下载亿题库APP
联系电话:400-660-1360
请谨慎保管和记忆你的密码,以免泄露和丢失
请谨慎保管和记忆你的密码,以免泄露和丢失
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、Which new client would most likely be identified as a friendly follower?【单选题】
A.Blake.
B.Neilson.
C.Williamson.
正确答案:C
答案解析:C is correct. Friendly followers are passive investors with low to moderate risk tolerance.
2、【单选题】
A.$343 million.
B.$353 million.
C.$375 million.
正确答案:B
答案解析:B is correct. Lopez would like to reduce the duration of the bond portfolio by 50% from 6 years
3、As a result of Fund 3’s two trades, the portfolio’s active risk most likely:【单选题】
A.decreased.
B.remained unchanged.
C.increased.
正确答案:C
答案解析:C is correct. Active risk is affected by the degree of cross-correlation. The correlation of two
4、Based on the information presented in Exhibit 1, the maximum loss per contract for Strategy B is closest to:【单选题】
A.$20,900.
B.$10,350.
C.$12,850.
正确答案:C
答案解析:The straddle consists of a long call and a long put at a strike price of $1,125. The maximum loss occurs when the index is at $1,125, when the call and put are at the money. The maximum loss = Call premium + Put premium = $80.50 + $48.00 = $128.50. Per the contract, the loss is $100 × $128.50 = $12,850.
5、To carry out the proposed adjustment to the KPM Inc. pension portfolio, the number of S&P 400 MidCap futures Bing would need to sell and the number of Barclays US Aggregate Bond Index futures she would need to buy, respectively, are closest to:【单选题】
A.76 S&P 400 MidCap Futures and 265 Barclays US Bond Futures
B.99 S&P 400 MidCap Futures and 287 Barclays US Bond Futures
C.128 S&P 400 MidCap Futures and 312 Barclays US Bond Futures
正确答案:C
答案解析:$950,000,000 ? 0.05 = $47,500,000 to be converted from equity to cash to bonds.
6、Method 1’s portfolio construction process is most likely:【单选题】
A.optimization.
B.full replication.
C.stratified sampling.
正确答案:B
答案解析:B is correct. Full replication occurs when a manager holds all securities represented by the index in
7、The characteristic of the repurchase agreement considered by Kapoor that would most likely increase the repo rate is the:【单选题】
A.delivery equipment.
B.term.
C.collateral.
正确答案:B
答案解析:Typically, the longer the maturity, the higher the rate. The very short end of the yield curve is typically upward sloping, leading to higher yields being required on longer-term repos.
8、With respect to the swaption, is Montero most likely correct?【单选题】
A.No, he is incorrect about the net interest rate paid.
B.No, he is incorrect about the type of swaption.
C.Yes.
正确答案:A
答案解析:He is correct about the purchase of the payer swaption. But the net interest payment is likely to be in excess of 3.5%. If the fixed rate in 60 days is above 3%, the swaption will be exercised, thus locking in 3%. But the loan has a rate of LIBOR + 0.50%, and the floating receipt on the swap is LIBOR. So the net effect is that the interest payment will likely be in excess of 3.5%.
9、The client of Statement 6 is most likely behaving consistently with:【单选题】
A.prospect theory.
B.expected utility theory.
C.behavioral portfolio theory.
正确答案:C
答案解析:C is correct. The client of Statement 6 is behaving consistently with behavioral portfolio theory. The
10、With respect to its current compliance officer, do Twain's actions and procedures most likely comply with the recommendations and requirements of the Asset Manager Code of Professional Conduct?【单选题】
A.No, with regard to independence
B.Yes
C.No, with regard to reporting to the CEO
正确答案:A
答案解析:According to the recommendations and guidance in the Asset Manager Code because the compliance officer should be independent of any investment and operations personnel.
What are the indices for a skewed distribution?:What are the indices for a skewed distribution?
What are the responsibilities of the members in reference to the CFA Institute?:Once accepted as a member:每年交述职报告和年费but must not over promise the competency and future investment results.Case
What members and candidates should notice in CFA examinations?:or security of the CFA examinations.(不能恶心CFA),考试不能作弊:考试内容要保密:A. No.:Responsibilities as a CFA Institute Member.right④Case
微信扫码关注公众号
获取更多考试热门资料