CFA考試每年有兩次考試，為什么CFA考試大綱只更新一次呢？這是什么原因呢？要要知道CFA考試每年是6月和12月考試，只有一級考試有兩次，二三級考試只有在6月份，所以12月份的考綱和6月的一樣，不更新！
簡單來說就是一級考綱適用于當(dāng)年6月和12月CFA考試，二三級考綱適用于當(dāng)年6月，那CFA考試大綱一般在什么時候更新呢？
一般考綱更新時間為前一年的9月份左右，也就是在CFA考試報名通道開啟時，CFA考試大綱就一起出來了！
CFA考試分為三個等級，每個等級的考綱是不一樣的，12月與6月CFA考試都舉行的為CFA一級考試，兩次考試的考綱是相同的。CFA一級考試側(cè)重：知識、理解，注重工具及技術(shù)，包括資產(chǎn)估值入門及證券管理技巧，主要考察考生對投資評估及管理方面的工具及基礎(chǔ)概念。
那相比較19年的CFA考試大綱而言，2020年CFA考試大綱變化的多不多呢？主要新增了哪些知識呢？
相較于2019年，2020年CFA一級考綱整體變化幅度較小，實質(zhì)改變較少但細(xì)節(jié)調(diào)整較多；2020年CFA二級考綱半數(shù)以上科目實質(zhì)變化較大。
2020年CFA三級考綱的變化較顯著，以往過時的內(nèi)容已全部刪除，代之以對當(dāng)前全球金融界*研究成果進行系統(tǒng)介紹的新內(nèi)容，綜合閱讀量進一步加大，Reading數(shù)量從2019年37個增加到38個，對考生學(xué)習(xí)能力的要求進一步提高。2020年版的新教程更加注重對考生投資專業(yè)性和系統(tǒng)性的培養(yǎng)，對職業(yè)素養(yǎng)的要求更高。
所以想要參加2020年CFA一級考試，就可以看看2020年6月的CFA一級考綱變化！
1倫理道德與專業(yè)準(zhǔn)則
Reading 1. Ethics And Trust In The Investment Profession中，新增考綱：
c. describe professions and how they establish trust;
取消對framework for ethical decision making的應(yīng)用（apply）要求。
2數(shù)量方法
刪除整個Reading. Discounted Cash Flow Applications
Reading 7. Statistical Concepts and Market Returns中，19相比18年CFA考試大綱取消對夏普比率（Sharpe ratio）的計算和解釋要求。
Reading 11. Hypothesis Testing中，新增考綱：
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 整體移動到組合管理（Portfolio Management）部分。
3公司財報分析
Reading 20. Financial Reporting Standards中，刪除原考綱要求：
c. describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;f. compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems;g. identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;i. analyze company disclosures of significant accounting policies.
取消財報準(zhǔn)則設(shè)置機構(gòu)的描述、對國際證監(jiān)會組織的角色描述、財報的目標(biāo)描述、財報的前提準(zhǔn)備等要求。
Reading 21. Understanding Income Statements中，刪除原考綱要求：
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，刪除原考綱要求：
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，刪除原考綱要求：
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
Reading 32. Capital Budgeting中，新增考綱：f.contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule。
5固定收益投資
Reading 44. Introduction to Fixed-Income Valuation中，新增考綱：f.calculate annual yield on a bond for varying compounding periods in a year。
6衍生工具
Reading 48. Derivative Markets and Instruments中，新增考綱：
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，新增考綱：
c. calculate a forward price of an asset with zero, positive, or negative net cost of carry;
刪除原考綱：i . explain how the value of a European option is determined at expiration。
7投資組合
該部分整體移動到其他類投資之后：
Reading 51. Portfolio Management: An Overview中，新增考綱：
b.describe the steps in the portfolio management process;
Reading 52. Portfolio Risk and Return: Part I中，新增考綱：
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，新增考綱：
h.describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction.
