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。