2020年CFA考试，大变！

CFA证素来有着“金融投资界的MBA”“进军华尔街的‘入场券’”之称在近年大热的证书中也一直占据榜单前五。

2019年报考CFA的全球人数就达到26万，但是，与之热火朝天的报名景象不同

CFA的通过率那是一年比一年低，终于在今年下跌到近几年最低...

“雪上加霜”的是，CFA在考试大纲上又有新动作，2020年CFA考纲发生大变化难度再次加大！CFA变得越来越难考了~~~

2020 CFA考试大纲变化整理

CFA一级考纲变化

CFA一级考纲连续多年都在大改，相较过往而言，2020年的CFA一级考纲整体变化幅度较小，主要是各项细节调整，具体调整如下：

伦理道德与专业准则

Reading 1. Ethics And Trust In The Investment Profession中，新增考纲：

c. describe professions and how they establish trust;

取消对framework for ethical decision making的应用（apply）要求。

数量方法

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。

公司财报分析

Reading 20. Financial Reporting Standards中，删除原考纲要求：

c. describe the status of global convergence of accounting standards and>f. compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems;

g. identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;

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。

公司金融

Reading 32. Capital Budgeting中，新增考纲：

f.contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule。

固定收益投资

Reading 44. Introduction to Fixed-Income Valuation中，新增考纲：

f.calculate annual yield>

衍生工具

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。

投资组合

该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>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.

CFA二级考纲变化

相较于2019年，2020年CFA二级考纲半数以上科目实质变化较大。首先，相较于2019年，各科目的考试权重不变。

其次，考纲内容上，除了财务报表分析（Financial Reporting Analysis）、权益投资（Equity Investments）、其他类投资（Alternative Investments）、固定收益投资（Fixed Income Investments）四门科目考纲要求无变化，其余科目的考纲都有不同程度的内容调整。单科科目的考纲要求变化情况具体如下：

01 伦理与职业标准

删除两个章节：

Reading 4 Trade Allocation: Fair Dealing and Disclosure；

Reading 5 Changing Investment Objectives。

02 数量方法

Reading 4 Introduction to Linear Regression中，删除关于相关分析的考纲要求：

a. calculate and interpret a sample covariance and a sample correlation coefficient and interpret a scatter plot;

b. describe limitations to correlation analysis;

c. 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；

Reading 5 Multiple Regression，删除关于机器学习的三条原考纲要求：

p.distinguish between supervised and unsupervised machine learning；

q.describe machine learning algorithms used in prediction, classification, clustering, and dimension reduction；

r.describe the steps in model training；

新增Reading 7 Machine Learning；

新增Reading 8 Big Data Project。

03 经济学

Reading 12 Economics of Regulation中，关于评估行业监管的影响的考纲要求描述有所修改：

i. describe the considerations when evaluating the eﬀects of regulation>

04 公司金融

删除Reading 23 Corporate Performance, Governance, and Business Ethics；

删除Reading 24 Corporate Governance；

新增Reading 22 Corporate Governance and Other ESG Considerations in Investment Analysis。

05 衍生工具

删除Reading 41Derivatives Strategies。

06 投资组合管理

删除两个章节：

Reading 46 The Portfolio Management Process and The Investment Policy Statement；

Reading 51 Algorithmic Trading and High-Frequency Trading。

新增两个章节:

Reading 43 Exchange-Traded Funds: Mechanics and Applications；

Reading 48 Trading Costs and Electronic Markets，新考纲要求来源于：

2019年CFA三级科目Trading and rebalancing相关章节；

2019年CFA二级投资组合管理（Portfolio Management）Reading 51;

Algorithmic Trading and High-Frequency Trading。

CFA三级考纲变化

相对于2019年，2020年CFA三级考纲的变化较显著，以往过时的内容已全部删除，代之以对当前全球金融界最新研究成果进行系统介绍的新内容，综合阅读量进一步加大，Reading数量从2019年37个增加到38个，对考生学习能力的要求进一步提高。

