2018年CFA考试大纲分析(同系列)

2018年CFA一级最新考纲变动对比分析
2018年CFA二级最新考纲变动对比分析
2018年CFA三级最新考纲变动对比分析

根据CFA协会最新公布的2018年CFA二级考纲,考纲发生变化的科目为4门,分别为经济学、公司金融、固定收益与衍生品。

经济学,变化集中在Reading 13 Currency Exchange Rates:Determination and Forecasting。删除3个考点(考点k、考点l和考点p),不再考察决定汇率的三大模型及使用技术分析来预测汇率的方法。新增2个点,forward rate parity远期汇率平价和政府对汇率的干预目标。

删除:

考点k :describe the Mundell–Fleming model, the monetary approach, and the asset market (portfolio balance) approach to exchange rate determination;

考点l :forecast the direction of the expected change in an exchange rate based on balance of payment, Mundell–Fleming, monetary, and asset market approaches to exchange rate determination;

考点p :describe uses of technical analysis in forecasting exchange rates.

变化与新增(加粗部分为变化内容)

考点e :explain international parity conditions (covered and uncovered interest rate parity,** forward rate parity**, purchasing power parity, and the international Fisher effect);

考点l:describe objectives of central bank or government intervention and capital controls and describe the effectiveness of intervention and capital controls;

公司金融,变化集中在Reading 23 Dividends and Share Repurchases: Analysis。新增4个考点(考点a,考点h,考点i和考点j,为原一级删除的内容并入二级),2个考点(考点d与考点e)表述发生变化,但无实质影响。

新增与变化

考点a:describe the expected effect of regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits on shareholders’ wealth and a company’s financial ratios;

考点h:compare share repurchase methods;

考点i:calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s surplus cash and 2) the company uses debt to finance the repurchase;

考点j:calculate the effect of a share repurchase on book value per share;

考点d:explain how clientele effects and agency costs may affect a company’s payout policy;(原为agency issues)

考点e:explain factors that affect dividend policy in practice;(原无in practice)

固定收益,变化在Reading 38 Credit Analysis Models,为一个考点的掌握要求降低,无实质影响。

考点b :explain credit scoring and credit ratings;

衍生品,变化在Reading 41 Valuation of Contingent Claims,删除一个考点。

考点d:describe how interest rate options are valued using a two-period binomial model;