CFA考纲刚刚更新完我们FRM的小伙伴就按奈不住来咨询关于2019FRM一级考纲的相关问题。在今天就让泽稷网校带大家了解下2019FRM一级考纲变化，看看与2018年考纲对比变化有多大！

FRM一级考纲变化内容：

风险管理基础

占比20%，本次考纲基本没有太大变动，只对于部分考点进行了新增、删减和修改，具体来看。

新增考点

新增的考点是在Data aggregation and risk reporting这里，考察监管者在监控、实施风险数据汇总和报告中的作用。具体LOS是：Describe the role that supervisors play in the monitoring and implementation of the risk data aggregation and reporting practices.

删减考点

删减掉了Chapter 2的一条考点，Explain considerations and procedures in determining a firm’s risk appetite and its business objectives.

2019年对于公司风险偏好、经营目标的考虑因素和程序这一部分的内容不再要求。

修改考点

1.Describe the economic mechanisms through which the mortgage crisis amplified into a financial crisis.

需要考生们掌握抵押贷款危机扩大到金融危机的经济机制。

2.Describe the build-up to the financial crisis and the factors that played an important role.

原考纲说的描述短期债务尤其是回购协议、商业票据的脆弱性，而今年是考察金融危机的积累性，以及在其中发挥重要作用的因素，所以可以看到考察的范围其实会更广、涵盖内容更丰富。

3.Describe the historical background and provide an overview of the 2007–2009 financial crisis.

原考纲说的是触发金融危机的机制和脆弱性，而今年的考点是掌握2007-2009金融危机的历史背景和危机的整体情况。

数量分析

数量分析更新相关性和Copulas函数；

金融市场与产品

新增

1.新增了关于股票指数期货的考纲，具体LOS：

Explain how to use stock index futures contracts to lock in the benefit of a stock selection.

今年新增查考如何用股指期货锁定选股的benefit。

2.新增了关于股指套利策略的考纲，具体LOS是：Explain how an index arbitrage strategy works.

3.增设了关于SPV的考点：

Explain the use of special purpose vehicles(SPVs)in the OTC derivatives market and the risks associated with them.

4.新增考点：Calculate and explain the effect of an appreciation/depreciation of a currency relative to a foreign currency.

5.新增考点：

Explain the purchasing power parity theorem and use this theorem to calculate the appreciation or depreciation of a foreign currency.

6.增加了关于提前偿付权prepayment option对于MBS定价的影响，具体LOS如下：

Describe the effect of the prepayment option on the price-rate behavior of MBS.

7.新增考点：

Calculate a continuous lease rate for a commodity asset.新增了计算大宗资产的continuous lease rate的考点。

修改的内容：

1.Describe the use of mortality tables and calculate the premium payment and the expected payout for a policy holder.

2.Explain the operation of a margin account and describe the rationale for margin requirements.

3.Describe Treasury rates,LIBOR,repo rates,and overnight indexed swap(OIS)rates,and explain what is meant by the“risk-free”rate.

4.Explain put-call parity and apply it to the valuation of European and American stock options with dividends and without dividends.

这次的考纲中特别增加了with dividends and without dividends这几个词，也就是，考生需要掌握在有股息和无股息两种情况下，研究欧式、美式期权的定价。

5.Explain the relationship between the lease rate,the convenience yield,and the storage cost.要求掌握Lease rate和storage cost的关系。

估值和风险模型

新增

1.Explain how the parameters necessary to construct a binomial tree match the volatility of the underlying asset.

二叉树一直是考察的重点，这次要求考生掌握如果运用必要的参数搭建二叉树，从而匹配资产的波动率。

修改

1.Explain the estimation of conditional volatility using parametric and non-parametric approaches.

2.Define and calculate the delta of a portfolio.

增加了calculate，FRM要求考生们除了了解以外，还要学会计算组合的delta.

3.Apply key rate and multi-factor analysis to estimating portfolio volatility given a correlation for each pair of key rates.

》》推荐阅读：FRM一级考试费用是多少？有变化吗？

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