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2020年cfa一级考纲变动早些已经通知过，但昨天还有同学来咨询高顿君“2020年CFA一级考纲有哪些变动？”
2020年CFA一级考纲变动内容并不算多。
2020年CFA一级考纲变动内容为：
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：
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，2020年相比2019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。
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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;
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.
2020年CFA一级考纲变动内容并不算多，报考CFA一级的考生要认真备考，争取一次就过！
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