CFA Program Candidates Q&A(考试手册) CFA辅导培训(上海) CFA 专区 CFA|CFA考试|CFA报名|CFA培训|CFA复习备考指南--道明诚教育CFA

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CFA Program Candidates Q&A(考试手册)

General 一般问题

What is the CFA Program? I thought it was an exam.
The CFA Program is an educational program that tests your mastery of a body of knowledge through a series of exams. If you pass these three exams and meet other requirements, you earn a CFA charter.

什么是CFA考试?我认为它是一个考试。
CFA项目是通过一系列考试测试你对知识掌握程度的一种教育项目。如果你通过了三个等级的考试并且符合所有的要求,你就能获得CFA颁发的特许证书。

What is a CFA charter?
The CFA charter is the designation you earn when you successfully complete the CFA Program. When you earn a charter, you become a CFA charter holder.

什么是CFA特许?
CFA特许是你成功完成CFA课程后获得的称号。当你获得了特许,你就是CFA的持证者。

What is a candidate?
A candidate is a person enrolled in the CFA Program.

什么是候选人?
参加CFA课程考试的人被称为候选人。

Exams 关于考试

How many exams will I have to take?
There are three levels of exams. You have to pass one exam to move on to the next one. If you fail a level, you can retake the exam. There is no limit to the number of times you can take an exam.

我要参加多少考试?
考试分为三个等级。必须通过一级才能考下一个等级。如果考试未通过,可以重考同一个等级。没有限制考试次数。

Do I have to take the exams in three years?
No. You do not have to complete the CFA Program within a specified time frame, and there is no limit to the number of times you can take an exam. You do not need to repeat an exam level that you already have passed, regardless of the time that elapses between exams.

我必须在三年内通过考试吗?
不需要!不需要特定的时间内通过全部的CFA课程考试,并且没有限制考试次数。即使两个等级考试间隔了一段时间,也不需要重新考已经通过的等级。

When are the exams held?
Exams are held in June (all levels) and December (Level I only).

考试什么时间举行?

考试在每年的六月(所有等级)和十二月(一级)举行。
Where are the exams held?

Exams are held in locations around the world in June (all levels) and December (Level I only).
考试在什么地方举行?

考试于每年一月(所有等级)和十二月(一级)在全世界各考点举行。

If I pass the Level I exam in December, can I register for the Level II exam held the following June?
Yes. But remember that your preparation time will be shorter. It's important to consider your personal and professional demands before registering for an exam.


如果我十二月通过了一级考试,在次年的六月我能报考二级吗?
可以。但是要注意的是,你准备二级考试的时间可能就会缩短了。在备考前,要充分考虑你的个人因素以及你对专业知识的掌握程度。

What is the format for the exams?
Each exam includes morning and afternoon sessions. The Level I questions are all multiple choice. The Level II questions are all item set (or “mini case”) questions. The Level III exams contain essay questions in the morning session and item set questions in the afternoon session.

考试的形式是什么?
每次考试分上午和下午两部分。一级考试都是单选题。二级考试都是客观题(或者是小案例分析)。三级考试上午为小论文,下午为客观题。

Why doesn’t CFA Institute offer the exam in languages other than English?

In order to ensure fair, global consistency both in administering the exam questions and grading candidate responses, we offer the exams only in one language.


为什么CFA协会考试只用英语?
为了公平起见。为了保证全球考试候选人及CFA协会管理人员的全球一致性,我们只提供一种语言的考试。

Requirements 要求

What are the requirements to enter the CFA Program?
View the requirements.


报考CFA课程的要求是什么?

Can you help me to determine if my degree is comparable to a U.S. bachelor's degree?
Generally, applicants must have reached a level of study that qualifies them for acceptance to university graduate programs in the countries where they earned their undergraduate degrees. If you need assistance to determine whether or not your degree is comparable to a U.S. bachelor’s degree, we suggest that you contact your college or university with your inquiry.


如果我的学位和美国大学学士学位相当,你能确定我能报考CFA吗?
通常来说,申请人必须达到一定的学历。但是CFA协会接受那些在自己国家获得大学本科以上学士学位的学生报考。如果你一定要确定你的学位是否等同于美国的学士学位,那么我们建议你可以询问你所就读的院校,以此来确定。

Cost 考试费用

How much does the CFA Program cost?
Program costs include a one-time enrollment fee and a registration fee for each exam you take. View the fee schedule.

CFA考试费用?
考试费用包括首次报考的注册费和每次等级考的考试费用。
I live outside the United States. Will I have to pay any additional import fees when the CFA Program curriculum is shipped to me?
Maybe. Customs and import requirements vary from country to country, and unfortunately we cannot provide detailed information that will apply to all candidates. If your local regulations require you to pay an import fee, you will be contacted by the shipping company (UPS, FedEx, or DHL) with additional information.


我不住在美国。CFA协会寄课程教材给我的时候,我是否要支付额外的进口费用?
可能。每个国家海关和进口的要求都是不一样的。很抱歉我们无法提供满足于不同考生的这方面的详细信息。如果你所在地的法规要求你支付进口关税,你可以联系进口公司(UPS,联邦快递,或者DHL)

Studying 关于学习

How do I prepare for the exams?
We recommend that you spend at least 250 hours preparing for each exam level. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background. We have a number of tools to help you study.

我应该怎样备考?
我们建议你每个等级考试最好至少花250个小时去准备。这个建议,也许是有点低估了,但还是要看个人不同的学习情况和学术背景稍做准备的。我们有很多工具可以帮助你的学习。

Where can I view past exams?
Many actual exam questions are embedded in the curriculum and included in the online sample exams. We do, however, take great care to eliminate past questions that are no longer consistent with the current curriculum and question-formatting conventions. We also provide free sample questions for each exam level to allow you to get a sense of the rigor.

哪里有历届考试的题目?
很多考题都会包括在课程以及网络上。除了三级的论文题,真题是不向外公布的。因为其内容和议题已经不合时宜。但是,我们也免费提供每个级别测试的例题。

Membership 会员

If I become a candidate in the CFA Program, am I also a member of CFA Institute?
No. The CFA Institute membership application process is separate from enrollment for the CFA Program.

我是一名CFA课程的考生。 我同时也是CFA协会的会员吗?
不是。CFA协会会员与CFA课程的招生是分离开来的。

Preparation CFA考试准备工作

Where can I find a study guide?
We don’t provide a printed study guide. All study materials for each level, including study sessions, readings, and assigned problems, are included in the CFA Program curriculum. We also provide additional study materials.

我在哪里可以找到学习指南?
我们不提供影印的学习指南。所有等级的学习讲义,阅读不分,以及考试的一些问题都被包括在了CFA课程纲要里了。当然我们也提供其他的学习资料。

Am I required to buy the CFA Program curriculum?
Candidates taking the exam in June 2007 and December 2007 are not required to purchase the curriculum. However, studying the prescribed curriculum is the best way to prepare for the exams.

我是否需要购买CFA课程纲要?
参加2007年一月和十二月考试的考生没有要求一定要购买。但是,学习纲要是考前最好的方法。
Beginning with the 2008 exams, the complete curriculum will be included as part of the registration. Learn more about this change.
2008年开始,完整的一套教科书将被包括在注册考试费中。
Remember that the exams are developed directly from the curriculum and are consistent with the learning outcome statements (LOS) assigned by CFA Institute. There is no substitute for studying the original material.
CFA协会会直接从课程教材中选题,并且保证和教材一致,以此来出题。课程纲要是不可替代的学习材料。

General 常见问题
I have created log in information, but I lost my user name and password. How can I retrieve this information?

Please complete and submit the User Name/Password Lookup Form to have your user name and password sent to you via e-mail.


