{"id":10878,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pc-lm5\/"},"modified":"2026-09-22T07:44:47","modified_gmt":"2026-09-21T22:44:47","slug":"cfa-l3-pc-lm5","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pc-lm5\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Portfolio Construction LM5\u3011Portfolio Management for Institutional Investors \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u7279\u5fb4\u30fbIPS\u30fbDB\u5e74\u91d1\u306e\u30ea\u30b9\u30af\u30fbSWF\u30fb\u5927\u5b66\u57fa\u91d1\u30fb\u9280\u884c\u3068\u4fdd\u967a"},"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 5\u300cPortfolio Management for Institutional Investors\uff08\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\uff09\u300d\u306f\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u5171\u901a\u306e\u7279\u5fb4\u3068\u6295\u8cc7\u65b9\u91dd\u3001\u6295\u8cc7\u5bb6\u30bf\u30a4\u30d7\u5225\u306e\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u30fb\u8ca0\u50b5\u30fb\u6295\u8cc7\u671f\u9593\u30fb\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3001\u6cd5\u898f\u5236\u30fb\u7a0e\u306e\u5236\u7d04\u3001\u78ba\u5b9a\u7d66\u4ed8\u5e74\u91d1\u306e\u30ea\u30b9\u30af\u8981\u56e0\u3001IPS\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u8a55\u4fa1\u3001\u9280\u884c\u30fb\u4fdd\u967a\u4f1a\u793e\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7ba1\u7406\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>LM5\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\u3002LM5\u306b\u306f8\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u5171\u901a\u3059\u308b\u7279\u5fb4\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss common characteristics of institutional investors as a group<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u6295\u8cc7\u65b9\u91dd\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss investment policy of institutional investors<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u3055\u307e\u3056\u307e\u306a\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u3064\u3044\u3066\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u3001\u8ca0\u50b5\u3001\u6295\u8cc7\u671f\u9593\u3001\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the stakeholders in the portfolio, the liabilities, the investment time horizons, and the liquidity needs of different types of institutional investors<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u3055\u307e\u3056\u307e\u306a\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u5f71\u97ff\u3059\u308b\u6cd5\u5f8b\u30fb\u898f\u5236\u30fb\u7a0e\u306e\u5236\u7d04\u306e\u7126\u70b9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the focus of legal, regulatory, and tax constraints affecting different types of institutional investors<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u6c11\u9593\u306e\u78ba\u5b9a\u7d66\u4ed8\uff08DB\uff09\u5e74\u91d1\u306e\u30ea\u30b9\u30af\u8981\u56e0\u3092\u30011\uff09\u7a4d\u7acb\u72b6\u6cc1\u30012\uff09\u30b9\u30dd\u30f3\u30b5\u30fc\u306e\u8ca1\u52d9\u529b\u30013\uff09\u30b9\u30dd\u30f3\u30b5\u30fc\u306e\u4e8b\u696d\u3068\u5e74\u91d1\u8cc7\u7523\u306e\u76f8\u4e92\u95a2\u4fc2\u30014\uff09\u5236\u5ea6\u8a2d\u8a08\u30015\uff09\u5f93\u696d\u54e1\u69cb\u6210\u306b\u95a2\u9023\u3065\u3051\u3066\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate risk considerations of private defined benefit (DB) pension plans in relation to 1) plan funded