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正式发布!2019年CFA一二三级CFA考纲已来,附考纲变化解读!-道明诚教育CFA培训中心
发布时间: 2018-8-8 人气:2474
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  •  翘首以盼,2019一二三级CFA考纲终于公布!

    前段时间一直传播发酵的有关2019CFA考纲大变化的新闻,今天靴子落地!道明诚教育第一时间解读考纲变化。

     

    CFA考纲每年变化一次,这也体现了CFA协会与时俱进的精神,考纲变化的部分恰好是CFA考试重难点,希望引起大家重视!

     

    2019年CFA一级考纲变化总体解读

    最大变化就是:FINTECH如约而至

     

    1,增加了 FINTECH,这也印证了前段时间的种种传闻,在第13章组合管理里,单独增加了一个

    READING 43. FINTECH IN INVESTMENT MANAGEMENT

     

     

    2,删除了原 READING22.FINANCIAL REPORTING MECHANICS全部内容

    2019年CFA二级考纲变化总体解读

    根据CFA协会最新公布的2019CFA二级考纲,考纲发生变化的科目
    4,分别为道德、数量、财务报表分析与固定收益。其中

     

    道德,删除3个 READING ,新增2个考点。

    删除2018

    READING3 CFA Institute Research Objectivity Standards;

     

    READING4 The Glenarm Company,

     

    READING5 PrestonPartners;

     

    READING6 Super Selection.


    新增2019 READING 3 Application of theCode and Standards,共2个考点


    考点a: evaluate policies and practices for a firm and anindividual in relation to the CFA Institute Code of Ethics and Standards of ProfessionalConduct;


    考点b: explain the appropriate action to take in responseto conduct that violates the CFA Institute Code of Ethics and Standards ofProfessional Conduct.


    数量,新增7个考点

    新增2019 READING 6 Fintech inInvestment Management;

     

    2019 READING 8 Multiple Regression and MachineLearning, 新增3个考点。

    考点p:distinguish between supervisedand unsupervised machine learning;

     

    考点p:describe machine learning algorithms used inprediction.

    classification, clustering, and dimension reduction;

     

    考点r:describe the steps in modeltraining;

     

    财务报表分析

    新增2019 READING 17 Analysis ofFinancial Institutions,共6个考点


    考点a:describe how financialinstitutions differ from other

    compani;


    考点b:describe key aspects offinancial regulations of financial

    Institutions;


    考点c:explain the CAMELS (capitaladequacy asset quality management, earnings, liquidity andsensitivity)approach to analyzing a bank, including key ratios and itslimitations;


    考点d:describe other factors toconsider in analyzing a bank;


    考点e:analyze a bank based onfinancial statements and other actors;


    考点f:describe key ratios and otherfactors to consider in analyzing an insurance company.


    固定收益, Credit Analysis Models部分考点发生了合井与改写

    2019考点

    考点a:explain expected exposure theloss given default, the probability of default and the credit valuationadjustment;


    考点b:explain credit scores andcredit ratings;


    考点c:calculate the expected retum ona bond given transition in its credit rating


    考点d:explain structural andreduced-form models of corporate credit risk, including assumptions, strengths, andweaknesses;


    考点e:calculate the value of a bondand its credit spread, given assumptions about the credit risk parameters;


    考点f:interpret changes in a creditspread;


    考点g:explain the determinants of theterm structure of credit spreads and interpret a term structure of creditspreads;


    考点h:compare the credit analysisrequired for securitized debt to the credit analysis of corporate debt.

     

    2018考点

    考点a:explain probability of default,loss given default, expected loss, and present value of the expected loss anddescribe the relative importance of each across the creditspectrum;


    考点b:explain credit scoring and creditratings;


    考点c:explain strengths and weaknesses of creditratings;


    点d:explain structural models ofcorporate credit risk,including why equity can be viewed as a call option on thecompany‘s assets;


    考点e:explain reduced form models ofcorporate credit risk,including why debt can be valued as the sum ofexpected discounted cash flows after adjusting for risk;


    考点f:explain assumptions, strengths,and weaknesses of both structural and reduced form models of corporatecredit risk;


    考点g:explain the determinants of theterm structure of credit spreads;


    考点h:calculate and interpret thepresent value of the expected loss on a bond over a given time horizon;


    考点i:compare the credit analysis required forasset-backed securities to analysis of corporate debt.



    2019年CFA三级考纲变化总体解读

    根据CFA协会最新公布的2019CFA三级考纲,考纲发生变化的科目
    4,分别为职业伦理、资产配置、固定收益、权益与交易、监控、调整。其中权益部分几乎全部改写!


    职业伦理Code of Ethics and Standards of Professional Conduct

     

    READING1

    考点b:explain the ethical responsibilities required by the Code of Ethics and the Standards of Professional Conduct, including the sub-sections of each standard.

    修改为

    考点b:explain the ethical responsibilities required by the Code and Standards, including the sub- sections of each standard.

     

    READING 2

    考点b:recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct

    修改为

    考点b:recommend practices and procedures designed to prevent violations of the Code and Standards.

     

    READING 3

    考点a:evaluate professional conduct and formulate an appropriate response to actions that violate the Code of Ethics and Standards of Professional Conduct;

    修改为

    考点a:evaluate professional conduct and formulate an appropriate response to actions that violate the CFA Institute Code of Ethics and Standards of Professional Conduct;

     

    考点b:formulate appropriate policy and procedural changes needed to assure compliance with the Code of Ethics and Standards of Professional Conduct.

    修改为

    考点b:formulate appropriate policy and procedural changes needed to assure compliance with the Code and Standards.

     

    新增:Study Session 3:The Asset Management Industry and Professionalis

     

    资产配置删除原Reading 20

    固定收益变化在原READING24 CREDIT STRATEGIES修改为READING25

    FIXED- INCOME ACTIVE MANAGEMENT: CREDIT STRATEGIES


    权益变动很大,删除了原READING25 EQUITY PORTFOLIO MANAGEMENT全部考点

    新增了

    READING26. INTRODUCTION TO EQUITY PORTFOLIO MANAGEMENT

     

    READING27.PASSIVE EQUITY INVESTING

     

    READING28.ACTIVE EQUITY INVESTING: STRATEGIES

     

    READING29.ACTIVE EQUITY INVESTING: PORTFOLIO CONSTRUCTION


    具体每个READING 下的考点请看考纲!


    交易、监控、调整


    删除了原READING32.MONITORING AND REBALANCING


    具体每个READING  下的考点请看考纲!


    以上仅是简要对比了2018年与2019年的考纲变化,考生可以通过添加以下微信公众号并留言“考纲”,我们讲会发详细考纲对照表以及2019CFA官方考纲原文件!


     

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