我创建了登入信息,但是我丢失了我的用户名和密码,我怎样才能检索到我的信息?
请通过填写并提交名称/邮箱的方式来查找您的用户名称和密码,发送到电子邮件。

How can I contact CFA Institute?
Contact information for CFA Institute

我如何联系CFA协会?
联系CFA官方网站。

What information should I include in an e-mail to CFA Institute?
Please include the following information in each message:
Full name
Your question in the body of the message


我应该在给CFA协会的邮件中包含哪些信息?
应该包含一下信息:
全名
在邮件中你要提的问题。


My question is not addressed in these Frequently Asked Questions. What should I do?
Contact us

我所要提的问题不包含在FAQS中,我该怎么做?
联系我们。

Membership: New Applicants 会员:新申请

I am a candidate in the CFA Program. Am I also a member of CFA Institute?
No. The CFA Institute membership process is separate from enrollment for the CFA Program.

我是一名CFA课程的考生。 我同时也是CFA协会的会员吗?
不是。CFA协会会员与CFA课程的招生是分离开来的。

How can I apply for CFA Institute membership?
Find more membership information on the membership page.

如何申请CFA协会会员?
进入官方网站寻找更多会员信息。

I do not currently have 48 months of work experience. Can I still become a member of CFA Institute?
Yes. If you do not have the necessary work experience for regular membership, you will be recommended for affiliate membership.


我目前还没有48个月的工作经验,我是否能成为CFA协会会员?
可以。如果你没有成为固定会员的确切的工作经验,你将会被推荐成为附属会员?

What is the difference between affiliate and regular membership?
The only difference in benefits between regular and affiliate membership is that only regular members are allowed to vote on CFA Institute proxies. Being a regular member is a requirement for the eventual award of the CFA charter.

固定会员和附属会员之间的区别是什么?
固定会员和附属会员在权益上的唯一区别是,固定会员可以投票给CFA协会授权书。成为一个固定会员是对CFA持证人的要求和最终奖励。

How long will the membership application process take?
Processing may take up to 8-10 weeks. Please view the schedule (PDF) for details.

会员申请过程需要多久?
整个过程可能需要8到10周。请参阅时间表(PDF)。

I don’t have a supervisor. Can I still apply for CFA Institute membership?
Yes. Contact us to confirm that you do not have a supervisor, and we will waive this requirement. You will need to provide sponsor forms from two regular members of CFA Institute, one of whom must also be a member of your preferred society.


我没有上司,我是否还能申请CFA协会会员?
可以。联系我们去证实您没有上司,我们会免除这个要求。您需要由两个CFA协会固定会员提供的推荐表格,其中的一个必须是您首选分会中的一员。

I don’t want to ask my supervisor to sponsor me. Can I still apply for CFA Institute membership?
Yes. Contact us to request that we waive this requirement. You will need to provide sponsor forms from two regular members of CFA Institute, one of whom must also be a member of your preferred society.


我不希望请我的上司推荐我,我是否还能申请CFA协会会员?
可以。联系我们来要求免除这项规定,您需要由两个CFA协会固定会员提供的推荐表格,其中的一个必须是您首选分会中的一员。

I don’t know any members of my preferred society. Can I still apply for CFA Institute membership?
Yes. You may contact your preferred society’s membership chair for assistance in locating sponsors.

我不认识任何我的首选分会里的成员,我是否还能申请CFA协会会员?
可以。您可以联系您首选分会的主席,获得帮助和推荐。

I do not live close to a member society. Can I apply to CFA Institute only without also applying to a member society?
No, you will still need to choose and apply to one of our member societies in order to apply for CFA Institute membership. A number of CFA Institute societies are willing to assist applicants in remote areas with locating society members to sponsor them. Read more about the Remote Sponsorship Program.

我不住在靠近分会的地方,我能否申请只加入CFA协会而不成为分会会员?
不行。您仍旧需要选择并申请成为一个分会会员,才能申请成为CFA协会会员。不少CFA协会分会准备协助那些在偏远地区的申请者,提供一些分会会员的推荐。请阅读更多有关偏远地区推荐计划的信息。

I do not know any society members who can sponsor me. Can you waive the member sponsor requirement for me?
No, one of your two sponsors must be a member of your preferred society. A number of CFA Institute societies are willing to assist applicants in remote areas with locating society members to sponsor them. Read more about the Remote Sponsorship Program.

我不认识任何一个可以推荐我的分会会员,是否能为我免除会员推荐的这项规定?
不行。您的两个推荐者之一必须是您首选分会的会员。不少CFA协会分会准备协助那些在偏远地区的申请者,提供一些分会会员的推荐。请阅读更多有关偏远推荐计划的信息。

I am interested in applying for membership but am not sure I will qualify for regular membership. Can I send you my work experience and have you tell me whether my work experience will be acceptable?
No. You must first submit your complete membership application, including sponsor forms (PDF) and work experience, and we will review your work experience to determine your qualifications.

我很有兴趣申请会员,但是我不肯定我那时候有资格成为固定会员。我能不能发送我的工作经验给你,然后请你们告诉我我的工作经验是否会被接受?
不行,您必须先提交您完整的会员申请,包括推荐表格(PDF)以及工作经验,然后我们会审核您的工作经验,以确定您资格。

I submitted a membership application. How can I view my current status?
If you are a CFA Program candidate, you can view your current status online. If you are not a CFA Program candidate, you may e-mail us to verify your current status in the application process.

我已经提交了会员申请,我如何了解现状?
如果您是CFA课程的考生,您可以在网上看到您的现状,如果您不是,可以发E-MAIL给我们来了解申请的情况。

Membership: For Sponsor 会员:推荐

Someone I do not know well has asked me to be a sponsor for CFA Institute membership. How should I proceed?

Please follow the guidelines for the Remote Sponsorship Program.

一个我不认识的人请我做他申请成为CFA会员的推荐人。我该怎么做?
请根据偏远推荐计划的有关指导。

I am sponsoring someone I do not know well. Will this individual be recommended for membership based solely on my sponsorship?
A recommendation for membership will be based on more than a single sponsor form. CFA Institute and its team of independent auditors will review an applicant’s membership application (including the applicant’s completed Professional Conduct Statement/Member’s Agreement), work experience narratives, and sponsor forms submitted by two different individuals. More details.

我正在推荐一个我并不十分熟悉的人,这个人是否会单凭我的推荐被成为会员?

会员的推荐不单单建立在一个推荐推荐表格上。CFA协会以及它的独立审核团队会审核一个会员申请者的申请(包括申请人的专业操守声明/会员协议),工作经验叙述,以及两个不同个人的推荐表格。更多详情。

Membership: Dues 会员:会费

How much will I be charged for dues once I become a member?
Read more about CFA Institute dues. Member society dues vary.

一旦我成为会员,我需要支付多少会费?
阅读更多关于会费的内容,分会会费有所不同。

I understand that dues are prorated after 1 January. I received a CFA Institute welcome letter in November; if I pay my dues in January, will I be charged the reduced rate?
The dues fee is based on the date an individual’s membership becomes active, not the date you pay your dues
.

据我所知,明年一月一日后会费会按比例分配。 我在11月收到一封CFA学院的欢迎信。 如果我在一月付会费,我是否会被控降低利率?
交纳会费的日期是个人的会员资格被激活的日期,并不是您付会费的日子。

I paid my Seattle Society dues in June when I paid my CFA Institute dues. I have now moved to San Francisco and would like to apply for membership with the society. Will my Seattle Society dues transfer to the San Francisco Society?
No. CFA Institute and society dues are nonrefundable and nontransferable. If you join the San Francisco Society, you will be responsible for dues payment for the remainder of the member year.

