量-利分析、分批成本法、作業(yè)成本法 案例分析： -案例3：企業(yè)機會成本案例 -案例4：你所不知的成本結(jié)構(gòu)與影響 拓展應用： -練習2：作業(yè)驅(qū)動成本的過程分析 |
財商工具：關鍵決策中的成本管理工具 | 財商運用——管理會計如何幫助績效優(yōu)化 |
五、運營決策的相關成本 -價值分析與成本核算 -策略性成本與非策略性成本 六、精益成本精髓 -精益生產(chǎn)與財務 -精益指標 案例分析： -案例5：跨國企業(yè)價值鏈與成本案例 -案例6：精益成本與精益財務實戰(zhàn)案例 拓展應用： -練習3：分析企業(yè)價值鏈并確定最優(yōu)成本結(jié)構(gòu) | 七、管理會計理念與績效運用 -預測、決策與績效計劃的關系 -平衡計分卡體系 八、EVA價值管理 -EVA理念與模型 -EVA的中國運用 案例分析： -案例7：中國企業(yè)平衡計分卡運用案例 -案例8：3年國企EVA考核成敗分析 拓展應用： -練習4：如何設計平衡計分卡 |
想了解最新詳細課程大綱及資料，點擊網(wǎng)頁左側(cè)的在線咨詢圖標，與在線老師交流咨詢領取。
China’s rise as the most important global M&A market and the almost dramatic increase of Chinese outbound M&A activities signals a sea change of opportunities and pitfalls.As witnessed by the landmark deal between Lenovo and computer giant IBM in 2005,M&A transactions are expected to gather pace as China prepares itself to become an economic superpower.While the central government has somewhat revamped opaque regulations,Mergers&Acquisitions in China:Law and Practice lends much needed clarity by providing a structured introduction to the legal aspects of China’s M&A regime.
The downturn may present many acquisition opportunities,but which fit best with your long-term business strategy?Leading strategic planners will describe how to develop an effective investment strategy,identify potential targets,and efficiently evaluate opportunities.Through this training you will explore how to identify and assess strategic targets,evaluate investment opportunities,navigate today’s deal hurdles,and successfully integrate an acquired business to deliver real results and real value.
Ensuring the realization of the M&A purpose
Deeply analysis on the hottest topics of M&A
Understanding the obstacles of Chinese corporations to do the strategic merge&acquisition
Learning the laws and regulations involving in the merge&acquisition activities
Controlling the risks when formulating a merge&acquisition strategy
Developing M&A deal negotiation skills
Gaining knowledge of target sourcing and driving success in the down market
Advancing in evaluation models and methods
Improving assessment of risk
Obtaining strategies of finance in M&A
CEO,VP,Director,GM,Head and Manager of
Strategic Planning、Finance
Corporate/Business Development
M&A/Legal
Corporate development strategy vs.M&A strategy
Stable development strategy
Defense strategy
M&A categories
Transaction valuation
M&A Financing methods
Case studies
Ensuring the new business conforms to company's objectives
Differentiating Transaction Success&Deal Success
Understanding the main factors for value creation
Reorganizing,reconstructing and adjusting the business system
Recommendation for PMI(Post Merger Integration)strategy
Strategic M&A and corporate core competitiveness
What is the corporate core competitiveness
Foster and enhance the core competitiveness of the strategic thinking
Why should we enhance the core competitiveness
Lacking of the core competitiveness
Cultivating the core competitiveness through corporate M&A
Two methods of obtaining the core competitiveness
Core competitiveness has been the sourcing power of merge activities
Analyzing the key considerations before entering into cross border M&A
Defining key factors that play a significant role in M&A flows
Managing multi-jurisdiction due diligence
Knowledge of geographic and industrial sectors have proven most attractive and the places future opportunities lie
Understanding cultural considerations in cross border deals
Decision making process of strategic M&A
Characteristics of strategic M&A
M&A decision making process
Opportunity analysis stage
Preliminary analysis stage
Detailed analysis stage
Evaluation and decision making stage
Target selecting
Understanding the differences between business valuation on local and international M&A transactions and negotiating the best deal
What are the differences of business valuation when merging or acquiring local companies and international companies?
