{"id":7108,"date":"2024-07-17T22:51:33","date_gmt":"2024-07-17T13:51:33","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=7108"},"modified":"2026-03-13T16:38:05","modified_gmt":"2026-03-13T07:38:05","slug":"2025_level3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2024\/07\/17\/2025_level3\/","title":{"rendered":"\u30102025\u5e74\u3011Level 3 \u65b0\u9805\u76ee\u3068\u524a\u9664\u9805\u76ee\u306e\u78ba\u8a8d\u3092\u3057\u3066\u52b9\u7387\u7684\u306b\u5b66\u7fd2\u3092\u9032\u3081\u3088\u3046"},"content":{"rendered":"<p>2025\u5e74 Level 3 \u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u3064\u3044\u3066\u3055\u307e\u3056\u307e\u306a\u91cd\u8981\u306a\u5909\u66f4\u304c\u52a0\u3048\u3089\u308c\u307e\u3057\u305f\u3002\u3053\u306e\u8a18\u4e8b\u3067\u306f\u30012024\u5e74\u3068\u6bd4\u8f03\u3057\u3066\u5177\u4f53\u7684\u306b\u3069\u306e\u9805\u76ee\u304c\u524a\u9664\u3055\u308c\u305f\u306e\u304b\u3001\u305d\u3057\u3066\u3001\u8ffd\u52a0\u3055\u308c\u305f\u306e\u304b\u3092\u898b\u3066\u3044\u304d\u307e\u3059\u3002\u5171\u901a\u79d1\u76ee\u3068\u9078\u629e\u79d1\u76ee\u306b\u95a2\u3059\u308b\u60c5\u5831\u3092\u78ba\u8a8d\u3057\u3066\u3044\u306a\u3044\u4eba\u306f\u5148\u306b\u300c\u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044\u300d\u306e\u8a18\u4e8b\u3092\u78ba\u8a8d\u4e0b\u3055\u3044\u3002<\/p>\n<p>https:\/\/triumphmind.com\/cfa\/2024\/07\/07\/pathway\/<\/p>\n<h2>\u5171\u901a\u79d1\u76ee\u306b\u3064\u3044\u3066<\/h2>\n<h3>\u65b0\u898f\u9805\u76ee<\/h3>\n<p>2025\u5e74\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u65b0\u3057\u304f\u8ffd\u52a0\u3055\u308c\u305f\u3082\u306e\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<h4>\u53d6\u5f15\u30b3\u30b9\u30c8\u3068\u96fb\u5b50\u5e02\u5834\uff1aTrading Costs and Electronic Markets<!-- notionvc: 7b78251d-1536-4268-be6a-86d46e942c52 --><\/h4>\n<p>The candidate should be able to<\/p>\n<div class=\"simple-box1\">\n<ul>\n<li>explain the components of execution costs, including explicit and implicit costs<br \/>\n(\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u69cb\u6210\u8981\u7d20\u306b\u3064\u3044\u3066\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u660e\u793a\u7684\u30b3\u30b9\u30c8\u3068\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u304c\u542b\u307e\u308c\u308b)<\/li>\n<li>calculate and interpret effective spreads and VWAP transaction cost estimates<br \/>\n(\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9\u3068VWAP\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u898b\u7a4d\u3082\u308a\u3092\u8a08\u7b97\u3057\u3066\u89e3\u91c8\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b)<\/li>\n<li>describe the implementation shortfall approach to transaction cost measurement<br \/>\n(\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u6e2c\u5b9a\u306b\u304a\u3051\u308bIS\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u3064\u3044\u3066\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<li>describe factors driving the development of electronic trading systems<br \/>\n(\u96fb\u5b50\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u306e\u767a\u5c55\u3092\u4fc3\u9032\u3059\u308b\u8981\u56e0\u306b\u3064\u3044\u3066\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<li>describe market fragmentation<br \/>\n(\u5e02\u5834\u306e\u65ad\u7247\u5316\u306b\u3064\u3044\u3066\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<li>identify and contrast the types of electronic traders<br \/>\n(\u96fb\u5b50\u53d6\u5f15\u306e\u7a2e\u985e\u3092\u8b58\u5225\u3057\u3066\u5bfe\u6bd4\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<li>describe characteristics and uses of electronic trading systems<br \/>\n(\u96fb\u5b50\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u306e\u7279\u5fb4\u3068\u7528\u9014\u306b\u3064\u3044\u3066\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<li>describe comparative advantages of low-latency traders<br \/>\n(\u4f4e\u9045\u5ef6\u30c8\u30ec\u30fc\u30c0\u30fc\u306e\u6bd4\u8f03\u512a\u4f4d\u6027\u306b\u3064\u3044\u3066\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<li>&#8220;describe the risks associated with electronic trading and how regulators mitigate them&#8221;<br \/>\n(\u96fb\u5b50\u53d6\u5f15\u306b\u95a2\u9023\u3059\u308b\u30ea\u30b9\u30af\u3068\u3001\u305d\u308c\u3092\u8efd\u6e1b\u3059\u308b\u305f\u3081\u306e\u898f\u5236\u5f53\u5c40\u306e\u5bfe\u7b56\u306b\u3064\u3044\u3066\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<li>&#8220;describe abusive trading practices that real-time surveillance of markets may detect&#8221;<br \/>\n(\u5e02\u5834\u306e\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u76e3\u8996\u306b\u3088\u3063\u3066\u691c\u51fa\u3055\u308c\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u4e0d\u6b63\u53d6\u5f15\u884c\u70ba\u306b\u3064\u3044\u3066\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<\/ul>\n<\/div>\n<h4>\u50b5\u5238\u7ba1\u7406\u306e\u6982\u8981\uff1aOverview of Fixed-Income Management<\/h4>\n<p>The candidate should be able to:<\/p>\n<div class=\"simple-box1\">\n<ul>\n<li>describe the strategy of cash flow matching.<br \/>\n(\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\u306e\u6226\u7565\u306b\u3064\u3044\u3066\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b)<\/li>\n<\/ul>\n<\/div>\n<h4>\u6295\u8cc7\u30de\u30cd\u30b8\u30e3\u30fc\u306e\u9078\u5b9a\uff1aInvestment Manager Selection<\/h4>\n<p>The candidate should be able to<\/p>\n<div class=\"simple-box1\">\n<ul>\n<li>discuss how behavioral factors affect investment team decision making, and recommend techniques for mitigating their effects.<br \/>\n(\u884c\u52d5\u7d4c\u6e08\u5b66\u306e\u8981\u56e0\u304c\u6295\u8cc7\u30c1\u30fc\u30e0\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u3069\u306e\u3088\u3046\u306b\u5f71\u97ff\u3059\u308b\u304b\u3092\u8b70\u8ad6\u3057\u3001\u305d\u306e\u5f71\u97ff\u3092\u8efd\u6e1b\u3059\u308b\u305f\u3081\u306e\u624b\u6cd5\u3092\u63a8\u5968\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<\/ul>\n<\/div>\n<h4>GIPS\u306e\u6982\u8981\uff1aOverview of the Global Investment Performance Standards<\/h4>\n<p>The candidate should be able to<\/p>\n<div class=\"simple-box1\">\n<ul>\n<li>explain the fundamentals of compliance with the GIPS standards, including the definition of the firm and the firm\u2019s definition of discretion.