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CFA三級(jí)試題

　　Andres Scolari is a private wealth advisor who works at a large asset management firm in a country where the USD is the local currency. Scolari is preparing an IPS for Louis and Marie

　　Crusoe, ages 53 and 51.

　　The Crusoes are married and have both worked for the same company their entire careers. They would like to retire in four years and spend time traveling. The Crusoes have one daughter who is preparing to attend university.

　　Scolari reviews the Crusoes’ assets. Their taxable investment portfolio totals USD 1,400,000 and is currently allocated 22% to equities and 78% to fixed income. The Crusoes have

　　accumulated an asset base that they think will be large enough to meet their retirement needs.Neither Louis nor Marie is eligible for a defined benefit pension.

　　The Crusoes earn a combined after-tax salary of USD 135,000 per year and do not expect any changes in their employment income during the next four years. Their annual savings are

　　USD 35,000, which are transferred directly into their investment portfolio and immediately invested in the existing asset allocation. Their only debt is a home mortgage of USD 25,000, which they plan to pay off in the next few weeks. The Crusoes also plan to establish a USD 60,000 fund in the next few weeks to cover the university tuition for their daughter.

　　In preparing the IPS, Scolari concludes that the Crusoes have a below average risk tolerance.

　　A. Justify, with two reasons, Scolari’s conclusion that the Crusoes have a below-average risk tolerance.

　　(4 minutes)

　　B. Determine the Crusoes’ liquidity requirement (in USD) from their portfolio for the coming year. Show your calculations.

　　(3 minutes)

　　A few weeks later, after the planned cash outflows, the current value of the Crusoes’ investment portfolio is USD 1,330,000. Scolari has determined that when the couple retires four years from

　　today, a portfolio valued at USD 2,200,000 could sustain them through their retirement years.

　　Given their risk tolerance, Scolari expects the Crusoes to earn an after-tax return of 4.5% per year on their current portfolio and any additions to the portfolio prior to retirement. The Crusoes believe they can continue to save an after-tax total of USD 35,000 per year during the next four years.

　　C. Demonstrate, given the current assumptions, that the Crusoes will not be able to retire in four years in accordance with their existing plan. Show your calculations.

　　Note: For the purpose of this calculation, annual savings should be considered an end-ofyear cash flow.

　　(5 minutes)

　　The Crusoes realize that to retire in four years, they could choose to increase their annual savings or earn additional income. Scolari states that another option would be to sell their house or borrow against their home equity.

　　D. Identify two other options available to the Crusoes that could allow them to retire in four years.

　　Note: No calculations are required.

　　(4 minutes)

　　Over the following year, the Crusoes’ USD 1,330,000 investment portfolio earned a 6% beforetax return. This return included interest of USD 40,698, dividends of USD 10,374, and realized capital gains of USD 21,546. The tax rate on dividends and realized capital gains is 15%, and the tax rate on interest earned is 25%.

　　E. Calculate the investment portfolio’s percentage return after taxes. Show your calculations.

　　(4 minutes)

　　Reading References:

　　Level III, Volume 2, Study Session 4, Reading 10

　　“Managing Individual Investor Portfolios,” Ch. 2, Managing Investment Portfolios: A

　　Dynamic Process, 3rd edition, James W. Bronson, CFA, Matthew H. Scanlan, CFA, and Jan R. Squires, CFA (CFA Institute, 2007).

　　Level III, Volume 2, Study Session 4, Reading 11

　　“Taxes and Private Wealth Management in a Global Context,” Stephen M. Horan, CFA,

　　and Thomas R. Robinson, CFA (CFA Institute, 2008).

