2020年cfa一级考纲变动早些已经通知过，但昨天还有同学来咨询高顿君“2020年CFA一级考纲有哪些变动？”

　　2020年CFA一级考纲变动内容并不算多。

　　CFA考试分为三个级别，每个级别的考试内容不同，需要的资料教材也就不同，高顿君整理了一些CFA资料（三个级别的都有），你们可领取之后自己找到相对应的学习。》》领取新版CFA学习资料

　　2020年CFA一级考纲变动内容为：

　　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）部分：

　　√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.

　　2020年CFA一级考纲变动内容并不算多，报考CFA一级的考生要认真备考，争取一次就过！

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