{"id":10846,"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-lm4\/"},"modified":"2026-09-22T07:06:48","modified_gmt":"2026-09-21T22:06:48","slug":"cfa-l2-fi-lm4","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm4\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Fixed Income LM4\u3011Credit Analysis Models \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u30fbLGD\u30fbCVA\u30fb\u69cb\u9020\u30e2\u30c7\u30eb\u3068\u8a98\u5c0e\u30e2\u30c7\u30eb\u30fb\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u671f\u9593\u69cb\u9020"},"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 4\u300cCredit Analysis Models\uff08\u4fe1\u7528\u5206\u6790\u30e2\u30c7\u30eb\uff09\u300d\u306f\u3001\u671f\u5f85\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3068\u4fe1\u7528\u8a55\u4fa1\u8abf\u6574\uff08CVA\uff09\u3001\u4fe1\u7528\u30b9\u30b3\u30a2\u3068\u683c\u4ed8\u3051\u3001\u683c\u4ed8\u3051\u63a8\u79fb\u3068\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3001\u69cb\u9020\u30e2\u30c7\u30eb\u3068\u8a98\u5c0e\u30e2\u30c7\u30eb\u3001\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u8a08\u7b97\u3068\u671f\u9593\u69cb\u9020\u3001\u8a3c\u5238\u5316\u5546\u54c1\u306e\u4fe1\u7528\u5206\u6790\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>LM4\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\u3002LM4\u306b\u306f8\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u671f\u5f85\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3001\u4fe1\u7528\u8a55\u4fa1\u8abf\u6574\uff08CVA\uff09\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain expected exposure, the loss given default, the probability of default, and the credit valuation adjustment<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u4fe1\u7528\u30b9\u30b3\u30a2\u3068\u4fe1\u7528\u683c\u4ed8\u3051\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain credit scores and credit ratings<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u4fe1\u7528\u683c\u4ed8\u3051\u306e\u63a8\u79fb\u3092\u524d\u63d0\u3068\u3057\u3066\u50b5\u5238\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the expected return on a bond given transition in its credit rating<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u4f01\u696d\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u306b\u95a2\u3059\u308b\u69cb\u9020\u30e2\u30c7\u30eb\u3068\u8a98\u5c0e\u30e2\u30c7\u30eb\u3092\u3001\u305d\u306e\u524d\u63d0\u30fb\u9577\u6240\u30fb\u77ed\u6240\u3092\u542b\u3081\u3066\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain structural and reduced-form models of corporate credit risk, including assumptions, strengths, and weaknesses<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u30d1\u30e9\u30e1\u30fc\u30bf\u306b\u95a2\u3059\u308b\u524d\u63d0\u304c\u4e0e\u3048\u3089\u308c\u305f\u3068\u304d\u3001\u50b5\u5238\u306e\u4fa1\u5024\u3068\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the value of a bond and its credit spread, given assumptions about the credit risk parameters<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5909\u5316\u3092\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">interpret changes in a credit spread<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u671f\u9593\u69cb\u9020\u306e\u6c7a\u5b9a\u8981\u56e0\u3092\u8aac\u660e\u3057\u3001\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u671f\u9593\u69cb\u9020\u3092\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">explain the determinants of the term structure of credit spreads and interpret a term structure of credit spreads<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u8a3c\u5238\u5316\u3055\u308c\u305f\u50b5\u5238\u306b\u5fc5\u8981\u306a\u4fe1\u7528\u5206\u6790\u3092\u3001\u793e\u50b5\u306e\u4fe1\u7528\u5206\u6790\u3068\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare