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1、2018 年 CFA 考纲变动分析2018 年 CFA 一级考纲变动分析:2018 年 CFA 一级考纲的变动主要体现在删除上，Corporate Finance 和Derivatives 这两个科目各删除了一个 reading；Quantitative Methods 这一科目删除了一个考点，而 Equity 新增了一个考点。一、 2018 考纲新增考点：1. Study session 14 Equity: Analysis and ValuationReading 49. Equity Valuation: Concepts And Basic Tools 中：考点 c：describe
2、 regular cash dividends, extra dividends, stock dividends, stock splits, reverse stock splits, and share repurchases;考点 d: describe dividend payment chronology;二、 2018 考纲删除考点：1. Study Session 3 Quantitative Methods: ApplicationReading 10. Common Probability Distributions 中：考点 h: calculate and interp
3、ret tracking error;2. Study Session 11 Corporate Finance: Leverage, Dividends and Share Repurchases, and Working Capital ManagementReading 38. Dividends and Share Repurchases: Basics 整个 reading.考点内容为：The candidate should be able to:a describe regular cash dividends, extra dividends, liquidating divi
4、dends, stock dividends, stock splits, and reverse stock splits, including their expected effect on shareholders wealth and a companys financial ratios;b describe dividend payment chronology, including the significance of declaration, holder-of-record, ex-dividend, and payment dates;c compare share r
5、epurchase methods;d calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is financed with the companys excess cash and 2) the company uses debt to finance the repurchase;e calculate the effect of a share repurchase on book value per share;f explain why
6、a cash dividend and a share repurchase of the same amount are equivalent in terms of the effect on shareholders wealth, all else being equal.3. Study Session 17 DerivativesReading 59. Risk Management Applications of Option Strategies 整个reading.考点内容为：The candidate should be able to:a determine the va
7、lue at expiration, the profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payoff graph of the strategies of buying and selling calls and puts and determine the potential outcomes for investors using these strategies;b determine the value at expiration, profit, maximu
8、m profit, maximum loss, breakeven underlying price at expiration, and payoff graph of a covered call strategy and a protective put strategy, and explain the risk management application of each strategy.三、2017-2018 考纲修改考点：无2018 年 CFA 二级考纲变动分析:根据 CFA 协会最新公布的 2018 年 CFA 二级考纲，考纲发生变化的科目为 4 门，分别为经济学、公司金融、
9、固定收益与衍生品。经济学，变化集中在 Reading 13 Currency Exchange Rates：Determination and Forecasting。删除 3 个考点(考点 k、考点 l 和考点p)，不再考察决定汇率的三大模型及使用技术分析来预测汇率的方法。新增 2个点，forward rate parity 远期汇率平价和政府对汇率的干预目标。删除考点：考点 k ：describe the MundellFleming model, the monetary approach, and the asset market (portfolio balance) approac
10、h to exchange rate determination;考点 l ：forecast the direction of the expected change in an exchange rate based on balance of payment, MundellFleming, monetary, and asset market approaches to exchange rate determination;考点 p ：describe uses of technical analysis in forecasting exchange rates.变化考点（加粗部分
11、表示修改）考点 e ：explain international parity conditions （原为 relations）(covered and uncovered interest rate parity, forward rate parity（原无forward rate parity）, purchasing power parity, and the international Fisher effect);考点 l：describe objectives of central bank or government （原无 or government） interventi
12、on and capital controls and describe the effectiveness of intervention and capital controls;公司金融，变化集中在 Reading 23 Dividends and Share Repurchases: Analysis。新增 4 个考点(考点 a，考点 h，考点 i 和考点 j，为原一级删除的内容并入二级)， 2 个考点(考点 d 与考点 e)表述发生变化，但无实质影响。新增考点考点 a：describe the expected effect of regular cash dividends, ex
13、tra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits on shareholders wealth and a companys financial ratios;考点 h：compare share repurchase methods;考点 i：calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is finan
14、ced with the companys surplus cash and 2) the company uses debt to finance the repurchase;考点 j：calculate the effect of a share repurchase on book value per share;变化考点考点 d：explain how clientele effects and agency costs(原为 agency issues) may affect a companys payout policy;考点 e：explain factors that af
15、fect dividend policy in practice;(原无 in practice)固定收益，变化在 Reading 38 Credit Analysis Models，为一个考点的掌握要求降低，无实质影响。考点 b ：explain credit scoring and credit ratings;衍生品，变化在 Reading 41 Valuation of Contingent Claims，删除一个考点。考点 d：describe how interest rate options are valued using a two-period binomial model
16、;2018 年 CFA 三级考纲变动分析2018 年 CFA 三级考纲相对于 2017 年的考纲，变化比较大：首先，Fixed-Income 和 Asset Allocation 这两门课的内容全部重新编写，其次，机构 IPS 中删除了 Linking Pension Liabilities to Asset 这一个reading，Alternative 中删除了关于 futures return 的三大组成部分，个人 IPS中删除了 accrual equivalent tax rate 以及 after-tax return 的计算，Trading 中删除了比较 brokers 和 dealers 的作用，其余有少数考点的表述方式略作修改。一、 2018 考纲新增考点：1. Study Session 8 Asset Allocation and Related Decisions in Portfolio Management (1)Reading 16 Introduction to Asset Allocat
