2019-2020年CFA一二三级考纲变动说明(附科目变化)

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中国CFA考试网 2019-11-04 10:53

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  2019年CFA一二三级考纲变动说明(附科目变化)
 
  每年CFA考试大纲变化幅度大概10%-20%左右,同时每年CFA考纲变化部分是CFA考试重点,2019年考试考纲变化较大,一二三级考试科目都有变化。
 
 
  2019年CFA一级考纲内容变化:
 
  财务报表分析(Financial Reporting and Analysis)删除了一个reading 表内表间关系&权责发生制,权重从20%下调到了15%。直接从48道题降至36题....
 
  Fintech 新增内容添加到了投资组合管理(Portfolio Management) 从原来的1个session 变为了2个session, 原有reading 章节有顺序的变动,但是该考察的老知识点不变,只是在科目最后新增了一整个reading 添加了Fintech 的4个LOS (考点)。
 
  随着这些新增或删去的reading,CFA一级科目的权重也随之改动,在2019年CFA一级的考试中,CFA考生还是要注意一下CFA科目权重的变化,以及新增知识点的重要性。
  2019年CFA一级科目权重变化情况:
 
  下面CFA考试整理一级考试科目权重变化2018年与2019年的科目权重对比,并标明变化趋势。
 
  Chapter——Exam Weight (2018)——Exam Weight(2019)
 
  Ethical and Professional Standards——15%——15%(不变)
 
  Quantitative Methods——12%——10%↓
 
  Economics——10%——10%(不变)
 
  Financial Reporting and Analysis——20%——15%↓
 
  Corporate Finance——7%——10%↑
 
  Portfolio Management——7%——6%↓
 
  Equity ——10%——11%↑
 
  Fixed Income——10%——11%↑
 
  Derivatives——5%——6%↑
 
  Alternative Investments——4%——6%↑
  2019年CFA二级考纲内容变化:
 
  职业伦理道德【考纲变化情况】删除了4个reading ,新增了一个reading,删除了万年不考的行为客观性标准(ROS);
 
  定量分析【考纲变化情况】增加了Fintech 一个reading ; 多元回归中,新增了三个考点,是Fintech相关内容;
 
  财报概念和分析,基本不涉及计算
 
  财务报表分析【考纲变化情况】新增一个分析金融机构的reading,大多为概念和分析,基本不涉及计算;
 
  固定权益投资【考纲变化情况】对信用分析模型(Credit analysis models) 整个reading 的考纲描述发生了调整.
 
  2019年CFA二级科目权重变化情况:
 
  CFA二级科目名称——2018科目权重占比——2019科目权重占比
 
  Ethicaland Professional Standards——10%-15%——10%-15%
 
  Quantitative Methods——5%-10%——5%-10%
 
  Economics——5%-10%——5%-10%
 
  Financial Statement Analysis——15%-20%——10%-15%↓
 
  Corporate Finance——5%-15%——5%-10%↓
 
  Equity Investments——15%-25%——10%-15%↓
 
  FixedIncome Investments——10%-20%——10%-15%↓
 
  Derivative Investments——5%-15%——5%-10%↓
 
  Alternative Investments——5%-10%——5%-10%
 
  Portfolio Management——5%-10%——5%-15%↑
 
  2019年CFA三级考纲内容变化:
 
  ◆职业道德(Ethical and Professional Standards, SS1-3):新增Study session 3,包括2个章节;Study session 1和2中,无实质性变化,只有措辞些微改变。
 
  ◆资产配置(Asset Allocation and Related Decision in Portfolio Management, SS9-10):Study Session 9中的Reading 18(原Reading16)删除1条考纲;Study Session10删除一整章。
 
  ◆固定收益组合管理(Fixed-Income Portfolio Management, SS11-12):Study Session 11无变化;Study Session 12中的Reading 24(原Reading23)新增2条考纲。
 
  ◆权益组合管理(Equity Portfolio Management, SS13-14):整个部分完全重新编写,由原来的1个session变成2个session;修改后的Study session 13-14,包括4个章节。
 
  ◆交易(Trading, SS18):Session的名称改变,从“Trading, Monitoring and Rebalancing”修改为“Trading”;Study Session 18(原Session16) 中删除一整章。
 
  2019年CFA三级科目权重变化情况:
 
  CFA三级科目名称——2018科目权重占比——2019科目权重占比
 
  Ethical and ProfessionalStandards——10-15——10-15
 
  Economics——5-15——5-10↓
 
  Equity investments——5-15——10-15↑
 
  Fixed income——10-20——15-20↑
 
  Derivatives——5-15——5-10↓
 
  Alternative investments——5-15——5-10↓
 
  Portfolio Management and Wealth——45-55——35-40↓
 
  备注说明:权益部分历年考试内容较为简单,今年CFA考纲变化后,内容和比例都有增加,需要增加复习注意力。

  2020CFA考试大纲变化整理
 
  CFA一级考纲变化
 
  CFA一级考纲连续多年都在大改,相较过往而言,2020年的CFA一级考纲整体变化幅度较小,主要是各项细节调整,具体调整如下:
 
