CFA考试属于金融考试，在考试中有大多数是计算题，不知道你现在复习的怎么样了？对CFA计算题掌握的怎么样了呢？

接下来我们看看下面的这两道CFA计算题你会做吗？会用计算器计算吗？毕竟CFA考试时间有限，熟练掌握计算器才是有效的！

【例1】Assume management fees are calculated using end-of-period valuation. Theinvestor’s net return given this fee structure is closest to:

CFA计算题

A.10.88%.

B.9.79%.

C.9.68%.

答案: A

解析:在计算incentive fee的时候要考虑到high water mark。

Management fee: 2% of $125 million = $2.5 million

Incentive fee: 20% of ($125 million − $113.6 million) = $2.28 million

In total: $2.5 million + $2.28 million = $4.78 million

【例2】A hedge fund with an initial value of $100 million has a management fee of 2% and an incentive fee of 20%. Management and incentive fees are calculated independently using end-of-period valuation. The value must reach the previous high-water mark before incentive fees are paid. The table below provides end-of-period fund values over the next three years.

CFA计算题

The total amount of fees earned by the hedge fund in Year 3 is closest to:

A.$4.8 million.

B.$5.5 million.

C.$5.9 million

答案: A

解析:在计算incentive fee的时候要考虑到high water mark。

Management fee: 2% of $125 million = $2.5 million

Incentive fee: 20% of ($125 million − $113.6 million) = $2.28 million

In total: $2.5 million + $2.28 million = $4.78 million

融跃老师给你出了两个考试CFA计算题，也把考试解析给你说了说，如果你需要考试题的话，可以到融跃官网看看，如需要一些历年的真题可以联系我们的老师领取！

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