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、Using the data in Exhibits 1 and Sorenson's assumption about the appropriate discount rate, the fair value of the EuroCountryX Stock Index using the Gordon growth model is closest to:【单选题】

A.€3,677.

B.€4,415.

C.€3,595.

正确答案:A

答案解析:

2、【单选题】

A.can be used for non-US 

B.captures the net present value of growth investment opportunities available 

C.

正确答案:A

答案解析:A is correct. The Fed model, although developed in the United States, can be applied to the 

3、Based on Seymour’s statement regarding international interest rates, as well as the data in Exhibit 3, the impact of a 100bp decline in US interest rates on the model portfolio’s value would be closest to:【单选题】

A.3.41%.

B.4.02%.

C.4.93%.

正确答案:C

答案解析:The US component contributes 3.96 in duration to the portfolio (0.60 × 6.6 = 3.96); therefore, a 1% change will contribute +/–3.96% to the value of the portfolio. The German component contributes 1.56 in duration (0.4 × 3.9 = 1.56) but moves only 0.62 times the movement in US rates, thus contributing +/–0.97% to portfolio return (1.56 × 0.62 = 0.97). The total impact is +/–4.93% (3.96 + 0.97 = 4.93).

4、What are the GIPS requirements for the Contrarian composite of Nigel Investment Advisors?【单选题】

A.

B.

C.

正确答案:B

答案解析:Under GIPS, all fee-paying, discretionary portfolios must be included in at least one composite. There is no minimum 

5、【单选题】

A.0.84.

B.1.19.

C.1.48.

正确答案:A

答案解析:A is correct. To execute Strategy 1, 216 contracts would have been sold three months ago on 15 

6、【单选题】

A.Fund A.

B.Fund B.

C.Fund C.

正确答案:A

答案解析:A is correct. Use of a longer measurement interval will help to lower annualized volatility estimates; illiquid assets or stale prices 

7、【单选题】

A.disassociate from Blackmore’s activities.

B.

C.

正确答案:A

答案解析:Blackmore's use of derivatives without knowing whether they are allowed according to the Plan's IPS is a violation of Loyalty, 

8、Rule has worked as a portfolio manager for a large investment management firm for the past 10 years. Rule earned his CFA charter last year and has decided to open his own investment management firm. After leaving his current employer, Rule creates some marketing material for his new firm. He states in the material, “In earning the CFA charter, a highly regarded credential in the investment management industry, I further enhanced the portfolio management skills learned during my professional career. While completing the examination process in three consecutive years, I consistently received the highest possible scores on the topics of Ethics, Alternative Investments, and Portfolio Management.” Has Rule violated Standard VII(B)—Reference to CFA Institute, the CFA Designation, and the CFA Program in his marketing material?【单选题】

A.Rule violated Standard VII(B) in stating that he completed the exams in three consecutive years.

B.Rule violated Standard VII(B) in stating that he received the highest scores in the topics of Ethics, Alternative Investments, and Portfolio Management.

C.Rule did not violate Standard VII(B).

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. CFA Program candidates do not receive their actual scores on the exam. Topic and subtopic results are grouped into three broad categories, and the exam is graded only as “pass” or “fail.” Although a candidate may have achieved a topical score of “above 70%,” she or he cannot factually state that she or he received the highest possible score because that information is not reported. Thus, answer C is incorrect. Answer A is incorrect as long as the member or candidate actually completed the exams consecutively. Standard VII(B) does not prohibit the communication of factual information about completing the CFA Program in three consecutive years.

9、【单选题】

A.No, because additional holdings data are required

B.Yes

C.No, because additional index data are required

正确答案:A

答案解析:Holdings data are required to create a style box and interpret the results. Gatchell is given the styles and the assets under management but not each individual investment or holding that each investment manager has selected.

10、Grey’s statement regarding the impact of RiteVal’s inflation scenario is most likely:【单选题】

A.correct.

B.incorrect because of his comment about real estate.

C.incorrect because of his comment about equities.

正确答案:B

答案解析:In deflation, real estate experiences downward pricing pressure (negative) and bonds benefit from improving purchasing power (positive). Therefore, Grey’s comment about real estate is incorrect. In equilibrium, inflation at or below expectations is a positive for equities. The comment about equities is correct.