Similar area,finance,legal,IP,HR,etc,but with different areas of concerns
Difference in accounting,legal/IP,labor issues
Key considerations in evaluating a target company
Acquirer's business strategy vs.target business
Products&marketing
Identify synergy&improvement
Management team
Middle management
Corporate Culture
Optimizing a valuation----How to reach common understanding of the business valuation and transaction price on both sides of the fence?
Communication
Cultural factors
Trust
Control misunderstanding and misleading information
Case studies-Lessons learned
Examining the synergies after strategic M&A-Case study from listed companies
Management synergy
Operating synergy
Diversification synergy
Financial and tax synergy
Intangible assets synergy
Case Study-Advancing the negotiation and closing the deal
Negotiating tactics:How to position your company from the opening offer to final agreement
Using due diligence to enhance your advantages
Understanding the strengths and the weaknesses in the other side's position
Identifying the key value drivers
Management Buyout
The development of MBO
The purpose of MBO
The financing method of MBO
The pricing strategy of MBO
Case study
想了解最新詳細課程大綱及資料，點擊網(wǎng)頁左側(cè)的在線咨詢圖標，與在線老師交流咨詢領取。
2024年FRM考試大綱GARP協(xié)會已公布，整體考綱變化不大。2024年FRM一級和二級考綱中所有科目的權(quán)重均沒有發(fā)生變化，變化的科目主要是在二級的信用和熱點；其余科目基本保持不變。具體變動如下：
1、定量分析
?、貱hapter 14,Machine Learning Methods:
新增Compare and apply the two methods utilized for rescaling variables in data preparation.
?、贑hapter 15,Machine Learning and Prediction:
將原先Evaluate the predictive performance of logistic regression models and neural network models using a confusion matrix拆成兩部分，分別為Evaluate the predictive performance of logistic regression models和Compare the logistic regression and neural network classification approaches using a confusion matrix.
2、金融市場與產(chǎn)品
?、貱hapter 12,Options Markets:
刪減Explain the specification of exchange-traded stock option contracts,including that of nonstandard products.
?、贑hapter 20,Swaps:
刪減Explain the mechanics of a currency swap and compute its cash flows.
3、估值與風險建模
Chapter 10,Interest Rates:
刪減Describe overnight indexed swaps(OIS)and distinguish OIS rates from LIBOR swap rates.
1、市場風險管理與測量
Chapter 7,Correlation Basics:
Definitions,Applications,and Terminology:新增Describe how correlation impacts the price of quanto options as well as other multi-asset exotic options.
2、信用風險管理與測量
Credit Risk, 2023 | Credit Risk, 2024 |
Reading 8 includes two chapters that introduce the key themes of credit risk management. The first chapter discusses the components of credit risk, types of credit risk analysis, and credit risk measurements. The second chapter describes the tools and methods of credit analysis.
Jonathan Golin and Philippe Delhaise, The Bank Credit Analysis Handbook, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2013). ? Chapter 1. The Credit Decision ? Chapter 2. The Credit Analyst | Reading 8 includes two chapters that introduce the key themes of credit risk management. The first chapter discusses the components of credit risk, types of credit risk analysis, and credit risk measurements. The second chapter describes governance and explains the responsibilities of risk management in an organization.
Sylvain Bouteille and Diane Coogan-Pushner, The Handbook of Credit Risk Management: Originating, Assessing, and Managing Credit Exposures, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2022). ? Chapter 1. Fundamentals of Credit Risk ? Chapter 2. Governance |
Reading 9 covers measurement of credit risk, especially expected loss and unexpected loss, and the effect of correlation on portfolio unexpected loss.
