b4e9ac6084bdeb94172d128d6890db9f

b4e9ac6084bdeb94172d128d6890db9f - CFA Level III Essay...

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CFA ® Level III Essay Examination Book 2000 Morning Section Candidate Number: _____ _____ _____ _____ _____ _____ THIS BOOK IS THE PROPERTY OF: Association for Investment Management and Research Post Office Box 3668 Charlottesville VA 22903-0668 USA Tel: 804-951-5499 © 2000 Association for Investment Management and Research. All rights reserved. FOR AIMR USE ONLY FOR AIMR USE ONLY
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The following list contains the command words used on the Morning Section of the 2000 Level III examination. Candidates may want to refer to this list as they formulate their answers. calculate To ascertain or determine by mathematical processes. compute To determine, especially by mathematical means. contrast To compare in respect to differences. critique To offer a critical review or commentary; to criticize. describe To transmit a mental image, an impression, or an understanding of the nature and characteristics of. discuss To discourse about through reasoning or argument; to present in detail. evaluate To determine or fix the value of; to determine the significance or worth of, usually by careful appraisal and study. explain To give the meaning or significance of; to provide an understanding of; to give the reason for or cause of. justify To prove or show to be valid, sound, or conforming to fact or reason; to furnish grounds or evidence for. select To choose from a number or group—usually, by fitness, excellence, or other distinguishing feature. state To express in words.
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The Morning Section of the 2000 CFA Level III Examination has 21 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 Item Set Book 1–12 Ethical & Professional Standards 36 Essay Book 13 Portfolio Management 20 14 Portfolio Management 12 15 Portfolio Management 12 16 Portfolio Management 12 17 Portfolio Management 22 18 Portfolio Management 16 19 Economics 20 20 Asset Valuation 16 21 Asset Valuation 14 Total: 180
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Questions 13 through 15 relate to Robert Taylor. A total of 44 minutes is allocated to these questions. First review the Introduction below and Exhibit 13-1 on page 3. Candidates should answer these questions in the order presented. Introduction Robert Taylor, aged 50 and a U.S. resident, recently retired and received a $500,000 cash payment. He also obtained $700,000 through the exercise of stock options. Both figures are net of tax. Taylor is not entitled to a pension; however, his medical expenses are covered by insurance paid for by his former employer. Taylor is in excellent health and has a normal life expectancy. Taylor’s wife died last year after a long illness, which resulted in devastating medical expenses. All their investments, including a home, were liquidated to fully satisfy these medical expenses.
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This note was uploaded on 07/30/2008 for the course CFA 201 taught by Professor Noone during the Spring '07 term at Harvard.

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b4e9ac6084bdeb94172d128d6890db9f - CFA Level III Essay...

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