2020年CFA考试《CFA三级》模拟试题

2020年CFA考试《CFA三级》考试共240题，分为单选题。小编为您整理精选模拟习题10道，附答案解析，供您考前自测提升！

1、【单选题】

A.Both managers are using active currency management.

B.Both managers are using passive currency management.

C.

正确答案:C

答案解析:Matching the benchmark is passive, and choosing to vary from the benchmark is active.

2、Is Zubov’s response to Zola’s question about his overall approach to pension asset risk management most likely correct?【单选题】

A.Yes

B.No, the first consideration is incorrect

C.No, the second consideration is incorrect

正确答案:B

答案解析:Zubov is incorrect with respect to the first consideration. CGI manufactures beauty, health care, and home care products. By overweighting the pension portfolio’s exposure to the beauty, health care, and home care industries, Zubov risks increasing the correlation between the company’s operating results and pension asset returns. The increased correlation will result in a lower risk tolerance, all else being equal.

3、Omar's plan for the IPO most likely violates the CFA Institute Standards of Professional Conduct because of his intended use of:【单选题】

A.regulatory contacts.

B.external service providers.

C.checklists and templates.

正确答案:C

答案解析:Omar violated Standard IV(A)–Loyalty in that the checklists and templates were created while Omar was employed by Falcon. Therefore, the checklists and templates are the intellectual property of Falcon, not Omar's. If Omar wants to use the checklists and templates from his former employer, he must first seek and receive permission in writing. Otherwise, he would need to develop his own checklists and templates based on his IPO experiences.

4、Which of the following would be most effective to prevent any violation of the Asset Manager Code of Professional Conduct as reflected in Akinyi's Recommendation 3?【单选题】

A.The Fund does not participate in any of V2020's private placements.

B.V2020 discloses to all clients the relationship between V2020 and the Fund.

C.The Fund only retains a minority shareholding in V2020.

正确答案:B

答案解析:The Fund would comply with the Asset Manager Code if it made full disclosure to all of its clients regarding the relationship between the Fund and V2020's activities (the investment banking/corporate finance activities). Both parties should disclose any common ownership, even minority positions. If some of the private placements met the investment objectives of the Fund, it would harm the Fund's clients if the Fund was not able to invest in those private placements because of the potential conflict of interests.

5、【单选题】

A.Yes, with regard to client status

B.Yes, with regard to type of information

C.No

正确答案:A

答案解析:Standard III(E): Preservation of Confidentiality requires information about former clients, as well as existing and prospective clients, to be kept confidential unless the law requires the disclosure or permission has been given to disclose the information. Jacaranda's policies cover only existing and prospective clients.

6、In 110 days, the manager of Fund B expects to borrow $50,000,000 for 180 days at a rate of 180-day LIBOR plus 150 bp to 【单选题】

A.7.30%.

B.8.29%.

C.8.80%.

正确答案:B

答案解析:

7、【单选题】

A.Only Comment 1 is correct.

B.Only Comment 2 is correct.

C.Both Comment 1 and Comment 2 are correct.

正确答案:A

答案解析:The manager of Fund C is correct regarding the method of determining the delta hedge position (Comment 1), but is not 

8、Based on Exhibit 1, for the year 2009, assuming no stock splits or stock dividends for the stock components and no rebalancing, which of these index structures would have most likely resulted in the largest return for the GSI?【单选题】

A.A value-weighted index

B.An equal-weighted index

C.A price-weighted index

正确答案:A

答案解析:This weighting methodology produced the largest return of 13.5% for the GSI. The return on a value-weighted index is the percentage change in the total market capitalization of the firms in the index, or

9、【单选题】

A.controls for inflation.

B.is independent of changes in accounting rules.

C.controls for business cycle effects on earnings.

正确答案:B

答案解析:B is correct. The CAPE model is dependent of changes in accounting rules because it averages 

10、An advantage of the bank's method for estimating VaR is the:【单选题】

A.simplicity of the method.

B.assumption that returns are normally distributed.

C.ability to incorporate optionality into the analysis.

正确答案:A

答案解析:The analytical model uses readily available data and simple calculations.