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　　CFA一级考试形式：
　　CFA考试分为LevelⅠ、LevelⅡ和LevelⅢ三个阶段，考生必须通过前一阶段才能参加次一阶段考试。高顿财经小编提醒各位：考生须于3年内通过*9阶段考试，并在7年内完成三个阶段的考试。倘若考生在某一阶段未能考取合格成绩，隔年才能重新参加该阶段考试。考生必须于7年内通过三个阶段考试，否则需重新注册，但考过的阶段将永久保留。
　　三个阶段的考试时间为6个小时，上、下午分别各三小时。*9阶段和第二阶段考试（LevelⅠ、LevelⅡ）形式为选择题（Multiple Choice），每卷各120题，共240题；第三阶段（LevelⅢ）的考试形势是50%的论文写作及50%的应用题（其中主要是案例分析）。
　　CFA的知识结构：
　　CFA考试内容涵盖甚广，主要包括：
　　①职业标准和操守；
　　②财务报表分析；
　　③量化分析；
　　④经济学；
　　⑤固定收益投资分析；
　　⑥股权分析；
　　⑦投资组合管理；
　　⑧企业金融；
　　⑨衍生工具；
　　⑩其他投资分析等等。
　　CFA一级考纲有哪些变化内容？
　　1.财务报告及分析 Financial Reporting and Analysis
　　SS7,R23.Financial Reporting Mechanics
　　新增考点：
　　1、describe how business activities are classified for financial reporting purposes
　　SS8，R25.Understanding Income Statements
　　新增考点：
　　1、describe key aspects of the converged accounting standards issued by the International Accounting Standards Board and Financial Accounting Standards Board in May 2014;
　　SS9，Reading 29: Inventories
　　调整考点：
　　1、calculate and compare cost of sales, gross profit, and ending inventory using different inventory valuation methods and using perpetual and periodic inventory systems;
　　新增考点：
　　1、calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods;
　　2、explain LIFO reserve and LIFO liquidation and their effects on financial statements and ratios;
　　3、convert a company’s reported financial statements from LIFO to FIFO for purposes of comparison;
　　4、describe implications of valuing inventory at net realisable value for financial statements and ratios;
　　5、explain issues that analysts should consider when examining a company’s inventory disclosures and other sources of information;
　　6、calculate and compare ratios of companies, including companies that use different inventory methods;
　　7、analyze and compare the financial statements of companies, including companies that use different inventory methods.
　　删除考点：
　　1、calculate and compare cost of sales, gross profit, and ending inventory using perpetual
　　and periodic inventory systems;
　　2、compare cost of sales, ending inventory, and gross profit using different inventory valuation methods;
　　3、calculate and interpret ratios used to *uate inventory management.
　　SS9,Reading 30: Long-lived Assets
　　调整考点：
　　1、describe the different depreciation methods for property, plant, and equipment and calculate depreciation expense;
　　2、describe the different amortisation methods for intangible assets with finite lives and calculate amortisation expense;
　　3、describe how the choice of amortisation method and assumptions concerning useful life and residual value affect amortisation expense, financial statements, and ratios;
　　新增考点：
　　1、explain and *uate how capitalising versus expensing costs in the period in which they are incurred affects financial statements and ratios;
　　2、describe how the choice of depreciation method and assumptions concerning useful life and residual value affect depreciation expense, financial statements, and ratios;
　　3、explain and *uate how impairment, r*uation, and derecognition of property, plant, and equipment and intangible assets affect financial statements and ratios;
　　4、analyze and interpret financial statement disclosures regarding property, plant, and equipment and intangible assets;
　　5、explain and *uate how leasing rather than purchasing assets affects financial statements and ratios;
　　6、explain and *uate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and the lessee.
　　SS9,Reading 31: Income Taxes
　　调整考点：
　　1、explain recognition and measurement of current and deferred tax items;
　　2.投资组合管理 Portfoio Management
　　SS12,Reading 42. Risk Management: An Introduction
　　新增考点：
　　1、define risk management;
　　2、describe features of a risk management framework;
　　3、define risk governance and describe elements of effective risk governance;
　　4、explain how risk tolerance affects risk management;
　　5、describe risk budgeting and its role in risk governance;
　　6、identify financial and non-financial sources of risk and describe how they may interact;
　　7、describe methods for measuring and modifying risk exposures and factors to consider in choosing among the methods.
　　3.权益 Equity
　　SS14,Reading 50: Introduction to Industry and Company Analysis
　　调整考点：
　　1、explain how a company’s industry classification can be used to identify a potential “peer group” for equity valuation;
　　2、explain the effects of barriers to entry, industry concentration, industry capacity, and market share stability on pricing power and price competition;
　　3、describe industry life cycle models, classify an industry as to life cycle stage, and describe limitations of the life-cycle concept in forecasting industry performance;
　　SS14,Reading 51: Equity Valuation: Concepts and Basic Tools
　　调整考点：
　　1、explain the rationale for using price multiples to value equity, how the price to earnings multiple relates to fundamentals, and the use of multiples based on comparables;
　　4.固定收益 Fixed Incomne
　　SS15,Reading 53: Fixed-Income Markets: Issuance, Trading, and Funding
　　调整考点：
　　1、describe repurchase agreements (repos) and the risks associated with them.
　　SS15,Reading 55. Introduction to Asset-Backed Securities
　　调整考点：
　　1、describe securitization, including the parties involved in the process and the roles they play;
　　2、describe typical structures of securitizations, including credit tranching and time tranching;
　　3、describe types and characteristics of residential mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks for each type;
　　4、describe types and characteristics of non-mortgage asset-backed securities, including the cash flows and risks of each type;
　　5、describe collateralized debt obligations, including their cash flows and risks.
　　新增考点：
　　1、define prepayment risk and describe the prepayment risk of mortgage-backed securities;
　　SS16,Reading 57. Fundamentals of Credit Analysis
　　调整考点：
　　1、explain the four Cs (Capacity, Collateral, Covenants, and Character) of traditional credit analysis;
　　新增考点：
　　1、describe default probability and loss severity as components of credit risk;
　　5.另类投资 Alternatives
　　SS18,Reading 64.Introduction to Alternative Investments
　　调整考点：
　　1、describe issues in valuing and calculating returns on hedge funds, private equity, real estate, commodities, and infrastructure.