the credit analysis required for securitized debt to the credit analysis of corporate debt<\/span><\/li>\n<\/ol>\n<h2>LM4\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>\u4fe1\u7528\u30ea\u30b9\u30af\u306f\u3001\u671f\u5f85\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3001\u56de\u53ce\u7387\u3068\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3067\u8868\u3055\u308c\u308b<\/li>\n<li>CVA\u306f\u5404\u671f\u306e\u671f\u5f85\u640d\u5931\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3067\u3001\u30ea\u30b9\u30af\u306e\u306a\u3044\u50b5\u5238\u306e\u4fa1\u5024\u304b\u3089CVA\u3092\u5dee\u3057\u5f15\u304f\u3068\u30ea\u30b9\u30af\u306e\u3042\u308b\u50b5\u5238\u306e\u4fa1\u5024\u306b\u306a\u308b<\/li>\n<li>\u4fe1\u7528\u30b9\u30b3\u30a2\u306f\u4e3b\u306b\u500b\u4eba\u3084\u5c0f\u898f\u6a21\u4e8b\u696d\u8005\u306b\u3001\u4fe1\u7528\u683c\u4ed8\u3051\u306f\u4f01\u696d\u30fb\u653f\u5e9c\u30fb\u8a3c\u5238\u5316\u5546\u54c1\u306b\u4f7f\u308f\u308c\u308b<\/li>\n<li>\u683c\u4ed8\u3051\u306e\u63a8\u79fb\u306f\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5909\u5316\u3092\u901a\u3058\u3066\u50b5\u5238\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306b\u5f71\u97ff\u3059\u308b<\/li>\n<li>\u69cb\u9020\u30e2\u30c7\u30eb\u306f\u4f01\u696d\u306e\u8cc7\u7523\u4fa1\u5024\u3068\u8ca0\u50b5\u306e\u69cb\u9020\u304b\u3089\u30c7\u30d5\u30a9\u30eb\u30c8\u3092\u8aac\u660e\u3057\u3001\u8a98\u5c0e\u30e2\u30c7\u30eb\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u3092\u5916\u751f\u7684\u306a\u4e8b\u8c61\u3068\u3057\u3066\u30e2\u30c7\u30eb\u5316\u3059\u308b<\/li>\n<li>\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3084\u56de\u53ce\u7387\u306e\u524d\u63d0\u3001\u6d41\u52d5\u6027\u306a\u3069\u306e\u5909\u5316\u3067\u5909\u52d5\u3059\u308b<\/li>\n<li>\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u671f\u9593\u69cb\u9020\u306f\u4fe1\u7528\u529b\u3001\u5e02\u5834\u74b0\u5883\u3001\u9700\u7d66\u3001\u4f01\u696d\u56fa\u6709\u306e\u8981\u56e0\u3067\u6c7a\u307e\u308a\u3001\u6295\u8cc7\u9069\u683c\u50b5\u306f\u53f3\u4e0a\u304c\u308a\u3001\u4f4e\u683c\u4ed8\u3051\u50b5\u306f\u5e73\u5766\u307e\u305f\u306f\u53f3\u4e0b\u304c\u308a\u306b\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u8a3c\u5238\u5316\u5546\u54c1\u306e\u4fe1\u7528\u5206\u6790\u3067\u306f\u3001\u62c5\u4fdd\u8cc7\u7523\u30d7\u30fc\u30eb\u306e\u7279\u6027\u3001\u30b5\u30fc\u30d3\u30b5\u30fc\u306e\u80fd\u529b\u3001\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306e\u8a2d\u8a08\u304c\u91cd\u8981<\/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\u671f\u5f85\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u30fbLGD\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u30fbCVA<\/h3>\n<p><strong>\u671f\u5f85\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc<\/strong>\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u70b9\u3067\u5931\u308f\u308c\u5f97\u308b\u91d1\u984d\u3001<strong>\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\uff08LGD\uff09<\/strong>\u306f\u56de\u53ce\u5f8c\u306e\u640d\u5931\u3001<strong>\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\uff08POD\uff09<\/strong>\u306f\u305d\u306e\u671f\u306b\u30c7\u30d5\u30a9\u30eb\u30c8\u3059\u308b\u78ba\u7387\u3067\u3059\u3002<strong>CVA<\/strong>\u306f\u5404\u671f\u306e\u671f\u5f85\u640d\u5931\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3067\u3059\u3002<\/p>\n<ul>\n<li>LGD \uff1d \u671f\u5f85\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc \u00d7\uff081 \u2212 \u56de\u53ce\u7387\uff09<\/li>\n<li>\u671f\u5f85\u640d\u5931 \uff1d