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金程CFA解析：2017年CFA二級考試大綱新變化

CFA備考從CFA考試大綱開始!只有把握CFA考試的側(cè)重點，才能合理的分配CFA考試備考時間，下面是金程網(wǎng)校CFA小編，為各位2017年6月CFA二級的考生整理的，2017年CFA考試大綱變化。

　　CFA備考從CFA考試大綱開始!只有把握CFA考試的側(cè)重點，才能合理的分配CFA考試備考時間，下面是金程網(wǎng)校CFA小編，為各位2017年6月CFA二級的考生整理的，2017年CFA考試大綱變化。

　　2017年CFA考試大綱具體變化如下

　　一、Ethical and Professional Standards

　　無變化

　　二、Quantitative Methods

　　無變化

　　三、Economics

　　無變化

　　四、Financial Reporting and Analysis

　　1. 原2016年Reading 16 刪除

　　Inventories: Implications for Financial Statements and Ratios

　　2. 原2016年Reading 17 刪除

　　Long-lived Assets: Implications for Financial Statements and Ratios

　　五、Corporate Finance

　　無變化

　　六、Portfolio Management

　　2017年新增內(nèi)容

　　1. Measuring and Managing Market Risk

　　a) explain the use of value at risk (VaR) in measuring portfolio risk;
　　b) compare the parametric (variance–covariance), historical simulation, and Monte Carlo simulation methods for estimating VaR;
　　c) estimate and interpret VaR under the parametric, historical simulation, and Monte Carlo simulation methods;
　　d) describe advantages and limitations of VaR;
　　e) describe extensions of VaR;
　　f) describe sensitivity risk measures and scenario risk measures and compare these measures to VaR;
　　g) demonstrate how equity, fixed-income, and options exposure measures may be used in measuring and managing market risk and volatility risk;
　　h) describe the use of sensitivity risk measures and scenario risk measures;
　　i) describe advantages and limitations of sensitivity risk measures and scenario risk measures;
　　j) describe risk measures used by banks, asset managers, pension funds, and insurers;
　　k) explain constraints used in managing market risks, including risk budgeting, position limits, scenario limits, and stop-loss limits;

　　l) explain how risk measures may be used in capital allocation decisions.
　　2. Algorithmic trading and high-frequency trading
　　a) define algorithmic trading;
　　b) distinguish between execution algorithms and high-frequency trading algorithms;
　　c) describe types of execution algorithms and high-frequency trading algorithms;
　　d) describe market fragmentation and its effects on how trades are placed;
　　e) describe the use of technology in risk management and regulatory oversight;
　　f) describe issues and concerns related to the impact of algorithmic and high-frequency trading on securities markets.

　　七、Equity

　　1. 原2016年Reading 31刪除

　　The Five Competitive Forces That Shape Strategy

　　2. 原2016年Reading 32刪除

　　Your Strategy Needs a Strategy

　　八、Fixed Income

　　新增：

　　READING 39. CREDIT DEFAULT SWAPS

　　The candidate should be able to:

　　a) describe credit default swaps (CDS), single-name and index CDS, and the parameters that define a given CDS product;
　　b) describe credit events and settlement protocols with respect to CDS;
　　c) explain the principles underlying, and factors that influence, the market’s pricing of CDS;
　　d) describe the use of CDS to manage credit exposures and to express views regarding changes in shape and/or level of the credit curve;
　　e) describe the use of CDS to take advantage of valuation disparities among separate markets, such as bonds, loans, equities, and equity-linked instruments.

　　九、Derivatives

　　雖然這一部分結(jié)構(gòu)調(diào)整很大，但核心知識點無變化

　　關(guān)鍵變動：

　　1. CDS刪除，實際移動到固定收益
　　2. 16年考綱提及到的Eurodollar Future ,cap and floor , contango and backwardation, FRA

　　十、Alternative Investments

　　原2016年Reading 42 改變

　　從2016 A Primer on Commodity Investing；改變?yōu)?017 Commodities and Commodity Derivatives: An Introduction

　　2017年新增加內(nèi)容

　　a) compare characteristics of commodity sectors;
　　b) compare the life cycle of commodity sectors from production through trading or consumption;
　　c) contrast the valuation of commodities with the valuation of equities and bonds;
　　d) describe types of participants in commodity futures markets;
　　e) analyze the relationship between spot prices and expected future prices in markets in contango and markets in backwardation;
　　f) compare theories of commodity futures returns;
　　g) describe, calculate, and interpret the components of total return for a fully collateralized commodity futures contract;
　　h) contrast roll return in markets in contango and markets in backwardation;
　　i) describe how commodity swaps are used to obtain or modify exposure to commodities;
　　j) describe how the construction of commodity indexes affects index returns.