Specifically, 2011 cfa essay #3B It asks whether a CHANGE in private donations would increase, decrease, does not change the endowment’s risk tolerance. It asks us to CIRCLE ONE answer (decrease, increase, doesn’t change). The problem does NOT, however, specify if this is an increase or decrease in donations. I feel like I have to circle one. But as I look at the guideline, it doesn’t circle anything. Instead it talks about 2 possible scenarios (increased risk tolerance and decreased risk tolerance) I don’t think the exam writers actually sit down and try to solve their own questions.