CFA協(xié)會(huì)已于2017年7月28日公布2018年CFA考試考綱。CFA經(jīng)歷近幾年的考綱巨變，現(xiàn)在已經(jīng)趨于穩(wěn)定?？季V每年變化一次，考綱變化的部分恰好是CFA考試重難點(diǎn)，希望引起大家重視！金程CFA研究院在第一時(shí)間對(duì)2017年CFA考綱和2018年CFA考綱做了對(duì)比，現(xiàn)將變動(dòng)內(nèi)容分享給大家。 》》對(duì)于CFA考綱還有不清楚的點(diǎn)我咨詢

2018年CFA一級(jí)考綱變動(dòng)分析

2018年CFA一級(jí)考綱的變動(dòng)主要體現(xiàn)在刪除上，Corporate Finance和Derivatives這兩個(gè)科目各刪除了一個(gè)reading，Quantitative Methods這一科目刪除了一個(gè)考點(diǎn)，而Equity新增了一個(gè)考點(diǎn)。

一、2018考綱新增考點(diǎn)：

1.Study session 14 Equity: Analysis and Valuation

Reading 49. Equity Valuation: Concepts And Basic Tools中：

考點(diǎn)c：describe regular cash dividends, extra dividends, stock dividends, stock splits, reverse stock splits, and share repurchases;

考點(diǎn)d: describe dividend payment chronology;

二、2018考綱刪除考點(diǎn)：

1.Study Session 3 Quantitative Methods: Application

Reading 10. Common Probability Distributions中：

考點(diǎn)h: calculate and interpret tracking error;

2.Study Session 11 Corporate Finance: Leverage, Dividends and Share Repurchases, and Working Capital Management

Reading 38. Dividends and Share Repurchases: Basics整個(gè)reading.

考點(diǎn)內(nèi)容為：

The candidate should be able to:

a describe regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits, including their expected eect on shareholders’ wealth and a company’s financial ratios;

b describe dividend payment chronology, including the significance of declaration, holder-of-record, ex-dividend, and payment dates;

c compare share repurchase methods;

d calculate and compare the eect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s excess cash and 2) the company uses debt to finance the repurchase;

e calculate the eect of a share repurchase on book value per share;

f explain why a cash dividend and a share repurchase of the same amount are equivalent in terms of the eect on shareholders’ wealth, all else being equal.

3.Study Session 17 Derivatives

Reading 59. Risk Management Applications of Option Strategies整個(gè)reading.

考點(diǎn)內(nèi)容為：

The candidate should be able to:

a determine the value at expiration, the profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payograph of the strategies of buying and selling calls and puts and determine the potential outcomes for investors using these strategies;

b determine the value at expiration, profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payograph of a covered call strategy and a protective put strategy, and explain the risk management application of each strategy.

三、2017-2018考綱修改考點(diǎn)：

無

2018年CFA二級(jí)考綱變動(dòng)分析

根據(jù)CFA協(xié)會(huì)公布的2018年CFA二級(jí)考綱，考綱發(fā)生變化的科目為4門，分別為經(jīng)濟(jì)學(xué)、公司金融、固定收益與衍生品。

經(jīng)濟(jì)學(xué)，變化集中在Reading 13 Currency Exchange Rates：Determination and Forecasting。刪除3個(gè)考點(diǎn)（考點(diǎn)k、考點(diǎn)l和考點(diǎn)p），不再考察決定匯率的三大模型及使用技術(shù)分析來預(yù)測匯率的方法。新增2個(gè)點(diǎn)，forward rate parity遠(yuǎn)期匯率平價(jià)和政府對(duì)匯率的干預(yù)目標(biāo)。

刪除：

考點(diǎn)k ：describe the Mundell-Fleming model, the monetary approach, and the asset market (portfolio balance) approach to exchange rate determination;　　

考點(diǎn)l ：forecast the direction of the expected change in an exchange rate based on balance of payment, Mundell-Fleming, monetary, and asset market approaches to exchange rate determination;

考點(diǎn)p ：describe uses of technical analysis in forecasting exchange rates.

變化與新增（加粗部分為變化內(nèi)容）

考點(diǎn)e ：explain international parity conditions (covered and uncovered interest rate parity, forward rate parity, purchasing power parity, and the international Fisher effect);

考點(diǎn)l：describe objectives of central bank or government intervention and capital controls and describe the effectiveness of intervention and capital controls;

公司金融，變化集中在Reading 23 Dividends and Share Repurchases: Analysis。新增4個(gè)考點(diǎn)（考點(diǎn)a，考點(diǎn)h，考點(diǎn)i和考點(diǎn)j，為原一級(jí)刪除的內(nèi)容并入二級(jí)），2個(gè)考點(diǎn)（考點(diǎn)d與考點(diǎn)e）表述發(fā)生變化，但無實(shí)質(zhì)影響。

新增與變化

考點(diǎn)a：describe the expected effect of regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits on shareholders’ wealth and a company’s financial ratios;

考點(diǎn)h：compare share repurchase methods;考點(diǎn)i：calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s surplus cash and 2) the company uses debt to finance the repurchase;

