{"id":10844,"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-lm2\/"},"modified":"2026-09-22T07:06:42","modified_gmt":"2026-09-21T22:06:42","slug":"cfa-l2-fi-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Fixed Income LM2\u3011The Arbitrage-Free Valuation Framework \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u7121\u88c1\u5b9a\u8a55\u4fa1\u30fb\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u30fb\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5\u30fb\u671f\u9593\u69cb\u9020\u30e2\u30c7\u30eb"},"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\u300cThe Arbitrage-Free Valuation Framework\uff08\u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u67a0\u7d44\u307f\uff09\u300d\u306f\u3001\u50b5\u5238\u306e\u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u8003\u3048\u65b9\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306b\u3088\u308b\u8a55\u4fa1\u3001\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u306e\u69cb\u7bc9\u3068\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5\u3068\u30d1\u30b9\u30ef\u30a4\u30ba\u8a55\u4fa1\u3001\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u30fb\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u671f\u9593\u69cb\u9020\u30e2\u30c7\u30eb\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\u306f9\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u50b5\u5238\u306e\u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u610f\u5473\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain what is meant by arbitrage-free valuation of a fixed-income instrument<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u56fa\u5b9a\u5229\u4ed8\u50b5\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the arbitrage-free value of an option-free, fixed-rate coupon bond<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u306e\u67a0\u7d44\u307f\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe a binomial interest rate tree framework<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u3092\u7279\u5b9a\u306e\u671f\u9593\u69cb\u9020\u306b\u4e00\u81f4\u3059\u308b\u3088\u3046\u306b\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3\u3059\u308b\u904e\u7a0b\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe the process of calibrating a binomial interest rate tree to match a specific term structure<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5\u306b\u3088\u308b\u8a55\u4fa1\u624b\u6cd5\u3092\u8a18\u8ff0\u3057\u3001\u5404\u30ce\u30fc\u30c9\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u4e0e\u3048\u3089\u308c\u305f\u3068\u304d\u306e\u50b5\u5238\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">describe the backward induction valuation methodology and calculate the value of a fixed-income instrument given its cash flow at each node<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u30fb\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306b\u3088\u308b\u4fa1\u683c\u4ed8\u3051\u3068\u3001\u7121\u88c1\u5b9a\u4e8c\u9805\u30e9\u30c6\u30a3\u30b9\u306b\u3088\u308b\u4fa1\u683c\u4ed8\u3051\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare pricing using the zero-coupon yield curve with pricing using an arbitrage-free binomial lattice<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u4e8c\u9805\u91d1\u5229\u306e\u67a0\u7d44\u307f\u306b\u304a\u3051\u308b\u30d1\u30b9\u30ef\u30a4\u30ba\u8a55\u4fa1\u3092\u8a18\u8ff0\u3057\u3001\u5404\u30d1\u30b9\u306b\u6cbf\u3063\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u4e0e\u3048\u3089\u308c\u305f\u3068\u304d\u306e\u50b5\u5238\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">describe pathwise valuation in a binomial interest rate framework and calculate the value of a fixed-income instrument given its cash flows along each