{"id":10828,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fsa-lm2\/"},"modified":"2026-09-22T07:05:49","modified_gmt":"2026-09-21T22:05:49","slug":"cfa-l2-fsa-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fsa-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 FSA LM2\u3011Employee Compensation: Post-Employment and Share-Based \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u682a\u5f0f\u5831\u916c\u30fbRSU\u30fb\u30b9\u30c8\u30c3\u30af\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u78ba\u5b9a\u7d66\u4ed8\u5236\u5ea6"},"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 2\u300cEmployee Compensation: Post-Employment and Share-Based\uff08\u5f93\u696d\u54e1\u5831\u916c\uff1a\u9000\u8077\u5f8c\u7d66\u4ed8\u3068\u682a\u5f0f\u5831\u916c\uff09\u300d\u306f\u3001\u5f93\u696d\u54e1\u5831\u916c\u306e\u7a2e\u985e\u3001\u682a\u5f0f\u5831\u916c\uff08RSU\u30fb\u30b9\u30c8\u30c3\u30af\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\uff09\u304c\u8ca1\u52d9\u8af8\u8868\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3068\u8ca1\u52d9\u30e2\u30c7\u30eb\u3067\u306e\u4e88\u6e2c\u30fb\u8a55\u4fa1\u3078\u306e\u53cd\u6620\u3001\u9000\u8077\u5f8c\u7d66\u4ed8\uff08\u78ba\u5b9a\u62e0\u51fa\u30fb\u78ba\u5b9a\u7d66\u4ed8\uff09\u306e\u4f1a\u8a08\u51e6\u7406\u3068\u8ca1\u52d9\u30e2\u30c7\u30eb\u30fb\u8a55\u4fa1\u4e0a\u306e\u8ad6\u70b9\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>LM2\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\u3002LM2\u306b\u306f5\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u5f93\u696d\u54e1\u5831\u916c\u306e\u7a2e\u985e\u3092\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">contrast types of employee compensation<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u682a\u5f0f\u5831\u916c\u304c\u8ca1\u52d9\u8af8\u8868\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how share-based compensation affects the financial statements<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u8ca1\u52d9\u8af8\u8868\u30e2\u30c7\u30eb\u306b\u304a\u3051\u308b\u682a\u5f0f\u5831\u916c\u8cbb\u7528\u3068\u767a\u884c\u6e08\u682a\u5f0f\u6570\u306e\u4e88\u6e2c\u65b9\u6cd5\u3068\u3001\u305d\u306e\u8a55\u4fa1\u3078\u306e\u5229\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how to forecast share-based compensation expense and shares outstanding in a financial statement model and their use in valuation<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u9000\u8077\u5f8c\u7d66\u4ed8\u304c\u8ca1\u52d9\u8af8\u8868\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how post-employment benefits affect the financial statements<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u9000\u8077\u5f8c\u7d66\u4ed8\u306b\u95a2\u3059\u308b\u8ca1\u52d9\u30e2\u30c7\u30eb\u3068\u8a55\u4fa1\u4e0a\u306e\u8003\u616e\u4e8b\u9805\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain financial modeling and valuation considerations for post-employment