2020年CFA考試《CFA三級(jí)》考試共題，分為。小編為您整理精選模擬習(xí)題10道，附答案解析，供您考前自測(cè)提升！

1、【單選題】

A.13%

B.15%

C.80%

正確答案:A

答案解析:A is correct. The GIPS Glossary defines the Realization Multiple (DPI ) (real estate and private equity) as “since inception 

2、Peter Cavuto lives in a country that imposes a wealth tax of 0.5 percent on financial assets each year. His €500,000 portfolio is expected to return 5 percent per year over the next twenty years. Assuming no other taxes, what is Cavuto’s expected wealth at the end of twenty years?【單選題】

A.€1,200,100.

B.€1,205,857.

C.€1,326,649.

正確答案:A

答案解析:A is correct.

3、According to the Code and Standards, if there is a conflict, Mutini should most likely adhere to:【單選題】

A.the Code and Standards.

B.Uganda's laws and regulations.

C.South Africa's laws and regulations.

正確答案:C

答案解析:Standard I(A)–Knowledge of the Law requires CFA Institute members to understand and comply with all applicable laws, rules, and regulations, including the Code and Standards. In the event of conflict, members must comply with the stricter law, rule, or regulation, including those of the Code and Standards. Because the South African laws are considered to be stricter than the Code and Standards or Ugandan law, where there is conflict, Mutini must adhere to the South African laws and regulations.

4、Seymour is least likely correct with respect to which risk regarding investing in emerging market debt?【單選題】

A.Risk 1

B.Risk 3

C.Risk 2

正確答案:B

答案解析:The statement for Risk 3 is incorrect. Emerging market countries, in fact, have access to lenders on the world stage, such as the International Monetary Fund and the World Bank.

5、【單選題】

A.Portfolio 1

B.Portfolio 2

C.Portfolio 3

正確答案:B

答案解析:B is correct. In the case of a single liability, immunization is achieved by matching the bond portfolio’s 

6、Which behavioral investor type most likely describes Michael Donnelly?【單選題】

A.Independent individualist

B.Active accumulator

C.Friendly follower

正確答案:B

答案解析:Donnelly is entrepreneurial and created his own wealth. He lacks spending controls, does not believe in the benefits of portfolio diversification, has a high risk tolerance, and prefers high-risk investments recommended by friends. These are all attributes of an active accumulator.

7、To address Varnet's question regarding a change to a monthly VaR measure, Pearson's most appropriate response would be that the VaR estimate for the portfolio would:【單選題】

A.not change.

B.decrease.

C.increase.

正確答案:C

答案解析:The longer the time period chosen the greater the VaR will be because the magnitude of potential losses increases with the time span over which they are measured.

8、Based on Exhibit 1, the gain in convexity from Hirji’s suggestion is closest to:【單選題】

A.0.423.

B.1.124.

C.1.205.

正確答案:A

答案解析:A is correct. To maintain the effective duration match, the duration of the 10-year bond sale must equal the total weighted 

9、【單選題】

A.￡1,373,943.

B.￡1,962,776.

C.￡1,887,776.

正確答案:C

答案解析:C is correct.

10、Long has been asked to be the keynote speaker at an upcoming investment conference. The event is being hosted by one of the third-party investment managers currently used by his pension fund. The manager offers to cover all conference and travel costs for Long and make the conference registrations free for three additional members of his investment management team. To ensure that the conference obtains the best speakers, the host firm has arranged for an exclusive golf outing for the day following the conference on a local championship-caliber course. Which of the following is least likely to violate Standard I(B)?【單選題】

A.Long may accept only the offer to have his conference-related expenses paid by the host firm.

B.Long may accept the offer to have his conference-related expenses paid and may attend the exclusive golf outing at the expense of the hosting firm.

C.Long may accept the entire package of incentives offered to speak at this conference.

正確答案:A

答案解析:Answer A is correct. Standard I(B)—Independence and Objectivity emphasizes the need for members and candidates to maintain their independence and objectivity. Best practices dictate that firms adopt a strict policy not to accept compensation for travel arrangements. At times, however, accepting paid travel would not compromise one’s independence and objectivity. Answers B and C are incorrect because the added benefits—free conference admission for additional staff members and an exclusive golf retreat for the speaker—could be viewed as inducements related to the firm’s working arrangements and not solely related to the speaking engagement. Should Long wish to bring other team members or participate in the golf outing, he or his firm should be responsible for the associated fees.