{"id":10843,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm1\/"},"modified":"2026-09-22T07:06:39","modified_gmt":"2026-09-21T22:06:39","slug":"cfa-l2-fi-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Fixed Income LM1\u3011The Term Structure and Interest Rate Dynamics \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u6cd5\u30fb\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u671f\u9593\u69cb\u9020\u7406\u8ad6"},"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 1\u300cThe Term Structure and Interest Rate Dynamics\uff08\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u3068\u91d1\u5229\u5909\u52d5\uff09\u300d\u306f\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3001\u6700\u7d42\u5229\u56de\u308a\u3068\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u95a2\u4fc2\u3001\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u6cd5\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3\u3001\u30b9\u30ef\u30c3\u30d7\u30fb\u30ab\u30fc\u30d6\u3068\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u77ed\u671f\u91d1\u5229\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u671f\u9593\u69cb\u9020\u7406\u8ad6\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u30fb\u30ea\u30b9\u30af\u306e\u7ba1\u7406\u3001\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u671f\u9593\u69cb\u9020\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>LM1\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\u3002LM1\u306b\u306f11\u500b\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\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3001\u6700\u7d42\u5229\u56de\u308a\u3001\u50b5\u5238\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u5b9f\u73fe\u30ea\u30bf\u30fc\u30f3\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u306e\u9593\u306e\u95a2\u4fc2\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe relationships among spot rates, forward rates, yield to maturity, expected and realized returns on bonds, and the shape of the yield curve<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u6cd5\u306b\u3088\u3063\u3066\u30d1\u30fc\u30fb\u30ab\u30fc\u30d6\u304b\u3089\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u30fb\u30ec\u30fc\u30c8\uff08\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\uff09\u3092\u6c42\u3081\u308b\u65b9\u6cd5\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe how zero-coupon rates (spot rates) may be obtained from the par curve by bootstrapping<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u306a\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\u306b\u5185\u5728\u3059\u308b\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3068\u306e\u95a2\u4fc2\u3067\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306e\u63a8\u79fb\u306b\u95a2\u3059\u308b\u524d\u63d0\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe the assumptions concerning the evolution of spot rates in relation to forward rates implicit in active bond portfolio management<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3\u6226\u7565\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe the strategy of rolling down the yield curve<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u30fb\u30ab\u30fc\u30d6\u3068\u3001\u5e02\u5834\u53c2\u52a0\u8005\u304c\u8a55\u4fa1\u306b\u304a\u3044\u3066\u305d\u308c\u3092\u306a\u305c\u3001\u3069\u306e\u3088\u3046\u306b\u4f7f\u3046\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the swap rate curve and why and how market participants use it in valuation<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u6240\u4e0e\u306e\u5e74\u9650\u306e\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the swap spread for a given maturity<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u7d4c\u6e08\u5168\u4f53\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u3068\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3092\u6e2c\u308b\u305f\u3081\u306b\u7528\u3044\u3089\u308c\u308b\u77ed\u671f\u91d1\u5229\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe short-term interest rate spreads used to