CFA三级考试真题及答案(2008年)下载

CFA三级考试真题及答案(2008年)下载

The following are representative of questions on the 2008 Level III exam, Morning
Session. These questions and guideline answers illustrate how each topic area was
tested on the 2008 Level III exam. For grading purposes, the maximum point value
for each question is equal to the number of minutes allocated to that question.

Question Topic Minutes

1 Portfolio Management – Individual 36
2 Portfolio Management – Individual/Behavioral 9
3 Portfolio Management – Institutional 36
4 Portfolio Management – Asset Allocation 17
5 Portfolio Management – Fixed Income Investments 13
6 Portfolio Management – Alternative Investments 11
7 Portfolio Management – Risk Management 17
8 Portfolio Management – Execution of Portfolio Decisions 14
9 Portfolio Management – Monitoring and Rebalancing 9
10 Portfolio Management – Performance Evaluation 9
11 Portfolio Management – Global Context 9

Total: 180

QUESTION 1 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 36 MINUTES.

Roberto and Mariana Carvalho live in a large city in Brazil with their two children, ages four and
two. Roberto is 30 years old and Mariana will be 30 years old later this month. Roberto is a
manager in a manufacturing facility and Mariana is a musician in the local symphony orchestra.

Roberto and Mariana’s annual salaries total 120,000 Brazilian reais (BRL) after tax. Their
salaries just cover their living expenses. The average annual inflation rate is four percent and
their salaries and expenses are expected to increase at this rate. They are healthy and believe
their jobs and earning potential are secure. The Carvalhos’ salaries, dividends, and interest are
taxed at 20 percent, and capital gains at 15 percent.

Mariana’s parents have significant wealth and funded an irrevocable personal trust for her.
Brazil has a wealth transfer tax that applies to transfers into trusts and to inheritances. Brazil has
adopted the Prudent Investor Rule for the administration of trusts. The current value of the trust
is BRL 1,500,000. The terms of the trust state that when Mariana reaches the age of 30, she will
receive a tax-free distribution of half the value of the trust. The balance of the trust will remain
invested and will distribute in total to her when she reaches age 40. Since she does not have
access to the remaining balance for ten years, this balance is not considered a part of the
Carvalhos’ investable assets, but is part of their total net worth. In addition, Mariana expects to
inherit a substantial sum of money upon the death of both parents.

The Carvalhos have BRL 500,000 in investable assets, currently all in short-term bank deposits.
It is their intention to maintain at least this amount in investable assets, on an inflation-adjusted
basis, in the future.
The Carvalhos currently live with Mariana’s parents, but are now purchasing a home. The
purchase price of the home is BRL 850,000. The down payment is 30 percent of the cost of the
home and will be funded from the trust distribution. The Carvalhos will take out a fixed rate
mortgage for the balance of the purchase price. The after-tax mortgage cost will be fixed at
BRL 55,000 (principal and interest) annually for 30 years, with the first annual payment due one
year from now.

The Carvalhos’ immediate investment goal is to have their investment portfolio cover the cost of
the mortgage, while maintaining the portfolio’s inflation-adjusted value. They plan to retire at
the age of 60 and their long-term goal is to have an investment portfolio that will provide an
annual income comparable to their current salaries adjusted by inflation. Their family health
insurance is provided by Roberto’s employer, both now and in retirement. They are hopeful
their two children will attend the local university at no cost. The university does not charge
tuition fees for qualified students who pass its entrance exam. Those who do not pass the exam
are required to pay full tuition, which is high relative to the Carvalhos’ living expenses.

In order to meet their investment goals, the Carvalhos realize they need to consider investments
other than short-term bank deposits. The Carvalhos hire Luiz Oliveira, CFA, to manage an
investment portfolio that they will fund with their BRL 500,000 in bank deposits and the net
proceeds of Mariana’s trust distribution at age 30.

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