Gerhard Schroeck, Risk Management and Value Creation in Financial Institutions (New York, NY: John Wiley & Sons, 2002). ? Chapter 5. Capital Structure in Banks (pages 170-186 only) | Reading 9 describes the tools and methods of credit analysis. It explains the components of credit risk management capability and discusses elements of an effective lending or financing policy.
Hennie van Greuning and Sonja Brajovic Bratanovic, Analyzing Banking Risk, Fourth Edition (World Bank Group, 2020). ? Chapter 7. Credit Risk Management |
Reading 10 describes key features of a good rating system, relates ratings to the probability of default, and analyzes different approaches to predicting default.
Giacomo De Laurentis, Renato Maino, and Luca Molteni, Developing, Validating and Using Internal Ratings: Methodologies and Case Studies (West Sussex, UK: John Wiley & Sons, 2010). ? Chapter 3. Rating Assignment Methodologies | Reading 10 covers measurement of credit risk, especially expected loss and unexpected loss, and the effect of correlation on portfolio unexpected loss. It describes a framework for calculating economic capital for credit risk and explores the challenges of quantifying credit risk.
Gerhard Schroeck, Risk Management and Value Creation in Financial Institutions (New York, NY: John Wiley & Sons, 2002). ? Chapter 5. Capital Structure in Banks (pages 170-186 only) |
Reading 11 describes different approaches to credit risk modeling and assesses credit derivatives.
René Stulz, Risk Management & Derivatives (Florence, KY: Thomson South-Western, 2002). ? Chapter 17. Credit Risks and Credit Derivatives | Reading 11 includes two chapters. The first chapter describes different approaches to credit risk modeling and assessment, including the judgmental approaches, empirical models, and financial models to predict default. The second chapter presents the role of ratings in supporting credit risk management and rating assignment methodologies.
Michalis Doumpos, Christos Lemonakis, Dimitrios Niklis, and Constantin Zopounidis, Analytical Techniques in the Assessment of Credit Risk: An Overview of Methodologies and Applications (Springer, 2019). ? Chapter 1. Introduction to Credit Risk Modeling and Assessment ? Chapter 2. Credit Scoring and Rating |
Reading 12 includes three chapters that cover portfolio and structured credit risk. The first chapter describes default intensity models, explains credit spread risk and defines the relationship between a default probability and a hazard rate. The second chapter defines default correlation for credit portfolios and assesses the impact of correlation on credit VaR. The third chapter describes common types of structured products and the mechanics of a securitization, and explains how default sensitivities for tranches are measured.
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). ? Chapter 7. Spread Risk and Default Intensity Models ? Chapter 8. Portfolio Credit Risk (Sections 8.1, 8.2, 8.3 only) ? Chapter 9. Structured Credit Risk | Reading 12 defines and compares the risk management and scoring models of retail and corporate credit risk.
Michel Crouhy, Dan Galai and Robert Mark, The Essentials of Risk Management, 2nd Edition (New York, NY: McGraw-Hill, 2014). ? Chapter 9. Credit Scoring and Retail Credit Risk Management |
Counterparty risk is covered in five chapters that form Reading 13. The first three chapters identify ways of managing and mitigating counterparty risk and describe the effects of netting, close-out, and collateral on credit exposure. The fourth chapter describes the determination of credit exposure, the pricing of exposure profiles for derivative contracts, and the impact of collateral on funding, while the last chapter covers the analysis of credit value adjustment (CVA) and debt value adjustment (DVA), and the concept of wrong-way risk.
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). ? Chapter 3. Counterparty Risk and Beyond ? Chapter 6. Netting, Close-out and Related Aspects ? Chapter 7. Margin (Collateral) and Settlement ? Chapter 11. Future Value and Exposure ? Chapter 17. CVA | Reading 13 describes measures of sovereign default risk and explains components of a sovereign rating.