gauge economy-wide credit risk and liquidity risk<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u306b\u95a2\u3059\u308b\u4f1d\u7d71\u7684\u306a\u7406\u8ad6\u3092\u8aac\u660e\u3057\u3001\u5404\u7406\u8ad6\u304c\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3068\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u306b\u5bfe\u3057\u3066\u6301\u3064\u542b\u610f\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">explain traditional theories of the term structure of interest rates and describe the implications of each theory for forward rates and the shape of the yield curve<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u3092\u52d5\u304b\u3059\u5404\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u50b5\u5238\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u3069\u306e\u3088\u3046\u306b\u6e2c\u5b9a\u3067\u304d\u3001\u305d\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u30fb\u30ea\u30b9\u30af\u306e\u7ba1\u7406\u306b\u3069\u306e\u3088\u3046\u306b\u4f7f\u3048\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how a bond\u2019s exposure to each of the factors driving the yield curve can be measured and how these exposures can be used to manage yield curve risks<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u6e80\u671f\u69cb\u9020\u3068\u3001\u305d\u308c\u304c\u4fa1\u683c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the maturity structure of yield volatilities and their effect on price volatility<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u4e3b\u8981\u306a\u7d4c\u6e08\u8981\u56e0\u304c\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u91d1\u5229\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5909\u5316\u306b\u95a2\u3059\u308b\u898b\u901a\u3057\u306e\u5f62\u6210\u306b\u3069\u306e\u3088\u3046\u306b\u4f7f\u308f\u308c\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how key economic factors are used to establish a view on benchmark rates, spreads, and yield curve changes<\/span><\/li>\n<\/ol>\n<h2>LM1\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\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u5229\u56de\u308a\u3067\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u5c0e\u304b\u308c\u308b\u5c06\u6765\u671f\u9593\u306e\u91d1\u5229<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ab\u30fc\u30d6\u304c\u5b9f\u73fe\u3059\u308c\u3070\u3001\u3069\u306e\u6e80\u671f\u306e\u7121\u88c1\u5b9a\u4fa1\u683c\u306e\u50b5\u5238\u3082\u540c\u30581\u671f\u9593\u30ea\u30bf\u30fc\u30f3\u3092\u751f\u3080<\/li>\n<li>\u6700\u7d42\u5229\u56de\u308a\u306f\u3001\u518d\u6295\u8cc7\u304c\u540c\u3058\u5229\u56de\u308a\u3067\u884c\u308f\u308c\u6e80\u671f\u307e\u3067\u4fdd\u6709\u3059\u308b\u306a\u3069\u306e\u524d\u63d0\u304c\u6e80\u305f\u3055\u308c\u308b\u5834\u5408\u306b\u306e\u307f\u5b9f\u73fe\u30ea\u30bf\u30fc\u30f3\u3068\u4e00\u81f4\u3059\u308b<\/li>\n<li>\u5c06\u6765\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304c\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3092\u4e0b\u56de\u308b\u3068\u4e88\u60f3\u3059\u308b\u306a\u3089\u3001\u9577\u671f\u50b5\u306e\u4fdd\u6709\u3067\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3048\u308b<\/li>\n<li>\u30b9\u30ef\u30c3\u30d7\u30fb\u30ab\u30fc\u30d6\u306f\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u5c0f\u3055\u3044\u91d1\u5229\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u3057\u3066\u5e83\u304f\u4f7f\u308f\u308c\u3001\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u3068\u540c\u5e74\u9650\u306e\u56fd\u50b5\u5229\u56de\u308a\u306e\u5dee<\/li>\n<li>\u671f\u9593\u69cb\u9020\u306e\u7406\u8ad6\u306b\u306f\u3001\u7d14\u7c8b\u671f\u5f85\u4eee\u8aac\u3001\u5c40\u6240\u671f\u5f85\u4eee\u8aac\u3001\u6d41\u52d5\u6027\u9078\u597d\u4eee\u8aac\u3001\u5e02\u5834\u5206\u65ad\u4eee\u8aac\u3001\u7279\u5b9a\u671f\u9593\u9078\u597d\u4eee\u8aac\u304c\u3042\u308b<\/li>\n<li>\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5909\u5316\u306f\u6c34\u6e96\u30fb\u50be\u304d\u30fb\u66f2\u7387\u306e3\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u304a\u304a\u