溫馨提示：了解最新考綱是一個優(yōu)秀備考計劃的開始,CFA考綱變化的各個知識點是每年考試容易出現(xiàn)的考點。
 
　　17年CFA一級考綱總結(jié)
 CFA考試
　　1、Ethical and Professional Standards
 
　　1.由2016年4個Reading增至2017年5個Reading；2.Study Session 1中增加一個Reading，Ethics and Trust in the Investment Profession。
 
　　READING 1.ETHICS AND TRUST IN THE INVESTMENT PROFESSIONa)explain ethics;
 
　　b)describe the role of a code of ethics in defining a profession;c)identify challenges to ethical behavior;d)describe the need for high ethical standards in the investment industry;e)distinguish between ethical and legal standards;f)describe and apply a framework for ethical decision making.
 
　　2、Quantitative Methods
 
　　無變化
 
　　3、Economics
 
　　1.由2016年的9個Reading減為2017年7個Reading；2.微觀經(jīng)濟學(xué)部分的Demand and Supply Analysis中introduction,Consumer Demand及Firm合并為一個Reading 14 Topics in Demand and Supply Analysis。由2016年31個考點減為2017年6個。
 
　　READING 14.TOPICS IN DEMAND AND SUPPLY ANALYSISa)calculate and interpret price,income,and cross-price elasticities of demand and describe factors that affect each measure;b)compare substitution and income effects;c)distinguish between normal goods and inferior goods;d)describe the phenomenon of diminishing marginal returns;e)determine and describe breakeven and shutdown points of production;f)describe how economies of scale and diseconomies of scale affect costs.
 
　　4、Financial Reporting and Analysis
 
　　1.Study Session 8，Reading 24，Income Statement部分，刪除對extraordinary items的理解。
 
　　5、Corporate Finance
 
　　1.Corporate Governance內(nèi)容變化較大。
 
　　READING 34.CORPORATE GOVERNANCE AND ESG:AN INTRODUCTIONa)describe corporate governance;
 
　　b)describe a company’s stakeholder groups and compare interests of stakeholder groups;c)describe principal-agent and other relationships in corporate governance and the conflicts that may arise in these relationships;d)describe stakeholder management;
 
　　e)describe mechanisms to manage stakeholder relationships and mitigate associated risks;f)describe functions and responsibilities of a company’s board of directors and its committees;g)describe market and non-market factors that can affect stakeholder relationships and corporate governance;h)identify potential risks of poor corporate governance and stakeholder management and identify benefits from effective corporate governance and stakeholder management;i)describe factors relevant to the analysis of corporate governance and stakeholder management;j)describe environmental and social considerations in investment analysis;k)describe how environmental,social,and governance factors may be used in investment analysis.
 
　　6、Portfolio Management
 
　　無變化。
 
　　7、Equity
 
　　無變化。
 
　　8、Fixed Income
 
　　無變化。
 
　　9、Derivatives
 
　　無變化。
 
　　10、Alternative Investments
 
　　無變化。
　　全球95%考生都在用:2017-2018CFA最完整資料下載即可 (資料包含CFA必考點總結(jié),提升備考效率,加分必備).
 
　　17年CFA二級考綱總結(jié)
 
　　1、經(jīng)濟學(xué)
 
　　無變化
 
　　2、財務(wù)報表分析
 
　　原2016年Reading 16刪除
 
　　Inventories:Implications for Financial Statements and Ratios
 
　　原2016年Reading 17刪除
 
　　Long-lived Assets:Implications for Financial Statements and Ratios
 
　　3、股權(quán)投資
 
　　原2016年Reading 31刪除
 
　　The Five Competitive Forces That Shape Strategy
 
　　原2016年Reading 32刪除
 
　　Your Strategy Needs a Strategy
 
　　4、另類投資
 
　　原2016年Reading 42改變
 
　　從2016 A Primer on Commodity Investing
 
　　改變?yōu)?017 Commodities and Commodity Derivatives:An Introduction
 
　　以下為2017年新內(nèi)容
 
　　A.compare characteristics of commodity sectors;B.compare the life cycle of commodity sectors from production through trading or consumption;C.contrast the valuation of commodities with the valuation of equities and bonds;D.describe types of participants in commodity futures markets;E.analyze the relationship between spot prices and expected future prices in markets in contango and markets in backwardation;F.compare theories of commodity futures returns;G.describe,calculate,and interpret the components of total return for a fully collateralized commodity futures contract;H.contrast roll return in markets in contango and markets in backwardation;I.describe how commodity swaps are used to obtain or modify exposure to commodities;J.describe how the construction of commodity indexes affects index returns.
 
