了解CFA官方最新考纲是一个优秀备考计划的开始，掌握好考试的侧重点，接下来按照学习时间来分配即可达到事半功倍的效果。2017年CFA三级考纲除了Reading 12做了重新改写，其它全部没变。

Reading 12的名称从LifetimeFinancial Advice: Human Capital, Asset Allocation, and Insurance改为了Risk Management for Individuals，具体的LOS也做了全部改写。

从LOS中可以看出，改写前后的主要内容应该没有太大的变化，只是表述和侧重点可能发生了些变化。

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考纲变化的各个知识点是每年考试容易出现的重点，考生在备考复习过程中要尤其重视！

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