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金程CFA解析:2017年CFA二级考试大纲新变化

发表时间:2016-08-29 02:59 编辑:showme 告诉小伙伴:
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CFA备考从CFA考试大纲开始!只有把握CFA考试的侧重点,才能合理的分配CFA考试备考时间,下面是金程网校CFA小编,为各位2017年6月CFA二级的考生整理的,2017年CFA考试大纲变化。

  CFA备考从CFA考试大纲开始!只有把握CFA考试的侧重点,才能合理的分配CFA考试备考时间,下面是金程网校CFA小编,为各位2017年6月CFA二级的考生整理的,2017年CFA考试大纲变化。

  2017年CFA考试大纲具体变化如下

  一、Ethical and Professional Standards

  无变化

  二、Quantitative Methods

  无变化

  三、Economics

  无变化

  四、Financial Reporting and Analysis

  1. 原2016年Reading 16 删除

  Inventories: Implications for Financial Statements and Ratios

  2. 原2016年Reading 17 删除

  Long-lived Assets: Implications for Financial Statements and Ratios

  五、Corporate Finance

  无变化

  六、Portfolio Management

  2017年新增内容

  1. 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.
  •   2. 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.

 

  七、Equity

  1. 原2016年Reading 31删除

  The Five Competitive Forces That Shape Strategy

  2. 原2016年Reading 32删除

  Your Strategy Needs a Strategy

  八、Fixed Income

  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.

 

  九、Derivatives

  虽然这一部分结构调整很大,但核心知识点无变化

  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

 

  十、Alternative Investments

  原2016年Reading 42 改变

  从2016 A Primer on Commodity Investing;改变为2017 Commodities and Commodity Derivatives: An Introduction

  2017年新增加内容

  •   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.

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