<br \/>\n(GIPS\u57fa\u6e96\u306e\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u306e\u57fa\u672c\u4e8b\u9805\u3001\u4f01\u696d\u306e\u5b9a\u7fa9\u3001\u304a\u3088\u3073\u4f01\u696d\u306e\u88c1\u91cf\u306e\u5b9a\u7fa9\u3092\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<\/ul>\n<\/div>\n<h3>\u4fee\u6b63\u9805\u76ee<\/h3>\n<p>\u65b0\u898f\u8ffd\u52a0\u3067\u306f\u306a\u3044\u3082\u306e\u306e\u4fee\u6b63\u304c\u3042\u3063\u305f\u5185\u5bb9\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<h4>\u30a8\u30af\u30a4\u30c6\u30a3\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7ba1\u7406\u306e\u6982\u8981\uff1aOverview of Equity Portfolio Management<\/h4>\n<p><strong>&lt;Before&gt;<\/strong><br \/>\nThe candidate should be able to:<\/p>\n<div class=\"simple-box1\">\n<ul>\n<li>describe rationales for equity investment across the passive\u2013active spectrum<br \/>\n(\u682a\u5f0f\u6295\u8cc7\u306e\u6226\u7565\u306b\u3064\u3044\u3066\u3001\u30d1\u30c3\u30b7\u30d6\u6295\u8cc7\u304b\u3089\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u307e\u3067\u306e\u3055\u307e\u3056\u307e\u306a\u65b9\u6cd5\u306b\u3064\u3044\u3066\u3001\u305d\u306e\u7406\u8ad6\u7684\u306a\u6839\u62e0\u3084\u7406\u7531\u3092\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b)<\/li>\n<\/ul>\n<\/div>\n<p><strong>&lt;After&gt;<\/strong><br \/>\nThe candidate should be able to:<\/p>\n<div class=\"simple-box1\">\n<ul>\n<li>describe rationales for equity investment across the active management spectrum<br \/>\n(\u682a\u5f0f\u6295\u8cc7\u306e\u6226\u7565\u306b\u3064\u3044\u3066\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u3055\u307e\u3056\u307e\u306a\u65b9\u6cd5\u306b\u3064\u3044\u3066\u3001\u305d\u306e\u7406\u8ad6\u7684\u306a\u6839\u62e0\u3084\u7406\u7531\u3092\u8aac\u660e\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b)<\/li>\n<li>discuss considerations in choosing a benchmark for an equity portfolio<br \/>\n(\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u9078\u629e\u3059\u308b\u969b\u306e\u8003\u616e\u4e8b\u9805\u306b\u3064\u3044\u3066\u8b70\u8ad6\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b)<\/li>\n<\/ul>\n<\/div>\n<h4>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a6\u30a7\u30eb\u30b9\u7ba1\u7406\u306e\u6982\u8981\uff1aAn Overview of Private Wealth Management<\/h4>\n<p>2025\u5e74\u3088\u308a\u65b0\u3057\u304fPrivate Wealth Pathway\u304c\u8ffd\u52a0\u3055\u308c\u305f\u3053\u3068\u3067\u5171\u901a\u79d1\u76ee\u306e\u7b87\u6240\u304c\u4ee5\u4e0b\u306e\u5185\u5bb9\u306b\u4fee\u6b63\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>The candidate should be able to:<\/p>\n<div class=\"simple-box1\">\n<ul>\n<li>discuss the different types of individual wealth and how wealth is created and distributed globally &#8211; evaluate how changes in human capital, financial capital, and economic net worth across the financial stages of an individual\u2019s life influence their financial decision making.<br \/>\n(\u3055\u307e\u3056\u307e\u7a2e\u985e\u306e\u500b\u4eba\u306e\u5bcc\u304c\u3069\u306e\u3088\u3046\u306b\u5275\u51fa\u3055\u308c\u3001\u4e16\u754c\u7684\u306b\u5206\u914d\u3055\u308c\u3066\u3044\u308b\u304b\u306b\u3064\u3044\u3066\u8b70\u8ad6\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u307e\u305f\u3001\u500b\u4eba\u306e\u30e9\u30a4\u30d5\u30b9\u30c6\u30fc\u30b8\u3054\u3068\u306b\u4eba\u6750\u8cc7\u672c\u3001\u91d1\u878d\u8cc7\u672c\u3001\u7d4c\u6e08\u7684\u7d14\u8cc7\u7523\u306e\u5909\u5316\u304c\u3069\u306e\u3088\u3046\u306b\u8ca1\u52d9\u610f\u601d\u6c7a\u5b9a\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u304b\u3092\u8a55\u4fa1\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<li>justify how returns, risks, objectives, and constraints for individuals relate to their human and financial capital.