2019-2020 FRM一級考綱變化對比分析，總體變化有多大？看看就知道了
GARP官網已經公布了2020年5月FRM考綱，可以說變化不是一點點，下面老師總結了2019年與2020年FRM一級考綱變化對比分析，我們一起看看具體的對比分析吧：
FRM一級考綱變化對比分析2019 vs 2020
PART I EXAM WEIGHT | 20% (FRM)
Chapter 1. The Building Blocks of Risk Management [FRM–1]增加風險因素如何互相影響
Chapter 2. How Do Firms Manage Financial Risk? [FRM–2]修改考綱描述
Chapter 3. The Governance of Risk Management [FRM–3]增加對07-08金融金融災難的討論
Chapter 4. Credit Risk Transfer Mechanisms [FRM–4]新增章節
Chapter 5. Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM) [FRM–5]
兩個章節考綱合併
Chapter 6. The Arbitrage Pricing Theory and Multifactor Models of Risk and Return [FRM–6]修改考綱描述
Chapter 7. Principles for Effective Data Aggregation and Risk Reporting [FRM–7]無變化
Chapter 8. Enterprise Risk Management and Future Trends [FRM–8]增加了壓力測試的內容
Chapter 9. Learning From Financial Disasters [FRM–9]案例刪除了曼哈頓銀行、kidder peabody，UBS銀行，法興銀行，新增若干案例
Chapter 10. Anatomy of the Great Financial Crisis of 2007-2009 [FRM–10]三章考綱進行合併調整
Chapter 11. GARP Code of Conduct.* [FRM–11]無變化
PART I EXAM WEIGHT | 20% (QA)
數量分析這門課，知識結構協會重新進行了編排，使得邏輯性更強，知識點和之前重合度比較高；EWMA, GARCH的計算轉移到了 估值與風險模型。
詳情可見下圖：
PART I EXAM WEIGHT | 30% (FMP)
Chapter 1. Banks [FMP–1]新增總結巴塞爾委員會對監管資本動機的規定
Chapter 2. Insurance Companies and Pension Plans [FMP–2]無變化
Chapter 3. Fund Management [FMP–3]新增識別共同基金潛在的不良交易行為
Chapter 4. Introduction to Derivatives [FMP–4]新增比較線性與非線性衍生品的特徵
Chapter 5. Exchanges and OTC Markets [FMP–5]三章考綱進行合併調整
Chapter 6. Central Clearing [FMP–6]兩章考綱進行合併調整
Chapter 7. Futures Markets [FMP–7]修改考綱描述無變化
Chapter 8. Using Futures for Hedging [FMP–8]修改考綱描述無變化
Chapter 9. Foreign Exchange Markets [FMP–9]無變化
Chapter 10. Pricing Financial Forwards and Futures [FMP–10]修改考綱描述無變化
Chapter 11. Commodity Forwards and Futures [FMP–11]修改考綱描述無變化
Chapter 12. Options Markets [FMP–12]新增
Chapter 13. Properties of Options [FMP–13]無變化
Chapter 14. Trading Strategies [FMP–14]修改考綱描述無變化
Chapter 15. Exotic Options [FMP–15]無變化
Chapter 16. Properties of Interest Rates [FMP–16]修改考綱描述無變化
Chapter 17. Corporate Bonds [FMP–17]刪除對OID的討論
Chapter 18. Mortgages and Mortgage-Backed Securities [FMP–18]修改考綱描述無變化
Chapter 19. Interest Rate Futures [FMP–19]修改考綱描述無變化
Chapter 20. Swaps [FMP–20]修改考綱描述無變化
PART I EXAM WEIGHT | 30% (VRM)
Chapter 1. Measures of Financial Risk [VRM–1]新增正態分布與風險資產收益分布
Chapter 2. Calculating and Applying VaR [VRM–2]無變化
Chapter 3. Measuring and Monitoring Volatility [VRM–3]EWMA/ GARCH從數量轉移
Chapter 4. External and Internal Credit Ratings [VRM–4]新增部分章節
Chapter 5. Country Risk: Determinants, Measures, and Implications [VRM-5]無變化
Chapter 6. Measuring Credit Risk [VRM–6]新增部分章節
Chapter 7. Operational Risk [VRM–7]部分章節替換
Chapter 8. Stress Testing [VRM–8]三章考綱進行合併調整
Chapter 9. Pricing Conventions, Discounting, and Arbitrage [VRM–9]無變化
Chapter 10. Interest Rates [VRM–10]新增部分章節
Chapter 11. Bond Yields and Return Calculations [VRM–11]無變化
Chapter 12. Applying Duration, Convexity, and DV01 [VRM–12]無變化
Chapter 13. Modeling Non-Parallel Term Structure Shifts and Hedging [VRM–13]修改考綱描述無變化
Chapter 14. Binomial Trees [VRM–14]修改考綱描述無變化
Chapter 15. The Black-Scholes-Merton Model [VRM–15]無變化，Warrants 金融市場產品中包含
Chapter 16. Option Sensitivity Measures: The 「Greeks」 [VRM–16]考綱順序調整無變化
考綱總結
2020年FRM一級考綱，對章節整體進行了重新編排，但是實際內容與2019年考綱相似度也比較高，同學們不要有太大的壓力，順利通過FRM考試。