我在六月支付了我西雅图分会的会费以及CFA协会的会费,现在我已经搬到旧金山,并愿申请加入那里的分会,我的分会会费是否会转到旧金山分会?
不会,CFA协会及分会会费是不退还不让渡的。如果您参加旧金山分会,您有责任支付剩余的会费。

I am completing the status change form to establish retired membership status with CFA Institute. Will my local society membership automatically be cancelled since I am retiring?
No. CFA Institute will notify the society of your wish to convert your society membership to retired status (if your society has such a category), but if you wish to cancel your local society membership, you must indicate that you are canceling your society membership in the appropriate section of the status change form (PDF).

我已经完成了状态变更表格,成为CFA协会退休会员,我所在的分会的会员资格是否会由于我的退休自动被取消?
不会,CFA协会会考虑您想从协会会员转换成退休状态的要求,(如果您的分会有这个类别),但是如果您想取消您当地分会会员的资格,您必须表明你的状况改变并在表格上适当的地方指出。

Membership: Work Experience 会员:工作经验

I submitted a total of 56 months of work experience on my membership application, but I was only approved for affiliate membership. Why was I not made a regular member?
Only a portion of your work experience was determined to meet the requirements for regular membership. You may contact us to verify which position(s) did not meet the regular membership requirements.

我在申请会员的时候总共提交了56个月的工作经验,但是我仅仅获准成为附属会员,为什么我没有成为固定会员?
您的工作经验中只有一部分是与我们对于固定会员的要求一致。您可以联系我们来核实哪部分与我们的要求不一致。

I learned that only a portion of my work experience was approved by CFA Institute for regular membership. I feel that my work experience does meet the regular membership guidelines. How should I proceed?
You may e-mail us with the details of your daily investment decision-making responsibilities related to the work experience in question. We will have these additional details reviewed again to determine whether you will qualify for an upgrade to regular membership.

我知道我的工作经验只有一部分能被CFA协会认可成为固定会员。我觉得自己的工作经验不符合成为固定会员的要求。我该怎么办?
您可以发邮件给我们,把您工作经验中有关日常投资决策责任的细节告诉我们。通过这些额外的细节,我们将重新审核,来确定您是否能升级成固定会员资格。

My job title falls under those that are eligible for regular membership. However, when my work experience was reviewed, my job was not accepted. Is this a mistake?
A job title alone cannot determine your qualifications for regular membership. The eligibility of your work is based on your detailed job description as well as your job titles and sponsor form narratives.If you still feel that your work experience should be acceptable for regular membership, you may provide us with additional details of your daily investment decision-making responsibilities related to the work experience in question by e-mail, and we will have this information reviewed again for a possible upgrade to regular membership.

我得职称属于固定会员申请资格。但为何我得工作经验在被审核时却不接受?这是一个错误?
仅仅一个职称不能确定您的固定会员资格。您的资格是基于工作职位的详细描述,以及推荐表格的叙述,如果您还是觉得我们应该接受您的工作经验,成为定期会员,通过电子邮件, 您可以给我们提供更多的日常投资决策责任的细节及相关工作经验,我们将重新核实您升级为固定会员的可能性。

Membership: Upgrades 会员:升级

I am currently an affiliate member but now have the necessary work experience for regular membership. What do I need to do to upgrade my membership?
You may complete the upgrade form (PDF) or, if you are simply updating work experience CFA Institute already has on file, you may e-mail us with your updated information.

目前我是附属会员,但是现在我已经获得必要的工作经来成为固定会员,我应该怎么做?
您可以填写完成升级表格(PDF),或者,如果您仅仅升级工作经验,CFA协会已经开有档案,您可以发E-MAIL给我们,更新您的信息。

How do I know if the work experience I have accrued meets the requirements to upgrade to regular membership?
If you believe you may have the necessary work experience for an upgrade to regular membership, you may complete the upgrade form (PDF). Or, if you are simply updating work experience CFA Institute already has on file, you may e-mail us with your updated information. If you are eligible for an upgrade, your request will be submitted to your preferred society for approval. If you do not qualify for an upgrade you will be notified in writing.

我如何才能知道我所累积的工作经验符合升级为固定会员的资格?
如果您觉得您可能有工作经验来升级为固定会员,您需要填写完成升级表格(PDF),如果您仅仅升级工作经验,CFA协会已经开有档案,您可以发E-MAIL给我们,更新您的信息。如果您有升级资格,您的要求将会被提交到您的分会来审核,如果您不符合升级要求,我们将会书面通知。

Current Members 附属会员

Can I submit my membership dues payment and Professional Conduct Statement online?
Yes. Online dues payment and PCS filing are both available.

我能否在网上支付我的会费以及提交我的专业操守声明?
可以。两者在网上都可以操作。

Does the CFA Institute membership year run from January to December?
No. The membership year runs from 1 July to 30 June.

CFA协会会员一年是否是从一月到十二月?
不是。是从1月1日到6月30日。

How can I transfer my society membership?
Submit the completed status change form (PDF) to transfer your member society affiliation. Note: member society dues are nontransferable and nonrefundable.

如何转分会?
请填妥状况转换表格(PDF格式)来改变您的分会。请注意:分会会费是不退还和让渡的。

I am a CFA Institute member, but I have not established member log-in information. How do I obtain log-in information?
When your status changed from candidate to member, your candidate log in was automatically converted to allow you member access. If you do not know your log in, please request a new one.

我已经是一个CFA协会会员,但是我还没有建立会员登入信息。我如何能获得?
当您的身份从考生转变为会员,您的考生登入会自动转为让您进入。 如果您不知道您的登入信息,请申请一个新的。

CFA Program: General
CFA课程:常见问题


Where can I find information about the CFA Program?
Please see the CFA Program area or submit a request for printed materials.

哪里可以找到有关CFA课程的信息?
请参照CFA课程领域的印刷品。

What are the requirements for entering the CFA Program?
Please see the requirements page.

参加CFA课程有什么要求?
请参照要求页面。

Is there a time limit for candidates to complete all three levels of exam in the CFA Program?
No. CFA Institute does not require candidates to complete the CFA Program within a specified time frame. Nor does CFA Institute limit the number of times candidates may sit for each exam level or require candidates to repeat an exam level that they already have passed, regardless of the time elapsed between exams.

完成CFA课程的三级考试有没有时间限制?
没有。CFA学院不要求考生在特定的时间内完成课程,也不会限制考生的考试次数或者要求考生重复参加他们已经通过的级别,也不管两次考试之间相隔多少时间。

If it has been several years since I enrolled in the CFA Program. Will I have to pay the enrollment fee again?

No. Applicants pay an initial enrollment fee upon entering the CFA Program. Returning candidates pay only the registration fee for each exam taken.

如果我已经注册CFA课程好几年的时间,我需要再次付注册费吗?
不需要。申请人只需在参加CFA课程前交纳首次注册费。重考生只需要交纳每次考试的报名费。

Where can I view past exams?
Many actual exam questions are embedded in the curriculum and included in the online sample exams. We do, however, take great care to eliminate past questions that are no longer consistent with the current curriculum and question-formatting conventions. We also provide free sample questions for each exam level to allow you to get a sense of the rigor.

我在哪里可以看到以往的考试?
除了三级的论文题,真题是不向外公布的。因为其内容和议题已经不合时宜。但是,我们也免费提供每个级别测试的例题。

Why doesn’t CFA Institute offer the exam in languages other than English?
In order to ensure fair, global consistency both in administering the exam questions and grading candidate responses, CFA Institute offers the exams only in one language rather than allowing any translations.

为什么CFA学院不提供除了英语以外的语言的考试?
为了保持公平,我们在全球一致管理试题下评定考生的反馈。与其允许各种翻译,CFA学院只提供一种通用语言来考试。

May my employer verify the status of my application?
CFA Institute may only verify for an employer the receipt of any recent payments they have made on your behalf. All other information is confidential. Candidates must contact CFA Institute directly for further assistance.

