{"id":10903,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm7\/"},"modified":"2026-09-22T07:44:51","modified_gmt":"2026-09-21T22:44:51","slug":"cfa-l3-pmp-lm7","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm7\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 PM Pathway LM7\u3011Trade Strategy and Execution \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u58f2\u8cb7\u306e\u52d5\u6a5f\u30fb\u57f7\u884c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u30fb\u30a4\u30f3\u30d7\u30ea\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\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 7\u300cTrade Strategy and Execution\uff08\u58f2\u8cb7\u6226\u7565\u3068\u57f7\u884c\uff09\u300d\u306f\u3001\u58f2\u8cb7\u306e\u52d5\u6a5f\u3068\u58f2\u8cb7\u6226\u7565\u306e\u95a2\u4fc2\u3001\u58f2\u8cb7\u6226\u7565\u3092\u9078\u3076\u305f\u3081\u306e\u30a4\u30f3\u30d7\u30c3\u30c8\u3001\u57f7\u884c\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3001\u58f2\u8cb7\u6226\u7565\u306e\u63a8\u5968\u3001\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306e\u9078\u629e\u3001\u682a\u5f0f\u30fb\u50b5\u5238\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u70ba\u66ff\u306e\u5e02\u5834\u69cb\u9020\u306e\u9055\u3044\u3001\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u6e2c\u5b9a\u3068\u57f7\u884c\u306e\u8a55\u4fa1\u3001\u58f2\u8cb7\u624b\u7d9a\u304d\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\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>LM7\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\u3002LM7\u306b\u306f9\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u58f2\u8cb7\u306e\u52d5\u6a5f\u3068\u3001\u305d\u308c\u304c\u58f2\u8cb7\u6226\u7565\u3068\u3069\u3046\u95a2\u4fc2\u3059\u308b\u304b\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss motivations to trade and how they relate to trading strategy<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u58f2\u8cb7\u6226\u7565\u306e\u9078\u629e\u306b\u7528\u3044\u308b\u30a4\u30f3\u30d7\u30c3\u30c8\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss inputs to the selection of a trading strategy<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u58f2\u8cb7\u57f7\u884c\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare benchmarks for trade execution<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\uff08\u95a2\u9023\u3059\u308b\u4e8b\u5b9f\u306b\u3082\u3068\u3065\u3044\u3066\uff09\u58f2\u8cb7\u6226\u7565\u3092\u63a8\u5968\u3057\u3001\u305d\u306e\u6839\u62e0\u3092\u793a\u3059<\/span><span class=\"en\">recommend and justify a trading strategy (given relevant facts)<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u58f2\u8cb7\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306e\u7a2e\u985e\u306e\u9078\u629e\u3092\u4e00\u822c\u7684\u306b\u6c7a\u3081\u308b\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe factors that typically determine the selection of a trading algorithm class<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u682a\u5f0f\u3001\u50b5\u5238\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u5148\u7269\u3001\u5e97\u982d\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3001\u76f4\u7269\u70ba\u66ff\u306e\u5404\u5e02\u5834\u306b\u3064\u3044\u3066\u3001\u58f2\u8cb7\u306e\u5b9f\u884c\u306b\u95a2\u3059\u308b\u4e3b\u306a\u7279\u5fb4\u3092\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">contrast