Are they usually the same thing? Sometimes they look different. Not quite sure the difference. Can you clarify it?
required return:
i take it as direct calcluation
return objective:
include calculated required return and some qualitative stuff like total return persepctive sufficient to cover shit
More of a concern to me is when to write “Liquidiy needs of the portfolio are high as the living expenses are higher percentage of the investable portfolio” vs. “The immediate liquidiy need is $X due to mortgage payment and investment in Exteroirs and $Y for kids education trust and a ongoing liquidity need of $Z on a inflation adjusted basis to cover living expenses”
objective is what the investor wants/thinks she needs for all goals including secondary ?
required return = what is needed to fund living expenses and primary goals?
I think Return Objective is more general, as in what you write in the IPS.
Required Return is the actual return on your portfolio, after taking the Return Objectives in consideration.
Could be wrong, though.
return objective - is in WORDS… what must be done …
Return required => Numeric … and figures into the Return objective.
mcap - I think what you are stating is “Desired Return”. [This may have things like I plan to donate a Million $ to each of my children and so on].
^ adding to that, Return objective is linking what is written in the case and writing them in your own words combining it with concepts we’ve learned.
However Req Return = % 
Thank you all. That’s way to go in the exam.
Here is an example confusing me…CFAI Book3, page 305, Example 17.
Return objective: 9% Return requirement: 7.5%, which is the discount rate of DBP’s liabilities.
9% is used to eliminate the portfolios.
i dont think return objective includes inflation, you just state maintain purchasing power of portfolio, but for return calculation you add in/multiple by inflation figure
That’s because sometimes the person himself in the case specifies certain return, but that’s not the req return, its the objective he has… same as you state his words and link it to what we learned. I hope you got what I mean, you can check the first problem in CFAI EOC. You get the stated objective and then have to calculate a required return to see if its able to cover his stated objective (return objective).