中国教育

　　了解CFA官方最新考纲是一个优秀备考计划的开始，掌握好考试的侧重点，接下来按照学习时间来分配即可达到事半功倍的效果。友情提醒：CFA考试大纲变化的各个知识点是每年考试容易出现的重点，CFA备考复习过程中要尤其重视。高顿CFA老师整理CFA协会发送的：

　　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 Ratios

　　3、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

　　2.2016年CFA考试大纲提及到的Eurodollar Future，cap and floor，contango and backwardation，FRA，2017年CFA考试大纲中并未重点提到。

　　以上内容仅供参考，如有变更，我们会在第一时间做出更新，请随时关注高顿官网~

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