我的雇主可以在我的申请下核实我的状况吗?
CFA协会仅能为雇主核实他们近日代表您所取得的款项。其他的一切资料都是保密的。考生必须直接联系CFA协会获得进一步的援助。

If I pass the Level I exam in December, can I register for the Level II exam held the following June?
Yes, candidates who pass Level I in December can register for the Level II exam held the following June.

如果我在12月通过了一级考试,我能在明年6月报名二级考试吗?
是的,考生在12月通过了一级可以参加明年6月的二级考试。

Charters
特许证书


What are the requirements for award of the charter?
View a complete description of the CFA charter requirements.

获得特许证书有哪些要求?
请参照详细的CFA证书申请要求。

What is my candidate status after I have been notified that I have passed the Level III exam?
Your status becomes “charter pending” after passing the Level III exam; you are not a CFA charterholder until all CFA charter requirements have been met.

我通过三级以后,我的考生身份是什么呢?
在通过三级考试后,你的身份将变为“等待证书”,直到你符合所有获得CFA证书的要求,你就成为了CFA的持证者。

How soon may I begin using the CFA designation after passing the Level III exam?
You can only use the designation after you receive a letter from the president and CEO of CFA Institute confirming that you have met the requirements and have been awarded the CFA charter. View the CFA Charterholder Trademark Usage Guide for complete information.

通过三级考试后,我要多久才能开始使用CFA头衔?
您只有在收到CFA协会CEO的确认信件,说明您已经满足了所有的条件并且被授予CFA头衔之后,您才能够使用。看一看CFA证书持有者头衔使用指导的完整信息。

When will the letter confirming I have been awarded the CFA charter be sent?
The letter confirming the award of the CFA charter is typically mailed the same week the charter is awarded. Beginning in mid-September, charters are awarded and letters are mailed weekly as candidates satisfy all requirements.

我已经被授予CFA特许头衔的确认信何时会传送过来?
如果考生满足了所有的要求的话,确认函会在证书发出的同一个星期送出。在九月中旬,证书已经发出,邮件也会每周送出。

I have passed the Level III exam, but I am not yet eligible for regular membership because I have not accrued the required work experience. When will I be awarded the CFA charter?
Once you have accrued the required work experience, please submit the information to us by e-mail to update the work experience portion of your records and complete the charter award process. Charters are awarded weekly as candidates satisfy all requirements.

我已经通过了三级考试,但因为我没有累积到所需要的工作经验,所以还不具备成为固定会员的资格。我什么时候才能拿到CFA特许证书呢?
一旦您达到了所要求的累积工作经验,请通过E-MAIL把信息提交给我们来升级您的工作经验,并且获得证书。证书会每周发送给满足所有要求的考生。

Will CFA Institute notify my employer that I have been awarded the CFA charter?
Not directly, but when you receive your confirmation letter you will receive a second copy of the letter to present to your employer.

CFA协会会不会通知我的雇主我已经获得了CFA的证书?
不会。但是当你收到确认信的时候,你会收到寄给你雇主的副本。

How will my name be printed on the CFA charter?
Your name will be printed as it appeared on your exam admission tickets. You must notify CFA Institute in writing before 1 September if you would like your name to appear differently on your CFA charter. Prefixes (Mr., Ms. Miss, Mrs. Dr.) and other professional designations are not printed as part of the charter name. Requests may be e-mailed to cmservices@cfainstitute.org or faxed to +1 (434) 951-5290.

我的名字将如何出现在CFA证书上?
您的名字会被印得和考试入场卷上的一样。您必须在7月15日之前书面通知CFA协会,如果您希望您的名字在证书上有所改变。诸如(先生、女士、小姐、太太、博士)等其他专业的前缀将不作为名字的一部分。请把您的考生号码E-MAIL到ervices@cfainstitute.org或传真到+1 (434) 951-5290。

When and how will I receive my charter?
You will receive correspondence from your local society if it is hosting an award ceremony. The charter will be mailed directly to your preferred address if your society is not hosting a ceremony or if you do not want it presented at the event. Charters that are not presented at ceremonies are mailed to your preferred address within four to six weeks after the charter award date. Charter ceremonies are held at society-sponsored events between 15 October and 30 January. If your charter is awarded after the ceremony date, the charter will be mailed directly to your preferred address.

我将在何时怎么样获得我的证书?
您会得到CFA协会的信件提供您以下方式领取证书,直接寄到您的做选择的地址,或者寄给您的分会。证书最早会在12月中旬到1月中旬寄过来。一旦您的条件都符合了,也会在一年里的任何一个时候寄给您。证书的颁奖典礼会在11月15号以及12月15号举行,如果您的分会举办典礼,您会从您的分会那里得到通知和邀请。如果您的证书在典礼之后获得,或者您的分会没有举办典礼,证书会被直接邮寄到您的首选地址。

If I will not be able to meet all requirements until February, how long will I have to wait to receive my charter?
Charters are awarded weekly, at any time throughout the year, when charter pending candidates have satisfied the requirements for the charter.

如果我在二月之前都不符合要求,那么我将等多久才能拿到我得证书呢?
证书每周都会发。一年中的任何时候,只要考生符合要求,就能获得证书。

What if I do not know if my charter will be awarded in time to attend a ceremony?
If your charter is awarded after the ceremony date or if your society does not host a ceremony, the charter will be mailed directly to your preferred address.

如果我确实不知道我已经获得证书,我怎么才能及时参加典礼?
如果您的证书是在典礼之后颁出的,或者您的分会没有举行典礼,证书会被邮寄到您的首选地址。

How are charters mailed to new CFA charterholders?
Charters are sent in sturdy mailing tubes by priority mail for U.S. addresses and by courier service for addresses outside the United States. Because the mailing tubes do not fit inside some home mailboxes, you may receive your charter more efficiently if your preferred address is your business. (You may change your address preference at any time.)

证书将如何被寄给新的证书持有人?
证书将通过邮政通道优先邮寄给在美国的地址,然后速递到美国境外的地址。由于邮政通道有时并不配合民政信箱,如果您所选择的地址是在公司的话,您可能能够更快的收到您的证书。(您可以随时改变您的首选地址)

Candidates: General
候选人(考生):常见问题


I am a candidate in the CFA Program, but I have not established log-in information. What should I do?
Register for a candidate user name and password.

我是CFA课程的考生,但是我还没有建立我得登入信息,我该怎么办?
注册一个考生的用户名和密码。

How much time should I dedicate to preparing for the exam?
We believe you need to commit to a minimum of 250 hours reading and reviewing the curriculum and taking online sample exams to master the material. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background.

我需要用多少时间来准备考试?
我们相信您至少需要250小时来阅读并且复习课程并且做一些网络测试来掌握材料。这仅是一个建议,可能大大低估了通过考试所需的准备时间,这也取决于个人的情况和学术背景。

When will I receive specific details on my test center location?
The exact location of your test center will be printed on your exam admission ticket. Admission tickets for the June exam will be available in late April. Admission tickets for the December exam will be available in late October. You will receive notice from CFA Institute when the online ticket system is available.

什么时候我能知道我考试的详细地址?
具体的地点将会印在您的考试入场券上,6月考试的入场券最迟会在4月下旬发出,12月考试的入场券会在11月下旬发出。网上票务系统启动的时候,您将会收到CFA协会的通知。

When will my exam results be available?
Exam results are typically available for December exams in mid-January and for the June exams between mid-July and late August.

我何时能知道我的考试结果?
12月的考试通常在一月中旬公布,6月的考试通常在7月中旬到8月下旬之间公布。

Candidates: Enrollment/Registration
候选人(考生):考试报名/注册


Can you help me to determine if my degree is comparable to a U.S. bachelor's degree?
Generally, applicants must have reached a level of study that qualifies them for acceptance to university graduate programs in the countries where they earned their undergraduate degrees. If you need assistance to determine whether or not your degree is comparable to a U.S. bachelor’s degree, CFA Institute suggests that you contact your college or university to make an inquiry.

