2023年FRM考纲变动内容详细讲解！

2022年12月1日GARP协会公布了FRM最新考纲，金程教育FRM研发组第一时间仔细对比了FRM协会2023和2022年老考纲，发现整体考纲变化不大，2023年的FRM考纲中所有科目的权重没有发生变化。变化的科目主要是在一级的数量分析；二级的信用、操作和热点；其余科目基本保持不变。

还有一个重大变化就是，协会新增了 8 月考期，但是只有1天时间。

以下是2023年FRM考试内容变化：

PART 1 #金融风险管理

1、章节的变动

新增两个章节（14、15章）关于机器学习的内容，老考纲FRM二级热点部分有关于机器学习的内容，如今也加入到数量分析当中，并且新增了两个章节，说明它的内容比较重要，也另外一个层面说明FRM考试很贴合实际生活。其他章节共新增3条新考点。

2、具体内容的变动

Chapter 7: Linear Regression [QA-7]

新增1条：

Estimate the correlation coefficient from the R2 measure obtained in linear regressions with a single explanatory variable.

Chapter 8: Regression With Multiple Explanatory Variables [QA-8]

新增1条：

Calculate the regression R2 using the three components of the decomposed variation of the dependent variable data: the explained sum of squares, the total sum of squares, and the residual sum of squares.

Chapter 12: Measuring Returns, Volatility, and Correlation [QA-12]

新增1条：

Compare and contrast the different measures of correlation used to assess dependence.

新增章节

Chapter 14: Machine-Learning Methods [QA-14]

Chapter 15: Machine Learning and Prediction [QA-15]

》》》点我了解23年FRM 完整版考纲解析

PART 1 #市场风险

具体内容的变动

Chapter 3. Estimating Market Risk Measures: An Introduction and Overview [MR–1]

删除1条：

Describe coherent risk measures.

总结：市场风险内容变动不大，仅仅删除一条关于一致性风险的考点。

PART 2 #信用风险

具体内容的变动

Chapter 9：Structured Credit Risk [CR–8]

新增1条：

Describe the treatment of excess spread in a securitization structure and estimate the value of the overcollateralization account at the end of each year.

Chapter 6: Netting, Close-out and Related Aspects [CR–10]

新增1条：

Provide examples of trade compression of derivative positions, calculate net notional exposure amount, and identify the party holding the net contract position in a trade compression.

Chapter 7：Margin (Collateral) and Settlement [CR–11]

新增1条：

Calculate the credit support amount (margin) under various scenarios.

Chapter 17. CVA [CR–13]

新增1条：

Explain the distinctions between unilateral CVA (UCVA) and BCVA, and between unilateral DVA (UDVA) and BCVA.

Chapter 12. An Introduction to Securitization [CR–17]

删除1条：

Determine the notional value of the net contract resulting from trade compression and identify the counterparty with the net contract.

新增3条：

Describe the various features of subprime MBS and explain how these features are designed to protect investors from losses on the underlying mortgage loans.

Distinguish between corporate credit ratings and asset-backed securities (ABS) credit ratings.

Explain how through-the-cycle ABS rating can amplify the housing cycle.

总结：信用风险一共新增7个考点，删除1个考点。新增的内容都可能会是未来考试的重点部分，大家要引起重视，紧跟金程网课复习！

》》》点我咨询FRM 考试怎么备考

PART 2 #操作风险

1、章节的变动

原来27个章节，现在变成24个章节，对于原来分散的知识点进行了整合，使得整本操作风险变得更加系统，学生学起来能够更加容易理清思路，形成学习框架，即风险管理的步骤就是：风险识别、风险测量和评估、风险缓解、风险报告、综合风险管理。

以前FRM考生在备考时，总反映操作风险难学，现在协会也是针对性对于学习内容进行了优化，让学生更有系统性的学习，明白风险管理的逻辑，也更好应用于实践。

新考纲内容变动虽然比较大，但是总体章节内容少了3章，原来复杂分散的内容也变得更加整体，对于老考生和新考生来说都是有利的，相比以前复习起来会相对容易，大家也不必对于大幅度的考纲变动太过于担忧，金程课程也会根据新考纲录制针对性课程，帮助你快速通关~

2、具体内容的变动

Chapter 1. Introduction to Operational Risk and Resilience [ORR-1]

