2020年CFA考试《CFA三级》考试共题，分为。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、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.

2、【单选题】

A.execute the trade immediately.

B.

C.execute the trade only after consulting the firm’s legal 

正确答案:A

答案解析:Since Blackmore is Lange's supervisor and well experienced (including holding the CFA designation), and Lange has no 

3、The whole life insurance policy feature described by Lansky is a:【单选题】

A.non-forfeiture 

B.

C.guaranteed insurability rider.

正确答案:A

答案解析:A is correct. The whole life insurance policy feature described is a non-forfeiture clause, 

4、With respect to the relative merits of internal dispersion measures, Walter is least likely correct about:【单选题】

A.high–low range.

B.standard deviation.

C.interquartile range.

正确答案:C

答案解析:Walter is correct about the high–low range, which is skewed by outliers. He is also correct that the standard deviation allows for comparability across investment firms. He is incorrect, however, about the interquartile range. Because this measure includes only the middle 50% of portfolio returns, thus excluding extreme observations, it is not affected by outliers.

5、【单选题】

A.all composites.

B.total firm assets.

C.

正确答案:A

答案解析:A is correct. The client’s prior approval authority for security transactions appears to render the portfolio non-discretionary.