CFA三级练习题精选及答案0516-9
cfa三级简答题
CFA三级简答题一、简答题概述CFA三级简答题是CFA考试中的一个重要题型，主要考察考生对投资理论和实践的深入理解以及应用能力。
简答题要求考生能够清晰地解释投资概念、理论、方法，并且能够分析投资案例，提供解决方案。
在CFA三级简答题中，通常会涉及投资组合管理、风险评估、价值投资、另类投资等领域的内容。
二、答题技巧1.审题：认真阅读题目，理解题目要求，弄清考察点。
对于涉及多个领域的题目，要明确主要考察的是哪个领域的内容。
2.明确回答方向：对于题目要求的问题，要先明确回答的方向，确定从哪些方面进行回答。
3.简洁明了：在回答问题时，尽量用简练的语言表达，避免冗长的句子和复杂的语法结构。
同时，要注意逻辑性，让答案更加清晰易懂。
4.举例说明：在回答问题时，可以结合具体的例子来说明观点，这有助于让答案更加生动具体，也更容易让评卷人理解。
5.关注细节：在回答问题时，要注意细节，对于涉及的时间、数据等具体内容要认真对待，这有助于提高答案的准确性和完整性。
三、答题示例以下是一个CFA三级简答题的示例：题目：假设一个投资者拥有一个投资组合，其中包括股票、债券和现金。
该投资者希望通过调整投资组合来提高收益并降低风险。
请分析投资组合调整的几种方式，并解释每种方式的优缺点。
答案：投资组合调整是投资者根据市场环境和个人需求，对投资组合中的资产进行重新配置的过程。
以下是几种常见的投资组合调整方式及其优缺点：1.资产种类调整：投资者可以通过增加或减少不同资产种类的比例来调整投资组合。
这种方式可以帮助投资者在不同市场环境下分散风险，提高收益稳定性。
但也可能导致某些资产种类的过度集中或不足。
2.个别资产调整：投资者可以增加或减少特定股票、债券或其他资产的持有量。
这种方式有助于投资者针对特定行业或公司进行重点配置或规避。
但也可能导致投资组合整体风险和收益的不稳定。
3.投资策略调整：投资者可以通过改变投资策略来调整投资组合，例如从被动投资转向主动投资，或增加指数基金等。
特许金融分析CFA考试三
特许金融分析CFA考试三1、单选在以下选项中，分析师可以找到有关对厂商的流动性、资本来源和营业结果产生明显不确定影响的信息的是（）A、财务报表脚注B、资产负债表和损益表C、管理者（江南博哥）讨论与分析正确答案：C2、单选某厂商发行了3000美元的债券，息票率为15%。
目前，这些债券的到期收益率（YTM）为12%。
如果厂商的税率为30%，则该厂商的税后债务成本是多少（）A、3.6%B、8.4%C、10.5%正确答案：B3、单选已知三年期即期利率为8.7%，二年期即期利率为9.2%，则2年后的一年期远期利率是多少（）A、5.8%B、7.2%C、7.7%正确答案：C4、单选在以下选项中，不正确的是哪一项（）A、如果证券位于证券市场线（SML）的上方，则其价格被低估B、投资者预期其承担的系统风险获得补偿C、对于投资者而言，落在证券市场线（SML）上的证券不具有内在投资价值正确答案：C5、单选在期货市场上，清算所最不可能从事以下哪项活动（）A、决定各项合约的交易B、制定初始保证金和维持保证金的金额C、担任各笔交易的对手方正确答案：A6、单选如果股票的期初价格为10美元，年末价格为14美元，则其基于连续复利的年回报率等于（）A、19.6%B、28.7%C、33.6%正确答案：C7、问答题特许金融分析师CFA考试主要考些什么内容？正确答案：CFA考试项目涉及范围很广，水平越高，范围就越广，题目参考解析：试题答案CFA考试项目涉及范围很广，水平越高，范围就越广，题目也越难。
为便于考生复习和准备，每年AIMR都会出一些CFA考试复习资料，针对不同考试水平给出不同的阅读材料，内容全部以原著形式或论文摘录形式出现。
根据对1992年CFA考生阅读材料的统计，水平Ⅰ（即最低层次）的阅读材料有15种，水平Ⅱ有15种，水平Ⅲ有19种，其中之大并不亚于攻读MBA或Ph.D所需的阅读材料。
考试内容主要包括：①伦理和职业标准；②财务会计；③数量技术；④经济学；⑤固定收益证券分析；⑥权益证券分析；⑦组织合管理。
cfa3级2023课后题
cfa3级2023课后题想要通过CFA 3级考试需要做大量的练习题，课后题是其中非常重要的一部分。
下面会为大家提供一些针对CFA 3级2023年的课后题及其解析，帮助大家更好地备战考试。
第一类题型：选择题1. 以下哪个是债券的无信用风险溢价？A. 利差风险溢价B. 信用风险溢价C. 价格风险溢价D. 流动性风险溢价2. 根据有效市场假设，以下哪个陈述是正确的？A. 市场价格随机波动B. 完全信息有效市场假设适用于所有资产C. 动量效应是有效市场的一个表现D. 股票价格能够确切反映公司的价值第二类题型：计算题1. 计算股票的期望收益率和标准差的公式分别是什么?2. 计算一个债券的净现值时，应该如何考虑利率风险？第三类题型：论述题1. 解释什么是资产负债表、现金流量表和利润表？分别列举三个主要的财务指标。
2. 什么是剩余理论？它和现金股利模型有什么关系？3. 解释正态分布及其在风险管理中的应用。
以上仅是一些示例题目，希望能为大家提供一些思路，并加强对CFA 3级2023年考试内容的理解。
在备考过程中，除了做大量的练习题，还要结合教材进行深入学习，理解相关概念和理论知识。
只有掌握了扎实的基础，才能在考试中有更好的表现。
同时，也要注意有效地利用时间。
合理安排每天的学习和练习时间，做到循序渐进。
可以制定一个学习计划，每天按照计划进行复习和练习，保持持续的学习动力和积极性。
总结一下，CFA 3级2023年的课后题对于备考至关重要。
通过做大量的练习题，加深对知识点的理解和应用，可以提高自己在考试中的得分能力。
同时，也要结合教材深入学习，理解相关概念和理论知识。
保持良好的学习计划和学习动力，相信大家一定能够顺利通过CFA 3级考试。
最后，建议大家在备考过程中多思考、多交流，与同学们一起讨论问题、解决问题，共同进步。
祝大家考试顺利，取得优异的成绩！。
CFA 考试 2011年3级 上午题
Level III Page 1 The Morning Session of the 2011 Level III CFA® Examination has 9 questions. For grading purposes, the maximum point value for each question is equal to the number of minutes allocated to that question.Question Topic Minutes1 Portfolio Management – Individual/Behavioral 152 Portfolio Management – Individual233 Portfolio Management – Institutional264 Portfolio Management – Economics235 Portfolio Management – Asset Allocation206 Portfolio Management – Fixed Income197 Portfolio Management – Equity Investments228 Portfolio Management – Risk Management169 Portfolio Management – Performance Evaluation16Total: 180Page 2 Level IIITHIS PAGE INTENTIONALLY LEFT BLANKANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 3 Questions 1 and 2 relate to the Becker family. A total of 38 minutes is allocated to these questions. Candidates should answer these questions in the order presented.QUESTION 1 HAS TWO PARTS (A, B) FOR A TOTAL OF 15 MINUTES.Robert Becker, age 75, retired 5 years ago from the building products business that he founded. After his business, Buildco, went public in the 1990’s, he remained as CEO and continued to hold shares in the company. After his wife’s death, Becker hires Emily Frost, a portfolio manager and trust specialist, to help with his estate planning. Becker establishes a revocable trust and an irrevocable trust.Income, realized capital gains, and estate assets (at death) are all taxed at a flat 20% rate. For the revocable trust, the cost basis of investments increases to the market value on the date of Becker’s death, and the assets are subject to estate taxes. For the irrevocable trust, the cost basis of investments does not change, and the assets are not subject to estate taxes.Currently, the two trusts each have 2.0 million U.S. dollars (USD) of their assets in Buildco shares, with a cost basis of USD 200,000 each. All Buildco shares have unrealized capital gains. Becker has the following two immediate objectives as part of his estate planning:Objective 1: Sell USD 1.0 million of Buildco shares while minimizing total taxes.Objective 2: Put additional assets into a trust to protect those assets from potentialfuture legal claims against Becker.A.Determine which trust (irrevocable, revocable, or both equally) is more appropriate foreach objective:i. Objective 1ii. Objective 2Justify your response with one reason for each objective.Note: Consider each objective independently.Answer Question 1-A in the Template provided on page 5.(6 minutes)Page 4 Level III Frost meets with Becker to compare their views on investing. Four discussions from that meeting are shown in Exhibit 1.Exhibit 1Selected Discussions from Becker – Frost MeetingDiscussionNumberSpeaker Discussion1 Becker:Frost:The first thing you might notice about my investment style is that I favorgrowth investments over income-producing assets.I don’t think that is the right approach. Equities might deliver higherlong-term returns. However, for a trust portfolio, I prefer that the clientknows the size and timing of the cash flows he will be receiving. That’swhat an investor gets with bonds.2Frost:Becker:I notice you hold a significant position in Rolling Mix Cement shares.Rolling Mix Cement’s CEO used to run the western operations forBuildco. He did a wonderful job for us, so I think Rolling Mix sharesare great to own.3Frost:Becker:I was looking at the mutual funds in your portfolio and can see that youpurchased an equal amount across four mutual funds.I think that mutual fund family offers four great products. So I boughtall of them: an EAFE large-cap fund, a U.S. growth fund, a U.S. small-cap fund, and a U.S. corporate bond fund.4Frost:Becker: I notice you have many portfolio positions where the current values have been below cost for awhile.Investing requires patience. You have to give things time to work out.B.Identify the discussion in which one of the participants best illustrates each of thefollowing behavioral biases:i. representativenessii. frame dependenceiii. aversion to ambiguityJustify each response with one reason.Note: Consider each bias independently. Use each discussion only once.Answer Question 1-B in the Template provided on page 6.