status, 2) sponsor financial strength, 3) interactions between the sponsor\u2019s business and the fund\u2019s investments, 4) plan design, and 5) workforce characteristics<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u6295\u8cc7\u65b9\u91dd\u66f8\uff08IPS\uff09\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the investment policy statement of an institutional investor<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u6c11\u9593DB\u5e74\u91d1\u3001\u30bd\u30d6\u30ea\u30f3\u30fb\u30a6\u30a7\u30eb\u30b9\u30fb\u30d5\u30a1\u30f3\u30c9\u3001\u5927\u5b66\u57fa\u91d1\u3001\u6c11\u9593\u8ca1\u56e3\u306e\u6295\u8cc7\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the investment portfolio of a private DB plan, sovereign wealth fund, university endowment, and private foundation<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u9280\u884c\u3068\u4fdd\u967a\u4f1a\u793e\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7ba1\u7406\u306b\u5f71\u97ff\u3059\u308b\u8003\u616e\u4e8b\u9805\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe considerations affecting the balance sheet management of banks and insurers<\/span><\/li>\n<\/ol>\n<h2>LM5\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>\u4e3b\u306a\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u5e74\u91d1\u57fa\u91d1\u3001\u30bd\u30d6\u30ea\u30f3\u30fb\u30a6\u30a7\u30eb\u30b9\u30fb\u30d5\u30a1\u30f3\u30c9\uff08SWF\uff09\u3001\u5927\u5b66\u57fa\u91d1\u3001\u8ca1\u56e3\u3001\u9280\u884c\u3001\u4fdd\u967a\u4f1a\u793e\u3002\u5927\u898f\u6a21\u3001\u9577\u671f\u306e\u6295\u8cc7\u671f\u9593\u3001\u898f\u5236\u4e0a\u306e\u5236\u7d04\u3001\u660e\u78ba\u306a\u30ac\u30d0\u30ca\u30f3\u30b9\u3001\u30d7\u30ea\u30f3\u30b7\u30d1\u30eb\u30fb\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u554f\u984c\u304c\u5171\u901a\u306e\u7279\u5fb4<\/li>\n<li>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u4f7f\u547d\u3001\u6295\u8cc7\u76ee\u6a19\u3001\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u3092IPS\u306b\u660e\u6587\u5316\u3059\u308b<\/li>\n<li>\u4ee3\u8868\u7684\u306a\u904b\u7528\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3057\u3066\u3001\u30ce\u30eb\u30a6\u30a7\u30fc\u30fb\u30e2\u30c7\u30eb\u3001\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\u30fb\u30e2\u30c7\u30eb\u3001\u30ab\u30ca\u30c0\u30fb\u30e2\u30c7\u30eb\u3001LDI\u30e2\u30c7\u30eb\u304c\u3042\u308b<\/li>\n<li>\u5e74\u91d1\u306f\u30b9\u30dd\u30f3\u30b5\u30fc\u304c\u7d66\u4ed8\u3092\u7d04\u675f\u3059\u308b\u78ba\u5b9a\u7d66\u4ed8\uff08DB\uff09\u3068\u3001\u62e0\u51fa\u984d\u3060\u3051\u304c\u6c7a\u307e\u308b\u78ba\u5b9a\u62e0\u51fa\uff08DC\uff09\u306b\u5206\u304b\u308c\u308b<\/li>\n<li>DB\u5e74\u91d1\u306e\u8ca0\u50b5\u306f\u52e4\u7d9a\u5e74\u6570\u3001\u7d66\u4e0e\u3001\u9577\u5bff\u3001\u53d7\u7d66\u6a29\u306e\u78ba\u5b9a\uff08\u30d9\u30b9\u30c6\u30a3\u30f3\u30b0\uff09\u3001\u5272\u5f15\u7387\u306a\u3069\u3067\u6c7a\u307e\u308b<\/li>\n<li>SWF\u306f\u76ee\u7684\u306b\u3088\u308a\u4e88\u7b97\u5b89\u5b9a\u5316\u3001\u958b\u767a\u3001\u8caf\u84c4\uff08\u4e16\u4ee3\u9593\uff09\u3001\u6e96\u5099\u91d1\u904b\u7528\u3001\u5e74\u91d1\u6e96\u5099\u306e\u5404\u30bf\u30a4\u30d7\u306b\u5206\u304b\u308c\u3001\u6295\u8cc7\u671f\u9593\u3068\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u304c\u5927\u304d\u304f\u7570\u306a\u308b<\/li>\n<li>\u5927\u5b66\u57fa\u91d1\u3068\u8ca1\u56e3\u306f\u652f\u51fa\u30eb\u30fc\u30eb\u306b\