- "Justify"Partially addressed
- "Calculate"Addressed correctly
- "Determine"Missed
Did not link recommendation to client's stated liquidity constraint in vignette.
Answer is 40% too long. Cut restatement of the question - go directly to bullet answer.
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Did not link recommendation to client's stated liquidity constraint in vignette.
Answer is 40% too long. Cut restatement of the question - go directly to bullet answer.
You read your own answer and see what you meant, not what you wrote. Graders only see the page.
Marketplace graders are slow, expensive, and inconsistent - and 6 papers isn't enough volume.
Their guideline answers are great. The act of comparing your own work against them is the hard part.
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Answer estimates 4–5% without showing work. Required nominal return calculation needs cash-flow setup, target portfolio value at retirement, and the inflation adjustment. No partial credit beyond directional sense.
Conclusion that 60/40 is appropriate is defensible, but the two required justifications lean on a single behavioral cue. Add a second vignette-specific reference (e.g., 7-year horizon, $180K spending need).
Bequest planning and rebalancing are valid directions, but the recommendations are not stated as IPS changes (constraints, objectives, time horizon language).
Prose-style answers; CFA graders strongly prefer bullet points and labeled subparts. Restating each subpart label (A/B/C) earns easy structural credit.
This answer would take 4–5 minutes to write - under the ~10-minute budget for a 12-point question. Use the extra time to show calculation work in A.
A grader would read this as a candidate who understands the spirit of IPS questions but has not internalized the CFA scoring discipline: show work, cite vignette numbers verbatim, write in IPS-style bullets.
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