CFA协会已公布2019年CFA 考试考纲。喊了一年多的“Fintech来了”，真的来了！
CFA考纲每年变化一次，考纲变化的部分往往是考试重难点，需要引起重视！
文章分2篇：总览篇和分科目篇，侧重有所不同。总览篇侧重总体上、全局上的变化；分科目篇侧重于各科知识点的增减及修改情况，童鞋们可以都看看哦~
本篇为分科目篇，将会详细介绍各科目在各个级别中知识点增减及修改情况，一起来看看吧~
2019年CFA 一级考纲解读
2019年CFA 一级考纲的变动整体不大，只有两个科目发生了变动。Financial Reporting and Analysis删除了一个reading， Portfolio Management新增了一个关于Fintech 的reading。不过从考纲表述看，这个新增的Fintech难度有限，内容和FRM二级考试Current issues要求阅读的几篇论文高度重叠。
一、2019考纲新增考点：
1. Studying session 13 PortfolioManagement (2)
Reading43. Fintech in Investment Management:
考点a: describe “fintech”
考点b: describe Big Data, artificial intelligence, and machine learning;
考点c: describe fintech applications to investment management;
考点d: describe financial applications of distributed ledger technology.
二、2019考纲删除考点：
1. Study Session 6 Financial Reporting andAnalysis (1)
Reading22. Financial Reporting Mechanics 整个reading.
考点内容为：
a. Describe how business activities areclassified for financial reporting purposes;
b. Explain the relationship of financialstatement elements and accounts, and classify accounts into the financialstatement elements;
c. Explain the accounting equation in itsbasic and expanded forms;
d. Describe the process of recordingbusiness transactions using an accounting system based on the accountingequation;
e. Describe the need for accruals andvaluation adjustments in preparing financial statements;
f. Describe the relationships among theincome statement, balance sheet, statement of cash flows, and statement ofowners’ equity;
g. Describe the flow of information in anaccounting system;
h. Describe the use of the results of theaccounting process in security analysis.
三、2018-2019考纲修改点：无
2019年CFA二级考纲解读
根据CFA 协会最新公布的2019年CFA 二级考纲，考纲发生变化的科目为4门，分别为道德、数量、财务报表分析与固定收益。
1.道德：删除3个Reading, 新增2个考点。
【删除】
Reading3 CFA Institute Research Objective Standards;
Reading4 The Glenarm Company;
Reading5 Preston Partners; Reading 6 Super Selection
【新增】
2019Reading 3 Application of the Code and Standards, 共2个考点。
考点a: evaluate policies and practices for a firm and an individual inrelation to the CFA Institution Code of Ethics and Standards of ProfessionalConduct;
考点b：explain the appropriate action to take inresponse to conduct that violates the CFA Institute Code of Ethics andStandards of Professional Conduct.
2.数量：新增7个考点。
【新增】
2019Reading 6 Fintech in Investment Management
考点a: describe “fintech”
考点b: describe Big Data, artificial intelligence, and machine learning;
考点c: describe fintech applications to investment management;
考点d: describe financial applications of distributed ledger technology.
【由于Fintech第一年进入CFA考试，所以2019年一级和二级考试的Fintech内容基本相同，只不过一级Fintech放在组合管理中，二级放在数量中】
2019Reading 8 Multiple Regression and Machine Learning, 新增3个考点。
考点p: distinguish between supervised and unsupervised machine learning;
考点q: describe machine learning algorithms used in prediction,classification, clustering, and dimension reduction;
考点r: describe the steps in model training.
【Machine Learning机器学习是这几年非常热门的概念，首次出现在二级数量中】
3.财务报表分析
【新增】
2019Reading 17 Analysis of Financial Institutions, 共6个考点。
考点a: describe how financial institutions differ from other companies;
考点b: describe key aspects of financial regulations of financial institutions;
考点c: explain the CAMELS (capital adequacy, asset quality, management,earnings, liquidity, and sensitivity) approach to analyzing a bank, includingkey ratios and its limitations;
考点d: describe other factors to consider in analyzing a bank;
考点e: analyze a bank based on financial statements and other factors;
考点f:describe key ratios and other factors to consider in analyzing aninsurance company.
4.固定收益： Credit AnalysisModels 部分考点发生了合并与改写。
2019考点
考点a: explain expected exposure, the loss given default, theprobability of default and the credit valuation adjustment;
考点b: explain credit scores and credit ratings;
考点c: calculate the expected return on a bond given transition in itscredit rating;
考点d: explain structural and reduced-from models of corporate creditrisk, including assumptions, strengths, and weaknesses;
考点e: calculate the value of a bond and its credit spread, givenassumptions about the credit risk parameters;
考点f: interpret changes in a credit spread;
考点g: explain the determinants of the term structure of credit spreadsand interpret a term structure of credit spreads;
考点h: compare the credit analysis required for securitized debt to thecredit analysis of corporate debt.
2018考点
考点a: explain probability of default, loss given default, expectedloss, and present value of the expected loss and describe the relativeimportance of each across the credit spectrum;
考点b: explain credit scoring and credit ratings;
考点c: explain strengths and weaknesses of credit ratings;
考点d: explain structural models of corporate credit risk, including whyequity can be viewed as a call option on the company’s assets;
考点e: explain reduced form models of corporate credit risk, includingwhy debt can be valued as the sum of expected discounted cash flows after adjustingfor risk;
考点f: explain assumptions, strengths, and weakness of both structuraland reduced from models of corporate credit risk;
考点g: explain the determinants of the term structure of credit spreads;
考点h: calculate and interpret the present value of the expected loss ona bond over a given time horizon;
考点i: compare the credit analysis required for asset-backed securitiesto analysis of corporate debt.
