HG jGh NCG fb

G dG

J
SSCG gh CFA :`dG e b a UCG ("jdGh fdG") jEG.EG.S CFA :`dG d dG dG a HdG jdGh NCG fb j
eg ddG bNCG jdG EG .dG ReEGh gGdGh dG a dY je VH dPh ddG dG Y QSEG e IOH dSQ d
QhO dh CFA :`dG e AYCG gGd dG a gQX e jdGh fdG hQ bh .QSEG Hh ddG GSCH SdG eY K Y ad
.dG dGh fGdG hCG ,jQdG bQGa ,XdG JLGh Y dG H ,ddG ALQCG ac a QSEG e NCG Sb a id PdG
jdGh fdH GdEG CFA d Y d TdGh ((*CFA) *ffdG ddG dG d M aH) CFA :`dG e AYCG L Y j
c .CFA :`dG e Vj dG jOCdG d Vf dEG ddG HJQEG ODj CG jh .g dhDe Y dYCG UCG J Y J e
.CFA :`dG e a de e d SEG Mh ,CFA :`dG efH a jd TJ AdEG dG j CG j

NCG fb
AYCG") ffb de e d Y d TdGh ((*CFA) *ffdG ddG dG d M aH) CFA :`dG e AYCG Y j
:("TdGh

bNCGh dG dSCG SQe Y jNBG Gjh GSQj CG ,SdG eY e bNCG Hh ,GMEG ,L ,IAc ,gGH dG
.dG bNCHh fCH dG S dG a AedG ,YCG UCG ,dG a dG FHdG ,FHdG
.dSCGdG GSCH J dG YGdG Y adGh ,gGd jhdG .ddG dSCGdG dG a jNBG cQdGh ,QSEG e
Y adG a OLEGh dG JAc Jh Y adG de a FHdG eh QSEG e gGf Gj CG
.jNBG QSEG e IAc Jh .UdG dG
e e GQGb PJEG Y jdG e k ac kGQb Gj CG
YCH dG ,QSEG Ff jJ ,QSEG H eb Y
.dG J dG iNCG fCG a cQdGh QSEG

dG dG a HdG jdG

dSCGdG GSCG gGf .2 dG UCG .1

TdGh AYCG Y j .d d dG edG edG .CG H Gejh Gj CG TdGh AYCG Y j .fdH dG .CG
b Y KDJ CG d j dh d d eg ee j jdG HdG jdGh NCG fb dP a H) dGh ,YGdG ,fGdG
J Y j H hNBG j CG Gj hCG H Gej CG ,QSEG ,J L hCG eM jCG Y IQOdG (CFA :`dG d dG dG a
.edG dM ah .dG fCG d J e Hf hCG ,NGdG IQGOEG
SQe jCH Gej CG TdGh AYCG Y j .dH YdG . ,IYdG ,fdH Gej CG TdGh AYCG Y j ,ddG QJ
OdG d YUG H Gej CG hCG QSCG J CG j Y GcQj CG TdGh AYCG Y j .eGU cCG dG hCG
.dG a cQd WdG LdG H jQdG ,fGdG g d de jCG Y fCG Gj CGh a GhYj CG hCG Y
.dG hCG ,YGdGh
FHdG f LGdG .3
kGQGe Gej CG TdGh AYCG Y j .YVdGh SEG .
FHd AdG AY TdGh AYCG Y j .jdGh QdG ,AdG .CG YVeh dSEG Y adGh d dGh jYdG e k ac
Y j .dGh dG GSQj CGh ac jH dG Y jh hCG Gj ,GVj CG TdGh AYCG Y j .dG fCG a
e Gj CGh FHd IFdG d dG TdGh AYCG KCdG e k be j CG j dG LCG hCG jJ ,IFa ,jg jCG Gj
JbY ah .UdG e a hCG Y MU e a FHR .YVdGh SEH gZ Y hCG Y
jh cJ LGh jJ TdGh AYCG Y j ,FHdG e
AS CH Y Y Gej CG TdGh AYCG Y j .dG AS .
.HUCG j dG ddGh UTCG f LGdG H GdEG Y
.e fCG CG hCG ,YCG ,UJ ,QSEG H j J
e S CH GcQj CG TdGh AYCG Y j .dG AS .O
d j CG j Y CH dG hCG GdG hCG ,MEG ,feCG AS j
.JAc hCG gGf ,dG S Y Y a OQ

2005 CFA Institute

 dG dG a HdG jdG

dH dGh ,UdG ,QSEG J .5 fEH edG TdGh AYCG Y j .dG edG .

