cfa level 1 2013 practice exam download

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Ngày tải lên: 14/06/2019, 17:20

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Ngày tải lên: 14/06/2019, 17:24

... to: 1, 500 − 1, 475 − 35.40 + 2 (18 .10 ) − 7.90 = 17 .90 For Further Reference: Study Session 15 , LOS 29.b SchweserNotes: Book p .17 5 CFA Program Curriculum: Vol.5 p.293 Question #45 of 60 In 11 0 days, ... the X = 14 75 call for 35.40 Buy the X = 15 15 call for 7.90 Sell two X = 15 00 calls for × 18 .10 = 36.20 = net paid 7 .10 Examine the payoff graph Max gain is if the underlying closes at 15 00 Determine ... Session 1, LOS 2.a SchweserNotes: Book p.6 CFA Program Curriculum: Vol .1 p. 21 Study Session 2, LOS 4.c SchweserNotes: Book p.48 CFA Program Curriculum: Vol .1 p.244 Question #13 of 60 Questions 13 -18

Ngày tải lên: 15/06/2019, 11:08

... only call options A) 7 .1 B) 13 .0 C) 17 .9 Question #45 of 60 In 11 0 days, the manager of Fund B expects to borrow $50,000,000 for 18 0 days at a rate of 18 0-day LIBOR plus 15 0 bp to pursue a leveraged ... date Figure 2: Option Data for the Broad Market Index Call Price 35.40 18 .10 7.90 Strike Price 1, 475 1, 500 1, 515 Put Price 6.80 17 .00 24.60 During the meeting, the manager of Fund B states that in ... 40% 25% 15 % 10 % 5% 5% Dividend/Coupon* 2.0% 1. 2% 0.9% 5.0% 4.7% 4.0% Beta 1. 0 1. 3 1. 5 0 European Index 0% *Bond coupon payments are all semiannual 1. 8% 1. 2 Managers at Garrison are concerned that

Ngày tải lên: 15/06/2019, 11:08

... Projected real spending: $12 8,750 (1. 03) = $13 2, 612 .50 Expected real spending: 13 2, 612 .50(0.9586) = $12 7 ,12 2.34 PV is Core Capital Year 2: $12 7 ,12 2.34 / (1. 042) = $11 7,5 31, 75 Candidate discussion: ... return: 12 + = 14 % Hedged return: 12 + - = 15 % Hedged currency standard deviation: 29% Unhedged currency standard deviation: Variance is: 12 (0.292) + 12 (0 .14 2) + 2 (1) (1) (0.3)(0.29)(0 .14 ) = 0 .12 81 Making ... Active Risk Fees Manager A Manager B Manager C Market Index 15 .2 18 .4 22.8 18 .5 0.86 1. 0 1. 15 1. 0 4.7% 3 .1% 1. 5% 3.2% 0.9% 0.0% 1. 5% 1. 3% 0 .1% 2.7% 0.40% 0.05% 0.60% n.a Carl Johnson is a new board

Ngày tải lên: 15/06/2019, 11:08

... $2 ,19 9 ,12 0 Futures gain: (15 47.00 − 15 26.00) × 250 × 18 7 = 9 81, 750 Total gain: $3 ,18 0,870 Return on portfolio of $16 8 million of which 70% ( $11 7.6 million) is invested in stocks: $3 ,18 0,870 / $11 7,600,000 ... calculation and Exhibit 1: Number of contracts = 19 1 .18 , or 19 1 contracts The third step is calculating the price of the futures contract six months later: $96,500 × (1 0.06) = $90, 710 The final step ... Study Session 1, LOS 1. b SchweserNotes: Book p.2 CFA Program Curriculum: Vol .1 p .15 Question #7 of 60 Questions 7 -12 relate to Ethical and Professional Standards Garrett Keenan, CFA, is employed

Ngày tải lên: 15/06/2019, 11:08

... after six months, the loss on the bond futures position is closest to: A) $1, 105,890 B) $1, 175,370 C) $1, 250,640 Question # 51 of 60 Suppose Elkridge considers futures contract transactions to implement ... reviewing Portfolio 1, Willow recommends using 18 7 S&P futures contracts to adjust portfolio beta to 1. 41 to take advantage of projected stock market increases Also reviewing Portfolio 1, Townsend would ... return of $2 ,19 9 ,12 0, and the S&P futures contracts are priced at 15 47.00 However Willow is surprised to find the effective beta (realized hedged beta) did not meet her target of 1. 41 She and Townsend

Ngày tải lên: 15/06/2019, 11:08

... 10 3 .1 Standard II (A) Material Nonpublic Information 10 3.2 Standard II (B) Market Manipulation 11 Standard III: Duties to Clients 12 4 .1 Standard ... Reference to CFA Institute, the CFA Designation, and the CFA Program IFT Notes for the Level III Exam www.ift.world Page 34 Guidance for Standards I-VII IFT Notes When referring to CFA Institute, CFA ... to CFA Institute, the CFA Designation, and the CFA Program 34 Summary 36 This document should be read in conjunction with the corresponding reading in the 2 018 Level III CFA? ?

