{"id":676,"date":"2019-09-15T17:32:00","date_gmt":"2019-09-15T17:32:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=676"},"modified":"2026-01-13T12:50:07","modified_gmt":"2026-01-13T12:50:07","slug":"hedge-fund-fees","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/","title":{"rendered":"Hedge Fund Fees"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Introduction to Alternative Investments (2021 Level I CFA\u00ae Exam \u2013 Reading 50)\",\n  \"description\": \"This video lesson covers the introduction to alternative investments, exploring their characteristics, categories like hedge funds, private equity, real estate, and commodities, and their role in portfolio management. It also examines valuation issues, performance fees, and the importance of due diligence in alternative investments for diversification benefits.\",\n  \"uploadDate\": \"2020-01-02T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/mbgLBrNuD1U\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/mbgLBrNuD1U\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/mbgLBrNuD1U\",\n  \"duration\": \"PT24M25S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"How much in total fees does XYZ Hedge Fund earn when incentive fees are calculated net of management fees?\",\n    \"text\": \"Alpha-Beta Hedge Fund charges a management fee of 2% on assets under management year-end and a 20% incentive fee. The initial investment is \u20ac150 million and the fund earns a 30% return in its first year. What are the fees earned by XYZ Hedge Fund if the incentive fee is computed based on the net of management fees, assuming management fees are calculated using end-of-period valuation?\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The total fees earned are \u20ac12.12 million. The management fee is calculated as (\u20ac150 million \u00d7 1.30) \u00d7 2% = \u20ac3.9 million. The incentive fee is based on net profits after management fees: [(\u20ac150 million \u00d7 30%) \u2212 \u20ac3.9 million] \u00d7 20% = \u20ac8.22 million. Total fees equal \u20ac3.9 million + \u20ac8.22 million = \u20ac12.12 million.\",\n      \"dateCreated\": \"2026-01-13\",\n      \"upvoteCount\": 0\n    }\n  }\n}\n<\/script>\n\n\n\n\n<iframe loading=\"lazy\"\n  width=\"611\"\n  height=\"344\"\n  src=\"https:\/\/www.youtube.com\/embed\/mbgLBrNuD1U\"\n  title=\"YouTube video player\"\n  frameborder=\"0\"\n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\"\n  referrerpolicy=\"strict-origin-when-cross-origin\"\n  allowfullscreen>\n<\/iframe>\n\n\n<h2>Management and Incentive Fees<\/h2>\n<p>Hedge fund fees are usually two-fold: management fees and incentive fees. For example, a \u201c2 and 20\u201d fee structure bills a client 2% of funds under management as an annual fee and takes 20% of the annual returns to the fund.<\/p>\n<h2>High-water Mark<\/h2>\n<p>A \u201chigh-water mark\u201d fee structure refers to the practice of charging incentive fees only on returns above the historical highs for the fund.\u00a0 This cushions investors from being charged more than once for the same performance after a downturn in the value of the fund.<\/p>\n<p><!--more--><\/p>\n<h3>Example: Hedge fund fees<\/h3>\n<p>Let&#8217;s now use an example to illustrate this concept.<\/p>\n<p>ABC Hedge Fund has $100M in assets under management at the start of period 1.<\/p>\n<ul>\n<li>The fund grows to $120 million at the end of period 1.<\/li>\n<li>At the end of period 2, the fund\u2019s value falls to $90M.<\/li>\n<li>Period 3 final valuation for the fund&#8217;s assets is $140M.<\/li>\n<\/ul>\n<p>If incentive fees are <em>not<\/em> calculated based on net management fee, calculate the return to investors at the end of each period given a \u201c2 and 20\u201d fee structure with a high-water mark provision for incentive fees.<\/p>\n<h4>Period 1<\/h4>\n<p>Fund growth = $120M &#8211; $100M = <strong>$20M<\/strong><\/p>\n<p>Management fee = 2% of assets under management \u00d7 $120M = <strong>$2.4M<\/strong><\/p>\n<p>Incentive fee = 20% of growth in fund value = $20M \u00d7 20% = <strong>$4M<\/strong><\/p>\n<p>Total fees for period 1 = $2.4M + $4M = <strong>$6.4M<\/strong><\/p>\n<p><strong>Return to investors = ($20M &#8211; $6.4M)\/$100M = 13.6%<\/strong><\/p>\n<h4>Period 2<\/h4>\n<p>Fund growth = $90M &#8211; $120M = &#8211;<strong>$30M<\/strong><\/p>\n<p>Management fee = 2% of assets under management \u00d7 $90M = <strong>$1.8M<\/strong><\/p>\n<p>No incentive fee will be taken since the fund has not reached the high-water mark of $120M<\/p>\n<p>Total fees for period 2\u00a0=<strong> $1.8M\u00a0<\/strong><\/p>\n<p><strong>Return to investors = (-$30M &#8211; $1.8M)\/$120M = -26.5%<\/strong><\/p>\n<h4>Period 3<\/h4>\n<p>Fund growth = $140M &#8211; $90M = <strong>$50M<\/strong><\/p>\n<p>Management fee in period 3 = 2% of assets under management \u00d7 $140M = <strong>$2.8M<\/strong><\/p>\n<p>Management fee = 2% of assets under management \u00d7 $140M = <strong>$2.8M<\/strong><\/p>\n<p>Growth over high-water mark = $140M &#8211; $120M = <strong>$20M<\/strong><\/p>\n<p>Incentive fee = 20% of growth above high-water mark = $20M \u00d7 20% = <strong>$4M<\/strong><\/p>\n<p>Total fees for period 3 = $2.8M + $4M = <strong>$6.8M<\/strong><\/p>\n<p><strong>Return to investors = ($50M &#8211; $6.8M)\/$90M = 48%<\/strong><\/p>\n<h4>Total for the 3 periods<\/h4>\n<p>This example shows that the fund has grown during these 3 periods by ($140M -$100M)\/$100M = 40%.