相比2016年的官方教材，2017年CFA二級(jí)的考綱發(fā)生了一些變化。有多門科目出現(xiàn)了刪減、新增章節(jié)的情況。另2016年CFA考試大綱提及到的Eurodollar Future,cap and floor,contango and backwardation,FRA，2017年CFA考試大綱中并未重點(diǎn)提到。

1、經(jīng)濟(jì)學(xué)

無(wú)變化

2、財(cái)務(wù)報(bào)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 tradingA.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(wú)變化

7、量化分析

無(wú)變化

8、公司金融

無(wú)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(shí)點(diǎn)并未改變，見下面黃色字體標(biāo)注關(guān)鍵變動(dòng)：

1.CDS刪除，實(shí)際移動(dòng)到固定收益

2.2016年CFA考試大綱提及到的Eurodollar Future,cap and floor,contango and backwardation,FRA，2017年CFA考試大綱中并未重點(diǎn)提到。

綜上所述，2017年CFA二級(jí)考綱的內(nèi)容有重大的變動(dòng)，對(duì)于重考的學(xué)員來(lái)說(shuō)，需要特別注意這些新增和刪減的內(nèi)容。另外，不管是第一次學(xué)二級(jí)還是重考的學(xué)員，在以后做題目聯(lián)系的時(shí)候，也需要特別注意這些內(nèi)容內(nèi)容。

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