2018年CFA考试大纲分析（同系列）
2018年CFA一级******考纲变动对比分析
2018年CFA二级******考纲变动对比分析
2018年CFA三级******考纲变动对比分析

2018年CFA三级考纲相对于2017年的考纲，变化比较大：

首先，Fixed-Income和Asset Allocation这两门课的内容全部重新编写，其次，机构IPS中删除了Linking Pension Liabilities to Asset这一个reading，Alternative中删除了关于futures return的三大组成部分，个人IPS中删除了accrual equivalent tax rate以及after-tax return的计算，Trading中删除了比较brokers和dealers的作用，其余有少数考点的表述方式略作修改。

一、2018考纲新增考点：

1. Study Session 8 Asset Allocation and Related Decisions in Portfolio Management (1)

Reading 16 Introduction to Asset Allocation整个reading新增。

Reading 17 Principles of Asset Allocation整个reading新增。

2. Study Session 9 Asset Allocation and Related Decisions in Portfolio Management (2)

Reading 18 Asset Allocation with Real-World Constraints整个reading新增。

3. Study Session 10 Fixed-Income Portfolio Management(1)

Reading 21 Introduction to Fixed-Income Portfolio Management 整个reading新增。

Reading 22 Liability-Driven and Index-Based Strategies整个reading新增。

4. Study Session 11 Fixed-Income Portfolio Management(2)

Reading 23 Yield Curve Strategies整个reading新增。

Reading 24 Credit Strategies整个reading新增。

二、2017考纲删除考点：

1. Study Session 6 Portfolio Management for Institutional Investor

Reading 14. Linking Pension Liabilities to Asset整个reading删除。

2. Study Session 13 Alternative Investments for Portfolio Management

Reading 26. Alternative Investments for Portfolio Management

考点n: explain the three components of return for a commodity futures contract and the effect that an upward- or downward-sloping term structure of futures prices will have on roll return.

3. Study Session 16 Trading, Monitoring, and Rebalancing

Reading 31. Execution of Portfolio Decisions

考点d: compare the roles of brokers and dealers.

4. Study Session 8 Asset Allocation and Related Decisions in Portfolio Management(1)

Reading 17. Asset Allocation整个reading删除。

5. Study Session 10 Fixed-Income Portfolio Management(1)

Reading 20 Fixed-Income Portfolio Management-Part 1整个reading删除。

Reading 21 Relative-Value Methodologies for Global Credit Bond整个reading删除。

6. Study Session 11 Fixed-Income Portfolio Management(2)

Reading 22 Fixed-Income Portfolio Management-Part 2整个reading删除。

7. Study Session 4 Private Wealth Management(1)

Reading 9 Tax and Private Wealth Management in a Global Context

考点C: calculate accrual equivalent tax rate and after-tax return删除。

三、2017-2018考纲修改考点：

1. Study Session 4 Private Wealth Management(1)

Reading 8 Managing Individual Investor Portfolio

考点i 改为：discuss the effects that ability and willingness to take risk have on risk tolerance;

2. Study Session 4 Private Wealth Management(1)

Reading 9 Tax and Private Wealth Management in a Global Context

考点d 改为：discuss the tax profiles of different types of investment accounts and explain their effects on after-tax returns and future accumulations;

考点g改为：explain tax loss harvesting and highest-in/first-out (HIFO) tax lot accounting;

3. Study Session 7 Applications of Economic Analysis to Portfolio Management

Reading 14 Capital Market Expectations

考点e改为：discuss the inventory and business cycles and the effects that consumer and business spending and monetary and fiscal policy have on the business cycle;

考点f改为：discuss the effects that the phases of the business cycle have on short-term/long-term capital market returns;

考点i改为： interpret the shape of the yield curve as an economic predictor and discuss the relationship between the yield curve and fiscal and monetary policy;

4. Study Session 12 Equity Portfolio Management

Reading 25 Equity Portfolio Management

考点d改为：distinguish among the predominant weighting schemes used in the construction of major equity market indexes and evaluate the biases of each;

5. Study Session 13 Alternative Investments for Portfolio Management

Reading 26 Alternative Investments Portfolio Management

考点d改为：distinguish among types of alternative investments;