path<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u305d\u306e\u5fdc\u7528\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe a Monte Carlo forward-rate simulation and its application<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u671f\u9593\u69cb\u9020\u30e2\u30c7\u30eb\u3068\u305d\u306e\u4f7f\u308f\u308c\u65b9\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe term structure models and how they are used<\/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>\u7121\u88c1\u5b9a\u8a55\u4fa1\u3067\u306f\u3001\u50b5\u5238\u306e\u4fa1\u5024\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5bfe\u5fdc\u3059\u308b\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u3044\u305f\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3067\u3001\u30ea\u30b9\u30af\u306a\u3057\u306b\u5229\u76ca\u3092\u5f97\u308b\u6a5f\u4f1a\u304c\u5b58\u5728\u3057\u306a\u3044\u4fa1\u683c<\/li>\n<li>\u88c1\u5b9a\u6a5f\u4f1a\u306f\u3001\u4fa1\u5024\u306e\u52a0\u6cd5\u6027\u3084\u512a\u8d8a\u6027\u306e\u539f\u7406\u304c\u6e80\u305f\u3055\u308c\u306a\u3044\u5834\u5408\u306b\u751f\u3058\u308b<\/li>\n<li>\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u306f\u30011\u671f\u5148\u306e\u91d1\u5229\u304c\u4e0a\u6607\u307e\u305f\u306f\u4e0b\u843d\u3059\u308b2\u3064\u306e\u72b6\u614b\u3092\u60f3\u5b9a\u3057\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4eee\u5b9a\u306b\u57fa\u3065\u3044\u3066\u91d1\u5229\u306e\u5206\u5e03\u3092\u8868\u3059<\/li>\n<li>\u30c4\u30ea\u30fc\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u50b5\u5238\u3092\u30c4\u30ea\u30fc\u3067\u8a55\u4fa1\u3057\u305f\u4fa1\u5024\u304c\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4\u3059\u308b\u3088\u3046\u306b\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3\u3059\u308b<\/li>\n<li>\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5\u3067\u306f\u3001\u6e80\u671f\u304b\u3089\u73fe\u5728\u306b\u5411\u304b\u3063\u3066\u5404\u30ce\u30fc\u30c9\u306e\u4fa1\u5024\u3092\u9806\u306b\u8a08\u7b97\u3059\u308b<\/li>\n<li>\u30d1\u30b9\u30ef\u30a4\u30ba\u8a55\u4fa1\u3067\u306f\u91d1\u5229\u306e\u30d1\u30b9\u3054\u3068\u306e\u73fe\u5728\u4fa1\u5024\u3092\u6c42\u3081\u3066\u5e73\u5747\u3092\u3068\u308a\u3001\u30c4\u30ea\u30fc\u3068\u540c\u3058\u4fa1\u5024\u304c\u5f97\u3089\u308c\u308b<\/li>\n<li>\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u6cd5\u306f\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\u306e\u3088\u3046\u306a\u7d4c\u8def\u4f9d\u5b58\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6301\u3064\u8a3c\u5238\u306e\u8a55\u4fa1\u306b\u4f7f\u308f\u308c\u308b<\/li>\n<li>\u671f\u9593\u69cb\u9020\u30e2\u30c7\u30eb\u306b\u306f\u3001\u5747\u8861\u30e2\u30c7\u30eb\uff08CIR\u3001\u30d0\u30b7\u30c1\u30a7\u30c3\u30af\uff09\u3068\u7121\u88c1\u5b9a\u30e2\u30c7\u30eb\uff08\u30db\u30fc\u30fb\u30ea\u30fc\u3001KWF\uff09\u304c\u3042\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\u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u610f\u5473<\/h3>\n<p><strong>\u7121\u88c1\u5b9a\u8a55\u4fa1<\/strong>\u3068\u306f\u3001\u30ea\u30b9\u30af\u306a\u3057\u306b\u5229\u76ca\u3092\u5f97\u308b\u53d6\u5f15\u6a5f\u4f1a\u304c\u5b58\u5728\u3057\u306a\u3044\u3088\u3046\u306b\u8a3c\u5238\u306e\u4fa1\u5024\u3092\u6c7a\u3081\u308b\u3053\u3068\u3067\u3059\u3002\u50b5\u5238\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092<strong>\u305d\u308c\u305e\u308c\u306e\u6642\u70b9\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8<\/strong>\u3067\u5272\u308a\u5f15\u3044\u3066\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4e00\u7269\u4e00\u4fa1\u306e\u6cd5\u5247<\/li>\n<li>\u4fa1\u5024\u306e\u52a0\u6cd5\u6027\uff1a\u90e8\u5206\u306e\u5408\u8a08\uff1d\u5168\u4f53<\/li>\n<li>\u512a\u8d8a\u6027\uff1a\u30ea\u30b9\u30af\u306a\u3057\u3067\u9ad8\u3044\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