21年和20年FRM考试对比分析
最新公告 | 2020-12-15
2021年FRM考纲已经公布，下面就是金程FRM研究院老师对zui新考纲的解读，各位同学请收下。
(注：红色内容为新增，蓝色内容为删除，绿色内容为修改，紫色内容为整合。)
FRM一级
风险管理基础(20%)
考纲解读：
该科目FRM考试占比不变，有些章节描述有所改变，但其实值内容不变，新增和删除基本持平，部分章节内容有所整合，整体内容基本不变，备考同学按照按部就班复习即可。
Chapter 1.The Building Blocks of Risk Management
Describe challenges that can arise in the riskmanagement process(删除)
Chapter 2.How Do Firms Manage Financial Risk?
无变化
Chapter 3.The Governance of Risk Management
Explain changes in regulations(新增)and corporate risk governancethat occurred as a result of the 2007-2009 financial crisis.
Describe best practices for the governance of a firm’srisk management processes.(改为：把compare and contrast改为describe)》》现阶段报名参加21年FRM培训课程立减千元
Assess the risk management role andresponsibilities of a firm’s board of directors.(改为：Assess改为explain)
Chapter 4.Credit Risk Transfer Mechanisms
explain how each one transfers credit risk anddescribe their advantages and disadvantages(改为：Compare different typesof credit derivatives,explain their applications,anddescribe their advantages)
Chapter 5.Modern Portfolio Theory(MPT)and the Capital AssetPricing Model(CAPM)
Interpret and comparethe capital market line and the security market line.(改为：ieterppretthe CML)
Chapter 6.The Arbitrage Pricing Theory and Multifactor Modelsof Risk and Return
Describethe inputs(including factor betas)to a multifactor model and explain the challenges of using multifactormodels in hedging.(新增)
explainmodels that account for correlations between asset returns in a multi-assetportfolio(删除).
Chapter 7.Principles for Effective Data Aggregationand Risk Reporting
由原来的7条整合到现在的4条内容基本不变化
Chapter 8.Enterprise Risk Management and Future Trends
comparethebenefit and costs of ERM(删除)
describe important dimensions of an ERM programand relate ERM to strategic planning(删除)
Chapter9、Chapter10、Chapter11不变
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数量分析(20%)
该科目考试占比不变，自从上一年有一定改动后，内容编排更加合理，今年考纲内容没有任何变化，不论是对一战还是而战考生而说是一个利好。
无变化
金融市场产品(30%)
整体解读：
该科目考试占比不变，新考纲中调整的多是描述性词语，删除的内容与新增内容基本持平，知识主体框架和重点内容基本不变。建议同学按部就班备考即可。
Chapter 1.Banks
无变化
Chapter 2.Insurance Companies and Pension Plans
Compare the varioustypes of life insurance policies(新增)
Chapter 3、Chapter 4、Chapter 5、Chapter 6不变
Chapter 7.Futures Markets
describe the ration for margin requirements and explain how theywork(删除)
Describe the over-the-countermarket transactions(删除).
Explain(identify改成explain)the differences between a normal and invertedfutures market.explain the different market quotes(删除)
Chapter 8.Using Futures forHedging
Calculate the profit andloss on a short or long hedge(新增)
Chapter 9、Chapter 10、Chapter 11不变
Chapter 12.Options Markets
Describe the varioustypes,uses(新增),and typicalunderlying assets of options
Explain the payoff function(新增)and calculate theprofit and loss from an options position.
Describe theapplication of commissions,margin requirements(改为：原来是describe how trading，commissions，margin requirements),and exercise procedures to exchange-tradedoptions and explain the trading characteristics of these options(新增).
Chapter 13、Chapter14、Chapter 15、Chapter 16不变
Chapter 17.Corporate Bonds
Define recovery rateand default rate,and differentiate between an issue default rate and a dollardefault rate(删除：describe the relationshipbetween recovery rates and seniority)
Chapter 18、Chapter19、Chapter 20不变
估值模型(30%)
整体解读：
该科目考试占比不变，整体内容有所调整，删除内容集中在市场风险部分，压力测试部分也有删减和修改，非平行利率期限结构部分有新增和修改，一战考生按部就班复习即可，二战考生可重点关注相应内容变化，总体而言变化不大。
Chapter 1.Measures of Financial Risk
Describe spectral risk measures and explain how VaR and ES arespecial cases of spectral risk measures(删除)
Chapter 2.Calculating andApplying VaR
explain the full revalution method forcomputing VaR(删除)
Explainthe structured Monte Carlo method(删除stresstesting methods)forcomputing VaR and identify its strengths and weaknesses.
Chapter 3.Measuring and Monitoring Volatility
Evaluate the various approaches for estimating VaR(删除).
Chapter 4.External and Internal Credit Ratings
Explainthe potential impact of ratings changes on bond and stock prices.(改为：Describe the relationships between changes incredit ratings and changes in stock prices,bond prices,and credit defaultswap spreads.)
Chapter 5、Chapter6、Chapter 7不变 》》对FRM考试刚解析有疑问的点我咨询
Chapter 8.Stress Testing
Explainkey considerations and challenges related to stress testing,including choiceof scenarios,regulatory specifications,model building,and reverse stresstesting.(改为：原来是Identify key aspects ofstress testing governance,including choice of scenarios,regulatoryspecifications,model building,stress-testing coverage,capital and liquiditystress testing and reverse stress testing.)
Describestressed VaR and stressed ES and compare the process of determining stressedVaR and ES to that of
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备注：（FRM备考资料包含：1、FRM专用英语词汇 2、FRM一二级专用公式表 3、FRM前导课程4、FRM报名流程指引图 5、FRM电子版资料 6、FRM考纲 7、FRM笔记)
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相关标签 FRM一级
