2016年CFA一二三级考纲对比总结

发表时间： 2015/08/07

1. 一级主要变动部分为财务报表、投资组合管理和固定收益部分，具体如下：

1.1. 财务报表分析部分

1.1.1. SS9 R29. INVENTORIES原考纲的考点c&d合并为16年新考纲的c

1.1.2. SS7 R23. FINANCIAL REPORTINGMECHANICS新增考点a describe how business activities are classified for financialreporting purposes;

1.1.3. SS9 R31. INCOME TAX 修改内容：知识点h将compare a company’s deferred tax items改成了explain recognition and measurement of current and deferredtax items;

1.2. 投资组合管理部分

1.2.1. SS12 新增整个章节R 42. RISK MANAGEMENT: ANINTRODUCTION

1.2.2. SS15 R 55. INTRODUCTION TO ASSET-BACKEDSECURITIES 新增考点e including mortgage pass-through securities andcollateralized mortgage obligations

1.3. 固定收益部分

1.3.1. SS16 R57 FUNDAMENTALS OF CREDITANALYSIS新增考点b describe defaultprobability and loss severity as components of creditrisk

1.3.2. SS15 R55原考点e explain the motivation for creating securitized structures withmultiple tranches(e.g., collateralized mortgage obligations), andthe characteristics and risks of securitizedstructures.整个删除

1.4. 其他类投资部分

1.4.1. SS18 R 61 INTRODUCTION TO ALTERNATIVEINVESTMENTS考点d &f都添加了describe infrastructure

2. 二级最大的变动部分为投资组合管理，具体如下：

2.1. 投资组合管理部分，新考纲中增加3个章节删除3个章节，改动之后Portfolio Management一共有4个章节，新增分别为Reading 53 An Introduction toMultifactor Models，Reading 54 Analysis of ActivePortfolio Management 和Reading 55 Economics and InvestmentMarkets，对应得，删除了原考纲中的Reading 53 PortfolioConcepts，Reading 54 Residual Risk and Return:The Information Ratio和Reading 55 The Fundamental Law ofActive Management。

2.2. 数量部分增加1个章节Reading 12 Excerpt from“Probabilistic Approaches: Scenario Analysis, Decision Trees, andSimulations”现有4个章节

2.3. 固定收益部分

2.3.1. 增加一个考点，考点出现在Reading 43 The Term Structure and InterestRate Dynamics，考点为describe how zero-coupon rates (spotrates) may be obtained from the par curve bybootstrapping。

2.3.2. 删除一个考点，考点出现在Reading 45 Valuation and Analysis: Bondswith Embedded Options，考点为calculate the value of a capped orfloored floating-rate bond。

3. 三级内容改动不是很大，但是部分章节进行了微调和合并，具体改变如下：

3.1. Ethics 部分

3.1.1. SS 2 R4新增内容a. explain the purpose of the AssetManager Code and the benefits that may accrue to a firm that adoptsthe Code

3.1.2. SS2 R3 Application of the Code andStandards Ethics case合并了2015年的Reading 3 The Consultant EthicsCases和Reading 4 Pearl InvestmentManagement(A),(B),and(C) Ethics Cases

3.2. Asset Allocation and Related Decisions inPortfolio Management部分

3.2.1. SS 9 R18. 原考纲为formulate an appropriate currency managementprogramgiven market facts and client’s objectivesand constraints;现改为formulate an appropriate currency managementprogram given financial market conditions and portfolio objectivesand constraints

3.3. Trading, Monitoring, andRebalancing部分

3.3.1. SS 16 R30. Monitoring andRebalancing删除内容i. distinguish among linear, concave,and convex rebalancing strategies.

3.3.2. SS 16 R30. Monitoring andRebalancing删除内容j. judge the appropriateness of constant mix,buy-and-hold, and CPPI rebalancing strategies when given aninvestor’s risk tolerance and asset returnexpectations