{"id":11290,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm11\/"},"modified":"2026-09-22T07:13:51","modified_gmt":"2026-09-21T22:13:51","slug":"cfa-l1-equity-lm11","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm11\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Equities LM11\u3011Equity Analyst Research Reports \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30ec\u30dd\u30fc\u30c8\u306e\u69cb\u6210\u30fb\u30bb\u30eb\u30b5\u30a4\u30c9\u3068\u30d0\u30a4\u30b5\u30a4\u30c9\u30fb\u4fa1\u5024\u63a8\u5b9a\u306e\u76f8\u9055"},"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 11\u300cEquity Analyst Research Reports\uff08\u682a\u5f0f\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u30ea\u30b5\u30fc\u30c1\u30ec\u30dd\u30fc\u30c8\uff09\u300d\u306f\u3001\u8a73\u7d30\u306a\u4f01\u696d\u30ea\u30b5\u30fc\u30c1\u30fb\u30ec\u30dd\u30fc\u30c8\u3067\u6271\u3046\u3079\u304d\u8981\u7d20\u3001\u30bb\u30eb\u30b5\u30a4\u30c9\u3068\u30d0\u30a4\u30b5\u30a4\u30c9\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u30fb\u30ec\u30dd\u30fc\u30c8\u3068\u305d\u306e\u7d50\u8ad6\u306e\u9055\u3044\u3001\u305d\u3057\u3066\u540c\u3058\u30e2\u30c7\u30ea\u30f3\u30b0\u624b\u6cd5\u3067\u3082\u58f2\u4e0a\u9ad8\u30fb\u53ce\u76ca\u6027\u30fb\u6295\u8cc7\u30fb\u8cc7\u91d1\u8abf\u9054\u306b\u95a2\u3059\u308b\u524d\u63d0\u306b\u3088\u3063\u3066\u4fa1\u5024\u63a8\u5b9a\u304c\u7570\u306a\u308b\u7406\u7531\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>LM11\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\u3002LM11\u306b\u306f3\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u8a73\u7d30\u306a\u4f01\u696d\u30ea\u30b5\u30fc\u30c1\u30fb\u30ec\u30dd\u30fc\u30c8\u3067\u6271\u3046\u3079\u304d\u8981\u7d20\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the elements that should be covered in a detailed company research report<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30bb\u30eb\u30b5\u30a4\u30c9\u3068\u30d0\u30a4\u30b5\u30a4\u30c9\u306e\u682a\u5f0f\u30a2\u30ca\u30ea\u30b9\u30c8\u30fb\u30ec\u30dd\u30fc\u30c8\u3068\u305d\u306e\u7d50\u8ad6\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare sell-side and buy-side equity analyst reports and their conclusions<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u540c\u3058\u30e2\u30c7\u30ea\u30f3\u30b0\u624b\u6cd5\u306b\u3088\u308b\u4fa1\u5024\u63a8\u5b9a\u5024\u304c\u3001\u58f2\u4e0a\u9ad8\u3001\u53ce\u76ca\u6027\u3001\u6295\u8cc7\u3001\u8cc7\u91d1\u8abf\u9054\u306b\u95a2\u3059\u308b\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u524d\u63d0\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u5f97\u308b\u7406\u7531\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain why value estimates from the same modeling approach may differ based on analyst assumptions regarding revenue, profitability, investment, and