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、Based on Houston’s forecast for the euro relative to the US dollar, and assuming interest rate parity holds, should Austin most likely hedge the portfolio’s euro exposure using forward contracts?【单选题】

A.No, because the euro is expected to depreciate by more than implied by the forward contracts

B.No, because the euro is expected to depreciate by less than implied by the forward contracts

C.Yes

正确答案:B

答案解析:Using interest rate parity, the euro is expected to depreciate by 0.25% – 2.50% = –2.25%. Houston believes that the euro will depreciate by only 1.75%. Based on expected returns alone, Austin should not hedge the currency risk using a forward contract because he would lock in a 2.25% loss in the euro.

2、Are the statements made by Gano consistent with the requirements of GIPS?【单选题】

A.Yes.

B.No, only statement 1 is correct.

C.No, both statements are incorrect.

正确答案:B

答案解析:Statement 1 is consistent with GIPS. GIPS requires at least monthly valuation and on the date of large external cash flows. 

3、Which of Chaterji’s criticisms of MVO is/are valid?【单选题】

A.Only Criticism 1

B.Only Criticism 2

C.Both Criticism 1 and Criticism 2

正确答案:A

答案解析:A is correct. One common criticism of MVO is that the model outputs, the asset allocations, tend to be highly sensitive to changes 

4、【单选题】

A.can be used for non-US 

B.captures the net present value of growth investment opportunities available 

C.

正确答案:A

答案解析:A is correct. The Fed model, although developed in the United States, can be applied to the 

5、【单选题】

A.–2.30%.

B.0.07%.

C.4.60%.

正确答案:C

答案解析:C is correct. The total expected return is calculated as follows:

6、【单选题】

A.Aschel

B.Permot

C.Rosaiso

正确答案:B

答案解析:B is correct. Permot has the highest percentage of floating-coupon bonds and inflation-linked bonds. 

7、Which of the following is least likely to be considered an advertisement for the purposes of the GIPS Advertising Guidelines?【单选题】

A.A letter addressed to prospective clients.

B.Written material used in one-on-one presentations.

C.A quarterly report e-mailed to multiple existing clients.?

正确答案:B

答案解析:B is correct. The following definition of “advertisement” is provided in the GIPS Advertising Guidelines: “For the purposes of these guidelines, an advertisement includes any materials that are distributed to or designed for use in newspapers, magazines, firm brochures, letters, media, or any other written or electronic material addressed to more than one prospective client. Any written material, other than one-on-one presentations and individual client reporting, distributed to maintain existing clients or solicit new clients for a firm is considered an advertisement.”

8、Sigma can most likely reduce credit risk in its OTC derivatives positions by changing which of the following practices?【单选题】

A.Netting

B.Frequency of marking to market

C.Limiting counterparty exposure

正确答案:B

答案解析:Sigma typically enters two-year contracts and does not mark to market until expiration of the contract. Increasing the frequency of the marking to market will decrease credit risk. When a contract is marked to market, the party for whom the contract has a positive value receives payment from the counterparty, thus eliminating credit risk. Consequently, more frequent marking to market decreases credit risk.

9、In considering the venture capital timeline, the most suitable financing stage for the Arbuckel family is most likely:【单选题】

A.the first stage.

B.the second stage.

C.the third stage.

正确答案:B

答案解析:Venture Capital that supports the initial expansion of a company already producing and selling a product is considered Second-Stage financing.

10、Is Monts’s Statement 2 mostly likely correct?【单选题】

A.No, she is incorrect about corporate bonds

B.No, she is incorrect about mortgage-backed securities

C.Yes

正确答案:C

答案解析:When securities have a contingent claim provision, explicit or implicit, there is an associated risk. In a falling-rate scenario, the manager may have higher coupon payments halted and receive principal, as is the case with mortgage-backed securities. Mortgage-backed securities thus have contingent claims risk. Fixed-rate corporate bullet bonds do not have contingent claims risk.