2020年CFA三个级别的考纲，均已经新鲜出炉。相较2019年，每个级别都有不小的调整。今日泽稷教育CFA小编为你解读考纲变化，把握考试动态，不做无用功！
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在CFA一级考纲连续多年发生较大变化后，相较于2019年，2020年CFA一级考纲整体变化幅度较小，实质改变较少但细节调整较多。
首先，相较于2019年，各科目的考试比重未发生变化。
其次，CFA考纲内容上，除了经济学（Economics）、权益投资（Equity Investment）、其他类投资（Alternative Investments）无变化，其他部分细节调整较多。具体而言：
1.伦理道德与专业准则（Ethical and Professional Standards）部分：
★Reading 1.Ethics And Trust In The Investment Profession中：
√新增考纲：c.describe professions and how they establish trust;
√取消了对framework for ethical decision making的应用（apply）要求。
2.数量方法（Quantitative Methods）部分：
★删除整个Reading.Discounted Cash Flow Applications
★Reading 7.Statistical Concepts and Market Returns中，19相比18年考纲取消了对夏普比率（Sharpe ratio）的计算和解释要求。
★Reading 11.Hypothesis Testing中，新增考纲：k.formulate a test of the hypothesis that the population correlation coefficient equals zero and determine whether the hypothesis is rejected at a given level of significance;
★原Reading 13.Technical Analysis整体移动到组合管理（Portfolio Management）部分。
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3.公司财报分析（Financial Reporting Analysis）
★Reading 20.Financial Reporting Standards中：
√删除4条考纲要求，分别为：
1.c.describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;
2.f.compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles(US GAAP)reporting systems;
3.g.identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;
4.i.analyze company disclosures of significant accounting policies.
√取消财报准则设置机构的描述、对国际证监会组织的角色描述、财报的目标描述、财报的前提准备等要求。
★Reading 21.Understanding Income Statements中，删除原考纲要求：
√b.accrual accounting,specific revenue recognition applications(including accounting for long-term contracts,installment sales,barter transactions,gross and net reporting of revenue),and implications of revenue recognition principles for financial analysis;
√d.describe key aspects of the converged accounting standards for revenue recognition issued by the International Accounting Standards Board and Financial Accounting Standards Board in May 2014;
★Reading 26.Long-lived Assets中，删除原考纲要求：
√o.explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios;
√p.explain and evaluate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and the lessee.
★Reading 30.Non-current(Long-term)Liabilities中，删除原考纲要求：
√h.determine the initial recognition,initial measurement,and subsequent measurement of finance leases;
√i.compare the disclosures relating to finance and operating leases;
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4.公司金融（Corporate Finance）部分：
★Reading 32.Capital Budgeting，新增考纲：f contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule;
5.固定收益投资（Fixed income）部分：
★Reading 44.Introduction to Fixed-Income Valuation中，新增考纲：f calculate annual yield on a bond for varying compounding periods in a year;
6.衍生工具（Derivatives）部分：
★Reading 48.Derivative Markets and Instruments中，新增考纲d determine the value at expiration and profit from a long or a short position in a call or put option;
★Reading 49.Basics of Derivative Pricing and Valuation中，
√新增考纲c.calculate a forward price of an asset with zero,positive,or negative net cost of carry;
√删除原考纲i.explain how the value of a European option is determined at expiration;
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7.投资组合（Portfolio Management）部分整体移动到其他类投资之后：
★Reading 51.Portfolio Management:An Overview中，新增考纲：b describe the steps in the portfolio management process;
★Reading 52.Portfolio Risk and Return:Part I中，新增考纲：b.compare the money-weighted and time-weighted rates of return and evaluate the performance of portfolios based on these measures
★Reading 54.Basics of Portfolio Planning and Construction中，新增考纲：h describe how environmental,social,and governance(ESG)considerations may be integrated into portfolio planning and construction.
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