CFA考试每年有两次考试，为什么CFA考试大纲只更新一次呢？这是什么原因呢？要要知道CFA考试每年是6月和12月考试，只有一级考试有两次，二三级考试只有在6月份，所以12月份的考纲和6月的一样，不更新！

简单来说就是一级考纲适用于当年6月和12月CFA考试，二三级考纲适用于当年6月，那CFA考试大纲一般在什么时候更新呢？

一般考纲更新时间为前一年的9月份左右，也就是在CFA考试报名通道开启时，CFA考试大纲就一起出来了！

CFA考试大纲

CFA考试分为三个等级，每个等级的考纲是不一样的，12月与6月CFA考试都举行的为CFA一级考试，两次考试的考纲是相同的。CFA一级考试侧重：知识、理解，注重工具及技术，包括资产估值入门及证券管理技巧，主要考察考生对投资评估及管理方面的工具及基础概念。

那相比较19年的CFA考试大纲而言，2020年CFA考试大纲变化的多不多呢？主要新增了哪些知识呢？

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；2020年CFA二级考纲半数以上科目实质变化较大。

2020年CFA三级考纲的变化较显着，以往过时的内容已全部删除，代之以对当前全球金融界*研究成果进行系统介绍的新内容，综合阅读量进一步加大，Reading数量从2019年37个增加到38个，对考生学习能力的要求进一步提高。2020年版的新教程更加注重对考生投资专业性和系统性的培养，对职业素养的要求更高。

所以想要参加2020年CFA一级考试，就可以看看2020年6月的CFA一级考纲变化！

1伦理道德与专业准则

Reading 1. Ethics And Trust In The Investment Profession中，新增考纲：

c. describe professions and how they establish trust;

取消对framework for ethical decision making的应用（apply）要求。

2数量方法

删除整个Reading. Discounted Cash Flow Applications

Reading 7. Statistical Concepts and Market Returns中，19相比18年CFA考试大纲取消对夏普比率（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。

CFA考试大纲

3公司财报分析

Reading 20. Financial Reporting Standards中，删除原考纲要求：

c. describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;f. compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems;g. identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;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

Reading 32. Capital Budgeting中，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

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。

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6衍生工具

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

该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.