3080\u306d\u8aac\u660e\u3067\u304d\u308b<\/li>\n<li>\u4e00\u822c\u306b\u77ed\u671f\u91d1\u5229\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u9577\u671f\u91d1\u5229\u3088\u308a\u9ad8\u304f\u3001\u91d1\u878d\u653f\u7b56\u3084\u666f\u6c17\u898b\u901a\u3057\u304c\u91d1\u5229\u3068\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u898b\u901a\u3057\u306b\u5f71\u97ff\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\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3001YTM\u3001\u30ea\u30bf\u30fc\u30f3\u306e\u95a2\u4fc2<\/h3>\n<p><strong>\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8<\/strong>\u306f\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u5229\u56de\u308a\u3001<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/strong>\u306f\u5c06\u6765\u306e\u671f\u9593\u306b\u9069\u7528\u3055\u308c\u308b\u91d1\u5229\u3067\u3001\u9577\u671f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306f\u77ed\u671f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306e\u5e7e\u4f55\u5e73\u5747\u3067\u3059\u3002YTM\u306f\u518d\u6295\u8cc7\u306a\u3069\u306e\u524d\u63d0\u304c\u6e80\u305f\u3055\u308c\u308b\u5834\u5408\u306b\u306e\u307f\u5b9f\u73fe\u30ea\u30bf\u30fc\u30f3\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u7121\u88c1\u5b9a\u3067\u5c0e\u51fa<\/li>\n<li>\u53f3\u4e0a\u304c\u308a\u306e\u30ab\u30fc\u30d6\u3067\u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\uff1e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>YTM\u306f\u5404\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306e\u52a0\u91cd\u5e73\u5747\u306b\u8fd1\u3044<\/li>\n<li>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff1a\u4fdd\u6709\u671f\u9593\u30fb\u518d\u6295\u8cc7\u306e\u524d\u63d0\u3067\u5909\u5316<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ab\u30fc\u30d6\u304c\u5b9f\u73fe\u3059\u308c\u3070\u50b5\u5238\u306e1\u671f\u9593\u30ea\u30bf\u30fc\u30f3\u306f\u540c\u4e00<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\uff081 \uff0b S_B\uff09\u1d2e \uff1d\uff081 \uff0b S_A\uff09\u1d2c \u00d7\uff081 \uff0b f_A,B\u2212A\uff09\u1d2e\u207b\u1d2c<\/div>\n<h3>LOS 2\uff1a\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u6cd5<\/h3>\n<p><strong>\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u6cd5<\/strong>\u306f\u3001\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\uff08\u984d\u9762\u3067\u53d6\u5f15\u3055\u308c\u308b\u50b5\u5238\u306e\u30af\u30fc\u30dd\u30f3\u30fb\u30ec\u30fc\u30c8\uff09\u3092\u77ed\u3044\u5e74\u9650\u304b\u3089\u9806\u306b\u4f7f\u3044\u3001\u5404\u5e74\u9650\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3092\u9010\u6b21\u7684\u306b\u6c42\u3081\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30d1\u30fc\u50b5\uff1a\u4fa1\u683c\uff1d100\u3001\u30af\u30fc\u30dd\u30f3\u30fb\u30ec\u30fc\u30c8\uff1dYTM<\/li>\n<li>1\u5e74\u76ee\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\uff1d1\u5e74\u306e\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>\u65e2\u77e5\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u30af\u30fc\u30dd\u30f3\u3092\u5272\u308a\u5f15\u304d\u3001\u6b21\u306e\u5e74\u9650\u3092\u89e3\u304f<\/li>\n<li>\u5272\u5f15\u4fc2\u6570\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u306e\u5c0e\u51fa<\/li>\n<\/ul>\n<div class=\"cfalm-f\">100 \uff1d PMT \u00f7\uff081 \uff0b S\u2081\uff09\uff0b\uff08PMT \uff0b 100\uff09\u00f7\uff081 \uff0b S\u2082\uff09\u00b2<\/div>\n<h3>LOS 3\uff1a\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306e\u95a2\u4fc2\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528<\/h3>\n<p>\u5c06\u6765\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304c\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3069\u304a\u308a\u306b\u63a8\u79fb\u3059\u308c\u3070\u3001\u3069\u306e\u50b5\u5238\u3092\u4fdd\u6709\u3057\u3066\u3082\u540c\u3058\u30ea\u30bf\u30fc\u30f3\u3067\u3059\u3002\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u3067\u306f\u3001<strong>\u5c06\u6765\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304c\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3092\u4e