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、With regard to the IPO advertisement, Omar is least likely in violation of which of the Standards of Professional Conduct?【单选题】

A.Misconduct

B.Plagiarism

C.Misrepresentation

正确答案:B

答案解析:Omar does not appear to copy from Halawi's report. However, it does appear he omitted information (the high-risk rating) from Halawi's report that would perhaps cause some investors to make a different investment decision if it had been included. Omar is in violation of Standard I(C)–Misrepresentation. Members and candidates should exercise care and diligence when incorporating third-party information. Misrepresentations resulting from the use of the research of outside parties become the responsibility of the investment professional when it affects that professional's business practice. Omar is also in violation of Standard I(C) by using "assured of a good return," implying a guaranteed return. Omar may also be in violation of Standard I(D)–Misconduct if the omission was on purpose. Members and candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence.

2、Are Pearson's statements regarding the disadvantages of the historical method for estimating VaR most likely correct?【单选题】

A.No, the second statement is not a disadvantage.

B.No, the first statement is not a disadvantage.

C.Yes.

正确答案:B

答案解析:The nonparametric feature of the historical method is an advantage, not a disadvantage. The historical method requires minimal probability-distribution assumptions compared with other methods.

3、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.

4、【单选题】

A.decrease.

B.do not change.

C.increase.

正确答案:C

答案解析:C is correct. Increasing the correlations would likely increase the number of extremely unusual outcomes 

5、【单选题】

A.Manager A

B.Manager B

C.Manager C

正确答案:C

答案解析:C is correct. The sector weights, risk and return characteristics, and turnover for Manager C differ 

6、Is Mamani's explanation of the impact of the interest rate swap on AI's risk most likely correct?【单选题】

A.No, it is incorrect regarding cash flow risk.

B.Yes.

C.No, it is incorrect regarding market value risk.

正确答案:C

答案解析:Although converting the loan from a floating rate to a fixed rate using the swap reduces AI's cash flow risk (because the firm's loan payments become known), it 

7、By executing trades based on the information she receives from the biotechnology consultant employees, Kim least likely violates the CFA Institute Standards of Professional Conduct concerning:【单选题】

A.Diligence and Reasonable Basis.

B.Material Nonpublic Information.

C.Market Manipulation.

正确答案:C

答案解析:The hedge fund manager's trades do not represent a violation of Standard II(B)–Market Manipulation. Kim is not engaging in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants. Because the trades are based on material nonpublic information, however, Kim is in violation of Standard II(A)–Material Nonpublic Information. Kim is also in violation of Standard V(A)–Diligence and Reasonable Basis because she has based her investment decisions on information received from third parties. In addition, Kim has not determined whether this information is sound and whether the processes and procedures used by those responsible for the research were valid.

8、Cortez’s comment with regard to the two different approaches to economic analysis is most likely:【单选题】

A.incorrect because of the statement regarding leading indicators.

B.incorrect because of the statement regarding econometrics.

C.correct.

正确答案:C

答案解析:Cortez’s statement is entirely correct. A disadvantage of the leading indicators–based approach is that historically, it has not consistently worked because relationships between inputs are not static. An advantage to the econometric approach is that it provides quantitative estimates of the effects on the economy of changes in exogenous variables.

9、Alpha and Omega are least likely consistent with which of the institutional investor characteristics described by Chen?【单选题】

A.Characteristic II

B.Characteristic I

C.Characteristic III

正确答案:B

答案解析:Mutual funds have no other corporate purpose besides investing. Mutual funds (investment companies) and hedge funds are investment intermediaries, whereas foundations, endowments, insurance companies, and banks are financial intermediaries. Compared with individual investors, they all usually have larger amounts of money to invest.

10、Jacaranda's record-keeping policy is most likely in violation of Standard V(C): Record Retention with regard to the:【单选题】

A.retention of personal notes and research models.

B.retention time frame.

C.keeping of hard and electronic copies.

正确答案:A

答案解析:Standard V(C): Record Retention requires the retention and maintenance of records to support the investment analyses, recommendations, actions, and other investment-related communications with clients and prospective clients. Because the independent research contractor provides research only for Jacaranda, he would not necessarily be considered a third- party research provider. Thus, he would be required to send his research reports to the firm along with his underlying supporting analysis and financial models. Therefore, Jacaranda does not meet the record retention requirements. The standard allows firms to keep hard copies and/or electronic copies of documents. In addition, although it recommends files be retained for a minimum of seven years, Jacaranda is still in compliance with the standard in that it meets local regulatory requirements.