  01
 
  伦理道德与专业准则
 
  Reading 1. Ethics And Trust In The Investment Profession中,新增考纲:
 
  c. describe professions and how they establish trust;
 
  取消对framework for ethical decision making的应用(apply)要求。
 
  02
 
  数量方法
 
  删除整个Reading. Discounted Cash Flow Applications
 
  Reading 7. Statistical Concepts and Market Returns中,19相比18年考纲取消对夏普比率(Sharpe ratio)的计算和解释要求。
 
  Reading 11. Hypothesis Testing中,新增考纲:
 
  k.formulate a test of the hypothesis that the population correlation coefficient equals zero and determine whether the hypothesis is rejected at a given level of significance;
 
  原Reading 13. Technical Analysis 整体移动到组合管理(Portfolio Management)部分。
 
  03
 
  公司财报分析
 
  Reading 20. Financial Reporting Standards中,删除原考纲要求:
 
  c. describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;
 
  f. compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems;
 
  g. identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;
 
  i. analyze company disclosures of significant accounting policies.
 
  取消财报准则设置机构的描述、对国际证监会组织的角色描述、财报的目标描述、财报的前提准备等要求。
 
  Reading 21. Understanding Income Statements中,删除原考纲要求:
 
  b. accrual accounting, specific revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for financial analysis;
 
  d. describe key aspects of the converged accounting standards for revenue recognition issued by the International Accounting Standards Board and Financial Accounting Standards Board in May 2014;
 
  Reading 26. Long-lived Assets中,删除原考纲要求:
 
  o. explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios;
 
  p. explain and evaluate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and the lessee.
 
  Reading 30. Non-current (Long-term) Liabilities中,删除原考纲要求:
 
  h. determine the initial recognition, initial measurement, and subsequent measurement of finance leases;
 
  i. compare the disclosures relating to finance and operating leases。
 
  04
 
  公司金融
 
  Reading 32. Capital Budgeting中,新增考纲:
 
  f.contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule。
 
  05
 
  固定收益投资
 
  Reading 44. Introduction to Fixed-Income Valuation中,新增考纲:
 
  f.calculate annual yield on a bond for varying compounding periods in a year。
 
  06
 
  衍生工具
 
  Reading 48. Derivative Markets and Instruments中,新增考纲:
 
  d.determine the value at expiration and profit from a long or a short position in a call or put option;
 
  Reading 49. Basics of Derivative Pricing and Valuation中,新增考纲:
 
  c. calculate a forward price of an asset with zero, positive, or negative net cost of carry;
 
  删除原考纲:i . explain how the value of a European option is determined at expiration。
 
  07
 
  投资组合
 
  该部分整体移动到其他类投资之后:
 
  Reading 51. Portfolio Management: An Overview中,新增考纲:
 
  b.describe the steps in the portfolio management process;
 
  Reading 52. Portfolio Risk and Return: Part I中,新增考纲:
 
  b. compare the money-weighted and time-weighted rates of return and evaluate the performance of portfolios based on these measures
 
  Reading 54. Basics of Portfolio Planning and Construction中,新增考纲:
 
  h.describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction.
 
  CFA二级考纲变化
 
  相较于2019年,2020年CFA二级考纲半数以上科目实质变化较大。首先,相较于2019年,各科目的考试权重不变。
 
  其次,考纲内容上,除了财务报表分析(Financial Reporting Analysis)、权益投资(Equity Investments)、其他类投资(Alternative Investments)、固定收益投资(Fixed Income Investments)四门科目考纲要求无变化,其余科目的考纲都有不同程度的内容调整。单科科目的考纲要求变化情况具体如下:
 
  01 伦理与职业标准
 
  删除两个章节:
 
  Reading 4 Trade Allocation: Fair Dealing and Disclosure;
 
  Reading 5 Changing Investment Objectives。
 
  02 数量方法
 
  Reading 4 Introduction to Linear Regression中,删除关于相关分析的考纲要求:
 
  a. calculate and interpret a sample covariance and a sample correlation coefficient and interpret a scatter plot;
 
  b. describe limitations to correlation analysis;
 
  c. formulate a test of the hypothesis that the population correlation coefficient equals zero and determine whether the hypothesis is rejected at a given level of significance;
 
  Reading 5 Multiple Regression,删除关于机器学习的三条原考纲要求:
 
  p.distinguish between supervised and unsupervised machine learning;
 
  q.describe machine learning algorithms used in prediction, classification, clustering, and dimension reduction;
 
  r.describe the steps in model training;
 
  新增Reading 7 Machine Learning;
 
  新增Reading 8 Big Data Project。
 
  03 经济学
 
  Reading 12 Economics of Regulation中,关于评估行业监管的影响的考纲要求描述有所修改:
 
  i. describe the considerations when evaluating the e?ects of regulation on an industry.
 
