2020年CFA考纲发布! 变化这么大
2019-08-26CFA
因为落户、发钱等证书逆天福利，让越来越多人加入CFA考证大军（CFA考试科目体系如何设置），2019年报考CFA的全球人数达到26万。而最近从官网消息得知，2020年CFA考纲又发生大变化，难度其实没有什么变化（CFA持证人雇佣公司有哪些），通过率还是按照全球人的通关进行计算。
2020年CFA考试CFA考纲变化整理，CFA考纲发布! 变化这么大：
其次，CFA考纲内容上，除了财务报表分析（Financial Reporting Analysis）、权益投资（Equity Investments）、其他类投资（Alternative Investments）、固定收益投资（Fixed Income Investments）四门科目CFA考纲要求无变化，其余科目的CFA考纲都有不同程度的内容调整。单科科目的CFA考纲要求变化情况具体如下：
1
伦理与职业标准
剔除两个教材章节：
Reading 4 Trade Allocation: Fair Dealing and Disclosure；
Reading 5 Changing Investment Objectives。
2
数量方法
Reading 4 Introduction to Linear Regression中，剔除关于相关分析的CFA考纲要求：
a. calculate and interpret a sample covariance and a sample correlation coefficient and interpret a scatter plot;
b. describe limitations to correlation analysis;
c. 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；
Reading 5 Multiple Regression，剔除关于机器学习的三条原CFA考纲要求：
p.distinguish between supervised and unsupervised machine learning；
q.describe machine learning algorithms used in prediction, classification, clustering, and dimension reduction；
r.describe the steps in model training；
新增考点Reading 7 Machine Learning；
新增考点Reading 8 Big Data Project。
3
经济学
Reading 12 Economics of Regulation中，关于评估行业监管的影响的CFA考纲要求描述有所修改：
i. describe the considerations when evaluating the effects of regulation on an industry.
4
公司金融
剔除Reading 23 Corporate Performance, Governance, and Business Ethics；
剔除Reading 24 Corporate Governance；
新增考点Reading 22 Corporate Governance and Other ESG Considerations in Investment Analysis。
5
衍生工具
剔除Reading 41Derivatives Strategies。
6
投资组合管理
剔除两个教材章节：
Reading 46 The Portfolio Management Process and The Investment Policy Statement；
Reading 51 Algorithmic Trading and High-Frequency Trading。
新增考点两个教材章节:
Reading 43 Exchange-Traded Funds: Mechanics and Applications；
Reading 48 Trading Costs and Electronic Markets，新CFA考纲要求来源于：
2019年CFA三级科目Trading and rebalancing相关教材章节；
2019年CFA二级投资组合管理（Portfolio Management）Reading 51;
Algorithmic Trading and High-Frequency Trading。
3
CFA三级CFA考纲变化
相对于2019年，2020年CFA三级CFA考纲的变化较显著，以往过时的内容已全部剔除，代之以对当前全球金融界最新研究成果进行系统介绍的新内容，综合阅读量进一步加大，Reading数量从2019年37个增加到38个，对考生学习能力的要求进一步提高。2020年版的新教程更加注重对考生投资专业性和系统性的培养，对职业素养的要求更高。具体而言，最显著的变化体现为如下方面：
新增考点道德与职业准则（2）（Session 2：Ethical and Professional Standards (2)）知识模块：
保留原知识模块实践中的道德和职业准则（Session2：Ethical and Professional Standards in Practice）的教材章节内容；
原全球投资业绩标准（Session 20：Global Investment Performance Standards）内容全部移动至该知识模块，新教材章节为Reading 6 Overview of the Global Investment Performance Standards。
剔除原资产管理行业与专业性（Session 3：The Asset Management Industry and Professionalism）：
知识模块下原教材章节Reading 5 Overview of The Asset Management Industry and Portfolio Management剔除；
原教材章节Reading 6 Professionalism in Investment Management移动至道德与职业准则（2）（Session 2：Ethical and Professional Standards (2)）知识模块。
新增考点资本市场预期（Session 4：Capital Market Expectations）知识模块：
将原知识模块Session 8：Applications of Economic Analysis to Portfolio Management中的教材章节Reading 16 Capital Market Expectations移动至该知识模块，并进行大幅修改，更新为Reading 10 Capital Market Expectations, Part1：Framework and Macro Considerations；
新增考点Reading 11 Capital Market Expectations, Part 2: Forecasting Asset Class Returns。
新增考点投资组合管理中的资产配置和相关决策（Session 5：Asset Allocation and Related Decisions in Portfolio Management）：
由原知识模块Session 9：Asset Allocation And Related Decisions In Portfolio Management (1)和Session 10：Asset Allocation And Related Decisions In Portfolio Management (2)合并；
由三个教材章节构成，Reading 12 Overview of Asset Allocation；Reading 13 Principles of Asset Allocation和Reading 14 Asset Allocation With Real-World Constraints，教材章节内容基本无变化。
新增考点衍生品及现金管理（Session 6：Derivatives and Currency Management）：
将原知识模块Session 17 Risk Management Applications of Derivatives移入该知识模块，并进行大量修改，新教材章节为Reading 15 Options Strategies和Reading 16 Swaps, Forwards, And Futures Strategies；
