2022cfa一级考纲变化 - img.rongyuejiaoyu.com

讲师：Francis

2022CFA一级考纲变化

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CFA2022一级考纲变化

n 相比2021年考纲，2022年CFA一级n 总的session为19个，与2021年保持一致；n 总的reading由原来的57个调整为60个；新增4个reading，删除1个readingn 道德由原来的第一个session调整为最后一个,其他科目按顺序往前调整；n 大部分科目的考纲都发生了变动，数量、组合、另类、企业理财、道德变动很

大，权益、衍生和财务改动较小。

变化概括

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各科权重session1-2 reading1-7 Quantitative Methods weights 8%-12%session3-4 reading8-14 Economics weights 8%-12%session5-8 reading15-26 Financial Statement Analysts weights 13%-17%session9-10 reading27-32 Corporate Issuers weights 8%-12%session11-12 reading33-38 Equity Investments weights 10%-12%session13-14 reading39-44 Fixed Income weights 10%-12%session15 reading45-46 Derivatives weights 5%-8%session16 reading47 Alternative Investments weights 5%-8%session17-18 reading48-55 Portfolio Management weights 5%-8%session19 reading56-60 Ethical and Professional Standards weights 15%-20%

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n Reading 2 Organizing, Visualizing, and Describing Data整个章节改写；n 新增data visualization n 新增downside deviationn 新增相关系数内容，Ø interpret correlation between two variablesn 删除切比雪夫不等式、变异系数相关内容

n Reading 4 Common Probability Distributionsn 新增t分布、卡方分布和F分布相关内容，Ø Student’s t-, Chi-Square, and F-Distributions n 新增连续复利计息的持有期收益率计算。Ø calculate and interpret a continuously compounded rate of return, given a specific holding

period return

变化

Quantitative Method

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n Reading 5 Sampling and Estimation n 新增contrast probability samples with non-probability samplesn 新增cluster, convenience, and judgmental samplingn 新增resampling相关概念，Ø describe the use of resampling (bootstrap, jackknife) to estimate the sampling distribution of a

statistic.n 删除抽样方法的区别n 删除时间序列与横截面数据的分类n t分布内容挪至reading 4

变化

Quantitative Method

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n Reading 6 Hypothesis Testingn 新增显著性检验在不同假设检验中的定义，Ø describe how to interpret the significance of a test in the context of multiple tests;n 新增相关系数显著性检验的参数与非参数检验的对比，Ø explain parametric and nonparametric tests of the hypothesis that the population correlation

coefficient equals zero, and determine whether the hypothesis is rejected at a given level of significance;

n 新增利用contingency table data检验独立性，Ø explain tests of independence based on contingency table data.

变化

Quantitative Method

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n Reading 7 Introduction to Linear Regression n 整个章节为新增n 涉及单元回归，建模，检验，interpret ANOVA results等Ø describe a simple linear regression model and the roles of the dependent and independent

variables in the model; Ø describe the use of analysis of variance (ANOVA) in regression analysis, interpret ANOVA

results, and calculate and interpret the standard error of estimate in a simple linear regression;

n 解读n 数量整体变化较大，很多新增内容是为了与二三级内容接轨，包括数据可视化，数据

的聚类分析，单元回归，都为二三级课程的学习打好基础。

变化&解读

Quantitative Method

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n Reading 10 Aggregate Output, Prices, and Economic Growthn 删除对IS曲线和LM曲线相关内容的解释

n Reading 11 Understanding Business Cyclesn 新增对信贷周期的描述Ø describe credit cycles;n 新增关于消费者和商业活动是如何随经济体在商业周期中的变化而变化的Ø describe how resource use, consumer and business activity, housing sector activity, and

external trade sector activity vary as an economy moves through the business cycle;

n 解读n 虽然删除了IS曲线和LM曲线相关内容，但是AD曲线仍然要学，影响不大n 新增的商业周期内容，有利于加深对经济周期的理解

变化&解读

Economics

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n 语言描述上有小的调整n 考点没有变化

变化&解读

Financial Statement Analysis

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n 科目名称从原先corporate finance变为corporate issuersn Reading 28 Uses of Capitaln 新增real option相关内容Ø describe types of real options relevant to capital investment

n Reading 31 Capital Structure n 整个章节为新增n 涉及资本结构相关内容，MM理论，WACC的计算，stakeholder interests。Ø explain the Modigliani–Miller propositions regarding capital structure;Ø describe the use of target capital structure in estimating WACC, and calculate and interpret

target capital structure weights;Ø describe competing stakeholder interests in capital structure decisions.