key characteristics of the following markets in relation to trade implementation: equity, fixed income, options and futures, OTC derivatives, and spot currency<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u6e2c\u5b9a\u65b9\u6cd5\u3092\u8aac\u660e\u3057\u3001\u53d6\u5f15\u306e\u30b3\u30b9\u30c8\u3092\u7b97\u5b9a\u3059\u308b<\/span><span class=\"en\">explain how trade costs are measured and determine the cost of a trade<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u53d6\u5f15\u306e\u57f7\u884c\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the execution of a trade<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u826f\u597d\u306a\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u89b3\u70b9\u304b\u3089\u3001\u30d7\u30ed\u30bb\u30b9\u3001\u958b\u793a\u3001\u8a18\u9332\u4fdd\u6301\u3092\u542b\u3080\u4f1a\u793e\u306e\u58f2\u8cb7\u624b\u7d9a\u304d\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate a firm\u2019s trading procedures, including processes, disclosures, and record keeping with respect to good governance<\/span><\/li>\n<\/ol>\n<h2>LM7\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>\u58f2\u8cb7\u306e\u52d5\u6a5f\u306b\u306f\u3001\u5229\u76ca\u306e\u8ffd\u6c42\u3001\u30ea\u30b9\u30af\u7ba1\u7406\uff08\u30d8\u30c3\u30b8\uff09\u3001\u8cc7\u91d1\u306e\u6d41\u51fa\u5165\u3078\u306e\u5bfe\u5fdc\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30a2\u30af\u30b7\u30e7\u30f3\u3084\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u5165\u66ff\u3048\u304c\u3042\u308b<\/li>\n<li>\u77ed\u671f\u306e\u30a2\u30eb\u30d5\u30a1\u3092\u72d9\u3046\u904b\u7528\u8005\u306f\u3001\u30a2\u30eb\u30d5\u30a1\u304c\u6e1b\u8870\u3059\u308b\u524d\u306b\u5b9f\u73fe\u3059\u308b\u305f\u3081\u7dca\u6025\u6027\u306e\u9ad8\u3044\u58f2\u8cb7\u3092\u884c\u3044\u3001\u9577\u671f\u306e\u6226\u7565\u3067\u306f\u30a2\u30eb\u30d5\u30a1\u306e\u6e1b\u8870\u304c\u9045\u3044\u305f\u3081\u7dca\u6025\u6027\u306f\u4f4e\u3044<\/li>\n<li>\u58f2\u8cb7\u6226\u7565\u306e\u30a4\u30f3\u30d7\u30c3\u30c8\u306b\u306f\u3001\u6ce8\u6587\uff08\u58f2\u8cb7\u65b9\u5411\u3068\u30b5\u30a4\u30ba\uff09\u3001\u9298\u67c4\uff08\u7a2e\u985e\u3001\u77ed\u671f\u30a2\u30eb\u30d5\u30a1\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u6d41\u52d5\u6027\uff09\u3001\u5e02\u5834\u74b0\u5883\uff08\u51fa\u6765\u9ad8\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3001\u5229\u7528\u8005\uff08\u30ea\u30b9\u30af\u56de\u907f\u5ea6\uff09\u306b\u95a2\u3059\u308b\u3082\u306e\u304c\u3042\u308b<\/li>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\u306f\u81ea\u3089\u306e\u6ce8\u6587\u306b\u3088\u308b\u4e0d\u5229\u306a\u4fa1\u683c\u5909\u5316\u3001\u57f7\u884c\u30ea\u30b9\u30af\u306f\u8a3c\u5238\u306e\u672c\u6e90\u7684\u4fa1\u5024\u306e\u5909\u5316\u306b\u3088\u308b\u4e0d\u5229\u306a\u4fa1\u683c\u5909\u5316\u3002\u58f2\u8cb7\u6226\u7565\u306e\u76ee\u7684\u306f\u3001\u30b3\u30b9\u30c8\u30fb\u30ea\u30b9\u30af\u30fb\u30a2\u30eb\u30d5\u30a1\u3092\u904b\u7528\u8005\u306e\u76ee\u7684\u3068\u5236\u7d04\u306b\u6cbf\u3063\u3066\u30d0\u30e9\u30f3\u30b9\u3055\u305b\u308b\u3053\u3068<\/li>\n<li>\u53c2\u7167\u4fa1\u683c\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u306f\u3001\u4e8b\u524d\uff08\u5230\u7740\u4fa1\u683c\u306a\u3069\uff09\u3001\u65e5\u4e2d\uff08VWAP\u30fbTWAP\uff09\u3001\u4e