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：

QUESTION 22 HAS THREE PARTS FOR A TOTAL OF 28 MINUTES

Hugh Donovan is chief financial officer of LightSpeed Connections (LSC), a rapidly growing U.S. technology
company. The company provides a traditional defined benefit pension plan. Because of LSC’s young
workforce, Donovan believes the pension plan has no liquidity needs and can therefore invest aggressively to
maximize pension assets. He also believes that Treasury bills and bonds, yielding 5.4 percent and 6.1 percent
respectively, have no place in a portfolio with such a long time horizon. Therefore, his strategy is to invest the
portfolio as follows:

– 50 percent in a concentrated pool (15 to 20 stocks) of initial public offerings (IPOs) in technology and
internet companies, managed internally by Donovan
– 25 percent in a small-capitalization growth fund
– 10 percent in a venture capital fund
– 10 percent in an S&P 500 index fund
– 5 percent in an international equity fund

Donovan has produced excellent returns utilizing this strategy for the past two years.

A. Evaluate Donovan’s investment strategy with respect to its effect on each of the following:

i. LSC’s pension plan beneficiaries
ii. Managing pension assets in relation to LSC’s corporate strength

Eileen Jeffries, LSC’s president, notes the strong returns of the plan but believes LSC needs a formal
investment policy statement (IPS). Working with the Investment Committee, Jeffries writes the following IPS:

“The LSC Pension Plan’s return objective should focus on real total returns that will fund its long-term
obligations on an inflation-adjusted basis. The “time to maturity” of the corporate workforce is a key
element for any defined pension plan; given our young workforce, LSC’s Plan has a long investment
horizon and more time available for wealth compounding to occur. Therefore the Plan can pursue an
aggressive investment course and focus on the higher return potential of capital growth. Under present
U.S. tax laws, pension plan portfolio income and capital gains are not taxed. The portfolio should focus
primarily on investments in businesses directly related to our main business to leverage our knowledge
base.”

QUESTION 23 HAS TWO PARTS FOR A TOTAL OF 21 MINUTES

Susan Leighton, treasurer for Donner Life Insurance, a U.S. based company, has just joined the board of a
charitable organization that has a large endowment portfolio. She is researching how the investment policy for
an endowment is different from that of life insurance companies.

She has reached the following conclusions:

1. Both endowments and life insurance companies have aggressive return requirements.
2. Endowments are less willing to assume risk than life insurance companies because of donor concerns about
volatility and loss of principal.
3. Endowments are less able to assume risk than life insurance companies because of expectations that
endowments should provide stable funding for charitable operations.
4. Endowments have lower liquidity requirements than life insurance companies because endowment spending
needs are met through a combination of current income and capital appreciation.
5. Both endowments and life insurance companies are subject to stringent legal and regulatory oversight.

A. Indicate whether each of Leighton’s statements is correct or incorrect. If incorrect, justify your
response by citing one reason.

Answer Question 23-A in the Template provided on pages 13 and 14.

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)