(9 minutes)Level III Page 5 Answer Question 1 on This PageTemplate for Question 1-ANote: Consider each objective independently.Objective Determine whichtrust (irrevocable,revocable, or bothequally) is moreappropriate foreach objective.(circle one)Justify your response with one reason for eachobjective.1. Sell USD 1.0 million of Buildco shares while minimizing total taxes. irrevocable revocableboth equally2. Put additional assets into a trust to protect those assets from potential future legal claims against Becker. irrevocable revocableboth equallyPage 6 Level III Answer Question 1 on This PageTemplate for Question 1-BNote: Consider each bias independently. Use each discussion only once.Behavioral biasIdentify thediscussion in whichone of theparticipants bestillustrates each ofthe followingbehavioral biases(circle thediscussion numberfrom Exhibit 1).Justify each response with one reason.i. representativeness 1 2 3 4ii. frame dependence 1 2 3 4iii. aversion to ambiguity 1 2 3 4Page 8 Level IIITHIS PAGE INTENTIONALLY LEFT BLANKANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 9 Questions 1 and 2 relate to the Becker family. A total of 38 minutes is allocated to these questions. Candidates should answer these questions in the order presented.QUESTION 2 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 23 MINUTES.Five years have passed. Robert Becker recently died and left his estate to his only child, Michael. Michael and his wife are both 50 years old and have no children. Michael expects to receive his after-tax inheritance of 8.0 million U.S. dollars (USD) at the end of this year. The Beckers both plan to retire at that time, and are meeting with Emily Frost to help them establish an investment plan.The Beckers currently do not have an investment portfolio and they own a home valued atUSD 3.7 million. At the end of this year, the Beckers’ outstanding debt will be USD 3.5 million (home mortgage) and USD 150,000 (consumer debts). The Beckers will pay off their mortgage and their consumer debts soon after the inheritance is received.The Beckers currently have a combined after-tax salary of USD 475,000, current-year living expenses of USD 250,000, plus annual mortgage payments (principal + interest) ofUSD 225,000. Michael’s company pension will pay him USD 48,000 after-tax next year, and then payments will grow at the rate of inflation, which is expected to be 3% annually. His employer will continue to pay all of the Beckers’ medical costs until death. Both the pension and health benefits will continue to accrue to Becker’s wife, if he dies first. The Beckers expect their living expenses will also continue to grow at the rate of inflation until one of them dies. At that time, they expect the survivor’s living expenses will decrease to 75% of their combined expenses, and then continue to grow at the rate of inflation.The Beckers intend to fund their living expenses with Michael’s pension and investment income generated from their investable assets, which do not include their home. The Beckers consider their investment base to be large, and want their portfolio to be invested conservatively. They want to maintain the real value of their investable assets over time, and plan to leave their estate to charity. All income and realized capital gains are taxed at 20%.A. Calculate the after-tax nominal rate of return required for the Beckers’ first year ofretirement. Show your calculations.(8 minutes)B. Discuss two factors specific to the Beckers’ situation that decrease their risk tolerance.(4 minutes)C. Formulate each of the following constraints for the Beckers’ investment policystatement (IPS):i.liquidityii.time horizon(4 minutes)Several years later, the Beckers again meet with Frost. Their investable portfolio is now valued at USD 7.0 million. The Beckers state that their primary goal is to maintain their current living standard as long as they live. The Beckers also want to leave a charitable gift of at leastUSD 5.0 million from their investable assets after they have both died. However, they are not willing to risk running out of money in their old age to achieve this secondary goal. The Beckers agree with Frost to assume a 25-year time horizon.Frost produces Monte Carlo simulations for the Beckers using two portfolios with different asset allocations. The simulations use a long series of historical index data for each asset class in the two portfolios. The resulting distributions of terminal values are shown in Exhibit 1. All terminal values are after expected taxes and spending needs have been met.Exhibit 1Monte Carlo Simulation ResultsProjected Portfolio Terminal Values at 25 YearsPercentileTerminal Values(USD thousands) Portfolio A Portfolio B95th17,808 35,81490th11,916 21,72975th9,192 14,45450th4,896 8,81325th2,154 5,01610th294 05th39 0D. i. Determine, based on the Monte Carlo simulations,which portfolio (A or B) willbetter allow the Beckers to achieve their goals. Justify your response with onereason related to risk.ii. Discuss two improvements Frost could make in her Monte Carlo simulations.(7 minutes)QUESTION 3 HAS FIVE PARTS (A, B, C, D, E) FOR A TOTAL OF 26 MINUTES.Stacy Bergen is a consultant for the endowments of two American universities – Weymount University (WU) and Slate University (SU). WU is a private university with annual operating expenses of 150.0 million U.S. dollars (USD). WU has an endowment currently valued at USD 750.0 million. Bergen gathers the following information about WU and its endowment:•The WU endowment’s primary goal is to maintain the real value of its assets over the long term.