CFA是全球投资业里较为严格的资格认证，被称为金融先进考的考试，是含金量较高的证书。要想顺利通过CFA考试，需要付出一定的时间和精力。小编总结了2015-2016 CFA一级考纲变化，希望对备考的同学有所帮助。

　　

　　1、 关于财务报表分析，inventory以及long linved assets有部分内容从二级变化到了一级；

　　

　　2、 组合管理新增加了一个reading的内容。

　　

　　Financial Statement Analysis

　　

　　R23 Financial Reporting Mechanics：

　　

　　增加内容：describe how business activities are classified for financial reporting purpose。

　　

　　备注：对实际复习没有太大影响，原先课程里级已经有所涉及。在新的考纲里面只是将其作为一个新的考点。

　　

　　R25 Understanding Income Statement：

　　

　　增加内容：describe key aspects of the converged accounting standards issued by the International Accouting Standards Board and Financial Accounting Standards Boards in May 2014。

　　

　　修改内容：describe the financial epoeting treatment and analysisi of nonrecurring items (including discontinued operatingon extrordinary items, unusual or infrequent items) and changes in accounting policies.

　　

　　备注内容：新增内容在原版书上也增加了内容，可能会成为2016年考试的一道概念小题，但是作为修改的内容和原先2015年该考纲考点的核心内容没有太大变化。

　　

　　R29  Inventory：

　　

　　增加内容：

　　

　　1、Calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods.

　　

　　2、Explain LIFO reserve and LIFO liquidation and their effects on financial statements and ratios；

　　

　　3、Convert a company's reported financial statements from LIFO to FIFI for purpose of comparison.

　　

　　4、Describe impliations of valuing inventory at net realizable value for financial statemnts and ratios.

　　

　　5、Explain issues that analysts should consider when examning a company's inventory disclosures and other  sources  of information.

　　

　　6、Calculate and compare ratios of companies icnluding companies that use different inventory methods.

　　

　　备注：有部分内容从二级搬到了一级，原本一级对存货的考试重点是计算以及两种方法对ratio的影响，现在相对增加了两种方法之间存货计算的转换，对报表的转换量化、影响以及对ratio的影响。

　　

　　R30 Long lived Assets：

　　

　　增加内容：

　　

　　1、 Explain and evaluate how capitalizing versus expensing costs in the period in which they are incurred affects financial statements and ratios.

　　

　　2、 Explain and evaluate how impairment revaluation and derecognition of property plant and equipments and intangible assets affect financial statements and ratios.

　　

　　3、 Analyze and interpret financial statement disclosures reagarding property plant and equipment and intangible assets.

　　

　　4、 Explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios.

　　

　　5、 Explain and evaluate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and lessee.

　　

　　备注：对整个reading的内容进行了深化解释，把二级的部分内容放到了一级里面。增加了更多的需要分析和解释的内容。整体内容结构变化不大，只是更加深入细化，对分析和解释的要求增加。

　　

　　R31 Income Taxes：

　　

　　修改内容：Explain recognition and measurement of current and deferred tax items.

　　

　　备注: 原有考点细化后和原来内容没有变化，在复习上无需增加内容.

　　

　　Portfolio Management

　　

　　R42 Risk Management an Introduction：

　　

　　增加内容：The whole reading.

　　

　　备注：本章节属于完全新增内容，主要偏向于祝贺管理中的风险管理。

　　

　　Equitiy Analysis

　　

　　R48 Security Market Indices：

　　

　　修改内容：

　　

　　1、 Describe market anomalies

　　

　　2、 Describe behavioral finance and its potential relevance to understanding market anomalies.

　　

　　备注：关于behavioral finance这个考点的内容基本做了比较大的修改，也在原版书里面增加了相应内容，其他没有改变。

　　

　　R50 Introduction to Industry and Company Analysis：

　　

　　修改内容：

　　

　　1、 Explain how a company's Industry classification canbe used to identify a potential "peer group" for equity valuation.（只是描述有点变化）

　　

　　2、 Explain the effects of barriers to entry industry concentration industry capacity and market share stability on pricing power and price comtetition.（文字描述有点改变）

　　

　　3、 Describe industry life cycle model classify and industry as to life cycle stage and describe limitations of the life cycle concept in forecasting industry performance.（删除了一个describe product life cycle的小考点）

　　

　　4、 Describe macroeconomic technological demographic governmental and social influences on industry growth profitability and risk.（只有考点描述的变化）

　　

　　Fixed Income Analysis

　　

　　R53 Fixed Income Market: Issuance Trading and Funding：

　　

　　修改内容：

　　

　　1、Describe secrtrities issued by sovereign government

　　

　　2、Describe securities issued by non sovereign governement, quasi-government entities and supranational agencies.（1与2原本的一个考点拆分成两个考点）

　　

　　3、Describe repurchase agreements (repos) and the risks associated with them.（文字上有所改动，但是在内容上增加了structured financial instruments）

　　

　　R55 Asset Backed Securities：

　　

　　增加内容：

　　

　　1、 Describe typical structures of securitizations including credit tranching and time tranching.

　　

　　2、 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.

　　

　　3、 Define prepayment risk and describe the prepayment risk of mortgage securities.

　　

　　修改内容：

　　

　　1、Describe securitization icnluding the parties involved in the process and the roles they play.

　　

　　2、Describe types and characteristics of non-mortgage asset securities including the cash flows and risks of each types.

　　

　　3、Describe collateralized debt obligations including their cash flows and risks.

　　

　　删除内容：

　　

　　Explain the motivation for creating securitized structures with multiple tranches (e.g: collateralized mortgage obligations)and the characterstics and risks of securitized structures.

　　

　　备注：这个reading的变化相对来说变化比较大也比较杂乱，同时在原版书也已经做出了相应的调整，增加了一些例题，希望大家引起注意。

　　

　　R56 Fixed Income Risk and Return：

　　

　　修改内容：Explain how a bond's maturity, coupon and yield level affect its interest rate risk

　　

　　备注：考纲里去除了embedded option对于duration的影响，但是在原版书里面还留有相应内容。

　　

　　R57 Fundamentals of Credit Analysis：

　　

　　增加内容：

　　

　　Describe default probability and loss severity as components of credit risk.

　　

　　修改内容：

　　

　　1、Explain the four Cs (Capacity, Collateral, Covenants and Character) of traditional credit analysis.

　　

　　2、Explain special considerations when evaluating the credit of high yield sovereign and non-sovereign government debt issuers and issues.

　　

　　删除内容：Calculate the return impact of spread changes.

　　

　　备注：

　　

　　1、 删除的内容仅限考纲，原版书的内容没有删除，在原本也不算重点。

　　

　　2、 其他新增和修改对整体来说实质没有太大改变。

　　

　　Fixed Income Analysis

　　

　　R61 Introduction to Alternattive Investment：

　　

　　增加内容：

　　

　　1、 Describe hedge funds private equity real estate commodities infrastructure and other alternative investments including as applicable strategies sub-catefories potential benefits and risks fee structures and due diligence.

　　

　　2、 Describe issues in valuing and calculating returns on hedge funds private equity real estate commodities and infrastructure.

　　

　　备注：在考纲里就增加了infrastructure这一种产品，需要大家了解。新增内容还是比较容易考到的。

来自：财萃CFA