[CFA Level 2] 2017年CFA二级考纲变动对比分析 CFA, CFA考纲对比

Colum

2017年CFA二级考纲及2016年CFA二级考纲对比

1、经济学

无变化

2、财务报表分析

原2016年Reading 16 删除

Inventories: Implications for Financial Statements and Ratios

原2016年Reading 17 删除

Long-lived Assets: Implications for Financial Statements and Ratios

3、股权投资

原2016年Reading 31删除

The Five Competitive Forces That Shape Strategy

原2016年Reading 32删除

Your Strategy Needs a Strategy

4、另类投资

原2016年Reading 42 改变

从2016 A Primer on Commodity Investing

改变为2017 Commodities and Commodity Derivatives: An Introduction

以下为2017年新内容

A.compare characteristics of commodity sectors;

B.compare the life cycle of commodity sectors from production through trading or consumption;

C.contrast the valuation of commodities with the valuation of equities and bonds;

D.describe types of participants in commodity futures markets;

E.analyze the relationship between spot prices and expected future prices in markets in contango and markets in backwardation;

F.compare theories of commodity futures returns;

G.describe, calculate, and interpret the components of total return for a fully collateralized commodity futures contract;

H.contrast roll return in markets in contango and markets in backwardation;

I.describe how commodity swaps are used to obtain or modify exposure to commodities;

J.describe how the construction of commodity indexes affects index returns.

5、投资组合

新增2017年

Measuring and Managing Market Risk

Algorithmic trading and high-frequency trading

以下为2017年新内容

Measuring and Managing Market Risk

A.explain the use of value at risk (VaR) in measuring portfolio risk;

B.compare the parametric (variance–covariance), historical simulation, and Monte Carlo simulation methods for estimating VaR;

C.estimate and interpret VaR under the parametric, historical simulation, and Monte Carlo simulation methods;

D.describe advantages and limitations of VaR;

E.describe extensions of VaR;

F.describe sensitivity risk measures and scenario risk measures and compare these measures to VaR;

G.demonstrate how equity, fixed-income, and options exposure measures may be used in measuring and managing market risk and volatility risk;

H.describe the use of sensitivity risk measures and scenario risk measures;

I.describe advantages and limitations of sensitivity risk measures and scenario risk measures;

J.describe risk measures used by banks, asset managers, pension funds, and insurers;

K.explain constraints used in managing market risks, including risk budgeting, position limits, scenario limits, and stop-loss limits;

L.explain how risk measures may be used in capital allocation decisions.

Algorithmic trading and high-frequency trading

A.define algorithmic trading;

B.distinguish between execution algorithms and high-frequency trading algorithms;

C.describe types of execution algorithms and high-frequency trading algorithms;

D.describe market fragmentation and its effects on how trades are placed;

E.describe the use of technology in risk management and regulatory oversight;

F.describe issues and concerns related to the impact of algorithmic and high-frequency trading on securities markets.

6、道德

无变化

7、量化分析

无变化

8、公司金融

无变化

9、固定收益

新增：

READING 39. CREDIT DEFAULT SWAPS

The candidate should be able to:

a describe credit default swaps (CDS), single-name and index CDS, and the parameters that define a given CDS product;

b describe credit events and settlement protocols with respect to CDS;

c explain the principles underlying, and factors that influence, the market’s pricing of CDS;

d describe the use of CDS to manage credit exposures and to express views regarding changes in shape and/or level of the credit curve;

e describe the use of CDS to take advantage of valuation disparities among separate markets, such as bonds, loans, equities, and equity-linked instruments.

10、衍生品

结构虽然有大的调整，但是核心知识点并未改变，见下面黄色字体标注

关键变动：

1.CDS删除，实际移动到固定收益

2.16年考纲提及到的Eurodollar Future ,cap and floor , contango and backwardation, FRA

17年考纲中并未 重点提到。

小虫王子

谢谢总结，很受用。