近来多有同学咨询,用今年的CFA备考资料复习准备2020年CFA考试行不行。因为每年CFA协会都会调整考试大纲,所以每年的知识点和重点可能会有点不同。鹰适CFA建议最好是要使用最新的CFA复习资料,日前CFA协会公布了2020年CFA考纲,要重点关注已调整的内容。
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,19相比18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.
2020年CFA二级考纲:
一、伦理与职业标准(Ethical and Professional Standards)
删除两个章节:
Reading 4 Trade Allocation:Fair Dealing and Disclosure
Reading 5 Changing Investment Objectives
二、数量方法(Quantitative Methods)
Reading 4 Introduction to Linear Regression,删除关于相关分析的考纲要求:
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,删除关于机器学习的三条原考纲要求:
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Reading 7 Machine Learning;
新增Reading 8 Big Data Project;
三、经济学(Economics)
Reading 12 Economics of Regulation中,关于评估行业监管的影响的考纲要求描述有所修改:
i.describe the considerations when evaluating the eects of regulation on an industry.
四、公司金融(Corporate finance)
删除Reading 23 Corporate Performance,Governance,and Business Ethics;
删除Reading 24 Corporate Governance;
新增Reading 22 Corporate Governance and Other ESG Considerations in Investment Analysis
五、衍生工具(Derivatives)
删除Reading 41Derivatives Strategies
六、投资组合管理(Portfolio Management)
删除两个章节:
Reading 46 The Portfolio Management Process and The Investment Policy Statement
Reading 51 Algorithmic Trading and High-Frequency Trading
新增两个章节:
Reading 43 Exchange-Traded Funds:Mechanics and Applications;
Reading 48 Trading Costs and Electronic Markets,新考纲要求来源于:
2019年CFA三级科目Trading and rebalancing相关章节;
2019年CFA二级投资组合管理(Portfolio Management)Reading 51 Algorithmic Trading and High-Frequency Trading.
2020年CFA三级考纲:
道德:
1、将以前GIPS的内容全部挪到道德中去了
2、新增framework for ethical decision-making
点评:基本没有什么变化,但是要注意2020年新的GIPS准则将发布
行为金融学:
无改动
经济学:
1、新增Reading资产大类回报预测
2、新增知识点财政政策和货币政策对商业周期的影响
3、删除泰勒法则
点评:新增内容比泰勒法则要难一些,毕竟泰勒法则的内容一二级就讲过了,但是经济学整体框架和难度基本不变
资产配置:
1、新增了Rebalancing strategy
2、新增了对于investment governance considerations的描述
3、删除了外汇管理的Reading
点评:外汇管理的内容一点不变的挪到衍生去了,总体难度和框架不变
衍生:
1、新增volatility skew and smile的分析
2、新增了外汇管理的Reading
3、删除了期权策略中butterfly spread和box spread
4、删除了interest rate cap,interest rate floor和interest rate collar关于Effective annual rate的计算
5、删除了对于target Bata,equivalent cash等的计算和分析
点评:难度提高不少。新衍生考纲基本把计算相关的内容都删了,删了之后三级整体就没有什么很复杂的计算了。期权策略经过删减后已经和原二级考纲相同了,而新的二级考纲里面已经把期权策略删除了,所以期权策略难度总体下降了,但是新增volatility smile的内容比期权策略要难。
固收:
无改动
权益:
无改动
另类:
删去原来全部内容,新增两个READING对冲基金策略和另类投资资产配置
点评:
难度更高了。原来的内容涉及更多另类产品,但都浅尝辄止。新的另类考纲主要都考对冲基金,考察更多另类投资的策略和风险
个人IPS:
1、增加了advertising个人投资者的相关内容
2、删除了monte carlo的相关内容
点评:总体难度变化不大,改动的都是简单的知识点,对于IPS有了更多的细化
机构IPS:
删除了DC plan相关内容
点评:总体难度降低了,很多知识点的要求从discuss降为describe
交易、业绩归因和经理人选择:
1、新增Reading:manager selection
2、删除交易成本和交易指令等相关内容
点评:删除内容和新增内容难度总体差不多,所以难度总体不变。当然,这个科目难度本来在三级中就属于比较简单的。
风险管理:
1、删除原来全部内容
2、新增两个Study Case
点评:新版的风险管理里面没有关于VaR的内容了,整体计算量降低了,难度也降低了。
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