Aswath Damodaran, Country Risk: Determinants, Measures, and Implications – The 2022 Edition (2022) |
Reading 14 describes stress tests on CVA and counterparty credit risk (CCR).
Akhtar Siddique and Iftekhar Hasan (eds.), Stress Testing: Approaches, Methods, and Applications, (London, UK: Risk Books, 2013). ? Chapter 4. The Evolution of Stress Testing Counterparty Exposures | Quantitative methodologies of estimating credit risk are covered in two chapters of Reading 14. The first chapter describes default intensity models, explains credit spread risk, and defines the relationship between a default probability and a hazard rate. The second chapter introduces credit value at risk and the tools for measuring it.
John C. Hull, Risk Management and Financial Institutions, Sixth Edition (John Wiley & Sons, 2023). ? Chapter 17. Estimating Default Probabilities ? Chapter 19. Credit Value at Risk |
Reading 15 defines and compares the risk management and scoring models of retail and corporate credit risk.
Michel Crouhy, Dan Galai and Robert Mark, The Essentials of Risk Management, 2nd Edition (New York, NY: McGraw-Hill, 2014). ? Chapter 9. Credit Scoring and Retail Credit Risk Management ? Chapter 12. The Credit Transfer Markets — and Their Implications | Reading 15 includes two chapters that provide a deeper coverage of portfolio and structured credit risk. The first chapter defines default correlation for credit portfolios, assesses the impact of correlation on credit VaR, and describes the use of the single factor model to measure portfolio credit risk. The second chapter describes common types of structured products and the mechanics of a securitization and explains how default sensitivities for tranches are measured.
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). ? Chapter 8. Portfolio Credit Risk (Sections 8.1, 8.2, 8.3 only) ? Chapter 9. Structured Credit Risk |
Reading 16 describes special purpose vehicles (SPVs) and explains performance analysis tools for securitized structures.
Moorad Choudhry, Structured Credit Products: Credit Derivatives & Synthetic Securitisation, 2nd Edition (New York, NY: John Wiley & Sons, 2010). ? Chapter 12. An Introduction to Securitisation. | Reading 16 extends discussions on quantitative methodologies of estimating credit risk and explains the distinction between reduced form and structural default correlation models. Assessment of credit derivatives is covered, and the various credit risk mitigants and their role in credit analysis are examined.
John C. Hull, Options, Futures, and Other Derivatives, 11th Edition (Pearson, 2022). ? Chapter 24. Credit Risk ? Chapter 25. Credit Derivatives |
Reading 17 examines the subprime mortgage credit securitization in the US and details the players and information frictions in the securitization process.
Adam Ashcraft and Til Schuermann, “Understanding the Securitization of Subprime Mortgage Credit,” Federal Reserve Bank of New York Staff Reports, No. 318 (March 2008). | Counterparty risk is discussed in seven chapters that form Reading 17. The first chapter introduces derivatives and explains how derivative transactions create counterparty credit risk. The next four chapters identify ways of managing and mitigating counterparty risk and describe the effects of netting, close-out, collateral on credit exposure, and central clearing. The sixth chapter describes the determination of credit exposure, the pricing of exposure profiles for derivative contracts, and the impact of collateral on funding, while the last chapter covers the analysis of credit value adjustment (CVA) and debt value adjustment (DVA), and the concept of wrong-way risk.
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital (West Sussex, UK: John Wiley & Sons, 2020). ? Chapter 2. Derivatives ? Chapter 3. Counterparty Risk and Beyond ? Chapter 6. Netting, Close-out and Related Aspects ? Chapter 7. Margin (Collateral) and Settlement ? Chapter 8. Central Clearing ? Chapter 11. Future Value and Exposure ? Chapter 17. CVA. |
Reading 18 describes stress tests on CVA and counterparty credit risk (CCR).