•The WU endowment’s secondary goal is to continue to fund 25% of WU’s annual operating expenses, by means of its spending rule.○Tuition and grants fund the remainder of the annual operating expenses.○As a private institution, WU receives no government financial support.•The WU endowment:○uses a simple spending rule with a 5% annual spending rate based on the endowment’s beginning-of-year market value.○receives private donations and uses these donations, in part, for itsliquidity needs.○evaluates its investment managers based on the endowment’s three-yearaverage annual return.○forecasts the inflation rate of WU’s operating expenses to be equal to the growth rate of the Higher Education Price Index (HEPI), which isexpected to be 4% annually.○has an annual 0.55% management expense rate.A.i.Formulate the return objective for the WU endowment.ii. Calculate the required return for the WU endowment. Show your calculations.(4 minutes)B. Determine how a change in each of the following factors, holding all else constant,affects the risk tolerance (increases, decreases, does not change) for the WU endowment:i. private donationsii. expected inflationJustify each response with one reason.Note: Consider each factor independently.Answer Question 3-B in the Template provided on page 20.(6 minutes)Level III Page 17 C. Formulate each of the following constraints for the WU endowment’s investment policystatement (IPS):i.liquidityii.time horizon(4 minutes)A year has passed since Bergen’s initial review. Due to significant losses in the market value of the portfolio, the WU endowment now provides less than 25% of WU’s operating expenses. In addition, donations have declined. The investment committee asks Bergen to propose measures to maintain the long-term real value of the endowment, and reduce the volatility of the endowment’s funding of WU’s operating expenses. In response, Bergen suggests the following strategic actions:Strategic action 1: Decrease the endowment’s spending rate.Strategic action 2: Adopt a rolling three-year average spending rule, based on theendowment’s beginning-of-year market value for the last threeyears.Strategic action 3: Revise the portfolio’s asset allocation to decrease its risk.D. Determine which one of Bergen’s strategic actions is:i. least likely to assist the endowment in achieving its primary goal.ii. most likely to reduce the volatility of the endowment’s funding of WU’s operating expenses.Justify each response with one reason.Answer Question 3-D in the Template provided on page 22.(6 minutes)Bergen’s other institutional client, SU, is a growing public university. SU has an annual operating budget of USD 210.0 million. The SU endowment is currently valued atUSD 700.0 million. Bergen gathers the following information about SU and its endowment: •The SU endowment’s primary goal is to maintain the real value of its assets over the long term.•The SU endowment’s secondary goal is to continue to fund SU’s annualoperating budget shortfall (currently 10% of the operating budget), so long asthat does not violate its spending rule.○90% of SU’s operating budget is funded by government funding andtuition, and this is expected to continue.Page 18 Level III •The SU endowment:○funds SU’s operating budget shortfall, but caps its contribution at itsspending maximum.○has a spending maximum that is 5% of the average of the last threeyears’ beginning-of-year market value.○has experienced significant growth in private donations over the last10 years.○evaluates its investment managers based on the endowment’s six-yearaverage annual return.○forecasts the inflation rate of SU’s operating budget at 1 percentagepoint below the growth rate of the HEPI. The HEPI is expected to growat 4% annually.E. Discuss three factors that suggest the SU endowment has greater risk tolerance than theWU endowment.(6 minutes)ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDTemplate for Question 3-BNote: Consider each factor independently.FactorDetermine how achange in each of thefactors, holding all elseconstant, affects therisk tolerance(increases, decreases,does not change) for theWU endowment.(circle one)Justify each response with one reason.i.privatedonationsincreasesdecreases does not changeii.expectedinflationincreasesdecreases does not changeTemplate for Question 3-DDetermine which one of Bergen’s strategic actions is:Bergen’sstrategicactions(circle one)Justify each response with one reason.i.least likely toassist theendowment inachieving itsprimary goal. 1 2 3ii.most likely toreduce thevolatility of theendowment’sfunding of WU’soperatingexpenses. 1 2 3THIS PAGE INTENTIONALLY LEFT BLANK ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 25 QUESTION 4 HAS FIVE PARTS (A, B, C, D, E) FOR A TOTAL OF 23 MINUTES. Daniel Wallbank is the chief investment officer of a large global asset management firm. He is considering equity investments in a specific developing country. His primary concern is to determine the intrinsic value of that country’s broad equity index relative to its current market value. Wallbank asks the firm’s market strategist, Judy Shipp, to assist him with the valuation process.Shipp suggests using the Cobb-Douglas production function, under the assumption of constant returns to scale, to model the growth in real economic output. Her previous research shows that, over the long term and in a developing country, the growth rate of corporate earnings and dividends, adjusted for inflation, should closely track the growth of real gross domestic product (GDP). Her research on this country provides the projections shown in Exhibit 1.Exhibit 1Country Projections (2011 – 2025)Average annual growth in total factor productivity (TFP) 2.8%Average annual growth in capital stock 3.6%Average annual growth in labor input 2.2%Average unemployment rate 2.0%Output elasticity of capital 0.4A.Calculate the projected average annual real GDP growth rate using the Cobb-Douglasproduction function and the information in Exhibit 1. Show your calculations.