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、Jurgen is a portfolio manager. One of her firm’s clients has told Jurgen that he will compensate her beyond the compensation provided by her firm on the basis of the capital appreciation of his portfolio each year. Jurgen should:【单选题】

A.Turn down the additional compensation because it will result in conflicts with the interests of other clients’ accounts.

B.Turn down the additional compensation because it will create undue pressure on her to achieve strong short-term performance.

C.Obtain permission from her employer prior to accepting the compensation arrangement.

正确答案:C

答案解析:The correct answer is C. This question involves Standard IV(B)—Additional Compensation Arrangements. The arrangement described in the question—whereby Jurgen would be compensated beyond the compensation provided by her firm, on the basis of an account’s performance—is not a violation of the Standards as long as Jurgen discloses the arrangement in writing to her employer and obtains permission from her employer prior to entering into the arrangement. Answers A and B are incorrect; although the private compensation arrangement could conflict with the interests of other clients and lead to short-term performance pressures, members and candidates may enter into such agreements as long as they have disclosed the arrangements to their employer and obtained permission for the arrangement from their employer.

2、ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.【单选题】

A.Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.

B.Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new accounts into their composite calculation.

C.Cupp violated the Code and Standards because the inclusion of the new account produces an inaccurate calculation of the monthly results according to the firm’s stated policies.

正确答案:C

答案解析:Answer C is correct. Cupp violated Standard III(D)—Performance Presentations when he deviated from the firm’s stated policies solely to capture the gain from the holding being acquired. Answer A is incorrect because the firm does not claim GIPS compliance and the GIPS standards require external cash flows to be treated in a consistent manner with the firm’s documented policies. Answer B is incorrect because the firm does not state that it is updating its composite policies. If such a change were to occur, all cash flows for the month would have to be reviewed to ensure their consistent treatment under the new policy.

3、【单选题】

A.Portfolio 1

B.Portfolio 2

C.Portfolio 3

正确答案:C

答案解析:C is correct. Of the three portfolios, Portfolio 3 has the lowest cash holding and the lowest fees. As a 

4、【单选题】

A.–2.56%.

B.0.54%.

C.5.66%.

正确答案:B

答案解析:B is correct. The rolling yield is the sum of the yield income and the rolldown return. Yield income is

5、Raye’s approach to rebalancing global equities is consistent with:【单选题】

A.the Laws’ being risk averse.

B.global equities’ having higher transaction costs than other asset classes.

C.global equities’ having lower correlations with other asset classes.

正确答案:B

答案解析:B is correct. Using the cost–benefit approach, higher transaction costs for an asset class 

6、With regard to the use of an interest rate swap, is Bazlamit correct with regard to the type of interest rate swap and the effect on interest sensitivity of the overall position?【单选题】

A.Type of interest rate swap: YES and Interest Rate Sensitivity: YES

B.Type of interest rate swap: NO and Interest Rate Sensitivity: NO

C.Type of interest rate swap:YES and Interest Rate Sensitivity: NO

正确答案:C

答案解析:Bazlamit is correct with regard to the type of interest rate swap but incorrect with regard to the impact of the swap on the interest rate sensitivity of the overall position. Because Viewmont Corporation has a variable rate loan, entering into an interest rate swap to pay a fixed receive a variable interest rate would stabilize cash outflows and thus hedge the firm's interest rate risk. But, the swap converts the variable rate loan to a fixed rate loan. Because the duration of the fixed-rate loan will exceed the duration of the variable rate loan, the interest rate sensitivity of the overall position increases.

7、The most appropriate approach for Bayside to achieve Objective 2 is to invest in small-cap stocks using a:【单选题】

A.long-only strategy.

B.market-neutral long–short strategy.

C.short extension strategy.

正确答案:B

答案解析:A market-neutral long–short strategy implemented by using small-cap stocks will help Bayside earn alpha associated with small-cap stocks but without beta exposure to the 

8、Under the GIPS standards, the most accurate statement is that actual direct trading expenses do not include:【单选题】

A.spreads from internal brokers.

B.brokerage commissions.

C.custody fees charged per transaction.

正确答案:C

答案解析:C is correct. The GIPS Glossary defines trading expenses as “the actual costs of buying or selling investments” and states, “These costs typically take the form of brokerage commissions, exchange fees and/ or taxes, and/ or bid-offer spreads from either internal or external brokers. Custodial fees charged per transaction should be considered custody fees and not trading expenses.”

9、【单选题】

A.40 million.

B.160 million.

C.240 million.

正确答案:B

答案解析:

10、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.