CFA经历近几年的考纲巨变，现在已经趋于稳定。如何知道CFA考纲是否发生变化了呢？CFA协会每年会公布考纲，叫做LOS。但是不能单纯的看LOS陈述的改变，就说考纲发生变化了。

 

　　因为，有些时候协会只是把字眼改一下，使得LOS更(chun)加(shu)精(wu)准(liao)。
 

　　所以，只有通过仔细核对原版书，才能发现真正的变化。考纲的改变是大家复习之前迅速理清框架结构的其中一环，特别是对于考纲新增部分，是CFA协会历来出题的重点，希望引起大家重视！

　　很多同学担心自己的学习基础不行，担心CFA考试通不过，其实在目前复合型的人才建设下，跨专业很常见，多个专业也基本是雇主的人才需求标配了，所以不用担心专业的问题，也不用担心个人基础的问题。满分通过CFA一二三级都用什么资料，CFA学姐准备了一份CFA考试大礼包，助你高效复习CFA考试！ >> 2017-2018年CFA考试电子版学习资料下载   

　　1.2018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。
 

　　一、2018考纲新增考点：

　　1.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;
 

　　二、2018考纲删除考点：

　　1.Study Session 3 Quantitative Methods: Application

　　Reading 10. Common Probability Distributions中：

　　考点h: calculate and interpret tracking error;
 

　　2.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 eect 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 eect 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 eect 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 eect on shareholders’ wealth, all else being equal.

　　3.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 payograph 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.

　　2.2018年CFA二级考纲变动分析

　　根据CFA协会最新公布的2018年CFA二级考纲，考纲发生变化的科目为4门，分别为经济学、公司金融、固定收益与衍生品。

　　经济学，变化集中在Reading 13 Currency Exchange Rates：Determination and Forecasting。删除3个考点（考点k、考点l和考点p），不再考察决定汇率的三大模型及使用技术分析来预测汇率的方法。新增2个点，forward rate parity远期汇率平价和政府对汇率的干预目标。
 

　　删除：

　　考点k ：describe the Mundell-Fleming model, the monetary approach, and the asset market (portfolio balance) approach to exchange rate determination;

　　考点l ：forecast the direction of the expected change in an exchange rate based on balance of payment, Mundell-Fleming, monetary, and asset market approaches to exchange rate determination;

　　考点p ：describe uses of technical analysis in forecasting exchange rates.
 

　　变化与新增（加粗部分为变化内容）

　　考点e ：explain international parity conditions (covered and uncovered interest rate parity, forward rate parity, purchasing power parity, and the international Fisher effect);
 

　　考点l：describe objectives of central bank or government intervention and capital controls and describe the effectiveness of intervention and capital controls;

　　公司金融，变化集中在Reading 23 Dividends and Share Repurchases: Analysis。新增4个考点（考点a，考点h，考点i和考点j，为原一级删除的内容并入二级），2个考点（考点d与考点e）表述发生变化，但无实质影响。
 

　　新增与变化

　　考点a：describe the expected effect of regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits on shareholders’ wealth and a company’s financial ratios;
 

　　考点h：compare share repurchase methods;考点i：calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s surplus cash and 2) the company uses debt to finance the repurchase;
 

　　考点j：calculate the effect of a share repurchase on book value per share;考点d：explain how clientele effects and agency costs may affect a company’s payout policy;（原为agency issues）
 

　　考点e：explain factors that affect dividend policy in practice;（原无in practice）

　　固定收益，变化在Reading 38 Credit Analysis Models，为一个考点的掌握要求降低，无实质影响。
 

　　考点b ：explain credit scoring and credit ratings;

　　衍生品，变化在Reading 41 Valuation of Contingent Claims，删除一个考点。
 

　　考点d：describe how interest rate options are valued using a two-period binomial model;
 

　　2018年CFA三级考纲变动分析2018年CFA三级考纲相对于2017年的考纲，变化比较大：

　　首先，Fixed-Income和Asset Allocation这两门课的内容全部重新编写，其次，机构IPS中删除了Linking Pension Liabilities to Asset这一个reading，Alternative中删除了关于futures return的三大组成部分，个人IPS中删除了accrual equivalent tax rate以及after-tax return的计算，Trading中删除了比较brokers和dealers的作用，其余有少数考点的表述方式略作修改。
 

　　一、2018CFA考纲新增考点：

　　1.Study Session 8 Asset Allocation and Related Decisions in Portfolio Management (1)Reading 16 Introduction to Asset Allocation整个reading新增。

　　Reading 17 Principles of Asset Allocation整个reading新增。

　　2.Study Session 9 Asset Allocation and Related Decisions in Portfolio Management (2)Reading 18 Asset Allocation with Real-World Constraints整个reading新增。

　　3.Study Session 10 Fixed-Income Portfolio Management(1)Reading 21 Introduction to Fixed-Income Portfolio Management 整个reading新增。

　　Reading 22 Liability-Driven and Index-Based Strategies整个reading新增。

　　4.Study Session 11 Fixed-Income Portfolio Management(2)Reading 23 Yield Curve Strategies整个reading新增。

　　Reading 24 Credit Strategies整个reading新增。
 

　　二、2017-2018考纲修改考点：

　　1.Study Session 4 Private Wealth Management(1)

　　Reading 8 Managing Individual Investor Portfolio

　　考点i 改为：discuss the effects that ability and willingness to take risk have on risk tolerance;
 

　　2.Study Session 4 Private Wealth Management(1)

　　Reading 9 Tax and Private Wealth Management in a Global Context

　　考点d 改为：discuss the tax profiles of different types of investment accounts and explain their effects on after-tax returns and future accumulations;

　　考点g改为：explain tax loss harvesting and highest-in/first-out (HIFO) tax lot accounting;
 

　　3.Study Session 7 Applications of Economic Analysis to Portfolio Management

　　Reading 14 Capital Market Expectations

　　考点e改为：discuss the inventory and business cycles and the effects that consumer and business spending and monetary and fiscal policy have on the business cycle;

　　考点f改为：discuss the effects that the phases of the business cycle have on short-term/long-term capital market returns;

　　考点i改为： interpret the shape of the yield curve as an economic predictor and discuss the relationship between the yield curve and fiscal and monetary policy;
 

　　4.Study Session 12 Equity Portfolio Management

　　Reading 25 Equity Portfolio Management

　　考点d改为：distinguish among the predominant weighting schemes used in the construction of major equity market indexes and evaluate the biases of each;

　　5.Study Session 13 Alternative Investments for Portfolio Management

　　Reading 26 Alternative Investments Portfolio Management考点d改为：distinguish among types of alternative investments.

　　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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