2017年CFA一級考綱及2016年CFA一級考綱對比

1、Ethical and Professional Standards

1.由2016年4個Reading增至2017年5個Reading；

2.Study Session 1中增加一個Reading，Ethics and Trust in the Investment Profession。

READING 1. ETHICS AND TRUST IN THE INVESTMENT PROFESSION

a)explain ethics;

b)describe the role of a code of ethics in defining a profession;

c)identify challenges to ethical behavior;

d)describe the need for high ethical standards in the investment industry;

e)distinguish between ethical and legal standards;

f)describe and apply a framework for ethical decision making.

2、Quantitative Methods

無變化

3、Economics

1.由2016年的9個Reading減為2017年7個Reading；

2.微觀經(jīng)濟學(xué)部分的Demand and Supply Analysis中introduction, Consumer Demand及Firm合并為一個Reading 14 Topics in Demand and Supply Analysis。由2016年31個考點減為2017年6個。

READING 14. TOPICS IN DEMAND AND SUPPLY ANALYSIS

a)calculate and interpret price, income, and cross-price elasticities of demand and describe factors that affect each measure;

b)compare substitution and income effects;

c)distinguish between normal goods and inferior goods;

d)describe the phenomenon of diminishing marginal returns;

e)determine and describe breakeven and shutdown points of production;

f)describe how economies of scale and diseconomies of scale affect costs.

4、Financial Reporting and Analysis

1.Study Session 8，Reading 24，Income Statement部分，刪除對extraordinary items的理解。

5、Corporate Finance

1.Corporate Governance內(nèi)容變化較大。

READING 34. CORPORATE GOVERNANCE AND ESG: AN INTRODUCTION

a)describe corporate governance;

b)describe a company’s stakeholder groups and compare interests of stakeholder groups;

c)describe principal–agent and other relationships in corporate governance and the conflicts that may arise in these relationships;

d)describe stakeholder management;

e)describe mechanisms to manage stakeholder relationships and mitigate associated risks;

f)describe functions and responsibilities of a company’s board of directors and its committees;

g)describe market and non-market factors that can affect stakeholder relationships and corporate governance;

h)identify potential risks of poor corporate governance and stakeholder management and identify benefits from effective corporate governance and stakeholder management;

i)describe factors relevant to the analysis of corporate governance and stakeholder management;

j)describe environmental and social considerations in investment analysis;

k)describe how environmental, social, and governance factors may be used in investment analysis.

6、Portfolio Management

無變化。

7、Equity

無變化 。

8、Fixed Income

無變化。

9、Derivatives

無變化。

10、Alternative Investments

無變化。

2017年CFA二級考綱及2016年CFA二級考綱對比

1、經(jīng)濟學(xué)

無變化

2、財務(wù)報表分析

原2016年Reading 16 刪除

Inventories: Implications for Financial Statements and Ratios

原2016年Reading 17 刪除

Long-lived Assets: Implications for Financial Statements and Ratios

3、股權(quán)投資

原2016年Reading 31刪除

The Five Competitive Forces That Shape Strategy

原2016年Reading 32刪除

Your Strategy Needs a Strategy

4、另類投資

原2016年Reading 42 改變

從2016 A Primer on Commodity Investing

改變?yōu)?017 Commodities and Commodity Derivatives: An Introduction

以下為2017年新內(nèi)容

A.compare characteristics of commodity sectors;

B.compare the life cycle of commodity sectors from production through trading or consumption;

C.contrast the valuation of commodities with the valuation of equities and bonds;

D.describe types of participants in commodity futures markets;

E.analyze the relationship between spot prices and expected future prices in markets in contango and markets in backwardation;

F.compare theories of commodity futures returns;

G.describe, calculate, and interpret the components of total return for a fully collateralized commodity futures contract;

H.contrast roll return in markets in contango and markets in backwardation;

I.describe how commodity swaps are used to obtain or modify exposure to commodities;

J.describe how the construction of commodity indexes affects index returns.

