通知：2019年CFA三级考纲变化一览

来源：高顿CFA
2018-08-08 11:19:45
责编： sherlySun

　　CFA三级官方教材变化对比（2018-2019）

　　2019年CFA三个级别的考纲，均已经新鲜出炉。相较2018年，每个级别有了不同程度的变更。高顿CFA研究院的老师，为你解读考纲变化，揣摩官方协会意图，令你及时树立备考风向标，把握考试动态，不做无用功！

　　继去年CFA协会对三级考纲的资产配置和固定收益相关章节发生了重大变化后，今年又对权益进行了大规模的修订。此外，职业道德、资产配置、固定收益组合管理、交易这四门科目科目的考纲发生改变。

　　下列科目的考纲无任何变化：

　　◆行为金融（Behavior Finance,SS4）

　　◆私人财富管理（Private Wealth Management,SS5-6）

　　◆机构投资的组合管理（Portfolio Management for Institutional Investors,SS7）

　　◆经济分析的组合管理应用（Application of Economic Analysis to Portfolio Management,SS8）

　　◆另类投资的组合管理（Alternative Investments for Portfolio Management,SS15）

　　◆风险管理（Risk Management,SS16-17）

　　◆业绩评估（Performance Evaluation,SS19）

　　◆全球投资业绩标准（Global Investment Performance Standards,SS20）

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　　下列科目发生变化：

　　◆职业道德（Ethical and Professional Standards,SS1-3）：新增Study session 3，包括2个章节；Study session 1和2中，无实质性变化，只有措辞些微改变。

　　◆资产配置（Asset Allocation and Related Decision in Portfolio Management,SS9-10）：Study Session 9中的Reading 18（原Reading16）删除1条考纲；Study Session10删除一整章。

　　◆固定收益组合管理（Fixed-Income Portfolio Management,SS11-12）：Study Session 11无变化；Study Session 12中的Reading 24（原Reading23）新增2条考纲。

　　◆权益组合管理（Equity Portfolio Management,SS13-14）：整个部分完全重新编写，由原来的1个session变成2个session；修改后的Study session 13-14，包括4个章节。

　　◆交易（Trading,SS18）：Session的名称改变，从“Trading,Monitoring and Rebalancing”修改为“Trading”；Study Session 18（原Session16）中删除一整章。

　　各科目的具体变化如下：

　　职业道德（Study Session 1-3）

　　1.新增Study session 3，包括2个章节，分别为：

　　★Reading 5.Overview of 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 owners’objectives;

　　c.discuss the elements of effective investment governance.

　　★Reading 6.Professionalism in Investment Management

　　d.describe professions and how they establish trust;

　　e.explain professionalism in investment management;

　　f.describe expectations of and challenges for investment management professionals.

　　2.Study session 1和2中，无实质性变化，只有措辞些微改变。

　　★将“the Code of Ethics and Standards of Professional Conduct”改为“the CFA Institute Code of Ethics and Standards of Professional Conduct”或“the Code and Standards”

　　资产配置（Study Session 9-10）

　　1.Study Session 9中的Reading 18（原Reading16）删除1条考纲。

　　★Reading 18.Introduction to Asset Allocation

　　a.describe elements of effective investment governance and investment governance considerations in asset allocation;

　　2.Study Session10删除一整章

　　★原Reading 20.Market Indexes and Benchmarks整章删除。

　　固定收益组合管理（Study Session 11-12）

　　1.Study Session 11无变化

　　2.Study Session 12中的Reading 24（原Reading23）新增2条考纲。

　　★Reading 24.Yield Curve Strategies

　　b.explain how to execute a carry trade;

　　g.discuss inter-market curve strategies;
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　　权益组合管理（Study Session 13-14）

　　1.整个部分完全重新编写，由原来的1个session变成2个session。

　　2.修改后的Study session 13-14，包括4个章节，分别为：

　　★Reading 26.Introduction 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 an equity portfolio and their potential effects on portfolio performance;

　　d.describe the potential benefits of shareholder engagement and the role an equity manager might play in shareholder engagement;

　　e.describe rationales for equity investment across the passive–active spectrum.

　　★Reading 27.Passive Equity Investing

　　a.discuss considerations in choosing a benchmark for a passively managed equity portfolio;

　　b.compare passive factor-based strategies to market-capitalization-weighted indexing;

　　c.compare different approaches to passive equity investing;

　　d.compare the full replication,stratified sampling,and optimization approaches for the construction of passively managed equity portfolios;

　　e.discuss potential causes of tracking error and methods to control tracking error for passively managed equity portfolios;

　　f.explain sources of return and risk to a passively managed equity portfolio.

　　★Reading 28.Active Equity Investing:Strategies

　　a.compare fundamental and quantitative approaches to active management;

　　b.analyze bottom-up active strategies,including their rationale and associated processes;

　　c.analyze top-down active strategies,including their rationale and associated processes;

　　d.analyze factor-based active strategies,including their rationale and associated processes;

　　e.analyze activist strategies,including their rationale and associated processes;

　　f.describe active strategies based on statistical arbitrage and market microstructure;

　　g.describe how fundamental active investment strategies are created;

　　h.describe how quantitative active investment strategies are created;

　　i.discuss equity investment style classifications.

　　★Reading 29.Active Equity Investing:Portfolio Construction

　　a.describe elements of a manager’s investment philosophy that influence the portfolio construction process;

　　b.discuss approaches for constructing actively managed equity portfolios;

　　c.distinguish between Active Share and active risk and discuss how each measure relates 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 and describe how limits set on these measures affect portfolio construction;

　　f.discuss how assets under management,position size,market liquidity,and portfolio 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-neutral approaches to equity portfolio construction,including their risks,costs,and effects on potential alphas.

　　交易（Study Session18）

　　1.Session的名称改变，从“Trading,Monitoring and Rebalancing”修改为“Trading”

　　2.Study Session 18（原Session16）中删除一整章

　　★原Reading 32.Monitoring and Rebalancing整章删除。
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