LGD \u00d7 POD<\/li>\n<li>POD\uff1a\u524d\u671f\u307e\u3067\u751f\u5b58\u3057\u305f\u6761\u4ef6\u3067\u306e\u30cf\u30b6\u30fc\u30c9\u7387\u304b\u3089\u8a08\u7b97<\/li>\n<li>\u751f\u5b58\u78ba\u7387\uff08POS\uff09\u306e\u7d2f\u7a4d<\/li>\n<li>\u50b5\u5238\u306e\u516c\u6b63\u4fa1\u5024 \uff1d \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u4fa1\u5024 \u2212 CVA<\/li>\n<\/ul>\n<div class=\"cfalm-f\">CVA \uff1d \u03a3\uff08LGD\u209c \u00d7 POD\u209c \u00d7 \u5272\u5f15\u4fc2\u6570\u209c\uff09<\/div>\n<h3>LOS 2\uff1a\u4fe1\u7528\u30b9\u30b3\u30a2\u3068\u4fe1\u7528\u683c\u4ed8\u3051<\/h3>\n<p><strong>\u4fe1\u7528\u30b9\u30b3\u30a2<\/strong>\u306f\u500b\u4eba\u3084\u5c0f\u898f\u6a21\u4e8b\u696d\u8005\u306e\u4fe1\u7528\u529b\u3092\u793a\u3059\u9806\u4f4d\u3065\u3051\u306e\u6307\u6a19\u3067\u3001<strong>\u4fe1\u7528\u683c\u4ed8\u3051<\/strong>\u306f\u4f01\u696d\u30fb\u653f\u5e9c\u30fb\u8a3c\u5238\u5316\u5546\u54c1\u306a\u3069\u306e\u767a\u884c\u4f53\u30fb\u50b5\u5238\u306e\u4fe1\u7528\u529b\u3092\u793a\u3059\u5e8f\u6570\u7684\u306a\u8a55\u4fa1\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u4fe1\u7528\u30b9\u30b3\u30a2\uff1a\u500b\u4eba\u30fb\u4e2d\u5c0f\u4f01\u696d\u3001\u9806\u5e8f\u3065\u3051<\/li>\n<li>\u4fe1\u7528\u683c\u4ed8\u3051\uff1a\u683c\u4ed8\u6a5f\u95a2\u306b\u3088\u308b\u8a55\u4fa1\u3001\u6295\u8cc7\u9069\u683c\u3068\u6295\u6a5f\u7684<\/li>\n<li>\u30ce\u30c3\u30c1\u30f3\u30b0\uff1a\u50b5\u5238\u306e\u512a\u5148\u9806\u4f4d\u306b\u3088\u308b\u683c\u4ed8\u3051\u306e\u5dee<\/li>\n<li>\u683c\u4ed8\u3051\u306e\u9577\u6240\uff1a\u7c21\u4fbf\u3001\u5b89\u5b9a\u7684<\/li>\n<li>\u683c\u4ed8\u3051\u306e\u77ed\u6240\uff1a\u5909\u66f4\u304c\u9045\u308c\u308b\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3092\u76f4\u63a5\u793a\u3055\u306a\u3044<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u683c\u4ed8\u3051\u63a8\u79fb\u3068\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/h3>\n<p>\u683c\u4ed8\u3051\u304c\u5909\u308f\u308b\u3068\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u5909\u5316\u3057\u3001\u50b5\u5238\u4fa1\u683c\u304c\u5909\u52d5\u3057\u307e\u3059\u3002<strong>\u683c\u4ed8\u3051\u63a8\u79fb\u884c\u5217<\/strong>\u306e\u5404\u78ba\u7387\u3068\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u5909\u5316\u306b\u3088\u308b\u4fa1\u683c\u5909\u5316\u7387\u304b\u3089\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u683c\u4e0b\u3052\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u62e1\u5927\u2192\u4fa1\u683c\u4e0b\u843d<\/li>\n<li>\u683c\u4e0a\u3052\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u7e2e\u5c0f\u2192\u4fa1\u683c\u4e0a\u6607<\/li>\n<li>\u4fa1\u683c\u5909\u5316\u7387\u2248\u2212\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u00d7\u0394\u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<li>\u63a8\u79fb\u78ba\u7387\u3067\u52a0\u91cd\u3057\u3066\u671f\u5f85\u4fa1\u683c\u5909\u5316\u3092\u8a08\u7b97<\/li>\n<li>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u2248\u5229\u56de\u308a\uff0b\u671f\u5f85\u4fa1\u683c\u5909\u5316\u7387<\/li>\n<\/ul>\n<div class=\"cfalm-f\">%\u0394P \u2248 \u2212ModDur \u00d7 \u0394\u30b9\u30d7\u30ec\u30c3\u30c9 \uff0b \u00bd \u00d7 Convexity \u00d7\uff08\u0394\u30b9\u30d7\u30ec\u30c3\u30c9\uff09\u00b2<\/div>\n<h3>LOS 