如果我的学历与美国的学士学位相仿,您能帮助我确定我的程度吗?
一般来说,申请人必须达到一定的研究程度,他们有资格接受他们获得学士学位的国家的研究生课程。如果您需要帮助来确定您的程度是否与美国的学士学位相仿,CFA协会建议您联系您的学院或大学来进行调查。

I am scheduled to take the CFA exam in Boston, Massachusetts; however, I have just relocated to Hong Kong. Can I take the exam in Hong Kong, and what must I do to change my test center?
Yes, you may submit a test center change request. Find out how.

我原计划在波士顿进行我的CFA考试,但是我刚刚得知考试期间我将在香港。我能不能在香港考试呢?我该怎么更改我的考试地点?
可以的。您可以向另一个考场递交申请表来更改(PDF)。CFA协会会允许这样的申请只要考试地点还有空位。

How do I change my test center?
Follow these instructions. CFA Institute will grant such requests if space is available.

我怎样更改我的考试地点?
CFA协会会允许这样的申请只要考试地点还有空位。

I just moved and sent in my address change form. Will you automatically change my test center?
No. Changing your address and changing your test center are two separate processes. You can submit a change of mailing address at any time. Candidates who want to change test centers for the CFA exams must follow these instructions.

我只是搬家了,然后发送了我的地址更改表格,您们会自动更改我的考试地点吗?
不会,更改您的地址和更改您的测试地点是两个不同的过程,CFA协会不能假定考生所希望的考试地点会随着他通信地址的改变而改变。通信地址的改变可以在任何时候完成,考生想要改变考试地点,必须完成并且递交考试地点更改申请表(PDF)。

If I withdraw from the December Level I exam, do I have to wait until the forms have been processed and confirmed before I re-register for the June exam?
No. Candidates may submit a paper re-registration application for the June exam at the same time they submit their request to withdraw from the December exam, but they cannot re-register online until their withdrawal is processed. However, please note that registration fees cannot be refunded or transferred from one exam to the next. You will need to pay another registration fee at the time of your re-registration.

假如我不参加12月的一级考试,我要等到表格被核实和确认以后再重新报名6月份的考试吗?
不用。考生可以提交一份重新参加考试的申请,同时撤消他们退出12月份考试的申请。但是他们不能在撤消之前重新报名。需要注意的是,报名费不会退还或让渡到下一次考试,您必须重新交报名费。

If I request an exam score retabulation, should I wait to receive the retabulation result before re-registering?
No. We strongly encourages you to re-register at the earlier (and less expensive) deadline.

如果我要求考试成绩统计表,我必须收到统计表之后再重新报名吗?
不,我们鼓励您重新报名,在截止日期前(越早越便宜)。

I am not able to sit for the exam. Can I request a refund or transfer my registration to the next exam?
No. Once you submit your application for the CFA Program, your enrollment and registration fees are nonrefundable. Also, enrollment and registration fees may not be transferred from one applicant/candidate to another applicant/candidate, or from one exam offering to another.

我不能参加考试,我能要求退款或者把我的报名费转入下一次考试吗?
不行,一旦您提交了CFA课程的申请表,您的注册和报名费就不不能退还。同时,注册费和报名费也不能从一个申请/考生,转给另一个申请/考生,或者从一场考试到另一场考试。

How long does it take to process my enrollment and registration application?
Online applications are processed within 48 hours. Paper applications may take up to six to eight weeks. With either method, you will be notified of your status.

我需要多久来办理注册和入学申请?
网上申请和办理不超过48小时,文件申请可能需要6-8个星期,无论什么方法,您都会被通知您的现状。

May I withdraw my registration in the Level I exam?
Yes. View complete information on withdrawal options. If you would like to re-register for the Level I exam, fax the appropriate registration form along with your withdrawal request to +1 (434) 951-5686. Deadline information is available on the withdrawal request form.

我能否撤回我的一级考试申请?
可以,看一下撤回申请的完整信息和指引。如果您想重新参加一级考试,传真您的报名表以及撤回申请到+1 (434) 951-5686。撤回申请的表格上有截止信息。

I am a U.S. veteran. Can I be reimbursed for CFA Program fees?
Yes. You pay CFA Program fees up front and we provide you with documentation to submit to the U.S. Department of Veterans Affairs for reimbursement.

我是个美国退伍军人。我可以报销CFA课程费用吗?
可以。你之前付给CFA课程的费用,我们会为你提供相关的文件提交给美国退伍军人事务部报销。

Preparation
准备


I heard that CFA Institute writes the exam questions based on what is, or is not, in the notes prepared by review course providers. Is that true?
No. The exam development process begins long before any review course has published its notes. CFA Program question writers begin drafting exam questions in mid-July, and spend many months reviewing and fine-tuning the questions and guideline answers. Exam questions are finalized by early March so that copyediting and secure printing can take place in time to ship the exams around the world.

我听说CFA协会的考试题目是选择题,都是由课程提供者来准备重点,是真的吗?
不是,考试在复习课程提供重点之前筹备了很长时间。CFA课程的考卷,在7月中旬开始编写,用很多时间来回顾并且调整问题和答案。考试题目在三月初定稿,副本能及时印刷完成并且在全世界的考试中使用。

Do commercial review course providers receive advance exam details from CFA Institute?
No. At no time during the exam development process do either the question writers or CFA Institute staff consult with or provide exam information to review course providers. It is important to note that review course providers can only guess at what items will appear on the exams; very often they guess wrong.

课程提供者能够提前从CFA协会那里得到考试细节吗?
不行,考试筹备过程中的任何时候,不论是问题的编写者,或是CFA协会的相关工作人员,或者为考试提供信息的人都不能得到。值得注意的是,课程的提供者只能猜测哪一个项目会出现在考卷上,他们通常都会猜错。

I have begun studying for the Level I exam and discovered that there are many formulas presented. Are candidates expected to memorize all these formulas?
Candidates are expected to be able to perform the actions specified in the learning outcome statements (LOS). If a formula is required, then it should be committed to memory.

我开始学习一级考试,发现有很多公式,考生必须背出这些公式吗?
考生应该能够在学习成果中表现出特别的行为能力(LOS),如果一个公式是所需要的,那就应该努力记下来。

We used to get old exam questions free with the candidate readings book. Why do I now have to pay $50 to do a sample exam?
The decision to produce fee-based, online sample exams was made only after extensive study, business planning, and input from various constituents. The primary driving force was candidate demand. Candidates at all three levels have consistently asked CFA Institute to produce sample exams to help with preparation. Candidates have indicated, however, that they wanted any such exams to be more realistic and similar to the actual CFA exams and to offer real-time feedback regarding performance and relevant study materials. Producing sample exams with those characteristics has required, and will continue to require, substantial time and financial resources, especially given the commitment of CFA Institute to maintain the rigorous development principles and standards of the CFA Program.

我们以前可以在考生阅读书籍中免费得到老的考试题目,为什么现在需要支付50美金来做一个模拟考试?

在线的模拟考试必须在经过广泛的学习,业务规划以及各种因素的介入。主要的动力是考生。三级的所有考生都不断的要求CFA协会进行模拟考试来帮助他们准备考试。考生们表示,他们还希望多一些类似的更接近于CFA考试的练习,并且得到反馈。考虑到表现以及学习的有关材料,开展模拟考试需要大量的时间和财力,个别是CFA协会会保持严谨的原则和标准。

Where can I find a study guide?
We don’t provide a printed study guide. All study materials for each level, including study sessions, readings, and assigned problems, are included in the CFA Program curriculum.

