華爾街最難考試

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.
本周六就是注冊金融分析師考試了。眾所周知，這是華爾街專業(yè)人士最難的考試。每次只有五分之一的考生能一次性通過三門考試。

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.
要通過考試，必須具備一些公式。下面就為你介紹10個考生在考試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：我們非專業(yè)人士，提供資料僅供參考。

資產(chǎn)定價模型

Capital Asset Pricing Model (CAPM): Attempts to explain the relationship excess market risk and expected return.
資產(chǎn)定價模型：用來描述市場風險和預期收益的關系。

期權定價模型

Black-Scholes Model: Applies theoretical physics when pricing options.
期權定價模型：為期權定價提供理論依據(jù)。

隨凸性管理調(diào)節(jié)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.
隨凸性管理調(diào)節(jié)的久期管理：久期，是把未來的現(xiàn)金流按照目前的收益率折現(xiàn)成現(xiàn)值，再用每筆現(xiàn)值乘以其距離債券到期日的年限求和，然后以這個總和除以債券目前的價格得到的數(shù)值。凸性調(diào)節(jié)能決定債券價格的浮動，而久期管理沒這個功能。

用杜邦分析法算股權收益

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.
用杜邦分析法算股權收益：杜邦分析法把股權收益分成幾個部分，利潤率、總資產(chǎn)周轉率和財務杠桿。這樣的算法可以描述一家公司的經(jīng)營效率、資產(chǎn)利用效率和總體財務杠桿。

加權平均資金成本

Weighted Average Cost of Capital (WACC): The firm's overall cost of capital considering all of the components of the capital structure.
加權平均資金成本：一家公司算上所有資本結構以后的總資金成本。

自由現(xiàn)金流量

Free Cash Flow to Firm (FCFF): Measures firm's cash flow after paying expenses, taxes, and financing costs.
自由現(xiàn)金流量：計算某家公司在去除開銷、稅收和融資成本后的現(xiàn)金流動情況。

買賣權平價

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.
買賣權平價：有關出售和購買資產(chǎn)期權與敲定價格和截止日期的靜態(tài)價格關系。

兩種資產(chǎn)組合的方差

Variance of a Two Asset Portfolio: Measures the fluctuation of the returns of a portfolio with two assets.
兩種資產(chǎn)組合的方差：計算兩種資產(chǎn)的投資收益率的波動性。

詹森指數(shù)

Jensen's Alpha: One way of measuring alpha, or the risk-adjusted return.
詹森指數(shù)：可用來計算阿爾法值，也可用來算風險調(diào)整回報。

赫芬達爾指數(shù)

The Herfindahl Index: measures market concentration, and is used by regulators to determine whether a company has a monopoly on a market.
赫芬達爾指數(shù)：用來估算所占市場百分比，管理者常用它來判斷某家公司是否在市場中具有壟斷地位。