u57fa\u3065\u304f\u652f\u51fa\u3068\u3001\u9577\u671f\u7684\u306a\u8cfc\u8cb7\u529b\u306e\u7dad\u6301\uff08\u4e16\u4ee3\u9593\u306e\u516c\u5e73\uff09\u306e\u4e21\u7acb\u3092\u76ee\u6307\u3059<\/li>\n<li>\u9280\u884c\u3068\u4fdd\u967a\u4f1a\u793e\u306f\u8ca0\u50b5\u306e\u7279\u6027\u3068\u898f\u5236\u8cc7\u672c\u3092\u8e0f\u307e\u3048\u3066\u8cc7\u7523\u8ca0\u50b5\u3092\u7ba1\u7406\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\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u5171\u901a\u306e\u7279\u5fb4<\/h3>\n<p>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f<strong>\u898f\u6a21\u304c\u5927\u304d\u304f\u3001\u6295\u8cc7\u671f\u9593\u304c\u9577\u304f\u3001\u898f\u5236\u4e0a\u306e\u5236\u7d04\u3092\u53d7\u3051\u3001\u660e\u78ba\u306a\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u67a0\u7d44\u307f<\/strong>\u3092\u6301\u3061\u307e\u3059\u3002\u307e\u305f\u3001\u53d7\u76ca\u8005\u3068\u904b\u7528\u62c5\u5f53\u8005\u306e\u9593\u3067\u30d7\u30ea\u30f3\u30b7\u30d1\u30eb\u30fb\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u554f\u984c\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u898f\u6a21\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u3084\u76f4\u63a5\u6295\u8cc7\u3078\u306e\u30a2\u30af\u30bb\u30b9\u3001\u898f\u6a21\u306e\u7d4c\u6e08<\/li>\n<li>\u9577\u671f\u306e\u6295\u8cc7\u671f\u9593\uff08\u9280\u884c\u30fb\u4fdd\u967a\u4f1a\u793e\u306f\u6bd4\u8f03\u7684\u77ed\u3044\uff09<\/li>\n<li>\u898f\u5236\u4e0a\u306e\u5236\u7d04\uff1a\u8cc7\u672c\u898f\u5236\u3001\u4f1a\u8a08\u57fa\u6e96\u3001\u7a0e\u5236<\/li>\n<li>\u30ac\u30d0\u30ca\u30f3\u30b9\uff1a\u7406\u4e8b\u4f1a\u30fb\u6295\u8cc7\u59d4\u54e1\u4f1a\u3001\u904b\u7528\u57f7\u884c\u90e8\u306e\u5f79\u5272\u5206\u62c5<\/li>\n<li>\u30d7\u30ea\u30f3\u30b7\u30d1\u30eb\u30fb\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u554f\u984c\uff1a\u904b\u7528\u8005\u3068\u53d7\u76ca\u8005\u306e\u5229\u5bb3\u306e\u4e0d\u4e00\u81f4<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u6295\u8cc7\u65b9\u91dd\u3068\u904b\u7528\u30e2\u30c7\u30eb<\/h3>\n<p>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u4f7f\u547d\u3068\u6295\u8cc7\u76ee\u6a19\u3001\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u3092IPS\u306b\u5b9a\u3081\u307e\u3059\u3002\u4ee3\u8868\u7684\u306a\u904b\u7528\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3057\u3066<strong>\u30ce\u30eb\u30a6\u30a7\u30fc\u30fb\u30e2\u30c7\u30eb\u3001\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\u30fb\u30e2\u30c7\u30eb\u3001\u30ab\u30ca\u30c0\u30fb\u30e2\u30c7\u30eb\u3001LDI\u30e2\u30c7\u30eb<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ce\u30eb\u30a6\u30a7\u30fc\u30fb\u30e2\u30c7\u30eb\uff1a\u4f1d\u7d71\u7684\u8cc7\u7523\u4e2d\u5fc3\u3001\u30d1\u30c3\u30b7\u30d6\u306b\u8fd1\u3044\u4f4e\u30b3\u30b9\u30c8\u904b\u7528<\/li>\n<li>\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\u30fb\u30e2\u30c7\u30eb\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6bd4\u7387\u304c\u9ad8\u304f\u3001\u5916\u90e8\u904b\u7528\u8005\u3092\u6d3b\u7528<\/li>\n<li>\u30ab\u30ca\u30c0\u30fb\u30e2\u30c7\u30eb\uff1a\u53c2\u7167\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3001\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u914d\u5206\u3001\u5185\u90e8\u904b\u7528\u306e\u6bd4\u7387\u304c\u9ad8\u3044<\/li>\n<li>LDI\u30e2\u30c7\u30eb\uff1a\u8ca0\u50b5\u306e\u30d8\u30c3\u30b8\u3092\u91cd\u8996\u3057\u3001\u30d8\u30c3\u30