CFA三级真题_2015年考题.pdfVIP

LEVEL III Question: 1 Topic: Institutional PM Minutes: 14 Reading References: #14 “Managing Institutional Investor Portfolios , ” by John L. Maginn, CFA, Donald L. Tuttle, CFA, Jerald E. Pinto, CFA, and Dennis W. McLeavey, CFA, editors Reading #14 LOS: The candidate should be able to: a. contrast a defined-benefit plan to a defined-contribution plan and discuss the advantages and disadvantages of each from the perspectives of the employee and the employer; b. discuss investment objectives and constraints for defined-benefit plans; c. evaluate pension fund risk tolerance when risk is considered from the perspective of the 1) plan surplus, 2) sponsor financial status and profitability, 3) sponsor and pension fund common risk exposures, 4) plan features, and 5) workforce characteristics; d. prepare an investment policy statement for a defined-benefit plan; e. evaluate the risk management considerations in investing pension plan assets; f. prepare an investment policy statement for a participant directed defined-contribution plan; g. discuss hybrid pension plans (e.g., cash balance plans) and employee stock ownership plans; h. distinguish among various types of foundations, with respect to their description, purpose, and source of funds; i. compare the investment objectives and constraints of foundations, endowments, insurance companies, and banks; j. discuss the factors that determine investment policy for pension funds, foundation endowments, life and non-life insurance companies, and banks; k. prepare an investment policy statement for a foundation, an endowment, an insurance company, and a bank; l. contrast investment companies, commodity pools, and hedge funds to other types of institutional investors; m. compare the asset/liability ma