2017年CFA二级考纲相较2016年二级考纲还是有所变化，具体变化了哪些呢？以下是对CFA二级考纲的对比分析，希望大家可以作为参考，快来围观吧！

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 trading

A.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

2.16年考纲提及到的Eurodollar Future,cap and floor,contango and backwardation,FRA

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