CFA 2025 L1 前導課、科目一: 量化分析、科目二: 經濟學

Pre-Course Essentials: Building a Strong Foundation

A solid pre-course is crucial for success in the CFA program. It provides the fundamental knowledge in finance and mathematics necessary to build a robust foundation for the core curriculum.

Preparation: Brush up on your intermediate to advanced high school algebra, statistics, and probability. Become proficient with a financial calculator (BA II Plus or HP 12C is highly recommended). Familiarize yourself with the CFA exam structure and question format: 180 multiple-choice questions, with approximately 90 seconds per question.

Key Topics: Master interest rates and returns, compound interest and discounting, basic statistical concepts, and probability with conditional expectation. These form the quantitative bedrock for subsequent subjects.

Quantitative Methods: The Cornerstone of Financial Analysis

Quantitative Methods comprises approximately 6-9% of the exam, and while the sheer number of questions may be less than Ethics, its concepts are highly integrated throughout other areas like Fixed Income, Portfolio Management, and Financial Reporting. It also serves as a fundamental building block for Levels II and III.

Preparation: Prioritize Time Value of Money – it directly relates to later investment valuation topics. Engage in structured practice with hypothesis testing, regression analysis, and simulation problems. Combine theoretical understanding with ample problem-solving.

Key Topics: Deep dive into interest rates, return measurement, and compound interest/discounting. Understand statistical distributions (mean, variance, skewness, kurtosis). Explore probability models and conditional expectation. Learn about portfolio risk and simulation techniques. Grasp hypothesis testing, regression, and big data technologies (including machine learning/AI).

Economics: Understanding Market Dynamics

Economics represents approximately 6-9% of the exam content and is a core subject across all three levels. It's essential for understanding macroeconomic policies and market drivers.

Preparation: Study microeconomics and macroeconomics in segmented fashion, focusing on the logical connections between business cycles and policy changes. Utilize charts and case studies to understand the transmission mechanisms of monetary and fiscal policies on interest rates, exchange rates, and output.

Key Topics: Explore firm and market structures, break-even analysis, and business and credit cycles with key economic indicators. Understand fiscal policy and government debt. Analyze the relationship between monetary policy, interest rates, and inflation. Consider the impact of geopolitics and international organizations on international trade theories and restrictions. Finally, learn about capital flows, foreign exchange markets, and spot/forward exchange rate calculations.