了解CFA官方最新CFA考纲是一个优秀备考计划的开始，掌握好考试的侧重点，接下来按照学习时间来分配即可达到事半功倍的效果。温馨提示：CFA考纲变化的各个知识点是每年考试容易出现的重点，备考复习过程中要尤其重视。》》2018年CFA考纲对比分析（2017 VS 2018）免费领取
　　
　　一.2018年CFA一级最新考纲变动对比分析
　　2018年CFA一级考纲的变动主要体现在删除上，Corporate Finance和Derivatives这两个科目各删除了一个reading，Quantitative Methods这一科目删除了一个考点，而Equity新增了一个考点。
　　1.Study session 14 Equity: Analysis and Valuation
　　Reading 49. Equity Valuation: Concepts And Basic Tools中：
　　考点c: describe regular cash dividends, extra dividends, stock dividends, stock splits, reverse stock splits, and share repurchases;
　　考点d: describe dividend payment chronology;
 
　　2.2018考纲删除考点
　　1.Study Session 3 Quantitative Methods: Application
　　Reading 10. Common Probability Distributions中：
　　考点h: calculate and interpret tracking error;
　　2.Study Session 11 Corporate Finance: Leverage, Dividends and Share Repurchases, and Working Capital Management
　　Reading 38. Dividends and Share Repurchases: Basics整个reading.
　　考点内容为：
　　The candidate should be able to:
　　a describe regular cash dividends, extra dividends, liquidating dividends, stock
　　dividends, stock splits, and reverse stock splits, including their expected e?ect on shareholders’ wealth and a company’s financial ratios;
　　b describe dividend payment chronology, including the significance of declaration, holder-of-record, ex-dividend, and payment dates;
　　c compare share repurchase methods;
　　d calculate and compare the e?ect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s excess cash and 2) the company uses debt to finance the repurchase;
　　e calculate the e?ect of a share repurchase on book value per share;
　　f explain why a cash dividend and a share repurchase of the same amount are equivalent in terms of the e?ect on shareholders’ wealth, all else being equal.
　　3.Study Session 17 Derivatives
　　Reading 59. Risk Management Applications of Option Strategies整个reading.
 
　　考点内容为：
　　The candidate should be able to:
　　a determine the value at expiration, the profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payo? graph of the strategies of buying and selling calls and puts and determine the potential outcomes for investors using these strategies;
　　b determine the value at expiration, profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payo? graph of a covered call strategy and a protective put strategy, and explain the risk management application of each strategy.
 
　　二.2018年CFA二级最新考纲变动对比分析
　　根据CFA协会最新公布的2018年CFA二级考纲，考纲发生变化的科目为4门，分别为经济学、公司金融、固定收益与衍生品。
　　1经济学
　　变化集中在Reading 13 Currency Exchange Rates：Determination and Forecasting。删除3个考点（考点k、考点l和考点p），不再考察决定汇率的三大模型及使用技术分析来预测汇率的方法。新增2个点，forward rate parity远期汇率平价和政府对汇率的干预目标。
　　删除：
　　考点k：describe the Mundell–Fleming model, the monetary approach, and the asset market (portfolio balance) approach to exchange rate determination;
　　考点l：forecast the direction of the expected change in an exchange rate based on balance of payment, Mundell–Fleming, monetary, and asset market approaches to exchange rate determination;
　　考点p：describe uses of technical analysis in forecasting exchange rates.
　　变化与新增：
　　考点e: explain international parity conditions (covered and uncovered interest rate parity, forward rate parity, purchasing power parity, and the international Fisher effect);
　　考点l：describe objectives of central bank or government intervention and capital controls and describe the effectiveness of intervention and capital controls;
　　2公司金融
　　变化集中在Reading 23 Dividends and Share Repurchases: Analysis。新增4个考点（考点a，考点h，考点i和考点j，为原一级删除的内容并入二级），2个考点（考点d与考点e）表述发生变化，但无实质影响。
　　新增与变化
　　考点a：describe the expected effect of regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits on shareholders’ wealth and a company’s financial ratios;
　　考点h：compare share repurchase methods;
　　考点i：calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s surplus cash and 2) the company uses debt to finance the repurchase;
　　考点j：calculate the effect of a share repurchase on book value per share;
　　考点d：explain how clientele effects and agency costs may affect a company’s payout policy;（原为agency issues）
　　考点e：explain factors that affect dividend policy in practice;（原无in practice）
　　3固定收益
　　变化在Reading 38 Credit Analysis Models，为一个考点的掌握要求降低，无实质影响。
　　考点b ：explain credit scoring and credit ratings;
　　4衍生品
　　变化在Reading 41 Valuation of Contingent Claims，删除一个考点。
　　考点d：describe how interest rate options are valued using a two-period binomial model;
 
