2017年CFA一二三级考纲对比分析

　　温馨提示：了解最新考纲是一个优秀备考计划的开始,CFA考纲变化的各个知识点是每年考试容易出现的考点。
 
　　17年CFA一级考纲总结　　1、Ethical and Professional Standards
 
　　1.由2016年4个Reading增至2017年5个Reading；2.Study Session 1中增加一个Reading，Ethics and Trust in the Investment Profession。
 
　　READING 1.ETHICS AND TRUST IN THE INVESTMENT PROFESSIONa)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
 
　　无变化
 
　　3、Economics
 
　　1.由2016年的9个Reading减为2017年7个Reading；2.微观经济学部分的Demand and Supply Analysis中introduction,Consumer Demand及Firm合并为一个Reading 14 Topics in Demand and Supply Analysis。由2016年31个考点减为2017年6个。
 
　　READING 14.TOPICS IN DEMAND AND SUPPLY ANALYSISa)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，删除对extraordinary items的理解。
 
　　5、Corporate Finance
 
　　1.Corporate Governance内容变化较大。
 
　　READING 34.CORPORATE GOVERNANCE AND ESG:AN INTRODUCTIONa)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
 
　　无变化。
 
　　7、Equity
 
　　无变化。
 
　　8、Fixed Income
 
　　无变化。
 
　　9、Derivatives
 
　　无变化。
 
　　10、Alternative Investments
 
　　无变化。
　　全球95%考生都在用:2017-2018CFA最完整资料下载即可 (资料包含CFA必考点总结,提升备考效率,加分必备).
 
　　17年CFA二级考纲总结
 
　　1、经济学
 
　　无变化
 
　　2、财务报表分析
 
　　原2016年Reading 16删除
 
　　Inventories:Implications for Financial Statements and Ratios
 
　　原2016年Reading 17删除
 
　　Long-lived Assets:Implications for Financial Statements and Ratios
 
　　3、股权投资
 
　　原2016年Reading 31删除
 
　　The Five Competitive Forces That Shape Strategy
 
　　原2016年Reading 32删除
 
　　Your Strategy Needs a Strategy
 
　　4、另类投资
 
　　原2016年Reading 42改变
 
　　从2016 A Primer on Commodity Investing
 
　　改变为2017 Commodities and Commodity Derivatives:An Introduction
 
　　以下为2017年新内容
 
　　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、投资组合
 
　　新增2017年
 
　　Measuring and Managing Market Risk
 
　　Algorithmic trading and high-frequency trading以下为2017年新内容
 
　　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
 
　　无变化
 
　　7、量化分析
 
　　无变化
 
　　8、公司金融
 
　　无变化
 
　　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
 
　　结构虽然有大的调整，但是核心知识点并未改变，见下面黄色字体标注关键变动：
 
　　1.CDS删除，实际移动到固定收益
 
　　2.16年考纲提及到的Eurodollar Future,cap and floor,contango and backwardation,FRA
 
　　17年CFA三级考纲总结
 
　　近几年来CFA三级的考纲内容变化都不大,今年也不例外.
 
　　相对于2016年的官方教材,2017年CFA三级官方教材基本没有变化,唯一的变动来自私人财富管理中的Reading12部分.
 
　　协会对此章节的全部内容进行了重写,不过其考察的主体知识点基本没有变化.
 
　　一、新增部分(2017年三级考纲新增1个章节)
 
　　1.2017年三级考纲中唯一变化的是Private Wealth Management(2)部分新增加了Reading 12 Risk Management for Individuals
 
　　二、删除部分(2017年三级考纲中删除了1个章节)
 
　　1.2017年三级考纲中的Private Wealth Management(2)部分删除了2016年考纲中的Reading 12 Lifetime Financial Advice:Human Capital,Asset Allocation,and Insurance
 
　　三、参考书变动部分:
 
　　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年变成了Reading 29 Execution of Portfolio Decisions by Ananth Madhavan,PhD,Jack L.Treynor,MBA,and Wayne H.Wagner,PhD,(Ananth Madhavan增加了一个博士学位,Jack L.Treynor增加了一个MBA学位)