通知:2019年CFA三级考纲变化一览

  • 来源: 高顿网校
  • 2018-08-08 11:19:45
  • 责编: sherlySun
  CFA三级官方教材变化对比(2018-2019)
  2019年CFA三个级别的考纲,均已经新鲜出炉。相较2018年,每个级别有了不同程度的变更。高顿CFA研究院的老师,为你解读考纲变化,揣摩官方协会意图,令你及时树立备考风向标,把握考试动态,不做无用功!
  继去年CFA协会对三级考纲的资产配置和固定收益相关章节发生了重大变化后,今年又对权益进行了大规模的修订。此外,职业道德、资产配置、固定收益组合管理、交易这四门科目科目的考纲发生改变。
  下列科目的考纲无任何变化:
  ◆行为金融(Behavior Finance,SS4)
  ◆私人财富管理(Private Wealth Management,SS5-6)
  ◆机构投资的组合管理(Portfolio Management for Institutional Investors,SS7)
  ◆经济分析的组合管理应用(Application of Economic Analysis to Portfolio Management,SS8)
  ◆另类投资的组合管理(Alternative Investments for Portfolio Management,SS15)
  ◆风险管理(Risk Management,SS16-17)
  ◆业绩评估(Performance Evaluation,SS19)
  ◆全球投资业绩标准(Global Investment Performance Standards,SS20)
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  下列科目发生变化:
  ◆职业道德(Ethical and Professional Standards,SS1-3):新增Study session 3,包括2个章节;Study session 1和2中,无实质性变化,只有措辞些微改变。
  ◆资产配置(Asset Allocation and Related Decision in Portfolio Management,SS9-10):Study Session 9中的Reading 18(原Reading16)删除1条考纲;Study Session10删除一整章。
  ◆固定收益组合管理(Fixed-Income Portfolio Management,SS11-12):Study Session 11无变化;Study Session 12中的Reading 24(原Reading23)新增2条考纲。
  ◆权益组合管理(Equity Portfolio Management,SS13-14):整个部分完全重新编写,由原来的1个session变成2个session;修改后的Study session 13-14,包括4个章节。
  ◆交易(Trading,SS18):Session的名称改变,从“Trading,Monitoring and Rebalancing”修改为“Trading”;Study Session 18(原Session16)中删除一整章。
  各科目的具体变化如下:
  职业道德(Study Session 1-3)
  1.新增Study session 3,包括2个章节,分别为:
  ★Reading 5.Overview of the Asset Management Industry and Portfolio Management
  a.describe the structure of the asset management industry;
  b.discuss a portfolio management process that supports achieving asset owners’objectives;
  c.discuss the elements of effective investment governance.
  ★Reading 6.Professionalism in Investment Management
  d.describe professions and how they establish trust;
  e.explain professionalism in investment management;
  f.describe expectations of and challenges for investment management professionals.
  2.Study session 1和2中,无实质性变化,只有措辞些微改变。
  ★将“the Code of Ethics and Standards of Professional Conduct”改为“the CFA Institute Code of Ethics and Standards of Professional Conduct”或“the Code and Standards”
  资产配置(Study Session 9-10)
  1.Study Session 9中的Reading 18(原Reading16)删除1条考纲。
  ★Reading 18.Introduction to Asset Allocation
  a.describe elements of effective investment governance and investment governance considerations in asset allocation;
  2.Study Session10删除一整章
  ★原Reading 20.Market Indexes and Benchmarks整章删除。
  固定收益组合管理(Study Session 11-12)
  1.Study Session 11无变化
  2.Study Session 12中的Reading 24(原Reading23)新增2条考纲。
  ★Reading 24.Yield Curve Strategies
  b.explain how to execute a carry trade;
  g.discuss inter-market curve strategies;
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  权益组合管理(Study Session 13-14)
  1.整个部分完全重新编写,由原来的1个session变成2个session。
  2.修改后的Study session 13-14,包括4个章节,分别为:
  ★Reading 26.Introduction to Equity Portfolio Management
  a.describe the roles of equities in the overall portfolio;
  b.describe how an equity manager’s investment universe can be segmented;
  c.describe the types of income and costs associated with owning and managing an equity portfolio and their potential effects on portfolio performance;
  d.describe the potential benefits of shareholder engagement and the role an equity manager might play in shareholder engagement;
  e.describe rationales for equity investment across the passive–active spectrum.
  ★Reading 27.Passive Equity Investing
  a.discuss considerations in choosing a benchmark for a passively managed equity portfolio;
  b.compare passive factor-based strategies to market-capitalization-weighted indexing;
  c.compare different approaches to passive equity investing;
  d.compare the full replication,stratified sampling,and optimization approaches for the construction of passively managed equity portfolios;
  e.discuss potential causes of tracking error and methods to control tracking error for passively managed equity portfolios;
  f.explain sources of return and risk to a passively managed equity portfolio.
  ★Reading 28.Active Equity Investing:Strategies
  a.compare fundamental and quantitative approaches to active management;
  b.analyze bottom-up active strategies,including their rationale and associated processes;
  c.analyze top-down active strategies,including their rationale and associated processes;
  d.analyze factor-based active strategies,including their rationale and associated processes;
  e.analyze activist strategies,including their rationale and associated processes;
  f.describe active strategies based on statistical arbitrage and market microstructure;
  g.describe how fundamental active investment strategies are created;
  h.describe how quantitative active investment strategies are created;
  i.discuss equity investment style classifications.
  ★Reading 29.Active Equity Investing:Portfolio Construction
  a.describe elements of a manager’s investment philosophy that influence the portfolio construction process;
  b.discuss approaches for constructing actively managed equity portfolios;
  c.distinguish between Active Share and active risk and discuss how each measure relates to a manager’s investment strategy;
  d.discuss the application of risk budgeting concepts in portfolio construction;
  e.discuss risk measures that are incorporated in equity portfolio construction and describe how limits set on these measures affect portfolio construction;
  f.discuss how assets under management,position size,market liquidity,and portfolio turnover affect equity portfolio construction decisions;
  g.evaluate the efficiency of a portfolio structure given its investment mandate;
  h.discuss the long-only,long extension,long/short,and equitized market-neutral approaches to equity portfolio construction,including their risks,costs,and effects on potential alphas.
  交易(Study Session18)
  1.Session的名称改变,从“Trading,Monitoring and Rebalancing”修改为“Trading”
  2.Study Session 18(原Session16)中删除一整章
  ★原Reading 32.Monitoring and Rebalancing整章删除。
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