<\/p>\n<p>What we don&#8217;t see, which is typical of hedge funds, is that management has taken $2.4M + $4M + $1.8M + $2.8M + \u00a0$4M = $15M from returns for compensation.<\/p>\n<p>The same investment in an ETF with low (let&#8217;s say zero, for the sake of example) management fees would&#8217;ve returned ($140M + $15M &#8211; $100M)\/$100M = 55% to the investor.<\/p>\n<p>We can see that management fee, even with high-water marks, has a strong impact on returns. The strategies used by hedge funds are often more commission-intensive than typical buy-and-hold strategies. Although these investment vehicles offer great diversification, they can also be very costly to non-savvy investors. As a result, some studies have shown that hedge funds as a whole underperform the market.<\/p>\n<h3>Incentive fees net of management fee<\/h3>\n<p>Note that the incentive fee could also have been calculated based on the net of the management fee. This would have created an extra step in which we would have deducted the management fee before calculating the 20% incentive fee (as highlighted in italic in the following example). For example, in period 1:<\/p>\n<p>Fund growth = $120M &#8211; $100M = <strong>$20M<\/strong><\/p>\n<p>Management fee = 2% of assets under management \u00d7 $120M = <strong>$2.4M<\/strong><\/p>\n<p>Incentive fee = <em>20% of growth in fund value minus management fee<\/em> = ($20M &#8211; <em>$2.4M<\/em>) \u00d7 20% = <strong>$3.52M<\/strong><\/p>\n<p>Total fees for period 1 = $2.4M + $3.52M = <strong>$5.92M<\/strong><\/p>\n<p><strong>Return to investors = ($20M &#8211; $5.92M)\/$100M = 14.08%<\/strong><\/p>\n<p>This would have increased the investor&#8217;s return.<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>Alpha-Beta Hedge Fund charges a management fee of 2% on assets under management at year-end and a 20% incentive fee. The initial investment is \u20ac150 million and the fund earns a 30 percent return in its first year. What are the fees earned by XYZ Hedge Fund if the incentive fee is computed based on the net of management fee? Assume management fees are calculated using end-of-period valuation.<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">\u20ac12 million<\/li>\n<li data-tadv-p=\"keep\">\u20ac12.90 million<\/li>\n<li data-tadv-p=\"keep\">\u20ac12.12 million<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is C.<\/p>\n<p>Management fee earned by the hedge fund = (\u20ac150M \u00d7 1.30) \u00d7 2% = \u20ac3.9 million<\/p>\n<p>Incentive fee based on net of management fees = ((\u20ac150M \u00d7 30%) \u2013 \u20ac3.9M) \u00d7 20% = \u20ac8.22 million<\/p>\n<p>Total fees = \u20ac3.9 + \u20ac8.22 = \u20ac12.12 million<\/p>\n<\/blockquote>\n<p><em>Reading 50 LOS 50d: <\/em><\/p>\n<p><em>describe, calculate, and interpret management and incentive fees and net-of-fees returns to hedge funds<\/em><em>\u00a0<\/em><\/p>\n<div class=\"notes_inv\">\n<hr \/>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/learning-sessions-curriculum-alternative-investments\/\"><em>Alternative Investments &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Management and Incentive Fees Hedge fund fees are usually two-fold: management fees and incentive fees. For example, a \u201c2 and 20\u201d fee structure bills a client 2% of funds under management as an annual fee and takes 20% of the&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-676","post","type-post","status-publish","format-standard","hentry","category-alternative-investments","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hedge Fund Fees Explained | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Hedge fund fees typically include management fees and incentive fees. Concepts like the high-water mark ensure fair calculation of performance-based fees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hedge Fund Fees Explained | CFA Level 1\" \/>\n<meta property=\"og:description\" content=\"Hedge fund fees typically include management fees and incentive fees. Concepts like the high-water mark ensure fair calculation of performance-based fees.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/\" \/>\n<meta property=\"og:site_name\" content=\"AnalystPrep | CFA\u00ae Exam Study Notes\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-15T17:32:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-13T12:50:07+00:00\" \/>\n<meta name=\"author\" content=\"Mathieu Valois-Chenier\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mathieu Valois-Chenier\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/\"},\"author\":{\"name\":\"Mathieu Valois-Chenier\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/722a72bd4761f2b514d3eaa19a9c78a7\"},\"headline\":\"Hedge Fund Fees\",\"datePublished\":\"2019-09-15T17:32:00+00:00\",\"dateModified\":\"2026-01-13T12:50:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/\"},\"wordCount\":691,\"articleSection\":[\"Alternative Investments\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/\",\"name\":\"Hedge Fund Fees Explained | CFA Level 1\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#website\"},\"datePublished\":\"2019-09-15T17:32:00+00:00\",\"dateModified\":\"2026-01-13T12:50:07+00:00\",\"author\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/722a72bd4761f2b514d3eaa19a9c78a7\"},\"description\":\"Hedge fund fees typically include management fees and incentive fees. Concepts like the high-water mark ensure fair calculation of performance-based fees.