CFA level 3 2025 Schweser’s Quicksheet, critical concepts for the 2025 cfa exam
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This document contains critical concepts for the 2025 CFA exam, Level III. It is organized into four major sections: Asset Allocation, Portfolio Construction, Derivatives and Risk Management, and Ethics.
- Asset Allocation contains information on how to determine the long-term economic growth rate, risk premium, and neutral short-term interest rate. It also details risk premium approaches and models (e.g. Grinold-Kroner and Singer-Terhaar). The asset allocation approaches section provides information on asset-only, liability-relative, and goals-based approaches. It also discusses asset classes, calendar rebalancing, percentage range rebalancing, mean-variance optimization, utility maximization, reverse optimization, and Monte Carlo simulation.
- Portfolio Construction covers topics on constructing equity and fixed-income indexes. It also contains information on cash flow matching and effective duration, and convexity. The five components of return are also included here.
- Derivatives and Risk Management provides information on option strategies such as covered calls, protective puts, collars, straddles, and calendar spreads. It also contains information on interest rate swaps and hedging interest rate risk.
- Ethics contains the Code of Ethics, Standards of Professional Conduct, Asset Manager Code of Professional Conduct, and information on Global Investment Performance Standards (GIPS).
The document also includes brief information on the wealth life cycle, taxes, after-tax future value, IPS for private clients, portfolio management for institutional investors, trading costs, and electronic markets.
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