Skip to content

Latest commit

 

History

History
336 lines (303 loc) · 9.24 KB

考试大纲.md

File metadata and controls

336 lines (303 loc) · 9.24 KB
Raw

Series 65 官方大纲

NASAA Investment Adviser Competency Exam (Series 65) Exam Specifications and Outline
(Effective 1/1/2010)

 

1. Economic Factors and Business Information

（14%, 19 items）

  • A. Basic economic concepts (6 items)
    • 1.business cycles
    • 2.monetary and fiscal policy
    • 3.US dollar valuation
    • 4.inflation/deflation
    • 5.interest rates and yield curves
    • 6.economic indicators
      • a. GDP
      • b. employment indicators
      • c. trade deficitd
      • d. balance of payments
      • e. CPI
  • B. Financial reporting （5 items）
    • 1.financial statements
      • a. income statement
      • b. balance sheet
      • c. statement of cash flow
    • 2.financial ratios
      • a. current ratio
      • b. quick ratio
      • c. debt-to-equity ratio
      1. corporate SEC filings
      1. annual reports and prospectuses
  • C. Quantitative methods （3 items）
    • 1.time value of money concepts
      • a. internal rate of return (IRR)
      • b. net present value (NPV)
    • 2.descriptive statistics
      • a.measures of central tendency (mean, median, mode)
      • b. range
      • c. standard deviation
      • d. Beta and its derivatives
    • 3.valuation ratios
      • a. price/earnings
      • b. price-to-book
  • D. Types of risk (5 items)
    • 1.systematic risk
      • a. market
      • b. interest rate
      • c. inflation
    • 2.unsystematic risk
      • a. business
      • b. regulatory
      • c. political
      • d. liquidity
    • 3.opportunity cost
    • 4.capital structure including liquidation priority

2. Investment Vehicle Characteristics

（24%, 31 items）

  • A. Types and characteristics of cash and cash equivalents （3 items）

    • 1.insured deposits
      • a. demand deposits
      • b. CD's
    • 2.money market instruments
      • a. commercial paper
      • b. Treasury bills

  • B. Types and characteristics of fixed income securities (5 items)

    • 1.U.S. government and agency securities
      • a. Treasury securities
      • b. FNMA
      • c. TIPS
    • 2.corporate bonds
      • a. coupon bonds
      • b. convertible bonds
      • c. tax implications
      • d. bond rating
    • 3.municipal bonds
      • a. general obligation
      • b. revenue
      • c. tax implications
    • 4.foreign bonds
      • a. risks and advantages
      • b. government debt
      • c. corporate debt
      • d. Brady bonds

  • C. Methods used to determine the value of fixed income securities (3 items)

      1. fixed income valuation factors
      • a. premium
      • b. discount
      • c. duration
      • d. maturity
      • e. yield to call
      • f. yield to maturity
      • g. coupon
      • h. conversion valuation
      • g. bond ratings
    • 2.discounted cash flow

  • D. Types and characteristics of equity securities (5 items)

    • 1.equity interests
      • a. common stock
      • b. preferred stock
      • c. convertible preferred stocks
      • d. warrants
      • e. ADRs
    • 2.restricted stock
    • 3.foreign stocks
    • 4.employee stock options
      • a. incentive
      • b. non-qualified
    • 5.shareholder rights
      • a. voting rights
      • b. dividends
      • c. liquidity preferences
      • d. antidilution

  • E. Methods used to determine the value of equity securities (2 items)

    • 1.fundamental analysis

  • F. Types and characteristics of pooled investments (4 items)

    • 1.open-end investment companies (mutual funds)
    • 2.closed-end investment companies
    • 3.unit investment trusts
    • 4.exchange traded funds
    • 5.real estate investment trusts (REITs)

  • G. Methods used to determine the value of pooled investments (2 items)

    • 1.net asset value
    • 2.discount/premium

  • H. Types and characteristics of derivative securities (1 items)

      1. types
      • a. options (definition only)
      • b. futures (definition only)
      • c. forward contracts (definition only)

  • I. Alternative Investments (2 items)

    • 1.hedge funds (definition only)
    • 2.limited partnerships (definitions only)

  • J. Insurance-based products (4 items)

    • 1.variable annuities
    • 2.fixed annuities
    • 3.equity indexed annuities
    • 4.life insurance (e.g., whole, term, universal, variable)

3. Client Investment Recommendations and Strategies

40 items (31%)

  • A. Type of client （4 items）

    • 1.individual, sole proprietorship
    • 2.business entities
      • a. general partnership
      • b. limited partnership
      • c. limited liability company
      • d. C-corporation
      • e. S-corporation
    • 3.trusts & estates

  • B. Client profile (4 items)

