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.buy and hold.

B.increase convexity.

C.ride the yield curve.

正确答案:C

答案解析:C is correct. Since Abram expects the curve to remain stable, the yield curve is upward sloping and the Fund’s duration is 

2、【单选题】

A.Strategy 1

B.Strategy 2

C.Strategy 3

正确答案:B

答案解析:B is correct. In a stable yield curve environment, holding bonds with higher convexity negatively affects portfolio 

3、【单选题】

A.diversifying.

B.mutually exclusive.

C.relatively homogeneous.

正确答案:C

答案解析:C is correct. In order to effectively specify asset classes for the purpose of asset 

4、An advantage of the bank's method for estimating VaR is the:【单选题】

A.simplicity of the method.

B.assumption that returns are normally distributed.

C.ability to incorporate optionality into the analysis.

正确答案:A

答案解析:The analytical model uses readily available data and simple calculations.

5、Did Litman violate any CFA Institute Standards of Professional Conduct in regard to his performance reviews for Twain clients?【单选题】

A.No

B.Yes, with respect to the frequency of reviews for his 10 largest clients

C.Yes, with respect to his recent review for the client with the inheritance

正确答案:A

答案解析:Standard III(C)–Suitability requires that members make a reasonable inquiry into a client or prospective client’s investment experience, risk and return objectives, and financial constraints prior to making any investment recommendations or taking investment action and must update this information regularly. Such an inquiry should be repeated at least annually and prior to material changes to specific investment recommendations or decisions on behalf of the client. The Code and Standards do not require clients to be treated the same.

6、Kim's relationship with Miriam is consistent with the CFA Institute Standards of Professional Conduct concerning:【单选题】

A.Priority of Transaction.

B.Fair Dealing.

C.Material Nonpublic Information.

正确答案:A

答案解析:Standard VI(B)–Priority of Transactions concerns investment transactions for clients and employers having priority over investment transactions in which a member or candidate is the beneficial owner. Because Kim does not have beneficial ownership in securities traded in client accounts, this standard has not been violated. By purchasing shares for Miriam's account before other client accounts, Kim has violated Standard III(B)–Fair Dealing, which requires members and candidates to treat all clients fairly when taking investment action with regard to general purchases. In addition, because Kim's trades are based on material nonpublic information, they are in violation of Standard II(A)–Material Nonpublic Information. The mosaic theory is not applicable here because Kim used it as a way to hide her receipt of material nonpublic information.

7、【单选题】

A.Yes, because he solicited clients from his previous employer.

B.Yes, because he failed to inform his supervisor in writing of his obligation to comply with the Code and Standards.

C.No.

正确答案:C

答案解析:No violation occurred. According to Standard IV(A), Pena is free to solicit his former employer's clients using public information. Although CFA Institute encourages members and candidates to disclose to their employers their obligation to comply with the Code of Ethics and Standards Professional Conduct, it is not a requirement. Therefore, Pena did not violate the Code and Standards.

8、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

9、【单选题】

A.–0.5%.

B.–0.4%.

C.–0.1%.

正确答案:B

答案解析:B is correct. The return due to the portfolio manager’s style is Benchmark return – Market index return:

10、【单选题】

A.

B.less liquid asset classes.

C.taxable clients with high capital gains tax rates.

正确答案:A

答案解析:A is correct. Higher-risk assets should have a wider corridor to avoid frequent, costly rebalancing. Beade’s other suggestions are