2019年CFA三级考纲变化
CFA三级教材变化对比（2018-2019）
2019年CFA三个级别的考纲，均已经新鲜出炉。相较2018年，每个级别有了不同程度的变更。高顿CFA研究院专业的师资团队倾力，一时间为你解读考纲变化，揣摩官方协会意图，令你及时树立备考风向标，把握考试动态，不做无用功！
CFA三级学长总结了一套CFA学习资料大礼包，在CFA考试前一套好的CFA学习资料，会对你有很大的帮助。》》领取CFA2018-2019CFA学习资料
继去年CFA协会对三级考纲的资产配置和固定收益相关章节发生了重大变化后，今年又对权益进行了大规模的修订。此外，职业道德、资产配置、固定收益组合管理、交易这四门科目科目的考纲发生改变。
下列科目的考纲无任何变化：
◆行为金融（Behavior Finance, SS4）
◆私人财富管理（Private Wealth Management, SS5-6）
◆机构投资的组合管理（Portfolio Management for Institutional Investors, SS7）
◆经济分析的组合管理应用（Application of Economic Analysis to Portfolio Management, SS8）
◆另类投资的组合管理（Alternative Investments for Portfolio Management, SS15）
◆风险管理（Risk Management, SS16-17）
◆业绩评估（Performance Evaluation, SS19）
◆全球投资业绩标准（Global Investment Performance Standards, SS20）
下列科目发生变化：
◆职业道德（Ethical and Professional Standards, SS1-3）：新增Study session 3，包括2个章节；Study session 1和2中，无实质性变化，只有措辞些微改变。
◆资产配置（Asset Allocation and Related Decision in Portfolio Management, SS9-10）：Study Session 9中的Reading 18（原Reading16）删除1条考纲；Study Session10删除一整章。
◆固定收益组合管理（Fixed-Income Portfolio Management, SS11-12）：Study Session 11无变化；Study Session 12中的Reading 24（原Reading23）新增2条考纲。
◆权益组合管理（Equity Portfolio Management, SS13-14）：整个部分完全重新编写，由原来的1个session变成2个session；修改后的Study session 13-14，包括4个章节。
◆交易（Trading, SS18）：Session的名称改变，从“Trading, Monitoring and Rebalancing”修改为“Trading”；Study Session 18（原Session16） 中删除一整章。
各科目的具体变化如下：
职业道德（Study Session 1 - 3）
1.新增Study session 3，包括2个章节，分别为：
¤Reading 5. Overview of the Asset Management Industry and Portfolio Management
a.describe the structure of the asset management industry;
b.discuss a portfolio management process that supports achieving asset owners’ objectives;
c.discuss the elements of effective investment governance.
¤Reading 6. Professionalism in Investment Management
d.describe professions and how they establish trust;
e.explain professionalism in investment management;
f.describe expectations of and challenges for investment management professionals.
2.Study session 1和2中，无实质性变化，只有措辞些微改变。
¤将“the Code of Ethics and Standards of Professional Conduct”改为“the CFA Institute Code of Ethics and Standards of Professional Conduct”或“the Code and Standards”
资产配置（Study Session 9-10）
1.Study Session 9中的Reading 18（原Reading16）删除1条考纲。
¤Reading 18. Introduction to Asset Allocation
a.describe elements of effective investment governance and investment governance considerations in asset allocation;
2.Study Session10删除一整章
¤原Reading 20. Market Indexes and Benchmarks整章删除。
固定收益组合管理（Study Session 11-12）
1.Study Session 11无变化
2.Study Session 12中的Reading 24（原Reading23）新增2条考纲。
¤Reading 24. Yield Curve Strategies
b. explain how to execute a carry trade;
g. discuss inter-market curve strategies;
权益组合管理（Study Session 13-14）
1.整个部分完全重新编写，由原来的1个session变成2个session。
2.修改后的Study session 13-14，包括4个章节，分别为：
¤Reading 26. Introduction to Equity Portfolio Management
a.describe the roles of equities in the overall portfolio;
b.describe how an equity manager’s investment universe can be segmented;
c.describe the types of income and costs associated with owning and managing an equity portfolio and their potential effects on portfolio performance;
d.describe the potential benefits of shareholder engagement and the role an equity manager might play in shareholder engagement;
e.describe rationales for equity investment across the passive–active spectrum.
¤Reading 27. Passive Equity Investing
a.discuss considerations in choosing a benchmark for a passively managed equity portfolio;
b.compare passive factor-based strategies to market-capitalization-weighted indexing;
c.compare different approaches to passive equity investing;
d.compare the full replication, stratified sampling, and optimization approaches for the construction of passively managed equity portfolios;
e.discuss potential causes of tracking error and methods to control tracking error for passively managed equity portfolios;
f.explain sources of return and risk to a passively managed equity portfolio.
¤Reading 28. Active Equity Investing: Strategies
a.compare fundamental and quantitative approaches to active management;
b.analyze bottom-up active strategies, including their rationale and associated processes;
c.analyze top-down active strategies, including their rationale and associated processes;
d.analyze factor-based active strategies, including their rationale and associated processes;
e.analyze activist strategies, including their rationale and associated processes;
f.describe active strategies based on statistical arbitrage and market microstructure;
g.describe how fundamental active investment strategies are created;
h.describe how quantitative active investment strategies are created;
i.discuss equity investment style classifications.
¤Reading 29. Active Equity Investing: Portfolio Construction
a.describe elements of a manager’s investment philosophy that influence the portfolio construction process;
b.discuss approaches for constructing actively managed equity portfolios;
c.distinguish between Active Share and active risk and discuss how each measure relates to a manager’s investment strategy;
d.discuss the application of risk budgeting concepts in portfolio construction;
e.discuss risk measures that are incorporated in equity portfolio construction and describe how limits set on these measures affect portfolio construction;
f.discuss how assets under management, position size, market liquidity, and portfolio turnover affect equity portfolio construction decisions;
g.evaluate the efficiency of a portfolio structure given its investment mandate;
h.discuss the long-only, long extension, long/short, and equitized market-neutral approaches to equity portfolio construction, including their risks, costs, and effects on potential alphas.
交易（Study Session18）
1.Session的名称改变，从“Trading, Monitoring and Rebalancing”修改为“Trading”
2.Study Session 18（原Session16） 中删除一整章
¤原Reading 32. Monitoring and Rebalancing整章删除。
了解CFA官方新的CFA考纲是一个好的备考计划的开始，掌握好考试的侧重内容，接下来按照学习时间来分配即可达到好的备考效果，CFA2019三级考试新考纲全面内容》》点我了解
每年CFA考试大纲变化幅度大概10%-20%左右，同时每年CFA考纲变化部分是CFA考试重要内容。除了考试必考点、重难点，考纲变化也是一大考点。
CFA备考资料：
CFA教材(CFA Curriculum)(约3500页)、CFANotes(约1500页)、CFA一级中英文教材、CFA精要图解、CFA协会道德手册(Standards of Practice Handbook)、历年MOCK以及考试专用计算题。
CFA学习交流群：推荐给大家，微信ID：cfa1019里面有已经考过CFA的学姐，关于CFA任何不懂的事情都可以咨询她。不仅能解决CFA考试问题，还有电子版CFA试题和CFA备考资料可以领取，也可与其他CFA考生进行CFA相关内容的交流。
文章来源：高顿，更多CFA资讯【请关注微信号：gaoduncfa】若需引用或转载请保留此处信息，未加入此版权信息，盗版者将追究法律责任！
相关CFA内容推荐阅读
