100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
CFA LEVEL 3 COMPREHENSIVE STUDY EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+ $19.39   Add to cart
Quickly navigate to
Preview
  2.  
  3. CFA LEVEL 3 COMPREHENSIVE STUDY
  4.  
  5. CFA LEVEL 3 COMPREHENSIVE STUDY

Exam (elaborations)

CFA LEVEL 3 COMPREHENSIVE STUDY EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+
 17 views  0 purchase
  • Course
  • CFA LEVEL 3 COMPREHENSIVE STUDY
  • Institution
  • CFA LEVEL 3 COMPREHENSIVE STUDY

CFA LEVEL 3 COMPREHENSIVE STUDY EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+

Preview 4 out of 144  pages

Document information

  • September 15, 2024
  • 144
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • CFA LEVEL 3 COMPREHENSIVE STUDY
  • CFA LEVEL 3 COMPREHENSIVE STUDY

Seller

avatar-seller
WORLDNURSE

Reviews received

Content preview

CFA LEVEL 3
COMPREHENSIVE
STUDY EXAM LATEST
UPDATE 2024/2025
QUESTIONS AND
ANSWERS GRADED A+

,GIPS Input Requirements - ✔✔ANSWER✔✔--All data
must be captured and documented based on fair value,
using trade date accounting, and including accrued
income for fixed income securities.
-If market value of a security does not exist, the preferred
value approach sequence is the following:
1) Prices of similar assets in active markets.
2) Prices of similar assets in inactive markets.
3) Observable market inputs other than prices (e.g., PE,
div yield)
4) Subjective, unobservable inputs (e.g., discounted cash
flow)

,-Basic GIPS requires valuing portfolios at least monthly
and on the date of all large external cash flows (ECFs).
Large is anything big enough to materially distort the
computation of account or composite return.


GIPS Presentation and Reporting Requirements -
✔✔ANSWER✔✔-Initial report must include at least 5
years unless that composite's strategy has existed for less
than 5 years. Thereafter, add at least 1 year to the
composite presentation record until at least a rolling 10-
year history is included.


GIPS Real Estate Reporting Requirements -
✔✔ANSWER✔✔--Liquid marketable securities such as
REITS, MBS, and Evergreen Funds remain under the
regular provisions of GIPS.
-Basic GIPS requires monthly valuation and
measurement.
-RE valuation is quarterly and can be done internally by
the firm.
-At lest every 12 months, the valuation must be done by
a qualified external source. The external valuation can be

, as infrequent as every 36 months if the client agrees. In
that case, the GIPS report must also disclose the
percentage of composite assets valued externally each
year.
-For CEFs, return must be computed and presented since
inception of the fund using IRR (SI-IRR) and continued
until the fund is liquidated. ECFs for RE used to calculate
SI-IRR must be at least quarterly.
Bounded Rationality - ✔✔ANSWER✔✔-Investors have
limits in their ability to reach optimal decisions.


Satisfice - ✔✔ANSWER✔✔-Investors gather enough
information and perform enough analysis to reach an
acceptable (but not optimal) decision.


Traditional Finance Conclusion that Markets are Efficient -
✔✔ANSWER✔✔-The Price is Right: Suggests asset prices
reflect all available information and adjust
instantaneously to fully incorporate the value of new
information. Therefore, the function of the portfolio
manager is to allocate an investor's portfolio to asset

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller WORLDNURSE. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $19.39. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$19.39
  • (0)
  Add to cart