{"id":10774,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm9\/"},"modified":"2026-09-22T07:02:59","modified_gmt":"2026-09-21T22:02:59","slug":"cfa-l1-fi-lm9","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm9\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Fixed Income LM9\u3011The Term Structure of Interest Rates: Spot, Par, and Forward Curves \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u30fb\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 9\u300cThe Term Structure of Interest Rates: Spot, Par, and Forward Curves\uff08\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\uff09\u300d\u306f\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\uff08\u30bc\u30ed\u30fb\u30ec\u30fc\u30c8\uff09\u3068\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u3092\u7528\u3044\u305f\u50b5\u5238\u4fa1\u683c\u306e\u8a08\u7b97\u3001\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u3068\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306e\u7b97\u51fa\u3001\u305d\u3057\u3066\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u3001\u30d1\u30fc\u30fb\u30ab\u30fc\u30d6\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ab\u30fc\u30d6\u306e\u95a2\u4fc2\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM9\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM9\u306b\u306f3\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3068\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u3092\u5b9a\u7fa9\u3057\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3092\u7528\u3044\u3066\u50b5\u5238\u4fa1\u683c\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">define spot rates and the spot curve, and calculate the price of a bond using spot rates<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3092\u5b9a\u7fa9\u3057\u3001\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3092\u7528\u3044\u305f\u50b5\u5238\u4fa1\u683c\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">define par and forward rates, and calculate par rates, forward rates from spot rates, spot rates from forward rates, and the price of a bond using forward rates<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u3001\u30d1\u30fc\u30fb\u30ab\u30fc\u30d6\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ab\u30fc\u30d6\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare the spot curve, par curve, and forward curve<\/span><\/li>\n<\/ol>\n<h2>LM9\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30ea\u30b9\u30af\u306e\u306a\u3044\u30bc\u30ed\u30fb\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u5e02\u5834\u5272\u5f15\u7387\u3067\u3001\u30bc\u30ed\u30fb\u30ec\u30fc\u30c8\u3068\u3082\u547c\u3070\u308c\u308b\u3002\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306e\u7cfb\u5217\u3067\u4fa1\u683c\u3092\u8a08\u7b97\u3059\u308b\u3068\u88c1\u5b9a\u306e\u306a\u3044\u4fa1\u683c\u304c\u5f97\u3089\u308c\u308b<\/li>\n<li>\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u306f\u3001\u3042\u308b\u6e80\u671f\u306e\u50b5\u5238\u3092\u30d1\u30fc\u3067\u8a55\u4fa1\u3059\u308b\u5e02\u5834\u5272\u5f15\u7387\u3067\u3001\u305d\u306e\u6e80\u671f\u307e\u3067\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u5c0e\u304b\u308c\u308b<\/li>\n<li>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u8a08\u7b97\u3055\u308c\u3001\u6e80\u671f\u30921\u671f\u9593\u5ef6\u3070\u3059\u3053\u3068\u306b\u3088\u308b\u8ffd\u52a0\u7684\uff08\u9650\u754c\u7684\uff09\u306a\u30ea\u30bf\u30fc\u30f3\u3068\u89e3\u91c8\u3067\u304d\u3001\u640d\u76ca\u5206\u5c90\u3068\u306a\u308b\u518d\u6295\u8cc7\u30ec\u30fc\u30c8\u3092\u8868\u3059<\/li>\n<li>\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u5c0e\u3051\u308b\u305f\u3081\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u306f\u30d1\u30fc\u30fb\u30ab\u30fc\u30d6\u3084\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u3068\u5bc6\u63a5\u306b\u95a2\u4fc2\u3059\u308b<\/li>\n<li>\u53f3\u4e0a\u304c\u308a\u306e\u671f\u9593\u69cb\u9020\u3067\u306f\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u306f\u5bfe\u5fdc\u3059\u308b\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3088\u308a\u4f4e\u304f\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3088\u308a\u9ad8\u3044<\/li>\n<li>\u53f3\u4e0b\u304c\u308a\u306e\u671f\u9593\u69cb\u9020\u3067\u306f\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3088\u308a\u9ad8\u304f\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3088\u308a\u4f4e\u3044<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306b\u3088\u308b\u50b5\u5238\u4fa1\u683c<\/h3>\n<p><strong>\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8<\/strong>\u306f\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30ea\u30b9\u30af\u306e\u306a\u3044\u30bc\u30ed\u30fb\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u5229\u56de\u308a\u3067\u3059\u3002\u5404\u6642\u70b9\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092<strong>\u305d\u306e\u6642\u70b9\u306b\u5bfe\u5fdc\u3059\u308b\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8<\/strong>\u3067\u5272\u308a\u5f15\u304f\u3053\u3068\u3067\u3001\u88c1\u5b9a\u306e\u8d77\u304d\u306a\u3044\uff08no-arbitrage\uff09\u50b5\u5238\u4fa1\u683c\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\uff1a\u6e80\u671f\u3054\u3068\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3092\u7d50\u3093\u3060\u66f2\u7dda\uff08\u30bc\u30ed\u30fb\u30ab\u30fc\u30d6\uff09<\/li>\n<li>YTM\u306f\u5168\u671f\u9593\u306b\u5358\u4e00\u306e\u5272\u5f15\u7387\u3092\u4f7f\u3046\u304c\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306f\u671f\u9593\u3054\u3068\u306b\u7570\u306a\u308b\u5272\u5f15\u7387\u3092\u4f7f\u3046<\/li>\n<li>\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u6c42\u3081\u305f\u4fa1\u683c\u306f\u88c1\u5b9a\u306e\u306a\u3044\u4fa1\u683c<\/li>\n<li>YTM\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306e\u4e00\u7a2e\u306e\u52a0\u91cd\u5e73\u5747\u3068\u89e3\u91c8\u3067\u304d\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">PV = PMT\/(1+z\u2081)\u00b9 + PMT\/(1+z\u2082)\u00b2 + \u2026 + (PMT+FV)\/(1+z\u2099)\u1d3a<\/div>\n<h3>LOS 2\uff1a\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306e\u8a08\u7b97<\/h3>\n<p><strong>\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8<\/strong>\u306f\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u3044\u305f\u3068\u304d\u306b\u50b5\u5238\u4fa1\u683c\u304c\u3061\u3087\u3046\u3069\u984d\u9762\u306b\u306a\u308b\u30af\u30fc\u30dd\u30f3\u30fb\u30ec\u30fc\u30c8\u3067\u3059\u3002<strong>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/strong>\u306f\u3001\u77ed\u3044\u671f\u9593\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u904b\u7528\u3057\u3066\u304b\u3089\u518d\u6295\u8cc7\u3059\u308b\u5834\u5408\u3068\u9577\u3044\u671f\u9593\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u904b\u7528\u3059\u308b\u5834\u5408\u304c\u540c\u3058\u7d50\u679c\u306b\u306a\u308b\u5c06\u6765\u306e\u91d1\u5229\u3067\u3001\u640d\u76ca\u5206\u5c90\u306e\u518d\u6295\u8cc7\u30ec\u30fc\u30c8\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\uff1a1 \uff1d PMT\/(1+z\u2081) \uff0b PMT\/(1+z\u2082)\u00b2 \uff0b \u2026 \uff0b (PMT+1)\/(1+z\u2099)\u1d3a \u3092\u6e80\u305f\u3059PMT<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u6e80\u671f\u3092\u5ef6\u3070\u3059\u3053\u3068\u306b\u3088\u308b\u9650\u754c\u7684\u306a\u30ea\u30bf\u30fc\u30f3<\/li>\n<li>\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306e\u5e7e\u4f55\u5e73\u5747\u306b\u76f8\u5f53<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3067\u9806\u306b\u5272\u308a\u5f15\u3044\u3066\u3082\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u3044\u305f\u306e\u3068\u540c\u3058\u4fa1\u683c\u306b\u306a\u308b<\/li>\n<li>\u8868\u8a18\uff1aA\u306e\u6642\u70b9\u304b\u3089\u59cb\u307e\u308bB\u2212A\u5e74\u9593\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/li>\n<\/ul>\n<div class=\"cfalm-f\">(1+z_B)^B = (1+z_A)^A \u00d7 (1+IFR_A,B\u2212A)^(B\u2212A)<\/div>\n<h3>LOS 3\uff1a\u30b9\u30dd\u30c3\u30c8\u30fb\u30d1\u30fc\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ab\u30fc\u30d6\u306e\u6bd4\u8f03<\/h3>\n<p>\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u5c0e\u3051\u308b\u305f\u3081\u30013\u3064\u306e\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u306f\u4e92\u3044\u306b\u95a2\u9023\u3057\u3066\u3044\u307e\u3059\u3002\u53f3\u4e0a\u304c\u308a\u306e\u30ab\u30fc\u30d6\u3067\u306f<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\uff1e\u30b9\u30dd\u30c3\u30c8\uff1e\u30d1\u30fc<\/strong>\u3001\u53f3\u4e0b\u304c\u308a\u306e\u30ab\u30fc\u30d6\u3067\u306f<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\uff1c\u30b9\u30dd\u30c3\u30c8\uff1c\u30d1\u30fc<\/strong>\u306e\u95a2\u4fc2\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u53f3\u4e0a\u304c\u308a\uff1a\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\uff1c\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\uff1c\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>\u53f3\u4e0b\u304c\u308a\uff1a\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\uff1e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\uff1e\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>\u30d5\u30e9\u30c3\u30c8\u306a\u30ab\u30fc\u30d6\u3067\u306f3\u3064\u306e\u30ec\u30fc\u30c8\u304c\u3059\u3079\u3066\u7b49\u3057\u3044<\/li>\n<li>\u30d1\u30fc\u30fb\u30ab\u30fc\u30d6\u306f\u5229\u4ed8\u50b5\u306e\u5229\u56de\u308a\u3067\u3001\u30af\u30fc\u30dd\u30f3\u306e\u5f71\u97ff\u3067\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u3088\u308a\u50be\u304d\u304c\u7de9\u3084\u304b<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm8\/\">LM8 Yield and Yield Spread Measures for Floating-Rate Instruments\uff08\u5909\u52d5\u5229\u4ed8\u5546\u54c1\u306e\u5229\u56de\u308a\u3068\u30b9\u30d7\u30ec\u30c3\u30c9\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm10\/\">LM10 Interest Rate Risk and Return\uff08\u91d1\u5229\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-fi\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Fixed Income\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Fixed Income LM9\u300cThe Term Structure of Interest Rates: Spot, Par, and Forward Curves\uff08\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-10774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10774"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10774\/revisions"}],"predecessor-version":[{"id":10947,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10774\/revisions\/10947"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11120"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}