中国CFA考试网

2014-2015年CFA一、二、三级考纲LOS对照表

相对于2014年的CFA一级的考纲LOS,2015年CFA一级的考点变化还是比较大的。

首先,各科目的考试比重发生了一些变化:公司金融(Corporate Finance)从8%降到7%,固定收益投资(Fixed Income)从12%降到10%,投资组合(Portfolio Management)从5%升到7%,其他类投资(Alternative Investments)从3%升到4%。

具体到每一个科目,也有很大的变化,特别是衍生品这一部分内容,整个框架都发生了改变。

1. 伦理道德与专业准则(Ethical and Professional Standards)考纲内容与2014年相比基本没有变化,但是Handbook由第10版本更新为第11版本,其中IV(C) Responsibility of supervisor这一条款变动较大。

2. 数量方法(Quantitative Methods)、公司金融(Corporate Finance)、权益投资(Equity)、投资组合(Portfolio Management)、其他类投资(Alternative Investments)考纲内容与2014年相比基本没有变化

3. 经济学(economics)增加了三个考点,具体内容没有发生改变,增加了考察内容,不会产生较大影响。

4. 财务报表分析(FSA)reading 26删除一个考点,删除对分析资产负债表和权益变动表的要求,section 10中删除了reading 34, reading 33财务报表质量部分考纲内容变化很大。

2014

2015

Reading 33: Financial Reporting Quality: Red Flags and Accounting Warning Signs

a. describe incentives that might induce a company’s management to overreport or underreport earnings;

b. describe activities that will result in a low quality of earnings;

c. describe the three conditions that are generally present when fraud occurs, including the risk factors related to these conditions;

d. describe common accounting warning signs and methods for detecting each.

Reading 33: Financial Reporting Quality

a. distinguish between financial reporting quality and quality of reported results (including quality of earnings, cash flow, and balance sheet items);
b. describe a spectrum for assessing financial reporting quality;
c. distinguish between conservative and aggressive accounting;
d. describe motivations that might cause management to issue financial reports that are not high quality;
e. describe conditions that are conducive to issuing low-quality, or even fraudulent, financial reports;
f. describe mechanisms that discipline financial reporting quality and the potential limitations of those mechanisms;
g. describe presentation choices, including non-GAAP measures, that could be used to influence an analyst’s opinion;
h. describe accounting methods (choices and estimates) that could be used to manage earnings, cash flow, and balance sheet items;
i. describe accounting warning signs and methods for detecting manipulation of information in financial reports.

 

5. 固定收益投资(Fixed Income)新增了reading 54资产支持型证券的介绍( INTRODUCTION TO ASSET-BACKED SECURITIES),reading 55新增一个考点,增加了key rate duration的定义和应用。

6. 衍生工具(Derivatives)整个考纲内容发生了变化,2015年考点减少。删除了2014年考纲中reading 58—reading 61关于远期,期货,期权,互换(forward, futures, options, swaps)的介绍,新增加reading 58衍生品定价估值基础。

2014

 

2015

l Study session 17 Derivatives

l Reading 57: Derivative Markets and Instruments

l Reading 58: Forward Markets and Contracts

l Reading 59: Futures Markets and Contracts

l Reading 60: Option Markets and Contracts

l Reading 61: Swap Markets and Contracts

l Reading 62: Risk Management Applications of Option Strategies

 

l Study session 17 Derivatives

l Reading 57: Derivative Markets and Instruments

l Reading 58: Basics of Derivative Pricing and Valuation

l Reading 59: Risk Management Applications of Option Strategies

CFA二级考纲LOS变化对比(2014-2015)

相对于2014年的官方教材,2015年CFA二级的考纲总体来说还是有较大的变化,有多个Study Session发生了内容的调整。改变较大的科目依次为:fixed income, financial reporting analysis,和ethical and professional standards。

每一个科目的情况具体如下:

l 伦理与职业标准(Ethical and Professional Standards)删除了两个reading。分别是study session 1中的reading 3(CFA Institute Soft Dollar Standards)和study session 2中的reading 10(Prudence in Perspective)。这个调整还是有点出乎意料的,往年软美元标准是常考知识点。不过,删掉软美元标准不意味着之后不考了,毕竟在道德准则三-duties to clients中仍然保留相关要求。

l 数量方法(Quantitative methods)没有变化;

l 经济学(Economic)没有变化;

l 财务报表分析(Financial Reporting Analysis)删除了study session 7中的reading 22(The Lessons We Learn)。Reading 23(Evaluating Financial Reporting Quality)改为reading 20(Evaluating Quality of Financial Reports),该reading不仅内容变化较大,考点也由此前6个增加到13个。

l 公司金融(Corporate finance)新增了一个reading25(Corporate Performance, Governance, and Business Ethics);

l 权益投资(Equity Investments)没有变化;

l 其他类投资(Alternative Investments)删除了reading43(investing in hedge funds: A survey)

l 固定收益投资(Fixed Income Investments)变化很大,固定收益部分变化最大新考纲中删除3个章节增加2个章节(且把R. 45 CREDIT ANALYSIS MODELS由 SS14 放入到SS15),现共有5个章节。

