每年CFA考纲变化都是CFA考试的重点。2020年CFA三个级别考纲已经公布。与2019年相比，2020年各科目考试比重没有变化，但每个级别都有细节上的调整。

推荐阅读：【备考分享】CFA一级科目分析

2020年CFA一级科目权重变化情况：

CFA一级考纲

2020年CFA一级考纲内容变化情况：

考纲内容上，除了经济学（Economics）、权益投资（Equity Investment）没有变化，其他部分细节调整较多。具体而言：

伦理道德与专业准则（Ethical and Professional Standards）

Reading 1.Ethics And Trust In The Investment Profession

[新增]

c.describe professions and how they establish trust;

e.explain proofesiionalism in investment managemnet;

[修改]

Reading 1.Ethics And Trust In The Investment Profession

g.distingish between ethical and legal standards; 原e.

取消了对framework for ethical decision making的应用要求；

数量方法（Quantitative Methods）

Reading 7.Discounted Cash Flow Applications 整章删除

Reading 8.Probability Concepts

[删除]

k.calculate and interpret covariance and correlation;

[新增]

k.calculate and interpret covariance and correlation and interpret a scatterplot;

Reading 11.Hypothesis Testing

[新增]

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）[修改]

公司财报分析（Financial Reporting Analysis）

Reading 20.Financial Reporting Standards

[删除]

c.describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;

f.compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles(US GAAP)reporting systems;

g.identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;

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

[删除]

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;

[增加]

b.describe general principles of revenue recognition and accounting standards for revenue recognition;

Reading 26.Long-lived Assets

[删除]

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 28.Non-current(Long-term)Liabilities

[删除]

g. distinguish between a finance lease and an operating lease from the perspectives of the lessor and the lessee;

h. determine the initial recognition,initial measurement,and subsequent measurement of finance leases;

i. compare the disclosures relating to finance and operating leases;

[增加]

g. explain the financial reporting of leases from a lessee’s perspective;

h. explain the financial reporting of leases from a lessor’s perspective;

公司金融（Corporate Finance）

Reading 32.Capital Budgeting

[增加]

f. contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule;

固定收益投资（Fixed income）

Reading 44.Introduction to Fixed-Income Valuatio

[新增]

f. calculate annual yield on a bond for varying compounding periods in a year;

h. Calculate and interpret yield measures for money market instruments;

衍生工具（Derivatives）

Reading 48.Derivative Markets and Instruments

[新增]

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

[新增]

c.calculate a forward price of an asset with zero,positive,or negative net cost of carry;

[删除]

i.explain how the value of a European option is determined at expiration;

另类投资（Alternative Investments）

Reading 50.Introduction to alternative investment;

[删除]

b. describe categories of alternatives investment;

投资组合（Portfolio Management）

Reading 51.Portfolio Management:An Overview

[新增]

b. describe the steps in the portfolio management process;

e. Describeaspects of the asset management industry;

Reading 52.Portfolio Risk and Return:Part I

[新增]

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

[新增]

h. describe how environmental,social,and governance(ESG)considerations may be integrated into portfolio planning and construction;

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