5、投資組合

新增2017年

Measuring and Managing Market Risk

Algorithmic trading and high-frequency trading

以下為2017年新內(nèi)容

Measuring and Managing Market Risk

A.explain the use of value at risk (VaR) in measuring portfolio risk;

B.compare the parametric (variance–covariance), historical simulation, and Monte Carlo simulation methods for estimating VaR;

C.estimate and interpret VaR under the parametric, historical simulation, and Monte Carlo simulation methods;

D.describe advantages and limitations of VaR;

E.describe extensions of VaR;

F.describe sensitivity risk measures and scenario risk measures and compare these measures to VaR;

G.demonstrate how equity, fixed-income, and options exposure measures may be used in measuring and managing market risk and volatility risk;

H.describe the use of sensitivity risk measures and scenario risk measures;

I.describe advantages and limitations of sensitivity risk measures and scenario risk measures;

J.describe risk measures used by banks, asset managers, pension funds, and insurers;

K.explain constraints used in managing market risks, including risk budgeting, position limits, scenario limits, and stop-loss limits;

L.explain how risk measures may be used in capital allocation decisions.

Algorithmic trading and high-frequency trading

A.define algorithmic trading;

B.distinguish between execution algorithms and high-frequency trading algorithms;

C.describe types of execution algorithms and high-frequency trading algorithms;

D.describe market fragmentation and its effects on how trades are placed;

E.describe the use of technology in risk management and regulatory oversight;

F.describe issues and concerns related to the impact of algorithmic and high-frequency trading on securities markets.

6、道德

無變化

7、量化分析

無變化

8、公司金融

無變化

9、固定收益

新增：

READING 39. CREDIT DEFAULT SWAPS

The candidate should be able to:

a describe credit default swaps (CDS), single-name and index CDS, and the parameters that define a given CDS product;

b describe credit events and settlement protocols with respect to CDS;

c explain the principles underlying, and factors that influence, the market’s pricing of CDS;

d describe the use of CDS to manage credit exposures and to express views regarding changes in shape and/or level of the credit curve;

e describe the use of CDS to take advantage of valuation disparities among separate markets, such as bonds, loans, equities, and equity-linked instruments.

10、衍生品

結(jié)構(gòu)雖然有大的調(diào)整，但是核心知識點并未改變，見下面黃色字體標(biāo)注

關(guān)鍵變動：

1.CDS刪除，實際移動到固定收益

2.16年考綱提及到的Eurodollar Future ,cap and floor , contango and backwardation, FRA

17年考綱中并未 重點提到。

CFA考試每個級別報名時間都分為三個階段，CFA協(xié)會實行越早報名費用越低的政策，各位CFA考生注意時間節(jié)點，以節(jié)省報名費用。6月份可以報考CFA一級、二級、三級。

2017年CFA三級考綱及2016年CFA三級考綱對比

一、新增部分（2017 年三級考綱中新增 1 個章節(jié)）

1. 2017年三級考綱中唯一變化的是Private Wealth Management(2)部分新增加了Reading 12 Risk Management for Individuals

二、刪除部分(2017 年三級考綱中刪除了 1 個章節(jié)）

1. 2017年三級考綱中的Private Wealth Management(2)部分刪除了2016年考綱中的Reading 12 Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance

三、參考書變動部分：

1. Trading, Monitoring, and Rebalancing中，2016年的Reading 29 Execution of Portfolio Decisions by Ananth Madhavan, Jack L. Treynor, and Wayne H. Wagner在2017年變成了Reading 29 Execution of Portfolio Decisions by Ananth Madhavan, PhD, Jack L. Treynor, MBA, and Wayne H. Wagner，PhD,（Ananth Madhavan增加了一個博士學(xué)位，Jack L. Treynor增加了一個MBA學(xué)位)

CFA考試每個級別報名時間都分為三個階段，CFA協(xié)會實行越早報名費用越低的政策，各位CFA考生注意時間節(jié)點，以節(jié)省報名費用。6月份可以報考CFA一級、二級、三級。

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