每一年考試CFA協(xié)會(huì)都會(huì)對(duì)考綱進(jìn)行修改，今年也不例外。相比2019年考綱，CFA在考試大綱上又有新動(dòng)作，2020年CFA考綱發(fā)生大變化，難度再次加大，很多科目都有所更換。

根據(jù)2019年8月8日CFA協(xié)會(huì)公布的2020年考綱，融躍CFA小編仔細(xì)對(duì)比了CFA協(xié)會(huì)2019年和2020年新舊考綱變化，找到了考綱更新修改的部分，現(xiàn)將2020年CFA考試大綱變化整理如下方便大家參考借閱。

相較過(guò)往而言，2020年的CFA一級(jí)考綱整體變化幅度較小，主要是各項(xiàng)細(xì)節(jié)調(diào)整，具體調(diào)整如下：

CFA一級(jí)考綱變化

01
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(duì)framework for ethical decision making的應(yīng)用（apply）要求。

02
數(shù)量方法

刪除整個(gè)Reading. Discounted Cash Flow Applications
Reading 7. Statistical Concepts and Market Returns中，19相比18年考綱取消對(duì)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(dòng)到組合管理（Portfolio Management）部分。

03
公司財(cái)報(bào)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(cái)報(bào)準(zhǔn)則設(shè)置機(jī)構(gòu)的描述、對(duì)國(guó)際證監(jiān)會(huì)組織的角色描述、財(cái)報(bào)的目標(biāo)描述、財(cái)報(bào)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。

04
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。

05
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。

06
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。

07
投資組合

該部分整體移動(dòng)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.

CFA二級(jí)考綱變化

相較于2019年，2020年CFA二級(jí)考綱半數(shù)以上科目實(shí)質(zhì)變化較大。首先，相較于2019年，各科目的考試權(quán)重不變。

其次，考綱內(nèi)容上，除了財(cái)務(wù)報(bào)表分析（Financial Reporting Analysis）、權(quán)益投資（Equity Investments）、其他類投資（Alternative Investments）、固定收益投資（Fixed Income Investments）四門科目考綱要求無(wú)變化，其余科目的考綱都有不同程度的內(nèi)容調(diào)整。單科科目的考綱要求變化情況具體如下：

01 倫理與職業(yè)標(biāo)準(zhǔn)

刪除兩個(gè)章節(jié)：
Reading 4 Trade Allocation: Fair Dealing and Disclosure；
Reading 5 Changing Investment Objectives。

02 數(shù)量方法

Reading 4 Introduction to Linear Regression中，刪除關(guān)于相關(guān)分析的考綱要求：
a. calculate and interpret a sample covariance and a sample correlation coefficient and interpret a scatter plot;
b. describe limitations to correlation analysis;
c. 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；

Reading 5 Multiple Regression，刪除關(guān)于機(jī)器學(xué)習(xí)的三條原考綱要求：
p.distinguish between supervised and unsupervised machine learning；
q.describe machine learning algorithms used in prediction, classification, clustering, and dimension reduction；
r.describe the steps in model training；

新增Reading 7 Machine Learning；
新增Reading 8 Big Data Project。

03 經(jīng)濟(jì)學(xué)

Reading 12 Economics of Regulation中，關(guān)于評(píng)估行業(yè)監(jiān)管的影響的考綱要求描述有所修改：
i. describe the considerations when evaluating the e?ects of regulation on an industry.

04 公司金融

刪除Reading 23 Corporate Performance, Governance, and Business Ethics；
刪除Reading 24 Corporate Governance；
新增Reading 22 Corporate Governance and Other ESG Considerations in Investment Analysis。

05 衍生工具

刪除Reading 41Derivatives Strategies。

06 投資組合管理

刪除兩個(gè)章節(jié)：
Reading 46 The Portfolio Management Process and The Investment Policy Statement；
Reading 51 Algorithmic Trading and High-Frequency Trading。

新增兩個(gè)章節(jié):
Reading 43 Exchange-Traded Funds: Mechanics and Applications；
Reading 48 Trading Costs and Electronic Markets，新考綱要求來(lái)源于：
2019年CFA三級(jí)科目Trading and rebalancing相關(guān)章節(jié)；
2019年CFA二級(jí)投資組合管理（Portfolio Management）Reading 51;
Algorithmic Trading and High-Frequency Trading。

CFA三級(jí)考綱變化

相對(duì)于2019年，2020年CFA三級(jí)考綱的變化較顯著，以往過(guò)時(shí)的內(nèi)容已全部刪除，代之以對(duì)當(dāng)前全球金融界*研究成果進(jìn)行系統(tǒng)介紹的新內(nèi)容，綜合閱讀量進(jìn)一步加大，Reading數(shù)量從2019年37個(gè)增加到38個(gè)，對(duì)考生學(xué)習(xí)能力的要求進(jìn)一步提高。2020年版的新教程更加注重對(duì)考生投資專業(yè)性和系統(tǒng)性的培養(yǎng)，對(duì)職業(yè)素養(yǎng)的要求更高。具體而言，*顯著的變化體現(xiàn)為如下方面：