<br \/>\n(\u500b\u4eba\u306e\u30ea\u30bf\u30fc\u30f3\u3001\u30ea\u30b9\u30af\u3001\u76ee\u6a19\u3001\u304a\u3088\u3073\u5236\u7d04\u304c\u3001\u305d\u306e\u4eba\u6750\u8cc7\u672c\u304a\u3088\u3073\u91d1\u878d\u8cc7\u672c\u3068\u3069\u306e\u3088\u3046\u306b\u95a2\u9023\u3057\u3066\u3044\u308b\u304b\u3092\u6b63\u5f53\u5316\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<li>evaluate how various types of taxes imposed on individual investors and the impact of inflation influence investment decisions.<br \/>\n(\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u8ab2\u3055\u308c\u308b\u3055\u307e\u3056\u307e\u306a\u7a2e\u985e\u306e\u7a0e\u91d1\u304a\u3088\u3073\u30a4\u30f3\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u5f71\u97ff\u304c\u6295\u8cc7\u6c7a\u5b9a\u306b\u3069\u306e\u3088\u3046\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u304b\u3092\u8a55\u4fa1\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002)<\/li>\n<li>discuss the differences between private and institutional clients and formulate an appropriate Investment Policy Statement for private clients.<br \/>\n(\u500b\u4eba\u9867\u5ba2\u3068\u6a5f\u95a2\u6295\u8cc7\u5bb6\u9867\u5ba2\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u8b70\u8ad6\u3057\u3001\u500b\u4eba\u9867\u5ba2\u306b\u5bfe\u3057\u3066\u9069\u5207\u306aIPS\u3092\u7b56\u5b9a\u3067\u304d\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002)<\/li>\n<\/ul>\n<\/div>\n<h3>\u524a\u9664\u9805\u76ee<\/h3>\n<h4>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u6226\u7565\uff1aHedge Fund Strategies<\/h4>\n<p>\u3053\u306e\u9805\u76ee\u306fLevel II\u306b\u79fb\u884c\u3055\u308c\u305f\u305f\u3081\u3001\u524a\u9664\u3068\u306a\u308a\u307e\u3057\u305f\u3002<!-- notionvc: 72d7682b-0781-487a-ba08-5bf7fa63cea0 --><\/p>\n<p>\u5171\u901a\u79d1\u76ee\u306eLOS(Learning Outcome Statemes)\u306f\u3001<a href=\"https:\/\/www.cfainstitute.org\/sites\/default\/files\/-\/media\/documents\/study-session\/2025-l3-core-topics-combined.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u3053\u3061\u3089<\/a>\u3092\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<\/p>\n<h2>\u9078\u629e\u79d1\u76ee\u306b\u3064\u3044\u3066<\/h2>\n<h4>Private Wealth Pathway<\/h4>\n<p>-2024\u5e74\u7248\u3068\u88ab\u308b\u7b87\u6240\u306f\u3042\u308a\u307e\u3059\u304c\u5185\u5bb9\u304c\u5927\u304d\u304f\u5237\u65b0\u3055\u308c\u3066\u3044\u307e\u3059\u306e\u3067\u3001<strong>\u5168\u9805\u76ee\u3092\u6539\u3081\u3066\u78ba\u8a8d\u3057\u305f\u65b9\u304c\u826f\u3044<\/strong>\u304b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>&#8211; LOS(Learning Outcome Statements)\u306f\u3001<a href=\"https:\/\/www.cfainstitute.org\/-\/media\/documents\/study-session\/2025-l3-privwealth-los-t1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u3053\u3061\u3089<\/a>\u3092\u3054\u78ba\u8a8d\u4e0b\u3055\u3044\u3002<\/p>\n<h4>Private Market