8b\u5f8c\uff08\u7d42\u5024\uff09\u3001\u76ee\u6a19\u4fa1\u683c\u304c\u3042\u308b<\/li>\n<li>\u57f7\u884c\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306f\u3001\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u578b\u3001\u6d41\u52d5\u6027\u63a2\u7d22\u578b\u3001\u5230\u7740\u4fa1\u683c\u578b\u3001\u30c0\u30fc\u30af\u30fb\u30a2\u30b0\u30ea\u30b2\u30fc\u30bf\u30fc\u3001\u30b9\u30de\u30fc\u30c8\u30fb\u30aa\u30fc\u30c0\u30fc\u30fb\u30eb\u30fc\u30bf\u30fc\u306b\u5206\u985e\u3055\u308c\u308b<\/li>\n<li>\u682a\u5f0f\u306f\u53d6\u5f15\u6240\u306a\u3069\u3067\u96fb\u5b50\u7684\u306b\u53d6\u5f15\u3055\u308c\u3001\u50b5\u5238\u306f\u30c7\u30a3\u30fc\u30e9\u30fc\u4e2d\u5fc3\u306e\u76f8\u5bfe\u5e02\u5834\u3001\u4e0a\u5834\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u5148\u7269\u306b\u53d6\u5f15\u304c\u96c6\u4e2d\u3057\u3001\u5e97\u982d\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u898f\u5236\u306b\u3088\u308b\u4e2d\u592e\u6e05\u7b97\u30fb\u53d6\u5f15\u5831\u544a\u304c\u9032\u307f\u3001\u76f4\u7269\u70ba\u66ff\u306f\u5b8c\u5168\u306a\u5e97\u982d\u5e02\u5834<\/li>\n<li>\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u6a19\u6e96\u306f\u30a4\u30f3\u30d7\u30ea\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\u3067\u3001\u9045\u5ef6\u30b3\u30b9\u30c8\u30fb\u57f7\u884c\u30b3\u30b9\u30c8\u30fb\u6a5f\u4f1a\u30b3\u30b9\u30c8\u306b\u5206\u89e3\u3067\u304d\u308b\u3002\u4e3b\u8981\u306a\u898f\u5236\u5f53\u5c40\u306f\u3001\u6700\u826f\u57f7\u884c\u3092\u660e\u78ba\u306b\u3057\u305f\u58f2\u8cb7\u65b9\u91dd\u6587\u66f8\u306e\u6574\u5099\u3092\u6c42\u3081\u3066\u3044\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\u58f2\u8cb7\u306e\u52d5\u6a5f\u3068\u58f2\u8cb7\u6226\u7565<\/h3>\n<p>\u58f2\u8cb7\u306e\u52d5\u6a5f\u306f<strong>\u5229\u76ca\u306e\u8ffd\u6c42<\/strong>\u3001<strong>\u30ea\u30b9\u30af\u7ba1\u7406\uff08\u30d8\u30c3\u30b8\uff09<\/strong>\u3001<strong>\u6d41\u52d5\u6027\uff08\u8cc7\u91d1\u306e\u6d41\u51fa\u5165\uff09\u3078\u306e\u5bfe\u5fdc<\/strong>\u3001<strong>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30a2\u30af\u30b7\u30e7\u30f3\u3084\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u5165\u66ff\u3048<\/strong>\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002\u52d5\u6a5f\u306b\u3088\u3063\u3066\u3001\u58f2\u8cb7\u306e\u7dca\u6025\u6027\u3084\u4f7f\u3046\u3079\u304d\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5229\u76ca\u8ffd\u6c42\uff1a\u77ed\u671f\u30a2\u30eb\u30d5\u30a1\u306f\u6e1b\u8870\u304c\u901f\u3044\u305f\u3081\u7dca\u6025\u6027\u304c\u9ad8\u3044\u3001\u9577\u671f\u306e\u6226\u7565\u306f\u7dca\u6025\u6027\u304c\u4f4e\u3044<\/li>\n<li>\u30ea\u30b9\u30af\u7ba1\u7406\uff1a\u76ee\u6a19\u306e\u30ea\u30b9\u30af\u6c34\u6e96\u306e\u7dad\u6301\u3001\u898b\u65b9\u3092\u6301\u305f\u306a\u3044\u30ea\u30b9\u30af\u306e\u30d8\u30c3\u30b8<\/li>\n<li>\u8cc7\u91d1\u6d41\u51fa\u5165\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u5165\u66ff\u3048\uff1a\u30d5\u30a1\u30f3\u30c9\u3084\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u8a55\u4fa1\u306b\u5408\u308f\u305b\u3066\u7d42\u5024\u3067\u306e\u58f2\u8cb7\u304c\u591a\u3044<\/li>\n<li>\u30a2\u30eb\u30d5\u30a1\u306e\u6e1b\u8870\uff08\u30a2\u30eb\u30d5\u30a1\u30fb\u30c7\u30a3\u30b1\u30a4\uff09\u306e\u901f\u3055\u304c\u58f2\u8cb7\u306e\u6025\u304e\u5177\u5408\u3092\u6c7a\u3081\u308b<\/li>