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：【备考必备】CFA一级科目分析
2020年CFA一级科目权重变化情况：
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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