2020年CFA®一级科目内容变动讲解

文章来源:中博教育 发布时间:2019-11-29 15:01 阅读:85次

CFA协会已经公布了2020年CFA®考试考纲的变动情况,CFA®考试需要逐级进行考试,也就是说同学们需要从一级开始参加考试,中博君今天来给大家讲讲2020年CFA®一级考试科目变动内容有哪些。

CFA协会®已经公布了2020年CFA®考试考纲的变动情况,CFA®考试需要逐级进行考试,也就是说同学们需要从一级开始参加考试,中博君今天来给大家讲讲2020年CFA®一级考试科目变动内容有哪些。

2020年CFA®一级共有七个科目内容发生变动,分别为:

(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:

新增考纲:c. describe professions and how they establish trust;

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)部分:

Reading 20. Financial Reporting Standards中:

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.

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:

b. 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;

d. 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:

o. explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios;

p. 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:

h. determine the initial recognition, initial measurement, and subsequent measurement of finance leases;

i. compare the disclosures relating to finance and operating leases;


CFA<sup>®</sup>一级


(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,

新增考纲c. calculate a forward price of an asset with zero, positive, or negative net cost of carry;

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.

每一个科目内容发生的变动都是CFA®考生需要着重学习的地方,2020年CFA®一级科目权重未发生变化,CFA®考生可结合科目权重来决定科目学习顺序。

2020年CFA®一级科目权重:

职业伦理道德15%、定量分析10%、经济学10%、财务报表分析15%、公司理财10%、投资组合管理6%、权益投资11%、固定权益投资11%、衍生品投资6%、其他投资6%



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