financing<\/span><\/li>\n<\/ol>\n<h2>LM11\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>\u682a\u5f0f\u30ea\u30b5\u30fc\u30c1\u30fb\u30ec\u30dd\u30fc\u30c8\u306f\u901a\u5e38\u3001\u76ee\u6a19\u682a\u4fa1\u306b\u88cf\u4ed8\u3051\u3089\u308c\u305f\u6295\u8cc7\u63a8\u5968\u304b\u3089\u59cb\u307e\u308a\u3001\u63a8\u5968\u3092\u652f\u3048\u308b\u4e3b\u8981\u306a\u8ad6\u70b9\u3067\u3042\u308b\u6295\u8cc7\u30c6\u30fc\u30de\u3082\u5192\u982d\u306b\u793a\u3055\u308c\u308b\u3002\u4f01\u696d\u30fb\u696d\u754c\u306e\u8a73\u7d30\u3001\u8ca1\u52d9\u5206\u6790\u3001\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u304c\u63a8\u5968\u306e\u6839\u62e0\u3068\u306a\u308b<\/li>\n<li>\u30ec\u30dd\u30fc\u30c8\u306f\u9996\u5c3e\u4e00\u8cab\u3057\u305f\u5b9a\u6027\u30fb\u5b9a\u91cf\u5206\u6790\u3067\u8aad\u8005\u3092\u8aac\u5f97\u3059\u308b\u3088\u3046\u306b\u69cb\u6210\u3055\u308c\u3001\u5185\u5bb9\u306e\u8a73\u7d30\u306f\u30bb\u30eb\u30b5\u30a4\u30c9\u304b\u30d0\u30a4\u30b5\u30a4\u30c9\u304b\u306b\u3088\u3063\u3066\u7570\u306a\u308b<\/li>\n<li>\u30bb\u30eb\u30b5\u30a4\u30c9\u306e\u30ec\u30dd\u30fc\u30c8\u306f\u6295\u8cc7\u9280\u884c\u3084\u8a3c\u5238\u4f1a\u793e\u304c\u5916\u90e8\u914d\u5e03\u7528\u306b\u4f5c\u6210\u3057\u3001\u6a19\u6e96\u5316\u3055\u308c\u305f\u5f62\u5f0f\u306b\u5f93\u3046\u3053\u3068\u304c\u591a\u3044\u3002\u5426\u5b9a\u7684\u306a\u63a8\u5968\u306b\u306f\u5236\u7d04\u3084\u30ea\u30b9\u30af\u304c\u3042\u308b\u305f\u3081\u3001\u8cb7\u3044\u304b\u4e2d\u7acb\u306e\u63a8\u5968\u306b\u3068\u3069\u307e\u308a\u304c\u3061<\/li>\n<li>\u30d0\u30a4\u30b5\u30a4\u30c9\u306e\u30ec\u30dd\u30fc\u30c8\u306f\u793e\u5185\u306e\u6295\u8cc7\u5224\u65ad\u306e\u305f\u3081\u306b\u4f5c\u6210\u3055\u308c\u3001\u901a\u5e38\u306f\u793e\u5185\u3067\u6a5f\u5bc6\u6271\u3044\u3068\u306a\u308b\u3002\u30d0\u30a4\u30b5\u30a4\u30c9\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u306f\u30bb\u30eb\u30b5\u30a4\u30c9\u3088\u308a\u72ec\u81ea\u6027\u306e\u9ad8\u3044\u30e2\u30c7\u30eb\u3092\u4f7f\u3046\u3053\u3068\u304c\u3042\u308b<\/li>\n<li>\u5c06\u6765\u306e\u6210\u9577\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb\u306b\u3064\u3044\u3066\u30a2\u30ca\u30ea\u30b9\u30c8\u9593\u306e\u898b\u65b9\u306e\u3070\u3089\u3064\u304d\u304c\u5927\u304d\u3044\u4f01\u696d\u306f\u3001\u672c\u6e90\u7684\u4fa1\u5024\u306e\u898b\u6975\u3081\u304c\u96e3\u3057\u3044\u305f\u3081\u300c\u8a55\u4fa1\u304c\u96e3\u3057\u3044\uff08hard to value\uff09\u300d\u3068\u3055\u308c\u308b<\/li>\n<li>\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u76ee\u6a19\u682a\u4fa1\u304c\u7570\u306a\u308b\u306e\u306f\u3001\u58f2\u4e0a\u9ad8\u6210\u9577\u7387\u3001\u5229\u76ca\u7387\u3001\u6295\u8cc7\u6c34\u6e96\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u9078\u629e\u306b\u95a2\u3059\u308b\u524d\u63d0\u306e\u9055\u3044\u306b\u3088\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\u30ea\u30b5\u30fc\u30c1\u30fb\u30ec\u30dd\u30fc\u30c8\u306e\u69cb\u6210\u8981\u7d20<\/h3>\n<p>\u682a\u5f0f\u30ea\u30b5\u30fc\u30c1\u30fb\u30ec\u30dd\u30fc\u30c8\u306f\u8aad\u8005\u306b\u63a8\u5968\u306b\u6cbf\u3063\u305f\u884c\u52d5\u3092\u4fc3\u3059\u305f\u3081\u306e\u3082\u306e\u3067\u3001\u5192\u982d\u3067<strong>\u6295\u8cc7\u63a8\u5968\u3068\u76ee\u6a19\u682a\u4fa1<\/strong>\u3001\u63a8\u5968\u3092\u652f\u3048\u308b<strong>\u6295\u8cc7\u30c6\u30fc\u30de\uff08investment