2021年FRM考綱已經(jīng)公布，下面就是金程FRM研究院老師對(duì)zui新考綱的解讀，各位同學(xué)請(qǐng)收下。
（注：紅色內(nèi)容為新增，藍(lán)色內(nèi)容為刪除，綠色內(nèi)容為修改，紫色內(nèi)容為整合。）
FRM一級(jí)
風(fēng)險(xiǎn)管理基礎(chǔ)（20%）
考綱解讀：
該科目FRM考試占比不變，有些章節(jié)描述有所改變，但其實(shí)值內(nèi)容不變，新增和刪除基本持平，部分章節(jié)內(nèi)容有所整合，整體內(nèi)容基本不變，備考同學(xué)按照按部就班復(fù)習(xí)即可。
Chapter 1.The Building Blocks of Risk Management
Describe challenges that can arise in the riskmanagement process（刪除）
Chapter 2.How Do Firms Manage Financial Risk?
無(wú)變化
Chapter 3.The Governance of Risk Management
Explain changes in regulations（新增）and corporate risk governancethat occurred as a result of the 2007-2009 financial crisis.
Describe best practices for the governance of a firm’srisk management processes.（改為：把compare and contrast改為describe）》》現(xiàn)階段報(bào)名參加21年FRM培訓(xùn)課程立減千元
Assess the risk management role andresponsibilities of a firm’s board of directors.(改為：Assess改為explain）
Chapter 4.Credit Risk Transfer Mechanisms
explain how each one transfers credit risk anddescribe their advantages and disadvantages（改為：Compare different typesof credit derivatives,explain their applications,anddescribe their advantages）
Chapter 5.Modern Portfolio Theory(MPT)and the Capital AssetPricing Model(CAPM)
Interpret and comparethe capital market line and the security market line.（改為：ieterppretthe CML）
Chapter 6.The Arbitrage Pricing Theory and Multifactor Modelsof Risk and Return
Describethe inputs(including factor betas)to a multifactor model and explain the challenges of using multifactormodels in hedging.（新增）
explainmodels that account for correlations between asset returns in a multi-assetportfolio（刪除）.
Chapter 7.Principles for Effective Data Aggregationand Risk Reporting
由原來(lái)的7條整合到現(xiàn)在的4條內(nèi)容基本不變化
Chapter 8.Enterprise Risk Management and Future Trends
comparethebenefit and costs of ERM（刪除）
describe important dimensions of an ERM programand relate ERM to strategic planning（刪除）
Chapter9、Chapter10、Chapter11不變
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數(shù)量分析（20%）
該科目考試占比不變，自從上一年有一定改動(dòng)后，內(nèi)容編排更加合理，今年考綱內(nèi)容沒(méi)有任何變化，不論是對(duì)一戰(zhàn)還是而戰(zhàn)考生而說(shuō)是一個(gè)利好。
無(wú)變化
金融市場(chǎng)產(chǎn)品（30%）
整體解讀：
該科目考試占比不變，新考綱中調(diào)整的多是描述性詞語(yǔ)，刪除的內(nèi)容與新增內(nèi)容基本持平，知識(shí)主體框架和重點(diǎn)內(nèi)容基本不變。建議同學(xué)按部就班備考即可。
Chapter 1.Banks
無(wú)變化
Chapter 2.Insurance Companies and Pension Plans
Compare the varioustypes of life insurance policies(新增）
Chapter 3、Chapter 4、Chapter 5、Chapter 6不變
Chapter 7.Futures Markets
describe the ration for margin requirements and explain how theywork（刪除）
Describe the over-the-countermarket transactions（刪除）.
Explain（identify改成explain）the differences between a normal and invertedfutures market.explain the different market quotes（刪除）
Chapter 8.Using Futures forHedging
Calculate the profit andloss on a short or long hedge（新增）
Chapter 9、Chapter 10、Chapter 11不變
Chapter 12.Options Markets
Describe the varioustypes,uses（新增）,and typicalunderlying assets of options
Explain the payoff function（新增）and calculate theprofit and loss from an options position.
Describe theapplication of commissions,margin requirements（改為：原來(lái)是describe how trading，commissions，margin requirements）,and exercise procedures to exchange-tradedoptions and explain the trading characteristics of these options（新增）.
Chapter 13、Chapter14、Chapter 15、Chapter 16不變
Chapter 17.Corporate Bonds
Define recovery rateand default rate,and differentiate between an issue default rate and a dollardefault rate（刪除：describe the relationshipbetween recovery rates and seniority）
Chapter 18、Chapter19、Chapter 20不變
估值模型（30%）
整體解讀：
該科目考試占比不變，整體內(nèi)容有所調(diào)整，刪除內(nèi)容集中在市場(chǎng)風(fēng)險(xiǎn)部分，壓力測(cè)試部分也有刪減和修改，非平行利率期限結(jié)構(gòu)部分有新增和修改，一戰(zhàn)考生按部就班復(fù)習(xí)即可，二戰(zhàn)考生可重點(diǎn)關(guān)注相應(yīng)內(nèi)容變化，總體而言變化不大。
Chapter 1.Measures of Financial Risk
Describe spectral risk measures and explain how VaR and ES arespecial cases of spectral risk measures（刪除）
Chapter 2.Calculating andApplying VaR
explain the full revalution method forcomputing VaR（刪除）
Explainthe structured Monte Carlo method（刪除stresstesting methods）forcomputing VaR and identify its strengths and weaknesses.
Chapter 3.Measuring and Monitoring Volatility
Evaluate the various approaches for estimating VaR（刪除）.
Chapter 4.External and Internal Credit Ratings
Explainthe potential impact of ratings changes on bond and stock prices.（改為：Describe the relationships between changes incredit ratings and changes in stock prices,bond prices,and credit defaultswap spreads.）
Chapter 5、Chapter6、Chapter 7不變》》對(duì)FRM考試剛解析有疑問(wèn)的點(diǎn)我咨詢
Chapter 8.Stress Testing
Explainkey considerations and challenges related to stress testing,including choiceof scenarios,regulatory specifications,model building,and reverse stresstesting.（改為：原來(lái)是Identify key aspects ofstress testing governance,including choice of scenarios,regulatoryspecifications,model building,stress-testing coverage,capital and liquiditystress testing and reverse stress testing.）
Describestressed VaR and stressed ES and compare the process of determining stressedVaR and ES to that of
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備注：（FRM備考資料包含：1、FRM專用英語(yǔ)詞匯 2、FRM一二級(jí)專用公式表3、FRM模擬習(xí)題 4、FRM前導(dǎo)課程5、FRM 報(bào)名流程指引圖6、FRM電子版資料 7、FRM考綱 8、FRM筆記）
相關(guān)推薦：FRM報(bào)名 FRM是什么 FRM成績(jī) FRM考點(diǎn) 金程網(wǎng)校
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