Stress Testing: Approaches, Methods, and Applications, edited by Akhtar Siddique and Iftekhar Hasan (London, UK: Risk Books, 2013). ? Chapter 4. The Evolution of Stress Testing Counterparty Exposures | |
Reading 19 describes special purpose vehicles (SPVs), explains performance analysis tools for securitized structures, and describes the various prepayment forecasting methodologies.
Moorad Choudhry, Structured Credit Products: Credit Derivatives & Synthetic Securitisation, 2nd Edition (New York, NY: John Wiley & Sons, 2010). ? Chapter 12. An Introduction to Securitisation. |
3、投資風險管理
Chapter 9,Hedge Funds:
刪減Describe the characteristics of hedge funds and the hedge fund industry and compare hedge funds with mutual funds.
超實用FRM備考資料包，助你順利拿下FRM證書，點擊下方免費下載海量學習資料，現(xiàn)在領取，下一位FRM持證人就是你！
2024年FRM5月考期：
FRM一級考試時間：2024年5月11日至17日
FRM二級考試時間：2024年5月18日至22日
2024年FRM第8月考期：
FRM一級考試時間：2024年8月9日-10日上午
FRM二級考試時間：2024年8月9日-10日下午
2024年FRM11月考期：
FRM一級考試時間：2024年11月9日至15日
FRM二級考試時間：2024年11月16日至19日
acca的f7科目中文名稱為《（FR）財務報告》，屬于有一定難度的階段，通過率在50％左右。這門課程涵蓋了復雜的財務報表和會計準則，需要學生具備扎實的會計知識和技能。
f7科目屬于第二階段，是f3的擴展和深化。這一門課核心內(nèi)容主要是關于企業(yè)財務工作報告的編制，包括學生獨立公司和集團有限公司的財務會計信息技術報告。也就是一個大家比較頭疼的個別財務報表和合并財務報表。最后，對財務報告中的信息系統(tǒng)進行研究分析和解釋。
acca的f7科目的考試時間為10分鐘的考試說明閱讀時間加上3小時的答題時間，合計為3小時10分鐘。
1、Section A（共30分。共15道題，每道題2分）：單選、多選、判斷、填空、拖拽匹配題、熱點題、下拉菜單題
2.B節(jié)（共30分）。案例問題3個，每個案例下有5個客觀問題，共15個問題，每個問題2分）：問題類型包括：拖動匹配問題、單選、多項選擇、判斷、填空、熱題、下拉菜單問題
3.c部分（40分，2道題，每道20分）:2道案例分析題
額外10分的種子題，隨機分配在Section A五個獨立進行客觀分析題中，或Section B圍繞一個單一問題情境可以設置的五個客觀主義題中。
acca的f7科目考試會考到的部分知識點如下：
1.Asset：as a result of past events;controlled by the entity
Liability：a present obligation
Equity：the residue interest.
2.Measurement bases：
Historical cost：歷史成本法，購買時的價錢
Fair value：公允價值，在市場中的價錢
Value in use：使用價值（將來幾年的折現(xiàn)）
Current cost：重置成本（購買一個全新資產(chǎn)的價值）
3.IASB conceptual framework
1）.underlying assumption:going concern（>12 months）
2）.Fundamental qualitative characteristics:
relevance（materiality）;faithful representation（substance and economic reality）
3）.Enhancing qualitative；comparability;verifiability;timeliness.
