众所周知，CFA认证考试考纲每年都会有所变动。因CFA考试难度之大，所以对应CFA考纲来复习通过CFA考试就变得极为必要了。下面我们来看看2017CFA二级考纲变动情况

　　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。