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- 2011-7-2
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- 2014-6-27
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So after finishing the books a few weeks ago and then having a "wtf did i just spend the last 3 months reading I remember nothing" moment... i began my second pass.
A few questions while reviewing IPS:
1.)It is well established that you should have 3 months after tax salary set aside, however it seems like most of the return calculations do not deduct this out of the investable asset base. They do mention it in the liquidity section though. So how are we to know when to remove it or not?
2.)For IPS construction on the returns portion, how are we suppose to know when they want a number or when they just want the conceptuals unless they specify. For example question 11 in the CFA book (IPS section) doesn't give a return number in the answer, just a process. It would be difficult anyhow given the transient expenses for college, how would you account for that if it wanted an actual return? Capitalize it over the 5 year term and deduct from the investable asset base? Hard to tell.
3.) Question 12 says Liquidity is being met in the IPS construction question, but it clearly is not. Expenses are 150, pension income is 65, and income from the "gift portfolio" is 40, so there is a 45 shortfall, this an error? In the actual return calculation later they get it right, but for purposes of describing the liquidity section i feel like they fkd up. |
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发表于 2011-7-13 16:48
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