Chapter 2. Risk Governance [ORR-2]

Chapter 3. Risk Identification [ORR-3]

Chapter 4. Risk Measurement and Assessment [ORR-4]

Chapter 5. Risk Mitigation [ORR-5]

Chapter 6. Risk Reporting [ORR-6]

Chapter 7: Integrated Risk Management [ORR–7]

Chapter 9. Case Study: Cyberthreats and Information Security Risks [ORR-9]

Chapter 10. “Sound Management of Risks related to Money Laundering and Financing of Terrorism,” Basel Committee on Banking Supervision, January 2014, revised July 2020. (through p.16, para. 83) [ORR-10]

Chapter 11. Case Study: Financial Crime and Fraud [ORR-11]

Chapter 13. Case Study: Third-Party Risk Management [ORR-13]

Chapter 14. Case Study: Investor Protection and Compliance Risks in Investment Activities [ORR-14]

Chapter 16. Case Study: Model Risk and Model Validation [ORR-16]

总结：上面13个章节都是新增章节，考生需要重新进行复习，17-24章内容保留了老考纲的内容，大约保留了1/3的内容，分别是以下内容：

Til Schuermann, (2014), “Stress Testing Banks,” International Journal of Forecasting, 30:3, 717–728. [ORR–17]

Chapter 17. Risk Capital Attribution and Risk-Adjusted Performance Measurement [ORR–18]

“Range of practices and issues in economic capital frameworks,” Basel Committee on Banking Supervision Publication, March 2009. [ORR–19]

“Capital Planning at Large Bank Holding Companies: Supervisory Expectations and Range of Current Practice,” Board of Governors of the Federal Reserve System, August 2013. [ORR–20]

Mark Carey, “Capital Regulation Before the Global Financial Crisis,” GARP Risk Institute, April 2019. [ORR-21]

Mark Carey, “Solvency, Liquidity and Other Regulation After the Global Financial Crisis,” GARP Risk Institute, April 2019. [ORR-22]

“High-level summary of Basel III reforms,” Basel Committee on Banking Supervision Publication, December 2017. [ORR-23]

“Basel III: Finalising post-crisis reforms,” Basel Committee on Banking Supervision Publication, December 2017, pp. 128-136. [ORR-24]

PART 2 #热点

1、章节的变动

保留了Artificial Intelligence/Machine Learning两篇文章，删除了6篇文章，新增了6篇热点文章，关于气候风险、通货膨胀风险、区块链、加密货币和去中心化金融。热点基本上每年都会变动，FRM考试就是紧跟时事变化，贴近现实生活，考FRM对于我们工作和学习帮助都是很大的，想要最新的热点文章，欢迎咨询金程老师。

保留的两篇文章：

Machine Learning and AI

Aziz, S. and M. Dowling (2019). “Machine Learning and AI for Risk Management”, in T. Lynn, G. Mooney, P. Rosati, and M. Cummins (eds.), Disrupting Finance: FinTech and Strategy in the 21st Century, Palgrave, 2019)

“Artificial Intelligence Risk & Governance,” Artificial Intelligence/Machine Learning Risk & Security Working Group (AIRS)

2、具体内容的变动

Climate Risk

“Climate-related risk drivers and their transmission channels,” Basel Committee on Banking Supervision Publication, April 2021

“Climate- related financial risks – measurement methodologies,” Basel Committee on Banking Supervision Publication, April 2021

“Principles for the effective management and supervision of climate-related financial risks,” Basel Committee on Banking Supervision Publication, June 2022

Inflation Risk

“Inflation: a look under the hood,” Annual Economic Report, Basel Committee on Banking Supervision Publication, June 2022, pp. 41-64

Blockchain, Cryptocurrency, and Decentralized Finance

David Andolfatto and Fernando M. Martin, “The Blockchain Revolution: Decoding Digital Currencies,” Federal Reserve Bank of St. Louis Review, Third Quarter 2022, pp. 149-65

“The future monetary system,” Annual Economic Report, Basel Committee on Banking Supervision Publication, June 2022, pp. 75-103

2023年FRM考纲有一定的变化，准备参加2023年FRM考试的考生一定要提前了解2023年FRM考纲变动内容，每年FRM考纲变动内容都容易在FRM考试时考察，所以要提前了解学习。

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