(4 minutes)Shipp tells Wallbank that the Cobb-Douglas projection of GDP growth may be affected by two actions the country’s government is considering:Action 1: Issue new regulations to reduce environmental pollution by manufacturers.Action 2: Decrease the minimum retirement age by three years for all workers.B.Determine the initial effect (increase, decrease, or no change) each action would mostlikely have on the country’s GDP growth trend. Justify each response with one reason.Note: No calculations are required. Consider each action independently.Answer Question 4-B in the Template provided on page 28.(6 minutes)Shipp compiles the data to estimate the intrinsic value of the country’s broad equity index. The current annual dividend for the index is 10.00 U.S. dollars (USD). She assumes the initial dividend growth rate is 6.0% and that over 15 years the dividend growth rate will decline linearly by a total of 50%. The assumed discount rate to perpetuity is 5.5%.Page 26 Level III C. Calculate the country’s broad equity index price level implied by the H-Model. Showyour calculations.(4 minutes)Shipp tells Wallbank there are two alternative models that can be used to determine the fair value of an equity market. These models are the Fed Model and the Yardeni Model. She compiles the data in Exhibit 2 to use with these two models.Exhibit 2Capital Market Data10-year government bond yield 4.05%10-year A-rated corporate bond yield 4.70%Forward broad equity index earnings yield 3.95%Consensus long-term earnings growth forecast 7.50%Weighting factor, d 0.10After listening to Shipp explain the differences between the two models, Wallbank questions the use of the Fed Model, since it excludes important factors that the Yardeni Model includes.D. Identify one factor that is excluded from the Fed Model, but is included in the YardeniModel. Discuss whether the Yardeni Model accurately addresses that factor.(3 minutes)E. Determine, using the data in Exhibit 2, if the broad equity market is overvalued, fairlyvalued, or undervalued according to the:i.Fed Modelii.Yardeni ModelJustify each response with one reason. Show your calculations.Answer Question 4-E in the Template provided on pages 31 and 32.(6 minutes)ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDPage 28 Level III Answer Question 4 on This PageTemplate for Question 4-BNote: No calculations are required. Consider each action independently.ActionDetermine theinitial effect(increase, decrease,or no change) eachaction would mostlikely have on thecountry’s GDPgrowth trend.(circle one)Justify each response with one reason.1. Issue new regulations to reduce environmental pollution by manufacturers.increase decrease no change2. Decrease the minimum retirement age by three years for all workers.increase decrease no changeLevel III Page 31 Answer Question 4 on This PageTemplate for Question 4-EModel Determine, using thedata in Exhibit 2, ifthe broad equitymarket is overvalued,fairly valued, orundervaluedaccording to themodels indicated.(circle one)Justify each response with one reason.Show your calculations.i.Fed Modelovervalued fairly valued undervaluedTemplate for Question 4-E continued on page 32.Page 32 Level III Answer Question 4 on This PageTemplate for Question 4-E (continued)Model Determine, using thedata in Exhibit 2, ifthe broad equitymarket is overvalued,fairly valued, orundervaluedaccording to themodels indicated.(circle one)Justify each response with one reason.Show your calculations.ii.YardeniModelovervalued fairly valued undervaluedPage 34 Level IIITHIS PAGE INTENTIONALLY LEFT BLANKANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 35 QUESTION 5 HAS THREE PARTS (A, B, C) FOR A TOTAL OF 20 MINUTES.Colleen Finnegan is 32 years old and lives in Ireland. She worked as an equity analyst for10 years, but lost her job during a recent bear market. Finnegan’s compensation was highly correlated with equity market returns and she expects this will be true for the rest of her working life. She continues to manage her personal portfolio of European equities and bonds, currently valued at 300,000 euros (EUR). Finnegan optimizes and rebalances her portfolio using mean-variance optimization (MVO). Her current allocation is 70% equities and 30% fixed income, including cash. In managing her portfolio, she has been dissatisfied with the frequency of rebalancing required and the amount of transaction costs incurred.Finnegan has a variable-rate mortgage on her home. If she fails to make her mortgage payments for three months, she risks losing her home. Finnegan does not want to sell assets in her investment portfolio to pay her monthly mortgage payments. She hopes to find a new job before her cash is depleted. Because she is unemployed, her effective tax rate is currently very low, but will increase significantly once she finds a new job.Finnegan seeks advice on her asset allocation approach from Seamus Welch, a portfolio manager with her former employer. Finnegan tells Welch that she had above-average risk tolerance while she was employed. She now thinks she has below-average risk tolerance until she finds a new job. She also explains that if she starts a new job within the year, she intends to make a deposit of EUR 30,000 on a home for her physically disabled sister. This deposit would be funded by liquidating some assets. Finnegan tells Welch that, as an analyst, she covered European clothing retailers. She continues to maintain a positive view on many firms in this sector and she would like to incorporate these views into her investment strategy.Welch suggests to Finnegan that, based on her circumstances, the standard MVO process can be improved upon by using a resampled efficient frontier, the Black-Litterman approach, or a Monte Carlo simulation.A. Explain, compared to the standard MVO process, and based on Finnegan’scircumstances:i.two advantages of using a resampled efficient frontier.ii.one advantage of using the Black-Litterman approach.iii.two advantages of using a Monte Carlo simulation.