0b\u56de\u308b<\/strong>\u3068\u4e88\u60f3\u3059\u308c\u3070\u9577\u671f\u50b5\u306f\u5272\u5b89\u3068\u307f\u306a\u3057\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u9577\u304f\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\uff1d\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306e\u5b9f\u73fe\uff1a\u30ea\u30bf\u30fc\u30f3\u306f\u6e80\u671f\u306b\u3088\u3089\u305a\u540c\u4e00<\/li>\n<li>\u4e88\u60f3\u30b9\u30dd\u30c3\u30c8\uff1c\u30d5\u30a9\u30ef\u30fc\u30c9\uff1a\u9577\u671f\u50b5\u306f\u5272\u5b89\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u9577\u304f<\/li>\n<li>\u4e88\u60f3\u30b9\u30dd\u30c3\u30c8\uff1e\u30d5\u30a9\u30ef\u30fc\u30c9\uff1a\u9577\u671f\u50b5\u306f\u5272\u9ad8\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u77ed\u304f<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u640d\u76ca\u5206\u5c90\u70b9\u306e\u91d1\u5229<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3<\/h3>\n<p>\u53f3\u4e0a\u304c\u308a\u306e\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u304c\u5909\u5316\u3057\u306a\u3044\u5834\u5408\u3001\u6e80\u671f\u307e\u3067\u306e\u671f\u9593\u304c\u77ed\u304f\u306a\u308b\u306b\u3064\u308c\u3066\u50b5\u5238\u306e\u5229\u56de\u308a\u304c\u4f4e\u4e0b\u3057\u4fa1\u683c\u304c\u4e0a\u6607\u3059\u308b\u305f\u3081\u3001\u6295\u8cc7\u671f\u9593\u3088\u308a<strong>\u9577\u3044\u6e80\u671f\u306e\u50b5\u5238<\/strong>\u3092\u8cb7\u3046\u3068\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u524d\u63d0\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u304c\u53f3\u4e0a\u304c\u308a\u3067\u5b89\u5b9a<\/li>\n<li>\u5229\u56de\u308a\u4f4e\u4e0b\u306b\u3088\u308b\u5024\u4e0a\u304c\u308a\u76ca<\/li>\n<li>\u6295\u8cc7\u671f\u9593\u3088\u308a\u9577\u3044\u50b5\u5238\u3092\u8cfc\u5165<\/li>\n<li>\u30ab\u30fc\u30d6\u304c\u5909\u5316\u3059\u308b\u3068\u30ea\u30b9\u30af\u304c\u3042\u308b<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u30fb\u30ab\u30fc\u30d6\u306e\u5229\u7528<\/h3>\n<p><strong>\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u30fb\u30ab\u30fc\u30d6<\/strong>\u306f\u3001\u3055\u307e\u3056\u307e\u306a\u5e74\u9650\u306e\u56fa\u5b9a\u91d1\u5229\u306e\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u4f5c\u308b\u30ab\u30fc\u30d6\u3067\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u304c\u5c0f\u3055\u304f\u6d41\u52d5\u6027\u304c\u9ad8\u3044\u305f\u3081\u3001\u6c11\u9593\u90e8\u9580\u306e\u91d1\u5229\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u3057\u3066\u8a55\u4fa1\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u56fd\u50b5\u3088\u308a\u591a\u304f\u306e\u5e74\u9650\u3067\u53d6\u5f15\u3055\u308c\u308b<\/li>\n<li>\u653f\u5e9c\u306e\u898f\u5236\u30fb\u767a\u884c\u91cf\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u3044<\/li>\n<li>\u5404\u56fd\u3067\u6bd4\u8f03\u53ef\u80fd\u306a\u30d9\u30f3\u30c1\u30de\u30fc\u30af<\/li>\n<li>\u91d1\u878d\u6a5f\u95a2\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u53cd\u6620<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9<\/h3>\n<p><strong>\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\u306f\u3001\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u3068\u540c\u3058\u5e74\u9650\u306e\u56fd\u50b5\u5229\u56de\u308a\u306e\u5dee\u3067\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u3068\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306e\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9 \uff1d \u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8 \u2212 \u540c\u5e74\u9650\u306e\u56fd\u50b5\u5229\u56de\u308a<\/li>\n<li>\u4fe1\u7528\u30fb\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306e\u5897\u5927\u3067\u62e1\u5927<\/li>\n<li>\u50b5\u5238\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u8a08\u6e2c\u57fa\u6e96\u3068\u3057\u3066\u5229\u7528<\/li>\n<li>I\u30b9\u30d7\u30ec\u30c3\u30c9\uff1a\u50b5\u5238\u5229\u56de\u308a \u2212 \u540c\u5e74\u9650\u306e\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9 \uff1d \u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8 \u2212 \u540c\u5e74\u9650\u306e\u56fd\u50b5\u5229\u56de\u308a<\/div>\n<h3>LOS 7\uff1a\u7d4c\u6e08\u5168\u4f53\u306e\u4fe1\u7528\u30fb\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3092\u6e2c\u308b\u77ed\u671f\u91d1\u5229\u30b9\u30d7\u30ec\u30c3\u30c9<\/h3>\n<p>\u77ed\u671f\u91d1\u5229\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u3057\u3066\u3001<strong>TED\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\uff08\u9280\u884c\u9593\u8cb8\u51fa\u91d1\u5229\u3068\u77ed\u671f\u56fd\u50b5\u5229\u56de\u308a\u306e\u5dee\uff09\u3084\u3001\u9280\u884c\u9593\u91d1\u5229\u3068<strong>\u30aa\u30fc\u30d0\u30fc\u30ca\u30a4\u30c8\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30fb\u30b9\u30ef\u30c3\u30d7\uff08OIS\uff09<\/strong>\u30ec\u30fc\u30c8\u306e\u5dee\u306a\u3069\u304c\u3042\u308a\u3001\u9280\u884c\u30b7\u30b9\u30c6\u30e0\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u3068\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306e\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>TED\u30b9\u30d7\u30ec\u30c3\u30c9\uff1a\u9280\u884c\u9593\u91d1\u5229 \u2212 \u77ed\u671f\u56fd\u50b5\u5229\u56de\u308a<\/li>\n<li>\u9280\u884c\u9593\u91d1\u5229\u2212OIS\u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<li>SOFR\u306a\u3069\u306e\u62c5\u4fdd\u4ed8\u304d\u7fcc\u65e5\u7269\u91d1\u5229\u306e\u5229\u7528<\/li>\n<li>\u91d1\u878d\u5371\u6a5f\u6642\u306b\u62e1\u5927<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u4f1d\u7d71\u7684\u306a\u671f\u9593\u69cb\u9020\u7406\u8ad6<\/h3>\n<p><strong>\u7d14\u7c8b\u671f\u5f85\u4eee\u8aac<\/strong>\u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3092\u5c06\u6765\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306e\u4e0d\u504f\u63a8\u5b9a\u5024\u3068\u3057\u3001<strong>\u5c40\u6240\u671f\u5f85\u4eee\u8aac<\/strong>\u306f\u77ed\u671f\u4fdd\u6709\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306b\u7b49\u3057\u3044\u3068\u3057\u307e\u3059\u3002<strong>\u6d41\u52d5\u6027\u9078\u597d\u4eee\u8aac<\/strong>\u306f\u9577\u671f\u307b\u3069\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u4e0a\u4e57\u305b\u3055\u308c\u308b\u3068\u3057\u3001<strong>\u5e02\u5834\u5206\u65ad\u4eee\u8aac<\/strong>\u30fb<strong>\u7279\u5b9a\u671f\u9593\u9078\u597d\u4eee\u8aac<\/strong>\u306f\u9700\u7d66\u306e\u5f71\u97ff\u3092\u91cd\u8996\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d14\u7c8b\u671f\u5f85\uff1a\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u306f\u5c06\u6765\u91d1\u5229\u306e\u4e88\u60f3\u306e\u307f\u3092\u53cd\u6620<\/li>\n<li>\u5c40\u6240\u671f\u5f85\uff1a\u77ed\u671f\u306e\u4fdd\u6709\u671f\u9593\u30ea\u30bf\u30fc\u30f3\u306f\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>\u6d41\u52d5\u6027\u9078\u597d\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\uff1d\u4e88\u60f3\u30b9\u30dd\u30c3\u30c8\uff0b\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u5e02\u5834\u5206\u65ad\uff1a\u5404\u5e74\u9650\u306e\u9700\u7d66\u3067\u72ec\u7acb\u306b\u6c7a\u5b9a<\/li>\n<li>\u7279\u5b9a\u671f\u9593\u9078\u597d\uff1a\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u3042\u308c\u3070\u9078\u597d\u5e74\u9650\u5916\u306b\u3082\u79fb\u52d5<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u30ea\u30b9\u30af\u7ba1\u7406<\/h3>\n<p>\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5909\u5316\u306f\u3001<strong>\u6c34\u6e96\uff08\u30ec\u30d9\u30eb\uff09<\/strong>\u3001<strong>\u50be\u304d\uff08\u30b9\u30c6\u30a3\u30fc\u30d7\u30cd\u30b9\uff09<\/strong>\u3001<strong>\u66f2\u7387\uff08\u30ab\u30fc\u30d0\u30c1\u30e3\u30fc\uff09<\/strong>\u306e3\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u304a\u304a\u3080\u306d\u8aac\u660e\u3067\u304d\u307e\u3059\u3002\u5404\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\uff08\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\uff09\u3092\u6e2c\u308a\u3001\u30d8\u30c3\u30b8\u3084\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u8abf\u6574\u306b\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6c34\u6e96\uff1a\u5e73\u884c\u79fb\u52d5\u3001\u6700\u3082\u8aac\u660e\u529b\u304c\u5927\u304d\u3044<\/li>\n<li>\u50be\u304d\uff1a\u77ed\u671f\u3068\u9577\u671f\u306e\u5229\u56de\u308a\u5dee\u306e\u5909\u5316<\/li>\n<li>\u66f2\u7387\uff1a\u4e2d\u671f\u30be\u30fc\u30f3\u306e\u76f8\u5bfe\u7684\u306a\u5909\u5316<\/li>\n<li>\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u5e74\u9650\u3054\u3068\u306e\u611f\u5fdc\u5ea6\u3092\u6e2c\u5b9a<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u0394P\/P \u2248 \u2212D_L \u00d7 \u0394x_L \u2212 D_S \u00d7 \u0394x_S \u2212 D_C \u00d7 \u0394x_C<\/div>\n<h3>LOS 10\uff1a\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u6e80\u671f\u69cb\u9020<\/h3>\n<p><strong>\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u671f\u9593\u69cb\u9020<\/strong>\u306f\u5e74\u9650\u3054\u3068\u306e\u5229\u56de\u308a\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u793a\u3057\u3001\u4e00\u822c\u306b\u77ed\u671f\u91d1\u5229\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u9577\u671f\u91d1\u5229\u3088\u308a\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002\u50b5\u5238\u4fa1\u683c\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u5229\u56de\u308a\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u4e21\u65b9\u306b\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u77ed\u671f\u91d1\u5229\u306f\u91d1\u878d\u653f\u7b56\u306e\u5f71\u97ff\u3067\u5909\u52d5\u304c\u5927\u304d\u3044<\/li>\n<li>\u9577\u671f\u91d1\u5229\u306f\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u306a\u3069\u306b\u5de6\u53f3\u3055\u308c\u308b<\/li>\n<li>\u4fa1\u683c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u2248\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u00d7\u5229\u56de\u308a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1\u306b\u91cd\u8981<\/li>\n<\/ul>\n<h3>LOS 11\uff1a\u7d4c\u6e08\u8981\u56e0\u3068\u91d1\u5229\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u898b\u901a\u3057<\/h3>\n<p>\u91d1\u878d\u653f\u7b56\u3001\u30a4\u30f3\u30d5\u30ec\u3001\u7d4c\u6e08\u6210\u9577\u3001\u8ca1\u653f\u653f\u7b56\u306a\u3069\u306e\u898b\u901a\u3057\u304b\u3089\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u91d1\u5229\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u5909\u5316\u306b\u95a2\u3059\u308b\u898b\u65b9\u3092\u5f62\u6210\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u91d1\u878d\u5f15\u7de0\u3081\uff1a\u77ed\u671f\u91d1\u5229\u4e0a\u6607\u3001\u30ab\u30fc\u30d6\u306e\u30d5\u30e9\u30c3\u30c8\u5316<\/li>\n<li>\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u4e0a\u6607\uff1a\u9577\u671f\u91d1\u5229\u4e0a\u6607<\/li>\n<li>\u666f\u6c17\u5f8c\u9000\uff1a\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u62e1\u5927<\/li>\n<li>\u8ca1\u653f\u8d64\u5b57\u306e\u62e1\u5927\uff1a\u9577\u671f\u91d1\u5229\u4e0a\u6607\u5727\u529b<\/li>\n<li>\u898b\u901a\u3057\u306b\u57fa\u3065\u304f\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30ab\u30fc\u30d6\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u8abf\u6574<\/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\">\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm2\/\">LM2 The Arbitrage-Free Valuation Framework\uff08\u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u67a0\u7d44\u307f\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-fi\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Fixed Income\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Fixed Income LM1\u300cThe Term Structure and Interest Rate Dynamics\uff08\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u3068\u91d1\u5229\u5909\u52d5\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":11189,"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-10843","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\/10843","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=10843"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10843\/revisions"}],"predecessor-version":[{"id":11016,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10843\/revisions\/11016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11189"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}