Ngày tải lên: 14/06/2019, 17:15

... in the 2 018 Level III CFA? ? Program curriculum Some of the graphs, charts, tables, examples, and figures are copyright 2 017 , CFA Institute Reproduced and republished with permission from CFA Institute ... reserved Required disclaimer: CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by IFT CFA Institute, CFA? ?, and Chartered Financial ... Institute, CFA? ?, and Chartered Financial Analyst® are trademarks owned by CFA Institute IFT Notes for the Level III Exam www.ift.world Page Asset Manager Code of Professional Conduct IFT Notes

Ngày tải lên: 14/06/2019, 17:15

... 10 Summary 12 This document should be read in conjunction with the corresponding reading in the 2 018 Level III CFA? ? Program curriculum Some of the graphs, charts, tables, examples, ... probability of a $10 ,000 gain, so the certain gain of $1, 0 01 is turned down Example 4: Low probability loss (risk averse) Greater weight is given to the 10 % probability of a $10 ,000 loss, so the ... the Level III Exam www.ift.world Page The Behavioral Finance Perspective IFT Notes This behavior can be demonstrated in a series of four examples that follow the format used in section 2 .1. 4 Example

Ngày tải lên: 14/06/2019, 17:15

... 10 Investment Policy and Asset Allocation 11 5 .1 Behaviorally Modified Asset Allocation 11 5.2 Case Studies 13 Summary 14 This ... in the 2 018 Level III CFA? ? Program curriculum Some of the graphs, charts, tables, examples, and figures are copyright 2 017 , CFA Institute Reproduced and republished with permission from CFA Institute ... investor’s level of wealth, and IFT Notes for the Level III Exam www.ift.world Page 11 The Behavioral Biases of Individuals IFT Notes The nature of the investor’s behavioral biases Level of wealth:

Ngày tải lên: 14/06/2019, 17:15

... Behavior 11 7 .1 Defining Market Anomalies 11 7.2 Momentum 12 7.3 Bubbles and Crashes 12 7.4 Value and Growth 13 Summary ... Decision Making 10 6 .1 Investment Committee Dynamics 11 6.2 Techniques for Structuring and Operating Committees to Address Behavioral Factors 11 How Behavioral Finance ... anomaly discussed in section IFT Notes for the Level III Exam www.ift.world Page 11 Behavioral Finance and Investment Processes    IFT Notes 4 .1. 3 .1 of The Behavioral Finance Perspective may

Ngày tải lên: 14/06/2019, 17:15

... 10 5 .1 Asset Allocation Concepts 10 5.2 Monte Carlo Simulation in Personal Retirement Planning 12 Appendix A – The Inger Family Case Study 14 Summary ... 18 This document should be read in conjunction with the corresponding reading in the 2 018 Level III CFA? ? Program curriculum Some of the graphs, charts, tables, examples, and figures ... products or services offered by IFT CFA Institute, CFA? ?, and Chartered Financial Analyst® are trademarks owned by CFA Institute IFT Notes for the Level III Exam www.ift.world Page Managing Individual

Ngày tải lên: 14/06/2019, 17:15

... ? ?10 0 10 years 6% n/a [1 + 0.06 (1 – 0.00) ]10 = 1. 7908 ? ?10 0 x 1. 7908 = ? ?17 9.08 ? ?17 9.08 - ? ?10 0 = €79.08 IFT Notes ? ?10 0 10 years 6% 30% [1 + 0.06 (1 – 0.30) ]10 = 1. 5090 ? ?10 0 x 1. 5090 = ? ?15 0.90 ? ?15 0.90 ... FVIFTaxable = (1 + r*)n (1 – T*) + T* – (1 – B)tcg   10 0 [ (1. 0702)5 (1 − 0.0427) + 0.0427 − (1 − 1. 00)0 .15 ] = 13 9 If we start with 10 0 and end with an after-tax amount of 13 9 after years then: 10 0 (1 + RAE)5 ... [ (1 + r) (1 – tw)] n FV = 10 0 × [ (1 + 0.07) (1 – 0.20) + 0.20(0.80)] = 326 Amount = 400, r = 6%, n = 10 years and t = 1% : 10 400[ (1. 06) (1 − 0. 01) ] = 648, or gain = 248 10 Without tax: 400 x 1. 06

