2022年CFA一级考纲变动分析解读

2021CFA备考资料
notes中文精读考试手册一本通官方考纲及解析财大课程安排费用金融英语词汇考前总结汇总

  CFA协会已经公布了2022年CFA考试大纲,以下是针对2022年CFA一级考纲变动分析解读,供同学们参考。

  2022年所有CFA一级科目的权重未发生变化,但是整体顺序出现大量调整,数量科目由原本的第二个科目变为第一个,道德科目变为最后一个章节。本次调整是协会时隔两年来第一次调整,考纲变动涉及到科目较多,其中数量、公金、另类、组合科目都出现了重大变动,其余科目也都存在新增细节考点或者考点表述变动。

  2022年CFA一级考纲变动分析解读

  一.数量

  考纲变化:

  数量科目权重未变8-12%,但被移动到第一个部分,替代道德的位置。总体来说,本科目是新考纲中变动较大的科目,主要体现在协会更加注重知识的实用性,与当前金融行业的发展非常契合。新增两个章节分别为,Organizing,Visualizing,And Describing Data以及Introduction To Linear Regression,同时删除Statistical Concepts and Market Returns,其余每一个reading都有少量的增减。

  变化分析:

  第一个新增的“Organizing,Visualizing,and Describing Data”其实是原本“Statistical Concepts and Market Returns”的进阶版本。在新增的这个章节中,除了保留对数据描述性的分析介绍之外,更加注重对数据进行系统性的分类、整理和可视化分析,介绍了在实务中常用的一些数据分析手段和方法论,比如热力图、树状图、云图、气泡线图等。

  另一个新增的章节“Introduction to Linear Regression”原本是二级数量中的一个章节,这个章节主要讲的是线性回归的基本逻辑和原理,是为二级数量中多元回归打基础的一个章节。另外,线性回归是金融数据分析中常用的一个量化分析模型,更加偏重应用,突出了协会对量化建模的重视。

  具体变动内容:

  STUDY SESSION 1-QUANTITATIVE METHODS(1)

  READING 1.THE TIME VALUE OF MONEY(原Reading 6-R6):

  (1)由solve time value of money problems for different frequencies of compounding变为calculate the solution for time value of money problems with different frequencies of compounding,考纲描述变化。Reading 2.ORGANIZING,VISUALIZING,AND DESCRIBING DATA(组

  织、可视化、数据描述)-新增章节,替换原reading 2统计概念和市场回报:

  (1)identify and compare data types;数据种类

  (2)describe how data are organized for quantitative analysis;数量分析

  (3)interpret frequency and related distributions;频率&分布

  (4)interpret a contingency table;情景分析表

  (5)describe ways that data may be visualized and evaluate uses of specific;数据可视&评估分析

  (6)visualizations;可视化

  (7)describe how to select among visualization types;数据可视化方式选择

  (8)calculate and interpret measures of central tendency;中心极限定理

  (9)evaluate alternative definitions of mean to address an investment problem;评估在投资问题中出现的平均值定义

  (10)calculate quantiles and interpret related visualizations;分位&可视化

  (11)calculate and interpret measures of dispersion;离散的计算解释

  (12)calculate and interpret target downside deviation;目标下行偏差

  (13)interpret skewness;

  (14)interpret kurtosis;

  (15)interpret correlation between two variables.变量相关性

  READING 3.PROBABILITY CONCEPTS(原R8):

  描述:考点顺序变化,具体细节考点有微小变化:

  (1)conditional probabilities考点由distinguish(对比)between unconditional and conditional probabilities变为calculate and interpret

  (计算&解释)conditional probabilities。

  (2)原考点calculate and interpret 1)the joint probability of two events,

  2)the probability that at least one of two events will occur,given the probability of each and the joint probability of the two events,and 3)a joint probability of any number of independent events删除。

  (3)原考点calculate and interpret covariance and correlation and interpret a scatter plot删除。

  STUDY SESSION 2-QUANTITATIVE METHODS(2)

  READING 4.COMMON PROBABILITY DISTRIBUTIONS(原R9)