(10 minutes)Welch explains to Finnegan that she is currently following an asset-only (AO) approach to strategic asset allocation. He strongly advises her to adopt an asset/liability management (ALM) approach.B. Discuss three reasons, based on Finnegan’s circumstances, why an ALM approach wouldbe more appropriate than an AO approach.(6 minutes)Welch also suggests that Finnegan consider her human capital in the asset allocation process. He believes that Finnegan should reduce her allocation to equities at this time.C.Discuss two reasons, based on her human capital, why Finnegan’s current allocation toequities should be lower.(4 minutes)ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDTHIS PAGE INTENTIONALLY LEFT BLANK ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 41 QUESTION 6 HAS THREE PARTS (A, B, C) FOR A TOTAL OF 19 MINUTES.David Andrews, a fixed income portfolio manager at SM Capital, is meeting with a defined benefit pension fund client. The client has asked Andrews to match the dollar duration of its government bond portfolio to the dollar duration of its liability benchmark. Because of the nature of the liabilities, the duration of the liability benchmark remains constant. At the beginning of the current year, the bond portfolio’s dollar duration was equal to the dollar duration of the liability benchmark. At the end of each year, the manager is required to rebalance the portfolio so that the dollar duration of the assets again matches the dollar duration of the liability benchmark, while keeping the portfolio proportions of each bond unchanged. Andrews gathers the data in Exhibit 1 to prepare for rebalancing.Exhibit 1Pension Fund Government Bond PortfolioEnd of Year Beginning of YearPrice Duration Price DurationBond 1 94.00 4.3 94.50 4.9Bond 2 93.00 6.3 90.00 7.0Bond 3 102.00 5.0 103.50 5.5Note: Each bond has a total par value of 1 million U.S. dollars (USD).Bond prices are shown as a percentage of par.A.Calculate for the pension fund’s government bond portfolio:i.the rebalancing ratio.ii.the amount of cash required for rebalancing.Show your calculations.(7 minutes)Jim Wang, another portfolio manager at SM Capital, actively manages a fixed income portfolio that invests in a particular region of Europe. The firm’s chief economist just released her forecast for this region. Contrary to market expectations, she forecasts the following: •Consumer confidence will increase.•Unemployment will fall.•Short-term interest rates will remain unchanged, while long-term rates will increase by 200 basis points.•Corporate defaults will decrease substantially.Wang’s benchmark index contains three sectors of investment-grade corporate bonds. Relative to his benchmark index, Wang may alter his sector weights, credit quality, and duration. He isPage 42 Level III restricted to investing in investment-grade bonds, and only in the three sectors included in the benchmark index. Exhibit 2 provides details of his portfolio versus the benchmark index.Exhibit 2Regional European Actively Managed Corporate BondsPortfolio and Benchmark Index SummaryPortfolio Characteristics Wang’s Portfolio Benchmark IndexSector weights: consumer cyclicals 46.0% 33.3%consumer non-cyclicals 21.0% 33.3%utilities 33.0% 33.3% Average credit quality* A ADuration** 4.8 4.8* Bonds in both the portfolio and the benchmark index range in credit quality from BBB (lowest investment grade) to AAA (highest investment grade).** Short-, mid-, and long-term bonds are each 1/3 of both the portfolio and the bench- mark index.B.Determine, assuming the economist’s forecast is accurate, whether Wang’s portfolio ismost likely to match, underperform, or outperform its benchmark. Justify your responsewith one reason.(3 minutes)Given the economist’s forecast, Wang is now considering the following trading strategies within his portfolio:Trading strategy 1: sector rotation tradesTrading strategy 2: credit adjustment tradesTrading strategy 3: yield curve adjustment tradesC.Describe the trades that Wang could use (buy/sell bonds as appropriate) to implementeach trading strategy. Justify each trade, based on the economist’s forecast.Note: Consider each strategy independently.Answer Question 6-C in the Template provided on page 45.(9 minutes)ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 45 Answer Question 6 on This PageTemplate for Question 6-CNote: Consider each strategy independently.Trading strategy Describe the trades thatWang could use (buy/sellbonds as appropriate) toimplement each tradingstrategy.Justify each trade, based on the economist’sforecast.1. sector rotation trades Bonds to buy: Bonds to sell:2. credit adjustment trades Bonds to buy: Bonds to sell:3. yield curve adjustment trades Bonds to buy: Bonds to sell:。
三级理财规划考试理论知识试题及答案.doc
2016三级理财规划考试《理论知识》试题及答案(9)1.P2 1个单位或100个单位的外国货币为标准，用一定量的本国货币来表现其价格的标价方法叫( )。
A.直接标价法B.间接标价法C.基础汇价法D.套算汇价法2.跨国中央银行制度是指两个或两个以上的国家设立共同的中央银行。
通常是由参加某一货币联盟的国家共同设立。
在全球影响最为深远的是1998年7月成立的欧洲中央银行，以下不属于欧洲中央银行的基本任务的是( )。
A.确定和实施经货联盟的货币政策B.管理外汇业务C.推行统一的财政政策D.持有和管理欧元区’国家的官方外汇储备3.金融市场是指货币资金融通和金融资产交换的场所，广义的金融市场不包括( )。
A.货币市场B.有色金属市场C.外汇市场D.黄金市场4.“汇率”是用一种货币表示另一种货币的价格，其数值的大小要受到外汇市场上货币供需状况的影响，在间接标价法下，当外国货币数量减少时，则( )。
A.本国货币汇率上浮B.外国货币汇率下浮C.本币汇率下浮D.无法确定5.一国的国际收支状况是导致该国汇率变化的最直接因素，当一国国际收支出现顺差时，以下说法错误的是( )。
A.外汇供应相对增加B.本币汇率上升C.本币供应相对增加D.出口商品的竞争力降低6.国际收支顺差是一国国际收支不平衡的一种表现形式，会对经济生活产生影响。
如果一国出现持续性的国际收支顺差，则可能会导致或加剧( )。
A.通货紧缩B.国内资金紧张C.经济危机D.货币对外贬值7.国际金融业务中经常会涉及欧洲货币以及欧洲货币市场，以下对于它们的理解正确的是( )。
A.欧洲货币就是境外货币，即外币B.欧洲货币市场中的“欧洲”不是一个地理概念C.欧洲货币市场上的欧洲银行是指位于欧洲的银行D.欧洲货币市场上的交易客体即为欧洲各国发行的金融工具8.欧洲短期信贷市场业务中银行同业拆放业务大量使用的同业拆放利率是( )。
A.SIBORB.LIBORC.HIBORD.FIBOR9.现钞买入价和外汇买入价的关系为( )。
2022-2023年理财规划师之三级理财规划师通关练习题库附带答案
2022-2023年理财规划师之三级理财规划师通关练习题库附带答案单选题（共20题）1. 下列关于自愿保险的说法不正确的是()。
A.投保人可以自由决定是否投保、向谁投保B.保险人可以根据情况自愿决定是否承保、怎样承保C.产生于国家或政府的法律效力D.投保人可以选择所需保障的类型、保障范围、保障程度和保障期限等【答案】 C2. 以下属于防守型行业的是()。
A.金融业B.房地产业C.公用事业D.家电业【答案】 C3. ()使风险的可能性转化为现实性。
A.风险因素B.风险事故C.潜在风险D.风险损失【答案】 B4. 当一个国家出现经济衰退、失业增加和通货膨胀同时发生的局面时，称为()。
