和小编一起看看2019年CFA®二级考试有哪些变化吧!
二级的考纲变动整理:
总的来说CFA®考纲二级的变化如下:
1.Ethics中SS2新增了reading 3,同时删除SS1的reading 3和SS2的reading 4,5,6
2.Quantitative Methods中新增了reading 6,同时reading 8增加3个考点
3.Fixed income中reading37新增4个考点,删除了3个考点同时修改了一个考点
4.Financial Reporting and Analysis新增了一个reading
5.Alternative Investments中reading46的考点叙述有所修改
没有变化:
SS4 Economics
SS7~8 Corporate Finance
SS9~11 Equity Analysis
SS14 Derivatives
SS16~17 Portfolio Management
发生变化:
SS1~2 Ethical and professional standards
SS3 Quantitative Methods
SS5~6 Financial Reporting and Analysis
SS12~13 Fixed income
SS15 Alternative Investment
CFA®考纲变化的详细解读:
SS1~2 Ethics部分
SS2中新增Reading 3 Application of the Code and Standards,具体LOS:
Evaluate policies and practices for a firm and an individual in relation to the CFA Institute Code of Ethics and Standards of Professional Conduct
Explain the appropriate action to take in response to conduct that violates the CFA Institute Code of Ethics and Standards of Professional Conduct
这里的Reading是新增的,将原来的SS2中reading4,5,6删除;CFA®对于整个Session中的案例进行了较大幅度的整合。
SS3 Quantitative Methods部分
新增reading 6 Fintech in Investment Management以及reading 8 Multiple Regression and Machine Learning(p、q、r)
reading 6新增金融科技(fintech)内容,需要对金融科技(fintech)、大数据(Big Data)、人工智能(artificial intelligence)、机器学习(machine learning)、金融科技在投资管理的应用、分布式账本技术在金融领域的应用这些方面做定性了解。reading8在原先基础上新增3点关于机器学习的考点,具体是:会区分监督式(supervised)和非监督式(unsupervised)学习,定性了解机器学习算法在预测、分类、聚类、降维中的应用和模型学习中的分步。
SS5~6 Financial Reporting and Analysis部分
新增了Reading 17 Analysis of Financial Institutions19年考纲新增了一个reading,要求考生掌握金融机构相关的会计处理与财务报表分析。金融机构主要包括:银行、保险公司的等。金融机构作为一类比较特殊的公司,会计处理和普通公司之间有比较大的差异,之前在财务报表分析科目中,基本不进行介绍。从新增的reading中说明CFA协会开始要求考生重视金融机构的报表的会计处理和分析。
SS12~13 Fixed income部分
Reading 37(2019)
新增4个考点LOS:
Calculate the expected return on a bond given transition in its credit rating.
Calculate the value of a bond and its credit spread,given assumptions about the credit risk parameters.
Interpret changes in a credit spread.
Explain the determinants of the term structure of credit spreads and interpret a term structure of credit spreads.
这一reading在2019年修改后,弱化了对reduced form model和structural mode理论知识的了解,但是强化了对债券预期收益率和估值考试计算的要求,考生一定要注意这两方面计算问题;同时,考生要加强利用利差的知识理解。因此,可以看出2019年CFA协会更注重对债券信用结构、估值以及收益率的考察。
修改了1个考点:explain probability of default loss given default,expected loss,and present value of the expected loss and describe the relative importance of each across the credit spectrum;变成:explain expected exposure,the loss given default,the probability of default,and the credit valuation adjustment.
考生仍然要掌握对预期风险、违约损失、违约概率的了解,同时要对信用估值调整逬行新的学习;在2019年,CFA协会要求考生不仅能对信用利率结构的决定因素进行解释,还需要解释什么是信用利率结构。因此,考生要着重学习信用利率结构的理论知
删除了以下考点:
explain strengths and weaknesses of credit ratings
explain structural models of corporate credit risk,including why equity can be viewed as a call option on the compan’s assets
explain reduced form models of corporate credit risk,including why debt can be valued as the sum of expected discounted cash flows after adjusting for risk
calculate and interpret the present value of the expected loss on a bond over a given time horizon
SS15 Alternative Investment部分
Reading 46中的一个考点描述变化:
analyze the relationship between spot prices and expected future price in market in contango and markets in backwardation.删除了“expected”一词。