\n<li>\u52d5\u6a5f\u306b\u5408\u308f\u306a\u3044\u57f7\u884c\u306f\u30b3\u30b9\u30c8\u3084\u6a5f\u4f1a\u640d\u5931\u3092\u751f\u3080<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u58f2\u8cb7\u6226\u7565\u3092\u9078\u3076\u305f\u3081\u306e\u30a4\u30f3\u30d7\u30c3\u30c8<\/h3>\n<p>\u58f2\u8cb7\u6226\u7565\u306e\u30a4\u30f3\u30d7\u30c3\u30c8\u306b\u306f\u3001<strong>\u6ce8\u6587<\/strong>\u3001<strong>\u9298\u67c4<\/strong>\u3001<strong>\u5e02\u5834<\/strong>\u3001<strong>\u5229\u7528\u8005<\/strong>\u306b\u95a2\u3059\u308b\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002\u5927\u304d\u306a\u6ce8\u6587\u306f\u9577\u3044\u6642\u9593\u3092\u304b\u3051\u3066\u57f7\u884c\u3057\u3066\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\u3092\u6291\u3048\u307e\u3059\u304c\u3001\u6642\u9593\u3092\u304b\u3051\u308b\u307b\u3069<strong>\u57f7\u884c\u30ea\u30b9\u30af<\/strong>\u304c\u5897\u3048\u308b\u3068\u3044\u3046\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6ce8\u6587\uff1a\u58f2\u8cb7\u65b9\u5411\u3068\u30b5\u30a4\u30ba\u3001\u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8\uff08ADV\uff09\u306b\u5bfe\u3059\u308b\u5272\u5408<\/li>\n<li>\u9298\u67c4\uff1a\u8a3c\u5238\u306e\u7a2e\u985e\u3001\u77ed\u671f\u30a2\u30eb\u30d5\u30a1\u3001\u4fa1\u683c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u6d41\u52d5\u6027<\/li>\n<li>\u5e02\u5834\uff1a\u65e5\u4e2d\u306e\u51fa\u6765\u9ad8\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u5371\u6a5f\u6642\u306e\u6d41\u52d5\u6027\u306e\u6025\u5909<\/li>\n<li>\u5229\u7528\u8005\uff1a\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u304c\u9ad8\u3044\u307b\u3069\u6025\u3044\u3067\u58f2\u8cb7<\/li>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\uff1a\u81ea\u3089\u306e\u6ce8\u6587\u306b\u3088\u308b\u4e0d\u5229\u306a\u4fa1\u683c\u5909\u5316\uff08\u6700\u5927\u7d1a\u306e\u30b3\u30b9\u30c8\uff09<\/li>\n<li>\u57f7\u884c\u30ea\u30b9\u30af\uff1a\u6642\u9593\u306e\u7d4c\u904e\u306b\u3088\u308b\u4fa1\u683c\u306e\u4e0d\u5229\u306a\u5909\u5316\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u4ee3\u7406\uff09<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u58f2\u8cb7\u57f7\u884c\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u6bd4\u8f03<\/h3>\n<p>\u57f7\u884c\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u306f\u3001<strong>\u4e8b\u524d<\/strong>\uff08\u6c7a\u5b9a\u4fa1\u683c\u30fb\u524d\u65e5\u7d42\u5024\u30fb\u59cb\u5024\u30fb\u5230\u7740\u4fa1\u683c\uff09\u3001<strong>\u65e5\u4e2d<\/strong>\uff08VWAP\u30fbTWAP\uff09\u3001<strong>\u4e8b\u5f8c<\/strong>\uff08\u7d42\u5024\uff09\u3001<strong>\u76ee\u6a19\u4fa1\u683c<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002\u904b\u7528\u8005\u306e\u76ee\u7684\u306b\u5408\u3063\u305f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u9078\u3076\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5230\u7740\u4fa1\u683c\uff1a\u6ce8\u6587\u3092\u5e02\u5834\u306b\u51fa\u3057\u305f\u6642\u70b9\u306e\u4fa1\u683c\u3001\u77ed\u671f\u30a2\u30eb\u30d5\u30a1\u3092\u72d9\u3044\u6025\u3044\u3067\u58f2\u8cb7\u3059\u308b\u5834\u5408<\/li>\n<li>VWAP\uff1a\u51fa\u6765\u9ad8\u52a0\u91cd\u5e73\u5747\u4fa1\u683c\u3001\u51fa\u6765\u9ad8\u306b\u6cbf\u3063\u3066\u57f7\u884c\u3057\u305f\u3044\u5834\u5408<\/li>\n<li>TWAP\uff1a\u6642\u9593\u52a0\u91cd\u5e73\u5747\u4fa1\u683c\u3001\u51fa\u6765\u9