理解CFA三级写作题中的常见指令词至关重要，这直接关系到你是否能精准回答、抓住得分点。以下是核心指令词的解析、答题要求及实例，备考时务必反复对照练习：

1.Determine / Identify / Recommend/ Select/ State

要求：直接给出答案，无需解释过程。

答题要点：简洁清晰，通常1-2句话。

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：提供逻辑或证据支持你的结论。

答题要点：用“because”明确因果关系，避免泛泛而谈。

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：同时分析双方的相同点与不同点，侧重差异。

答题要点：用“while/whereas”对比结构，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（最高频组合）

要求：先明确给出建议（e.g., "Use Strategy X"），再用2-3点理由支撑。

答题要点：分点陈述（但不用序号），每点以金融理论、数据或案例支撑。

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：客观分析优缺点（通常需两者兼顾）。

答题要点：用“On one hand... on the other hand...”结构，结合题干信息。

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：写出计算结果（可选：公式+代入数字+结果）。

答题要点：若带入公式和数字，即使结果错误，正确公式也可能得分。

例："Calculate the Sharpe ratio."

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

易错点与提分技巧

“Justify” ≠ “List”

错误示范："Hedge because of currency risk."（未具体化）

正确做法：关联题干细节（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”

协会评分标准：推荐本身占30%，理由占70%。无理由即丢大分！

警惕隐含要求

如 "Explain which strategy is better" 实际需：

(1) 选择策略 + (2) 解释原因 + (3) 可能对比劣势选项。