4\uff1a\u69cb\u9020\u30e2\u30c7\u30eb\u3068\u8a98\u5c0e\u30e2\u30c7\u30eb<\/h3>\n<p><strong>\u69cb\u9020\u30e2\u30c7\u30eb<\/strong>\u306f\u3001\u682a\u5f0f\u3092\u4f01\u696d\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u8ca0\u50b5\u3092\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u50b5\u304b\u3089\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3068\u307f\u306a\u3057\u3001\u8cc7\u7523\u4fa1\u5024\u304c\u8ca0\u50b5\u3092\u4e0b\u56de\u308b\u3068\u30c7\u30d5\u30a9\u30eb\u30c8\u3059\u308b\u3068\u8003\u3048\u307e\u3059\u3002<strong>\u8a98\u5c0e\u30e2\u30c7\u30eb<\/strong>\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u3092\u5916\u751f\u7684\u306a\u4e8b\u8c61\u3068\u3057\u3066\u30cf\u30b6\u30fc\u30c9\u7387\u3067\u30e2\u30c7\u30eb\u5316\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u69cb\u9020\u30e2\u30c7\u30eb\uff1a\u682a\u4e3b\u306e\u6709\u9650\u8cac\u4efb\u3092\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u3057\u3066\u8868\u73fe<\/li>\n<li>\u69cb\u9020\u30e2\u30c7\u30eb\u306e\u77ed\u6240\uff1a\u8cc7\u7523\u4fa1\u5024\u304c\u89b3\u5bdf\u3067\u304d\u306a\u3044\u3001\u5358\u7d14\u306a\u8ca0\u50b5\u69cb\u9020\u306e\u4eee\u5b9a<\/li>\n<li>\u8a98\u5c0e\u30e2\u30c7\u30eb\uff1a\u89b3\u5bdf\u53ef\u80fd\u306a\u5e02\u5834\u30c7\u30fc\u30bf\u3067\u63a8\u5b9a<\/li>\n<li>\u8a98\u5c0e\u30e2\u30c7\u30eb\u306e\u9577\u6240\uff1a\u666f\u6c17\u5faa\u74b0\u3092\u53cd\u6620\u3067\u304d\u308b<\/li>\n<li>\u8a98\u5c0e\u30e2\u30c7\u30eb\u306e\u77ed\u6240\uff1a\u30c7\u30d5\u30a9\u30eb\u30c8\u306e\u539f\u56e0\u3092\u8aac\u660e\u3057\u306a\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30ea\u30b9\u30af\u306e\u3042\u308b\u8ca0\u50b5 \uff1d \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8ca0\u50b5 \u2212 \u8cc7\u7523\u306b\u5bfe\u3059\u308b\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/div>\n<h3>LOS 5\uff1a\u50b5\u5238\u306e\u4fa1\u5024\u3068\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u8a08\u7b97<\/h3>\n<p>\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u30fb\u56de\u53ce\u7387\u306e\u524d\u63d0\u304b\u3089\u3001\u5404\u671f\u306e\u671f\u5f85\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6c42\u3081\u3066\u73fe\u5728\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u304b\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u4fa1\u5024\u304b\u3089CVA\u3092\u5dee\u3057\u5f15\u3044\u3066\u50b5\u5238\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002\u305d\u306e\u4fa1\u5024\u306b\u5bfe\u5fdc\u3059\u308bYTM\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5dee\u304c<strong>\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u50b5\u5238\u4fa1\u5024 \uff1d \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u4fa1\u5024 \u2212 CVA<\/li>\n<li>\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9 \uff1d \u30ea\u30b9\u30af\u306e\u3042\u308b\u50b5\u5238\u306e\u5229\u56de\u308a \u2212 \u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a<\/li>\n<li>\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u2248POD \u00d7 LGD\uff08\u5358\u7d14\u5316\uff09<\/li>\n<li>\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u3067\u3082\u540c\u69d8\u306b\u8a55\u4fa1\u53ef\u80fd<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9 \u2248 \u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387 \u00d7\uff081 \u2212 \u56de\u53ce\u7387\uff09<\/div>\n<h3>LOS 6\uff1a\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5909\u5316\u306e\u89e3\u91c8<\/h3>\n<p>\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u306e\u4e0a\u6607\u3084\u56de\u53ce\u7387\u306e\u4f4e\u4e0b\u3001\u6d41\u52d5\u6027\u306e\u60aa\u5316\u306a\u3069\u3067\u62e1\u5927\u3057\u307e\u3059\u3002\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5909\u5316\u304b\u3089\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3080\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u5909\u5316\u3092\u8aad\u307f\u53d6\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u2191\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u62e1\u5927<\/li>\n<li>\u56de\u53ce\u7387\u2193\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