Relevance of Questions from past Level III MCQ Exams

This document attempts to identify questions from past Level III MCQ exams which are still relevant in 2014. There is no gurantee that the
information presented here is 100% accurate. If you have any suggested updates please write to us at: support@irfanullah.co.
Year
2009
2009
2009

Essay/MCQ Questions Relevant

MCQ
1-6
Yes
MCQ
7-12
Yes
MCQ
13-18
Yes

SS
1 and 2
1 and 2
14

Comment
CFA Standards and Asset Manager Code
CFA Standards and Asset Manager Code
VAR, Credit Risk in a Swap

2009
2009
2009
2009
2009
2009
2009
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2011
2011
2011

MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ

19-24
25-30
31-36
37-42
43-48
49-54
55-60
1-6
7-12
13-18
19-24
25-30
31-36
37-42
43-48
49-54
55-60
1-6
7-12
13-18

Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Partial

11
17
9
15
15
10
18
1 and 2
1
14
11
17
9
15
15
10
18
2
1
14

Passive and active mgmt, stratified sampling, long-short strategy, active return and risk
Performance attribution, Total return
Benchmark bond index, spread duration, total return
Credit risk and duration of a swap, Swaptions
Target beta and changing portfolio allocation using futures contracts
Immunization, CTD, Profit and loss on forwards, Duration contribution
GIPS
CFA Standards and Asset Manager Code
CFA Standards
VAR, Credit Risk in options and forwards
Equity investment approaches, Types of indices, Investment styles
MWR, Market/Sector allocation returns/Performance attribution
Pure bond, enhanced indexing, tracking risk, secondary market trades
Payoffs from collar, bull strategy, butterfly, Delta
Target beta, futures to adjust portfolio allocation, synthetic stock index fund
Duration and leverage, repo agreements, types of risk, target duration
GIPS
Asset Manager Code
CFA Standards
Note: This reading has changed in 2014; some concepts might not be relevant.

2011
2011

MCQ
MCQ

19-24
25-30

Yes
Yes

11
6

Types of indices, Equity investment styles, core-satellite approach, active return

Survivorship, appraisal data bias, anchoring trap, Grinold Kroner model

2011
2011

MCQ
MCQ

31-36
37-42

Yes
Yes

9
15

2011
2011
2011
2012
2012
2012

MCQ
MCQ
MCQ
MCQ
MCQ
MCQ

43-48
49-54
55-60
1-6
7-12
13-18

Yes
Yes
Yes
Yes
Yes
Yes

8
10
18
1
1
14

2012
2012
2012

MCQ
MCQ
MCQ

19-24
25-30
31-36

Yes
Yes
Yes

11
6
10

2012

MCQ

37-42

Yes

15

2012
2012
2012
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013

MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ
MCQ

43-48
49-54
55-60
1-6
7-12
13-18
19-24
25-30
31-36
37-42
43-48
49-54
55-60

Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes

15
9
18
1 and 2
1 and 2
14
11
17
9
15
15
10
18

Immunization, Dollar duration, tracking error, mortgage backed securities, secondary

market trades
Option payoffs, Effective interest rate, Collars
St. dev. Of international portfolio, currency risk contribution, emerging markets
Credit options, repo agreements, duration and leverage
GIPS
CFA Standards
CFA Standards
VAR, Limitations of VAR, Credit derivatives
Core-satellite approach, Alpha, Tracking error, Alpha beta separationa approach,
investment styles
Data and psychological biases, Correlation matrix
Leverage and portfolio duration, Interest Rate Parity, Emerging Market Debt
Using equity and bond futures to adjust portfolio allocation, Characteristics of Swaps
Covered calls, protective puts, risks of option strategies, effective interest rate of a loan
using options
Immunization strategies, Mortgage backed securities, Cash flow matching
GIPS
Ethics
Ethics
Risk Management
Equity portfolio management
Performance attribution, capital market expectations
Fixed income portfolio management
Risk management applications of derivatives
Risk management applications of derivatives
Fixed income portfolio management
GIPS
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