了解CFA官方最新考綱是一個(gè)優(yōu)秀備考計(jì)劃的開始,掌握好考試的側(cè)重點(diǎn),接下來按照學(xué)習(xí)時(shí)間來分配即可達(dá)到事半功倍的效果。2017年CFA三級考綱除了Reading 12做了重新改寫,其它全部沒變。
Reading 12的名稱從LifetimeFinancial Advice: Human Capital, Asset Allocation, and Insurance改為了Risk Management for Individuals,具體的LOS也做了全部改寫。
從LOS中可以看出,改寫前后的主要內(nèi)容應(yīng)該沒有太大的變化,只是表述和側(cè)重點(diǎn)可能發(fā)生了些變化。
2017年 READING 12.
RISK MANAGEMENT FOR INDIVIDUALS
The candidate should be able to:
a. compare the characteristics of human capital and financial capital as components of an individual’s total wealth;
b. discuss the relationships among human capital, financial capital, and net wealth;
c. discuss the financial stages of life for an individual;
d. describe an economic (holistic) balance sheet;
e. discuss risks (earnings, premature death, longevity, property, liability, and health risks) in relation to human and financial capital;
f. describe types of insurance relevant to personal financial planning;
g. describe the basic elements of a life insurance policy and how insurers price a life insurance policy;
h. discuss the use of annuities in personal financial planning;
i. discuss the relative advantages and disadvantages of fixed and variable annuities;
j. analyze and critique an insurance program;
k. discuss how asset allocation policy may be influenced by the risk characteristics of human capital;
l. recommend and justify appropriate strategies for asset allocation and risk reduction when given an investor profile of key inputs.
2016年 READING12.
LIFETIME FINANCIAL ADVICE: HUMAN CAPITAL, ASSET ALLOCATION, AND INSURANCE
The candidate should be able to:
a. explain the concept and discuss the characteristics of “human capital” as a component of an investor’s total wealth;
b. discuss the earnings risk, mortality risk, and longevity risk associated with human capital and explain how these risks can be reduced by appropriate portfolio diversification, life insurance, and annuity products;
c. explain how asset allocation policy is influenced by the risk characteristics of human capital and the relative relationships of human capital, financial capital, and total wealth;
d. discuss how asset allocation and the appropriate level of life insurance are influenced by the joint consideration of human capital, financial capital, bequest preferences, risk tolerance, and financial wealth;
e. discuss the financial market risk, longevity risk, and savings risk faced by investors in retirement and explain how these risks can be reduced by appropriate portfolio diversification, insurance products, and savings discipline;
f. discuss the relative advantages of fixed and variable annuities as hedges against longevity risk;
g. recommend basic strategies for asset allocation and risk reduction when given an investor profile of key inputs, including human capital, financial capital, stage of life cycle, bequest preferences, risk tolerance, and financial wealth.
CFA考綱變化的各個(gè)知識點(diǎn)是每年考試容易出現(xiàn)的重點(diǎn),考生在備考復(fù)習(xí)過程中要尤其重視!
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