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CFA三級官方教材變化對比（2018-2019）
2019年CFA三個級別的考綱，均已經(jīng)新鮮出爐。相較2018年，每個級別有了不同程度的變更。高頓CFA研究院專業(yè)老師傾力，為你解讀考綱變化，揣摩官方協(xié)會意圖，令你及時樹立備考風(fēng)向標(biāo)，把握考試動態(tài)，不做無用功！
繼去年CFA協(xié)會對三級考綱的資產(chǎn)配置和固定收益相關(guān)章節(jié)發(fā)生了重大變化后，今年又對權(quán)益進(jìn)行了大規(guī)模的修訂。此外，職業(yè)道德、資產(chǎn)配置、固定收益組合管理、交易這四門科目科目的考綱發(fā)生改變。
下列科目的考綱無任何變化：
◆行為金融（Behavior Finance,SS4）
◆私人財富管理（Private Wealth Management,SS5-6）
◆機(jī)構(gòu)投資的組合管理（Portfolio Management for Institutional Investors,SS7）
◆經(jīng)濟(jì)分析的組合管理應(yīng)用（Application of Economic Analysis to Portfolio Management,SS8）
◆另類投資的組合管理（Alternative Investments for Portfolio Management,SS15）
◆風(fēng)險管理（Risk Management,SS16-17）
◆業(yè)績評估（Performance Evaluation,SS19）
◆全球投資業(yè)績標(biāo)準(zhǔn)（Global Investment Performance Standards,SS20）
下列科目發(fā)生變化：
◆職業(yè)道德（Ethical and Professional Standards,SS1-3）：新增Study session 3，包括2個章節(jié)；Study session 1和2中，無實(shí)質(zhì)性變化，只有措辭些微改變。
◆資產(chǎn)配置（Asset Allocation and Related Decision in Portfolio Management,SS9-10）：Study Session 9中的Reading 18（原Reading16）刪除1條考綱；Study Session10刪除一整章。
◆固定收益組合管理（Fixed-Income Portfolio Management,SS11-12）：Study Session 11無變化；Study Session 12中的Reading 24（原Reading23）新增2條考綱。
◆權(quán)益組合管理（Equity Portfolio Management,SS13-14）：整個部分完全重新編寫，由原來的1個session變成2個session；修改后的Study session 13-14，包括4個章節(jié)。
◆交易（Trading,SS18）：Session的名稱改變，從“Trading,Monitoring and Rebalancing”修改為“Trading”；Study Session 18（原Session16）中刪除一整章。
2019年CFA三個級別的考綱，均已經(jīng)新鮮出爐，相較2018年，每個級別有了不同程度的變更。更為詳細(xì)的考綱可以自取一下，傳送門：【2018-2019CFA考綱變化明細(xì)】
各科目的具體變化如下：
職業(yè)道德（Study Session 1-3）
1.新增Study session 3，包括2個章節(jié)，分別為：
★Reading 5.Overview of the Asset Management Industry and Portfolio Management
a.describe the structure of the asset management industry;
b.discuss a portfolio management process that supports achieving asset owners’objectives;
c.discuss the elements of effective investment governance.
★Reading 6.Professionalism in Investment Management
d.describe professions and how they establish trust;
e.explain professionalism in investment management;
f.describe expectations of and challenges for investment management professionals.
2.Study session 1和2中，無實(shí)質(zhì)性變化，只有措辭些微改變。
★將“the Code of Ethics and Standards of Professional Conduct”改為“the CFA Institute Code of Ethics and Standards of Professional Conduct”或“the Code and Standards”
資產(chǎn)配置（Study Session 9-10）
1.Study Session 9中的Reading 18（原Reading16）刪除1條考綱。
★Reading 18.Introduction to Asset Allocation
a.describe elements of effective investment governance and investment governance considerations in asset allocation;
2.Study Session10刪除一整章
★原Reading 20.Market Indexes and Benchmarks整章刪除。
固定收益組合管理（Study Session 11-12）
1.Study Session 11無變化
2.Study Session 12中的Reading 24（原Reading23）新增2條考綱。
★Reading 24.Yield Curve Strategies
b.explain how to execute a carry trade;
g.discuss inter-market curve strategies;
權(quán)益組合管理（Study Session 13-14）
1.整個部分完全重新編寫，由原來的1個session變成2個session。
2.修改后的Study session 13-14，包括4個章節(jié)，分別為：
★Reading 26.Introduction to Equity Portfolio Management
a.describe the roles of equities in the overall portfolio;
b.describe how an equity manager’s investment universe can be segmented;
c.describe the types of income and costs associated with owning and managing an equity portfolio and their potential effects on portfolio performance;
d.describe the potential benefits of shareholder engagement and the role an equity manager might play in shareholder engagement;
e.describe rationales for equity investment across the passive–active spectrum.
★Reading 27.Passive Equity Investing
a.discuss considerations in choosing a benchmark for a passively managed equity portfolio;
b.compare passive factor-based strategies to market-capitalization-weighted indexing;
c.compare different approaches to passive equity investing;
d.compare the full replication,stratified sampling,and optimization approaches for the construction of passively managed equity portfolios;
e.discuss potential causes of tracking error and methods to control tracking error for passively managed equity portfolios;
f.explain sources of return and risk to a passively managed equity portfolio.
★Reading 28.Active Equity Investing:Strategies
a.compare fundamental and quantitative approaches to active management;
b.analyze bottom-up active strategies,including their rationale and associated processes;
c.analyze top-down active strategies,including their rationale and associated processes;
d.analyze factor-based active strategies,including their rationale and associated processes;
e.analyze activist strategies,including their rationale and associated processes;
f.describe active strategies based on statistical arbitrage and market microstructure;
g.describe how fundamental active investment strategies are created;
h.describe how quantitative active investment strategies are created;
i.discuss equity investment style classifications.
★Reading 29.Active Equity Investing:Portfolio Construction
a.describe elements of a manager’s investment philosophy that influence the portfolio construction process;
b.discuss approaches for constructing actively managed equity portfolios;
c.distinguish between Active Share and active risk and discuss how each measure relates to a manager’s investment strategy;
d.discuss the application of risk budgeting concepts in portfolio construction;
e.discuss risk measures that are incorporated in equity portfolio construction and describe how limits set on these measures affect portfolio construction;
f.discuss how assets under management,position size,market liquidity,and portfolio turnover affect equity portfolio construction decisions;
g.*uate the efficiency of a portfolio structure given its investment mandate;
h.discuss the long-only,long extension,long/short,and equitized market-neutral approaches to equity portfolio construction,including their risks,costs,and effects on potential alphas.
交易（Study Session18）
1.Session的名稱改變，從“Trading,Monitoring and Rebalancing”修改為“Trading”
2.Study Session 18（原Session16）中刪除一整章
★原Reading 32.Monitoring and Rebalancing整章刪除。
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