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、Which of the following statements regarding Whitney's recommendations for Norris's three clients is most likely correct?【单选题】

A.Client 2 will meet the necessary conditions for a multiple-liability immunization in the case of a non-parallel rate shift.

B.Client 3 will require less money to fund liabilities with the proposed strategy relative to cash flow matching.

C.Client 1 will only achieve the guaranteed value if the term structure of interest rates is downward sloping.

正确答案:B

答案解析:Perfect matching of assets and liabilities is unlikely given the difficulty in finding all the bonds in the market that exactly match the liabilities. As a result, cash flow matching requires a relatively conservative rate of return assumption for short-term cash, and cash balances may occasionally be substantial.

2、The characterization of Briggs's investment as following a core–satellite approach is most likely:【单选题】

A.correct.

B.incorrect, because the funds invested in are benchmarked against the wrong index.

C.incorrect, because too little of the portfolio was passively invested.

正确答案:A

答案解析:Fund GB-STI-3 has an expected alpha and expected tracking error of 0% and can thus be characterized as an index fund. Twenty percent of the investment was placed in this fund, creating a core, with the remainder invested in non-index funds, creating a satellite. A small core allocation might be indicative of a high risk tolerance.

3、Which of the following statements is correct under the Code and Standards?【单选题】

A.CFA Institute members and candidates are prohibited from undertaking independent practice in competition with their employer.

B.Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member’s or candidate’s employer.

C.Members and candidates are prohibited from making arrangements or preparations to go into a competitive business before terminating their relationship with their employer.

正确答案:B

答案解析:The correct answer is B. Under Standard IV(A)—Loyalty, members and candidates may undertake independent practice that may result in compensation or other benefit in competition with their employer as long as they obtain consent from their employer. Answer C is not consistent with the Standards because the Standards allow members and candidates to make arrangements or preparations to go into competitive business as long as those arrangements do not interfere with their duty to their current employer. Answer A is not consistent with the Standards because the Standards do not include a complete prohibition against undertaking independent practice.

4、【单选题】

A.eliminating extreme returns reduces the standard deviation of returns.

B.

C.

正确答案:A

答案解析:A is correct. Magerski’s concern relates to the potential for the Sharpe ratio to be gamed. Standard deviation of returns is reduced 

5、【单选题】

A.Utilities

B.Consumer staples

C.Information technology

正确答案:C

答案解析:

6、What is Motelli’s average tax rate on ordinary income?【单选题】

A.22.5%.

B.27.5%.

C.35.0%

正确答案:B

答案解析:B is correct. Motelli’s tax liability on ordinary income is €20,000 (on the first €100,000, 

7、【单选题】

A.riding the yield curve.

B.implementing a barbell structure.

C.shortening the portfolio duration relative to the benchmark.

正确答案:C

答案解析:C is correct. If interest rates rise and the yield curve steepens as Edgarton expects, then shortening the Fund’s duration from 

8、Which of Boshe's MTL strategies least likely describes a staged exit strategy? MTL Strategy:【单选题】

A.1

B.3

C.2

正确答案:C

答案解析:MTL Strategy 2 is not a staged exit strategy because it does not provide for two specific liquidity events: cash up front and a sale or monetization of the remainder of Richards’s ownership in the future. Strategies 1 and 3 are staged exit strategies that provide for two liquidity events.

9、Regarding the disclosures contained in the notes to Exhibit 1, the notes most likely required are:【单选题】

A.6, 7 and 9.

B.2, 7 and 8.

C.1, 5 and 6.

正确答案:A

答案解析:The currency used to express performance, whether any fees other than trading expenses are deducted from gross-of-fees returns, whether any fees other than trading expenses and management fees are deducted from net-of-fees returns, the fee schedule, and a measure of internal dispersion are all required disclosures for compliance with the GIPS standards.

10、Goldsboro's Fund GB2 would appeal to an investor who is most closely focused on:【单选题】

A.earnings momentum.

B.price relative to intrinsic value.

C.relative strength.

正确答案:B

答案解析:Fund GB2 follows a value style (higher dividend yield, lower P/E, P/B, and earnings growth). Value investors are focused on price relative to intrinsic value.