b8\u8cc7\u7523\u3068\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u8cc7\u7523\u306b\u5206\u3051\u308b<\/li>\n<li>\u5404\u30e2\u30c7\u30eb\u306f\u30ac\u30d0\u30ca\u30f3\u30b9\u3001\u898f\u6a21\u3001\u5c02\u9580\u6027\u306e\u8981\u4ef6\u304c\u7570\u306a\u308b<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u30fb\u8ca0\u50b5\u30fb\u6295\u8cc7\u671f\u9593\u30fb\u6d41\u52d5\u6027\u30cb\u30fc\u30ba<\/h3>\n<p>\u6295\u8cc7\u5bb6\u30bf\u30a4\u30d7\u3054\u3068\u306b\u3001\u8ab0\u306b\u5bfe\u3057\u3066\u8cac\u4efb\u3092\u8ca0\u3044\u3001<strong>\u3069\u306e\u3088\u3046\u306a\u8ca0\u50b5\uff08\u652f\u6255\u3044\u7fa9\u52d9\uff09<\/strong>\u3092\u3069\u306e\u671f\u9593\u3067\u62b1\u3048\u308b\u304b\u304c\u7570\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u304c\u6295\u8cc7\u671f\u9593\u3068\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u3001\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3092\u6c7a\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>DB\u5e74\u91d1\uff1a\u7d66\u4ed8\u50b5\u52d9\u304c\u8ca0\u50b5\u3001\u52a0\u5165\u8005\u306e\u5e74\u9f62\u69cb\u6210\u3067\u6295\u8cc7\u671f\u9593\u304c\u6c7a\u307e\u308b<\/li>\n<li>DC\u5e74\u91d1\uff1a\u52a0\u5165\u8005\u81ea\u8eab\u304c\u30ea\u30b9\u30af\u3092\u8ca0\u3046<\/li>\n<li>SWF\uff1a\u30bf\u30a4\u30d7\u306b\u3088\u308a\u6e96\u5099\u91d1\u578b\u306f\u6d41\u52d5\u6027\u91cd\u8996\u3001\u8caf\u84c4\u578b\u306f\u8d85\u9577\u671f<\/li>\n<li>\u5927\u5b66\u57fa\u91d1\u30fb\u8ca1\u56e3\uff1a\u652f\u51fa\u30eb\u30fc\u30eb\u306b\u57fa\u3065\u304f\u652f\u51fa\u3001\u9577\u671f\u306e\u6295\u8cc7\u671f\u9593<\/li>\n<li>\u9280\u884c\u30fb\u4fdd\u967a\uff1a\u9810\u91d1\u3084\u4fdd\u967a\u5951\u7d04\u304c\u8ca0\u50b5\u3001\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u304c\u9ad8\u3044<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u6cd5\u5f8b\u30fb\u898f\u5236\u30fb\u7a0e\u306e\u5236\u7d04<\/h3>\n<p>\u5404\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u3001<strong>\u53d7\u8a17\u8005\u8cac\u4efb\u3001\u8cc7\u672c\u898f\u5236\u3001\u7a0e\u5236\u4e0a\u306e\u512a\u9047<\/strong>\u306a\u3069\u306e\u7570\u306a\u308b\u5236\u7d04\u3092\u53d7\u3051\u307e\u3059\u3002\u5236\u7d04\u306e\u7126\u70b9\u304c\u6295\u8cc7\u65b9\u91dd\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u6210\u3092\u5de6\u53f3\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e74\u91d1\uff1a\u53d7\u8a17\u8005\u8cac\u4efb\u3001\u7a4d\u7acb\u57fa\u6e96\u3001\u7a0e\u306e\u512a\u9047\uff08\u591a\u304f\u306e\u56fd\u3067\u975e\u8ab2\u7a0e\uff09<\/li>\n<li>SWF\uff1a\u653f\u5e9c\u306e\u6cd5\u7684\u67a0\u7d44\u307f\u3001\u591a\u304f\u306f\u975e\u8ab2\u7a0e\u3001\u900f\u660e\u6027\u306e\u539f\u5247<\/li>\n<li>\u5927\u5b66\u57fa\u91d1\u30fb\u8ca1\u56e3\uff1a\u975e\u8ab2\u7a0e\u8cc7\u683c\u3001\u8ca1\u56e3\u306b\u306f\u6700\u4f4e\u652f\u51fa\u8981\u4ef6\u304c\u3042\u308b\u56fd\u3082<\/li>\n<li>\u9280\u884c\uff1a\u81ea\u5df1\u8cc7\u672c\u898f\u5236\u3001\u6d41\u52d5\u6027\u898f\u5236<\/li>\n<li>\u4fdd\u967a\uff1a\u30ea\u30b9\u30af\u30fb\u30d9\u30fc\u30b9\u306e\u8cc7\u672c\u898f\u5236\u3001\u4f1a\u8a08\u57fa\u6e96<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u6c11\u9593DB\u5e74\u91d1\u306e\u30ea\u30b9\u30af\u8981\u56e0<\/h3>\n<p>DB\u5e74\u91d1\u306e\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u306f\u3001<strong>\u7a4d\u7acb\u72b6\u6cc1\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u306e\u8ca1\u52d9\u529b\