　　LOS:

　　“Managing Individual Investor Portfolios”

　　The candidate should be able to

　　a) discuss how source of wealth, measure of wealth, and stage of life affect an individual investor’s risk tolerance;

　　b) explain the role of situational and psychological profiling in understanding an

　　individual investor;

　　c) compare the traditional finance and behavioral finance models of investor decision making;

　　d) explain the influence of investor psychology on risk tolerance and investment choices;

　　e) explain the use of a personality typing questionnaire for identifying an investor’s

　　personality type;

　　f) compare risk attitudes and decision making styles among distinct investor personality types, including cautious, methodical, spontaneous, and individualistic investors;

　　g) explain potential benefits, for both clients and investment advisers, of having a formal investment policy statement;

　　h) explain the process involved in creating an investment policy statement;

　　i) distinguish between required return and desired return and explain how these affect

　　the individual investor’s investment policy;

　　j) explain how to set risk and return objectives for individual investor portfolios and discuss the impact that ability and willingness to take risk have on risk tolerance;

　　k) discuss each of the major constraint categories included in an individual investor’s investment policy statement;

　　l) prepare and justify an investment policy statement for an individual investor;

　　m) determine the strategic asset allocation that is most appropriate for an individual investor’s specific investment objectives and constraints;

　　n) compare Monte Carlo and traditional deterministic approaches to retirement planning and explain the advantages of a Monte Carlo approach.

　　LOS:

　　“Taxes and Private Wealth Management in a Global Context”

　　The candidate should be able to

　　a) compare basic global taxation regimes as they relate to the taxation of dividend income, interest income, realized capital gains, and unrealized capital gains;

　　b) determine the effects of different types of taxes and tax regimes on future wealth accumulation;

　　c) calculate accrual equivalent tax rates and after-tax returns;

　　d) explain how investment return and investment horizon affect the tax impact associated with an investment;

　　e) discuss the tax profiles of different types of investment accounts and explain their impact on after-tax returns and future accumulations;

　　f) explain how taxes affect investment risk;

　　g) discuss the relation between after-tax returns and different types of investor trading behavior;

　　h) explain the benefits of tax loss harvesting and highest-in/first-out (HIFO) tax lot accounting;

　　i) demonstrate how taxes and asset location relate to mean–variance optimization.

　　Guideline Answer:

　　Part A

　　The Crusoes have a below-average risk tolerance because:

　　Their investment portfolio is heavily weighted towards fixed income, indicating a low willingness to take risk.

　　They would like to retire in only four years, so they would not have a long time to recover from investment losses before retirement, indicating a low ability to take risk.

　　Neither Louis nor Marie are eligible for a defined benefit pension and are thus totally reliant on their investments to fund their needs in retirement, indicating a low ability to take risk.

　　To the extent that their wealth has been passively accumulated through savings, they might be less confident they can rebuild their wealth should it be lost, indicating a low willingness to take risk.

　　Part B

　　The Crusoes’ liquidity requirement from their portfolio for the coming year is equal to

　　USD 85,000:

　　They will pay off their home mortgage of USD 25,000 within the next few weeks.

　　They will establish a USD 60,000 university tuition fund in the next few weeks for their

　　daughter.

　　Therefore, USD 60,000 + USD 25,000 = USD 85,000

　　Note: The Crusoes’ ongoing expenses of USD 100,000 per year (USD 135,000 after-tax income less USD 35,000 annual savings) are not included as a component of the liquidity requirement. The Crusoes are net savers, and thus ongoing expenses do not create a liquidity need from the portfolio.

　　Part C

　　The Crusoes will not be able to retire in four years. Any of the following five alternatives is acceptable to demonstrate this conclusion.

　　Alternative #1:

　　The Crusoes will need to work eight more years in order to save the USD 2,200,000 that will sustain them in retirement.

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　備注：(CFA備考資料包含：1、CFA職業(yè)倫理道德手冊(cè) 2、CFA專用詞匯表3、CFA專用公式表 4、CFA協(xié)會(huì)原版書課后習(xí)題5、CFA協(xié)會(huì)歷年MOCK習(xí)題6、CFA前導(dǎo)課程7、CFA 報(bào)名流程引導(dǎo)圖 8、CFA電子版資料 9、CFA百題精選題)

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