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2016年CFA考试一二三级考纲对比

来源：高顿网校 2015-12-17

2016年的CFA考试，CFA考生们是否已在全力备考当中。相对于2015年的CFA考试提纲，2016年的有以下变化。

2016 CFA level I考纲变动分析

2016年 CFA level I考纲变动的科目为：财报、组合、权益、权益、固收和另类；

变动较大的科目为：财报、组合和固收；

其中，数量新增一个 reading；固收删除一个 reading，组合删除三个 reading，新增两个 reading.

具体变动情况如下：

1、财报

SS7,R23.FinancialReportingMechanics

a describe how business activities are classified for financial reporting purposes（新增）

SS8，R25.UnderstandingIncomeStatements

d describe key aspects of the converged accounting standards issued by the International

Accounting Standards Board and Financial Accounting Standards Board in May 2014;（新增）

SS9，Reading29:Inventories

c calculate and compare cost of sales, gross profit, and ending inventory using different inventory

valuation methods and using perpetual and periodic inventory systems;（调整）

d calculate and compare cost of sales, gross profit, and ending inventory using perpetual and

periodic inventory systems;（删除）

e compare cost of sales, ending inventory, and gross profit using different inventory valuation

methods;（删除）

d calculate and explain how inflation and deflation of inventory costs affect the financial statements

and ratios of companies that use different inventory valuation methods;（新增）

e explain LIFO reserve and LIFO liquidation and their effects on financial statements and ratios;（新

增）

f convert a company’s reported financial statements from LIFO to FIFO for purposes of comparison;

（新增）

h describe implications of valuing inventory at net realisable value for financial statements and

ratios;（新增）

j explain issues that analysts should consider when examining a company’s inventory disclosures

and other sources of information;（新增）

k calculate and compare ratios of companies, including companies that use different inventory

methods;（新增）

l analyze and compare the financial statements of companies, including companies that use

different inventory methods.（新增）

SS9,Reading30:Long-livedAssets

c explain and evaluate how capitalising versus expensing costs in the period in which they are

incurred affects financial statements and ratios;（新增）

e describe how the choice of depreciation method and assumptions concerning useful life and

residual value affect depreciation expense, financial statements, and ratios;（调整）

f describe the different amortisation methods for intangible assets with finite lives and calculate

amortisation expense;（调整）

g describe how the choice of amortisation method and assumptions concerning useful life and

residual value affect amortisation expense, financial statements, and ratios;（调整）

k explain and evaluate how impairment, revaluation, and derecognition of property, plant, and

equipment and intangible assets affect financial statements and ratios;（新增）

m analyze and interpret financial statement disclosures regarding property, plant, and equipment

and intangible assets;（新增）

o explain and evaluate how leasing rather than purchasing assets affects financial statements and

ratios;（新增）

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.（新增）

SS9,Reading31:IncomeTaxes

h explain recognition and measurement of current and deferred tax items;（调整）

2、组合

SS12,Reading42.RiskManagement:AnIntroduction（新增）

a define risk management;

b describe features of a risk management framework;

c define risk governance and describe elements of effective risk governance;

d explain how risk tolerance affects risk management;

e describe risk budgeting and its role in risk governance;

f identify financial and non-financial sources of risk and describe how they may interact;

g describe methods for measuring and modifying risk exposures and factors to consider in choosing

among the methods.

3、权益

SS14,Reading50:IntroductiontoIndustryandCompanyAnalysis

g explain the effects of barriers to entry, industry concentration, industry capacity, and market

share stability on pricing power and price competition;（调整）

SS14,Reading51:EquityValuation:ConceptsandBasicTools

g explain the rationale for using price multiples to value equity, how the price to earnings multiple

relates to fundamentals, and the use of multiples based on comparables;（微调）

4、固定收益

SS15,Reading53:Fixed-IncomeMarkets:Issuance,Trading,andFunding

i describe repurchase agreements (repos) and the risks associated with them.（调整）

SS15,Reading55.IntroductiontoAsset-BackedSecurities

b describe the securitization process, including the parties to the process, the roles they play, and

the legal structures involved;（删除）

c describe typical structures of securitizations, including credit tranching and time tranching;（新增）

e describe types and characteristics of residential mortgage-backed securities, including mortgage

pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks

for each type;（调整）

f define prepayment risk and describe the prepayment risk of mortgage-backed securities;（新增）

i describe collateralized debt obligations, including their cash flows and risks.（原来是 credit risk）

SS16,Reading57.FundamentalsofCreditAnalysis

b describe default probability and loss severity as components of credit risk;（新增）

f explain the four Cs (Capacity, Collateral, Covenants, and Character) of traditional credit analysis;

（调整）

i describe factors that influence the level and volatility of yield spreads;（删除）

5、另类

SS18,Reading64.IntroductiontoAlternativeInvestments

f describe issues in valuing and calculating returns on hedge funds, private equity, real estate,

commodities, and infrastructure;（调整）

2016年 CFA level II考纲变动的科目为：数量、经济、财报、固收、衍生和组合；

变动较大的科目为：数量、固收和组合；

其中，数量新增一个 reading；固收删除一个 reading，组合删除三个 reading，新增两个 reading.

具体变动情况如下：

1、数量

SS3，R10.Multiple Regression and Issues in Regression Analysis

a. formulate a multiple regression equation to describe the relation between a dependent variable and several

independent variables, determine the statistical significance of each independent variable, and interpret the

estimated coefficients and their p-values;

SS3，Reading 12. Excerpt from“Probabilistic appraoches: scenario analysis,decision trees, and

simulations”（新增考点）

a. describe steps in running a simulation;

b. explain three ways to define the probability distributions for a simulation’s variables;

c. describe how to treat correlation across variables in a simulation;

d. describe advantages of using simulations in decision making;

e. describe some common constraints introduced into simulations;

f. describe issues in using simulations in risk assessment;

g. compare scenario analysis, decision trees, and simulations.

2、经济学

SS4，Reading 13: Currency Exchange Rates: Determination and Forecasting

n. describe objectives of central bank intervention and capital controls and describe the effectiveness of

intervention and capital controls;（新增）

3、财报

SS6，Reading 20: Multinational Operations

i. explain how changes in the components of sales affect the sustainability of sales growth;（修改）

4、固收

SS14，Reading 43. The term structure and interest rate dynamics

c. describe how zero-coupon rates (spot rates) may be obtained from the par curve by bootstrapping;（新增）

g calculate and interpret the swap spread for a given maturity;（修改）

SS14，Reading 45. Valuation and Analysis: Bonds with Embedded Options

m. calculate the value of a capped or floored floating-rate bond;（删除）

SS15，Reading46. Introduction to Asset-Backed Securities（删除）

2016年 CFA level III考纲变动的科目为：道德。

其他科目均不变，考纲变动较小。

具体变动情况如下：

2015, SS2，R2.Pearl Investment Management (A), (B), and (C)（删除）

a. evaluate professional conduct and formulate an appropriate response to actions that violate the Code of Ethics

and Standards of Professional Conduct;

b. formulate appropriate policy and procedural changes needed to assure compliance with the Code of Ethics and

Standards of Professional Conduct.

2016, SS2, R2,reading 4. Asset manager code of professional conduct

a. explain the purpose of the Asset Manager Code and the benefits that may accrue to a firm that adopts the Code;（新增）

b explain the ethical and professional responsibilities required by the six General Principles of Conduct of the Asset

Manager Code;（调整）

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