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.Home bias.

B.Overconfidence.

C.Inertia and default.

正确答案:A

答案解析:A is correct. Home bias is evident in Johnson’s questionnaire. Johnson has expressed an 

2、Which of Dreschler's points comparing top-down analysis and bottom-up analysis is the most accurate? His point regarding:【单选题】

A.estimates coming out of a recession.

B.consistency of the results.

C.detecting cyclical turns.

正确答案:C

答案解析:Most top-down models are of the econometric type and rely on historical relationships to be the basis for assumptions about the future. Thus, they can be slow in detecting cyclical turns.

3、Using the data in Exhibit 2, the account which has produced the highest return per unit of systematic risk is:【单选题】

A.Lee Co.

B.G. Ltd.

C.W-Life.

正确答案:C

答案解析:The highest return per unit of systematic risk is measured by the Treynor measure. Of the given assets, the W-Life account has the highest Treynor measure.

4、【单选题】

A.

B.

C.

正确答案:B

答案解析:B is correct. To address Winthrop’s concerns (sector diversification, liquidity, risk, dividend yield, 

5、【单选题】

A.0.83%.

B.1.08%.

C.2.22%.

正确答案:B

答案解析:

6、Benefits of the recent changes to Emerald's client assessment process least likely include:【单选题】

A.closer adherence to client expectations.

B.reducing portfolio risk.

C.improving Emerald's client retention metrics.

正确答案:B

答案解析:Incorporating behavioral finance does not have a direct impact on portfolio risk. In some cases, this approach will help encourage a reduction in portfolio risk, but it may also help other clients to take on more risk as appropriate. Investing as the client expects and improvements to client retention metrics are both benefits of incorporating behavioral finance.

7、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code 【单选题】

A.Accept the expense-paid trip and write an objective report.

B.Pay for all travel expenses, including costs of meals and incidental items.

C.Accept the expense-paid trip but disclose the value of the services accepted in the report.

正确答案:B

答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward to pay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.

8、【单选题】

A.lower volatility of the US equity market.

B.

C.higher correlation of US equity market with international equity markets.

正确答案:C

答案解析:C is correct. A higher correlation of the US equity market with international equity markets 

9、【单选题】

A.buying the Mexican 5-year 

B.

C.

正确答案:B

答案解析:

10、Is WCM most likely compliant with GIPS standards required for composite construction as disclosed in Note 2?【单选题】

A.Yes

B.No, because of how the large-cap model portfolio is treated

C.No, because of how nondiscretionary portfolios are treated

正确答案:A

答案解析:The composite consists of all actual fee-paying portfolios that are managed on a discretionary basis. It is therefore in compliance with GIPS standards.