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SS18 Global Investment Performance Standards (GIPS) - What you Need to Know for the CFA

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Banks - The most conservative Institutional Investor for the CFA

Everything you need to know about bank's as institutional investors for the CFA Level 3 exam.

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Life Insurance vs. Non-Life Insurance Companies on the CFA Exam

The CFA Level 3 exam loves to compare life insurance and non-life insurance companies. This post breaks down the differences in terms of each of their IPS constraints.

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Calculate and Interpret Spending Rules for Endowments & Foundations

How to calculate, and more importantly, interpret spending rules for the CFA Level 3 exam for endowment/foundation IPS problems.

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Monetary Policy 101 for the CFA Level 1 Exam

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How CFA Level 3 tests Asset Liability Matching (ALM)

ALM is frequently tested on the CFA L3 exam. This post covers what institutional investors use it (and when), plus how to build an ALM framework for DB pension plans.

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Evaluating Two Pension Plans on CFA Level 3 via their IPS Constraints

Since Pension Plans are the most commonly tested institutional investor on the CFA Level 3 exam, you need to know how their five IPS constraints get tested.  

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Measuring Leverage - Understanding Financial and Operating Leverage

The CFA L1 curriculum stresses that is not enough to look at a potential project or company's financial return. You also have to assess the degree of risk involved with achieving that return. Leverage--whether financial or otherwise--is a key component of achieving this understanding.

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Understanding a Defined Benefit (DB) Pension Plan's Risk Tolerance

Pension plans are the most commonly tested type of institutional investor in the CFA Level 3 material. This post covers their return objectives and risk tolerance, both virtually guaranteed to show up on the L3 exam. 

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The Pros and Cons of Defined Contribution vs. Defined Benefit Pension Plans

The CFA exam will often ask you to identify the pros and cons of Defined Contribution and Defined benefit pension plans from either a company or investor perspective. Here's what you need to know. 

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