CFA三级十年真题 (2008-2017)：level_III_essay_questions_2015.docVIP

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CFA三级十年真题 (2008-2017)：level_III_essay_questions_2015.doc

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Level III Page 1 ? The Morning Session of the 2015 Level III CFA Examination has 11 questions. 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 2 3 4 5 6 7 8 9 Portfolio Management – Institutional Portfolio Management – Institutional 14 17 19 20 15 14 18 16 15 14 18 Portfolio Management – Fixed Income Portfolio Management – Alternative Investments Portfolio Management – Performance Evaluation Portfolio Management – Risk Management Portfolio Management – Individual Portfolio Management – Individual Portfolio Management – Asset Allocation Portfolio Management – Economics 10 11 Portfolio Management – Individual/Behavioral Total: 180 Page 2 Level III Questions 1 and 2 relate to Saylor Guitars and Sandeep Nayar. A total of 31 minutes is allocated to these questions. Candidates should answer these questions in the order presented. QUESTION 1 HAS THREE PARTS (A, B, C) FOR A TOTAL OF 14 MINUTES. Saylor Guitars was established 25 years ago in the US. Today, the company employs a highly- skilled workforce to produce handmade guitars. Ten years ago, the company instituted a defined-benefit pension plan (the Plan). There is no provision for early retirement. The average age of the workforce is 35 years, and there are no current pension recipients. Until last year, Saylor made annual contributions to the Plan and it had a surplus. However, the latest economic downturn reduced sales of Saylor’s premium-priced guitars, which resulted in lower profitability. This led the company to omit Plan contributions and now the Plan is just fully funded with no surplus. Customer orders have begun to increase with an improvement in the overall economy. Based on past experience, the company is forecasting that it will return to its typical high profit levels in the next several months. Saylor also expects to resume its contributions to the Plan in the first half of the upcoming year. The avera