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、Which statement about a manager’s use of client brokerage commissions violates the Code and Standards?【单选题】

A.A client may direct a manager to use that client’s brokerage commissions to purchase goods and services for that client.

B.Client brokerage commissions should be used to benefit the client and should be commensurate with the value of the brokerage and research services received.

C.Client brokerage commissions may be directed to pay for the investment manager’s operating expenses.

正确答案:C

答案解析:The correct answer is C. This question involves Standard III(A)—Loyalty, Prudence, and Care and the specific topic of soft dollars or soft commissions. Answer C is the correct choice because client brokerage commissions may not be directed to pay for the investment manager’s operating expenses. Answer B describes how members and candidates should determine how to use brokerage commissions—that is, if the use is in the best interests of clients and is commensurate with the value of the services provided. Answer A describes a practice that is commonly referred to as “directed brokerage.” Because brokerage is an asset of the client and is used to benefit the client, not the manager, such practice does not violate a duty of loyalty to the client. Members and candidates are obligated in all situations to disclose to clients their practices in the use of client brokerage commissions.

2、【单选题】

A.Hindsight bias

B.Availability bias

C.Illusion of control

正确答案:B

答案解析:B is correct. Availability bias is an information-processing bias in which people take a 

3、【单选题】

A.cash.

B.bonds.

C.equities.

正确答案:A

答案解析:A is correct. The changing character of liabilities through time affects the asset allocation 

4、【单选题】

A.developed markets equity and decrease its allocation to infrastructure.

B.

C.

正确答案:A

答案解析:A is correct. The forecast for expected excess returns is positive for developed markets 

5、When an ethical dilemma occurs, an investment professional should most likely first raise the issue with a:【单选题】

A.mentor outside the firm.

B.professional body’s hotline.

C.senior individual in the firm.

正确答案:C

答案解析:C is correct. When a dilemma occurs, raising an issue internally is often a good starting place and creates an opportunity for an independent internal review. Protecting the client and the firm may take priority over the position of an individual professional raising a concern.

6、Which of Houston’s statements regarding repurchase agreements is least likely correct:【单选题】

A.Statement 3

B.Statement 2

C.Statement 1

正确答案:A

答案解析:Statement 3 is incorrect. The more difficult it is to obtain the securities, the lower the repo rate. Some securities may be in short supply and difficult to obtain. To acquire these securities, the buyer of the securities (i.e., the lender of funds) may be willing to accept a lower rate.

7、【单选题】

A.$300,000.

B.$400,000.

C.$500,000.

正确答案:B

答案解析:B is correct. WMTC would enter the interest rate swap as the pay-fixed, receive-floating party, 

8、Are Sarkar’s statements on the methods that can be used to implement the investment approach for Hayes Endowment correct?【单选题】

A.No, Method 2 is incorrect.

B.No, Method 1 is incorrect.

C.Yes.

正确答案:A

答案解析:Method 2 is incorrect. Semiactive strategies are appropriate for the Hayes Endowment. They come in two forms: a derivatives-based strategy (Method 1) and a stock-based strategy (Method 2). The derivatives-based strategy is described accurately by Sarkar. But the description of Method 2, the stock-based strategy, is incorrect. In a stock-based strategy, all decisions regarding stock holdings are made relative to the benchmark weight. That is, if the manager has no opinion on the stock, then he will hold it in his portfolio at the benchmark weight. If he has a negative opinion, then he will underweight it relative to the benchmark weight. The manager will overweight the stock in his portfolio if he has a positive expectation for the stock. Sarkar is incorrect when he states: “Here the manager will only invest in stocks expected to outperform the index. If the manager has no opinion on a stock, or if the stock is expected to underperform, then the stock will not be included in the investment portfolio.”

9、【单选题】

A.Yes.

B.

C.

正确答案:A

答案解析:A is correct. Both statements are correct. Hedgers may pay a risk premium to liquidity providers for the insurance they obtain so 

10、【单选题】

A.Only Statement 1

B.Only Statement 2

C.Both Statement 1 and Statement 2

正确答案:C

答案解析:C is correct. Both Statement 1 and Statement 2 are correct.