(
•
•
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CFA FRM RFP
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Karlsruhe
•
PE
Synovate
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CFA® Level I 20
CFA® Level II 10
DCF
•
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lisikeleo@hotmail.com
QQ 2283778753
100% Contribution Breeds Professionalism
Essay writing in level 3
Essay writing in CFA level 3
Topic 1 Introduction to essay writing
Topic 2 Individual IPS writing with asset allocation
Topic 3 Institution IPS writing with asset allocation
Topic 4 Execution, Monitoring, and Rebalancing
Topic 5 Performance Evaluation and Attribution
Topic 6 Risk Management, Fixed Income, Derivative
Topic 7 Case Book and Conclusions
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Introduction to essay writing
Part 1
Portfolio
Management and
Wealth Planning
(55%-65%)
Behavioral Finance
Individual Portfolio IPS
Institutional Portfolio IPS
Asset Allocation
Execution
Monitoring & rebalancing
Evaluation & attribution
Topic Area Weights for the CFA Exam for
Level
Ethical and
Professional
Standards (total)
Part 2
Asset
Classes
(23%-35%)
( 0, as a part of TIA
•Net CF from T1 < 0, as the liquidity needs
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Investor 1’s IPS - 4 a
After tax Cash flow analysis …
Time
T0
T1
Salary
P
P * (1+f)
Trust / Inheritance
N
0
P+N
P * (1+f)
Inflow
Total inflow
Outflow
Tax
P*t
P * (1+f) * t
Living expense
Q
Q * (1+f)
Down payment
M
0
Mortgage payment
0
MG
Donation
D
0
Other one-time need
T
0
Total outflow
P*t+Q+M+D+T
P * (1+f) * t + Q * (1+f) + MG
Net cash flow
Total in – Total out
Total in – Total out
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Investor 1’s IPS - 4 b
All Cash flows occurring at T0 are considered as the change of
Total investable assets
All Cash flows occurring during the period between T0 and T1, including
T1, are considered as the net