4.Regulatory framework:
IFRS:監(jiān)管
IASB:制定準則，負責相關準則的issue，revise
IFRC IC:解釋委員會
IFRC AC:咨詢委員會
5.Principle-based framework:judgement
Rule-based framework:detailed regulations
超實用ACCA備考資料包，助你順利拿下ACCA證書，點擊下方免費下載海量學習資料，現(xiàn)在領取，下一位ACCA持證人就是你！
acca的f7科目?？脊剑篖iquidity
Current ratio=current asset÷current liability
Quick ratio=（Debtors+investments+cash）÷current liability
acca的f7科目?？脊剑篖ong-term solvency
Debt ratio=total debts÷equity×100%
Gearing ratio=Fixed return capital,preference shares,debentures,loan stock÷Equity capital and reserves
OR=Debt÷Debt+Equity
Interest cover=PBIT÷interest charges
acca的f7科目?？脊剑篧orking capital analysis
Inventory turnover=Cost of sales÷Average inventory
OR=Average inventory÷Cost of sales×365
Receivable days=Average trade receivable÷credit sales×365
Payable days=Average trade payables÷Credit purchases×365
acca的f7科目?？脊剑篒nvestment ratios
Dividend yield=Dividend per share÷Current market price per share
Dividend cover=EPS÷dividend per share
Price/earnings（PE）ratio=Current market price per share÷EPS
acca的f7科目?？脊剑篜rofitability and return
Return on（total）capital employed（ROCE）=Profit before interest and tax÷（Share capital+reserves+debt）×100
Gross profit percentage=Gross profit÷Sales×100
Overheads/sales percentage=Overheads÷Sales×100
Asset turnover=Turnover÷capital employed
Gross profit margin=Gross Profit÷Revenue×100
2024年CFA二級考試安排如下圖所示：
CFA二級報名要求
報名參加CFA二級考試，需要通過CFA一級考試。
以本科在校生身份參加CFA一級考試的考生，最早可選擇處于學士學位課程或同等項目畢業(yè)月份前11個月及以內(nèi)的考試窗口。例如，2025年6月畢業(yè)的四年制本科在校生，若已經(jīng)通過CFA一級考試，最早可報名大三暑假（2024年8月）的CFA二級考試。
證件要求：和一級考試一樣，報名和參加CFA考試須持有效的國際旅行護照。對于計劃在中國內(nèi)地參加CFA考試的考生，除護照之外，也可以使用中華人民共和國居民身份證進行考試報名。
CFA二級報名費
早鳥階段報名費：$940
標準階段報名費：$1250
其它費用：
首次報名注冊費：$350（僅需支付一次）
紙質(zhì)版教材：$150（可自選）
電子版教材費：$49（可自選）
補充題庫：$299（可自選）
CFA二級考綱變動詳情
1.考綱細則無變動的科目
固收：原來的5個Reading現(xiàn)調(diào)整為5個Learning Module?？季V細則無變動。
道德：原來的3個Reading現(xiàn)調(diào)整為3個Learning Module?？季V細則無變動。
衍生：原來的2個Reading現(xiàn)調(diào)整為2個Learning Module?？季V細則無變動，僅順序有一定微調(diào)。
經(jīng)濟：原來的3個Reading現(xiàn)調(diào)整為3個Learning Module?？季V細則無變動。僅將原Reading 7 Economic growth and the investment decision的標題變成Learning Module 2 Economic growth，考綱細節(jié)內(nèi)容無變動。
另類：原來的3個Reading現(xiàn)調(diào)整為5個Learning Module?？季V細則無變動。但新考綱Module 3 LOS a-b，將原考綱k,l中對REITS的描述改為publicly traded real estate securities。
2.考綱細則刪除的科目
組合：原來的7個Reading現(xiàn)調(diào)整為7個Learning Module。
原Reading 42 Economics and investment markets對應的是Learning Module 5。
?其中刪除了一條考綱k describe how economic analysis is used in sector rotation strategies。
權(quán)益：原來的8個Reading現(xiàn)調(diào)整為4個Learning Module。
?刪除Reading 21 Return concepts收益概念和Reading 22 Industry and company analysis公司和行業(yè)分析，其余部分考綱細則不變，僅考綱順序進行了微調(diào)。
3.考綱細則新增的科目
財報：原來的6個Reading現(xiàn)調(diào)整為7個Learning Module。
新增考綱：Financial Statement Modeling財務報表建模
全章節(jié)新增，部分內(nèi)容與2022年權(quán)益Reading 22 Industry and company analysis行業(yè)和公司分析接近。
新增考綱細則如下：
?。?）compare top-down,bottom-up,and hybrid approaches for developing inputs to equity valuation models
?。?）compare“growth relative to GDP growth”and“market growth and market share”approaches to forecasting revenue
?。?）evaluate whether economies of scale are present in an industry by analyzing operating margins and sales levels
?。?）demonstrate methods to forecast cost of goods sold and operating expenses
?。?）demonstrate methods to forecast non-operating items,financing costs,and income taxes
