2020年CFA一级考纲对比(Vs2019年)新鲜出炉,变化大!

  2020年CFA三个级别的考纲,均已经新鲜出炉。相较2019年,每个级别都有不小的调整。高顿CFA研究院专业的明星师资团队倾力,第一时间为你解读考纲变化,令你及时树立备考风向标,把握考试动态,不做无用功!(版权归高顿CFA研究院所有,仅供学习交流之用,引用需注明来源,版权所有)
 
  在CFA一级考纲连续多年发生较大变化后,相较于2019年,2020年CFA一级考纲整体变化幅度较小,实质改变较少但细节调整较多。
 
  首先,相较于2019年,各科目的考试比重未发生变化。
  其次,考纲内容上,除了经济学 (Economics)、权益投资(Equity Investment)、其他类投资(Alternative Investments)无变化,其他部分细节调整较多。具体而言:
 
  1.伦理道德与专业准则(Ethical and Professional Standards)部分:
 
  Reading 1. Ethics And Trust In The Investment Profession中:
 
  w新增考纲:c. describe professions and how they establish trust;
 
  w取消了对framework for ethical decision making的应用(apply)要求。
 
  2.数量方法(Quantitative Methods)部分:
 
  删除整个Reading. Discounted Cash Flow Applications
 
  Reading 7. Statistical Concepts and Market Returns中,2020相比2019年考纲取消了对夏普比率(Sharpe ratio)的计算和解释要求。
 
  Reading 11. Hypothesis Testing中,新增考纲:k. formulate a test of the hypothesis that the population correlation coefficient equals zero and determine whether the hypothesis is rejected at a given level of significance;
 
  原Reading 13. Technical Analysis 整体移动到组合管理(Portfolio Management)部分。
 
  3.公司财报分析(Financial Reporting Analysis)
 
  Reading 20. Financial Reporting Standards中:
 
  w删除4条考纲要求,分别为:
 
  1.c. describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;
 
  2.f. compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems;
 
  3.g. identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;
 
  4.i. analyze company disclosures of significant accounting policies.
 
  w取消财报准则设置机构的描述、对国际证监会组织的角色描述、财报的目标描述、财报的前提准备等要求。
 
  Reading 21. Understanding Income Statements 中,删除原考纲要求:
 
  wb. accrual accounting, specific revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for financial analysis;
 
  wd. describe key aspects of the converged accounting standards for revenue recognition issued by the International Accounting Standards Board and Financial Accounting Standards Board in May 2014;
 
  Reading 26. Long-lived Assets 中,删除原考纲要求:
 
  wo. explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios;
 
  wp. explain and evaluate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and the lessee.
 
  Reading 30. Non-current (Long-term) Liabilities中,删除原考纲要求:
 
  wh. determine the initial recognition, initial measurement, and subsequent measurement of finance leases;
 
  wi. compare the disclosures relating to finance and operating leases;
 
  4.公司金融(Corporate Finance)部分:
 
  Reading 32. Capital Budgeting,新增考纲:f contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule;
 
  5.固定收益投资(Fixed income)部分:
 
  Reading 44. Introduction to Fixed-Income Valuation中,新增考纲:f calculate annual yield on a bond for varying compounding periods in a year;
 
  6.衍生工具(Derivatives)部分:
 
  Reading 48. Derivative Markets and Instruments中,新增考纲d determine the value at expiration and profit from a long or a short position in a call or put option;
 
  Reading 49. Basics of Derivative Pricing and Valuation中,
 
  w新增考纲c. calculate a forward price of an asset with zero, positive, or negative net cost of carry;
 
  w删除原考纲i . explain how the value of a European option is determined at expiration;
 
  7.投资组合(Portfolio Management)部分整体移动到其他类投资之后:
 
  Reading 51. Portfolio Management: An Overview中,新增考纲:b describe the steps in the portfolio management process;
 
  Reading 52. Portfolio Risk and Return: Part I中,新增考纲:b. compare the money-weighted and time-weighted rates of return and evaluate the performance of portfolios based on these measures
 
  Reading 54. Basics of Portfolio Planning and Construction中,新增考纲:h describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction.
 
  中国CFA考试网(www.cfa.cn)综合整理,来源:高顿CFA研究院,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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