8cc7\u7523\u306f\u9ad8\u4fa1\u683c<\/li>\n<li>\u30b9\u30c8\u30ea\u30c3\u30d4\u30f3\u30b0\u3068\u518d\u69cb\u6210\u306b\u3088\u308b\u88c1\u5b9a<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u56fa\u5b9a\u5229\u4ed8\u50b5\u306e\u7121\u88c1\u5b9a\u4fa1\u5024<\/h3>\n<p>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u50b5\u5238\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u306f\u3001\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5bfe\u5fdc\u3059\u308b\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\uff08\u307e\u305f\u306f\u5272\u5f15\u4fc2\u6570\uff09\u3067\u5272\u308a\u5f15\u3044\u305f\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5404\u30af\u30fc\u30dd\u30f3\u3068\u5143\u672c\u3092\u5225\u3005\u306e\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u50b5\u3068\u307f\u306a\u3059<\/li>\n<li>\u5272\u5f15\u4fc2\u6570 \uff1d 1 \u00f7\uff081 \uff0b S\u209c\uff09\u1d57<\/li>\n<li>\u5e02\u5834\u4fa1\u683c\u3068\u306e\u4e56\u96e2\u306f\u88c1\u5b9a\u6a5f\u4f1a<\/li>\n<li>\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306f\u30d1\u30fc\u30fb\u30ab\u30fc\u30d6\u304b\u3089\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u3067\u5c0e\u51fa<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V \uff1d \u03a3 CF\u209c \u00f7\uff081 \uff0b S\u209c\uff09\u1d57<\/div>\n<h3>LOS 3\uff1a\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u306e\u67a0\u7d44\u307f<\/h3>\n<p><strong>\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc<\/strong>\u306f\u3001\u5404\u671f\u306e1\u671f\u9593\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u304c\u4e0a\u6607\u307e\u305f\u306f\u4e0b\u843d\u3059\u308b2\u3064\u306e\u53ef\u80fd\u6027\u3092\u3001\u305d\u308c\u305e\u308c\u78ba\u73870.5\u3067\u8868\u3059\u683c\u5b50\u3067\u3059\u3002\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u3092\u4eee\u5b9a\u3059\u308b\u3068\u3001\u96a3\u63a5\u3059\u308b\u30ce\u30fc\u30c9\u306e\u91d1\u5229\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u6c7a\u307e\u308b\u6bd4\u7387\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5404\u30ce\u30fc\u30c9\u306f1\u671f\u9593\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>\u4e0a\u6607\u30fb\u4e0b\u843d\u306e\u78ba\u7387\u306f\u54040.5<\/li>\n<li>\u96a3\u63a5\u30ce\u30fc\u30c9\u306e\u6bd4\u7387 \uff1d e^(2\u03c3\u221at)<\/li>\n<li>\u91d1\u5229\u306f\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3089\u306a\u3044\uff08\u5bfe\u6570\u6b63\u898f\u30e2\u30c7\u30eb\uff09<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u5927\u304d\u3044\u307b\u3069\u30ce\u30fc\u30c9\u9593\u306e\u5e45\u304c\u62e1\u5927<\/li>\n<\/ul>\n<div class=\"cfalm-f\">i_H \uff1d i_L \u00d7 e^(2\u03c3\u221at)<\/div>\n<h3>LOS 4\uff1a\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u306e\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3<\/h3>\n<p>\u30c4\u30ea\u30fc\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u50b5\u5238\uff08\u30d1\u30fc\u50b5\u306a\u3069\uff09\u3092\u30c4\u30ea\u30fc\u3067\u8a55\u4fa1\u3057\u305f\u4fa1\u5024\u304c<strong>\u5e02\u5834\u4fa1\u683c\uff08\u307e\u305f\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306b\u3088\u308b\u4fa1\u5024\uff09\u306b\u4e00\u81f4<\/strong>\u3059\u308b\u3088\u3046\u3001\u5404\u671f\u306e\u91d1\u5229\u6c34\u6e96\u3092\u8a66\u884c\u932f\u8aa4\u3067\u6c7a\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u77ed\u3044\u5e74\u9650\u304b\u3089\u9806\u306b\u8abf\u6574<\/li>\n<li>\u6240\u4e0e\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4eee\u5b9a\u3092\u5229\u7528<\/li>\n<li>\u5404\u671f\u306e\u6700\u3082\u4f4e\u3044\u91d1\u5229\u3092\u6c7a\u3081\u3001\u4ed6\u306e\u30ce\u30fc\u30c9\u306f\u6bd4\u7387\u3067\u6c7a\u5b9a<\/li>\n<li>\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