CFA三级考试(2000年-2007年)真题下载

CFA三级考试历年真题(2000年-2007年)下载

包含以下2000年至2007年的真题和答案文件20个:

CFA Level III Essay Examination Book 2000 Morning Section
CFA Level III Essay Examination Book 2000 Morning Section answer
CFA Level III Essay Examination Book 2000 Afternoon Section
CFA Level III Essay Examination Book 2000 Afternoon Section answer
2001 CFA Level III Examination Morning Section – Essay
2001 CFA Level III Examination Morning Section – Essay answer
2002 CFA Level III Examination Morning Section – Essay
2002 CFA Level III Examination Morning Section – Essay answer
2003 CFA Level III Examination Morning Section – Essay
2003 CFA Level III Examination Morning Section – Essay answer
2003 LevelIII Sample Item Sets.pdf
2004 CFA Level III Examination Morning Section – Essay
2004 CFA Level III Examination Morning Section – Essay answer
2005 CFA Level III Examination Morning Section – Essay
2005 CFA Level III Examination Morning Section – Essay answer
Analysis of 2005-Q7 – 2005-Q7错误解析.pdf
2006 CFA Level III Examination Morning Section – Essay
2006 CFA Level III Examination Morning Section – Essay answer
2007 CFA Level III Examination Morning Section – Essay
2007 CFA Level III Examination Morning Section – Essay answer

内容示例:

LEVEL III, QUESTION 22

Topic: Portfolio Management / Asset Valuation
Minutes: 28

Reading References:
1. “Determination of Portfolio Policies: Institutional Investors,” Ch. 4, Keith P.
Ambachtsheer, John L. Maginn, and Jay Vawter, Managing Investment Portfolios: A
Dynamic Process, 2nd edition, John L. Maginn and Donald L. Tuttle, eds. (Warren,
Gorham & Lamont, 1990)
2. “Pension Investing and Corporate Risk Management,” Robert A. Haugen, Managing
Institutional Assets, Frank J. Fabozzi, ed. (Harper Collins, 1990)
3. “Twenty Years of International Equity Investing,” Richard O. Michaud, Gary L.
Bergstrom, Ronald D. Frashure, and Brian K. Wolahan, The Journal of Portfolio
Management (Institutional Investor, Fall 1996)

Purpose:
To test the candidate’s understanding of defined benefit pension plans and implications of
investment policies.

LOS: The candidate should be able to
“Determination of Portfolio Policies: Institutional Investors” (Session 9)
– appraise and contrast the factors that affect the investment policies of pension funds,
endowment funds, insurance companies, and commercial banks.
“Pension Investing and Corporate Risk Management” (Session 9)
– appraise the investment policy implications, especially for risk management, of the
relationship between the financial condition of a corporate pension fund and the corporation
itself;
– evaluate the effect a corporate pension fund investment policy may have on plan surplus, the

corporation’s valuation, and its constituents.
“Twenty Years of International Equity Investing” (Session 5)
– discuss the issues facing international equity investors;
– discuss patterns of global equity returns and global market correlations across different
market environments.

Guideline Answer:

A. i. Concentrating the pension assets in such a fashion subjects plan beneficiaries to an
extraordinarily high level of risk because of the high correlation between the market
values of the portfolio and LSC.

ii. By concentrating the pension assets heavily in technology and Internet companies,
Donovan has increased the risk profile of the company. LightSpeed now has the prospect
of possibly having to provide additional funding to the pension plan at a time when the
company’s own cash flow and/or earnings position may be weakened. A more prudent
approach would be to invest in assets with market values that are expected to be less
highly correlated with the company’s market value, so in the event additional funding for

the pension plan becomes necessary it will be less likely to occur when the company is in
a weakened financial position.

B. i. The IPS drafted by Jeffries and the Investment Committee correctly identifies that the
return requirement should be total return, with a need for inflation protection, that is
sufficient to fund the plan’s long-term obligations.

ii. The IPS fails to address the pension plan’s risk tolerance—one of the two main objectives
of a complete investment policy statement—and fails to highlight the potential risk to the
beneficiaries and the company should the current high-risk strategy not achieve its return
goal.

iii. The IPS correctly addresses the time horizon constraint by stating that the assets are long-
term in nature, both because of the young work force and the normal long-term nature of
pension investing.

iv. The IPS fails to address the liquidity constraint; although liquidity is a minimal concern
in this case, the IPS should so state.

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