将原知识模块Session 10 Asset Allocation And Related Decisions In Portfolio Management (2)下教材章节Reading 21 Currency Management: An Introduction移入该知识模块，新教材章节为Reading 17 Currency Management: An Introduction，内容基本无变化。
另类投资（Session11：Alternative Investments For Portfolio Management）知识模块进行大幅修改：
将原教材章节Reading 30 Alternative Investments Portfolio Management剔除，变更为两个新教材章节Reading 26 Hedge Fund Strategies和Reading 27 Asset Allocation to Alternative Investments。
私人财富管理（1）（Session12：Private Wealth Management (1)）知识模块，剔除原教材章节Reading10 Managing Individual Investor Portfolios，新增考点教材章节Reading 28 Overview Of Private Wealth Management。
机构投资者的投资组合管理（Session14：Portfolio Management for Institutional Investors）知识模块内容大幅修改：
原教材章节Reading 15 Managing Institutional Investor Portfolios剔除，新教材章节为Reading 33 Portfolio Management for Institutional Investors。
新增考点交易、绩效评估和基金经理选择（Session 15 Trading, Performance Evaluation, and Manager Selection）知识模块：
由原Session 18 Trading和Session 19 Performance Evaluation合并，并进行了大幅修改，新教材章节为Reading 34 Trade Strategy and Execution，Reading 35 Portfolio Performance Evaluation和Reading 36 Investment Manager Selection。
新增考点投资组合管理与风险管理案例（Session 16：Cases in Portfolio Management and Risk Management）知识模块，新增考点两个案例学习教材章节Reading 37 Case Study In Portfolio Management: Institutional和Reading 38 Case Study In Risk Management: Private Wealth。
1
CFA一级CFA考纲变化
在CFA一级CFA考纲连续多年发生较大变化后，相较于2019年，2020年CFA一级CFA考纲整体变化幅度较小，实质改变较少但细节调整较多。
相较于2019年，各科目的考试比重未发生变化。CFA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。具体调整如下：
1
伦理道德与专业准则
Reading 1. Ethics And Trust In The Investment Profession中，新增考点CFA考纲：
c. describe professions and how they establish trust;
取消对framework for ethical decision making的应用（apply）要求。
2
数量方法
剔除整个Reading. Discounted Cash Flow Applications
Reading 7. Statistical Concepts and Market Returns中，19相比18年CFA考纲取消对夏普比率（Sharpe ratio）的计算和解释要求。
Reading 11. Hypothesis Testing中，新增考点CFA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
Reading 20. Financial Reporting Standards中，剔除原CFA考纲要求：
c. describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;
f. compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems;
g. identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;
i. analyze company disclosures of significant accounting policies.
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，剔除原CFA考纲要求：
b. 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;
d. 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，剔除原CFA考纲要求：
o. explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios;
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.
Reading 30. Non-current (Long-term) Liabilities中，剔除原CFA考纲要求：
h. determine the initial recognition, initial measurement, and subsequent measurement of finance leases;
i. compare the disclosures relating to finance and operating leases。
4
公司金融
Reading 32. Capital Budgeting中，新增考点CFA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
Reading 44. Introduction to Fixed-Income Valuation中，新增考点CFA考纲：
f.calculate annual yield on a bond for varying compounding periods in a year。
6
衍生工具
Reading 48. Derivative Markets and Instruments中，新增考点CFA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，新增考点CFA考纲：
c. calculate a forward price of an asset with zero, positive, or negative net cost of carry;
剔除原CFA考纲：i . explain how the value of a European option is determined at expiration。
7
投资组合
该部分整体移动到其他类投资之后：
Reading 51. Portfolio Management: An Overview中，新增考点CFA考纲：
b.describe the steps in the portfolio management process;
Reading 52. Portfolio Risk and Return: Part I中，新增考点CFA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，新增考点CFA考纲：
h.describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction.
2
CFA二级CFA考纲变化（CFA考试科目难度与各个科目解读）
相较于2019年，2020年CFA二级CFA考纲半数以上科目实质变化较大。首先，相较于2019年，各科目的考试权重不变（CFA一级考试攻略）。
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