2023年CFA二級考綱變動細節解讀

發布時間：2023-01-12 10:00編輯：融躍教育CFA

2023年CFA二級考綱有部分改變，具體是CFA二級考綱中有新增的部分，但也有部分考綱被刪除，但整體難度并沒有增加，具體的變動細節如下：

1. 考綱細則無變動的科目

固收：原來的5個Reading現調整為5個Learning Module。考綱細則無變動。

道德：原來的3個Reading現調整為3個Learning Module。考綱細則無變動。

衍生：原來的2個Reading現調整為2個Learning Module。考綱細則無變動，僅順序有一定微調。

經濟：原來的3個Reading現調整為3個Learning Module。考綱細則無變動。僅將原Reading 7 Economic growth and the investment decision的標題變成Learning Module 2 Economic growth，考綱細節內容無變動。

另類：原來的3個Reading現調整為5個Learning Module。考綱細則無變動。但新考綱Module 3 LOS a-b，將原考綱k, l中對REITS的描述改為publicly traded real estate securities。

2. 考綱細則刪除的科目

組合：原來的7個Reading現調整為7個Learning Module。

原Reading 42 Economics and investment markets對應的是Learning Module 5。

其中刪除了一條考綱k describe how economic analysis is used in sector rotation strategies。

權益：原來的8個Reading現調整為4個Learning Module。

刪除Reading 21 Return concepts收益概念和Reading 22 Industry and company analysis公司和行業分析，其余部分考綱細則不變，僅考綱順序進行了微調。

3. 考綱細則新增的科目

財報：原來的6個Reading現調整為7個Learning Module。

新增考綱：Financial Statement Modeling財務報表建模

全章節新增，部分內容與2022年權益Reading 22 Industry and company analysis行業和公司分析接近。

新增考綱細則如下：

（1）compare top-down, bottom-up, and hybrid approaches for developing inputs to equity valuation models

（2）compare “growth relative to GDP growth” and “market growth and market share” approaches to forecasting revenue

（3）evaluate whether economies of scale are present in an industry by analyzing operating margins and sales levels

（4）demonstrate methods to forecast cost of goods sold and operating expenses

（5）demonstrate methods to forecast non-operating items, financing costs, and income taxes

（6）describe approaches to balance sheet modeling

（7）demonstrate the development of a sales-based pro forma company model

（8）explain how behavioral factors affect analyst forecasts and recommend remedial actions for analyst biases

（9）explain how competitive factors affect prices and costs

（10）evaluate the competitive position of a company based on a Porter’s five forces analysis

（11）explain how to forecast industry and company sales and costs when they are subject to price inflation or deflation

（12）evaluate the effects of technological developments on demand, selling prices, costs, and margins

（13）explain considerations in the choice of an explicit forecast horizon

（14）explain an analyst’s choices in developing projections beyond the short-term forecast horizon

數量：原來的5個Reading現調整為7個Learning Module。

刪除原Reading 1 Introduction to linear regression一元線性回歸內容下放到一級數量中的最后一個模塊。

原Reading 2 Multiple regression多元回歸內容拆分成4個模塊module 1-module 4。

與原Reading 2考綱細節做比對，考綱的順序、表示和知識點都有較大變化，部分考綱進行了拆分，變化結果如下：

考綱刪除3條：

（1）formulate a null and an alternative hypothesis about the population value of. a regression coefficient, calculate the value of the test statistic, and determine whether to reject the null hypothesis at a given level of significance;

（2）interpret the results of hypothesis tests of regression coefficients;

（3）evaluate and interpret a multiple regression model and its results.

考綱新增2條：

（1）describe the types of investment problems addressed by multiple linear regression and the regression process

（2）describe influence analysis and methods of detecting influential data points

原Reading 4對應的是module 6。其中新增了一條考綱f describe supervised machine learning, unsupervised machine learning, and deep learning.

公司金融：考綱變動最大的科目。原來的5個Reading現調整為4個Learning Module。

刪除原Reading 15 Capital Structure資本結構章節和Reading 19 Capital Budgeting資本預算章節，精簡并下放到一級。

新增：Cost of Capital: Advanced Topics

新增考綱細則如下：

（1）explain top-down and bottom-up factors that impact the cost of capital

（2）Compare methods used to estimate the cost of debt.

（3）explain historical and forward-looking approaches to estimating an equity risk

premium

（4）compare methods used to estimate the required return on equity

（5）estimate the cost of debt or required return on equity for a public company and a private company

（6）evaluate a company’s capital structure and cost of capital relative to peers

原Reading 18 Measures and Acquisitions兼并收購章節調整為Learnings Module 4 Corporate Restructurings企業重組，章節內容完全重寫，新增內容為各種公司重組事件、他們的分析和納入財務模型的預測和估值。

企業重組模塊考綱細則如下：

（1）explain types of corporate restructurings and issuers’ motivations for pursuing them

（2）explain the initial evaluation of a corporate restructuring

（3）demonstrate valuation methods for, and interpret valuations of, companies involved in corporate restructurings

（4）demonstrate how corporate restructurings affect an issuer’s EPS, net debt to EBITDA ratio, and weighted average cost of capital

（5）evaluate corporate investment actions, including equity investments, joint ventures, and acquisitions

（6）evaluate corporate divestment actions, including sales and spin offsevaluate cost and balance sheet restructurings