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u306e\u4e8b\u696d\u3068\u5e74\u91d1\u8cc7\u7523\u306e\u76f8\u95a2\u3001\u5236\u5ea6\u8a2d\u8a08\u3001\u5f93\u696d\u54e1\u69cb\u6210<\/strong>\u3067\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7a4d\u7acb\u72b6\u6cc1\uff1a\u7a4d\u7acb\u8d85\u904e\u307b\u3069\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u306f\u9ad8\u3044<\/li>\n<li>\u30b9\u30dd\u30f3\u30b5\u30fc\u306e\u8ca1\u52d9\u529b\uff1a\u5f37\u3044\u307b\u3069\u639b\u91d1\u306e\u8ffd\u52a0\u62e0\u51fa\u304c\u53ef\u80fd\u3067\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u306f\u9ad8\u3044<\/li>\n<li>\u4e8b\u696d\u3068\u5e74\u91d1\u8cc7\u7523\u306e\u76f8\u95a2\uff1a\u9ad8\u3044\u3068\u3001\u696d\u7e3e\u60aa\u5316\u6642\u306b\u7a4d\u7acb\u4e0d\u8db3\u3082\u62e1\u5927<\/li>\n<li>\u5236\u5ea6\u8a2d\u8a08\uff1a\u4e00\u6642\u91d1\u9078\u629e\u3084\u65e9\u671f\u9000\u8077\u306e\u9078\u629e\u80a2\u306f\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3092\u9ad8\u3081\u308b<\/li>\n<li>\u5f93\u696d\u54e1\u69cb\u6210\uff1a\u5e73\u5747\u5e74\u9f62\u304c\u9ad8\u304f\u53d7\u7d66\u8005\u6bd4\u7387\u304c\u9ad8\u3044\u307b\u3069\u6295\u8cc7\u671f\u9593\u306f\u77ed\u3044<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306eIPS\u306e\u8a55\u4fa1<\/h3>\n<p>IPS\u306f\u3001<strong>\u4f7f\u547d\u3001\u6295\u8cc7\u76ee\u6a19\u3001\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u3001\u5236\u7d04\u3001\u30ac\u30d0\u30ca\u30f3\u30b9<\/strong>\u304c\u6574\u5408\u3057\u3066\u3044\u308b\u304b\u3067\u8a55\u4fa1\u3057\u307e\u3059\u3002\u76ee\u6a19\u3068\u8cc7\u7523\u914d\u5206\u3001\u5236\u7d04\u306e\u9593\u306b\u77db\u76fe\u304c\u306a\u3044\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4f7f\u547d\u3068\u6295\u8cc7\u76ee\u6a19\u306e\u660e\u78ba\u3055<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u76ee\u6a19\u3068\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u306e\u6574\u5408\u6027<\/li>\n<li>\u6d41\u52d5\u6027\u30fb\u6295\u8cc7\u671f\u9593\u30fb\u6cd5\u898f\u5236\u30fb\u7a0e\u306a\u3069\u306e\u5236\u7d04\u306e\u53cd\u6620<\/li>\n<li>\u8cc7\u7523\u914d\u5206\u306e\u65b9\u91dd\u3068\u30ea\u30d0\u30e9\u30f3\u30b9<\/li>\n<li>\u30ac\u30d0\u30ca\u30f3\u30b9\uff1a\u610f\u601d\u6c7a\u5b9a\u3068\u5831\u544a\u306e\u4ed5\u7d44\u307f<\/li>\n<\/ul>\n<h3>LOS 7\uff1aDB\u5e74\u91d1\u30fbSWF\u30fb\u5927\u5b66\u57fa\u91d1\u30fb\u6c11\u9593\u8ca1\u56e3\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u8a55\u4fa1<\/h3>\n<p>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c<strong>\u8ca0\u50b5\u306e\u7279\u6027\u3001\u6295\u8cc7\u671f\u9593\u3001\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3001\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6<\/strong>\u306b\u9069\u3057\u3066\u3044\u308b\u304b\u3067\u8a55\u4fa1\u3057\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u30bf\u30a4\u30d7\u306e\u9055\u3044\u3092\u8e0f\u307e\u3048\u305f\u8cc7\u7523\u914d\u5206\u306e\u59a5\u5f53\u6027\u3092\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>DB\u5e74\u91d1\uff1a\u8ca0\u50b5\u30d8\u30c3\u30b8\u8cc7\u7523\u3068\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u8cc7\u7523\u306e\u30d0\u30e9\u30f3\u30b9<\/li>\n<li>SWF\uff1a\u30bf\u30a4\u30d7\u306b\u5fdc\u3058\u305f\u6d41\u52d5\u6027\u3068\u6295\u8cc7\u671f\u9593<\/li>\n<li>\u5927\u5b66\u57fa\u91d1\uff1a\u652f\u51fa\u7387\u3068\u30a4\u30f3\u30d5\u30ec\u3092\u4e0a\u56de\u308b\u30ea\u30bf\u30fc\u30f3\u76ee\u6a19\u3001\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u306e\u6d3b\u7528<\/li>\n<li>\u6c11\u9593\u8ca1\u56e3\uff1a\u652f\u51fa\u8981\u4ef6\u3092\u6e80\u305f\u3059\u6d41\u52d5\u6027\u3068\u9577\u671f\u306e\u8cfc\u8cb7\u529b\u7dad\u6301<\/li>\n<li>\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u8cc7\u7523\u306e\u6bd4\u7387\u304c\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3068\u6574\u5408\u3059\u308b\u304b<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u9280\u884c\u3068\u4fdd\u967a\u4f1a\u793e\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7ba1\u7406<\/h3>\n<p>\u9280\u884c\u3068\u4fdd\u967a\u4f1a\u793e\u306f\u3001<strong>\u8ca0\u50b5\u306e\u7279\u6027\u306b\u5408\u308f\u305b\u305f\u8cc7\u7523\u8ca0\u50b5\u7ba1\u7406\uff08ALM\uff09<\/strong>\u3068\u898f\u5236\u8cc7\u672c\u306e\u7dad\u6301\u304c\u4e2d\u5fc3\u3067\u3059\u3002\u8a3c\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u6d41\u52d5\u6027\u306e\u78ba\u4fdd\u3068\u91d1\u5229\u30ea\u30b9\u30af\u306e\u7ba1\u7406\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9280\u884c\uff1a\u91d1\u5229\u30ea\u30b9\u30af\uff08\u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30ae\u30e3\u30c3\u30d7\uff09\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3001\u4fe1\u7528\u30ea\u30b9\u30af<\/li>\n<li>\u9280\u884c\u306e\u8a3c\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\uff1a\u6d41\u52d5\u6027\u306e\u4f9b\u7d66\u3001\u8cb8\u51fa\u3068\u306e\u30d0\u30e9\u30f3\u30b9\u3001\u62c5\u4fdd<\/li>\n<li>\u751f\u547d\u4fdd\u967a\uff1a\u8ca0\u50b5\u304c\u9577\u671f\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\u3092\u91cd\u8996<\/li>\n<li>\u640d\u5bb3\u4fdd\u967a\uff1a\u8ca0\u50b5\u304c\u77ed\u671f\u3067\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u304f\u3001\u6d41\u52d5\u6027\u3092\u91cd\u8996<\/li>\n<li>\u4fdd\u967a\u4f1a\u793e\u306f\u6e96\u5099\u91d1\u3092\u8d85\u3048\u308b\u90e8\u5206\uff08\u30b5\u30fc\u30d7\u30e9\u30b9\uff09\u3067\u30ea\u30b9\u30af\u3092\u3068\u308b<\/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\/level3-mail\/\" target=\"_blank\" rel=\"noopener\">Level 3 \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-l3-pc-lm4\/\">LM4 An Overview of Private Wealth Management\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a6\u30a7\u30eb\u30b9\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306e\u6982\u8981\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pc-lm6\/\">LM6 Trading Costs and Electronic Markets\uff08\u53d6\u5f15\u30b3\u30b9\u30c8\u3068\u96fb\u5b50\u5e02\u5834\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-pc\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Portfolio Construction\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Portfolio Construction LM5\u300cPortfolio Management for Institutional Investors\uff08\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\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":11224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level3-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10878","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=10878"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10878\/revisions"}],"predecessor-version":[{"id":11379,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10878\/revisions\/11379"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11224"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}