特许金融分析师CFA一级必背高频考点：固定收益公式盘点

CFA一级的固定收益有许多公式，这些公式非常基础，熟记它们不仅对深入理解知识点有帮助，还能为之后的学习打下坚实的基础。快来和小编一起看看吧！

【考试科目】CFA一级：Fixed Income

【考频分析】考频：★★★

【复习程度】熟记公式

【高频考点】公式

1. For an annual-coupon bond with N years to maturity:

price =

2. For a semiannual-coupon bond with N years to maturity:

price =

3. Bond Value Using Spot Rates:

no-arbitrage price =

4. Full Price Between Coupon Payment Dates

=(Bond value at last coupon date based on the current YTM) × (1+ YTM/#)^t/T

, where # is the number of coupon periods per year, t is the number of days from the last coupon payment date until the date the bond trade will settle, and T is the number of days in the coupon period.

5. Flat Price = full price – accrued interest

6. Current Yield =

7. Forward and Spot Rates: (1 + S₂)² = (1 + S₁)(1 + 1y1y)

8. Option-Adjusted Spread: OAS = Z-spread − option value

9. Modified Duration =

10. Approximate Modified Duration =

11. Effective Duration =

12. Money Duration = annual modified duration × full price of bond position

13. Money Duration per 100 units of par value =annual modified duration × full bond price per 100 of par value

14. Price Value of a Basis Point: PVBP = [(V_– − V₊) / 2]

15. Approximate Convexity =

16. Approximate Effective Convexity =

17. %ΔFull Bond Price= –annual modified duration(ΔYTM) +annual convexity(ΔYTM)²

18. Duration Gap = Macaulay duration − investment horizon

19. Return Impact ≈ −duration × Δspread +convexity × (Δspread)²

▲如果想要了解更多CFA重点难点解读，可以关注正保会计网校CFA尊享无忧班课程，高效备考，老师指导，快来看看为你精心打造的2021年CFA课程吧！点进了解CFA尊享无忧班>>

★CFA课程介绍

尊享无忧班

课程班次模块：入门前导+基础精讲+提高强化+习题冲刺+考前直播

相关赠送资料：电子讲义+专属学习题库+公式表+思维导图+考前模拟卷+学习计划

贴心超值服务：24小时专家答疑（答疑精华、答疑周刊）+学习记录+班级管理+多端学习+考试提醒+专业答题+考务咨询

课程期限：5年全科畅学

CFA尊享无忧班更适合小白学员学习，老师带队复习重点难点，拿下CFA考试不在话下，购买CFA课程还赠送价值5960元的金融英语和金融数学，超值！

CFA考证人-专属学习交流群

CFA考试不再孤军奋战，想结识更多CFA小伙伴吗？想免费获取海量CFA学习资料吗？想要掌握实时的CFA考试信息和政策吗？赶快扫描下方二维码，一起加入到CFA考试大家庭吧！

更多推荐：

预告！燃爆618 CFA好课大额优惠享不停！速来围观！

5月迎战CFA！14天考期打卡小计划 正式拉开帷幕！

分享 | CFA成绩有效期有多久？哪些行业才算相关工作经验？