我感觉今年三级上午的题相对简单，没有什么太偏的地方，但是还是需要大家好好背los中的某些概念，否则有的东西即使看上去眼熟，但回答时也会束手无策。还有时间要好好把握，我一开始时间管理的不错，但当中有两道题花得时间稍微多了一些，就觉得后面时间明显紧了，只能答题点到位置，加快写字速度，索性后面三题都不难，全答完了，感觉还可以。
下午的考试，考到Var的计算和许多概念，这部分没好好看，把握不大。还有statistics中的time series.都是把很多个考点混在一起考的，综合性很强。总的来说，下午的时间比上午充分，题目看上去也不是很难，但是item choice基本都以考概念为主，需要概念很清楚，如果只是对los有所了解，但是了解不深，那就很可能选了心里也没什么把握。据说05年是以考计算为主，所以两年有很大差别。这说明aimr要求考生必须同时具备对考点的深刻认识，和娴熟的计算能力，要求还是比较高的。
复习真的很累，不过也增长了不少知识。希望一次通过，早早加入中国cfa协会。
现把回顾总结如下，希望对各位LIII candidate 有益：
1、 About GIPS: time-weighted, or asset-weighted, beginning-of-period value or end-of-period value, balanced composite, benchmark, etc
2、 Compare between Asset-only management and asset liability management
3、 Two methods in best execution , what’s their weaknesses in respect?
4、 Calculation on Protective put, covered call ,and collar option as well as they payoff diagram. Calculation on total return swap, number of future needed to hedge, delta positive or negative.
5、 Calculation and definition of Var, the difference between var and standard deviation, the strengths of the Var, the relations between Var and probability and time horizone
6、 Time series, judge if positive or negative corrlation using DW,
7、 Calculation of standard deviation of domestic currency, the currency contribution, will the currency contribution getting larger or smaller as the time passes
8、 The difference of foundation and defined benefit plan concerning their time horizon, return objective, risk tolerance, etc.
9、 Calculation of economic surplus, what’s the change of dollar economic surplus if interest rate rise certain points.
10、 Hurdle rate in emerging market analysis. Why sometimes hurdle rate is low? The influence of inflation on commodity future and the relationship between commodity future and conservative security.
11、 Aimr’s Ethic standard handbook and Aimr’s manager standard handbook
12、 Economic leading indicator, such as unemployment rate and retail sales, impact on bond market and stock market.
13、 Spread duration and effective duration
14、 The immunization strategy, what kind of bond face the least immunization risk, terminal value of strategy using certain minimal accepted rate of return.
15、 Asset allocation using Mean-variance method. Choose appropriate adjacent corner portfolios according to the market expectation and investor’s return objective and give reasons
16、 Calculation and explanation of commission cost, price cost, time cost, opportunity cost, and total trading cost. 我的邮箱是daisy_zhao@hotmail.com，欢迎在msn上和我沟通^~^
[此贴子已经被作者于2006-6-6 9:55:50编辑过] | 
发表于 2006-6-4 10:09
| 