A.经济萧条B.经济滞胀C.通货膨胀D.经济衰退【答案】 B5. 深证成分指数的样本股数量为()。
A.30B.40C.50【答案】 B6. 我国证券投资基金的托管人由()来充当。
A.商业银行B.保险公司C.基金公司D.证券公司【答案】 A7. 保险人对“责任免除”以外的任何风险造成的损害负承保责任，这类保险合同属于()。
A.特定风险保险合同B.综合风险保险合同C.定值保险合同D.不定值保险合同【答案】 B8. 下列关于银行的汽车消费贷款的说法，错误的是()。
A.多数银行规定最低首付款为全车售价的40%，贷款年限一般有3年和5年两种选择，最长不超过5年B.目前银行批贷时，持外省户口的消费者也可以比较容易地申请汽车贷款C.银行的车贷利率是依照银行利率确定，而汽车金融公司的利率通常要比银行现行利高出一些D.银行的汽车消费贷款利率按照中国人民银行规定的同期贷款利率计算【答案】 B9. 在企业年金计划运行中，基金受托人的主要职责不包括()。
A.选择、监督、更换账户管理人、托管人、投资管理人等B.制定企业年金基金的投资策略C.定期向受托人和有关监管部门提交企业年金基金账户管理报告D.编制企业年金基金管理和财务会计报告【答案】 C10. 质押保单必须具有现金价值才可以办理质押贷款，以下不能办理质押贷款的是()。
CFA一、二级练习题精选及答案0516-10
CFA一、二级练习题精选及答案0516-10CFA Level I1. Alan Quanta, CFA, provides credit rating analysis of high-yield bonds using external credit ratings as a foundation. At the end of the last quarter, Quanta's firm, North Investment Bank, held a large position in the bonds of Veyron Corporation, a real estate company with all of its land holdings in a country recently downgraded by several credit rating agencies. The downgrades made Veyron bonds extremely difficult to sell because the bond price has dropped every day since the downgrades. Quanta has been asked by his supervisor to contact institutional clients of the firm to convince them that Veyron bonds are still an attractive purchase, especially at these lower prices. Quanta does not consider the Veyron bonds a buy at this price level. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Quanta is toA. obey his supervisor's request.B. ignore his supervisor's request.C. promote the bonds with appropriate disclosures.Correct answer: B"Guidance for Standards I–VII," CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard I (B) Independence and Objectivity, GuidanceStudy Session 1-2-bDistinguish between conduct that conforms to the CFA Institute Code of Ethics and Standards of Professional Conduct and conduct that violates the Code and Standards.B is correct. Quanta should refuse to promote the bonds, which he does not rate as a buy, because his opinion of the Veyron bonds must not be affected by internal pressure or compensation. If Quanta followed the request from his supervisor, he would be in violation of Standard I (B) Independence and Objectivity. Quanta must refuse to promote Veyron bonds until they are an attractive purchase based on fundamental analysis and market pricingCFA Level II1-6：The government of a developing countrypublished a Request for Proposal (RFP) for the development of policies toimprove the business conduct of its capital markets licensees with the hope ofimproving confidence levels among investors.Kingfisher Financial Development Partnersresponded with a detailed proposal including the following justifications forwhy the firm should win the tender.Justification1: With a team of three CFAcharterholders, Kingfisher is more qualified than our competitors to designpolicies to uphold and enhance capital market integrity. Justification2: Each team member must annually renewhis or her commitment to abide by the CFA Institute Code of Ethics and Standardsof Professional Conduct.Justification 3: In addition, every team member passed the CFAexams on the first try.Later, Kingfisher was notified that it wonthe tender. Kingfisher's team consists of team leader Khalid Juma, CFA, and histwo associates, Vimal Bachu, CFA, and Anila Patel, CFA. Kingfisher and thegovernment agree the first step to improve market integrity is to create anindustrywide Code of Conduct based on the CFA Institute Code of Ethics andStandards of Professional Conduct. Although the Code and Standards are notadopted in full, the decision is made to concentrate on four main areas:Professionalism, Capital Market Integrity, Duties to Clients, and InvestmentRecommendations.The Kingfisher team subsequently drafts thefollowing policy statements:Levelsof ProfessionalismFinancial services professionals must actin a professional manner at all times to help protect the integrity of thecountry's capital markets. As such, financial services professionals mustensure they meet, at a minimum, three major requirements. Professionals must:(1) disclose all conflicts of interest; (2) selectively differentiate servicesto clients; and (3) outline all manager compensationarrangements for clients.CapitolMarket IntegrityFinancial services professionals mustprotect the integrity of the capital markets by ensuring that any insiderinformation obtained is managed in such a way as to prevent the generalinvesting public from being disadvantaged. In addition, no financial servicesprofessional can knowingly participate in any activity devised to misleadinvestors or distort any price-setting mechanism.Dutiesto ClientsClients' interests must come before thoseof the financial services firm and/or its staff. To ensure clients' interestsare protected,all portfolios must be invested according to each client'sinvestment plan and must be well diversified across all asset classesavailable. Furthermore, fund managers must annually review client needs andobjectives and rebalance portfolios if required.InvestmentRecommendationsAll investment recommendations should bemade after extensive research undertaken by or on behalf of the firm. Inaddition, each research report must:Requirement 1: be reviewed by peers as soon as practical to ensure that adequate basisand due diligence policies,were followed;Requirement 2: be assessed to determine the quality of the recommendation over time;andRequirement 3: name only those team members who took part in the research and agreedwith the recommendation.The Kingfisher team and the governmentcommittee meet to agree on the draft Code. Members of the government committeesuggest an additional policy "Each financial services firm must have acompliance supervisor to ensure that:Task 1: systemsare in place to detect violations of laws, rules, regulations, firm policies,and the industrywide Code ofConduct and to enforce investment-relatedcompliance policies;Task 2: the firm has adequate documented compliancepolicies and procedures; it trains all personnel on the same and makes sure thepolicies and procedures are followed; andTask 