华尔街最难考试

The Chartered Financial Analyst (CFA) exams are this Saturday. They are commonly known as the most difficult exams taken by Wall Street professionals. Fewer than 20 percent of candidates pass all three tests in the first attempt at each.
本周六就是注册金融分析师考试了。众所周知,这是华尔街专业人士最难的考试。每次只有五分之一的考生能一次性通过三门考试。

There are several formulas a candidate must know and understand to pass the exams. Here are 10 formulas candidates are likely to need on the CFA exam, the test that validates the Wall Street analyst.
要通过考试,必须具备一些公式。下面就为你介绍10个考生在考试中可能需要用到的公式。

NOTE: We don't claim to be an expert in offering exam advice.
注意:我们非专业人士,提供资料仅供参考。

资产定价模型

Capital Asset Pricing Model (CAPM): Attempts to explain the relationship excess market risk and expected return.
资产定价模型:用来描述市场风险和预期收益的关系。

期权定价模型

Black-Scholes Model: Applies theoretical physics when pricing options.
期权定价模型:为期权定价提供理论依据。

随凸性管理调节的久期管理

Duration With Convexity Adjustment: Duration is the average time until all cash flows from a bond are delivered. The convexity adjustment helps determine the change in price that is not explained by duration.
随凸性管理调节的久期管理:久期,是把未来的现金流按照目前的收益率折现成现值,再用每笔现值乘以其距离债券到期日的年限求和,然后以这个总和除以债券目前的价格得到的数值。凸性调节能决定债券价格的浮动,而久期管理没这个功能。

用杜邦分析法算股权收益

DuPont Identity Of Return On Equity (ROE): This breaks ROE into profit margin, total asset turnover, and financial leverage. It explains the operating efficiency, asset-use efficiency, and overall financial leverage of a company.
用杜邦分析法算股权收益:杜邦分析法把股权收益分成几个部分,利润率、总资产周转率和财务杠杆。这样的算法可以描述一家公司的经营效率、资产利用效率和总体财务杠杆。

加权平均资金成本

Weighted Average Cost of Capital (WACC): The firm's overall cost of capital considering all of the components of the capital structure.
加权平均资金成本:一家公司算上所有资本结构以后的总资金成本。

自由现金流量

Free Cash Flow to Firm (FCFF): Measures firm's cash flow after paying expenses, taxes, and financing costs.
自由现金流量计算某家公司在去除开销、税收和融资成本后的现金流动情况。

买卖权平价

Put-Call Parity: Refers to the static price relationship between the prices of put and call options of an asset with the same strike price and expiration date.
买卖权平价:有关出售和购买资产期权与敲定价格和截止日期的静态价格关系。

两种资产组合的方差

Variance of a Two Asset Portfolio: Measures the fluctuation of the returns of a portfolio with two assets.
两种资产组合的方差:计算两种资产的投资收益率的波动性。

詹森指数

Jensen's Alpha: One way of measuring alpha, or the risk-adjusted return.
詹森指数:可用来计算阿尔法值,也可用来算风险调整回报。

赫芬达尔指数

The Herfindahl Index: measures market concentration, and is used by regulators to determine whether a company has a monopoly on a market.
赫芬达尔指数:用来估算所占市场百分比,管理者常用它来判断某家公司是否在市场中具有垄断地位。