2020年CFA考试《CFA三级》考试共题，分为。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.Type I error.

B.Type II error.

C.No error was made.

正确答案:B

答案解析:B is correct. Tarler was fired for underperformance but actually had outperformed the benchmark, and a Type II 

2、Which statement about a manager’s use of client brokerage commissions violates the Code and Standards?【单选题】

A.A client may direct a manager to use that client’s brokerage commissions to purchase goods and services for that client.

B.Client brokerage commissions should be used to benefit the client and should be commensurate with the value of the brokerage and research services received.

C.Client brokerage commissions may be directed to pay for the investment manager’s operating expenses.

正确答案:C

答案解析:The correct answer is C. This question involves Standard III(A)—Loyalty, Prudence, and Care and the specific topic of soft dollars or soft commissions. Answer C is the correct choice because client brokerage commissions may not be directed to pay for the investment manager’s operating expenses. Answer B describes how members and candidates should determine how to use brokerage commissions—that is, if the use is in the best interests of clients and is commensurate with the value of the services provided. Answer A describes a practice that is commonly referred to as “directed brokerage.” Because brokerage is an asset of the client and is used to benefit the client, not the manager, such practice does not violate a duty of loyalty to the client. Members and candidates are obligated in all situations to disclose to clients their practices in the use of client brokerage commissions.

3、Based on Exhibit 1, the gain in convexity from Hirji’s suggestion is closest to:【单选题】

A.0.423.

B.1.124.

C.1.205.

正确答案: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 

4、Willier is the research analyst responsible for following Company X. All the information he has accumulated and documented suggests that the outlook for the company’s new products is poor, so the stock should be rated a weak “hold.” During lunch, however, Willier overhears a financial analyst from another firm whom he respects offer opinions that conflict with Willier’s forecasts and expectations. Upon returning to his office, Willier releases a strong “buy” recommendation to the public. Willier:【单选题】

A.Violated the Standards by failing to distinguish between facts and opinions in his recommendation.

B.Violated the Standards because he did not have a reasonable and adequate basis for his recommendation.

C.Was in full compliance with the Standards.

正确答案:B

答案解析:The correct answer is B. This question relates to Standard V(A)—Diligence and Reasonable Basis. The opinion of another financial analyst is not an adequate basis for Willier’s action in changing the recommendation. Answer C is thus incorrect. So is answer A because, although it is true that members and candidates must distinguish between facts and opinions in recommendations, the question does not illustrate a violation of that nature. If the opinion overheard by Willier had sparked him to conduct additional research and investigation that justified a change of opinion, then a changed recommendation would be appropriate.

5、Which of the methods of leveraging a bond portfolio described by Olamide is most accurate?【单选题】

A.The use of futures contracts.

B.The use of interest rate swaps.

C.The use of repo transactions.

正确答案:C

答案解析:Strategy 1 is mostly correct. Typically you would not disagree with it, but you must select the best answer. The slight flaw in 

6、The client of Statement 6 is most likely behaving consistently with:【单选题】

A.prospect theory.

B.expected utility theory.

C.behavioral portfolio theory.

正确答案:C

答案解析:C is correct. The client of Statement 6 is behaving consistently with behavioral portfolio theory. The 

7、Given Bixby's new target duration and the data in Exhibits 1 and 2, the most appropriate action using US Treasury futures is to sell:【单选题】

A.811 contracts.

B.789 contracts.

C.646 contracts.

正确答案:A

答案解析:

8、Given the committee's view about the sovereign debt crisis, which hedging strategy is most likely to result in Packer earning the US risk-free rate of return?【单选题】

A.Strategy 3

B.Strategy 1

C.Strategy 2

正确答案:C

答案解析:Shorting European stock market futures, selling euros, and buying US dollars will result in the Packer endowment fund earning the US risk-free rate.

9、【单选题】

A.volatility trading.

B.technical analysis.

C.economic fundamentals.

正确答案:B

答案解析:B is correct. Umlauf develops a market view based on underlying fundamentals in 

10、Cortez’s comment with regard to the two different approaches to economic analysis is most likely:【单选题】

A.incorrect because of the statement regarding leading indicators.

B.incorrect because of the statement regarding econometrics.

C.correct.

正确答案:C

答案解析:Cortez’s statement is entirely correct. A disadvantage of the leading indicators–based approach is that historically, it has not consistently worked because relationships between inputs are not static. An advantage to the econometric approach is that it provides quantitative estimates of the effects on the economy of changes in exogenous variables.