哪里可以找到学习指导?
CFA协会不再提供印刷的"学习指导",所有的学习资料,阅读材料以及分配问题现在已经纳入CFA课程,考生可以在网上的考生工具栏里找到大量的关于课程资料,模拟考试,学习交流等等信息。

Am I required to buy the CFA Program curriculum?
Beginning with the 2008 exams, the complete curriculum is included as part of the registration. Learn more about this change.

我是否需要购买CFA课程纲要?
2008年开始,完整的一套教科书将被包括在注册考试费中。

Remember that the exams are developed directly from the curriculum and are consistent with the learning outcome statements (LOS) assigned by CFA Institute. There is no substitute for studying the original material.

CFA协会会直接从课程教材中选题,并且保证和教材一致,以此来出题。课程纲要是不可替代的学习材料。

I live outside the United States. Will I have to pay any additional import fees when the CFA Program curriculum is shipped to me?
Maybe. Customs and import requirements vary from country to country, and unfortunately we cannot provide detailed information that will apply to all candidates. If your local regulations require you to pay an import fee, you will be contacted by the shipping company (UPS, FedEx, or DHL) with additional information.

我不住在美国。CFA协会寄课程教材给我的时候,我是否要支付额外的进口费用?
可能。每个国家海关和进口的要求都是不一样的。很抱歉我们无法提供满足于不同考生的这方面的详细信息。如果你所在地的法规要求你支付进口关税,你可以联系进口公司(UPS,联邦快递,或者DHL)

Identification (ID)
证件(ID)


Is my identification acceptable?
To be considered acceptable, your identification (ID) must be current and valid, must contain your photo, must be issued by a government agency, and must be a single document. There are no exceptions to this policy. The CFA Institute preferred form of ID is a valid passport. View the complete ID policy.

我的政证件可以被接受吗?
您的证件必须是有目前有效的,必须有您的照片并且由政府机构认定,必须是单一的文件,才能被接受。这一政策没有例外。CFA协会的首选证件是护照,看一下详细的证件政策。

Where I live, a driver’s license is renewed by placing a sticker on the back of the original license to update information such as expiration date and address. Is this acceptable for admittance to the CFA exams?
Yes. An original driver’s license (which contains a photo of the driver) with a renewal sticker is acceptable. Your identification must meet all of the following criteria: It must be current and valid, it must contain your photo, it must be issued by a government agency, and it must be a single document.

我住的地方,驾驶执照原始证件的背面有过期的信息,如:有效期和地址等。请问CFA考试能接受吗?
可以。原始驾驶执照(要包括本人照片)重建过信息的也能被接受。我们的鉴定必须符合以下所有标准:他必须是当前有效的、包括了你的照片、由政府机构确认的、并且是一个单一的证件。

Where I live the government issues a paper renewal certificate without photo to renew a driver’s license. Can I use my expired photo driver’s license along with the renewal certificate for admittance to the test center?
No. The CFA Institute identification (ID) policy says that your ID must be a single document; it cannot be a combination of two or more pieces of identification. The preferred form of ID is a valid passport.

我住的地方,政府更新的驾驶执照没有照片,我可以用我过期的驾照以及新的驾照送到测试中心来审核吗?
不行,CFA协会证件政策规定您的的证件必须是单一的证件,它不能结合两个或更多的证件。首选方式还是有效的护照

My government-issued identification (ID) does not have my photograph on it. Can I use another form of photo ID along with my government-issued ID for admittance to the testing room?
No. The ID policy requires you to present current, government-issued photo identification.

我国政府发行的身份证明没有我的照片,我能够用另一个有我照片的证件和身份证一起送去测试中心审核吗?
不行。证件政策需要您当前的政府发行的有照片的证件

Can I use a copy of my identification (ID), rather than the original, for admittance to the exam?
No. You must present the original document to gain admittance. Photocopies of ID documents will not be accepted. View the ID policy for details.

我可以用我的身份证明的复印件来代替原件参加考试吗?
不行。您必须要用原件参加考试,身份证件的复印件不能被接受,请看一下政策细节。

Calculators
计算器


May I refer to the keystrokes printed on the cover of my calculator during the exam?
Yes. Calculator covers are permitted in the testing room. The Texas Instruments BAII Plus cover contains a keystroke card; the Hewlett Packard 12C/12C Platinum has keystrokes printed on the back of the calculator. Candidates may refer to these keystroke instructions during the exam; however, you may not write notes or formulas on the calculator covers. View the calculator policy.

我可以在考试时看计算器的按键说明吗?
可以,计算器包装是可以进入考试教室的。BAII PLUS计算器包括一个按键卡,HEWLETT PACKARD 12C/12C白金计算器在背面有按键说明,考生可以参考这些按键指示来考试,但是,您不能写小抄或者公式在计算器的盒盖上,看一下计算器政策的详情。

What features of the approved calculators should I be prepared to use on the exams?
You should practice and become proficient at using any of the specific calculator features needed to address the learning outcome statements (LOS) in the curriculum. Examples include, but are not limited to, present and future values, annuity payments, square roots, and exponents. You should also know how to use general features of your chosen calculator, such as changing the number of decimal places displayed. View the calculator policy.
?

我该准备哪些东西以便在考试中运用计算器?
您可以练习使用计算器,逐渐精通学习成果表内的要求内容。例子可以包括,但不局限于现在和未来的价值,比如,支付年金,平方根,指数。您也可以理解您所选择的计算器的一般用法,比如更改数量的小数位。看一下计算器政策的详情。

I have to use a screwdriver to replace the batteries in my Texas Instruments BA II Plus calculator. Will I be allowed to do this during the exams if my battery dies?
Yes. If your calculator requires the use of a screwdriver to replace batteries, you may bring one and keep it in your pocket or place it under your chair until you need to use it. However, CFA Institute advises you to place fresh batteries in your calculator(s) on the day before the exams. Replacing batteries during the exams will use valuable testing time. View the calculator policy.

我不得不用螺丝刀更换TEXAS INSTRUMENTS BA II PLUS计算器的电池,现在我可以这么做,但是考试期间怎么办呢?
是的,如果您在考试时需要用螺丝刀更换计算器的电池,您可以把它保存在您的口袋里或者座位底下知道您需要使用他。但是,CFA协会建议您在考试前一天更换好新的电池,在考试期间换电池会浪费您宝贵的考试时间。看一下计算器政策的详情。

There is a problem with using the HP 12C calculator to do some time value of money calculations. Should I be concerned that the HP 12C automatically rounds up when computing the time required to accumulate a given future value?
No. CFA Institute is aware that the HP 12C rounds up when computing the time required to accumulate a certain sum. We have taken that into consideration in the creation of questions and in the grading process.

在使用HP12C计算器计算一些金钱价值题目的时候有问题,我可以确定HP12C自动运算出的结果,来决定所要求的未来的价值吗?
不行。据CFA协会了解到,HP12C计算机在计算此类问题时会精确到某一个结果。我们已经在着手考虑这一存在的问题,并且会加以改进。

May I bring an extra calculator to the exam?
Yes. Candidates are allowed to bring more than one calculator to the exam. All calculators must be models authorized for the CFA exam. Calculators will be inspected by the proctors prior to the start and during the exam, and calculators must remain on the desk throughout the entire exam. View the calculator policy.

