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2020年最新CFA考纲分享,CFA全三级考纲都在这了!

时间:2019-08-14 13:39

  近来多有同学咨询,用今年的CFA备考资料复习准备2020年CFA考试行不行。因为每年CFA协会都会调整考试大纲,所以每年的知识点和重点可能会有点不同。鹰适CFA建议最好是要使用最新的CFA复习资料,日前CFA协会公布了2020年CFA考纲,要重点关注已调整的内容。


  2020年CFA一级考纲


  1.伦理道德与专业准则(Ethical and Professional Standards)部分:


  Reading 1.Ethics And Trust In The Investment Profession中:


  w新增考纲:c.describe professions and how they establish trust;


  w取消了对framework for ethical decision making的应用(apply)要求。


  2.数量方法(Quantitative Methods)部分:


  删除整个Reading.Discounted Cash Flow Applications


  Reading 7.Statistical Concepts and Market Returns中,19相比18年考纲取消了对夏普比率(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。


  3.公司财报分析(Financial Reporting Analysis)


  Reading 20.Financial Reporting Standards中:


  w删除4条考纲要求,分别为:


  1.c.describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;


  2.f.compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles(US GAAP)reporting systems;


  3.g.identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;


  4.i.analyze company disclosures of significant accounting policies.


  w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:


  wb.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;


  wd.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:


  wo.explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios;


  wp.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:


  wh.determine the initial recognition,initial measurement,and subsequent measurement of finance leases;


  wi.compare the disclosures relating to finance and operating leases;


  4.公司金融(Corporate Finance)部分:


  Reading 32.Capital Budgeting,新增考纲:f contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule;


  5.固定收益投资(Fixed income)部分:


  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;


  6.衍生工具(Derivatives)部分:


  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,


  w新增考纲c.calculate a forward price of an asset with zero,positive,or negative net cost of carry;


  w删除原考纲i.explain how the value of a European option is determined at expiration;


  7.投资组合(Portfolio Management)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,cfa考纲


  2020年CFA二级考纲:


  一、伦理与职业标准(Ethical and Professional Standards)


  删除两个章节:


  Reading 4 Trade Allocation:Fair Dealing and Disclosure


  Reading 5 Changing Investment Objectives


  二、数量方法(Quantitative Methods)


  Reading 4 Introduction to Linear Regression,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;


  三、经济学(Economics)


  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 eects of regulation on an industry.


  四、公司金融(Corporate finance)


  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


  五、衍生工具(Derivatives)


  删除Reading 41Derivatives Strategies


  六、投资组合管理(Portfolio Management)


  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,cfa考纲


  2020年CFA三级考纲:


  道德:


  1、将以前GIPS的内容全部挪到道德中去了


  2、新增framework for ethical decision-making


  点评:基本没有什么变化,但是要注意2020年新的GIPS准则将发布


  行为金融学:


  无改动


  经济学:


  1、新增Reading资产大类回报预测


  2、新增知识点财政政策和货币政策对商业周期的影响


  3、删除泰勒法则


  点评:新增内容比泰勒法则要难一些,毕竟泰勒法则的内容一二级就讲过了,但是经济学整体框架和难度基本不变


  资产配置:


  1、新增了Rebalancing strategy


  2、新增了对于investment governance considerations的描述


  3、删除了外汇管理的Reading


  点评:外汇管理的内容一点不变的挪到衍生去了,总体难度和框架不变


  衍生:


  1、新增volatility skew and smile的分析


  2、新增了外汇管理的Reading


  3、删除了期权策略中butterfly spread和box spread


  4、删除了interest rate cap,interest rate floor和interest rate collar关于Effective annual rate的计算


  5、删除了对于target Bata,equivalent cash等的计算和分析


  点评:难度提高不少。新衍生考纲基本把计算相关的内容都删了,删了之后三级整体就没有什么很复杂的计算了。期权策略经过删减后已经和原二级考纲相同了,而新的二级考纲里面已经把期权策略删除了,所以期权策略难度总体下降了,但是新增volatility smile的内容比期权策略要难。


  固收:


  无改动


  权益:


  无改动


  另类:


  删去原来全部内容,新增两个READING对冲基金策略和另类投资资产配置


  点评:


  难度更高了。原来的内容涉及更多另类产品,但都浅尝辄止。新的另类考纲主要都考对冲基金,考察更多另类投资的策略和风险


  个人IPS:


  1、增加了advertising个人投资者的相关内容


  2、删除了monte carlo的相关内容


  点评:总体难度变化不大,改动的都是简单的知识点,对于IPS有了更多的细化


  机构IPS:


  删除了DC plan相关内容


  点评:总体难度降低了,很多知识点的要求从discuss降为describe


  交易、业绩归因和经理人选择:


  1、新增Reading:manager selection


  2、删除交易成本和交易指令等相关内容


  点评:删除内容和新增内容难度总体差不多,所以难度总体不变。当然,这个科目难度本来在三级中就属于比较简单的。


  风险管理:


  1、删除原来全部内容


  2、新增两个Study Case


  点评:新版的风险管理里面没有关于VaR的内容了,整体计算量降低了,难度也降低了。


文章来源:中国CFA考试网,更多最新的CFA考试报名资讯【请关注鹰适财经官方网站www.ys520.com】

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