ACCA考试是每一位学员应该重视的内容，因为其考试周期长，学员若是能抓住每一个考期，就能够更快的拿到ACCA证书。ACCA考试的知识点有很多，那么，ACCA考试知识点Varing degree of efficiency要掌握的内容有哪些？
Varing degree of efficiency的内容，学员可以从下面的内容去学习：
The efficient markets hypothesis is concerned with information efficiency of stock markets.
The efficient market hypothesis （EMH） comes in three degrees:
（1） The weak form
·This states that prices efficiently reflect all the information about past changes in the share price.
·Since new information arrives unexpectedly, share price change are therefore random.
·It is impossible for investors to earn excess returns simply by studying past share price movements.
（2） The semi-strong form
·The prices reflect all publicly available information.
·Share prices respond quickly to new information as it becomes available.
·That means it is impossible to ‘beat the market’ just by reading newspapers, looking at annual accounts.
（3） The strong form
·The share prices effectively reflect all available information, whether public or not:
- From past price changes
- From public knowledge or anticipation
- From specialists’ or experts’ insider knowledge （eg.unpublished facts）
·The stock exchange encourages quick release of new information to prevent insider trading opportunity.
·Hence, no fund manager can ever outperform the market.