Ngày tải lên: 14/06/2019, 17:15

... 10 6 .1 The Hague Conference 10 6.2 Tax System 10 6.3 Double Taxation 11 6.4 Transparency and Offshore Banking 14 Summary ... 40% $10 0,000 $10 0,000 x 25% = $25,000 Max[40%, 25%] 40% - 25% = 15 % $10 0,000 x 15 % - $15 ,000 If there were no conflict over the income, Country R would have collected $40,000 in taxes ( $10 0,000 ... country IFT Notes for the Level III Exam 25% 40% $10 0,000 $10 0,000 x 25% = $25,000 40% + 25% – (40% x 25%) = 55% 55% - 25% = 30% $10 0,000 x 30% - $30,000 www.ift.world Page 13 Estate Planning in

Ngày tải lên: 14/06/2019, 17:15

... 14 Managing the Risk of Investment Real Estate 15 6 .1 Monetization Strategies for Real Estate Owners 15 Overview 16 Summary 17 Examples ... 12 5 .1 Profile of a Typical Business Owned by a Private Client 12 5.2 Profile of a Typical Business Owner 12 5.3 Monetization Strategies for Business Owners 13 ... the Box 31 Example Refinancing or Sale Leaseback? 33 This document should be read in conjunction with the corresponding reading in the 2 018 Level III CFA? ? Program curriculum

Ngày tải lên: 14/06/2019, 17:15

... available -18 3, 713 -398,565 1, 692,478 2 ,13 7,478 Life insurance need 1, 492,478 IFT Notes for the Level III Exam www.ift.world 1, 9 91, 9 41 123,934 13 9,0 71 19, 810 30,000 200,000 250,000 16 5,000 645,000 ... annuity due with growing payments: [ (1 + Discount rate)/ (1 + Growth rate)] – 1, or (1. 05 /1. 03) – = 1. 94% n = 20, payment = € 81, 250, i = 1. 94% PV of annuity due = ? ?1, 362,203 Jacques already has €250,000 ... 38 Example 12 Comparing Annuities 39 Example 13 Risk Management Strategy 39 Example 14 Human Capital and Asset Allocation (1) 39 Example 15 Human Capital

Ngày tải lên: 14/06/2019, 17:15

... Defined-Contribution Plan 36 Example 11 BMSR Committee Decision 39 Example 12 The Fund for Electoral Integrity 39 Example 13 The City Arts School 40 Example 14 Investment ... in the 2 018 Level III CFA? ? Program curriculum Some of the graphs, charts, tables, examples, and figures are copyright 2 017 , CFA Institute Reproduced and republished with permission from CFA Institute ... for the Level III Exam www.ift.world Page Managing Institutional Investor Portfolios IFT Notes Example 15 Investment Policy Statement for a Casualty Insurance Company 46 Example 16 Investment

Ngày tải lên: 14/06/2019, 17:15

... formula: Mij=bi1bj1Var(F1)+bi2bj2Var(F2)+(bi1bj2+bi2bj1)Cov(F1,F2) (For i =1 to 5, j = to 5, and i≠j) M12 = (1. 1) (1. 05)(0. 019 6) + (0)(0)(0.0 016 ) + [ (1. 10)(0) + (0) (1. 05)](0.0 017 ) = 0.0226 3 .1. 2 Discounted ... Sensitivities Global Equity (F1) Global Bonds (F2) 1. 10 1. 05 0.9 0 1. 03 0.99  Residual Risk (%) 10 .0 8.0 7.0 1. 2 0.9 In the above example, if Market A moves by 11 0 points in response to 10 0 point move of ... rate of 1. 6 percent Back to Notes Example 25 The 19 80? ?19 82, 20 01, and 2008–09 US Recessions The US downturn in 19 80? ?19 82 was particularly severe Inflation had reached 12 ? ?14 percent in early 19 80,

Ngày tải lên: 14/06/2019, 17:15

... 31 Dec 2 010 $20.39 $12 .50 $7.89 30 Sep 2 010 19 .11 11 .42 7.69 30 Jun 2 010 18 .00 11 .18 6.82 31 Mar 2 010 16 .59 10 .86 5.73 31 Dec 2009 16 .25 11 .72 4.53 30 Sep 2009 15 .05 11 .68 3.37 30 Jun 2009 14 .06 ... index in 18 81 of 13 8.7532563 divided by average real earnings from 18 71 to 18 80 of 7. 617 611 8 51 Average real earnings18 71? ? ?18 80 = (6.67 414 1278 + + 10 .9836988) ÷ 10 = 7. 617 611 8 51 CAPE18 81 = 13 8.7532563 ... ì CPI2009 ữ CPIt +1 Real stock price index18 71 = 4.44 ì 211 .14 3 ữ 12 .4640 61 = 75. 214 24358 Real earnings18 71 = 0.4 ì 211 .14 3 ữ 12 .654392 = 6.67 414 1278 The CAPE in 18 81 of 18 . 214 79737 is the real

Ngày tải lên: 14/06/2019, 17:15