理解CFA三級(jí)寫作題中的常見指令詞至關(guān)重要，這直接關(guān)系到你是否能精準(zhǔn)回答、抓住得分點(diǎn)。以下是核心指令詞的解析、答題要求及實(shí)例，備考時(shí)務(wù)必反復(fù)對(duì)照練習(xí)：

1.Determine / Identify / Recommend/ Select/ State

要求：直接給出答案，無需解釋過程。

答題要點(diǎn)：簡(jiǎn)潔清晰，通常1-2句話。

例："State the most appropriate benchmark for Manager A."

答："A global high-yield bond index is the most appropriate benchmark for Manager A ."

2.Justify / Explain / Support/ State

要求：提供邏輯或證據(jù)支持你的結(jié)論。

答題要點(diǎn)：用“because”明確因果關(guān)系，避免泛泛而談。

例："Justify why a currency hedge is recommended."

答："Hedging is recommended because the client has a short-term home currency liability, and volatility in EUR/USD would directly impact their ability to meet this obligation."

3.Compare / Contrast

要求：同時(shí)分析雙方的相同點(diǎn)與不同點(diǎn)，側(cè)重差異。

答題要點(diǎn)：用“while/whereas”對(duì)比結(jié)構(gòu)，避免孤立描述。

例："Compare hedge fund strategies X and Y."

答："Strategy X uses global macro trends while Strategy Y exploits relative value within fixed income. X has higher volatility whereas Y targets consistent alpha with lower drawdowns."

4.Recommend + Justify（最高頻組合）

要求：先明確給出建議（e.g., "Use Strategy X"），再用2-3點(diǎn)理由支撐。

答題要點(diǎn)：分點(diǎn)陳述（但不用序號(hào)），每點(diǎn)以金融理論、數(shù)據(jù)或案例支撐。

例："Recommend a portfolio duration with one justification."

答："Recommend a shorter duration. Justification: Rising interest rates are forecasted by the economic team, making long-duration bonds more sensitive to capital losses."

5.Evaluate

要求：客觀分析優(yōu)缺點(diǎn)（通常需兩者兼顧）。

答題要點(diǎn)：用“On one hand... on the other hand...”結(jié)構(gòu)，結(jié)合題干信息。

例：" Evaluate the use of ESG scores in stock selection."

→ 答："On the one hand, ESG scores enhance long-term risk management by identifying governance flaws; on the other hand, inconsistent rating methodologies across providers may lead to greenwashing concerns."

6. Calculate

要求：寫出計(jì)算結(jié)果（可選：公式+代入數(shù)字+結(jié)果）。

答題要點(diǎn)：若帶入公式和數(shù)字，即使結(jié)果錯(cuò)誤，正確公式也可能得分。

例："Calculate the Sharpe ratio."

答："Sharpe Ratio = (Portfolio Return ? Risk-Free Rate) / Std Dev = (8% ? 2%) / 10% = 0.60."

易錯(cuò)點(diǎn)與提分技巧

“Justify” ≠ “List”

錯(cuò)誤示范："Hedge because of currency risk."（未具體化）

正確做法：關(guān)聯(lián)題干細(xì)節(jié)（e.g., "Client's export revenue is in JPY, while liabilities are in USD, creating a natural short USD exposure that requires hedging."）

“Recommend”后必跟“Justify”

協(xié)會(huì)評(píng)分標(biāo)準(zhǔn)：推薦本身占30%，理由占70%。無理由即丟大分！

警惕隱含要求

如 "Explain which strategy is better" 實(shí)際需：

(1) 選擇策略 + (2) 解釋原因 + (3) 可能對(duì)比劣勢(shì)選項(xiàng)。