    • 1.financial goals and strategies
      • a. current income
      • b. retirement
      • c. death
      • d. disability
      • e. time horizon
    • 2.current financial status
      • a. cash flow
      • b. balance sheet
      • c. existing investments
      • d. tax situation
    • 3.risk tolerance
    • 4.non-financial investment considerations
      • a. values
      • b. attitudes
      • c. experience
      • d. demographics

  • C. Capital Market Theory （3 items）

    • 1.Capital Asset Pricing Model (CAPM)
    • 2.Modern Portfolio Theory
    • 3.Efficient Market Hypothesis
      • a. semi-strong
      • b. strong
      • c.weak

  • D. Portfolio management styles and strategies （5 items）

    • 1.strategic asset allocation
      • a. style
      • b. asset class
      • c. rebalancing
      • d. buy/hold
    • 2.tactical asset allocation (e.g., market timing)
    • 3.active vs. passive
    • 4.growth vs. value
    • 5.income vs. capital appreciation

  • E. Portfolio management techniques （3 items）

    • 1.diversification
    • 2.sector rotating
    • 3.averaging
      • a. dollar-cost
      • b. capital goal within specified time period

  • F. Tax Considerations (4 items)

    • 1.individual income tax fundamentals
      • a. capital gains
      • b. tax basis
    • 2.alternative minimum tax
    • 3.corporate, trust, and estate income tax fundamentals
    • 4.estate and gift tax fundamentals

  • G. Retirement plans (3 items)

    • 1.Individual Retirement Accounts (traditional and Roth)
      • a. traditional
      • b. Roth
    • 2.qualified retirement plans
      • a. pension and profit sharing
      • b. 401(k)
      • c. 403(b)
    • 3.nonqualified retirement plans

  • H. ERISA issues (3 items)

    • 1.fiduciary issues
      • a. investment choices
      • b. 404(c)
    • 2.investment policy statement
    • 3.prohibited transactions

  • I. Special types of accounts (3 items)

    • 1.education-related
      • a.529s
      • b.Coverdell
    • 2.UTMA/UGMA
    • 3.account ownership options
      • a. joint
      • b. pay-on-death
      • c. tenancy in common

  • J. Trading securities (5 items)

    • 1.terminology
      • a. bids
      • b. offers
      • c. quotes
      • d. market, limit, or stop order
      • e. short sale
      • f. cash accounts, margin accounts
      • g. principal or agency trades
    • 2.role of broker-dealers, specialists, market-makers
    • 3.exchanges and markets
      • a. NYSE, AMEX, CBOE, regional, international
      • b. OTC, Nasdaq
    • 4.costs of trading securities
      • a. commissions
      • b. markups
      • c. spread

  • K. Performance measures  (3 items)                                                         

    • 1.returns
      • a. risk-adjusted
      • b. time-weighted
      • c. dollar-weighted
      • d. annualized
      • e. total
      • f. holding period
      • g. internal rate of return
      • h. expected
      • i. inflation-adjusted
      • j. after tax
    • 2.yield
      • a. yield-to-maturity
      • b.current yield
    • 3.benchmark portfolios

4. Laws, Regulations, and Guidelines, including Prohibition on Unethical Business Practices

(31%, 40 items)

  • A. State and Federal Securities Acts and related rules and regulations (19%)

    • 1.Regulation of Investment Advisers, including state-registered and federal covered advisers （4）
      • a. definitions
      • b. registration/notice-filing requirements
      • c. post-registration requirements
    • 2.Regulation of Investment Adviser Representatives （4）
      • a. definition
      • b. registration
    • 3.Regulation of Broker-dealers （4）
      • a. definition
      • b. registration
      • c. post-registration requirements
    • 4.Regulation of Agents of Broker-dealers （4）
      • a. definition
      • b. registration
    • 5.Regulations of Securities and Issuers （4）
      • a. definitions
      • b. registration
      • c. post-registration requirements
      • d. exemptions
      • e. state authority over federal covered securities
    • 6.Remedies and Administrative Provisions （4）
      • a. authority of administrator
      • b. administrative actions
      • c. other penalties and liabilities

  • B. Ethical practices and fiduciary obligations (12%)

    • 1.communications with clients and prospects （4）
      • a. disclosure
      • b. unlawful representations concerning registrations
      • c. performance guarantees
      • d. client contracts
    • 2.compensation （4）
      • a. fees
      • b. commissions
      • c. performance-based fees
      • d. soft dollars
      • e. disclosure of compensation
    • 3.client funds and securities （4）
      • a. custody
      • b. discretion
      • c. trading authorization
      • d. prudent investor standards
      • e. suitability
    • 4.conflicts of interest and other fiduciary issues （4）
      • a. excessive trading
      • b. loans to and from clients
      • c. sharing in profits and losses in a customer account
      • d. client confidentiality
      • e. insider trading
      • f. selling away
      • g. market manipulation