CFA一级考纲LOS变化对比（2014-2015）

cfa_cn · 发表于 2014-10-9 17:35:49

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相对于2014年的CFA一级的考纲LOS，2015年CFA一级的考点变化还是比较大的。

首先，各科目的考试比重发生了一些变化：公司金融（Corporate Finance）从8%降到7%，固定收益投资（Fixed Income）从12%降到10%，投资组合（Portfolio Management）从5%升到7%，其他类投资（Alternative Investments）从3%升到4%。

具体到每一个科目，也有很大的变化，特别是衍生品这一部分内容，整个框架都发生了改变。

1. 伦理道德与专业准则（Ethical and Professional Standards）考纲内容与2014年相比基本没有变化，但是Handbook由第10版本更新为第11版本，其中IV(C) Responsibility of supervisor这一条款变动较大。

2. 数量方法（Quantitative Methods）、公司金融（Corporate Finance）、权益投资（Equity）、投资组合（Portfolio Management）、其他类投资（Alternative Investments）考纲内容与2014年相比基本没有变化

3. 经济学（economics）增加了三个考点，具体内容没有发生改变，增加了考察内容，不会产生较大影响。

4. 财务报表分析（FSA）reading 26删除一个考点，删除对分析资产负债表和权益变动表的要求，section 10中删除了reading 34, reading 33财务报表质量部分考纲内容变化很大。

2014

2015

Reading 33: Financial Reporting Quality: Red Flags and Accounting Warning Signs

a. describe incentives that might induce a company’s management to overreport or underreport earnings;

b. describe activities that will result in a low quality of earnings;

c. describe the three conditions that are generally present when fraud occurs, including the risk factors related to these conditions;

d. describe common accounting warning signs and methods for detecting each.

Reading 33: Financial Reporting Quality

a. distinguish between financial reporting quality and quality of reported results (including quality of earnings, cash flow, and balance sheet items);
b. describe a spectrum for assessing financial reporting quality;
c. distinguish between conservative and aggressive accounting;
d. describe motivations that might cause management to issue financial reports that are not high quality;
e. describe conditions that are conducive to issuing low-quality, or even fraudulent, financial reports;
f. describe mechanisms that discipline financial reporting quality and the potential limitations of those mechanisms;
g. describe presentation choices, including non-GAAP measures, that could be used to influence an analyst’s opinion;
h. describe accounting methods (choices and estimates) that could be used to manage earnings, cash flow, and balance sheet items;
i. describe accounting warning signs and methods for detecting manipulation of information in financial reports.

5. 固定收益投资（Fixed Income）新增了reading 54资产支持型证券的介绍（ INTRODUCTION TO ASSET-BACKED SECURITIES）,reading 55新增一个考点，增加了key rate duration的定义和应用。

6. 衍生工具（Derivatives）整个考纲内容发生了变化，2015年考点减少。删除了2014年考纲中reading 58—reading 61关于远期，期货，期权，互换（forward, futures, options, swaps）的介绍，新增加reading 58衍生品定价估值基础。

2014	2015
l Study session 17 Derivatives l Reading 57: Derivative Markets and Instruments l Reading 58: Forward Markets and Contracts l Reading 59: Futures Markets and Contracts l Reading 60: Option Markets and Contracts l Reading 61: Swap Markets and Contracts l Reading 62: Risk Management Applications of Option Strategies	l Study session 17 Derivatives l Reading 57: Derivative Markets and Instruments l Reading 58: Basics of Derivative Pricing and Valuation l Reading 59: Risk Management Applications of Option Strategies