考點(diǎn)j：calculate the effect of a share repurchase on book value per share;考點(diǎn)d：explain how clientele effects and agency costs may affect a company’s payout policy;（原為agency issues）

考點(diǎn)e：explain factors that affect dividend policy in practice;（原無in practice）

固定收益，變化在Reading 38 Credit Analysis Models，為一個(gè)考點(diǎn)的掌握要求降低，無實(shí)質(zhì)影響。

考點(diǎn)b ：explain credit scoring and credit ratings;

衍生品，變化在Reading 41 Valuation of Contingent Claims，刪除一個(gè)考點(diǎn)。

考點(diǎn)d：describe how interest rate options are valued using a two-period binomial model;

2018年CFA三級(jí)考綱變動(dòng)分析2018年CFA三級(jí)考綱相對(duì)于2017年的考綱，變化比較大：

首先，F(xiàn)ixed-Income和Asset Allocation這兩門課的內(nèi)容全部重新編寫，其次，機(jī)構(gòu)IPS中刪除了Linking Pension Liabilities to Asset這一個(gè)reading，Alternative中刪除了關(guān)于futures return的三大組成部分，個(gè)人IPS中刪除了accrual equivalent tax rate以及after-tax return的計(jì)算，Trading中刪除了比較brokers和dealers的作用，其余有少數(shù)考點(diǎn)的表述方式略作修改。

一、2018考綱新增考點(diǎn)：

1.Study Session 8 Asset Allocation and Related Decisions in Portfolio Management (1)Reading 16 Introduction to Asset Allocation整個(gè)reading新增。

Reading 17 Principles of Asset Allocation整個(gè)reading新增。

2.Study Session 9 Asset Allocation and Related Decisions in Portfolio Management (2)Reading 18 Asset Allocation with Real-World Constraints整個(gè)reading新增。

3.Study Session 10 Fixed-Income Portfolio Management(1)Reading 21 Introduction to Fixed-Income Portfolio Management 整個(gè)reading新增。

Reading 22 Liability-Driven and Index-Based Strategies整個(gè)reading新增。

4.Study Session 11 Fixed-Income Portfolio Management(2)Reading 23 Yield Curve Strategies整個(gè)reading新增。

Reading 24 Credit Strategies整個(gè)reading新增。

二、2017考綱刪除考點(diǎn)：

1.Study Session 6 Portfolio Management for Institutional InvestorReading 14. Linking Pension Liabilities to Asset整個(gè)reading刪除。

2.Study Session 13 Alternative Investments for Portfolio ManagementReading 26. Alternative Investments for Portfolio Management考點(diǎn)n: explain the three components of return for a commodity futures contract and the effect that an upward- or downward-sloping term structure of futures prices will have on roll return.

3.Study Session 16 Trading, Monitoring, and RebalancingReading 31. Execution of Portfolio Decisions考點(diǎn)d: compare the roles of brokers and dealers.

4.Study Session 8 Asset Allocation and Related Decisions in Portfolio Management(1)Reading 17. Asset Allocation整個(gè)reading刪除。

5.Study Session 10 Fixed-Income Portfolio Management(1)Reading 20 Fixed-Income Portfolio Management-Part 1整個(gè)reading刪除。

Reading 21 Relative-Value Methodologies for Global Credit Bond整個(gè)reading刪除。

6.Study Session 11 Fixed-Income Portfolio Management(2)Reading 22 Fixed-Income Portfolio Management-Part 2整個(gè)reading刪除。

7.Study Session 4 Private Wealth Management(1)Reading 9 Tax and Private Wealth Management in a Global Context考點(diǎn)C: calculate accrual equivalent tax rate and after-tax return刪除。

三、2017-2018考綱修改考點(diǎn)：

1.Study Session 4 Private Wealth Management(1)

Reading 8 Managing Individual Investor Portfolio

考點(diǎn)i 改為：discuss the effects that ability and willingness to take risk have on risk tolerance;

2.Study Session 4 Private Wealth Management(1)

Reading 9 Tax and Private Wealth Management in a Global Context

考點(diǎn)d 改為：discuss the tax profiles of different types of investment accounts and explain their effects on after-tax returns and future accumulations;

考點(diǎn)g改為：explain tax loss harvesting and highest-in/first-out (HIFO) tax lot accounting;

3.Study Session 7 Applications of Economic Analysis to Portfolio Management

Reading 14 Capital Market Expectations

考點(diǎn)e改為：discuss the inventory and business cycles and the effects that consumer and business spending and monetary and fiscal policy have on the business cycle;

考點(diǎn)f改為：discuss the effects that the phases of the business cycle have on short-term/long-term capital market returns;

考點(diǎn)i改為： interpret the shape of the yield curve as an economic predictor and discuss the relationship between the yield curve and fiscal and monetary policy;

4.Study Session 12 Equity Portfolio Management

Reading 25 Equity Portfolio Management

考點(diǎn)d改為：distinguish among the predominant weighting schemes used in the construction of major equity market indexes and evaluate the biases of each;

5.Study Session 13 Alternative Investments for Portfolio Management

Reading 26 Alternative Investments Portfolio Management考點(diǎn)d改為：distinguish among types of alternative investments.

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