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大龄考生宋一国 · 2024年01月25日

考试会考ips的书写吗

  1. CFA III
  2. 机构IPS

NO.PZ2023010409000021

问题如下：

The Prometheo University Scholarship Endowment (the Endowment) was established in 1950 and supports scholarships for students attending Prometheo University. The Endowment’s assets under management are relatively small, and it has an annual spending policy of 6% of the five-year rolling asset value.

Formulate the investment objectives section of the investment policy statement for the Endowment.

选项：

解释：

The mission of the Prometheo University Scholarship Endowment is to provide scholarships for students attending the university. In order to achieve this mission, the Endowment must maintain the purchasing power of the assets in perpetuity while achieving investment returns sufficient to sustain the level of spending necessary to support the scholarship budget. Therefore, the investment objective of the endowment should be to achieve a total real rate of return (after inflation) of at least 6% with a reasonable level of risk.

这道题的考点是IPS的内容？考试会考具体的IPS的正文补充吗，请老师讲下答题思路

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1 个答案

lynn_品职助教 · 2024年01月25日

嗨，努力学习的PZer你好：


这道题的考点是IPS的内容？考试会考具体的IPS的正文补充吗，请老师讲下答题思路


1、这道题出现的5年是算Spending rate时，给资产取了5年的平均数。


要注意不是投资期。

 it has an annual spending policy of 6% of the five-year rolling asset value.


对于Endowment来说，每年的Spending rate，是基于Asset value的大小的，例如本题每年的支出是基于资产的6%；


我们可以基于上一年的Asset value，这样就是每年的Asset value浮动可能比较大，于是导致Endowment Spending会有较大的波动。


于是，我们可以给过去5年的Asset value取一个移动平均、平滑一下Asset value，这样的话，基于过去5年的Asset value的6%会使得Spending更平顺，避免Spending出现大起大落的花费。


2、老考纲下喜欢考写作，现在虽然知识内容在，没删，但是考试形式已经变化了太多了，不会考写作了。机考改革后，题目是case，一个小问连着一个小问，主观题回答一般是：答案+依据（原文内容）+知识点（如果有）。

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努力的时光都是限量版，加油！

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NO.PZ2023010409000021 问题如下 The Prometheo UniversityScholarship Enwment (the Enwment) westablishein 1950 ansupportsscholarships for stunts attenng Prometheo University. The Enwment’sassets unr management are relatively small, anit hannuspenngpoliof 6% of the five-yerolling asset value.Formulate theinvestment objectives section of the investment polistatement for theEnwment. The mission of the Prometheo University Scholarship Enwment is to provi scholarships for stunts attenng the university. In orr to achieve this mission, the Enwment must maintain the purchasing power of the assets in perpetuity while achieving investment returns sufficient to sustain the level of spenng necessary to support the scholarship buet. Therefore, the investment objective of the enwment shoulto achieve a totrerate of return (after inflation) of least 6% with a reasonable level of risk. 答案里说In orr to achieve this mission, the Enwment must maintain the purchasing power of the assets in perpetuity while achieving investment returns sufficient to sustain the level of spenng necessary to support the scholarship buet.但是课上说mission是maintain the purchasing power of the assets in perpetuity while achieving investment returns sufficient to sustain the level of spenng？

2024-02-06 16:56 1 · 回答