随着2020年6月CFA报名时间的公布，随之而来当然有2020年CFA考纲！

　　2020年CFA三个级别的考纲，均已经新鲜出炉。相较2019年，每个级别都有不小的调整。高顿CFA研究院专业的师资团队倾力，为你解读考纲变化，令你及时树立备考风向标，把握考试动态，不做无用功！

　　在CFA一级考纲连续多年发生较大变化后，相较于2019年，2020年CFA一级考纲整体变化幅度较小，实质改变较少但细节调整较多。
　　给大家整理了一套电子版CFA备考资料，里面有很多CFA考试资料可供大家选择。而且在对于上班族来说，电子版的也很适合在地铁上查阅：【2019电子版CFA备考资料】

　　首先，相较于2019年，各科目的考试比重未发生变化。

　　其次，考纲内容上，除了经济学（Economics）、权益投资（Equity Investment）、其他类投资（Alternative Investments）无变化，其他部分细节调整较多。具体而言：

　　1.伦理道德与专业准则（Ethical and Professional Standards）部分：

　　★Reading 1.Ethics And Trust In The Investment Profession中：

　　√新增考纲：c.describe professions and how they establish trust;

　　√取消了对framework for ethical decision making的应用（apply）要求。

　　2.数量方法（Quantitative Methods）部分：

　　★删除整个Reading.Discounted Cash Flow Applications

　　★Reading 7.Statistical Concepts and Market Returns中，2020年相比2019年考纲取消了对夏普比率（Sharpe ratio）的计算和解释要求。

　　★Reading 11.Hypothesis Testing中，新增考纲：k.formulate a test of the hypothesis that the population correlation coefficient equals zero and determine whether the hypothesis is rejected at a given level of significance;

　　★原Reading 13.Technical Analysis整体移动到组合管理（Portfolio Management）部分。

　　3.公司财报分析（Financial Reporting Analysis）

　　★Reading 20.Financial Reporting Standards中：

　　√删除4条考纲要求，分别为：

　　1.c.describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;

　　2.f.compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles(US GAAP)reporting systems;

　　3.g.identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;

　　4.i.analyze company disclosures of significant accounting policies.

　　√取消财报准则设置机构的描述、对国际证监会组织的角色描述、财报的目标描述、财报的前提准备等要求。

　　★Reading 21.Understanding Income Statements中，删除原考纲要求：

　　√b.accrual accounting,specific revenue recognition applications(including accounting for long-term contracts,installment sales,barter transactions,gross and net reporting of revenue),and implications of revenue recognition principles for financial analysis;

　　√d.describe key aspects of the converged accounting standards for revenue recognition issued by the International Accounting Standards Board and Financial Accounting Standards Board in May 2014;

　　★Reading 26.Long-lived Assets中，删除原考纲要求：

　　√o.explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios;

　　√p.explain and evaluate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and the lessee.

　　★Reading 30.Non-current(Long-term)Liabilities中，删除原考纲要求：

　　√h.determine the initial recognition,initial measurement,and subsequent measurement of finance leases;

　　√i.compare the disclosures relating to finance and operating leases;

　　4.公司金融（Corporate Finance）部分：

　　★Reading 32.Capital Budgeting，新增考纲：f contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule;

　　5.固定收益投资（Fixed income）部分：

　　★Reading 44.Introduction to Fixed-Income Valuation中，新增考纲：f calculate annual yield on a bond for varying compounding periods in a year;

　　6.衍生工具（Derivatives）部分：

　　★Reading 48.Derivative Markets and Instruments中，新增考纲d determine the value at expiration and profit from a long or a short position in a call or put option;

　　★Reading 49.Basics of Derivative Pricing and Valuation中，

　　√新增考纲c.calculate a forward price of an asset with zero,positive,or negative net cost of carry;

　　√删除原考纲i.explain how the value of a European option is determined at expiration;

　　7.投资组合（Portfolio Management）部分整体移动到其他类投资之后：

　　★Reading 51.Portfolio Management:An Overview中，新增考纲：b describe the steps in the portfolio management process;

　　★Reading 52.Portfolio Risk and Return:Part I中，新增考纲：b.compare the money-weighted and time-weighted rates of return and evaluate the performance of portfolios based on these measures

　　★Reading 54.Basics of Portfolio Planning and Construction中，新增考纲：h describe how environmental,social,and governance(ESG)considerations may be integrated into portfolio planning and construction.
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