benefits<\/span><\/li>\n<\/ol>\n<h2>LM2\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>\u5f93\u696d\u54e1\u5831\u916c\u306b\u306f\u77ed\u671f\u7d66\u4ed8\u3001\u682a\u5f0f\u5831\u916c\u3001\u89e3\u96c7\u7d66\u4ed8\u3001\u9000\u8077\u5f8c\u7d66\u4ed8\u304c\u3042\u308a\u3001\u591a\u304f\u306e\u5834\u5408\u3001\u77ed\u671f\u7d66\u4ed8\u304c\u5831\u916c\u30b3\u30b9\u30c8\u306e\u5927\u90e8\u5206\u3092\u5360\u3081\u308b<\/li>\n<li>\u5831\u916c\u4f1a\u8a08\u306e\u57fa\u672c\u539f\u5247\u306f\u3001\u5f93\u696d\u54e1\u304c\u5f79\u52d9\u3092\u63d0\u4f9b\u3057\u305f\u671f\u9593\u306b\u5831\u916c\u306e\u516c\u6b63\u4fa1\u5024\u3092\u8cbb\u7528\u3068\u3057\u3066\u8a8d\u8b58\u3059\u308b\u3053\u3068<\/li>\n<li>\u682a\u5f0f\u5831\u916c\u306f\u3001\u4ed8\u4e0e\u65e5\u306b\u516c\u6b63\u4fa1\u5024\u3092\u6e2c\u5b9a\u3057\u3001\u6a29\u5229\u78ba\u5b9a\u671f\u9593\u306b\u308f\u305f\u3063\u3066\u8cbb\u7528\u5316\u3057\u3066\u76f8\u624b\u52d8\u5b9a\u3092\u8cc7\u672c\u306b\u8a08\u4e0a\u3059\u308b<\/li>\n<li>RSU \u306e\u516c\u6b63\u4fa1\u5024\u306f\u4ed8\u4e0e\u65e5\u306e\u682a\u4fa1\u3001\u30b9\u30c8\u30c3\u30af\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u516c\u6b63\u4fa1\u5024\u306f\u8a55\u4fa1\u30e2\u30c7\u30eb\u3067\u898b\u7a4d\u3082\u308b<\/li>\n<li>\u8ca1\u52d9\u30e2\u30c7\u30eb\u3067\u306f\u3001\u682a\u5f0f\u5831\u916c\u3092\u58f2\u4e0a\u9ad8\u6bd4\u7387\u3067\u4ed6\u306e\u55b6\u696d\u8cbb\u7528\u3068\u5206\u3051\u3066\u4e88\u6e2c\u3057\u3001\u4ed8\u4e0e\u30fb\u6c7a\u6e08\u306e\u4e88\u6e2c\u3068\u3042\u308f\u305b\u3066\u767a\u884c\u6e08\u682a\u5f0f\u6570\u3092\u4e88\u6e2c\u3059\u308b<\/li>\n<li>\u682a\u5f0f\u5831\u916c\u306f\u975e\u8cc7\u91d1\u8cbb\u7528\u3060\u304c\u65e2\u5b58\u682a\u4e3b\u306e\u6301\u5206\u3092\u5e0c\u8584\u5316\u3055\u305b\u308b\u5b9f\u8cea\u7684\u306a\u30b3\u30b9\u30c8\u3067\u3042\u308a\u3001DCF \u8a55\u4fa1\u3067\u306f\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u5dee\u3057\u5f15\u304f\u304b\u3001\u5e0c\u8584\u5316\u3092\u5225\u9014\u53cd\u6620\u3059\u308b<\/li>\n<li>\u78ba\u5b9a\u62e0\u51fa\u5236\u5ea6\u306f\u77ed\u671f\u7d66\u4ed8\u3068\u540c\u69d8\u306b\u51e6\u7406\u3055\u308c\u308b\u4e00\u65b9\u3001\u904b\u7528\u30ea\u30b9\u30af\u3068\u6570\u7406\u30ea\u30b9\u30af\u3092\u4f01\u696d\u304c\u8ca0\u3046\u78ba\u5b9a\u7d66\u4ed8\u5236\u5ea6\u306f\u4f1a\u8a08\u51e6\u7406\u304c\u8907\u96d1<\/li>\n<li>\u78ba\u5b9a\u7d66\u4ed8\u5236\u5ea6\u306f\u3001\u52e4\u52d9\u8cbb\u7528\u306a\u3069\u306e\u69cb\u6210\u8981\u7d20\u3054\u3068\u306b\u4e88\u6e2c\u3057\u3001\u7a4d\u7acb\u4e0d\u8db3\u3068\u5c06\u6765\u306e\u52e4\u52d9\u8cbb\u7528\u3092 DCF \u8a55\u4fa1\u306b\u53cd\u6620\u3059\u308b<\/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\u5f93\u696d\u54e1\u5831\u916c\u306e\u7a2e\u985e<\/h3>\n<p>\u5f93\u696d\u54e1\u5831\u916c\u306f\u3001\u7d66\u4e0e\u30fb\u8cde\u4e0e\u306a\u3069\u306e<strong>\u77ed\u671f\u7d66\u4ed8<\/strong>\u3001\u682a\u5f0f\u3067\u652f\u6255\u3046<strong>\u682a\u5f0f\u5831\u916c<\/strong>\u3001<strong>\u89e3\u96c7\u7d66\u4ed8<\/strong>\u3001\u5e74\u91d1\u306a\u3069\u306e<strong>\u9000\u8077\u5f8c\u7d66\u4ed8<\/strong>\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002\u3044\u305a\u308c\u3082\u5f79\u52d9\u306e\u63d0\u4f9b\u671f\u9593\u306b\u516c\u6b63\u4fa1\u5024\u3067\u8cbb\u7528\u3092\u8a8d\u8b58\u3059\u308b\u306e\u304c\u57fa\u672c\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u77ed\u671f\u7d66\u4ed8\uff1a\u8cbb\u7528\u3068\u672a\u6255\u8ca0\u50b5\u3092\u8a08\u4e0a\u3057\u3001\u652f\u6255\u6642\u306b\u8ca0\u50b5\u3092\u6d88\u6ec5<\/li>\n<li>\u682a\u5f0f\u5831\u916c\uff1a\u682a\u5f0f\u3067\u306e\u6c7a\u6e08\u3001\u6e2c\u5b9a\u306b\u5224\u65ad\u304c\u5fc5\u8981\u3001\u6a29\u5229\u78ba\u5b9a\u307e\u3067\u8907\u6570\u5e74<\/li>\n<li>\u89e3\u96c7\u7d66\u4ed8\uff1a\u96c7\u7528\u7d42\u4e86\u306b\u4f34\u3046\u7d66\u4ed8<\/li>\n<li>\u9000\u8077\u5f8c\u7d66\u4ed8\uff1a\u78ba\u5b9a\u62e0\u51fa\u5236\u5ea6\u3068\u78ba\u5b9a\u7d66\u4ed8\u5236\u5ea6<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u682a\u5f0f\u5831\u916c\u304c\u8ca1\u52d9\u8af8\u8868\u306b\u4e0e\u3048\u308b\u5f71\u97ff<\/h3>\n<p>\u682a\u5f0f\u5831\u916c\u306f<strong>\u4ed8\u4e0e\u65e5\u306e\u516c\u6b63\u4fa1\u5024<\/strong>\u3067\u6e2c\u5b9a\u3057\u3001<strong>\u6a29\u5229\u78ba\u5b9a\u671f\u9593<\/strong>\u306b\u308f\u305f\u3063\u3066\u8cbb\u7528\u5316\u3057\u3066\u3001\u76f8\u624b\u52d8\u5b9a\u3092\u8cc7\u672c\u306b\u8a08\u4e0a\u3057\u307e\u3059\u3002<strong>RSU<\/strong> \u306f\u4ed8\u4e0e\u65e5\u306e\u682a\u4fa1\u3001<strong>\u30b9\u30c8\u30c3\u30af\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong>\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u8a55\u4fa1\u30e2\u30c7\u30eb\u3067\u516c\u6b63\u4fa1\u5024\u3092\u898b\u7a4d\u3082\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u640d\u76ca\u8a08\u7b97\u66f8\uff1a\u6a29\u5229\u78ba\u5b9a\u671f\u9593\u306b\u308f\u305f\u308a\u5831\u916c\u8cbb\u7528\u3092\u8a08\u4e0a<\/li>\n<li>\u8cb8\u501f\u5bfe\u7167\u8868\uff1a\u8cc7\u672c\uff08\u8cc7\u672c\u5270\u4f59\u91d1\uff09\u304c\u5897\u52a0\u3001\u8ca0\u50b5\u306f\u767a\u751f\u3057\u306a\u3044<\/li>\n<li>RSU\uff1a\u6a29\u5229\u78ba\u5b9a\u3068\u540c\u6642\u306b\u666e\u901a\u682a\u5f0f\u306b\u8ee2\u63db\uff08\u6c7a\u6e08\uff09<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\uff1a\u884c\u4f7f\u6642\u306b\u73fe\u91d1\u304c\u6d41\u5165\u3057\u8ca1\u52d9\u6d3b\u52d5\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001\u682a\u5f0f\u3092\u767a\u884c<\/li>\n<li>\u8cbb\u7528\u306f\u975e\u8cc7\u91d1\u9805\u76ee\u3060\u304c\u682a\u4e3b\u306e\u6301\u5206\u3092\u5e0c\u8584\u5316<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u682a\u5f0f\u5831\u916c\u3068\u767a\u884c\u6e08\u682a\u5f0f\u6570\u306e\u4e88\u6e2c\u30fb\u8a55\u4fa1\u3078\u306e\u5229\u7528<\/h3>\n<p>\u8ca1\u52d9\u30e2\u30c7\u30eb\u3067\u306f\u3001\u682a\u5f0f\u5831\u916c\u8cbb\u7528\u3092<strong>\u58f2\u4e0a\u9ad8\u306b\u5bfe\u3059\u308b\u6bd4\u7387<\/strong>\u3067\u4e88\u6e2c\u3057\u3001\u682a\u5f0f\u306