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、By participating in OAM's annual competition, Rayne employees least likely violate which of the following CFA Institute Standards of Professional Conduct?【单选题】

A.Additional Compensation Arrangements

B.Misrepresentation

C.Independence and Objectivity

正确答案:A

答案解析:Standard IV(B)–Additional Compensation Arrangements states that members and candidates must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer's interests. In this case, holding a competition to encourage sales is unlikely to cause a conflict of interest with the employer's interests. But by not disclosing the competition details, the sales agents are likely to misrepresent why they are making the recommendation to a client to buy high-fee, front-end-load financial products, so the sales agents would be in violation of Standard I(C)–Misrepresentation. In addition, by selling only high-fee, front-end-load products in the hopes of winning a competition without consideration of the client's needs compromises the agents' independence and objectivity, thus violating Standard I(B)–Independence and Objectivity.

2、Gregory’s human capital is:【单选题】

A.lower than his financial capital.

B.equal to his financial capital.

C.higher than his financial capital.

正确答案:C

答案解析:C is correct. Gregory is in the early career stage of life, and human capital represents a 

3、【单选题】

A.Reason 1

B.Reason 2

C.Reason 3

正确答案:C

答案解析:C is correct. Better-than-expected economic growth is typically associated with narrower credit spreads and 

4、Based on how the Taylor rule is applied by Li's team, the central bank's estimated optimal short-term rate is closest to:【单选题】

A.2.8%.

B.1.5%.

C.2.0%.

正确答案:C

答案解析:The Taylor rule sets the optimal short-term rate as

5、【单选题】

A.Suitability.

B.Priority of Transactions.

C.Integrity of Capital Markets.

正确答案:A

答案解析:A is correct. Riser least likely violates Standard III(C) relating to suitability when purchasing shares 

6、With regard to evaluating secondary market trades, Priorat is least likely correct with respect to:【单选题】

A.credit-upside trades.

B.yield/spread pickup trades.

C.curve-adjustment trades.

正确答案:B

答案解析:Yield/spread pickup trades should be evaluated in a total return framework. In a total return framework, both yield and spread, as well as price appreciation or depreciation, should be considered. A bond that offers higher yield may pose the potential for a capital loss if it is riskier than a lower-yielding security.

7、Using the data in Exhibit 1 and the labor-based method chosen by the team, the most likely estimate for the 10-year annual GDP growth is:【单选题】

A.3.5%.

B.3.6%.

C.3.0%.

正确答案:C

答案解析:The simplest way to analyze an economy's aggregate trend growth is to split it into

8、Which of these risk categories is least likely to be on Hackett's list for Alpha?【单选题】

A.Interest rate risk

B.Liquidity risk

C.Political risk

正确答案:C

答案解析:Although the company is exposed to political risk via its investment in emerging market debt, this risk is not a type of financial risk. Financial risks include risks associated with interest rates, exchange rates, stock prices, and commodity prices.

9、Using the data in Exhibit 3 and the investment team's approach to predict the Fed's next move, the new fed funds rate will most likely be:【单选题】

A.2.9%.

B.2.1%.

C.2.6%.

正确答案:B

答案解析:The Taylor rule is

10、During 2009, the "misfit" active return earned by Briggs's investments was closest to:【单选题】

A.0.4%.

B.0.7%.

C.0.3%.

正确答案:C

答案解析:A "misfit" active return is equal to the return of the manager's normal benchmark minus the return of the investor's benchmark: 0.3% = 12% – 11.7%, where 12% is the return on the STI fund and 11.7% is the return on the MSCI Singapore Free Index.