\",\"breadcrumb\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Hedge Fund Fees\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#website\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/\",\"name\":\"AnalystPrep | CFA\u00ae Exam Study Notes\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/722a72bd4761f2b514d3eaa19a9c78a7\",\"name\":\"Mathieu Valois-Chenier\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/person-flat-150x150.png\",\"contentUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/person-flat-150x150.png\",\"caption\":\"Mathieu Valois-Chenier\"},\"sameAs\":[\"https:\/\/analystprep.com\"],\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/author\/matt\/\"}]}<\/script>\n<meta property=\"og:video\" content=\"https:\/\/www.youtube.com\/embed\/mbgLBrNuD1U\" \/>\n<meta property=\"og:video:type\" content=\"text\/html\" \/>\n<meta property=\"og:video:duration\" content=\"1466\" \/>\n<meta property=\"og:video:width\" content=\"480\" \/>\n<meta property=\"og:video:height\" content=\"270\" \/>\n<meta property=\"ya:ovs:adult\" content=\"false\" \/>\n<meta property=\"ya:ovs:upload_date\" content=\"2019-09-15T17:32:00+00:00\" \/>\n<meta property=\"ya:ovs:allow_embed\" content=\"true\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Hedge Fund Fees Explained | CFA Level 1","description":"Hedge fund fees typically include management fees and incentive fees. Concepts like the high-water mark ensure fair calculation of performance-based fees.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/","og_locale":"en_US","og_type":"article","og_title":"Hedge Fund Fees Explained | CFA Level 1","og_description":"Hedge fund fees typically include management fees and incentive fees. Concepts like the high-water mark ensure fair calculation of performance-based fees.","og_url":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/","og_site_name":"AnalystPrep | CFA\u00ae Exam Study Notes","article_published_time":"2019-09-15T17:32:00+00:00","article_modified_time":"2026-01-13T12:50:07+00:00","author":"Mathieu Valois-Chenier","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Mathieu Valois-Chenier","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/#article","isPartOf":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/"},"author":{"name":"Mathieu Valois-Chenier","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/722a72bd4761f2b514d3eaa19a9c78a7"},"headline":"Hedge Fund Fees","datePublished":"2019-09-15T17:32:00+00:00","dateModified":"2026-01-13T12:50:07+00:00","mainEntityOfPage":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/"},"wordCount":691,"articleSection":["Alternative Investments"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/","name":"Hedge Fund Fees Explained | CFA Level 1","isPartOf":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#website"},"datePublished":"2019-09-15T17:32:00+00:00","dateModified":"2026-01-13T12:50:07+00:00","author":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/722a72bd4761f2b514d3eaa19a9c78a7"},"description":"Hedge fund fees typically include management fees and incentive fees. Concepts like the high-water mark ensure fair calculation of performance-based fees.","breadcrumb":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/hedge-fund-fees\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/analystprep.com\/cfa-level-1-exam\/"},{"@type":"ListItem","position":2,"name":"Hedge Fund Fees"}]},{"@type":"WebSite","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#website","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/","name":"AnalystPrep | CFA\u00ae Exam Study Notes","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/analystprep.com\/cfa-level-1-exam\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/722a72bd4761f2b514d3eaa19a9c78a7","name":"Mathieu Valois-Chenier","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/image\/","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/person-flat-150x150.png","contentUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/person-flat-150x150.png","caption":"Mathieu Valois-Chenier"},"sameAs":["https:\/\/analystprep.com"],"url":"https:\/\/analystprep.com\/cfa-level-1-exam\/author\/matt\/"}]},"og_video":"https:\/\/www.youtube.com\/embed\/mbgLBrNuD1U","og_video_type":"text\/html","og_video_duration":"1466","og_video_width":"480","og_video_height":"270","ya_ovs_adult":"false","ya_ovs_upload_date":"2019-09-15T17:32:00+00:00","ya_ovs_allow_embed":"true"},"_links":{"self":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/comments?post=676"}],"version-history":[{"count":29,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/676\/revisions"}],"predecessor-version":[{"id":57915,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/676\/revisions\/57915"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/media?parent=676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/categories?post=676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/tags?post=676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}