　　三.2018年CFA三级最新考纲变动对比分析
　　2018年CFA三级考纲相对于2017年的考纲，变化比较大：
　　首先，Fixed-Income和Asset Allocation这两门课的内容全部重新编写，其次，机构IPS中删除了Linking Pension Liabilities to Asset这一个reading，Alternative中删除了关于futures return的三大组成部分，个人IPS中删除了accrual equivalent tax rate以及after-tax return的计算，Trading中删除了比较brokers和dealers的作用，其余有少数考点的表述方式略作修改。
 
　　12018考纲新增考点
　　1.Study Session 8 Asset Allocation and Related Decisions in Portfolio Management (1)
　　Reading 16 Introduction to Asset Allocation整个reading新增。
　　Reading 17 Principles of Asset Allocation整个reading新增。
 
　　2.Study Session 9 Asset Allocation and Related Decisions in Portfolio Management (2)
　　Reading 18 Asset Allocation with Real-World Constraints整个reading新增。
 
　　3.Study Session 10 Fixed-Income Portfolio Management(1)
　　Reading 21 Introduction to Fixed-Income Portfolio Management 整个reading新增。
　　Reading 22 Liability-Driven and Index-Based Strategies整个reading新增。
 
　　4.Study Session 11 Fixed-Income Portfolio Management(2)
　　Reading 23 Yield Curve Strategies整个reading新增。
　　Reading 24 Credit Strategies整个reading新增。
 
　　2.2017考纲删除考点
　　1.Study Session 6 Portfolio Management for Institutional Investor
　　Reading 14. Linking Pension Liabilities to Asset整个reading删除。
 
　　2.Study Session 13 Alternative Investments for Portfolio Management
　　Reading 26. Alternative Investments for Portfolio Management
　　考点n: explain the three components of return for a commodity futures contract and the effect that an upward- or downward-sloping term structure of futures prices will have on roll return.
 
　　3.Study Session 16 Trading, Monitoring, and Rebalancing
　　Reading 31. Execution of Portfolio Decisions
　　考点d: compare the roles of brokers and dealers.
 
　　4.Study Session 8 Asset Allocation and Related Decisions in Portfolio Management(1)
　　Reading 17. Asset Allocation整个reading删除。
 
　　5.Study Session 10 Fixed-Income Portfolio Management(1)
　　Reading 20 Fixed-Income Portfolio Management-Part 1整个reading删除。
　　Reading 21 Relative-Value Methodologies for Global Credit Bond整个reading删除。
 
　　6.Study Session 11 Fixed-Income Portfolio Management(2)
　　Reading 22 Fixed-Income Portfolio Management-Part 2整个reading删除。
 
　　7.Study Session 4 Private Wealth Management(1)
　　Reading 9 Tax and Private Wealth Management in a Global Context
　　考点C: calculate accrual equivalent tax rate and after-tax return删除。
　　3.2017-2018考纲修改考点
　　1.Study Session 4 Private Wealth Management(1)
　　Reading 8 Managing Individual Investor Portfolio
　　考点i 改为：discuss the effects that ability and willingness to take risk have on risk tolerance;
 
　　2.Study Session 4 Private Wealth Management(1)
　　Reading 9 Tax and Private Wealth Management in a Global Context
　　考点d 改为：discuss the tax profiles of different types of investment accounts and explain their effects on after-tax returns and future accumulations;
　　考点g改为：explain tax loss harvesting and highest-in/first-out (HIFO) tax lot accounting;
 
　　3.Study Session 7 Applications of Economic Analysis to Portfolio Management
　　Reading 14 Capital Market Expectations
　　考点e改为：discuss the inventory and business cycles and the effects that consumer and business spending and monetary and fiscal policy have on the business cycle;
　　考点f改为：discuss the effects that the phases of the business cycle have on short-term/long-term capital market returns;
　　考点i改为： interpret the shape of the yield curve as an economic predictor and discuss the relationship between the yield curve and fiscal and monetary policy;
 
　　4.Study Session 12 Equity Portfolio Management
　　Reading 25 Equity Portfolio Management
　　考点d改为：distinguish among the predominant weighting schemes used in the construction of major equity market indexes and *uate the biases of each;
　　5.Study Session 13 Alternative Investments for Portfolio Management
　　Reading 26 Alternative Investments Portfolio Management
　　考点d改为：distinguish among types of alternative investments;
 
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