新增道德與職業(yè)準(zhǔn)則（2）（Session 2：Ethical and Professional Standards (2)）模塊：

保留原模塊實(shí)踐中的道德和職業(yè)準(zhǔn)則（Session2：Ethical and Professional Standards in Practice）的章節(jié)內(nèi)容；
原全球投資業(yè)績(jī)標(biāo)準(zhǔn)（Session 20：Global Investment Performance Standards）內(nèi)容全部移動(dòng)至該模塊，新章節(jié)為Reading 6 Overview of the Global Investment Performance Standards。

刪除原資產(chǎn)管理行業(yè)與專業(yè)性（Session 3：The Asset Management Industry and Professionalism）：

模塊下原章節(jié)Reading 5 Overview of The Asset Management Industry and Portfolio Management刪除；
原章節(jié)Reading 6 Professionalism in Investment Management移動(dòng)至道德與職業(yè)準(zhǔn)則（2）（Session 2：Ethical and Professional Standards (2)）模塊。

新增資本市場(chǎng)預(yù)期（Session 4：Capital Market Expectations）模塊：

將原模塊Session 8：Applications of Economic Analysis to Portfolio Management中的章節(jié)Reading 16 Capital Market Expectations移動(dòng)至該模塊，并進(jìn)行大幅修改，更新為Reading 10 Capital Market Expectations, Part1：Framework and Macro Considerations；
新增Reading 11 Capital Market Expectations, Part 2: Forecasting Asset Class Returns。

新增投資組合管理中的資產(chǎn)配置和相關(guān)決策（Session 5：Asset Allocation and Related Decisions in Portfolio Management）：

由原模塊Session 9：Asset Allocation And Related Decisions In Portfolio Management (1)和Session 10：Asset Allocation And Related Decisions In Portfolio Management (2)合并；
由三個(gè)章節(jié)構(gòu)成，Reading 12 Overview of Asset Allocation；Reading 13 Principles of Asset Allocation和Reading 14 Asset Allocation With Real-World Constraints，章節(jié)內(nèi)容基本無(wú)變化。

新增衍生品及現(xiàn)金管理（Session 6：Derivatives and Currency Management）：

將原模塊Session 17 Risk Management Applications of Derivatives移入該模塊，并進(jìn)行大量修改，新章節(jié)為Reading 15 Options Strategies和Reading 16 Swaps, Forwards, And Futures Strategies；
將原模塊Session 10 Asset Allocation And Related Decisions In Portfolio Management (2)下章節(jié)Reading 21 Currency Management: An Introduction移入該模塊，新章節(jié)為Reading 17 Currency Management: An Introduction，內(nèi)容基本無(wú)變化。

另類投資（Session11：Alternative Investments For Portfolio Management）模塊進(jìn)行大幅修改：

將原章節(jié)Reading 30 Alternative Investments Portfolio Management刪除，變更為兩個(gè)新章節(jié)Reading 26 Hedge Fund Strategies和Reading 27 Asset Allocation to Alternative Investments。

私人財(cái)富管理（1）（Session12：Private Wealth Management (1)）模塊，刪除原章節(jié)Reading10 Managing Individual Investor Portfolios，新增章節(jié)Reading 28 Overview Of Private Wealth Management。

機(jī)構(gòu)投資者的投資組合管理（Session14：Portfolio Management for Institutional Investors）模塊內(nèi)容大幅修改：
原章節(jié)Reading 15 Managing Institutional Investor Portfolios刪除，新章節(jié)為Reading 33 Portfolio Management for Institutional Investors。

新增交易、績(jī)效評(píng)估和基金經(jīng)理選擇（Session 15 Trading, Performance Evaluation, and Manager Selection）模塊：
由原Session 18 Trading和Session 19 Performance Evaluation合并，并進(jìn)行了大幅修改，新章節(jié)為Reading 34 Trade Strategy and Execution，Reading 35 Portfolio Performance Evaluation和Reading 36 Investment Manager Selection。
新增投資組合管理與風(fēng)險(xiǎn)管理案例（Session 16：Cases in Portfolio Management and Risk Management）模塊，新增兩個(gè)案例學(xué)習(xí)章節(jié)Reading 37 Case Study In Portfolio Management: Institutional和Reading 38 Case Study In Risk Management: Private Wealth。


如今，CFA考試變得越來(lái)越難，通過(guò)率逐年降低，我們不禁要問(wèn)到底要不要放棄呢？CFA證書到底值得考嗎？目前，國(guó)內(nèi)對(duì)CFA持證人大量稀缺，只要獲得了這個(gè)證書，你就能在金融投資領(lǐng)域脫穎而出，拿下證書，你將能夠在金融領(lǐng)域獲得更多細(xì)分領(lǐng)域的發(fā)展。以下是各大金融投行內(nèi)部CFA持證人數(shù)統(tǒng)計(jì)：


（數(shù)據(jù)來(lái)源于：CFA Institute）
距離2020年6月的CFA考試還有半年時(shí)間，同學(xué)們要抓緊時(shí)間備考。根據(jù)往年CFA考試的經(jīng)驗(yàn)，職業(yè)道德標(biāo)準(zhǔn)、財(cái)務(wù)報(bào)表分析、投資工具和資產(chǎn)評(píng)估都在歷年考試中占據(jù)著較大的比重，大家要著重復(fù)習(xí)。