精品夜夜人妻欧美国产插b,日本少妇靠逼视频

2018年6月CFA考試大綱變化說明

2018年CFA一級考綱變動分析

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

一、 2018考綱新增考點：

1. Study session 14 Equity: Analysis and Valuation

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

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

考點d: describe dividend payment chronology;

>>>點我免費領取CFA備考資料>>>

二、 2018考綱刪除考點：

1. Study Session 3 Quantitative Methods: Application

Reading 10. Common Probability Distributions中：

考點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reading.

考點內(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 e?ect 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 e?ect 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 e?ect 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 e?ect on shareholders’ wealth, all else being equal.

3. Study Session 17 Derivatives

Reading 59. Risk Management Applications of Option Strategies整個reading.

CFA考試考點內(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 payo? graph 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 payo? graph 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：

無

2018年CFA二級考綱變動分析

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

經(jīng)濟學，變化集中在Reading 13 Currency Exchange Rates：Determination and Forecasting。刪除3個考點(考點k、考點l和考點p)，不再考察決定匯率的三大模型及使用技術分析來預測匯率的方法。新增2個點，forward rate parity遠期匯率平價和政府對匯率的干預目標。

刪除：

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

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

考點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個考點(考點a，考點h，考點i和考點j，為原一級刪除的內(nèi)容并入二級)，2個考點(考點d與考點e)表述發(fā)生變化，但無實質(zhì)影響。

新增與變化

考點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h：compare share repurchase methods;

考點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j：calculate the effect of a share repurchase on book value per share;

考點d：explain how clientele effects and agency costs may affect a company’s payout policy;(原為agency issues)

考點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，為一個考點的掌握要求降低，無實質(zhì)影響。

考點b ：explain credit scoring and credit ratings;

衍生品，變化在Reading 41 Valuation of Contingent Claims，刪除一個考點。

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

CFA三級考綱變化

2018年CFA三級考綱變動分析

2018年CFA三級考綱相對于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，機構IPS中刪除了Linking Pension Liabilities to Asset這一個reading，Alternative中刪除了關于futures return的三大組成部分，個人IPS中刪除了accrual equivalent tax rate以及after-tax return的計算，Trading中刪除了比較brokers和dealers的作用，其余有少數(shù)考點的表述方式略作修改。

一、 2018考綱新增考點：

1. Study Session 8 Asset Allocation and Related Decisions in Portfolio Management (1)

Reading 16 Introduction to Asset Allocation整個reading新增。

Reading 17 Principles of Asset Allocation整個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reading新增。

3. Study Session 10 Fixed-Income Portfolio Management(1)

Reading 21 Introduction to Fixed-Income Portfolio Management 整個reading新增。

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

4. Study Session 11 Fixed-Income Portfolio Management(2)

Reading 23 Yield Curve Strategies整個reading新增。

Reading 24 Credit Strategies整個reading新增。

二、 2017考綱刪除考點：

1. Study Session 6 Portfolio Management for Institutional Investor

Reading 14. Linking Pension Liabilities to Asset整個reading刪除。

2. Study Session 13 Alternative Investments for Portfolio Management

Reading 26. Alternative Investments for Portfolio Management

考點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 Rebalancing

Reading 31. Execution of Portfolio Decisions

考點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reading刪除。

5. Study Session 10 Fixed-Income Portfolio Management(1)

Reading 20 Fixed-Income Portfolio Management-Part 1整個reading刪除。

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

6. Study Session 11 Fixed-Income Portfolio Management(2)

Reading 22 Fixed-Income Portfolio Management-Part 2整個reading刪除。

7. Study Session 4 Private Wealth Management(1)

Reading 9 Tax and Private Wealth Management in a Global Context

考點C: calculate accrual equivalent tax rate and after-tax return刪除。

三、 2017-2018CFA考試大綱修改考點：

1. Study Session 4 Private Wealth Management(1)

Reading 8 Managing Individual Investor Portfolio

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

考點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d改為：distinguish among types of alternative investments;

>>>CFA考試報名詳情還有不清楚的點我咨詢>>>

金程cfa二維碼