ad8\u304c\u4e0d\u898f\u5247\u306a\u9298\u67c4\u306a\u3069<\/li>\n<li>\u7d42\u5024\uff1a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30fb\u30d5\u30a1\u30f3\u30c9\u3084\u7d42\u5024\u3067\u8a55\u4fa1\u3055\u308c\u308b\u30d5\u30a1\u30f3\u30c9\uff08\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u6291\u5236\uff09<\/li>\n<li>\u76ee\u6a19\u4fa1\u683c\uff1a\u904b\u7528\u8005\u304c\u59a5\u5f53\u3068\u8003\u3048\u308b\u4fa1\u683c\u3067\u58f2\u8cb7\u3057\u305f\u3044\u5834\u5408<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u58f2\u8cb7\u6226\u7565\u306e\u63a8\u5968<\/h3>\n<p>\u58f2\u8cb7\u6226\u7565\u306f\u3001<strong>\u30b3\u30b9\u30c8\u30fb\u30ea\u30b9\u30af\u30fb\u30a2\u30eb\u30d5\u30a1<\/strong>\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u904b\u7528\u8005\u306e\u76ee\u7684\u3001\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u3001\u5236\u7d04\u306b\u6cbf\u3063\u3066\u3068\u308b\u3088\u3046\u306b\u9078\u3073\u307e\u3059\u3002\u77ed\u671f\u30a2\u30eb\u30d5\u30a1\u3084\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u304c\u9ad8\u3051\u308c\u3070\u6025\u3044\u3067\u57f7\u884c\u3057\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u5927\u53e3\u6ce8\u6587\u3084\u898b\u65b9\u306e\u306a\u3044\u6ce8\u6587\u306f\u6642\u9593\u3092\u304b\u3051\u3066\u57f7\u884c\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u77ed\u671f\u30a2\u30eb\u30d5\u30a1\u30fb\u9ad8\u3044\u30ea\u30b9\u30af\u56de\u907f\u5ea6\uff1a\u5230\u7740\u4fa1\u683c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3001\u524d\u5012\u3057\u306e\u57f7\u884c<\/li>\n<li>\u898b\u65b9\u306a\u3057\u30fb\u51fa\u6765\u9ad8\u3078\u306e\u53c2\u52a0\uff1aVWAP\u30fbTWAP\u3067\u6642\u9593\u3092\u304b\u3051\u3066\u57f7\u884c<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u5165\u66ff\u3048\u30fb\u8cc7\u91d1\u6d41\u51fa\u5165\uff1a\u7d42\u5024\u3067\u306e\u57f7\u884c<\/li>\n<li>\u5927\u53e3\u30fb\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u9298\u67c4\uff1a\u6d41\u52d5\u6027\u63a2\u7d22\u578b\u3001\u30d6\u30ed\u30c3\u30af\u53d6\u5f15\u3001\u30c0\u30fc\u30af\u30fb\u30d7\u30fc\u30eb<\/li>\n<li>\u6ce8\u6587\u306e\u6027\u683c\u3068\u5e02\u5834\u74b0\u5883\u306b\u5408\u308f\u305b\u3066\u3001\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u3084\u57f7\u884c\u65b9\u6cd5\u3092\u9078\u3076<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u58f2\u8cb7\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306e\u9078\u629e<\/h3>\n<p>\u57f7\u884c\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306f<strong>\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u578b<\/strong>\uff08POV\u30fbVWAP\u30fbTWAP\uff09\u3001<strong>\u6d41\u52d5\u6027\u63a2\u7d22\u578b<\/strong>\u3001<strong>\u5230\u7740\u4fa1\u683c\u578b<\/strong>\u3001<strong>\u30c0\u30fc\u30af\u30fb\u30a2\u30b0\u30ea\u30b2\u30fc\u30bf\u30fc<\/strong>\u3001<strong>\u30b9\u30de\u30fc\u30c8\u30fb\u30aa\u30fc\u30c0\u30fc\u30fb\u30eb\u30fc\u30bf\u30fc<\/strong>\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002\u6ce8\u6587\u30b5\u30a4\u30ba\u3001\u7dca\u6025\u6027\u3001\u9298\u67c4\u306e\u6d41\u52d5\u6027\u3068\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u4f7f\u3044\u5206\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u578b\uff1aADV\u306b\u5bfe\u3057\u3066\u6bd4\u8f03\u7684\u5c0f\u3055\u3044\u6ce8\u6587\u3001\u6025\u304c\u306a\u3044