2020年CFA考试《CFA三级》考试共240题，分为单选题。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、【单选题】

A.US Bonds: Overweight; European Bonds: Underweight; US Two-Year 

B.US Bonds: Overweight; European Bonds: Underweight; US Two-Year BB: Underweight; US Five-Year BB: Overweight

C.US Bonds: Underweight; European Bonds: Overweight; US Two-Year BB: Underweight; US Five-Year BB: Overweight

正确答案:B

答案解析:B is correct. Petit should recommend markets in which yields are expected to decline relative to other 

2、【单选题】

A.$31,824.

B.$37,128.

C.$68,952.

正确答案:B

答案解析:B is correct.

3、【单选题】

A.buying an asset class in which she has no prior management experience.

B.buying assets that are inconsistent with the portfolio’s Investment Policy 

C.failing to notify the client that she would temporarily deviate from the client’s 

正确答案:B

答案解析:B is correct. Under no circumstances should a manager take investment action that is inconsistent with 

4、In the footnote of the promotional material about the performance of his portfolio trading strategy, Litman is least likely in compliance with the CFA Institute Standards of Professional Conduct with respect to:【单选题】

A.taxes.

B.results.

C.fees.

正确答案:B

答案解析:Standard III(D)–Performance Presentation allows the use of simulated performance analysis as long as it is clearly stated that the results are simulated. Litman uses historical data over 20 years, but he has only managed actual accounts for friends for 10 years. Consequently, he should have stated in the footnote that the results were simulated.

5、Gravite Asset Management started managing tax-efficient fixed income portfolios in January 1999. However, because the firm initially did not have a suitable portfolio accounting system, accrued income was not included in market valuations until June 1999. Under the GIPS standards, if Gravite presents the performance of the tax efficient fixed income composite since inception, it must:【单选题】

A.disclose the period of non-compliance.

B.bring the non-compliant returns into compliance.

C.estimate the return including accrued income in the first half of 1999.

正确答案:A

答案解析:A is correct. “For any performance presented for periods prior to 1 January 2000 that does not comply with the GIPS standards, firms must disclose the periods of non-compliance (I.4.A.15).” Provision I.5.B.8 recommends that firms comply with the GIPS Standards for all historical periods.

6、The pair of swaps Sharma should most likely describe are:【单选题】

A.Equity Swap: Pay Libor, Receive return on equity index, Fixed Income Swap: Pay Libor, Receive return on bond index

B.Equity Swap: Pay return on equity index, Receive Libor, Fixed Income Swap: Pay Libor, Receive return on bond index

C.

正确答案:B

答案解析:The correct combination of swaps is:

7、Scott works for a regional brokerage firm. He estimates that Walkton Industries will increase its dividend by US$1.50 a share during the next year. He realizes that this increase is contingent on pending legislation that would, if enacted, give Walkton a substantial tax break. The US representative for Walkton’s home district has told Scott that, although she is lobbying hard for the bill and prospects for its passage are favorable, concern of the US Congress over the federal deficit could cause the tax bill to be voted down. Walkton Industries has not made any statements about a change in dividend policy. Scott writes in his research report, “We expect Walkton’s stock price to rise by at least US$8.00 a share by the end of the year because the dividend will increase by US$1.50 a share. Investors buying the stock at the current time should expect to realize a total return of at least 15% on the stock.” According to the Standards:【单选题】

A.Scott violated the Standards because he used material inside information.

B.Scott violated the Standards because he failed to separate opinion from fact.

C.Scott violated the Standards by basing his research on uncertain predictions of future government action.

正确答案:B

答案解析:The correct answer is B. This question relates to Standard V(B)—Communication with Clients and Prospective Clients. Scott has issued a research report stating that he expects the price of Walkton Industries stock to rise by US$8 a share “because the dividend will increase” by US$1.50 per share. He has made this statement knowing that the dividend will increase only if Congress enacts certain legislation, an uncertain prospect. By stating that the dividend will increase, Scott failed to separate fact from opinion.

8、【单选题】

A.de-risking.

B.systematic tactical asset allocation.

C.discretionary tactical asset allocation.

正确答案:B

答案解析:B is correct. Using rules-based, quantitative signals, systematic tactical asset allocation 

9、During Pena's conversation with Martinez, which of the following Standards is least likely to have been violated?【单选题】

A.Misrepresentation

B.Reference to the CFA Program

C.Loyalty

正确答案:B

答案解析:In the conversation with Martinez, Pena did not violate Standard VII(B)—Reference to CFA Institute, the CFA Designation, and the CFA Program because he did not call himself a candidate but explained his participation in the program and properly stated that he had passed Levels I and II of the CFA Program. Pena's statement regarding damaging rumors about Northwest Securities was in violation of Standard IV(A)—Loyalty because it could cause harm to his current employer. Pena also implied that he had completed his university work to obtain a degree when he did not clarify his failure to receive a degree, a violation of Standard I(C)—Misrepresentation.

10、Given Austin’s time horizon, the amount by which spreads for BTP bonds could widen before their yield advantage relative to Treasuries would be eliminated is closest to:【单选题】

A.37 bps.

B.52 bps.

C.

正确答案:C

答案解析:The yield advantage is 350 bps annually, or 175 bps over Austin’s six-month horizon. The BTP bond has a duration of 6.75; therefore, 1.75% = 6.75 × W. This can be reduced to 175/6.75 = 26, so W = 26 bps.