变化

Corporate Issuers

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n real option与Capital Structure相关内容均为原二级内容，现挪至一级，Capital Structure整体难度增加

解读

Corporate Issuers

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变化&解读

Equity Investments

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n Reading 42 Introduction to Asset-Backed Securities n 新增担保债券的特征与风险，以及与其他资产支持证券的区别Ø describe characteristics and risks of covered bonds and how they differ from other asset-

backed securities.

n Reading 43 Understanding Fixed-Income Risk and Return n 新增有关empirical duration and analytical duration的区别Ø describe the difference between empirical duration and analytical duration.

n 解读n 新增担保债券与其他ABS的区别,有关empirical duration and analytical duration的区别，

更关注实际投资的分析与应用。

变化&解读

Fixed Income

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变化&解读

Derivatives

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n Reading 47 Introduction to Alternative Investmentsn 整章进行修改，考纲要求变动很大n 新增有关natural resources的特征分析，Ø explain investment characteristics of natural resources;n 新增各类评价指标计算以及费率结构计算。Ø describe issues in performance appraisal of alternative Ø investments;calculate and interpret returns of alternative investments on both before-fee and

after-fee bases.

n 解读n 新增natural resources，需要背诵记忆。评价指标以及费率结构的计算。整体计算量有

所上升

变化&解读

Alternative Investments

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n Reading 52 The Behavioral Biases of Individualsn 整个章节为新增n 涉及cognitive errors and emotional biases的对比，behavioral biases等内容Ø compare and contrast cognitive errors and emotional biases;Ø discuss commonly recognized behavioral biases and their implications for financial decision

making;Ø describe how behavioral biases of investors can lead to market characteristics that may not be

explained by traditional finance;

变化

Portfolio Management

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n Reading 54 Technical Analysis n 新增技术分析与行为金融学的联系Ø describe potential links between technical analysis and behavioral finance;n 新增技术分析与基本面分析的对比Ø compare principles of technical analysis and fundamental analysis;n 删除周期分析explain how technical analysts use cycles;n 删除describe the key tenets of Elliott Wave Theory and the importance of Fibonacci numbers

n 解读n 新增reading 52行为金融学，为二三级相关内容打好基础，删除相关内容，使得CFA资

产组合的结构更完善

变化&解读

Portfolio Management

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n Reading 59 Introduction to the Global Investment Performance Standards (GIPS).n 新增公司GIPS标准的概念，基本原则Ø describe the key concepts of the GIPS standards for firms; n 新增GIPS标准中关于公司的定义和公司自由裁量权定义的建议Ø describe the fundamentals of compliance, including the recommendations of the GIPS

Standards with respect to the definition of the firm and the firm’s definition of discretion;

n Reading 60 Ethics Applicationn 整个章节为新增Ø evaluate practices, policies, and conduct relative to the CFA Institute Code of Ethics and

Standards of Professional Conduct;Ø explain how the practices, policies, and conduct do or do not violate the CFA Institute Code

of Ethics and Standards of Professional Conduct.

变化

Ethical and Professional Standards

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n 删除Reading 5 Global Investment Performance Standards (GIPS)整章

n 解读n reading 59新增的内容大部分为原Reading 5 Global Investment Performance Standards

(GIPS)的内容。n 新增的reading 60是原二级的内容，现挪至一级，评估解释与CFA协会的《道德守则和

专业行为标准》有关的实践，政策和行为

变化&解读

Ethical and Professional Standards

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Thanks

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2022cfa一级考纲变化 - img.rongyuejiaoyu.com

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