\u3001\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u9298\u67c4<\/li>\n<li>\u6d41\u52d5\u6027\u63a2\u7d22\u578b\uff1a\u5927\u53e3\u30fb\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u9298\u67c4\u3001\u6a5f\u4f1a\u304c\u3042\u308c\u3070\u4e00\u5ea6\u306b\u591a\u304f\u7d04\u5b9a<\/li>\n<li>\u5230\u7740\u4fa1\u683c\u578b\uff1a\u5230\u7740\u4fa1\u683c\u306b\u8fd1\u3044\u7d04\u5b9a\u3092\u72d9\u3044\u3001\u524d\u5012\u3057\u3067\u57f7\u884c\uff08\u30a2\u30eb\u30d5\u30a1\u30fb\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u304c\u9ad8\u3044\u5834\u5408\uff09<\/li>\n<li>\u30c0\u30fc\u30af\u30fb\u30a2\u30b0\u30ea\u30b2\u30fc\u30bf\u30fc\uff1a\u8907\u6570\u306e\u30c0\u30fc\u30af\u30fb\u30d7\u30fc\u30eb\u3067\u60c5\u5831\u6f0f\u308c\u3092\u6291\u3048\u3066\u7d04\u5b9a<\/li>\n<li>\u30b9\u30de\u30fc\u30c8\u30fb\u30aa\u30fc\u30c0\u30fc\u30fb\u30eb\u30fc\u30bf\u30fc\uff1a\u5c0f\u53e3\u306e\u5373\u6642\u57f7\u884c\u3001\u6700\u826f\u306e\u6c17\u914d\u306e\u5e02\u5834\u306b\u632f\u308a\u5206\u3051\u308b<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u5e02\u5834\u3054\u3068\u306e\u58f2\u8cb7\u306e\u7279\u5fb4<\/h3>\n<p><strong>\u682a\u5f0f<\/strong>\u306f\u53d6\u5f15\u6240\u306a\u3069\u3067\u96fb\u5b50\u7684\u30fb\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u3067\u53d6\u5f15\u3055\u308c\u3001<strong>\u50b5\u5238<\/strong>\u306f\u53d6\u5f15\u6240\u3067\u306f\u306a\u304f\u30c7\u30a3\u30fc\u30e9\u30fc\u4e2d\u5fc3\u306e\u76f8\u5bfe\u5e02\u5834\u3067\u3059\u3002<strong>\u4e0a\u5834\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6<\/strong>\u306f\u5148\u7269\u306b\u53d6\u5f15\u304c\u96c6\u4e2d\u3057\u3001<strong>\u5e97\u982d\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6<\/strong>\u306f\u898f\u5236\u5f37\u5316\u3067\u4e2d\u592e\u6e05\u7b97\u3084\u53d6\u5f15\u5831\u544a\u304c\u9032\u307f\u3001<strong>\u76f4\u7269\u70ba\u66ff<\/strong>\u306f\u5b8c\u5168\u306a\u5e97\u982d\u5e02\u5834\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u5f0f\uff1a\u53d6\u5f15\u6240\u30fb\u591a\u89d2\u7684\u53d6\u5f15\u65bd\u8a2d\u3001\u96fb\u5b50\u53d6\u5f15\u304c\u4e3b\u6d41\u3001\u5927\u53e3\u30fb\u4f4e\u6d41\u52d5\u6027\u306f\u30d6\u30ed\u30c3\u30af\u53d6\u5f15\u3084\u96fb\u8a71<\/li>\n<li>\u50b5\u5238\uff1a\u30c7\u30a3\u30fc\u30e9\u30fc\u304c\u5024\u4ed8\u3051\u3001\u591a\u304f\u306f\u6d41\u52d5\u6027\u304c\u4f4e\u304f\u3001\u65e2\u767a\uff08\u30aa\u30d5\u30fb\u30b6\u30fb\u30e9\u30f3\uff09\u9298\u67c4\u306f\u3068\u304f\u306b\u4f4e\u3044<\/li>\n<li>\u4e0a\u5834\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff1a\u5148\u7269\u306b\u51fa\u6765\u9ad8\u304c\u96c6\u4e2d\u3001\u96fb\u5b50\u53d6\u5f15\u304c\u6d78\u900f\u3001\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u53d6\u5f15\u304c\u5897\u52a0<\/li>\n<li>\u5e97\u982d\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff1a\u304b\u3064\u3066\u306f\u4e0d\u900f\u660e\u3001\u4e2d\u592e\u6e05\u7b97\u30fb\u53d6\u5f15\u306e\u516c\u8868\u3067\u6a19\u6e96\u5316\u3068\u4fa1\u683c\u767a\u898b\u3001\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u306e\u4f4e\u6e1b<\/li>\n<li>\u76f4\u7269\u70ba\u66ff\uff1a\u53d6\u5f15\u6240\u3084\u4e2d\u592e\u6e05\u7b97\u306f\u306a\u304f\u3001\u96fb\u5b50\u53d6\u5f15\u65bd\u8a2d\u3068\u30d6\u30ed\u30fc\u30ab\u30fc\u5e02\u5834\u304b\u3089\u6210\u308b<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