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、WCM's methodology for calculating performance, as disclosed in Note 1, is least likely consistent with GIPS standards for:【单选题】

A.frequency of return calculations.

B.external cash flows.

C.geometrically linked returns.

正确答案:A

答案解析:WCM's return calculation is not GIPS compliant. GIPS standards require that returns be calculated on a monthly basis for periods beginning on or after 1 January 2001.

2、Which of the following psychological traps best describes the Rogers's team's decision to give historical correlation more weight in the correlation matrix?【单选题】

A.Prudence trap

B.Anchoring trap

C.Overconfidence trap

正确答案:A

答案解析:Rogers's team views giving more weight to the historical correlations as a safety measure and as a way to manage client expectations. They do not want to appear extreme. The prudence trap is the tendency to be cautious when making decisions that could be potentially expensive or damaging to the decision maker's career.

3、Using the LIBOR scenario shown in Exhibit 1 and assuming the zero-cost collar is put in place, the effective interest due on AI’s loan for the semiannual period ended on 31 December 2013 is closest to:【单选题】

A.PEN1,365,000.

B.PEN1,911,000.

C.PEN2,062,667.

正确答案:B

答案解析:B is correct because the effective interest in period t = Loan balance x (Actual days in the fourth and final period, effective interest = 120,000,000 x (180/360) x [0.02 + 0.009 + max(0,0.02-0.047)+max(0,0.0225-0.02)] = 1,911,000.

4、When advising his clients, Wang is least likely to:【单选题】

A.educate Perez on the benefits on portfolio diversification.

B.

C.provide Patel with details like standard deviations and Sharpe ratios.

正确答案:C

答案解析:C is correct. This would not be an effective way to advise Patel. Given Patel’s 

5、Given Vertex's interest rate volatility and yield curve forecasts in Statement 4, compared with bullet structures, callable structures and putable structures, respectively, will most likely:【单选题】

A.Callable Structures: Underperform and Putable Structure: Outperform

B.Callable Structures: Outperform and Putable Structures: Outperform

C.Callable Structures: Outperform and Putable Structure: Underperform

正确答案:B

答案解析:Spong's fourth statement indicates that Vertex expects a 25 bp rise in short-term rates and a 75 bp increase in long-term rates—that is, the yield curve is expected to steepen. In this environment callables and putables will outperform bullet structures. As rates rise, given low implied interest rate volatility, the probability of a call diminishes as does the value of the call option. Consequently, callables will outperform bullets. As rates rise the put option becomes more valuable, furthermore the put allows the investor to put the option back at par, thus avoiding losses. For these reasons, the value of the putable structure can be expected to increase. In contrast, the bullet structure will decline in value. Thus, putables also outperform bullets.

6、Whitney's secondary trading rationale is best described as:【单选题】

A.credit-defense trades.

B.sector-rotation trades.

C.structure trades.

正确答案:A

答案解析:Credit-defense trades become more popular as geopolitical and economic uncertainty increase. Secular sector changes often generate uncertainties and induce defensive positioning by investors.

7、【单选题】

A.basis risk.

B.roll yield.

C.premia income.

正确答案:B

答案解析:B is correct. To hedge the EUR-denominated assets Bjork will be selling forward 

8、【单选题】

A.receive verbal consent from Swibank.

B.receive verbal consent from his clients.

C.

正确答案:C

答案解析:C is correct. According to Standard IV(B), members must not accept compensation that competes with 

9、In comparing MF's investment policy with a property and casualty insurance company's investment policy, Kuzmych is most likely correct about:【单选题】

A.liquidity requirements.

B.tax considerations.

C.the timing of outlays.

正确答案:B

答案解析:As a US-based private foundation, MF is essentially considered a tax-exempt investor. This status differs from a property and casualty insurance company, which is subject to income, capital gains, and other types of taxes.

10、【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