Pathway<\/h4>\n<p>-2024\u5e74\u7248\u306b\u306f\u7121\u304b\u3063\u305f\u5168\u304f\u65b0\u3057\u3044\u9805\u76ee\u3067\u3001<strong>\u5168\u9805\u76ee\u3092\u78ba\u8a8d\u3057\u305f\u65b9\u304c\u826f\u3044<\/strong>\u304b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>-LOS(Learning Outcome Statements)\u306f\u3001<a href=\"https:\/\/www.cfainstitute.org\/-\/media\/documents\/study-session\/2025-l3-privmkts-los-t1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u3053\u3061\u3089<\/a>\u3092\u3054\u78ba\u8a8d\u4e0b\u3055\u3044\u3002<\/p>\n<h4>Portfolio Management<\/h4>\n<p>&#8211;<strong>2024\u5e74\u7248\u3068\u540c\u3058\u5185\u5bb9\u3067\u69cb\u6210<\/strong>\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>-LOS(Learning Outcome Statements)\u306f\u3001<a href=\"https:\/\/www.cfainstitute.org\/-\/media\/documents\/study-session\/2025-l3-portmgmt-los-t1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u3053\u3061\u3089<\/a>\u3092\u3054\u78ba\u8a8d\u4e0b\u3055\u3044\u3002<\/p>\n<div class=\"balloon-box balloon-left balloon-gray balloon-bg-blue clearfix\">\n<div class=\"balloon-icon maru\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/triumphmind.com\/cfa\/wp-content\/uploads\/2025\/05\/owner6.png\" alt=\"\" width=\"80\" height=\"80\"><\/div>\n<div class=\"icon-name\"><\/div>\n<div class=\"balloon-serif\">\n<div class=\"balloon-content\">2024\u5e74\u306b\u53d7\u9a13\u3055\u308c\u305f\u65b9\u306f\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5909\u66f4\u304c\u7121\u3044Portfolio Management\u3092\u9078\u629e\u3059\u308b\u3068\u826f\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\uff01<\/div>\n<\/div><\/div>\n<h2>Leveraged Support Course\u3092\u5229\u7528\u3057\u3088\u3046\uff01<\/h2>\n<ul>\n<li>FA-Academy\u3067\u306fLevel 3\u306b\u7279\u5316\u3057\u305f\u5408\u683c\u30b5\u30dd\u30fc\u30c8\u3092\u5b9f\u65bd\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<li>\u7d76\u5bfe\u306b\u5408\u683c\u52dd\u3061\u53d6\u308a\u305f\u3044\u65b9\u306f\u305c\u3072\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\uff01\u2193<\/li>\n<li>\u30aa\u30ea\u30a8\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u52d5\u753b\u3092\u7f6e\u3044\u3066\u304a\u304d\u307e\u3059\uff01<\/li>\n<\/ul>\n<p><iframe loading=\"lazy\" title=\"\u3010CFA\u00ae\ufe0e\u30ec\u30d9\u30eb3\u3011Leveraged Support Course \u30aa\u30ea\u30a8\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3 (\u6700\u77ed\u5408\u683c\u5fc5\u52dd\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\uff01\uff09\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/nrNr_Ta-Wpk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>https:\/\/triumphmind.com\/cfa\/level3_gokuhi\/<\/p>\n<div class=\"balloon-box balloon-left balloon-gray balloon-bg-blue clearfix\">\n<div class=\"balloon-icon maru\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/triumphmind.com\/cfa\/wp-content\/uploads\/2025\/05\/owner6.png\" alt=\"\" width=\"80\" height=\"80\"><\/div>\n<div class=\"icon-name\"><\/div>\n<div class=\"balloon-serif\">\n<div class=\"balloon-content\">\u5fdc\u63f4\u3057\u3066\u3044\u307e\u3059\uff01\u4e00\u7dd2\u306b\u9811\u5f35\u308a\u307e\u3057\u3087\u3046\uff01<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>2025\u5e74 Level 3 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