2019年CFA三级考纲解读
根据CFA 协会最新公布的2019年CFA 三级考纲，考纲发生变化的科目为4门，分别为职业伦理、资产配置、固定收益、权益与交易、监控、调整。
1.职业伦理：
【修改】变化不大，只是个别措辞有修改，没有实质变化。
R1:
原考点b: explain the ethical responsibilities required by the Code ofEthics and the Standards of Professional Conduct, including the sub-sections ofeach standard.
修改为b: explain the ethical responsibilities required by the Code ofStandards, including the sub-sections of each standard.
R2:
原考点b: recommend practices and procedures designed to prevent violationsof the Code of Ethics and Standards of Professional Conduct.
修改为b: recommend practices and procedures designed to prevent violationsof the Code and Standards.
R3:
原考点a: evaluate professional conduct and formulate an appropriateresponse to actions that violate the Code of Ethics and Standards ofProfessional Conduct;
修改为a: evaluate professional conduct and formulate an appropriateresponse to actions that violate the CFA Institute Code of Ethics and Standardsof Professional Conduct.
原考点b: formulate appropriate policy and procedural changes needed toassure compliance with the Code of Ethics and Standards of Professional Conduct.
修改为b: formulate appropriate policy and procedural changes needed toassure compliance with the Code and Standards.
【新增】
R5:Overviewof 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 ownersobjectives;
c:discuss the elements of effective investment governance.
R6:Professionalism in Investment Industry and Portfolio Management
A:describe professions and how they establish trust;
B:explain professionalism in investment management;
C. Describe expectations of and challengesfor investment management professionals.
2.资产配置：
【删除】
原R18: Introduction to Asset Allocation
A:describe elements of effective investment governance and investment governanceconsiderations in asset allocation;
【这个reading的内容本身就不难，属于介绍性的。】
原R20: Market Indexes and Benchmarks
A:distinguish between benchmarks and market indexes;
B:describe investment uses of benchmarks;
C:compare types of benchmarks;
D:contrast liability-based benchmarks with asset-based benchmarks;
E:describe investment uses of market indexes;
F:discuss tradeoffs in constructing market indexes;
G:discuss advantages and disadvantages of index weighting schemes;
H:evaluate the selection of a benchmark for a particular investment strategy.
3.固定收益：【固定收益的内容2018年已经全部改写，2019年没有做更多大的调整，预计会稳定几年时间。】
在原Reading 24 CreditStrategies 修改为Reading 25 Fixed-Income ActiveManagement: Credit Strategies, 无实质影响。
【新增】
B:explain how to execute a carry trade;
G:discuss inter-market curve strategies;
4.权益： 变动很大，几乎全部改写。
【删除】
原R25 Equity Portfolio Management
【新增】
R26Introduction 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 anequity portfolio and their potential effects on portfolio performance;
D:describe the potential benefits of shareholder engagement and the role anequity manager might play in shareholder engagement;
E:describe rationales for equity investment across the passive-active spectrum.
R27Passive Equity Investing
A:discuss considerations in choosing a benchmark for a passively managed equityportfolio;
B:compare passive factor-based strategies to market-capitalization-weightedindexing;
C:compare different approaches to passive equity investing;
D:compare the full replication, stratified sampling, and optimization approachesfor the construction of passively managed equity portfolios;
E:discuss potential causes of tracking error and methods to control trackingerror for passively managed equity portfolios;
F:explain sources of return and risk to a passively managed equity portfolio.
R28:Active Equity Investing: Strategies
A:compare fundamental and quantitative approaches to active management;
B:analyze bottom-up active strategies, including their rationale and associatedprocesses;
C:analyze top-down active strategies, including their rationale and associatedprocesses;
D:analyze factor-based active strategies, including their rationale andassociated processes;
E:analyze activist strategies, including their rationale and associatedprocesses;
F:describe active strategies based on statistical arbitrage and marketmicrostructure;
G:describe how fundamental active investment strategies are created;
H:describe how quantitative active investment strategies are created;
I:discuss equity investment style classifications.
R29Active Equity Investing: Portfolio Construction
A:describe elements of a manager’s investment philosophy that influence theportfolio construction process;
B:discuss approaches for constructing actively managed equity portfolios;
C:distinguish between Active Share and active risk and discuss how each measurerelates 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 anddescribe how limits set on these measures affect portfolio construction;
F:discuss how assets under management, position size, market liquidity, andportfolio 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-neutralapproaches to equity portfolio construction, including their risks, costs, andeffects on potential alphas.
5.交易、监控、调整
【删除】
原R32 Monitoring and Rebalancing
福利时间
为了帮助童鞋们更好的备考，针对考纲的变化，我们推出了《2019CFA新考纲解读暨高效备考策略》免费直播公开课！！！
干老师和滕老师将会对新考纲进行详细解读、结合知识点变动、给出复习备考建议~
课程内容包含一级二级，后续也会推出三级，扫码海报中的二维码就可以马上免费报名听课！
第一场直播将于8.17日晚20:00开始，等你来哦~
