理解CFA三級寫作題中的常見指令詞至關重要，這直接關系到你是否能精準回答、抓住得分點。以下是核心指令詞的解析、答題要求及實例，備考時務必反復對照練習：

1.Determine / Identify / Recommend/ Select/ State

要求：直接給出答案，無需解釋過程。

答題要點：簡潔清晰，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：提供邏輯或證據支持你的結論。

答題要點：用“because”明確因果關系，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：同時分析雙方的相同點與不同點，側重差異。

答題要點：用“while/whereas”對比結構，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點理由支撐。

答題要點：分點陳述（但不用序號），每點以金融理論、數據或案例支撐。

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：客觀分析優缺點（通常需兩者兼顧）。

答題要點：用“On one hand... on the other hand...”結構，結合題干信息。

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：寫出計算結果（可選：公式+代入數字+結果）。

答題要點：若帶入公式和數字，即使結果錯誤，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."

易錯點與提分技巧

“Justify” ≠ “List”

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

正確做法：關聯題干細節（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”

協會評分標準：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" 實際需：

(1) 選擇策略 + (2) 解釋原因 + (3) 可能對比劣勢選項。