  04 公司金融
 
  删除Reading 23 Corporate Performance, Governance, and Business Ethics;
 
  删除Reading 24 Corporate Governance;
 
  新增Reading 22 Corporate Governance and Other ESG Considerations in Investment Analysis。
 
  05 衍生工具
 
  删除Reading 41Derivatives Strategies。
 
  06 投资组合管理
 
  删除两个章节:
 
  Reading 46 The Portfolio Management Process and The Investment Policy Statement;
 
  Reading 51 Algorithmic Trading and High-Frequency Trading。
 
  新增两个章节:
 
  Reading 43 Exchange-Traded Funds: Mechanics and Applications;
 
  Reading 48 Trading Costs and Electronic Markets,新考纲要求来源于:
 
  2019年CFA三级科目Trading and rebalancing相关章节;
 
  2019年CFA二级投资组合管理(Portfolio Management)Reading 51;
 
  Algorithmic Trading and High-Frequency Trading。
 
  CFA三级考纲变化
 
  相对于2019年,2020年CFA三级考纲的变化较显著,以往过时的内容已全部删除,代之以对当前全球金融界最新研究成果进行系统介绍的新内容,综合阅读量进一步加大,Reading数量从2019年37个增加到38个,对考生学习能力的要求进一步提高。2020年版的新教程更加注重对考生投资专业性和系统性的培养,对职业素养的要求更高。具体而言,最显著的变化体现为如下方面:
 
  新增道德与职业准则(2)(Session 2:Ethical and Professional Standards (2))模块:
 
  保留原模块实践中的道德和职业准则(Session2:Ethical and Professional Standards in Practice)的章节内容;
 
  原全球投资业绩标准(Session 20:Global Investment Performance Standards)内容全部移动至该模块,新章节为Reading 6 Overview of the Global Investment Performance Standards。
 
  删除原资产管理行业与专业性(Session 3:The Asset Management Industry and Professionalism):
 
  模块下原章节Reading 5 Overview of The Asset Management Industry and Portfolio Management删除;
 
  原章节Reading 6 Professionalism in Investment Management移动至道德与职业准则(2)(Session 2:Ethical and Professional Standards (2))模块。
 
  新增资本市场预期(Session 4:Capital Market Expectations)模块:
 
  将原模块Session 8:Applications of Economic Analysis to Portfolio Management中的章节Reading 16 Capital Market Expectations移动至该模块,并进行大幅修改,更新为Reading 10 Capital Market Expectations, Part1:Framework and Macro Considerations;
 
  新增Reading 11 Capital Market Expectations, Part 2: Forecasting Asset Class Returns。
 
  新增投资组合管理中的资产配置和相关决策(Session 5:Asset Allocation and Related Decisions in Portfolio Management):
 
  由原模块Session 9:Asset Allocation And Related Decisions In Portfolio Management (1)和Session 10:Asset Allocation And Related Decisions In Portfolio Management (2)合并;
 
  由三个章节构成,Reading 12 Overview of Asset Allocation;Reading 13 Principles of Asset Allocation和Reading 14 Asset Allocation With Real-World Constraints,章节内容基本无变化。
 
  新增衍生品及现金管理(Session 6:Derivatives and Currency Management):
 
  将原模块Session 17 Risk Management Applications of Derivatives移入该模块,并进行大量修改,新章节为Reading 15 Options Strategies和Reading 16 Swaps, Forwards, And Futures Strategies;
 
  将原模块Session 10 Asset Allocation And Related Decisions In Portfolio Management (2)下章节Reading 21 Currency Management: An Introduction移入该模块,新章节为Reading 17 Currency Management: An Introduction,内容基本无变化。
 
  另类投资(Session11:Alternative Investments For Portfolio Management)模块进行大幅修改:
 
  将原章节Reading 30 Alternative Investments Portfolio Management删除,变更为两个新章节Reading 26 Hedge Fund Strategies和Reading 27 Asset Allocation to Alternative Investments。
 
  私人财富管理(1)(Session12:Private Wealth Management (1))模块,删除原章节Reading10 Managing Individual Investor Portfolios,新增章节Reading 28 Overview Of Private Wealth Management。
 
  机构投资者的投资组合管理(Session14:Portfolio Management for Institutional Investors)模块内容大幅修改:
 
  原章节Reading 15 Managing Institutional Investor Portfolios删除,新章节为Reading 33 Portfolio Management for Institutional Investors。
 
  新增交易、绩效评估和基金经理选择(Session 15 Trading, Performance Evaluation, and Manager Selection)模块:
 
  由原Session 18 Trading和Session 19 Performance Evaluation合并,并进行了大幅修改,新章节为Reading 34 Trade Strategy and Execution,Reading 35 Portfolio Performance Evaluation和Reading 36 Investment Manager Selection。
 
  新增投资组合管理与风险管理案例(Session 16:Cases in Portfolio Management and Risk Management)模块,新增两个案例学习章节Reading 37 Case Study In Portfolio Management: Institutional和Reading 38 Case Study In Risk Management: Private Wealth。
 
  每年CFA考试大纲变化幅度大概10%-20%左右,同时每年CFA考纲变化部分是CFA考试重要内容。除了考试必考点、重难点,考纲变化也是一大考点,CFA考生要熟记这些2020年CFA考试考纲变化的内容。
 
  中国CFA考试网(www.cfa.cn)综合整理,来源:中国CFA考试网,原创文章,经授权转载,若需引用或转载,请注明出处 ,仅供参考、交流之目的。
 
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