CFA三级十年真题 (2008-2017)：level_III_guideline_answers_2012.docx

Question:1Topic:IndividualPM(IPSandHumanCapital)Minutes:27ReadingReferences:1.evelIII,Volume2,StudySession4,ReadingIO"ManagingIndividualInvestorPortfblioSjCh.2,JamesW.Bronson,CFA,MatthewH.Scanlan,CFA,andJanR.Squires,CFA,ManagbiffInvestmentPortfolios:ADynamicProcess、ThirdEdition(CFAInstitute,2007).1.evelIII,Volume2,StudySession4,Reading14"'LifetimeFinancialAdvice:HumanCapital,AssetAllocation,andInsurance,”RogerG.Ibbotson,MosheA.Milevsky,PengChen,CFA,KevinX.Zhu(TheResearchFoundationofCFAInstitute,2007).1.OS:2012-11I-2-10-aJ,kJfcfcManagingIndividualInvestorPortfolioswThecandidateshouldbeableto:a)discusshowsourceOfwealth,measureofwealth,andstageoflifeaffectanindividualinvestor'srisktolerance;b)explaintheroleofsituationalandpsychologicalprofilinginunderstandinganindividualinvestor;c)comparethetraditionalfinanceandbehavioralfinancemodelsofinvestordecisionmaking;d)explaintheinfluenceofinvestorpsychologyonrisktoleranceandinvestmentchoices;e)explaintheuseofapersonalitytypingquestionnaireforidentifyinganinvestor,spersonalitytype;f)compareriskattitudesanddecision-makingstylesamongdistinctinvestorpersonalitytypes,includingcautious,methodical,spontaneous,andindividualisticinvestors;g)explainthepotentialbenefits,forbothclientsandinvestmentadvisers,ofhavingaformalinvestmentpolicystatement;h)explaintheprocessinvolvedincreatinganinvestmentpolicystatement;i)distinguishbetweenrequiredreturnanddesiredreturnandexplaintheimpactthesehaveontheindividualinvestor,sinvestmentpolicy;j)explainhowtosetriskandreturnobjectivesforindividualinvestorportfoliosanddiscusstheimpactthatabilityandwillingnesstotakeriskhaveonrisktolerance;k)discusseachofthemajorconstraintcategoriesincludedinanindividualinvestor'sinvestmentpolicystatement;I)formulateandjustifyaninvestmentpolicystatementforanindividualinvestor;m)determinethestrategicassetallocationthatismostappropriateforanindividualinvestor5sspecificinvestmentobjectivesandconstraints;Question:1Topic:IndividualPM(IPSandHumanCapital)Minutes:27n)compareMonteCarloandtraditionaldeteinisticapproachestoretirementplanningandexplaintheadvantagesofaMonteCarloapproach.2012-I11-2-14-b,c,g"LifetimeFinancialAdvice:HumanCapital,AssetAllocation,andInSUralice"Thecandidateshouldbeableto:a)explaintheconceptanddiscussthecharacteristicsofuhumancapital"asacomponentofaninvestor'stotalwealth;b)discusstheearningsrisk,mortalityrisk,andlongevityriskassociatedwithhumancapitalandexplainhowtheseriskscanbereducedbyappropriateportfoliodiversification,lifeinsurance,andannuityproducts;c)explainhowassetallocationpolicyisinfluencedbytheriskcharacteristicsofhumancapitalandtherelativerelationshipsofhumanCaPitaLfinancialcapital,andtotalwealth;d)discusshowassetallocationandtheappropriateleveloflifeinsuranceareinuencedbythejointconsiderationofhumancapital,financialcapital,bequestpreferences,risktolerance,andfinancialwealth;e)discussthefinancialmarketrisk,longevityrisk,andsavingsriskfacedbyinvestorsinretirementandexplainhowtheseriskscanbereducedbyappropriateportfoliodiversification,insuranceproducts,andsavingsdiscipline;f)discusstherelativeadvantagesoffixedandvariableannuitiesashedgesagainstlongevityrisk;g)recommendbasicstrategiesforassetallocationandriskreductionwhengivenaninvestorprofileofkeyinputs,includinghumancapital,financialcapital,stageoflifecycle,bequestpreferences,risktolerance,andfinancialwealth.Question:1Topic:IndividualPM(IPSandHumanCapital)Minutes:27GuidelineAnswer:PartATocalculatetherequiredreturnneededtoreachthetargetannuityfuturevalue,usethefollowinginputs:Numberofyearstoretirement=15Annualsavings=-25,000Currentportfoliovalue-650,000(900,000-250,000trustcontribution)Targetportfoliovalue=1,600,000Thensolvefori:i=3.6467%or,roundedto3.65%PartBAlonso,sabilitytotakeriskappearstobeaboveaverageforthefollowingreasons:Hehastheabilitytoconsistentlysavepartofhisannualearnings.Hehasarelativelylargeassetbaseincomparisontohisgoal,andthusalowrequiredrctu,allowinghimtowithstandshort-tcnnmarketvolatility.Alonsomakesasubstantialgifteveryyeartoachildren'ssportsprogram.Ifnecessary,hecoulddecreaseoreliminatethegift,reducinghisexpenses.Alonsohasamedium-tolong-terminvestmenthorizonforsavingthefundsneededatretirementAlonsodoesnotplantoleaveanestate.Question:1Topic:IndividualPM(IPSandHumanCapital)Minutes:27PartCTemplateforQuestionI-Ci.Describeonechangeinlonsoa,scircumstancesthathas:decreasedhisearningsrisk.Alonsonowhasalongerterm(guaranteed10-year)contract,insteadofaone-yearcontract.Thisreducestheriskofasubstantialdropinhisincome.ORAlonso'sincreasedsavingscanhelptooffsethisearningsrisk.increasedhisearningsrisk.TheguaranteeonAlonso,semploymentcontractisbackedbycorporateownership,subjectingAlonsotothecreditriskoftheownersandthepossibilityofasubstantialdropinhisincomeincaseofdefault.ii.DescribeonechangeinAlonso,scircumstancesthathas:decreasedhis