3\u5f8c\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u50b5\u5238\u3092\u7121\u88c1\u5b9a\u3067\u8a55\u4fa1<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5\u306b\u3088\u308b\u8a55\u4fa1<\/h3>\n<p><strong>\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5<\/strong>\u3067\u306f\u3001\u6e80\u671f\u6642\u70b9\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u59cb\u3081\u3066\u3001\u5404\u30ce\u30fc\u30c9\u30671\u671f\u5148\u306e2\u3064\u306e\u30ce\u30fc\u30c9\u306e\u4fa1\u5024\uff08\u3068\u30af\u30fc\u30dd\u30f3\uff09\u306e\u5e73\u5747\u3092\u3001\u305d\u306e\u30ce\u30fc\u30c9\u306e\u91d1\u5229\u3067\u5272\u308a\u5f15\u304d\u307e\u3059\u3002\u3053\u308c\u3092\u73fe\u5728\u307e\u3067\u7e70\u308a\u8fd4\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6e80\u671f\u306e\u4fa1\u5024\uff1d\u5143\u672c\uff0b\u6700\u7d42\u30af\u30fc\u30dd\u30f3<\/li>\n<li>\u5404\u30ce\u30fc\u30c9\u306e\u4fa1\u5024\uff1d\u6b21\u671f2\u30ce\u30fc\u30c9\u306e\u671f\u5f85\u5024\u306e\u73fe\u5728\u4fa1\u5024<\/li>\n<li>\u78ba\u7387\u306f\u4e0a\u4e0b\u3068\u30820.5<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1\u306b\u5fdc\u7528<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V \uff1d 0.5 \u00d7\uff3b\uff08V_H \uff0b C\uff09\uff0b\uff08V_L \uff0b C\uff09\uff3d\u00f7\uff081 \uff0b i\uff09<\/div>\n<h3>LOS 6\uff1a\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u30fb\u30ab\u30fc\u30d6\u3068\u4e8c\u9805\u30e9\u30c6\u30a3\u30b9\u306b\u3088\u308b\u8a55\u4fa1\u306e\u6bd4\u8f03<\/h3>\n<p>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u50b5\u5238\u3067\u306f\u3001\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3\u6e08\u307f\u306e\u4e8c\u9805\u30e9\u30c6\u30a3\u30b9\u3067\u8a55\u4fa1\u3057\u3066\u3082\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u8a55\u4fa1\u3057\u3066\u3082<strong>\u540c\u3058\u4fa1\u5024<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002\u30e9\u30c6\u30a3\u30b9\u306e\u5229\u70b9\u306f\u3001\u91d1\u5229\u306b\u4f9d\u5b58\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\uff09\u3092\u6271\u3048\u308b\u70b9\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u50b5\u5238\uff1a\u4e21\u8005\u306f\u540c\u3058\u4fa1\u5024<\/li>\n<li>\u30e9\u30c6\u30a3\u30b9\uff1a\u91d1\u5229\u30d1\u30b9\u306b\u4f9d\u5b58\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a55\u4fa1\u53ef\u80fd<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4eee\u5b9a\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u4fa1\u5024\u306b\u5f71\u97ff<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u30d1\u30b9\u30ef\u30a4\u30ba\u8a55\u4fa1<\/h3>\n<p><strong>\u30d1\u30b9\u30ef\u30a4\u30ba\u8a55\u4fa1<\/strong>\u3067\u306f\u3001\u30c4\u30ea\u30fc\u4e0a\u306e\u3059\u3079\u3066\u306e\u91d1\u5229\u30d1\u30b9\u306b\u3064\u3044\u3066\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3001\u305d\u306e\u5e73\u5747\u3092\u50b5\u5238\u306e\u4fa1\u5024\u3068\u3057\u307e\u3059\u3002\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5\u3068\u540c\u3058\u4fa1\u5024\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5404\u30d1\u30b9\u306e\u91d1\u5229\u3067\u5404\u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u5f15<\/li>\n<li>\u3059\u3079\u3066\u306e\u30d1\u30b9\u306f\u7b49\u78ba\u7387<\/li>\n<li>\u30d1\u30b9\u306e\u4fa1\u5024\u306e\u5e73\u5747\uff1d\u50b5\u5238\u306e\u4fa1\u5024<\/li>\n<li>\u30d1\u30b9\u306e\u6570\u306f\u671f\u9593\u3068\u3068\u3082\u306b\u6025\u5897<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V \uff1d\uff081\/N\uff09\u00d7 \u03a3\uff08\u5404\u30d1\u30b9\u306e\u73fe\u5728\u4fa1\u5024\uff09<\/div>\n<h3>LOS 