新增部分为:R. 43 THE ARBITRAGE-FREE VALUATION FRAMEWORK 和R. 46 INTRODUCTION TO ASSET-BACKED SECURITIES。

删除部分为:原考纲中的R. 48 MORTGAGE-BACKED SECTOR OF THE BOND MARKET ,R. 49 ASSET-BACKED SECTOR OF THE BOND MARKET和R. 50 VALUING MORTGAGE-BACKED AND ASSET-BACKED SECURITIES。

固定收益现有的5个章节是:R42 The Term Structure and Interest Rate Dynamics,R43 The Arbitrage-Free Valuation Framework,R44 Valuation and Analysis: Bonds with Embedded Options,R45 Credit Analysis Models,R46 Introduction to Asset-Backed Securities。

固定收益的参考书目也发生了变化,SS14 R42. THE TERM STRUCTURE AND INTEREST RATE DYNAMICS,2014年参考书为Fixed Income Analysis for the Chartered Financial Analyst Program, Second Edition, by Frank J. Fabozzi, CFA,2015年新版本改为by Thomas S.Y. Ho, Sang Bin Lee, and Stephen E. Wilcox, CFA。SS14 R44. VALUATION AND ANALYSIS: BONDS WITH EMBEDDED OPTIONS,2014参考书为Fixed Income Analysis for the Chartered Financial Analyst Program, Second Edition, by Frank J. Fabozzi, CFA, 2015年新版改为by Leslie Abreo, Ioannis Georgiou, CFA, and Andrew Kalotay.

l 衍生工具(Derivatives)没有变化。

l 投资组合管理(Portfolio Management)没有变化。

综上所述,2015年CFA二级考纲的内容还是有较多的变动,对于重考的学员来说,需要特别注意这些新增和删减的内容。

CFA三级考纲LOS变化对比(2014-2015)

相对于2014年的考点LOS,2015年CFA三级的考点变化不大,主要的变化体现在对于部分章节的精简,以及更换部分Reading的顺序以增强逻辑性。

l 机构投资者的投资管理(Portfolio Management for Institutional Investors)、行为金融学(Behavioral Finance)、资本市场预期(Capital Market Expectations in Portfolio Management)、其他类投资在组合管理中的作用(Alternative Investments for Portfolio Management)、衍生工具在风险管理中的应用(Risk Management Applications of Derivatives)、投资组合的交易、监控和再平衡(Trading, Monitoring, and Rebalancing)、全球投资业绩标准(Global Investment Performance Standards)这几个Study Session的教材内容与2014年相比基本上是一样的。

l 伦理道德与职业准则(Ethical and Professional Standards)2014年考纲中的Ethics in Practice这个Reading被删除,其他内容保持不变。

l 私人财富管理(Private Wealth Management)中新增了对于IPS中Major constraint categories的考查,同时考点(LOS)上删除了14年考纲中“prepare and justify an investment policy statement for an individual investor”,“determine the strategic asset allocation that is most appropriate for an individual investor’s specific investment objectives and constraints”,“compare Monte Carlo and traditional deterministic approaches to retirement planning and explain the advantages of a Monte Carlo approach”这3个原有考点,进一步精炼框架体系。

l 资产配置(Asset Allocation)中新增加了一个Reading:Market index and benchmarks.此外,还将SS14(Risk management)中“Currency management: An introduction”这个Reading移动到了SS9资产配置(Asset Allocation)。

l 固定收益产品组合管理(Fixed-Income portfolio management)新增了一个新LOS(考点):“Critique the use of bond market indexes as benchmarks”。

l 权益类投资组合管理(Equity Portfolio Management)相较2014年删除了“Corporate Performance, Governance and Business Ethics”以及“International Equity Benchmarks”这两个Reading,其他内容保持不变。

风险管理(Risk Management)中“Currency management: An introduction”这个Reading被移至SS9资产配置(Asset Allocation)。

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