thesis\uff09<\/strong>\u3092\u793a\u3057\u307e\u3059\u3002\u7d9a\u3044\u3066\u4e8b\u696d\u5185\u5bb9\u30fb\u696d\u754c\u6982\u89b3\u30fb\u7af6\u4e89\u4e0a\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3001\u8ca1\u52d9\u5206\u6790\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3001\u6295\u8cc7\u30ea\u30b9\u30af\u3001\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u306a\u3069\u3067\u63a8\u5968\u306e\u6839\u62e0\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u76ee\u6a19\u682a\u4fa1\u306f\u70b9\u63a8\u5b9a\u307e\u305f\u306f\u7bc4\u56f2\u3067\u793a\u3057\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u542b\u610f\u3059\u308b\u3002\u671f\u9593\u306f1\u5e74\u304c\u591a\u3044\u304c\u3001\u4f01\u696d\u56fa\u6709\u306e\u30a4\u30d9\u30f3\u30c8\u306b\u3088\u3063\u3066\u5909\u308f\u308b<\/li>\n<li>\u63a8\u5968\u306f\u7d76\u5bfe\u30ea\u30bf\u30fc\u30f3\u3060\u3051\u3067\u306a\u304f\u3001\u540c\u696d\u3084\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u5bfe\u3059\u308b\u76f8\u5bfe\u7684\u306a\u898b\u901a\u3057\u3067\u6c7a\u307e\u308b\u3053\u3068\u3082\u3042\u308b<\/li>\n<li>\u4e8b\u696d\u5185\u5bb9\u30fb\u696d\u754c\u6982\u89b3\u30fb\u7af6\u4e89\u4e0a\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\uff1a\u4f01\u696d\u3068\u7af6\u4e89\u74b0\u5883\u306e\u5b9a\u6027\u7684\u306a\u7406\u89e3<\/li>\n<li>\u8ca1\u52d9\u5206\u6790\uff1a\u91cd\u8981\u306a\u6307\u6a19\u30fb\u6bd4\u7387\u306b\u7d5e\u308a\u3001\u6295\u8cc7\u30c6\u30fc\u30de\u3084\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u30b9\u30c8\u30fc\u30ea\u30fc\u3068\u6574\u5408\u3055\u305b\u308b<\/li>\n<li>\u6295\u8cc7\u30ea\u30b9\u30af\uff1a\u4f01\u696d\u56fa\u6709\u30fb\u696d\u754c\u5168\u4f53\u30fb\u30de\u30af\u30ed\u306e\u30ea\u30b9\u30af\u3092\u6319\u3052\u3001\u30b7\u30ca\u30ea\u30aa\u3068\u3057\u3066\u8a55\u4fa1\u306b\u660e\u793a\u7684\u306b\u53cd\u6620<\/li>\n<li>\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\uff1a\u8ca1\u52d9\u3078\u306e\u5f71\u97ff\u304c\u5927\u304d\u3044\u696d\u7a2e\u3067\u306f\u8a73\u3057\u304f\u5206\u6790<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30bb\u30eb\u30b5\u30a4\u30c9\u3068\u30d0\u30a4\u30b5\u30a4\u30c9\u306e\u6bd4\u8f03<\/h3>\n<p><strong>\u30bb\u30eb\u30b5\u30a4\u30c9\u30fb\u30ec\u30dd\u30fc\u30c8<\/strong>\u306f\u6295\u8cc7\u9280\u884c\u30fb\u8a3c\u5238\u4f1a\u793e\u304c\u5916\u90e8\u306e\u9867\u5ba2\u5411\u3051\u306b\u4f5c\u6210\u3057\u3001\u6a19\u6e96\u5316\u3055\u308c\u305f\u5f62\u5f0f\u3067\u5e45\u5e83\u3044\u9298\u67c4\u3092\u30ab\u30d0\u30fc\u3057\u307e\u3059\u3002<strong>\u30d0\u30a4\u30