8\uff1a\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/h3>\n<p><strong>\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u6cd5<\/strong>\u3067\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4eee\u5b9a\u306b\u57fa\u3065\u3044\u3066\u591a\u6570\u306e\u91d1\u5229\u30d1\u30b9\u3092\u30e9\u30f3\u30c0\u30e0\u306b\u751f\u6210\u3057\u3001\u5404\u30d1\u30b9\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5e73\u5747\u3057\u307e\u3059\u3002\u671f\u9650\u524d\u511f\u9084\u306e\u3042\u308b\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\u306a\u3069<strong>\u7d4c\u8def\u4f9d\u5b58<\/strong>\u306e\u8a3c\u5238\u306e\u8a55\u4fa1\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u591a\u6570\u306e\u91d1\u5229\u30d1\u30b9\u3092\u30e9\u30f3\u30c0\u30e0\u306b\u751f\u6210<\/li>\n<li>\u30d1\u30b9\u3054\u3068\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5e73\u5747<\/li>\n<li>\u7d4c\u8def\u4f9d\u5b58\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a55\u4fa1\u3067\u304d\u308b<\/li>\n<li>\u30c9\u30ea\u30d5\u30c8\u8abf\u6574\u3067\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4\u3055\u305b\u308b<\/li>\n<li>\u5e73\u5747\u56de\u5e30\u306a\u3069\u306e\u5236\u7d04\u3092\u52a0\u3048\u308b\u3053\u3068\u304c\u3042\u308b<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u671f\u9593\u69cb\u9020\u30e2\u30c7\u30eb<\/h3>\n<p>\u671f\u9593\u69cb\u9020\u30e2\u30c7\u30eb\u306f\u91d1\u5229\u306e\u52d5\u304d\u3092\u6570\u5f0f\u3067\u8868\u3057\u307e\u3059\u3002<strong>\u5747\u8861\u30e2\u30c7\u30eb<\/strong>\uff08CIR\u3001\u30d0\u30b7\u30c1\u30a7\u30c3\u30af\uff09\u306f\u7d4c\u6e08\u306e\u5747\u8861\u304b\u3089\u91d1\u5229\u306e\u52d5\u304d\u3092\u5c0e\u304d\u3001<strong>\u7121\u88c1\u5b9a\u30e2\u30c7\u30eb<\/strong>\uff08\u30db\u30fc\u30fb\u30ea\u30fc\u3001KWF\uff09\u306f\u73fe\u5728\u306e\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4\u3059\u308b\u3088\u3046\u69cb\u7bc9\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>CIR\uff1adr \uff1d k\uff08\u03b8 \u2212 r\uff09dt \uff0b \u03c3\u221ar dz\u3001\u91d1\u5229\u306f\u8ca0\u306b\u306a\u3089\u306a\u3044<\/li>\n<li>\u30d0\u30b7\u30c1\u30a7\u30c3\u30af\uff1adr \uff1d k\uff08\u03b8 \u2212 r\uff09dt \uff0b \u03c3 dz\u3001\u8ca0\u306e\u91d1\u5229\u3082\u3042\u308a\u5f97\u308b<\/li>\n<li>\u30db\u30fc\u30fb\u30ea\u30fc\uff1adr \uff1d \u03b8\u209c dt \uff0b \u03c3 dz\u3001\u6642\u9593\u4f9d\u5b58\u306e\u30c9\u30ea\u30d5\u30c8<\/li>\n<li>KWF\uff1a\u5bfe\u6570\u91d1\u5229\u3092\u30e2\u30c7\u30eb\u5316<\/li>\n<li>\u5747\u8861\u30e2\u30c7\u30eb\u306f\u5e73\u5747\u56de\u5e30\u3092\u542b\u307f\u3001\u7121\u88c1\u5b9a\u30e2\u30c7\u30eb\u306f\u5e02\u5834\u4fa1\u683c\u3092\u6240\u4e0e\u3068\u3059\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">CIR\uff1adr \uff1d k\uff08\u03b8 \u2212 r\uff09dt \uff0b \u03c3\u221ar dz<\/div>\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-fi-lm1\/\">LM1 The Term Structure and Interest Rate Dynamics\uff08\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u3068\u91d1\u5229\u5909\u52d5\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm3\/\">LM3 Valuation and Analysis of Bonds with Embedded Options\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1\u3068\u5206\u6790\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 LM2\u300cThe Arbitrage-Free Valuation Framework\uff08\u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u67a0\u7d44\u307f\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":11190,"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-10844","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\/10844","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=10844"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10844\/revisions"}],"predecessor-version":[{"id":11017,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10844\/revisions\/11017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11190"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}