相比2019年CFA一級考綱，2020年的變化如何呢？

發布時間：2020-04-09 09:39編輯：融躍教育CFA

因為在2019年之前CFA一級考綱發生較大變化，所以相對的2020年CFA一級考綱整體變化幅度較小，實質改變較少但細節調整較多。

相較于2019年，各科目的考試比重未發生變化，在考綱內容上，除了經濟學 （Economics）、權益投資（Equity Investment）、其他類投資（Alternative Investments）無變化，其他部分細節調整較多。具體而言：

 1.倫理道德與專業準則（Ethical and Professional Standards）部分:

 Reading 1. Ethics And Trust In The Investment Profession中：

 新增考綱：c. describe professions and how they establish trust;

 取消了對framework for ethical decision making的應用（apply）要求。

 2.數量方法（Quantitative Methods）部分：

 刪除整個Reading. Discounted Cash Flow Applications

 Reading 7. Statistical Concepts and Market Returns中，2020相比2019年考綱取消了對夏普比率（Sharpe ratio）的計算和解釋要求。

 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 整體移動到組合管理（Portfolio Management）部分。

3.公司財報分析（Financial Reporting Analysis）

Reading 20. Financial Reporting Standards中：

 刪除4條考綱要求，分別為：

 1.c. describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;

 2.f. compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems;

 3.g. identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;

 4.i. analyze company disclosures of significant accounting policies.

 取消財報準則設置機構的描述、對國際證監會組織的角色描述、財報的目標描述、財報的前提準備等要求。

 Reading 21. Understanding Income Statements 中，刪除原考綱要求：

 wb. 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;

 wd. 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：

wo. explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios;

wp. 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：

wh. determine the initial recognition, initial measurement, and subsequent measurement of finance leases;

wi. compare the disclosures relating to finance and operating leases;

 4.公司金融（Corporate Finance）部分：

 Reading 32. Capital Budgeting，新增考綱：f contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule;

5.固定收益投資（Fixed income）部分：

 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;

6.衍生工具（Derivatives）部分：

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，

 w新增考綱c. calculate a forward price of an asset with zero, positive, or negative net cost of carry;

 w刪除原考綱i . explain how the value of a European option is determined at expiration;

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7.投資組合（Portfolio Management）部分整體移動到其他類投資之后：

 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.

2020年CFA一級考綱變化就這些，想要參加2020CFA一級考試考生要注意這些內容！