CFA是全球投資業(yè)里最為嚴格的資格認證，被稱為金融第一考的考試，是含金量最高的證書。要想順利通過CFA考試，需要付出一定的時間和精力。澤稷CFA網(wǎng)課老師結(jié)了2015-2016 CFA一級考綱變化，希望對備考的同學有所幫助。

1、 關于財務報表分析，inventory以及l(fā)ong linved assets有部分內(nèi)容從二級變化到了一級；

2、 組合管理新增加了一個reading的內(nèi)容。

Financial Statement Analysis

R23 Financial Reporting Mechanics：

增加內(nèi)容：describe how business activities are classified for financial reporting purpose。

備注：對實際復習沒有太大影響，原先課程里級已經(jīng)有所涉及。在新的考綱里面只是將其作為一個新的考點。

R25 Understanding Income Statement：

增加內(nèi)容：describe key aspects of the converged accounting standards issued by the International Accouting Standards Board and Financial Accounting Standards Boards in May 2014。

修改內(nèi)容：describe the financial epoeting treatment and analysisi of nonrecurring items (including discontinued operatingon extrordinary items, unusual or infrequent items) and changes in accounting policies.

備注內(nèi)容：新增內(nèi)容在原版書上也增加了內(nèi)容，可能會成為2016年考試的一道概念小題，但是作為修改的內(nèi)容和原先2015年該考綱考點的核心內(nèi)容沒有太大變化。

R29 Inventory：

增加內(nèi)容：

1、Calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods.

2、Explain LIFO reserve and LIFO liquidation and their effects on financial statements and ratios；

3、Convert a company's reported financial statements from LIFO to FIFI for purpose of comparison.

4、Describe impliations of valuing inventory at net realizable value for financial statemnts and ratios.

5、Explain issues that analysts should consider when examning a company's inventory disclosures and other sources of information.

6、Calculate and compare ratios of companies icnluding companies that use different inventory methods.

備注：有部分內(nèi)容從二級搬到了一級，原本一級對存貨的考試重點是計算以及兩種方法對ratio的影響，現(xiàn)在相對增加了兩種方法之間存貨計算的轉(zhuǎn)換，對報表的轉(zhuǎn)換量化、影響以及對ratio的影響。

R30 Long lived Assets：

增加內(nèi)容：

1、 Explain and evaluate how capitalizing versus expensing costs in the period in which they are incurred affects financial statements and ratios.

2、 Explain and evaluate how impairment revaluation and derecognition of property plant and equipments and intangible assets affect financial statements and ratios.

3、 Analyze and interpret financial statement disclosures reagarding property plant and equipment and intangible assets.

4、 Explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios.

5、 Explain and evaluate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and lessee.

備注：對整個reading的內(nèi)容進行了深化解釋，把二級的部分內(nèi)容放到了一級里面。增加了更多的需要分析和解釋的內(nèi)容。整體內(nèi)容結(jié)構變化不大，只是更加深入細化，對分析和解釋的要求增加。

R31 Income Taxes：

修改內(nèi)容：Explain recognition and measurement of current and deferred tax items.

備注:原有考點細化后和原來內(nèi)容沒有變化，在復習上無需增加內(nèi)容.

Portfolio Management

R42 Risk Management an Introduction：

增加內(nèi)容：The whole reading.

備注：本章節(jié)屬于完全新增內(nèi)容，主要偏向于祝賀管理中的風險管理。

Equitiy Analysis

R48 Security Market Indices：

修改內(nèi)容：

1、 Describe market anomalies

2、 Describe behavioral finance and its potential relevance to understanding market anomalies.

備注：關于behavioral finance這個考點的內(nèi)容基本做了比較大的修改，也在原版書里面增加了相應內(nèi)容，其他沒有改變。

R50 Introduction to Industry and Company Analysis：

修改內(nèi)容：

1、 Explain how a company's Industry classification canbe used to identify a potential "peer group" for equity valuation.（只是描述有點變化）

2、 Explain the effects of barriers to entry industry concentration industry capacity and market share stability on pricing power and price comtetition.（文字描述有點改變）

3、 Describe industry life cycle model classify and industry as to life cycle stage and describe limitations of the life cycle concept in forecasting industry performance.（刪除了一個describe product life cycle的小考點）

4、 Describe macroeconomic technological demographic governmental and social influences on industry growth profitability and risk.（只有考點描述的變化）

Fixed Income Analysis

R53 Fixed Income Market: Issuance Trading and Funding：

修改內(nèi)容：

1、Describe secrtrities issued by sovereign government

2、Describe securities issued by non sovereign governement, quasi-government entities and supranational agencies.（1與2原本的一個考點拆分成兩個考點）

3、Describe repurchase agreements (repos) and the risks associated with them.（文字上有所改動，但是在內(nèi)容上增加了structured financial instruments）

R55 Asset Backed Securities：

增加內(nèi)容：

1、 Describe typical structures of securitizations including credit tranching and time tranching.

2、 Describe types and characteristics of residential mortgage-backed securities including mortgage pass-through securities and collateralized mortgage obligations and explain the cash flows and risks for each type.

3、 Define prepayment risk and describe the prepayment risk of mortgage securities.

修改內(nèi)容：

1、Describe securitization icnluding the parties involved in the process and the roles they play.

2、Describe types and characteristics of non-mortgage asset securities including the cash flows and risks of each types.

3、Describe collateralized debt obligations including their cash flows and risks.

刪除內(nèi)容：

Explain the motivation for creating securitized structures with multiple tranches (e.g: collateralized mortgage obligations)and the characterstics and risks of securitized structures.

備注：這個reading的變化相對來說變化比較大也比較雜亂，同時在原版書也已經(jīng)做出了相應的調(diào)整，增加了一些例題，希望大家引起注意。

R56 Fixed Income Risk and Return：

修改內(nèi)容：Explain how a bond's maturity, coupon and yield level affect its interest rate risk

備注：考綱里去除了embedded option對于duration的影響，但是在原版書里面還留有相應內(nèi)容。

R57 Fundamentals of Credit Analysis：

增加內(nèi)容：

Describe default probability and loss severity as components of credit risk.

修改內(nèi)容：

1、Explain the four Cs (Capacity, Collateral, Covenants and Character) of traditional credit analysis.

2、Explain special considerations when evaluating the credit of high yield sovereign and non-sovereign government debt issuers and issues.

刪除內(nèi)容：Calculate the return impact of spread changes.

備注：

1、 刪除的內(nèi)容僅限考綱，原版書的內(nèi)容沒有刪除，在原本也不算重點。

2、 其他新增和修改對整體來說實質(zhì)沒有太大改變。

Fixed Income Analysis

R61 Introduction to Alternattive Investment：

增加內(nèi)容：

1、 Describe hedge funds private equity real estate commodities infrastructure and other alternative investments including as applicable strategies sub-catefories potential benefits and risks fee structures and due diligence.

2、 Describe issues in valuing and calculating returns on hedge funds private equity real estate commodities and infrastructure.

備注：在考綱里就增加了infrastructure這一種產(chǎn)品，需要大家了解。新增內(nèi)容還是比較容易考到的。

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