CFA一級主要變動部分為財務報表、投資組合管理和固定收益部分；CFA二級最大的變動部分為投資組合管理；CFA三級內容改動不是很大，但是部分章節進行了微調和合并。

 

1.CFA一級主要變動部分為財務報表、投資組合管理和固定收益部分，具體如下：

 

1.1.財務報表分析部分

 

1.1.1.SS9 R29. INVENTORIES原考綱的考點c&d合并為16年新考綱的c1.1.2.SS7 R23. FINANCIAL REPORTING MECHANICS新增考點a describe how business activities are classified for financial reporting purposes;1.1.3.SS9 R31. INCOME TAX 修改內容：知識點h將compare a company’s deferred tax items改成了explain recognition and measurement of current and deferred tax items;

 

1.2.投資組合管理部分

 

1.2.1.SS12 新增整個章節R 42. RISK MANAGEMENT: AN INTRODUCTION1.2.2.SS15 R 55. INTRODUCTION TO ASSET-BACKED SECURITIES 新增考點e including mortgage pass-through securities and collateralized mortgage obligations

 

1.3.固定收益部分

 

1.3.1.SS16 R57 FUNDAMENTALS OF CREDIT ANALYSIS新增考點b describe default probability and loss severity as components of credit risk1.3.2.SS15 R55原考點e explain the motivation for creating securitized structures with multiple tranches(e.g., collateralized mortgage obligations), and the characteristics and risks of securitized structures.整個刪除

 

1.4.其他類投資部分

 

1.4.1.SS18 R 61 INTRODUCTION TO ALTERNATIVE INVESTMENTS考點d &f都添加了describe infrastructure

 

2.CFA二級最大的變動部分為投資組合管理，具體如下：

 

2.1.投資組合管理部分

 

新考綱中增加3個章節刪除3個章節，改動之后Portfolio Management 一共有4個章節，新增分別為Reading 53 An Introduction to Multifactor Models，Reading 54 Analysis of Active Portfolio Management 和Reading 55 Economics and Investment Markets，對應得，刪除了原考綱中的Reading 53 Portfolio Concepts，Reading 54 Residual Risk and Return: The Information Ratio和Reading 55 The Fundamental Law of Active Management。

 

2.2.數量部分

 

增加1個章節Reading 12 Excerpt from “Probabilistic Approaches: Scenario Analysis, Decision Trees, and Simulations”現有4個章節

 

2.3.固定收益部分

 

2.3.1.增加一個考點，考點出現在Reading 43 The Term Structure and Interest Rate Dynamics，考點為describe how zero-coupon rates (spot rates) may be obtained from the par curve by bootstrapping。

 

2.3.2.刪除一個考點，考點出現在Reading 45 Valuation and Analysis: Bonds with Embedded Options，考點為calculate the value of a capped or floored floating-rate bond。

 

3.CFA三級內容改動不是很大，但是部分章節進行了微調和合并，具體改變如下：

 

3.1.Ethics 部分

 

3.1.1.SS 2 R4新增內容 a. explain the purpose of the Asset Manager Code and the benefits that may accrue to a firm that adopts the Code3.1.2.SS2 R3 Application of the Code and Standards Ethics case合并了2015年的Reading 3 The Consultant Ethics Cases和 Reading 4 Pearl Investment Management(A),(B),and(C) Ethics Cases3.2.Asset Allocation and Related Decisions in Portfolio Management部分3.2.1.SS 9 R18. 原考綱為formulate an appropriate currency management program given market facts and client’s objectives and constraints; 現改為formulate an appropriate currency management program given financial market conditions and portfolio objectives and constraints3.3.Trading, Monitoring, and Rebalancing部分3.3.1.SS 16 R30. Monitoring and Rebalancing刪除內容i. distinguish among linear, concave, and convex rebalancing strategies.

 

3.3.2.SS 16 R30. Monitoring and Rebalancing刪除內容 j. judge the appropriateness of constant mix, buy-and-hold, and CPPI rebalancing strategies when given an investor’s risk tolerance and asset return expectations.