b5\u30a4\u30c9\u30fb\u30ec\u30dd\u30fc\u30c8<\/strong>\u306f\u904b\u7528\u4f1a\u793e\u5185\u90e8\u306e\u6295\u8cc7\u5224\u65ad\u306e\u305f\u3081\u306b\u4f5c\u6210\u3055\u308c\u3066\u6a5f\u5bc6\u6271\u3044\u3068\u306a\u308a\u3001\u72ec\u81ea\u306e\u30e2\u30c7\u30eb\u3092\u4f7f\u3063\u3066\u7279\u5b9a\u306e\u9298\u67c4\u3092\u6df1\u304f\u5206\u6790\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30bb\u30eb\u30b5\u30a4\u30c9\uff1a\u5bfe\u8c61\u306f\u5916\u90e8\u306e\u6295\u8cc7\u5bb6\u30fb\u30c8\u30ec\u30fc\u30c0\u30fc\u3001DCF\u3084\u500d\u7387\u306a\u3069\u4e00\u822c\u7684\u306a\u30e2\u30c7\u30eb\u3067\u5229\u76ca\u4e88\u60f3\u3092\u91cd\u8996<\/li>\n<li>\u30bb\u30eb\u30b5\u30a4\u30c9\u306e\u898f\u5236\u4e0a\u306e\u5236\u7d04\uff1a\u6295\u8cc7\u9280\u884c\u90e8\u9580\u3068\u306e\u5206\u96e2\u3001\u975e\u516c\u958b\u306e\u91cd\u8981\u60c5\u5831\u306e\u5229\u7528\u4e0d\u53ef\u3001IPO\u30fb\u516c\u52df\u5897\u8cc7\u524d\u5f8c\u306e\u767a\u884c\u5236\u9650\u3001MiFID II\u306b\u3088\u308b\u30ea\u30b5\u30fc\u30c1\u8cbb\u7528\u306e\u5206\u96e2<\/li>\n<li>\u5426\u5b9a\u7684\u306a\u63a8\u5968\u306b\u306f\u5236\u7d04\u3084\u30ea\u30b9\u30af\u304c\u4f34\u3044\u3001\u8cb7\u3044\u304b\u4e2d\u7acb\u306b\u504f\u308a\u304c\u3061<\/li>\n<li>\u30ea\u30b5\u30fc\u30c1\u306f\u30b3\u30b9\u30c8\u30fb\u30bb\u30f3\u30bf\u30fc\u306e\u305f\u3081\u3001\u30ab\u30d0\u30fc\u3059\u308b\u696d\u7a2e\u3068\u9298\u67c4\u6570\u3092\u6226\u7565\u7684\u306b\u9078\u629e<\/li>\n<li>\u30d0\u30a4\u30b5\u30a4\u30c9\uff1a\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3092\u901a\u904e\u3057\u305f\u9298\u67c4\u3092\u8abf\u67fb\u3057\u3001\u6ce8\u76ee\u5ea6\u306e\u4f4e\u3044\u5c0f\u578b\u682a\u306a\u3069\u3082\u5bfe\u8c61\u306b\u3057\u3084\u3059\u3044<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u30fb\u30b7\u30e7\u30fc\u30c8\u30bb\u30e9\u30fc\uff1a\u5927\u5e45\u306a\u4e0b\u843d\u304c\u898b\u8fbc\u307e\u308c\u308b\u9298\u67c4\u306e\u8abf\u67fb\u3092\u516c\u8868\u3059\u308b<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30a2\u30ca\u30ea\u30b9\u30c8\u9593\u3067\u4fa1\u5024\u63a8\u5b9a\u304c\u7570\u306a\u308b\u7406\u7531<\/h3>\n<p>\u540c\u3058\u30e2\u30c7\u30ea\u30f3\u30b0\u624b\u6cd5\u3067\u3082\u3001<strong>\u58f2\u4e0a\u9ad8\u6210\u9577\u7387<\/strong>\u3001<strong>\u5229\u76ca\u7387<\/strong>\u3001<strong>\u6295\u8cc7\u6c34\u6e96<\/strong>\u3001<strong>\u8cc7\u91d1\u8abf\u9054<\/strong>\u306e\u524d\u63d0\u3084\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u63a8\u5b9a\u306e\u9055\u3044\u306b\u3088\u3063\u3066\u3001\u76ee\u6a19\u682a\u4fa1\u306f\u5927\u304d\u304f\u7570\u306a\u308a\u5f97\u307e\u3059\u3002\u73fe\u5728\u306e\u682a\u4fa1\u3092\u672c\u6e90\u7684\u4fa1\u5024\u3068\u7f6e\u3044\u3066<strong>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u9577\u671f\u6210\u9577\u7387<\/strong>\u3092\u9006\u7b97\u3059\u308b\u3068\u3001\u5e02\u5834\u306e\u671f\u5f85\u3068\u81ea\u5206\u306e\u898