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、In 110 days, the manager of Fund B expects to borrow $50,000,000 for 180 days at a rate of 180-day LIBOR plus 150 bp to 【单选题】

A.7.30%.

B.8.29%.

C.8.80%.

正确答案:B

答案解析:

2、In her meeting with Rayne supervisors, Mutini is least likely correct with regard to:【单选题】

A.undertaking periodic reviews.

B.communicating with staff.

C.enforcing investment-related policies.

正确答案:C

答案解析:A member or candidate with supervisory responsibility should enforce investment-related and non-investment-related policies equally (i.e., not concentrate on investment-related over non-investment-related policies).

3、Garrison's analysis to determine a hedge ratio for the HI exposure is best described as producing a:【单选题】

A.cross hedge.

B.transaction hedge.

C.minimum variance hedge.

正确答案:B

答案解析:

4、Using the multifactor model preferred by RiteVal and Exhibit 2, the standard deviation of U.S. real estate is closest to:【单选题】

A.23.1%.

B.21.0%.

C.24.5%.

正确答案:A

答案解析:F

5、Consider a portfolio that is generally appreciating in value. Active trading is most likely to be least attractive in a:【单选题】

A.taxable account.

B.tax deferred account.

C.tax exempt account.

正确答案:A

答案解析:A is correct. Active trading would generate annually taxed income and is most appropriate for a tax-exempt account, all else equal. If a portfolio contains unrealized losses, however, a certain amount of trading activity is required to harvest tax losses. That is, tax-efficient management of stocks in taxable accounts does not require passive management. It requires passively allowing gains to grow unharvested, but actively realizing losses.

6、【单选题】

A.Carter.

B.Suzuki.

C.Rodriguez.

正确答案:C

答案解析:C is correct. Momentum can be partly explained by short-term under-reaction to relevant 

7、【单选题】

A.present five years of annual composite returns.

B.present a measure of dispersion of individual portfolio returns.

C.disclose whether performance is shown gross or net of investment management 

正确答案:C

答案解析:C is correct. GIPS Provision III.B.6 states, “All advertisements that include a claim of compliance with the GIPS standards 

8、【单选题】

A.–$1.57.

B.$0.42.

C.$1.00.

正确答案:B

答案解析:B is correct. The butterfly strategy consists of buying a call option with a low strike price ($65), selling 2 

9、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 

10、Which of Reyder's additional notes from the discussion on human capital is most accurate? Her note about:【单选题】

A.the magnitude of loss of human capital

B.the risk tolerance of the combined portfolio

C.term life insurance versus annuities

正确答案:C

答案解析:The statement regarding term life insurance is most accurate. Life insurance is a perfect hedge against the loss of human capital in the event of death, whereas annuities address longevity risk. Although overall risk tolerance increases with human capital, overall risk tolerance decreases with greater wage risk. The magnitude of loss of human capital at younger ages is much more important than the higher probability of death at older ages.