相對于2019年，各科目的考試比重未發(fā)生變化；考綱內(nèi)容上，除了經(jīng)濟(jì)學(xué)、權(quán)益投資、其他類投資無變化，其他部分細(xì)節(jié)調(diào)整較多。
2020年CFA一級考綱變動(dòng)內(nèi)容：
除了經(jīng)濟(jì)學(xué)、權(quán)益投資、其他類投資三個(gè)科目無變化，其他部分細(xì)節(jié)調(diào)整較多。具體而言：
1.倫理道德與專業(yè)準(zhǔn)則部分：
√Reading 1.Ethics And Trust In The Investment Profession中：
新增考綱：c.describe professions and how they establish trust;
取消了對framework for ethical decision making的應(yīng)用（apply）要求。
2.數(shù)量方法部分：
√刪除整個(gè)Reading.Discounted Cash Flow Applications
√Reading 7.Statistical Concepts and Market Returns中，2020年相比2019年考綱取消了對夏普比率（Sharpe ratio）的計(jì)算和解釋要求。
√Reading 11.Hypothesis Testing中，新增考綱：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整體移動(dòng)到組合管理（Portfolio Management）部分。
3.公司財(cái)報(bào)分析部分：
√Reading 20.Financial Reporting Standards中：
刪除4條考綱要求
取消財(cái)報(bào)準(zhǔn)則設(shè)置機(jī)構(gòu)的描述、對國際證監(jiān)會組織的角色描述、財(cái)報(bào)的目標(biāo)描述、財(cái)報(bào)的前提準(zhǔn)備等要求。
√Reading 21.Understanding Income Statements中，刪除原考綱要求：
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，刪除原考綱要求：
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，刪除原考綱要求：
h.determine the initial recognition,initial measurement,and subsequent measurement of finance leases;
i.compare the disclosures relating to finance and operating leases;
4.公司金融部分：
√Reading 32.Capital Budgeting，新增考綱：f contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule;
5.固定收益投資部分：
√Reading 44.Introduction to Fixed-Income Valuation中，新增考綱：f calculate annual yield on a bond for varying compounding periods in a year;
6.衍生工具部分：
√Reading 48.Derivative Markets and Instruments中，新增考綱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，
新增考綱c.calculate a forward price of an asset with zero,positive,or negative net cost of carry;
刪除原考綱i.explain how the value of a European option is determined at expiration;
7.投資組合部分整體移動(dòng)到其他類投資之后：
√Reading 51.Portfolio Management:An Overview中，新增考綱：b describe the steps in the portfolio management process;
√Reading 52.Portfolio Risk and Return:Part I中，新增考綱：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，新增考綱：h describe how environmental,social,and governance（ESG）considerations may be integrated into portfolio planning and construction.
精選解答
