CFA二級
 
  因為CFA的考綱每年都會有所變動,所以我們也要改變復習策略,今天給大家分享的是2017CFA二級考綱變動及報考要求。
  友情提醒:CFA考試大綱變化的各個知識點是每年考試容易出現(xiàn)的重點,CFA備考復習過程中要尤其重視。高頓CFA老師整理CFA協(xié)會發(fā)送的:
  1、經(jīng)濟學
  無變化
  2、財務報表分析
  原2016年Reading 16刪除
  Inventories:Implications for Financial Statements and Ratios原2016年Reading 17刪除
  Long-lived Assets:Implications for Financial Statements and Ratios
  3、股權投資
  原2016年Reading 31刪除
  The Five Competitive Forces That Shape Strategy原2016年Reading 32刪除
  Your Strategy Needs a Strategy
  4、另類投資
  原2016年Reading 42改變
  從2016 A Primer on Commodity Investing
  改變?yōu)?017 Commodities and Commodity Derivatives:An Introduction
  以下為2017年新內容
  A.compare characteristics of commodity sectors;B.compare the life cycle of commodity sectors from production through trading or consumption;C.contrast the valuation of commodities with the valuation of equities and bonds;D.describe types of participants in commodity futures markets;E.analyze the relationship between spot prices and expected future prices in markets in contango and markets in backwardation;F.compare theories of commodity futures returns;G.describe,calculate,and interpret the components of total return for a fully collateralized commodity futures contract;H.contrast roll return in markets in contango and markets in backwardation;I.describe how commodity swaps are used to obtain or modify exposure to commodities;J.describe how the construction of commodity indexes affects index returns.
  5、投資組合
  新增2017年
  Measuring and Managing Market Risk
  Algorithmic trading and high-frequency trading以下為2017年新內容
  Measuring and Managing Market Risk
  A.explain the use of value at risk(VaR)in measuring portfolio risk;B.compare the parametric(variance-covariance),historical simulation,and Monte Carlo simulation methods for estimating VaR;C.estimate and interpret VaR under the parametric,historical simulation,and Monte Carlo simulation methods;D.describe advantages and limitations of VaR;E.describe extensions of VaR;
  F.describe sensitivity risk measures and scenario risk measures and compare these measures to VaR;G.demonstrate how equity,fixed-income,and options exposure measures may be used in measuring and managing market risk and volatility risk;H.describe the use of sensitivity risk measures and scenario risk measures;I.describe advantages and limitations of sensitivity risk measures and scenario risk measures;J.describe risk measures used by banks,asset managers,pension funds,and insurers;K.explain constraints used in managing market risks,including risk budgeting,position limits,scenario limits,and stop-loss limits;L.explain how risk measures may be used in capital allocation decisions.
  Algorithmic trading and high-frequency tradingA.define algorithmic trading;
  B.distinguish between execution algorithms and high-frequency trading algorithms;C.describe types of execution algorithms and high-frequency trading algorithms;D.describe market fragmentation and its effects on how trades are placed;E.describe the use of technology in risk management and regulatory oversight;F.describe issues and concerns related to the impact of algorithmic and high-frequency trading on securities markets.
  6、道德
  無變化
  7、量化分析
  無變化
  8、公司金融
  無變化
  9、固定收益
  新增:
  READING 39.CREDIT DEFAULT SWAPS
  The candidate should be able to:
  a describe credit default swaps(CDS),single-name and index CDS,and the parameters that define a given CDS product;b describe credit events and settlement protocols with respect to CDS;c explain the principles underlying,and factors that influence,the market’s pricing of CDS;d describe the use of CDS to manage credit exposures and to express views regarding changes in shape and/or level of the credit curve;e describe the use of CDS to take advantage of valuation disparities among separate markets,such as bonds,loans,equities,and equity-linked instruments.
  10、衍生品
  結構雖然有大的調整,但是核心知識點并未改變,見下面黃色字體標注關鍵變動:
  1.CDS刪除,實際移動到固定收益
  2.2016年CFA考試大綱提及到的Eurodollar Future,cap and floor,contango and backwardation,FRA,2017年CFA考試大綱中并未重點提到。
  CFA對英語及數(shù)學的要求
  CFA報考條件-關于英語的要求:
  一般4級就可以了,CFA考試考的不是語法等知識,只要能順利讀懂考題和教材知識就可以了,在答題中即使語法拼寫錯誤但是意思和邏輯表述清楚也不會扣分,重要的是掌握專業(yè)金融詞匯和知識,做好充實的知識儲備。
  CFA報考條件-關于數(shù)學的要求:
  CFA考試數(shù)理分析難度不是很高,一般數(shù)3即可,側重概率統(tǒng)計相關知識的考核應用。