3: inadequateprocedures are identified and recommendations to correct inadequate proceduresare submitted to senior management forapproval and implementation."Question1Which of Kingfisher's statements in the RFPregarding its qualifications most likely violates the CFA Institute Code ofEthics and Standards of Professional Conduct?A. Justification 1B. Justification 2C. Justification 3Question2Regarding the proposed policy statementrelating to Levels of Professionalism, which requirement least Likely reflectsany of the CFA Institute Code of Ethics and Standards of Professional Conduct?A. Conflicts of interestB. Differentiation of servicesC. Compensation arrangementsQuestion3Do any of Kingfisher's proposed policystatements related to Capital Market Integrity most likely violate any CFAInstitute Code of Ethics and Standards of Professional Conduct?A. No.B. Yes, regarding marketmanipulation.C. Yes, regarding materialnonpublic information.Question4Which of Kingfisher's proposed requirementsto ensure Duties to Clients is least appropriate to prevent violations of CFAInstitute Code of Ethics and Standards of Professional Conduct? The requirementcalling for a(n):A. periodic review.B. investment plan.C. well-diversified portfolio.Question5Which of Kingfisher's proposed requirementsregarding investment recommendations is most appropriate to prevent violationsof CFA Institute Standard V (A) Diligence and Reasonable Basis?A. Requirement 1B. Requirement 2C. Requirement 3Question6Which of the following governmentcommittee-suggested tasks would least likely conform to CFA Institute StandardIV (C) Responsibilities of Supervisors?A. Task 1B. Task 2C. Task 31. Correct answer： ACFA Institute Guidance for Standards I-VII2013 Modular Level IL Vol. 1, Reading 2,Section Standard VII (B) Reference to CFA Institute, the CFA Designation, andthe CFA Program, GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFAInstitute Codeof Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.A is correct because it is a violation ofStandard VII (B) Reference to the CFA Institute, the CFA Designation, and theCFA Program to imply that the competencies of a CFA charterholder are superiorto those of others not holding the designation. R is not a violation, however,to factually state that charterholders must annually renew their commitment toabide by the CFA Institute Code of Ethics and Standards of ProfessionalConduct or that each of the team memberspassed all three CFA exams in their first try.2. Correct answer：BCFA Institute Guidance for Standards I-VII2013 Modular Level II, Vol. 1, Reading 2,Sections Standard III(B) Fair Dealing, Guidance; Standard IV (B) AdditionalCompensation Arrangements, Guidance; Standard VI (A) Disclosure of Conflicts,Guidance Study Session 1-2-aof Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.B is correct because Standard III(B) FairDealing accommodates the differentiation of services to clients as long as suchservices are not offered selectively. The different service levels should bedisclosed to clients and prospective clients and should be available toeveryone. A requirement to disclose all conflicts of interest would not violateStandard VI (A) Disclosure of Conflicts, nor would the outline of all compensationarrangements violate Standard IV (B) Additional Compensation Arrangements.3. Correct answer：ACFA Institute Guidance for Standards I-VII2013 Modular Level II Vol. 1. Reading 2,Sections Standard II (A) Material Nonpublic Information. Guidance; Standard II(B) Market Manipulation, GuidanceStudy Session 1-2-aof Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.A is correct because Kingfisher's proposedgeneral principles related to Capital Market Integrity properly address in principleStandard II (A) Material Nonpublic Information and Standard II(8) MarketManipulation.Standard II (A) does not disallow thepossession of insider information but does disallow using the information totake unfair advantage of the general investing public. Standard II (B) requiresthe prohibition of: (1)market manipulation, that is, dissemination of false ormisleading information: and (2) transactions that deceive or would be likely tomislead market participants by distorting the price-setting mechanism offinancial instruments.4. Correct answer：C"Guidance for Standards I-VII".CFA Institute2013 Modular Level II Vol. 1, Reading 2,Section Standard III (A)Developing the Client's PortfolioStudy Session 1-2-bRecommend practices and procedures designedto prevent violations of the Code of Ethics and Standards of ProfessionalConduct.C is correct because Standard III (A)Loyalty, Prudence and Care requires a client's portfolio to be managed byinvestment guidelines agreed with the client. Some clients' investmentobjectives may not allow for a diversified portfolio across all asset classesavailable. "Therefore, to do so may violate this Standard."5. Correct answer：BCFA Institute Guidance for Standards I-VII2013 Modular Level II Vol. 1, Reading 2,Section Standard V (A) Diligence and Reasonable Basis, GuidanceStudy Session 1-2-bRecommend practices and procedures designedto prevent violations of the CFA Institute Code of Ethics and StandardsB is correct because it is recommended todevelop and use measurable criteria for assessing the quality of research tohelp comply with Standard V (A) Diligence and Reasonable Basis. Therefore, the researchrecommendations need to be assessed to determine their validity over time. Didthe process and the analyst's view lead to the right recommendation? That is,did clients have the potential to benefit from the recommendation? Ifrecommendations consistently over time prove to be wrong. perhaps the researchprocesses need to be changed-or the analysts themselves!6. Correct answer：ACFA Institute Guidance for Standards 1-VII2013 Modular level II, Vol. 1, Reading 2,Section Standard IV (C) Responsibilities of Supervisors, GuidanceStudy Session 1-2-bRecommend practices and procedures designedto prevent violations of the CFA Institute Code of Ethics and StandardsA is correct because Task 1 is insufficientin that Standard IV(C) Responsibilities of Supervisors requires supervisors toenforce non-investment-related policies as well as investment-related policies.。
