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、If UK interest rates increase by 50 bps, the percentage change in the value of the German bonds that Kapoor is evaluating will be closest to:【单选题】

A.3.23%.

B.6.47%.

C.4.85%.

正确答案:A

答案解析:The percentage change in value for a 100 bps change in UK interest rates is the duration of the bonds multiplied by the country beta, so the change for a 50 bps change will be half that, or 0.50 × 0.44 × 14.7 = 3.23.

2、A benefit of Easton’s preferred credit spread measure is that it:【单选题】

A.provides a good measure of credit spread for bonds with optionality.

B.uses swap rates denominated in the same currency as the credit security.

C.reduces the potential for duration mismatch.

正确答案:C

答案解析:C is correct. The G-spread is the spread over an actual or interpolated benchmark (usually government) 

3、Cannan has been working from home on weekends and occasionally saves correspondence with clients and completed work on her home computer. Because of worsening market conditions, Cannan is one of several employees released by her firm. While Cannan is looking for a new job, she uses the files she saved at home to request letters of recommendation from former clients. She also 【单选题】

A.Cannan violated the Code and Standards because she did not receive permission from her former employer to keep or use the files after her employment ended.

B.Cannan did not violate the Code and Standards because the files were created and saved on her own time and computer.

C.Cannan violated the Code and Standards because she is prohibited from saving files on her home computer.

正确答案:A

答案解析:Answer A is correct. According to Standard V(C)—Record Retention, Cannan needed the permission of her employer to maintain the files at home after her employment ended. Without that permission, she should have deleted the files. All files created as part of a member’s or candidate’s professional activity are the property of the firm, even those created outside normal work hours. Thus, answer B is incorrect. Answer C is incorrect because the Code and Standards do not prohibit using one’s personal computer to complete work for one’s employer.

4、Which of the following biases least likely provides behavioral support for the factor being added to the stock selection model?【单选题】

A.Framing

B.Availability

C.Hindsight

正确答案:A

答案解析:Framing bias is a type of cognitive error in which a person answers a question differently based on the way in which it is asked. This behavior is unlikely to explain the persistence of momentum. Regret is a type of hindsight bias that can result in investors purchasing securities after a significant run-up in price because of a fear of not participating. This bias could explain momentum. With availability bias, also referred to as the recency effect, the tendency to recall recent events more vividly can result in investors extrapolating recent price gains into the future. This bias could also explain momentum.

5、Based on Silva's advice, the effective annual interest rate for First Citizen Bank's loan is closest to:【单选题】

A.5.75%.

B.4.56%.

C.6.38%.

正确答案:C

答案解析:

6、【单选题】

A.EUR740,026 and receives CHF400,000.

B.CHF400,000 and receives EUR740,026.

C.CHF800,000 and receives EUR900,901.

正确答案:B

答案解析:B is correct. In order to raise 100 million Swiss francs, Millau needs to issue bonds totaling 

7、CleanTech's advertising is least likely in violation of the CFA Institute Standards of Professional Conduct with respect to:【单选题】

A.use of the CFA designation.

B.expected performance results.

C.managers' volunteer activities.

正确答案:C

答案解析:Disclosure of the managers' involvement with CFA Institute is not a violation of Standard VII(A): Conduct as Members and Candidates in the CFA Program, because it does not reveal any confidential information. But the CFA designation must always be used as an adjective. In this situation, the designation has not been used as an adjective, thus the statement is in violation of Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program (i.e.,the statement should read "the entire research team is made up of CFA charterholders," rather than "they are all CFA's"). Members must not exaggerate the meaning or implications of membership in CFA Institute or holding the CFA designation, which Tang does, violating Standard VII(B).

8、The method that Tong suggests to add incremental revenue is:【单选题】

A.program trading.

B.securities lending.

C.attribution analysis.

正确答案:B

答案解析:B is correct. Securities lending is typically used to offset the costs associated with portfolio 

9、Which risk listed by Reinfeldt is most likely a source of financial risk?【单选题】

A.Risk 3

B.Risk 2

C.Risk 1

正确答案:B

答案解析:Liquidity risk is considered a financial risk.

10、With regard to the fixed income and equity trading desks, based on Exhibit 1, which of the following statements is most likely accurate?【单选题】

A.The trading desks have the same risk budget.

B.The combined daily VaR of the trading desks is less than SEK20 million.

C.The fixed-income desk generates better returns on its allocated capital given its VaR.

正确答案:B

答案解析:The trading desks engage in activities that are weakly correlated; therefore, a diversification benefit occurs. Thus it would be reasonable to expect that the combined VaR of the two desks will be less than the sum of the VaRs of the individual desks (SEK20 million).