  本reading全部具体描述基本全部改写,但是知识内容并没有发生变化。

  READING 5.SAMPLING AND ESTIMATION

  (1)由define simple random sampling and a sampling distribution变为compare and contrast probability samples with non-probability samples and discuss applications of each to an investment problem,描述转换。

  (2)compare and contrast simple random,stratified random,cluster,convenience,and judgmental sampling,新增聚类等概念。

  READING 6.HYPOTHESIS TESTING

  描述:总体改动不大,部分由细微的调整,对于参数检验和非参检验增加更加详尽的描述。

  READING 7 INTRODUCTION TO LINEAR REGRESSION新增章节

  (1)describe a simple linear regression model and the roles of the dependent and independent variables in the model;

  (2)describe the least squares criterion,how it is used to estimate regression coefficients,and their interpretation;

  (3)explain the assumptions underlying the simple linear regression model,and describe how residuals and residual plots indicate if these assumptions may have been violated;

  (4)calculate and interpret the coefficient of determination and the F-statistic in a simple linear regression;

  (5)describe the use of analysis of variance(ANOVA)in regression analysis,interpret ANOVA results,and calculate and interpret the standard error of estimate in a simple linear regression;

  (6)formulate a null and an alternative hypothesis about a population value of a regression coefficient,and determine whether the null hypothesis is rejected at a given level of significance;

  (7)calculate and interpret the predicted value for the dependent variable,and a prediction interval for it,given an estimated linear regression model and a value for the independent variable;

  (8)describe different functional forms of simple linear regressions.

  二、经济

  考纲变化:

  经济权重未变仍旧是8-12%,两个session,增加了一部分新的考点,部分考点有细微描述性变化。

  变化分析:

  在2022年新考纲中,微观经济学和国际经济学涉及的reading内容未有变化。而宏观经济学部分,Aggregate Output,Prices,and Economic Growth和Understanding Business Cycles两个reading的内容与考点有变化,增加对投资具有指导意义的知识点,与现实情况更好结合,加深对宏观经济及经济周期的理解。但是,整体考点变化幅度较小。

  具体变动内容:

  SESSION 3-ECONOMIC(1)

  Reading 11 UNDERSTANDING BUSINESS CYCLES,增加了信用周期的考点

  (describe credit cycles)

  SESSION 4-ECONOMIC(2)

  Reading12、13、14有细微考点描述变化。

  三、财报

  考纲变化:

  2022年财报科目权重依旧为13-17%,本科目整体变动不大,财报在存货

  (Inventory)部分进行了修订,而其余部分大体不变。

  具体变动内容:

  Session 7-FRA(3)

  Reading 21存货Inventory出现变化

  Reading22、23、24无变化

  四、公司金融

  考纲变化:

  公司金融科目权重为8-12%,三个Session,内容较多。新考纲公司金融科目的变化较大,传统的老核心“资本来源”和“资本使用”发生修订,新增资本来源章节内容,且将部分二级公司金融的Capital Structure资本结构内容转移至一级讲述,加深过渡,营运资本管理整体删除。

  具体变动内容:

  SESSION 9-CORPORATE ISSUERS(1)

  READING 27 INTRODUCTION TO CORPORATE GOVERNANCE AND OTHER ESG CONSIDERATIONS(原READING 31.CORPORATE GOVERNANCE AND ESG:AN INTRODUCTION)章节名称更换。

  READING 28.USES OF CAPITAL,(原Reading 32:Capital Budgeting)

  (1)资本预算原则整合进新考纲describe the capital allocation process and basic principles of capital allocation;描述资产配置流程和基本原则。

  (2)新增describe common capital allocation pitfalls资产配置陷阱.

  (3)一部分NPV和IRR知识点删除。

  READING 29.SOURCES OF CAPITAL新增章节资本来源,新增考点。

  (1)describe types of financing methods and considerations in their selection;融资方式和选择

  (2)describe primary and secondary sources of liquidity and factors

  that influence a company’s liquidity position;

  (3)compare a company’s liquidity position with that of peer companies;

  (4)evaluate choices of short-term funding.

