2018年CFA三級官方考綱變化分析對比（2017 VS 2018）

CFA三級官方教材變化對比（2017-2018）

近幾年，CFA三級的考綱並沒有發生明顯的變化，但是今年CFA三級考綱發生了重大的變化，從2017年的32個Reading擴展到34個Reading。尤其是資產配置和固定收益組合管理這兩部分，內容幾乎完全更新。

具體來說，主要的變化為：

? 私人財富管理（Session 4: Private Wealth Management）發生小幅度變化

n Reading 9 Taxes and Private Wealth Management in a Global Context 中：

u c. calculate accrual equivalent tax rates and after-tax returns 考點刪除。

u g. explain tax loss harvesting and highest-in/first-out (HIFO) tax lot accounting 更換表達方式。

? 機構投資者的組合管理（Session 6: Portfolio Management for Institutional Investors）刪除了原來的 Reading 14. Linking Pension Liabilities to Assets

? 經濟分析在組合管理管理中的應用（Section 7: Application of Economic Analysis to Portfolio Management）中Reading 14 Capital Market Expectation的 i 點發生變化，對yield curve 的掌握要求提高了。

i. evaluate 1) the shape of the yield curve as an economic predictor and 2) the relationship between the yield curve and fiscal and monetary policy;

i. interpret the shape of the yield curve as an economic predictor and discuss the relationship between the yield curve and fiscal and monetary policy;

? 資產配置（Session 8-Session 9: Asset Allocation and Related Decisions in Portfolio Management）變化很大：從2個session 3個reading變成了2個session5個reading。

? 固定收益的組合管理（Session 10-Session11: Fixed-Income Portfolio Management）變化很大：從2個session 的3個reading變成2個session 的4個reading 。

? 組合管理中的另類投資（Session 13: Alternative Investments for Portfolio Management）中Reading 26 Alternative Investments Portfolio Management 的第 n 點被刪除；

n n. explain the three components of return for a commodity futures contract and the effect that an upward- or downward-sloping term structure of futures prices will have on roll yield;

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