我可以另外再带一个计算器到考场去吗?
可以,考生可以带超过一个的计算器去考场,所有的计算器的型号必须符合CFA考试的要求。计算器会被在开始几考试期间被检查,整个考试中,计算器必须放在桌上。看一下计算器政策的详情。

I understand that there are only two models of calculators that I’m allowed to use. This is an archaic rule that has no basis except to impose restrictions on candidates. Why can’t I use my HP17B2?
Many calculators, such as the HP17B2, have text-storing capabilities. Candidates could bring text stored in the calculator into the testing room, creating an unfair situation. By adopting a policy of permission (defining what a candidate may use) rather than a policy of omission (attempting to describe what the candidate may not use), we can more easily protect the integrity of the CFA exam. It is a standard practice of many professional testing bodies to provide a short list of permissible models. In the current policy, the HP model is available for candidates who prefer reverse polish notation entry, and the TI model is available for those who prefer algebraic notation entry. Both of the models approved for use on the CFA exams are available for sale worldwide and are relatively inexpensive. The policy was developed to create a level playing field for all candidates. Please note that CFA Institute does not sell calculators, nor does CFA Institute receive any financial remuneration from sales of either calculator model.

据我了解,目前只有两个型号的计算器,获准使用。 这是一个古老规定,没有例外,为什么我不能用我hp17b2?
为了创造一个公平的环境,许多计算器诸如HP17B2,有文字储存功能,考生可以将文字储存在计算器里带进考场,通过政策规定(界定考生可使用的计算器)而不是禁止(描述考生不能使用的型号)。这是一个标准的做法,许多专业的考试机构提供可使用的型号的列表。在现在的政策里,HP模式可供那些喜欢逆向波兰符号输入的考生选择,而TI模式可供那些喜欢代数符号输入的考生。两种模式都可以在CFA考试中使用,在全世界中都是比较便宜的,政策的制定是为了给所有的考生提供一个公平的环境,请注意,CFA协会不出售计算器,也不接受任何报酬来销售计算器。

Exam Day
考试当天


Why can’t I bring my cell phone into the testing room if I agree to turn the sound off?
CFA Institute is concerned not only for the distraction posed by ringing telephones, but also for the potential for cheating. With camera and text messaging capabilities, cell phones are actively being used by students around the world to take an unfair advantage. Therefore, to ensure a fair and equitable opportunity for all candidates, cell phones are not allowed in the testing room. Any cell phone found in the testing room will be confiscated, and the candidate will be reported to CFA Institute for disciplinary action.

为什么我同意把声音关闭也不能把手机带入考场?
CFA协会关心的不仅是电话铃声会分心,也可能作弊,如照相,短信等。手机正在被全世界的学生来作为作弊的工具,因此,为了确保所有考生有公平竞争的机会,手机不得进入考场,任何考场内发现手机都会被没收,并且考生也会被CFA协会处分。

Is there a dress code for the exams?
No. CFA Institute advises candidates to dress comfortably and in layers. Temperatures in the testing room should be comfortable; however, sometimes candidates get hot or cold during the exams. We suggest that you wear soft-soled shoes to keep noise in the testing room to a minimum.

考试当天有着装要求吗?
没有,CFA协会建议考生以舒适为宜。考场的温度很适宜,但是有些时候考生会在考试中觉得很热或很冷。我们建议您穿软底鞋降低考场噪音。

What is the CFA Institute contingency plan in the event of inclement weather?
CFA Institute will make every effort to administer the exam as scheduled. Please view the cancellation policy.

在遇到恶劣天气的时候,CFA有什么应变计划?
CFA协会将尽一切努力,以此管理考试如期举行。请参照考试取消政策。

What is the exam day schedule?

View the exam day schedule.

请参照考试当天时间表

Exam Format
考试格式


What topics will I see on the exam during the morning session, or during the afternoon session?
Traditionally on Level I and II exams, all topics are covered in the morning session and all topics are covered again (with different questions) in the afternoon session. On the Level III exam, some topics are covered in the morning session only and other topics are covered in the afternoon session only.

我在上午的考试,会看到什么考题,下午的考试又将是什么考题?
一般来说,对于一级二级的考试,上午的考试会包括所有的的内容,下午的考试也会包括所有的内容(具体的题目不同)。三级考试,有些考题只会在上午出现,而有些只会在下午出现。

If I am are trying to calculate a ratio that mixes income statement and balance sheet statement information, when should I use the average values of the balance sheet information as opposed to the beginning- or end-of-year values? On the exams, how should I calculate such a ratio?
The way ratios are calculated depends on the availability of data and how particular ratios are going to be used. There is no “one size fits all” solution, and such differences are part of the nature of financial analysis. Candidates should be familiar with the assigned curriculum and be prepared to perform calculations and interpretations based on that curriculum. If it is relevant, the exam questions will normally specify how the calculation is to be performed (e.g., “use beginning-of-year balance sheet data for your calculations”).

如果我打算计算比例混合损益表及资产负债表,什么时候我应该用平均值的资产负债表资料来计算年初或今年底价值呢?在考试中,我应如何计算出这样一个比例?
比率的计算方法是依赖数据的可用性。尤其是该比率是如何被运用的。在财务分析案例中,这种部分存在的差异没有一刀切的解决办法。考生们应该很熟悉所学的课程,并且充分的做好准备,然后运用到实际的计算中去。如果碰到类似情况,考题一般会表明该如何计算。(例如:计算年初负债平衡表)

In quantitative methods we often refer to the z-table, t-table, and F-table. Will these tables be provided during the exam?
No. CFA Institute will not provide distribution tables with the exam. If a question requires information from a specific distribution table, that information will be provided with the question, but the tables themselves will not be provided. Similarly, time value of money tables (present value, future value, etc.) are neither needed nor provided. The two approved calculators are capable of performing any required present value and future value calculations.

定量方法中,我们经常提及Z表,T表以及F表,这些表格会在考试中提供吗?
不会,CFA协会不会在考试中提供分布表,如果一个问题需要这些表格中得到信息,那个信息会在问题中提供给您,但是表格不会直接提供,同样,货币时间价值表(现值、未来价值等)如非必要也不提供,使用两种计算器,可以满足计算现在价值和未来价值的需要。

When answering constructed response-essay exam questions, may I use abbreviated words to save time or must I write out all words in full?
Prudent use of abbreviations is certainly acceptable, and even advisable, especially in those cases where such abbreviations are used in the assigned readings or are commonly known to be part of the body of investment terminology. Candidates should, however, be cautious about abbreviating highly technical, specialized, or less widely used terms.

当回答问题的时候,我可以使用略写来节约时间吗?还是我必须写出所有完整的单词?
应当谨慎地使用。使用缩略语虽然是可以使用的,但不太适宜,特别是诸如一部分投资机构才使用的术语,考生要注意的是,要谨慎省略高度技术性、专业,或少于常用条款。

During the Exam
考试中

What type of pencil can I use during the exam?
CFA Institute will permit candidates to use regular or mechanical pencils provided that they use Number 2 or HB lead. In the event that you are unable to locate a Number 2 or HB pencil, any pencil with soft lead/graphite will suffice.

我可以在考试中使用哪种铅笔?
CFA协会允许考试使用普通铅笔或者活动铅,2B或是HB都可以,如果最后您无法找到2B或者HB的铅笔,任何软芯石墨铅笔都可以。

Can medicine be brought into the testing room and used during the exam?
Yes. You may keep medicines, tissues, and other personal items in your pockets or on the floor beneath your chair during the exam. They may be accessed as needed.

可以把药品带入考场,并在考试中使用吗?
可以,您可以把药物及一些其他私人物品放在口袋里,或者是座位底下,他们可以根据需要随时拿到。

Why are candidates not permitted to have water at their tables during the exam?
Candidates are not permitted to have drink containers in the testing room because, in the past, exam answer books and answer sheets have been damaged as a result of spills. This potential problem is made worse by the fact that candidates typically share tables with other candidates. Water stations are provided in the testing rooms at convention halls/exhibition centers and drinking fountains are accessible to candidates during the exams at universities/schools.