u6e2c\u5b9a<\/h3>\n<p>\u53d6\u5f15\u306e\u7dcf\u30b3\u30b9\u30c8\u3092\u6e2c\u308b\u6a19\u6e96\u306f<strong>\u30a4\u30f3\u30d7\u30ea\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\uff08IS\uff09<\/strong>\u3067\u3001\u6c7a\u5b9a\u4fa1\u683c\u3067\u58f2\u8cb7\u3067\u304d\u305f\u3068\u4eee\u5b9a\u3057\u305f<strong>\u30da\u30fc\u30d1\u30fc\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/strong>\u3068\u5b9f\u969b\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5dee\u3067\u3059\u3002IS\u306f<strong>\u9045\u5ef6\u30b3\u30b9\u30c8<\/strong>\u3001<strong>\u57f7\u884c\u30b3\u30b9\u30c8<\/strong>\u3001<strong>\u6a5f\u4f1a\u30b3\u30b9\u30c8<\/strong>\uff08\u3068\u624b\u6570\u6599\uff09\u306b\u5206\u89e3\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9045\u5ef6\u30b3\u30b9\u30c8\uff1a\u6c7a\u5b9a\u6642\u70b9\u304b\u3089\u6ce8\u6587\u3092\u5e02\u5834\u306b\u51fa\u3059\u307e\u3067\u306e\u4fa1\u683c\u5909\u5316<\/li>\n<li>\u57f7\u884c\u30b3\u30b9\u30c8\uff1a\u81ea\u3089\u306e\u58f2\u8cb7\u5727\u529b\u3068\u5e02\u5834\u30ea\u30b9\u30af\u306b\u3088\u308b\u3001\u5230\u7740\u4fa1\u683c\u3068\u7d04\u5b9a\u4fa1\u683c\u306e\u5dee<\/li>\n<li>\u6a5f\u4f1a\u30b3\u30b9\u30c8\uff1a\u7d04\u5b9a\u3067\u304d\u306a\u304b\u3063\u305f\u90e8\u5206\u306e\u4fa1\u683c\u5909\u5316<\/li>\n<li>\u660e\u793a\u7684\u306a\u624b\u6570\u6599\u3082\u30b3\u30b9\u30c8\u306b\u542b\u3081\u308b<\/li>\n<li>\u8cb7\u3044\u306e\u5834\u5408\u3001\u4fa1\u683c\u4e0a\u6607\u304c\u30b3\u30b9\u30c8\uff08\u58f2\u308a\u306f\u4fa1\u683c\u4e0b\u843d\u304c\u30b3\u30b9\u30c8\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">IS = \u30da\u30fc\u30d1\u30fc\u30fb\u30ea\u30bf\u30fc\u30f3 \u2212 \u5b9f\u969b\u306e\u30ea\u30bf\u30fc\u30f3 = \u9045\u5ef6\u30b3\u30b9\u30c8 + \u57f7\u884c\u30b3\u30b9\u30c8 + \u6a5f\u4f1a\u30b3\u30b9\u30c8 + \u624b\u6570\u6599<\/div>\n<h3>LOS 8\uff1a\u53d6\u5f15\u57f7\u884c\u306e\u8a55\u4fa1<\/h3>\n<p>\u57f7\u884c\u306e\u8a55\u4fa1\u3067\u306f\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u30fb\u30d6\u30ed\u30fc\u30ab\u30fc\u30fb\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306e<strong>\u57f7\u884c\u306e\u8cea<\/strong>\u3092\u3001\u4e8b\u524d\u30fb\u65e5\u4e2d\u30fb\u4e8b\u5f8c\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u6bd4\u3079\u3066\u6e2c\u308a\u307e\u3059\u3002\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u306e\u5f71\u97ff\u3092\u9664\u304f<strong>\u5e02\u5834\u8abf\u6574\u5f8c\u30b3\u30b9\u30c8<\/strong>\u3084\u3001\u53d6\u5f15\u30b3\u30b9\u30c8\u5206\u6790\uff08TCA\uff09\u3092\u7528\u3044\u3001\u57f7\u884c\u306e\u6539\u5584\u306b\u3064\u306a\u3052\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5230\u7740\u4fa1\u683c\u30b3\u30b9\u30c8\uff08bp\uff09\uff1d\u58f2\u8cb7\u65b9\u5411\u00d7\uff08\u5e73\u5747\u7d04\u5b9a\u4fa1\u683c\u2212\u5230\u7740\u4fa1\u683c\uff09\u00f7\u5230\u7740\u4fa1\u683c\u00d710\u2074\uff08\u8cb7\u3044\uff1d+1\u3001\u58f2\u308a\uff1d\u22121\uff09<\/li>\n<li>VWAP\u30fbTWAP\u30fb\u7d42\u5024\u306b\u5bfe\u3059\u308b\u30b3\u30b9\u30c8\u3082\u540c\u69d8\u306b\u8a08\u7b97<\/li>\n<li>\u5e02\u5834\u8abf\u6574\u5f8c\u30b3\u30b9\u30c8\uff1d\u5230\u7740\u4fa1\u683c\u30b3\u30b9\u30c8\u2212\u03b2\u00d7\u540c\u671f\u9593\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u30b3\u30b9\u30c8<\/li>\n<li>\u4ed8\u52a0\u4fa1\u5024\uff08\u30a2\u30eb\u30d5\u30a1\uff09\u306e\u8a55\u4fa1\uff1a\u540c\u4e00\u6761\u4ef6\u306e\u6bd4\u8f03\u3001\u540c\u696d\u3068\u306e\u6bd4\u8f03<\/li>\n<li>TCA\u3067\u58f2\u8cb7\u306e\u76f8\u624b\u5148\u30fb\u57f7\u884c\u5834\u6240\u30fb\u65b9\u6cd5\u3092\u898b\u76f4\u3059<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5230\u7740\u4fa1\u683c\u30b3\u30b9\u30c8(bp) = Side \u00d7 (P\u0304 \u2212 P\u2080) \u00f7 P\u2080 \u00d7 10\u2074<\/div>\n<h3>LOS 9\uff1a\u58f2\u8cb7\u624b\u7d9a\u304d\u306e\u30ac\u30d0\u30ca\u30f3\u30b9<\/h3>\n<p>\u4e3b\u8981\u306a\u898f\u5236\u5f53\u5c40\u306f\u3001\u904b\u7528\u4f1a\u793e\u306b\u58f2\u8cb7\u65b9\u91dd\u3068\u30a8\u30b9\u30ab\u30ec\u30fc\u30b7\u30e7\u30f3\u624b\u9806\u3092\u660e\u78ba\u306b\u3057\u305f<strong>\u58f2\u8cb7\u65b9\u91dd\u6587\u66f8\uff08\u30c8\u30ec\u30fc\u30c9\u30fb\u30dd\u30ea\u30b7\u30fc\uff09<\/strong>\u3092\u6c42\u3081\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u76ee\u7684\u306f\u3001\u57f7\u884c\u3068\u6ce8\u6587\u51e6\u7406\u3092\u3001\u9867\u5ba2\u306b\u5bfe\u3059\u308b<strong>\u6700\u826f\u57f7\u884c<\/strong>\u306e\u53d7\u8a17\u8005\u8cac\u4efb\u306b\u6cbf\u3063\u305f\u3082\u306e\u306b\u3059\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u6700\u826f\u57f7\u884c\u306e\u610f\u5473\uff08\u4fa1\u683c\u3060\u3051\u3067\u306a\u304f\u3001\u30b3\u30b9\u30c8\u30fb\u901f\u5ea6\u30fb\u78ba\u5b9f\u6027\u306a\u3069\u3082\u542b\u3080\uff09<\/li>\n<li>\u6700\u9069\u306a\u57f7\u884c\u65b9\u6cd5\u3092\u6c7a\u3081\u308b\u8981\u56e0\uff08\u6ce8\u6587\u30fb\u9298\u67c4\u30fb\u5e02\u5834\u306e\u7279\u6027\uff09<\/li>\n<li>\u58f2\u8cb7\u30a8\u30e9\u30fc\u306e\u53d6\u6271\u3044\uff08\u767a\u898b\u30fb\u5831\u544a\u30fb\u662f\u6b63\uff09<\/li>\n<li>\u9069\u683c\u306a\u30d6\u30ed\u30fc\u30ab\u30fc\u30fb\u57f7\u884c\u5834\u6240\u306e\u30ea\u30b9\u30c8<\/li>\n<li>\u57f7\u884c\u4f53\u5236\u3092\u7d99\u7d9a\u7684\u306b\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u3059\u308b\u30d7\u30ed\u30bb\u30b9<\/li>\n<li>\u958b\u793a\u3068\u8a18\u9332\u306e\u4fdd\u6301<\/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-pmp-lm6\/\">LM6 Fixed-Income Active Management: Credit Strategies\uff08\u50b5\u5238\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u6226\u7565\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm8\/\">LM8 Case Study in Portfolio Management: Institutional (Endowment)\uff08\u30b1\u30fc\u30b9\u30b9\u30bf\u30c7\u30a3\uff1a\u6a5f\u95a2\u6295\u8cc7\u5bb6\uff08\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\uff09\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-pmp\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Portfolio Management Pathway\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Portfolio Management Pathway LM7\u300cTrade Strategy and Execution\uff08\u58f2\u8cb7\u6226\u7565\u3068\u57f7\u884c\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":11249,"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-10903","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\/10903","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=10903"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10903\/revisions"}],"predecessor-version":[{"id":11390,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10903\/revisions\/11390"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11249"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}