温馨提示：了解较新考纲是一个先进备考计划的开始,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。

 

　　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

        了解较新考纲匹配资料可，点击:2016-2017CFA较完整资料下载(资料包含CFA必考点总结,提升备考效率,加分必备).

 

　　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,先进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年三级考纲中新增1个章节)

 

　　1.2017年三级考纲中先进变化的是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)

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