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1、泽稷网校-财务金融证书在线教育领导品牌.了解 CFA 官方最新考纲是一个优秀备考计划的开始，掌握好考试的侧重 点，接下来按照学习时间来分配即可达到事半功倍的效果。温馨提示：CFA 考 纲变化的各个知识点是每年考试容易出现的重点，备考复习过程中要尤其重视。相比 2016 年的官方教材，2017 年 CFA 二级的考纲发生了重大变化。 有多 门科目出现了删减、新增章节的情况，甚至于有一门科目全部重写改写。改变 较大的科目依次为：Derivatives, Portfolio Management, Financial Reporting Analysis, Alternatives, Equity
2、Investments。2017 年 CFA 二级考纲及 2016 年 CFA 二级考纲对比如下：1、经济学无变化，仅对 study session 4 中的 Reading 14 中的一条考纲要求从 explain 降低为 describe。2、财务报表分析原 2016 年 Reading 16 删除Inventories: Implications for Financial Statements and Ratios原 2016 年 Reading 17 删除Long-lived Assets: Implications for Financial Statements and Rati
3、os这个变化也是在我们的预计之内，因为 16 年的时候这部分内容放到了一级 的财务报表分析中。原来这门课很多时候都考 4 个 case，可以预见 17 年大概率 事件应该是考 3 个 case。3、股权投资原 2016 年 Reading 31 删除The Five Competitive Forces That Shape Strategy原 2016 年 Reading 32 删除Your Strategy Needs a Strategy4、另类投资原 2016 年 Reading 42 改变从 2016 A Primer on Commodity Investing改变为 2017 C
4、ommodities and Commodity Derivatives: An Introduction以下为 2017 年新内容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 ty
5、pes 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 ful
6、ly 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.5、投资组合新增 2017 年Measur
7、ing and Managing Market RiskAlgorithmic trading and high-frequency trading以下为 2017 年新内容Measuring and Managing Market RiskA.explain the use of value at risk (VaR) in measuring portfolio risk;B.compare the parametric (variancecovariance), historical simulation, and Monte Carlo simulation methods for e
8、stimating 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.dem
9、onstrate 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 measu
10、res;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.Algori
11、thmic trading and high-frequency tradingA.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 place
12、d;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.6、道德无变化7、量化分析无变化8、公司金融无变化9、固定收益新增：READING 39. CREDIT DEFAULT SWAPSThe candidate should be able to:a des
13、cribe 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 markets pricing of CDS;d describe the use of CDS
14、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.10、衍生品结构虽然有大的调整，但是核心知识点并未改变，见下面黄色字体标注
15、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, FRA17 年考纲中并未 重点提到。2017 年 CFA 二级如何学习？一次性通过 CFA 二级考试的概率较之 CFA 一级低了很多。为此特别为中国考生总结了失败原因和考试策略，帮助考生翻越 “第二座大山”。CFA 考试主要采用的是案例分析单选题考核的模式。这一考核模式，是 CFA 协会自 2000 年开始的，于 2005 年正式确定 CFA 二级考试模式。CFA 二级 考试课程着重于资产估值及投资
16、工具的应用（包括经济学、财务报表分析和数 量分析方法）。二级考试（Level）形式为案例选择题（Multiple Choice），每 卷各 60 题，共 120 题。在经过 CFA 协会几年的测试以后，确定了以案例分析的考试模式，更有针 对性。案例分析的方式可以非常直观地评测出考生的综合能力、逻辑思维能力 和特殊问题的实务解决能力。虽然同样是以选择题的方式答题，但考到二级的时候，相比一级考试难度 跨度较大。CFA 二级考试中的知识点会一下提升到实操性比较强的部分，这一 点值得二级考生注意。如果说 CFA 考生通过死记硬背概念和一定的考试技巧，或许是可以侥幸通 过 CFA 一级的考试。但是当你面临二级的考试时，它所考核的偏重就在于综合 应用了。这时候，考生需要将一二两个级别的考试内容结合在一起。考生在备 考的时候，学会理解以后还要进行活学活用。所以，通过 CFA 二级考试需要的 是”真才实学“。其实，CFA 二级