cfa三级简答题
cfa三级简答题【原创版】目录1.CFA 三级简答题概述2.CFA 三级简答题的考试内容3.CFA 三级简答题的答题技巧4.总结正文【CFA 三级简答题概述】CFA（Chartered Financial Analyst）是全球金融领域最具权威的专业资格认证，分为三个级别。
CFA 三级简答题是 CFA 三级考试中的一个重要部分，主要测试考生在投资管理方面的实际应用能力。
通过 CFA 三级简答题，考生需要展示他们在投资组合管理、资产估值、风险管理等方面的专业知识和技能。
【CFA 三级简答题的考试内容】CFA 三级简答题主要涉及以下三个方面的内容：1.投资组合管理：包括资产配置、股票、债券、衍生品等投资工具的选择与运用，以及投资组合风险与回报的分析。
2.资产估值：涉及股票、债券、企业、金融衍生品等各类资产的估值方法，以及估值模型的选择与应用。
3.风险管理：包括风险的识别、评估、控制和监测，以及风险管理策略的制定与实施。
【CFA 三级简答题的答题技巧】1.仔细阅读题目：在回答简答题时，首先要认真阅读题目，理解问题的背景和要求，以便准确回答问题。
2.组织答案结构：回答简答题时，建议按照问题的要求，分步骤、分段落进行回答。
首先，简要介绍问题背景和要求；其次，详细阐述自己的观点和理由；最后，进行总结。
3.理论联系实际：CFA 三级简答题要求考生展示在实际工作中运用专业知识和技能的能力。
因此，在回答问题时，要结合实际案例和数据，避免空谈理论。
4.注意时间分配：在考试中，要合理安排时间，确保有足够的时间回答简答题。
一般来说，每道简答题的答题时间应控制在 20-30 分钟之间。
【总结】CFA 三级简答题是 CFA 三级考试的重要组成部分，主要测试考生在投资管理方面的实际应用能力。
要成功回答简答题，考生需要具备扎实的专业知识和技能，以及良好的答题技巧。
cfa三级写作题
cfa三级写作题CFA三级写作题通常涉及金融领域的实际情境，要求考生运用所学的知识和技能，从多个角度进行分析和解决问题。
以下是一个例子：题目：假设你是一家投资公司的高级分析师，你的团队正在考虑投资某个新兴市场国家的股票市场。
请你从政治、经济、金融和风险管理等角度，全面评估该国股票市场的可行性和潜在风险。
回答：从政治角度来看，评估一个新兴市场国家的股票市场可行性时，首先需要考虑政治稳定性。
政治动荡和不稳定的政府可能导致市场波动和不可预测的政策变化，从而增加投资风险。
因此，我们需要研究该国政府的稳定性、政策连续性以及对外投资者的保护程度。
在经济方面，我们需要分析该国的经济增长前景和宏观经济指标。
关注国内生产总值（GDP）增长率、通货膨胀率、失业率等数据，以评估该国经济的健康状况和增长潜力。
此外，还需要了解该国的产业结构、外贸依赖程度和财政状况，以判断股票市场的可行性和投资机会。
金融方面的考虑包括市场的流动性、交易成本和金融基础设施的完善程度。
投资者在股票市场中需要有足够的流动性，以便买卖股票时能够及时完成交易。
同时，低交易成本也是吸引投资者的关键因素之一。
此外，金融基础设施的完善程度，如证券交易所的规范性、结算与清算系统的健全性，也会对股票市场的可行性产生影响。
风险管理方面，我们需要考虑市场风险和特定风险。
市场风险涉及整个市场的波动性和不确定性，如市场流动性不足、政策风险等。
特定风险则是指与特定股票或行业相关的风险，如公司治理问题、行业竞争等。
我们需要评估这些风险，并制定相应的风险管理策略，以保护投资组合的价值。
综上所述，评估一个新兴市场国家股票市场的可行性和潜在风险需要从政治、经济、金融和风险管理等多个角度进行全面分析。
只有综合考虑各个因素，我们才能做出明智的投资决策。
2023年金融英语三级考试练习题及答案
2023年金融英语三级考试练习题及答案第一部分：阅读理解阅读理解一题目：According to the passage, what is the main cause of the current economic crisis?A. Government policiesB. GlobalizationC. Technological advancementsD. Financial institutions答案：A. Government policies阅读理解二题目：What is the author's opinion regarding the role of central banks in stabilizing the economy?A. They are not effective.B. They are crucial for economic stability.C. They should be abolished.D. They only benefit financial institutions.答案：B. They are crucial for economic stability.第二部分：词汇填空题目：选择适当的单词填空。
1. The stock market experienced a ___________ in prices last week.3. The government has implemented new ___________ to regulate the financial sector.4. The central bank is responsible for ___________ interest rates.答案：1. fluctuation2. marketing3. regulations4. managing第三部分：写作题目：根据以下提示，写一篇关于全球化对金融业的影响的短文。
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CFA三级练习题精选及答案0516-9
Most financial servicesregulatory bodies in East Africa are moving toward risk-based supervisionmodels. Miriam Bukenya, CFA, is the head of compliance at Jacaranda AssetManagement, a manager of both retail and institutional portfolios. She iscurrently revising the company's compliance policies to address risk in allareas of the business and is checking different aspects of the firm to ensurethat it will be able to meet new risk-based supervision regulations when theybecome effective in six months' time. The firm recently adopted the CFAInstitute Code of Ethics and Standards of Professional Conduct as its own Codeand Standards.
While reviewing Jacaranda'scompliance manual, Bukenya realizes it needs a few changes to comply with thenew risk-based regulations. To ensure she uses best practice, she consults withLuc Remmy, CFA, the head of compliance at her former employer, Mercury AdvisoryServices. Remmy, who now runs an independent consulting firm, e-mails Bukenyathe compliance manual he uses for his own firm. While reviewing the compliancemanual, Bukenya notices that many sections look familiar. She finds a statementin the document indicating
that it is for the "sole use of MercuryAdvisory Services." When questioned, Remmy states that he used only thetable of
contents of Mercury's document and none of the other
content in thedocument to develop his compliance manual.
Bukenya looks at the marketingmaterials Jacaranda uses to communicate to existing and prospective clients toensure that everything mentioned in the material is factual and complies
withthe CFA Standards of Professional Conduct. The following statements areexamined:
Statement 1: Jacaranda looks for investments offering intrinsic
value through a top-down approach including
a review of forecasts of economic and industry
performance. We evaluate historical and
projected company financials, perform extensive
financial ratio analysis, conduct management
interviews, and determine target prices using a
variety of valuation models.
Statement 2: Jacaranda may, at times, hire outside advisers to
manage real estate holdings on behalf of
clients. These advisers have the necessary
expertise to manage property assets.
Statement 3: Jacaranda has four CFA charterholders among its
senior management. Their participation in the
CFA examination program has enhanced their
investment management skills. All of these
managers passed the three exams in the shortest
time possible.
The new risk-based regulationsalso require accurate and
complete performance presentations, with alldiscretionary
accounts included in at least one composite. Bukenya believesJacaranda's performance presentation policy meets
these new requirements as wellas the CFA Institute Code of
Ethics and Standards of Professional Conduct sinceJacaranda's
single composite includes all current and terminated clientaccounts and presentations include this statement: "Detailed informationregarding the performance presentation
is available upon request." WhileJacaranda does not currently
comply with GIPS Standards, she encourages thefirm to do so
within the next few years.
Bukenya then reviewsJacaranda's record-keeping policy. Currently, the policy requires retention ofhard copies of all supporting documentation for investment recommendations anddecisions made during the last five years. This policy
meets the new risk-basedregulations. Client meeting minutes。