什么？2020年CFA一级考纲竟然有这么多变动！-经管之家官网！

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通知，2020年CFA三个级别的考纲均已经新鲜出炉！相较2019年，每个级别都有不小的调整。高顿CFA研究院专业讲师团队倾力，一时间为你解读考纲变化，令你及时树立备考风向标，把握考试动态，不做无用功！

在CFA一级考纲连续多年发生较大变化后，相较于2019年，2020年CFA一级考纲整体变化幅度较小，实质改变较少但细节调整较多。

首先，相较于2019年，各科目的考试比重未发生变化。

其次，考纲内容上，除了经济学 （Economics）、权益投资（Equity Investment）、其他类投资（Alternative Investments）无变化，其他部分细节调整较多。具体而言：

CFA考试分为三个级别，每个级别的考试内容不同，需要的资料教材也就不同，高顿君整理了一些CFA资料（三个级别的都有），你们可领取之后自己找到相对应的学习。》》领取2019-2020年CFA学习资料

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。

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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。

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√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;

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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;

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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.

2020年参加CFA一级考试的考生在备考前一定要先了解2020年CFA一级考纲变化内容，了解之后你才能更好地进行备考！

文章来源：高顿，若需引用或转载请保留此处信息，未加入此版权信息 ，盗版者将追究法律责任！

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