:TdGh AYCG Y j .ddG SSCG OdGh OLEG .CG UJ AYEGh ,QSEG dd jJ Y FHdG e YVHh
.iNCG dG fCG a NdG hCG ,QSEG H dG ,QSEG
dGh ,GQSEG J a ddGh ,SEG ,OLEG SQe .1
.QSEG YCH dGh ,QSEG UH DhdG .
SdG HCH YdG ,adG SSCG jd j CG .2 a jQSEG d SQe Y TdGh AYCG Y j .1
.Y hCG UJ ,QSEG J C ,GASEGh :FHdG e JbY
AYCG Y j .dG a dG FHdG hCG FHdH JEG . ddG Hd jQSEG HdG Y adG GQSEG AGLEG .CG
:TdGh ,GFdG e dGh WdG Yh ,dG a dG HdG hCG
,QSEG Y CH dG hCG jQSEG UJ jCG AYEG b OdGh
OdGh SSCG dG Y dG FHdGh FHd dG .1
.fEH edG g jJh J IOYEG j c
QNEG ,GQSEG dJ SEH dPh ,QSEG d edG
a dG Y jh .jQSEG FdG Jh ,ddG GdG e jh ddG HdG Vh e Aj QSEG CH jdG .
.dG J Y Se H KDJ CG j GJ jCG Y M b Ob e Vj CG j eh JJh ,HdG HdG GgCG
.QSEG H dG hCG QSEG UH dG
dd edG eGdG ge jJ a dG QGdG SEG .2
e JEG Y eGdG J dP a H YCG hCG ,UdG ,gQSEG ddG QSEG M QWEG V GQSEG DhJ QGb PJEG .
.dG a dG FHdGh FHdG .Hd
.UdGh QSEG dJ jJ Y AGQBGh FdG H dG .3 jQSEG M IQGOEG Y dhDe TdGh AYCG j eY .2
Gej CG Y j ,e RGW hCG JGSEG hCG d k W
MEGh jdG TdGh AYCG Y j .dH MEG .
e J dG ,a ,QSEG GAGLEG PJEG hCG QSEG UH
JEGh ,dYCG ,JUJ ,JGQSEG dJ Yd Se H
.dG Ve QSEG M Obh dG GgCG
.dG FHdGh ddG FHdG e JEH dG iNCG
AYEG Y ,TdGh AYCG Y j .dG AGOCG ee jJ .O
ddG QJ .6 ,e fc e cCd adG OdG Gdj CG ,QSEG AGOCG ee
edG dG TdGh AYCG Y j .ddG QJ Y dG .CG .ech U
e J CG e H e bj CG j dG QeCG L Y dG Y Gaj CG TdGh AYCG Y j .jdG Y adG .`g
,FHR J JLGh Y k S KDJ CG hCG YVe hCG dSEG :GPEG EG dG a dGh ,HdG ,ddG FHdG ee jS
AYCG Y j .dG UCGh ,dG a dG FHdGh
HdG hCG HdG W e ffb Z fCH edG J .1
CGh ,S H J jh ,kVGh dG Gg j CG e cCdG TdGh
,dG a dG
.a H bY d dG edG j
hCG ,fdH k He edG c c .2
UdG QSEG ee J CG j .jQSEG edG SCG .
IFdG OJ dG QSEG ee a SCH dG UCGh FHdH .edG Y dH j dG HdG hCG HdG c .3
.TdG hCG dG dEG a dG UCG J LGdG .4
Gj CG TdGh AYCG Y j .dG UdG SQ . ,FXH bY d dG QeCG a ,TdGh AYCG Y j .AdG .CG
Y ,kSe dP j M ,dG FHdGh ,FHdG ,dYCG UC e dG MU Gej CGh dG UCG e S a dG
He jNB aO J hCG b e eSEG iL FGa hCG GeCG ,jJ jCG N hCG ,jdG edG Ghj CGh JfeEGh JGQe e IOSEG
.eN hCG e Y UJ .dYCG UCH iPCG jEG dP
:`dG jd TdG U hCG CFA :`dG a jdG H dhDdG .7 Gj CG TdGh AYCG Y j .aVEG jdG HGJ .
CFA dEG dG eh , k aJ kGL J dG GeCG hCG jdG ,FGdG ,jGdG
AYCG Y j .CFA :`dG efH a TdGh AYCG S .CG GPEG EG ,Y MU e e ddG QJ e k Yf J CG e M
gGf hCG S Y S KCG d j S CH GWj CG TdGh .dG GWCG L e N aGe Y GM
eS hCG Uh gGf Y hCG ,CFA :`dG d Y hCG CFA :`dG e ac OH dG TdGh AYCG Y j .adG dhDe .
.CFA :`dG feEG deh ,dG ,YGdG ,dG jQdG fGdG de eh d
efHh ,CFA :`dG e dG dGh ,CFA :`dG e dEG IQTEG . S FW J Gfjh ,Oa CG b e HdG jdGh fdG
,CFA :`dG e dEG IQTEG Y TdGh AYCG Y j CFA :`dG .adG e FSDhQ
,CFA :`dG efd TdG hCG ,CFA :`dG Y QOdG dG ,CFA :`dG jY
e a jdG Y dG hCG fdG a ddG hCG dG Gj CG
.CFA :`dG efH a cQd TdG hCG ,CFA :`dG d M ,CFA :`dG