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eee · 2019年03月06日

关于IPS的答题要求,以2012 Q1为例

D. Discuss how each of the following investment constraints has changed for Alonso:
i. time horizon
ii. liquidity needs


答案

Time horizon: At both age 40 and age 45, Alonso has a long-term time horizon.
Initially, Alonso faced a three-stage horizon consisting of: (1) 15 years until his planned retirement date; (2) the 25-year annuity period; and (3) his post-annuity retirement years (if he outlives the annuity).
Currently, Alonso faces a two-stage horizon consisting of: (1) the next 10 years until retirement; and (2) his remaining life expectancy during retirement. During his retirement, the investment portfolio will cover expenses.


此题询问经过若干年后,alonso time horizon和liquidity变化,我一开始看题目直接反应答案是因为过了若干年,显然time horizon decrease,而答案是具体解答了alonso 在两个时间点的具体multipal period,这样的问题我只答time horizon decrease行吗,不太清楚答案到底要求回答到什么程度

1 个答案
已采纳答案

Shimin_CPA税法主讲、CFA教研 · 2019年03月06日

只答time horizon decrease 是不行的。time horizon的问题要写清有几个阶段(single/two/multiple),期限或者始末时间点。

而且协会给的参考答题时间其实是一种暗示,4分钟相当于要写4句话;所以time horizon的答案占2分,只写time horizon decrease一句话是不够的。

这道题是创新,考了 time horizon和liquidity的变化,考试时也会有创新题,容易踩不准点,只能靠多做同类题目,寻找答案套路了。

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