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.Current Portfolio

B.Pro Forma Portfolio 1

C.Pro Forma Portfolio 2

正确答案:C

答案解析:C is correct. Given Edgarton’s expectation for a steepening yield curve, the best strategy is to shorten the portfolio duration 

2、Based on Exhibit 1, the gain in convexity from Hirji’s suggestion is closest to:【单选题】

A.0.423.

B.1.124.

C.1.205.

正确答案:A

答案解析:A is correct. To maintain the effective duration match, the duration of the 10-year bond sale must equal the total weighted 

3、Jose DiCenzo has some securities worth €50,000 that have a cost basis of €75,000. If he sells those securities and can use the realized losses to offset other realized gains, how much can DiCenzo reduce his taxes in the current tax year assuming capital gains are taxed at 30 percent?【单选题】

A.€7,500.

B.€15,000.

C.€17,500.

正确答案:A

答案解析:A is correct. DiCenzo has a €75,000 - €50,000 = €25,000 unrealized loss. Assuming that realizing this loss will decrease his taxable gains by the same amount, his tax bill in the current year will be reduced by 0.30 × €25,000 = €7,500.

4、【单选题】

A.temporarily switch the Hartford portfolio to the firm’s miscellaneous 

B.

C.exclude the Hartford portfolio from the core-plus

正确答案:C

答案解析:C is correct. Provision I.3.A.9 states in pertinent part, “If the firm sets a minimum asset level for portfolios to be included in 

5、The levered portfolio return for Aschel is closest to:【单选题】

A.7.25%.

B.7.71%.

C.8.96%.

正确答案:B

答案解析:B is correct. The return for Aschel is 7.71%, calculated as follows.

6、Based on Exhibits 2 and 3, assuming a 5% increase in prices for each underlying asset in the next 12 months, DPAM will most likely obtain the largest roll return from:【单选题】

A.Position 5.

B.Position 3.

C.Position 4.

正确答案:B

答案解析:Position 3 would provide the largest roll return. A long position in backwardation will produce a greater roll return than a position in contango if the price increases. In backwardation, futures prices with a longer time to maturity are lower than the current spot price. In contango, the futures price is greater than the spot price. The backwardation in the wheat futures is greater than that in Australian dollars and thus has a greater roll return.

7、In their discussion of the Rune Europe division, which of the following is most likely correct?【单选题】

A.Ng's analysis, because of how the division markets itself

B.Arnott's analysis, because of how the division is managed

C.Arnott's analysis, because of how the strategies are run

正确答案:A

答案解析:Ng is correct. Because Rune Europe is using the Rune Managers name and marketing materials, the division is not being held out to clients or potential clients as a distinct business entity and so it should be included in the definition of the firm.

8、What are the GIPS requirements for the Cypress University portfolio in the Global Equity Growth composite of Nigel 【单选题】

A.

B.

C.

正确答案:A

答案解析:The Cypress University portfolio is still a discretionary portfolio (i.e., the ethical investing restriction does not limit the ability 

9、【单选题】

A.violations: No. compensation: No.

B.violations: No. compensation: Yes.

C.violations: Yes. compensation: No.

正确答案:A

答案解析:A is correct. The Standards require that the supervisor promptly initiate an investigation to ascertain 

10、【单选题】

A.Herrschaft Asset Management Corporation claims compliance with the 

B.

C.Herrschaft Asset Management Corporation has prepared and presented this 

正确答案:A

答案解析:A is correct. Answer A presents the prescribed wording of the GIPS Advertising Guidelines compliance statement.