2020年版的新教程更加注重对考生投资专业性和系统性的培养，对职业素养的要求更高。具体而言，最显著的变化体现为如下方面：

新增道德与职业准则（2）（Session 2：Ethical and Professional Standards (2)）模块：

保留原模块实践中的道德和职业准则（Session2：Ethical and Professional Standards in Practice）的章节内容；

原全球投资业绩标准（Session 20：Global Investment Performance Standards）内容全部移动至该模块，新章节为Reading 6 Overview of the Global Investment Performance Standards。

删除原资产管理行业与专业性（Session 3：The Asset Management Industry and Professionalism）：

模块下原章节Reading 5 Overview of The Asset Management Industry and Portfolio Management删除；

原章节Reading 6 Professionalism in Investment Management移动至道德与职业准则（2）（Session 2：Ethical and Professional Standards (2)）模块。

新增资本市场预期（Session 4：Capital Market Expectations）模块：

将原模块Session 8：Applications of Economic Analysis to Portfolio Management中的章节Reading 16 Capital Market Expectations移动至该模块，并进行大幅修改，更新为Reading 10 Capital Market Expectations, Part1：Framework and Macro Considerations；

新增Reading 11 Capital Market Expectations, Part 2: Forecasting Asset Class Returns。

新增投资组合管理中的资产配置和相关决策（Session 5：Asset Allocation and Related Decisions in Portfolio Management）：

由原模块Session 9：Asset Allocation And Related Decisions In Portfolio Management (1)和Session 10：Asset Allocation And Related Decisions In Portfolio Management (2)合并；

由三个章节构成，Reading 12 Overview of Asset Allocation；Reading 13 Principles of Asset Allocation和Reading 14 Asset Allocation With Real-World Constraints，章节内容基本无变化。

新增衍生品及现金管理（Session 6：Derivatives and Currency Management）：

将原模块Session 17 Risk Management Applications of Derivatives移入该模块，并进行大量修改，新章节为Reading 15 Options Strategies和Reading 16 Swaps, Forwards, And Futures Strategies；

将原模块Session 10 Asset Allocation And Related Decisions In Portfolio Management (2)下章节Reading 21 Currency Management: An Introduction移入该模块，新章节为Reading 17 Currency Management: An Introduction，内容基本无变化。

另类投资（Session11：Alternative Investments For Portfolio Management）模块进行大幅修改：

将原章节Reading 30 Alternative Investments Portfolio Management删除，变更为两个新章节Reading 26 Hedge Fund Strategies和Reading 27 Asset Allocation to Alternative Investments。

私人财富管理（1）（Session12：Private Wealth Management (1)）模块，删除原章节Reading10 Managing Individual Investor Portfolios，新增章节Reading 28 Overview Of Private Wealth Management。

机构投资者的投资组合管理（Session14：Portfolio Management for Institutional Investors）模块内容大幅修改：

原章节Reading 15 Managing Institutional Investor Portfolios删除，新章节为Reading 33 Portfolio Management for Institutional Investors。

新增交易、绩效评估和基金经理选择（Session 15 Trading, Performance Evaluation, and Manager Selection）模块：

由原Session 18 Trading和Session 19 Performance Evaluation合并，并进行了大幅修改，新章节为Reading 34 Trade Strategy and Execution，Reading 35 Portfolio Performance Evaluation和Reading 36 Investment Manager Selection。

新增投资组合管理与风险管理案例（Session 16：Cases in Portfolio Management and Risk Management）模块，新增两个案例学习章节Reading 37 Case Study In Portfolio Management: Institutional和Reading 38 Case Study In Risk Management: Private Wealth。

考CFA变得越来越难，通过率逐年降低，许多CFA考生们不禁发出灵魂疑问：

到底要不要放弃呢？这个证真的值得考吗？

12月CFA考生·专属福利

凭CFA准考证报二三级课程可享特惠

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