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、Quinn sat for the Level III CFA exam this past weekend. He updates his resume with the following statement: “In finishing the CFA Program, I improved my skills related to researching investments and managing portfolios. I will be eligible for the CFA charter upon completion of the required work experience.”【单选题】

A.Quinn violated the Code and Standards by claiming he improved his skills through the CFA Program.

B.Quinn violated the Code and Standards by incorrectly stating that he is eligible for the CFA charter.

C.Quinn did not violate the Code and Standards with his resume update.

正确答案:B

答案解析:Answer B is correct. According to Standard VII(B)—Reference to CFA Institute, the CFA Designation, and the CFA Program, Quinn cannot claim to have finished the CFA Program or be eligible for the CFA charter until he officially learns that he has passed the Level III exam. Until the results for the most recent exam are released, those who sat for the exam should continue to refer to themselves as “candidates.” Thus, answer C is incorrect. Answer A is incorrect because members and candidates may discuss areas of practice in which they believe the CFA Program improved their personal skills.

2、【单选题】

A.less than Kirk’s.

B.the same as Kirk’s.

C.greater than Kirk’s.

正确答案:A

答案解析:A is correct. The income volatility adjustment reflects the fact that income from different 

3、【单选题】

A.Yes.

B.No, indirect commodity investments have been the most effective.

C.

正确答案:C

答案解析:C is correct. Historically, direct commodity investments that are (directly) related to the intensity of economic activity have had 

4、【单选题】

A.0%.

B.50%.

C.100%.

正确答案:A

答案解析:A is correct. Guten believes that, due to efficient currency markets, there should not be 

5、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, 

6、Which of the limitations of VaR analysis given by Reinfeldt is most likely correct?【单选题】

A.Limitation 1

B.Limitation 3

C.Limitation 2

正确答案:C

答案解析:VaR fails to incorporate positive results into its risk profile and, therefore, may provide an incomplete picture of overall exposures

7、Which of the following is least likely to be considered an advertisement for the purposes of the GIPS Advertising Guidelines?【单选题】

A.A letter addressed to prospective clients.

B.Written material used in one-on-one presentations.

C.A quarterly report e-mailed to multiple existing clients.?

正确答案:B

答案解析:B is correct. The following definition of “advertisement” is provided in the GIPS Advertising Guidelines: “For the purposes of these guidelines, an advertisement includes any materials that are distributed to or designed for use in newspapers, magazines, firm brochures, letters, media, or any other written or electronic material addressed to more than one prospective client. Any written material, other than one-on-one presentations and individual client reporting, distributed to maintain existing clients or solicit new clients for a firm is considered an advertisement.”

8、【单选题】

A.Portfolio X

B.Portfolio Y

C.Portfolio Z

正确答案:A

答案解析:A is correct. Well-constructed portfolios should have low idiosyncratic (unexplained) risk 

9、【单选题】

A.€673,247.

B.€683,247.

C.€690,747.

正确答案:B

答案解析:B is correct. The after tax wealth accumulation for deferred capital gains is

10、Consider a portfolio that is generally appreciating in value. Active trading is most likely to be least attractive in a:【单选题】

A.taxable account.

B.tax deferred account.

C.tax exempt account.

正确答案:A

答案解析:A is correct. Active trading would generate annually taxed income and is most appropriate for a tax-exempt account, all else equal. If a portfolio contains unrealized losses, however, a certain amount of trading activity is required to harvest tax losses. That is, tax-efficient management of stocks in taxable accounts does not require passive management. It requires passively allowing gains to grow unharvested, but actively realizing losses.