1、Ethical and Professional Standards
1.由2016年4个Reading增至2017年5个Reading;
2.Study Session 1中增加一个Reading,Ethics and Trust in the Investment Profession.
READING 1. ETHICS AND TRUST IN THE INVESTMENT PROFESSION
a)explain ethics;
b)describe the role of a code of ethics in defining a profession;
c)identify challenges to ethical behavior;
d)describe the need for high ethical standards in the investment industry;
e)distinguish between ethical and legal standards;
f)describe and apply a framework for ethical decision making.
2、Quantitative Methods
无变化
3、Economics
1.由2016年的9个Reading减为2017年7个Reading;
2.微观经济学部分的Demand and Supply Analysis中introduction, Consumer Demand及Firm合并为一个Reading 14 Topics in Demand and Supply Analysis.由2016年31个考点减为2017年6个.
READING 14. TOPICS IN DEMAND AND SUPPLY ANALYSIS
a)calculate and interpret price, income, and cross-price elasticities of demand and describe factors that affect each measure;
b)compare substitution and income effects;
c)distinguish between normal goods and inferior goods;
d)describe the phenomenon of diminishing marginal returns;
e)determine and describe breakeven and shutdown points of production;
f)describe how economies of scale and diseconomies of scale affect costs.
4、Financial Reporting and Analysis
1.Study Session 8,Reading 24,Income Statement部分,删除对extraordinary items的理解.
5、Corporate Finance
1.Corporate Governance内容变化较大.
READING 34. CORPORATE GOVERNANCE AND ESG: AN INTRODUCTION
a)describe corporate governance;
b)describe a company's stakeholder groups and compare interests of stakeholder groups;
c)describe principal–agent and other relationships in corporate governance and the conflicts that may arise in these relationships;
d)describe stakeholder management;
e)describe mechanisms to manage stakeholder relationships and mitigate associated risks;
f)describe functions and responsibilities of a company's board of directors and its committees;
g)describe market and non-market factors that can affect stakeholder relationships and corporate governance;
h)identify potential risks of poor corporate governance and stakeholder management and identify benefits from effective corporate governance and stakeholder management;
i)describe factors relevant to the analysis of corporate governance and stakeholder management;
j)describe environmental and social considerations in investment analysis;
k)describe how environmental, social, and governance factors may be used in investment analysis.
6、Portfolio Management
无变化.
7、Equity
无变化 .
8、Fixed Income
无变化.
9、Derivatives
无变化.
10、Alternative Investments
无变化.
1、经济学
无变化
2、财务报表分析
原2016年Reading 16 删除
Inventories: Implications for Financial Statements and Ratios
原2016年Reading 17 删除
Long-lived Assets: Implications for Financial Statements and Ratios
3、股权投资
原2016年Reading 31删除
The Five Competitive Forces That Shape Strategy
原2016年Reading 32删除
Your Strategy Needs a Strategy
4、另类投资
原2016年Reading 42 改变
从2016 A Primer on Commodity Investing
改变为2017 Commodities and Commodity Derivatives: An Introduction
以下为2017年新内容
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、投资组合
新增2017年
Measuring and Managing Market Risk
Algorithmic trading and high-frequency trading
以下为2017年新内容
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 trading
A.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
无变化
7、量化分析
无变化
8、公司金融
无变化
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
结构虽然有大的调整,但是核心知识点并未改变,见下面黄色字体标注
关键变动:
1.CDS删除,实际移动到固定收益
2.16年考纲提及到的Eurodollar Future ,cap and floor , contango and backwardation, FRA
17年考纲中并未 重点提到.
CFA®考试每个级别报名时间都分为三个阶段,CFA协会实行越早报名费用越低的政策,各位CFA考生注意时间节点,以节省报名费用.6月份可以报考CFA®一级、二级、三级.
2017年CFA三级考纲及2016年CFA三级考纲对比
一、新增部分(2017 年三级考纲中新增 1 个章节)
1. 2017年三级考纲中******变化的是Private Wealth Management(2)部分新增加了Reading 12 Risk Management for Individuals
二、删除部分(2017 年三级考纲中删除了 1 个章节)
1. 2017年三级考纲中的Private Wealth Management(2)部分删除了2016年考纲中的Reading 12 Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance
三、参考书变动部分:
1. Trading, Monitoring, and Rebalancing中,2016年的Reading 29 Execution of Portfolio Decisions by Ananth Madhavan, Jack L. Treynor, and Wayne H. Wagner在2017年变成了Reading 29 Execution of Portfolio Decisions by Ananth Madhavan, PhD, Jack L. Treynor, MBA, and Wayne H. Wagner,PhD,(Ananth Madhavan增加了一个博士学位,Jack L. Treynor增加了一个MBA学位)
CFA®考试每个级别报名时间都分为三个阶段,CFA协会实行越早报名费用越低的政策,各位CFA考生注意时间节点,以节省报名费用.6月份可以报考CFA®一级、二级、三级.
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