  SESSION 10-CORPORATE ISSUERS(2)

  READING 30.COST OF CAPITAL-FOUNDATIONAL TOPICS新增章

  节:资本成本-基础主题(原reading33 Cost of Capital拆分)READING 31.CAPITAL STRUCTURE新增章节:资本结构(原二级公司金融章节)新增以下考点:

  (1)adescribe how a company’s capital structure may change over its life cycle;

  (2)explain the Modigliani–Miller propositions regarding capital structure;

  (3)describe the use of target capital structure in estimating WACC,and calculate and interpret target capital structure weights;

  (4)explain factors affecting capital structure decisions;

  (5)describe competing stakeholder interests in capital structure decisions.

  SESSION 11-CORPORATE ISSUERS(3)

  Reading35 Working Capital Management营运资本管理删除。

  五、权益

  考纲变化:

  权益科目权重为10-12%,两个Session。从整体趋势上看,权益投资变动不大,主要变动在于Reading35 Market Efficiency章节有少部分考纲表述和顺序调整。预估到CFA协会在2022年考试中,权益投资的考试分值、考察重点变化不会太大。

  六、固收

  考纲变化:

  固定收益证券权重为10-12%,两个session,新增两个考点,且部分考纲有具体描述性变动。

  具体变动内容:

  SESSION 13-FIXED INCOME(1)

  READING 42.INTRODUCTION TO ASSET-BACKED SECURITIES

  新增考点:describe characteristics and risks of covered bonds and how they differ from other asset-backed securities.

  SESSION 14-FIXED INCOME(2)

  READING 43.UNDERSTANDING FIXED-INCOME RISK AND RETURN

  lcalculate the percentage price change of a bond for a specified change in yield,given the bond’s approximate duration and convexity;

  从estimate改成calculate,描述调整

  l新增考点:describe the difference between empirical duration and analytical duration.

  READING 44.FUNDAMENTALS OF CREDIT ANALYSIS

  ldescribe factors that influence the level and volatility of yield spreads;要素细化为macroeconomic,market,and issuer-specific factors

  七、衍生

  2022年衍生权重5-8%,1个session,2022年新考纲与旧考纲相比基本没有变化,堪称“一成不变”。

  八、另类

  考纲变动:

  另类投资2022年权重5-8%,虽只有一个章节,但是整体变化较大,全部考纲内容出现整体改写,且新增考点explain investment characteristics of natural resources自然资源投资。

  九、组合

  考纲变动:

  组合科目权重5-8%,两个Session,整体变化较大,行为金融学整个章节从三级提前引入一级学习。这种安排可以方便同学们学完马科维茨投资组合

  经典理论后,也能从市场情绪、人性等多种角度,更好地理解市场和组合配置。

  具体变化内容:

  一级组合科目新增reading:The Behavioral Biases of Individuals。本科目修改reading:Basics of Portfolio Planning and Construction,Technical Analysis。

  十、道德

  考纲变动解读:

  首先,根据2022年的新考纲,道德权重未变,在十门科目中,但是从原先的第一个study session变成了最后一个study session。因此导致所有科目Reading号的顺序均发生变更。

  具体变化内容:

  道德一级在最后新增了一个Ethics Application reading(R60),这是原来二级和三级中的内容,需要运用7大条准则对案例进行分析和判断。同时删除了原本的Reading 5Global InvestmentPerformance Standards(GIPS)整个reading,部分内容并入原本的Reading 4 Introduction to the Global Investment Performance Standards(GIPS)中。这种变化,或许也意味着道德的情景使用能力,会从一级考试中就开始强调。

  CFA协会更加重视考生对于7大条准则的理解和实践,在一级中就已经放入了案例分析相关的内容,一二三级的衔接性变得更强了。同时,也强调了道德这门课区别于其他科目的特点,考生对伦理道德的准则不应该死记硬背,这门课的知识点需要通过理解去记忆。同时,考纲修改之后,对GIPS全球投资业绩标准的内容结构安排上也变得更为合理。

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