2024年3月17日发(作者：)

CFA一级培训项目Quantitative Methods

CFA一级培训项目Quantitative Methods单晨玮金程教育高级培训师地点：

■上海□北京□深圳

Topic Weightings in CFA Level IContent WeightingsSession

& Professional Standards15Study Session 1Quantitative

Analysis12Study Session 2-3Economics10Study Session 4-6Financial

Reporting and Analysis20Study Session 7-10Corporate Finance8Study

Session 11Study Session 12Portfolio Management and Wealth Planning5Study

Session 13-14Equity Investment10Study Session 15-16Fixed Income12Study

Session 17Derivatives5Study Session 18Alternative Investments32-82100%

Contribution Breeds Professionalism

Quantitative Methods??Time Value CalculationzR5 The Time Value of

MoneyzR6 Discounted Cash Flow Applications??Probability &

StatisticszR7 Statistical Concepts and Market ReturnszR8 Probability

ConceptszR9 Common Probability Distributions??Inferential statistics

zR10 Sampling and EstimationzR11 Hypothesis Testing3-82100% Contribution

Breeds Professionalism

R5 Time Value of Money??Time Value of

MoneyzInterestratezEARzAnnuities的计算：FV, PV, required payment

4-82100% Contribution Breeds Professionalism

R5 Time Value of Money??Required rate of return iszaffected by the

supply and demand of fundsin the market;zthe return that investors and

savers require to get them to willingly lend their funds;zusually for

particular investment.??Discount rate iszthe interest rate we use to

discount payments to be made in the ly used interchangeably

with the interest rate.??Opportunity cost iszalso understood as a form

of interest rate. It is the value that investors forgo by choosing a

particular course of action.5-82100% Contribution Breeds Professionalism

R5 Time Value of MoneyEAR

calculation:mmrr1+EAR=1+=eEAR=(1+periodic rate)??1mz那么

如果是semi, m=2; 如果是quarterly, m=4annual intz如果是连续复利，公式

则变为EAR = e -1??定性（EAR和计息次数有关）zThe greater the compounding

frequency, the greater the EAR will be in comparison to the stated

rate6-82100% Contribution Breeds Professionalism

R5 Time Value of Money??Future value (FV): Amount to which investment

grows after one or more compounding periods.??Present value (PV): Current

value of some future cash flow??Annuities: is a stream of equal cash

flowsthat occurs at equal intervalsover a given period??内容：zN = number

of periodszI/Y = interest rate per periodzPV = present valuezPMT = amount

of each periodic paymentzFV= future value7-82100% Contribution Breeds

Professionalism

R5 Time Value of MoneyAn example of ordinary annuities（后付年

金）:Example: What’s the FV of an ordinary annuity that pays 100 per year

at the end ofeach of the next 3 years, given the discount rate is

10%Solutions:enter relevant data for calculate.N=3, I/Y=10, PMT=-100,

PV=0, CPT→FV=3318-82100% Contribution Breeds Professionalism

R5 Time Value of Money??About an annuity due（先付年金）zDefinition:an

annuity where the annuity payments occur at the beginningof each

compounding lation:9Measure 1:put the calculator in the BGN