CFA协会于7月27日公布了2018年的考纲变化：一级经历近几年的考纲巨变后，目前已趋于稳定，总体来讲内容更改不大。
 

　　原则上其变化规律是“二级挪一级，三级挪二级，三级再添新知识”。而2018年CFA破天荒的，竟然把部分一级的知识点挪到二级了，18年的一级考纲对我们来说算是利好消息。
 

　　以下是2017年CFA考纲和2018年CFA考纲对比，对于还在犹豫是12月份考试，还是明年6月再战的小伙伴请仔细阅读，并根据自身的优劣势做出决定！
 

　　2018年CFA一级考纲变动分析

　　2018年CFA一级考纲的变动主要体现在删除上，Corporate Finance和Derivatives这两个科目各删除了一个reading，Quantitative Methods这一科目删除了一个考点，而Equity新增了一个考点。
 

　　1.2018考纲新增考点

　　Study session 14 Equity: Analysis and Valuation

　　Reading 49. Equity Valuation: Concepts And Basic Tools中：

　　考点c：describe regular cash dividends, extra dividends, stock dividends, stock splits, reverse stock splits, and share repurchases;

　　考点d: describe dividend payment chronology;
 

　　2.2018考纲删除考点

　　Study Session 3 Quantitative Methods: Application

　　Reading 10. Common Probability Distributions中：考点h: calculate and interpret tracking error

　　Study Session 11 Corporate Finance: Leverage, Dividends and Share Repurchases, and Working Capital Management

　　Reading 38. Dividends and Share Repurchases: Basics整个reading.

　　考点内容为：

　　The candidate should be able to:

　　a describe regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits, including their expected e?ect on shareholders’ wealth and a company’s financial ratios;

　　b describe dividend payment chronology, including the significance of declaration, holder-of-record, ex-dividend, and payment dates;

　　c compare share repurchase methods;

　　d calculate and compare the e?ect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s excess cash and 2) the company uses debt to finance the repurchase;

　　e calculate the e?ect of a share repurchase on book value per share;

　　f explain why a cash dividend and a share repurchase of the same amount are equivalent in terms of the e?ect on shareholders’ wealth, all else being equal.

　　Study Session 17 Derivatives

　　Reading 59. Risk Management Applications of Option Strategies整个reading.
 

　　考点内容为：

　　The candidate should be able to:

　　a determine the value at expiration, the profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payo? graph of the strategies of buying and selling calls and puts and determine the potential outcomes for investors using these strategies;

　　b determine the value at expiration, profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payograph of a covered call strategy and a protective put strategy, and explain the risk management application of each strategy.
     
       附2018年CFA考试重要时间点

　　中国CFA考试网（www.cfa.cn）综合整理，来源：中国CFA考试网，原创文章，经授权转载，若需引用或转载,请注明出处 ，仅供参考、交流之目的。
 

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