　　5、投資組合
 
　　新增2017年
 
　　Measuring and Managing Market Risk
 
　　Algorithmic trading and high-frequency trading以下為2017年新內(nèi)容
 
　　Measuring and Managing Market Risk
 
　　A.explain the use of value at risk(VaR)in measuring portfolio risk;B.compare the parametric(variance-covariance),historical simulation,and Monte Carlo simulation methods for estimating VaR;C.estimate and interpret VaR under the parametric,historical simulation,and Monte Carlo simulation methods;D.describe advantages and limitations of VaR;E.describe extensions of VaR;
 
　　F.describe sensitivity risk measures and scenario risk measures and compare these measures to VaR;G.demonstrate how equity,fixed-income,and options exposure measures may be used in measuring and managing market risk and volatility risk;H.describe the use of sensitivity risk measures and scenario risk measures;I.describe advantages and limitations of sensitivity risk measures and scenario risk measures;J.describe risk measures used by banks,asset managers,pension funds,and insurers;K.explain constraints used in managing market risks,including risk budgeting,position limits,scenario limits,and stop-loss limits;L.explain how risk measures may be used in capital allocation decisions.
 
　　Algorithmic trading and high-frequency tradingA.define algorithmic trading;
 
　　B.distinguish between execution algorithms and high-frequency trading algorithms;C.describe types of execution algorithms and high-frequency trading algorithms;D.describe market fragmentation and its effects on how trades are placed;E.describe the use of technology in risk management and regulatory oversight;F.describe issues and concerns related to the impact of algorithmic and high-frequency trading on securities markets.
 
　　6、道德
 
　　無變化
 
　　7、量化分析
 
　　無變化
 
　　8、公司金融
 
　　無變化
 
　　9、固定收益
 
　　新增：
 
　　READING 39.CREDIT DEFAULT SWAPS
 
　　The candidate should be able to:
 
　　a describe credit default swaps(CDS),single-name and index CDS,and the parameters that define a given CDS product;b describe credit events and settlement protocols with respect to CDS;c explain the principles underlying,and factors that influence,the market’s pricing of CDS;d describe the use of CDS to manage credit exposures and to express views regarding changes in shape and/or level of the credit curve;e describe the use of CDS to take advantage of valuation disparities among separate markets,such as bonds,loans,equities,and equity-linked instruments.
 
　　10、衍生品
 
　　結(jié)構(gòu)雖然有大的調(diào)整，但是核心知識點并未改變，見下面黃色字體標(biāo)注關(guān)鍵變動：
 
　　1.CDS刪除，實際移動到固定收益
 
　　2.16年考綱提及到的Eurodollar Future,cap and floor,contango and backwardation,FRA
 
　　17年CFA三級考綱總結(jié)
 
　　近幾年來CFA三級的考綱內(nèi)容變化都不大,今年也不例外.
 
　　相對于2016年的官方教材,2017年CFA三級官方教材基本沒有變化,唯一的變動來自私人財富管理中的Reading12部分.
 
　　協(xié)會對此章節(jié)的全部內(nèi)容進行了重寫,不過其考察的主體知識點基本沒有變化.
 
　　一、新增部分(2017年三級考綱新增1個章節(jié))
 
　　1.2017年三級考綱中唯一變化的是Private Wealth Management(2)部分新增加了Reading 12 Risk Management for Individuals
 
　　二、刪除部分(2017年三級考綱中刪除了1個章節(jié))
 
　　1.2017年三級考綱中的Private Wealth Management(2)部分刪除了2016年考綱中的Reading 12 Lifetime Financial Advice:Human Capital,Asset Allocation,and Insurance
 
　　三、參考書變動部分:
 
　　1.Trading,Monitoring,and Rebalancing中,2016年的Reading 29 Execution of Portfolio Decisions by Ananth Madhavan,Jack L.Treynor,and Wayne H.Wagner在2017年變成了Reading 29 Execution of Portfolio Decisions by Ananth Madhavan,PhD,Jack L.Treynor,MBA,and Wayne H.Wagner,PhD,(Ananth Madhavan增加了一個博士學(xué)位,Jack L.Treynor增加了一個MBA學(xué)位)