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，供您考前自測提升！

1、What are the GIPS requirements for the Contrarian composite of Nigel Investment Advisors?【單選題】

A.

B.

C.

正確答案:B

答案解析:Under GIPS, all fee-paying, discretionary portfolios must be included in at least one composite. There is no minimum 

2、Park is very frustrated after taking her Level II exam. While she was studying for the exam, to supplement the curriculum provided, she ordered and used study material from a third-party provider. Park believes the additional material focused her attention on specific topic areas that were not tested while ignoring other areas. She posts the following statement on the provider’s discussion board: “I am very dissatisfied with your firm’s CFA Program Level II material. I found the exam extremely difficult and myself unprepared for specific questions after using your product. How could your service provide such limited instructional resources on the analysis of inventories and taxes when the exam had multiple questions about them? I will not recommend your products to other candidates.”【單選題】

A.Park violated the Code and Standards by purchasing third-party review material.

B.Park violated the Code and Standards by providing her opinion on the difficulty of the exam.

C.Park violated the Code and Standards by providing specific information on topics tested on the exam.

正確答案:C

答案解析:Answer C is correct. Standard VII(A)—Conduct as Members and Candidates in the CFA Program prohibits providing information to candidates or the public that is considered confidential to the CFA Program. In revealing that questions related to the analysis of inventories and analysis of taxes were on the exam, Park has violated this standard. Answer B is incorrect because the guidance for the standard explicitly acknowledges that members and candidates are allowed to offer their opinions about the CFA Program. Answer A is incorrect because candidates are not prohibited from using outside resources.

3、Which of the following types of biases best describes Steve Phillips's statement about oil-related industry data?【單選題】

A.Time-period

B.Data-mining

C.Survivorship

正確答案:A

答案解析:Phillips believes the impact of hurricane activity will not necessarily continue in the future. A time-period bias occurs when particular relationships or sensitivities only occur during a particular period of time.

4、Based on Houston’s forecast for the euro relative to the US dollar, and assuming interest rate parity holds, should Austin most likely hedge the portfolio’s euro exposure using forward contracts?【單選題】

A.No, because the euro is expected to depreciate by more than implied by the forward contracts

B.No, because the euro is expected to depreciate by less than implied by the forward contracts

C.Yes

正確答案:B

答案解析:Using interest rate parity, the euro is expected to depreciate by 0.25% – 2.50% = –2.25%. Houston believes that the euro will depreciate by only 1.75%. Based on expected returns alone, Austin should not hedge the currency risk using a forward contract because he would lock in a 2.25% loss in the euro.

5、The Elmer fund’s management strategy is:【單選題】

A.active.

B.passive.

C.blended.

正確答案:B

答案解析:B is correct. The fund is managed assuming that the market is efficient, and investments are 

6、With respect to the DB pension fund for Green International, Blackmore's fiduciary duty is:【單選題】

A.owed primarily to the management and stockholders of 

B.owed to the participants and beneficiaries of the 

C.owed equally to the participants and beneficiaries of the 

正確答案:B

答案解析:This question relates to Loyalty, Prudence, and Care. Blackmore's primary duty is to the participants and beneficiaries of the 

7、The type of index that would most likely help Bayside Foundation achieve Objective 1 is a(n):【單選題】

A.value-weighted index.

B.price-weighted index.

C.equal-weighted index.

正確答案:A

答案解析:A value-weighted index is biased toward large, mature companies and minimizes tracking error. Furthermore, the index is self-rebalancing because the weights automatically adjust as stock prices change, thus rebalancing costs are minimal.

8、Using dollar duration and the data in Exhibit 1, how much cash does Markov's client need to rebalance the portfolio, assuming new investments are in equal proportions of one-third of each bond?【單選題】

A.$7,993,335.

B.$28,618,000.

C.$8,098,245.

正確答案:A

答案解析:First calculate the dollar duration initially and after the shift in interest rates, as shown in the table below:

9、【單選題】

A.liquidity requirements.

B.time horizon.

C.risk tolerance.

正確答案:A

答案解析:Foundations have lower liquidity requirements than banks because they mostly consist of anticipated grant needs. Foundations also have higher return objectives and tolerance for risk than banks, as well as much longer time horizons.

10、【單選題】

A.Only Statement 1 is correct.

B.Only Statement 2 is correct.

C.Neither Statement 1 nor Statement 2 is correct.

正確答案:C

答案解析:C is correct. Since the fund’s clients are taxable investors, there is value in harvesting tax losses.