为什么考试时考生的桌子上不能放水?
考试不允许在考试室内放任何饮品,因为在过去,考试答题卷以及考卷都因为溢漏而被损坏过,而更糟糕的潜在问题是,考生通常会与其他考生共用一张桌子。考试中心会提供供水站,通常在会堂/展览中心,饮水机会方便考生喝水。

Can I use a ruler, correction fluid, highlighters, or other tools on the exam?
No. Highlighters, correction fluid, and rulers are not permitted. Candidates are only permitted to bring pencils, small erasers, and pens for writing the exam. Multiple choice and item set questions must be answered in pencil. Stray pencil marks or changed answers should be corrected by erasing. Constructed response-essay questions must be answered in blue or black ink. Changed essay answers should be marked through with ink. Graders will not grade answers that are marked out.

我可以在考试中使用尺,涂改液,荧光笔或这其他工具吗?
不行,荧光笔,涂改液以及尺都是不允许使用的,考生只准带铅笔,橡皮,钢笔进考场。选择题一定要用铅笔回答,如需要更改答案,需用橡皮更改,Essay 必须要用兰色或者黑色墨水,更改答案需要用墨水标记

My review course recommended we use the back of the exam admission ticket to make note of any questions we may want to revisit. Am I allowed to use scratch paper during the exam?
No. Candidates may use only their question book for calculations and scratch work. Candidates may not use writing paper, their exam admission ticket, their hand, the top of the desk, or anything else that was carried into the testing room as scratch paper. Use of any surface other than the exam book as scratch paper violates the exam rules and regulations and may result in the voiding of exam results and disciplinary action. Proctors cannot be expected to determine what notes were carried into the testing room and what was written during the exam. Therefore, only the question book may be used as scratch paper.

我的复习课程里建议大家使用准考证的背面来记录一些问题的重点来温习,我可在考试中使用吗?
不行,考生只能使用他们的考卷来做为草稿纸计算。考生不可以使用草稿纸,他们的考试入场券,他们的手,桌子上,以及任何带进考场的诸如草稿纸的东西。使用任何草稿纸都会违反考场规则,考生不能指望带任何草稿纸带入考场,只有考卷才能作为草稿纸。

To allocate my time effectively during the exam, I would like to use a small digital clock. Can I use this in place of my wristwatch on the desk?
No. Candidates are not permitted to place clocks on their desks. A candidate may remove his/her watch, disengage any audible alarms, and place it on the desk, but no clocks are permitted.

为了更有效的分配考试时间,我能不能带一个小的数字钟来代替我的手表?
不行,考生不能在桌上放数字钟,考生可以摘下他们的手表,放在桌子上,但数字钟是不允许的。

I have a medical condition that requires me to consume food at frequent intervals. Am I permitted to keep and eat snacks at my desk during the exam?
No. Candidates are not permitted to eat or drink at their desks. Food and drinks must be left in the designated area away from the testing room and may not be accessed during the exam. You may retrieve them during the lunch break. However, if you have a medical condition (such as diabetes) that requires you to eat frequently, you may request an accommodation under the Americans with Disabilities Act (regardless of the country where you’re taking the exam). To make your request, follow the testing accommodations instructions.

由于我身体状况的原因,我需要经常吃东西,我可以获准在考试时吃写零食吗?
不行,考生不能在他们的座位上吃任何东西。食品和饮料必须留在指定区域以外,不得进入测试室考场,您可以在午饭时食用。 但是,如果您有一个医疗条件(例如糖尿病)需要您经常进食, 您可以根据美国残疾人法(不管您所在国家参加考试)申请。 遵循条例,满足您的要求。

What items may I bring into the testing center?
To ensure candidates are checked in promptly and seated without delay, CFA Institute requires that you adhere to the personal belongings policy.

考试的时候可以带什么东西进去?
为了确保候选人可以不迟到、及时的参加考试,CFA协会要求考生坚持个人财产管理政策。


Grading and Results
考试级别及成绩


Do the pass/fail numbers published by CFA Institute include all the registered candidates or just the ones who took the exam?
The pass rates include only those candidates who actually took the exams. The numbers do not include no-show candidates or those who withdrew.

CFA协会会公布所有申请考试及格或不及格的编号?还是仅仅参加考试的人?

合格率仅包括那些实际参加考试的人,数字不包括缺席或退出考试的人。

Does CFA Institute recognize the highest scores annually or create an honors list?
No.CFA Institute posts scores as pass or fail and does not consider one candidate as more (or less) accomplished than another merely because of their relative ranking in a particular year.

CFA协会是否会有一个最高分的奖励或者是一个荣誉名单?

不会,CFA协会只考虑合格或者不合格,而不会考虑一个考生的分数比另一个考生多或是少,因为他们只是在某一年里相关。

Why doesn’t CFA Institute let candidates know what score is required to pass the exams, or let candidates know what score they achieved on the exam?
The minimum passing score (MPS) for each level of the exam is determined by the CFA Institute Board of Governors each year after the administration of the exams. Neither the MPS nor individual candidate scores have ever been released. To set the MPS before the administration of the exams would require that an absolute standard be applied without regard to the difficulty of the exams; this could potentially be very unfair to candidates, especially across time. To release the MPS and individual scores would also be unfair to candidates; CFA Institute does not consider one passing candidate to be more (or less) accomplished than another passing candidate merely because of their ranking relative to either the MPS or other candidate scores. To release scores would inevitably lead to such ranking, which would be especially unfair for candidates taking the same level exam in different years. Find out more about the history of the exam.

为什么CFA协会不让考生知道考几分才能通过考试,或者让考生知道他们所取得的成绩?
每个级别的最低分数线(MPS)是由CFA协会理事会每年在考试后确定的。不论是最低分数线还是考生的个人分数都不会被透露。在考试结束前确定最低分数线无法兼顾到考试的难度以及适用标准。这对考生是很不公平的,尤其是跨时考生,公布最低分数线以及考生个人分数也是很不公平的。CFA协会不考虑一个考生的分数比另一个考生多或是少,因为他们的排名只是相对与其他考生,公布这些这些,对参加不同年份同一级别的考生是不公平的,看看更多的考试历史。

I received at least 50 percent on almost all topics on my results score matrix, but I still did not pass. How can that happen?

Candidates should not attempt to interpret an overall passing or failing score from the results matrix information. The minimum passing score for the exam is determined by many factors, and is not a predetermined or specific percentage of the points either for individual topic areas or for the entire exam. Specifically, candidates should not necessarily interpret scores between 50 and 70 percent as passing.

我在总体结果汇总表上至少在50%以前,但我仍然没有通过,为什么?
考生不要试图从总体结果汇总资料来解释不及格的原因,考试几个的最低分数线是由多种因素影响的,而不是预设或特定的百分比 ,无论是对于个人考试的级别还是全部的考试。具体的说,考生不能将分数在前50%至70%看作考试及格。

Do I have to pass each of the individual topic areas to pass the Level I exam?

No. The total score on your exam is simply the number of correct answers you gave. However, be careful about any “test wise” strategy that recommends ignoring a topic in your study. Recovering from a zero score in a topic is very difficult.

我必须要通过每一个单独的题目才能通过整个一级考试吗?
不是。考试的分数只是简单的显示你答题的正确数。

On the Level III exam, you said not to write answers on the question pages, so I wrote my answer on a lined answer page instead of on the template. Was my answer graded?
Please be assured that CFA Institute grades answers that are written on pages labeled for a specific answer, regardless of whether you used the template provided. You will not be penalized if you did not use the template. Be reminded, however, that you waste valuable time by redrawing a template that is already provided for you. Candidates should answer on the templates provided and should follow the instructions given in the template.

If my answers differ from those in the published guideline, will I receive any credit?
Possibly. The guideline answers are intended to show a representative candidate response given the CFA Program study materials assigned in that year. One of the reasons the exams are graded by CFA charterholders who are experienced practitioners or academicians is to ensure that all acceptable answers receive appropriate credit. Your answer may have received partial or even full credit.

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