?。?）describe approaches to balance sheet modeling
?。?）demonstrate the development of a sales-based pro forma company model
?。?）explain how behavioral factors affect analyst forecasts and recommend remedial actions for analyst biases
?。?）explain how competitive factors affect prices and costs
?。?0）evaluate the competitive position of a company based on a Porter’s five forces analysis
?。?1）explain how to forecast industry and company sales and costs when they are subject to price inflation or deflation
?。?2）evaluate the effects of technological developments on demand,selling prices,costs,and margins
?。?3）explain considerations in the choice of an explicit forecast horizon
?。?4）explain an analyst’s choices in developing projections beyond the short-term forecast horizon
數(shù)量：原來的5個Reading現(xiàn)調(diào)整為7個Learning Module。
?刪除原Reading 1 Introduction to linear regression一元線性回歸內(nèi)容下放到一級數(shù)量中的最后一個模塊。
原Reading 2 Multiple regression多元回歸內(nèi)容拆分成4個模塊module 1-module 4。
與原Reading 2考綱細節(jié)做比對，考綱的順序、表示和知識點都有較大變化，部分考綱進行了拆分，變化結(jié)果如下：
?考綱刪除3條：
?。?）formulate a null and an alternative hypothesis about the population value of.a regression coefficient,calculate the value of the test statistic,and determine whether to reject the null hypothesis at a given level of significance;
?。?）interpret the results of hypothesis tests of regression coefficients;
?。?）evaluate and interpret a multiple regression model and its results.
??考綱新增2條：
（1）describe the types of investment problems addressed by multiple linear regression and the regression process
?。?）describe influence analysis and methods of detecting influential data points
原Reading 4對應的是module 6。其中新增了一條考綱f describe supervised machine learning,unsupervised machine learning,and deep learning.
公司金融：考綱變動最大的科目。原來的5個Reading現(xiàn)調(diào)整為4個Learning Module。
?刪除原Reading 15 Capital Structure資本結(jié)構(gòu)章節(jié)和Reading 19 Capital Budgeting資本預算章節(jié)，精簡并下放到一級。
??新增：Cost of Capital:Advanced Topics
新增考綱細則如下：
?。?）explain top-down and bottom-up factors that impact the cost of capital
?。?）Compare methods used to estimate the cost of debt.
?。?）explain historical and forward-looking approaches to estimating an equity risk
premium
?。?）compare methods used to estimate the required return on equity
?。?）estimate the cost of debt or required return on equity for a public company and a private company
?。?）evaluate a company’s capital structure and cost of capital relative to peers
原Reading 18 Measures and Acquisitions兼并收購章節(jié)調(diào)整為Learnings Module 4 Corporate Restructurings企業(yè)重組，章節(jié)內(nèi)容完全重寫，新增內(nèi)容為各種公司重組事件、他們的分析和納入財務模型的預測和估值。
企業(yè)重組模塊考綱細則如下：
?。?）explain types of corporate restructurings and issuers’motivations for pursuing them
?。?）explain the initial evaluation of a corporate restructuring
?。?）demonstrate valuation methods for,and interpret valuations of,companies involved in corporate restructurings
?。?）demonstrate how corporate restructurings affect an issuer’s EPS,net debt to EBITDA ratio,and weighted average cost of capital
?。?）evaluate corporate investment actions,including equity investments,joint ventures,and acquisitions
?。?）evaluate corporate divestment actions,including sales and spin offsevaluate cost and balance sheet restructurings
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