2021年將是CFA一級考試“新”的一年考試,初次考CFA一級機(jī)考,竟然是用的是2020年CFA一級大綱,竟然打破了協(xié)會一年一次考綱變化的傳統(tǒng),考試考綱沒有變化,那考試科目還是10科目?考試科目的權(quán)重如何?

2021年CFA一級機(jī)考的科目還是10科,畢竟CFA一級考綱沒有變化,科目怎么可能有變化呢!那2021年CFA考試科目權(quán)重又是如何呢?職業(yè)倫理道德15%、定量分析10%、經(jīng)濟(jì)學(xué)10%、財(cái)務(wù)報表分析15%、公司理財(cái)10%、投資組合管理6%、權(quán)益投資11%、固定權(quán)益投資11%、衍生品投資6%、其他投資6%。那CFA一級科目和權(quán)重沒有變化,那CFA一級考綱是怎樣呢?有沒有個分析呢?

1.倫理道德與專業(yè)準(zhǔn)則(Ethical and Professional Standards)部分:

Reading 1.Ethics And Trust In The Investment Profession中:

新增考綱:c.describe professions and how they establish trust;

取消了對framework for ethical decision making的應(yīng)用(apply)要求。

2.數(shù)量方法(Quantitative Methods)部分:

刪除整個Reading.Discounted Cash Flow Applications

Reading 7.Statistical Concepts and Market Returns中,2020相比2019年考綱取消了對夏普比率(Sharpe ratio)的計(jì)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(cái)報分析(Financial Reporting Analysis)

Reading 20.Financial Reporting Standards中:

刪除4條考綱要求,分別為:

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.

取消財(cái)報準(zhǔn)則設(shè)置機(jī)構(gòu)的描述、對國際證監(jiān)會組織的角色描述、財(cái)報的目標(biāo)描述、財(cái)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;

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4.公司金融(Corporate Finance)部分:

Reading 32.Capital Budgeting,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(Fixed income)部分:

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(Derivatives)部分:

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(Portfolio Management)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 howenvironmental,social,and governance(ESG)considerations may be integrated into portfolio planning and construction.