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正式发布!2019年CFA一二三级CFA考纲已来,附考纲变化解读!-道明诚教育CFA培训中心
发布时间: 2018-8-8 人气:2446

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 翘首以盼,2019一二三级CFA考纲终于公布!

前段时间一直传播发酵的有关2019CFA考纲大变化的新闻,今天靴子落地!道明诚教育第一时间解读考纲变化。

 

CFA考纲每年变化一次,这也体现了CFA协会与时俱进的精神,考纲变化的部分恰好是CFA考试重难点,希望引起大家重视!

 

2019年CFA一级考纲变化总体解读

最大变化就是:FINTECH如约而至

 

1,增加了 FINTECH,这也印证了前段时间的种种传闻,在第13章组合管理里,单独增加了一个

READING 43. FINTECH IN INVESTMENT MANAGEMENT

 

 

2,删除了原 READING22.FINANCIAL REPORTING MECHANICS全部内容

2019年CFA二级考纲变化总体解读

根据CFA协会最新公布的2019CFA二级考纲,考纲发生变化的科目
4,分别为道德、数量、财务报表分析与固定收益。其中

 

道德,删除3个 READING ,新增2个考点。

删除2018

READING3 CFA Institute Research Objectivity Standards;

 

READING4 The Glenarm Company,

 

READING5 PrestonPartners;

 

READING6 Super Selection.


新增2019 READING 3 Application of theCode and Standards,共2个考点


考点a: evaluate policies and practices for a firm and anindividual in relation to the CFA Institute Code of Ethics and Standards of ProfessionalConduct;


考点b: explain the appropriate action to take in responseto conduct that violates the CFA Institute Code of Ethics and Standards ofProfessional Conduct.


数量,新增7个考点

新增2019 READING 6 Fintech inInvestment Management;

 

2019 READING 8 Multiple Regression and MachineLearning, 新增3个考点。

考点p:distinguish between supervisedand unsupervised machine learning;

 

考点p:describe machine learning algorithms used inprediction.

classification, clustering, and dimension reduction;

 

考点r:describe the steps in modeltraining;

 

财务报表分析

新增2019 READING 17 Analysis ofFinancial Institutions,共6个考点


考点a:describe how financialinstitutions differ from other

compani;


考点b:describe key aspects offinancial regulations of financial

Institutions;


考点c:explain the CAMELS (capitaladequacy asset quality management, earnings, liquidity andsensitivity)approach to analyzing a bank, including key ratios and itslimitations;


考点d:describe other factors toconsider in analyzing a bank;


考点e:analyze a bank based onfinancial statements and other actors;


考点f:describe key ratios and otherfactors to consider in analyzing an insurance company.


固定收益, Credit Analysis Models部分考点发生了合井与改写

2019考点

考点a:explain expected exposure theloss given default, the probability of default and the credit valuationadjustment;


考点b:explain credit scores andcredit ratings;


考点c:calculate the expected retum ona bond given transition in its credit rating


考点d:explain structural andreduced-form models of corporate credit risk, including assumptions, strengths, andweaknesses;


考点e:calculate the value of a bondand its credit spread, given assumptions about the credit risk parameters;


考点f:interpret changes in a creditspread;


考点g:explain the determinants of theterm structure of credit spreads and interpret a term structure of creditspreads;


考点h:compare the credit analysisrequired for securitized debt to the credit analysis of corporate debt.

 

2018考点

考点a:explain probability of default,loss given default, expected loss, and present value of the expected loss anddescribe the relative importance of each across the creditspectrum;


考点b:explain credit scoring and creditratings;


考点c:explain strengths and weaknesses of creditratings;


点d:explain structural models ofcorporate credit risk,including why equity can be viewed as a call option on thecompany‘s assets;


考点e:explain reduced form models ofcorporate credit risk,including why debt can be valued as the sum ofexpected discounted cash flows after adjusting for risk;


考点f:explain assumptions, strengths,and weaknesses of both structural and reduced form models of corporatecredit risk;


考点g:explain the determinants of theterm structure of credit spreads;


考点h:calculate and interpret thepresent value of the expected loss on a bond over a given time horizon;


考点i:compare the credit analysis required forasset-backed securities to analysis of corporate debt.



2019年CFA三级考纲变化总体解读

根据CFA协会最新公布的2019CFA三级考纲,考纲发生变化的科目
4,分别为职业伦理、资产配置、固定收益、权益与交易、监控、调整。其中权益部分几乎全部改写!


职业伦理Code of Ethics and Standards of Professional Conduct

 

READING1

考点b:explain the ethical responsibilities required by the Code of Ethics and the Standards of Professional Conduct, including the sub-sections of each standard.

修改为

考点b:explain the ethical responsibilities required by the Code and Standards, including the sub- sections of each standard.

 

READING 2

考点b:recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct

修改为

考点b:recommend practices and procedures designed to prevent violations of the Code and Standards.

 

READING 3

考点a:evaluate professional conduct and formulate an appropriate response to actions that violate the Code of Ethics and Standards of Professional Conduct;

修改为

考点a:evaluate professional conduct and formulate an appropriate response to actions that violate the CFA Institute Code of Ethics and Standards of Professional Conduct;

 

考点b:formulate appropriate policy and procedural changes needed to assure compliance with the Code of Ethics and Standards of Professional Conduct.

修改为

考点b:formulate appropriate policy and procedural changes needed to assure compliance with the Code and Standards.

 

新增:Study Session 3:The Asset Management Industry and Professionalis

 

资产配置删除原Reading 20

固定收益变化在原READING24 CREDIT STRATEGIES修改为READING25

FIXED- INCOME ACTIVE MANAGEMENT: CREDIT STRATEGIES


权益变动很大,删除了原READING25 EQUITY PORTFOLIO MANAGEMENT全部考点

新增了

READING26. INTRODUCTION TO EQUITY PORTFOLIO MANAGEMENT

 

READING27.PASSIVE EQUITY INVESTING

 

READING28.ACTIVE EQUITY INVESTING: STRATEGIES

 

READING29.ACTIVE EQUITY INVESTING: PORTFOLIO CONSTRUCTION


具体每个READING 下的考点请看考纲!


交易、监控、调整


删除了原READING32.MONITORING AND REBALANCING


具体每个READING  下的考点请看考纲!


以上仅是简要对比了2018年与2019年的考纲变化,考生可以通过添加以下微信公众号并留言“考纲”,我们讲会发详细考纲对照表以及2019CFA官方考纲原文件!


 

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