b\u901a\u3057\u3092\u6bd4\u3079\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4fa1\u5024\u306e\u5dee\u306e\u4e3b\u56e0\uff1a\u58f2\u4e0a\u9ad8\u6210\u9577\u306e\u898b\u901a\u3057\u3001\u53ce\u76ca\u6027\u306e\u5909\u5316\u306e\u898b\u901a\u3057\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u63a8\u5b9a<\/li>\n<li>\u58f2\u4e0a\u9ad8\u304c\u5897\u3048\u3066\u3082\u5229\u76ca\u7387\u304c\u4f4e\u4e0b\u3059\u308c\u3070\u3001\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u5834\u5408\u304c\u3042\u308b<\/li>\n<li>\u58f2\u4e0a\u9ad8\u30fb\u5229\u76ca\u306e\u5897\u52a0\u3092\u4eee\u5b9a\u3059\u308b\u306a\u3089\u3001\u898b\u5408\u3063\u305f\u6295\u8cc7\u306e\u5897\u52a0\u3082\u4eee\u5b9a\u3059\u3079\u304d\uff08\u6295\u8cc7\u306e\u4f38\u3073\uff1e\u5229\u76ca\u306e\u4f38\u3073\u306a\u3089FCF\u306f\u6e1b\u5c11\uff09<\/li>\n<li>\u4fa1\u5024\u5275\u9020\u306f\u4e3b\u306b\u55b6\u696d\u4e0a\u306e\u6226\u7565\u3068\u6210\u679c\u306b\u3088\u308b\u3082\u306e\u3067\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u524d\u63d0\u304b\u3089\u5927\u304d\u306a\u4fa1\u5024\u3092\u751f\u307f\u51fa\u3055\u306a\u3044\u3088\u3046\u6ce8\u610f<\/li>\n<li>\u898b\u89e3\u306e\u76f8\u9055\u306f\u4fa1\u683c\u767a\u898b\u3092\u4fc3\u3057\u3001\u5e02\u5834\u306e\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u306b\u53cd\u3059\u308b\u898b\u65b9\u3082\u5e02\u5834\u306e\u6a5f\u80fd\u306b\u8ca2\u732e\u3059\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u9577\u671fFCFE\u6210\u9577\u7387 \uff1d \u682a\u4e3b\u8cc7\u672c\u518d\u6295\u8cc7\u7387 \u00d7 ROE<\/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\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \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-l1-equity-lm10\/\">LM10 Company Analysis: Past, Present, and Future\uff08\u4f01\u696d\u5206\u6790\uff1a\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u5c06\u6765\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm12\/\">LM12 The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models\uff08CAPM\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-equity\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Equities\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Equities LM11\u300cEquity Analyst Research Reports\uff08\u682a\u5f0f\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u30ea\u30b5\u30fc\u30c1\u30ec\u30dd\u30fc\u30c8\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":11291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-11290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11290","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=11290"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11290\/revisions"}],"predecessor-version":[{"id":11292,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11290\/revisions\/11292"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11291"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}