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）

Evaluation Only. Created with Aspose.Pdf. Copyright 2002-2014 Aspose Pty Ltd.

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）

Evaluation Only. Created with Aspose.Pdf. Copyright 2002-2014 Aspose Pty Ltd.

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 CFA level II考纲变动分析

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）


Evaluation Only. Created with Aspose.Pdf. Copyright 2002-2014 Aspose Pty Ltd.

5、衍生
 
SS17，Reading 52: Credit Default Swap

e describe the use of CDS to take advantage of valuation disparities among separate markets, such as bonds, loans,

equities, and equity-linked instruments.（新增）

6、组合

2015，SS18，Reading 53: Portfolio Concepts（删除）

SS18，Reading 53. An Introduction to Multifactor Models

d. describe and compare macroeconomic factor models, fundamental factor models, and statistical factor models;（新增）

m. explain sources of active risk, interpret tracking error, tracking risk, and theinformation ratio, and explain factor

portfolio and tracking portfolio（删除）

n. compare underlying assumptions and conclusions of the CAPM and APT model,and explain why an investor can

possibly earn a substantial premium forexposure to dimensions of risk unrelated to market movements.（删除）

f. describe uses of multifactor models and interpret the output of analyses based on multifactor models;（新增）

g. describe the potential benefits for investors in considering multiple risk dimensions when modeling asset

returns.（新增）

2015，Reading 54. Residual Risk And Return: The Information Ratio（删除）

2015，Reading 55. The Fundamental Law Of Active Management（删除）

2016，Reading 54. Analysis of Active Portfolio Management（新增）

a. describe how value added by active management is measured;

b. calculate and interpret the information ratio (ex post and ex ante) and contrast it to the Sharpe ratio;

c. state and interpret the fundamental law of active portfolio management including its component

terms—transfer coefficient, information coefficient, breadth, and active risk (aggressiveness);

d. explain how the information ratio may be useful in investment manager selection and choosing the level of

active portfolio risk;

e. compare active management strategies (including market timing and security selection) and evaluate strategy

changes in terms of the fundamental law of active management;

f. describe the practical strengths and limitations of the fundamental law of active management.

2016，Reading 55. Economics and Investment Markets（新增）

a. explain the notion that to affect market values, economic factors must affect one or more of the following: (1)

default-free interest rates across maturities, (2) the timing and/or magnitude of expected cash flows, and (3) risk

premiums;

Evaluation Only. Created with Aspose.Pdf. Copyright 2002-2014 Aspose Pty Ltd.

b. explain the role of expectations and changes in expectations in market valuation;

c. explain the relationship between the long-term growth rate of the economy, the volatility of the growth rate,

and the average level of real short-term interest rates;

d. explain how the phase of the business cycle affects policy and short-term interest rates, the slope of the term

structure of interest rates, and the relative performance of bonds of differing maturities;

e. describe the factors that affect yield spreads between non-inflation-adjusted and inflation-indexed bonds;

f. explain how the phase of the business cycle affects credit spreads and the performance of credit-sensitive

fixed-income instruments;

g. explain how the characteristics of the markets for a company’s products affect the company’s credit quality;

h. explain how the phase of the business cycle affects short-term and long-term earnings growth expectations;

i. explain the relationship between the consumption-hedging properties of equity and the equity risk premium;

j. describe cyclical effects on valuation multiples;

k. describe the implications of the business cycle for a given style strategy (value, growth, small capitalization, large

capitalization);

l. describe how economic analysis is used in sector rotation strategies;

m. describe the economic factors affecting investment in commercial real estate.

2016 CFA level III考纲变动分析

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）

来自：一起学CFA