e\u4ed8\u4e0e\u30fb\u6c7a\u6e08\u306e\u4e88\u6e2c\u3068\u3042\u308f\u305b\u3066<strong>\u767a\u884c\u6e08\u682a\u5f0f\u6570<\/strong>\u3092\u4e88\u6e2c\u3057\u307e\u3059\u3002\u8a55\u4fa1\u3067\u306f\u3001\u682a\u5f0f\u5831\u916c\u3092<strong>\u5b9f\u8cea\u7684\u306a\u30b3\u30b9\u30c8<\/strong>\u3068\u3057\u3066\u6271\u3044\u3001\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u5dee\u3057\u5f15\u304f\u304b\u3001\u5e0c\u8584\u5316\u5f8c\u306e\u682a\u5f0f\u6570\u3067\u53cd\u6620\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u5f0f\u5831\u916c\u8cbb\u7528 = \u58f2\u4e0a\u9ad8 \u00d7 \u4e88\u6e2c\u6bd4\u7387\uff08\u4ed6\u306e\u55b6\u696d\u8cbb\u7528\u3068\u533a\u5225\uff09<\/li>\n<li>\u767a\u884c\u6e08\u682a\u5f0f\u6570 = \u671f\u9996\u682a\u5f0f\u6570 \uff0b \u6c7a\u6e08\u306b\u3088\u308b\u767a\u884c \u2212 \u81ea\u793e\u682a\u8cb7\u3044<\/li>\n<li>DCF \u3067\u306f\u682a\u5f0f\u5831\u916c\u3092 FCF \u304b\u3089\u5dee\u3057\u5f15\u304f\u306e\u304c\u4e00\u822c\u7684<\/li>\n<li>FCF \u304b\u3089\u5dee\u3057\u5f15\u304b\u306a\u3044\u5834\u5408\u306f\u3001\u5c06\u6765\u306e\u5e0c\u8584\u5316\u3092\u682a\u5f0f\u6570\u306b\u53cd\u6620<\/li>\n<li>\u4e8c\u91cd\u8a08\u4e0a\uff08\u8cbb\u7528\u63a7\u9664\u3068\u5e0c\u8584\u5316\u306e\u4e21\u65b9\uff09\u3092\u907f\u3051\u308b<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u9000\u8077\u5f8c\u7d66\u4ed8\u304c\u8ca1\u52d9\u8af8\u8868\u306b\u4e0e\u3048\u308b\u5f71\u97ff<\/h3>\n<p><strong>\u78ba\u5b9a\u62e0\u51fa\uff08DC\uff09\u5236\u5ea6<\/strong>\u306f\u62e0\u51fa\u984d\u3092\u8cbb\u7528\u3068\u3059\u308b\u3060\u3051\u3067\u3059\u304c\u3001<strong>\u78ba\u5b9a\u7d66\u4ed8\uff08DB\uff09\u5236\u5ea6<\/strong>\u3067\u306f\u4f01\u696d\u304c\u904b\u7528\u30fb\u6570\u7406\u30ea\u30b9\u30af\u3092\u8ca0\u3044\u307e\u3059\u3002DB \u5236\u5ea6\u3067\u306f<strong>\u7a4d\u7acb\u72b6\u6cc1\uff08\u5236\u5ea6\u8cc7\u7523\u306e\u516c\u6b63\u4fa1\u5024 \u2212 \u78ba\u5b9a\u7d66\u4ed8\u50b5\u52d9\uff09<\/strong>\u3092\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u8ca0\u50b5\u307e\u305f\u306f\u8cc7\u7523\u3068\u3057\u3066\u8a08\u4e0a\u3057\u3001\u52e4\u52d9\u8cbb\u7528\u30fb\u5229\u606f\u30fb\u518d\u6e2c\u5b9a\u3092\u8a8d\u8b58\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>DC \u5236\u5ea6\uff1a\u62e0\u51fa\u984d = \u8cbb\u7528\u3001\u5c06\u6765\u306e\u7d66\u4ed8\u984d\u306f\u4fdd\u8a3c\u3057\u306a\u3044<\/li>\n<li>DB \u5236\u5ea6\u306e\u7a4d\u7acb\u72b6\u6cc1 = \u5236\u5ea6\u8cc7\u7523 \u2212 \u78ba\u5b9a\u7d66\u4ed8\u50b5\u52d9\uff08DBO\uff09<\/li>\n<li>IFRS\uff1a\u52e4\u52d9\u8cbb\u7528\u3068\u7d14\u5229\u606f\u3092\u640d\u76ca\u3001\u518d\u6e2c\u5b9a\u3092\u305d\u306e\u4ed6\u306e\u5305\u62ec\u5229\u76ca<\/li>\n<li>US GAAP\uff1a\u52e4\u52d9\u8cbb\u7528\u3001\u5229\u606f\u8cbb\u7528\u3001\u5236\u5ea6\u8cc7\u7523\u306e\u671f\u5f85\u904b\u7528\u53ce\u76ca\u306a\u3069\u3092\u640d\u76ca\u306b\u8a08\u4e0a<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\uff1a\u5236\u5ea6\u3078\u306e\u62e0\u51fa\u984d<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u7a4d\u7acb\u72b6\u6cc1 = \u5236\u5ea6\u8cc7\u7523\u306e\u516c\u6b63\u4fa1\u5024 \u2212 \u78ba\u5b9a\u7d66\u4ed8\u50b5\u52d9\u306e\u73fe\u5728\u4fa1\u5024<\/div>\n<h3>LOS 5\uff1a\u9000\u8077\u5f8c\u7d66\u4ed8\u306e\u8ca1\u52d9\u30e2\u30c7\u30eb\u30fb\u8a55\u4fa1\u4e0a\u306e\u8003\u616e\u4e8b\u9805<\/h3>\n<p>DB \u5236\u5ea6\u306f\u3001<strong>\u52e4\u52d9\u8cbb\u7528\u30fb\u5272\u5f15\u7387\u30fb\u5236\u5ea6\u3078\u306e\u62e0\u51fa\u30fb\u7d66\u4ed8\u306e\u652f\u6255\u3044<\/strong>\u3068\u3044\u3063\u305f\u69cb\u6210\u8981\u7d20\u3054\u3068\u306b\u4e88\u6e2c\u3057\u307e\u3059\u3002\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u306f\u3001<strong>\u7a4d\u7acb\u4e0d\u8db3<\/strong>\u3092\u8ca0\u50b5\u306b\u6e96\u3058\u308b\u3082\u306e\u3068\u3057\u3066\u6271\u3044\u3001\u5c06\u6765\u306e\u52e4\u52d9\u8cbb\u7528\u3082 DCF \u306b\u53cd\u6620\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>DB \u5236\u5ea6\u306f\u6c11\u9593\u3067\u306f\u6e1b\u5c11\u3057\u3066\u3044\u308b\u304c\u516c\u7684\u90e8\u9580\u3067\u306f\u4f9d\u7136\u591a\u3044<\/li>\n<li>\u904e\u53bb\u306e DB \u50b5\u52d9\u304c\u4f01\u696d\u4fa1\u5024\u306e\u5927\u304d\u306a\u5272\u5408\u3092\u5360\u3081\u308b\u4f01\u696d\u3082\u3042\u308b\uff08\u4f4e\u91d1\u5229\u6642\u306b\u7279\u306b\uff09<\/li>\n<li>\u5272\u5f15\u7387\u306e\u4f4e\u4e0b\u306f\u78ba\u5b9a\u7d66\u4ed8\u50b5\u52d9\u3092\u5897\u52a0<\/li>\n<li>\u7a4d\u7acb\u4e0d\u8db3\u306f\u4f01\u696d\u4fa1\u5024\u304b\u3089\u5dee\u3057\u5f15\u304f\u8ca0\u50b5\u6027\u306e\u9805\u76ee<\/li>\n<li>\u5c06\u6765\u306e\u52e4\u52d9\u8cbb\u7528\u306f\u55b6\u696d\u8cbb\u7528\u3068\u3057\u3066\u4e88\u6e2c<\/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\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \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-l2-fsa-lm1\/\">LM1 Intercorporate Investments\uff08\u4f01\u696d\u9593\u6295\u8cc7\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fsa-lm3\/\">LM3 Multinational Operations\uff08\u591a\u56fd\u7c4d\u4f01\u696d\u306e\u4f1a\u8a08\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-fsa\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Financial Statement Analysis\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Financial Statement Analysis LM2\u300cEmployee Compensation: Post-Employment and Share-Based\uff08\u5f93\u696d\u54e1\u5831\u916c\uff1a\u9000\u8077\u5f8c\u7d66\u4ed8\u3068\u682a\u5f0f\u5831\u916c\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":11174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10828","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=10828"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10828\/revisions"}],"predecessor-version":[{"id":11001,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10828\/revisions\/11001"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11174"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}