u62e1\u5927<\/li>\n<li>\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5909\u5316<\/li>\n<li>\u666f\u6c17\u5f8c\u9000\u671f\u306b\u30b9\u30d7\u30ec\u30c3\u30c9\u62e1\u5927<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u671f\u9593\u69cb\u9020<\/h3>\n<p><strong>\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u671f\u9593\u69cb\u9020<\/strong>\u306f\u3001\u4fe1\u7528\u529b\u3001\u666f\u6c17\u306a\u3069\u306e\u5e02\u5834\u74b0\u5883\u3001\u9700\u7d66\u3001\u4f01\u696d\u56fa\u6709\u306e\u8981\u56e0\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002\u6295\u8cc7\u9069\u683c\u50b5\u3067\u306f\u4e00\u822c\u306b\u53f3\u4e0a\u304c\u308a\u3001\u9ad8\u5229\u56de\u308a\u50b5\u3067\u306f\u5e73\u5766\u307e\u305f\u306f\u53f3\u4e0b\u304c\u308a\u306b\u306a\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u6295\u8cc7\u9069\u683c\u50b5\uff1a\u53f3\u4e0a\u304c\u308a\uff08\u9577\u671f\u307b\u3069\u4e0d\u78ba\u5b9f\u6027\u5927\uff09<\/li>\n<li>\u9ad8\u5229\u56de\u308a\u50b5\uff1a\u5e73\u5766\u30fb\u9006\u30a4\u30fc\u30eb\u30c9\uff08\u77ed\u671f\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u61f8\u5ff5\uff09<\/li>\n<li>\u666f\u6c17\u5faa\u74b0\u30fb\u91d1\u878d\u74b0\u5883\u306e\u5f71\u97ff<\/li>\n<li>\u5e02\u5834\u306e\u9700\u7d66\u30fb\u6d41\u52d5\u6027<\/li>\n<li>\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3067\u5206\u6790<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u8a3c\u5238\u5316\u5546\u54c1\u3068\u793e\u50b5\u306e\u4fe1\u7528\u5206\u6790\u306e\u6bd4\u8f03<\/h3>\n<p>\u8a3c\u5238\u5316\u5546\u54c1\u306f\u7279\u5b9a\u306e\u8cc7\u7523\u30d7\u30fc\u30eb\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u8fd4\u6e08\u3055\u308c\u308b\u305f\u3081\u3001<strong>\u62c5\u4fdd\u8cc7\u7523\u30d7\u30fc\u30eb\u306e\u7279\u6027<\/strong>\u3001<strong>\u30b5\u30fc\u30d3\u30b5\u30fc\u306e\u80fd\u529b<\/strong>\u3001<strong>\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff08\u30c8\u30e9\u30f3\u30b7\u30a7\u3001\u4fe1\u7528\u88dc\u5b8c\uff09<\/strong>\u306e\u5206\u6790\u304c\u4e2d\u5fc3\u3067\u3059\u3002\u793e\u50b5\u3067\u306f\u767a\u884c\u4f53\u306e\u4e8b\u696d\u5168\u4f53\u306e\u8fd4\u6e08\u80fd\u529b\u3092\u5206\u6790\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u62c5\u4fdd\u30d7\u30fc\u30eb\u306e\u69cb\u6210\u30fb\u5206\u6563\u30fb\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9<\/li>\n<li>\u30b5\u30fc\u30d3\u30b5\u30fc\u306e\u80fd\u529b\u3068\u4fe1\u7528\u529b<\/li>\n<li>\u30c8\u30e9\u30f3\u30b7\u30a7\u69cb\u9020\u30fb\u4fe1\u7528\u88dc\u5b8c\uff08\u52a3\u5f8c\u3001\u8d85\u904e\u62c5\u4fdd\uff09<\/li>\n<li>\u511f\u5374\u578b\u3068\u56de\u8ee2\u578b\u306e\u8cc7\u7523\u30d7\u30fc\u30eb<\/li>\n<li>\u7d99\u7d9a\u4f01\u696d\u3068\u3057\u3066\u306e\u5206\u6790\u306f\u4e0d\u8981<\/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-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\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm5\/\">LM5 Credit Default Swaps\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\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 LM4\u300cCredit Analysis Models\uff08\u4fe1\u7528\u5206\u6790\u30e2\u30c7\u30eb\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":11192,"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-10846","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\/10846","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=10846"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10846\/revisions"}],"predecessor-version":[{"id":11019,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10846\/revisions\/11019"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11192"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}