2017年CFA二级考纲解读
报考资讯 | 2016-12-20
2017年CFA二级考纲及2016年CFA二级考纲有所变化，下面金程CFA小编就帮大家整理出详细的考纲变动列表： 》》点我了解更多CFA二级考纲变化情况
1、经济学
无变化
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 Ratios3、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 Strategy
4、另类投资
原2016年Reading 42改变
从2016 A Primer on Commodity Investing
改变为2017 Commodities 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 types 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 fully 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
Measuring and Managing Market Risk
Algorithmic trading and high-frequency trading以下为2017年新内容
Measuring and Managing Market Risk
A.explain the use of value at risk(VaR)in measuring portfolio risk;B.compare the parametric(variance-covariance),historical simulation,and Monte Carlo simulation methods for estimating 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.demonstrate 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 measures;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.
Algorithmic 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 placed;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 SWAPS
The candidate should be able to:
a describe 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 market’s pricing of CDS;d describe the use of CDS 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,FRA
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