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、【单选题】

A.firm.

B.composite strategy.

C.extent and use of leverage and derivatives.

正确答案:B

答案解析:B is correct. Herrschaft’s description of the composite strategy is uninformative. It would most likely be possible for 

2、What response would Hackett most likely give to Jardins' senior management regarding their risk management process? The firm should:【单选题】

A.define its risk tolerance before identifying the risks it faces.

B.identify the risks it faces before setting policies and procedures.

C.measure its risk levels before defining its risk tolerance.

正确答案:A

答案解析:The risk management process is as follows: (1) set policies and procedures, (2) define risk tolerance, (3) identify risks, (4) measure risks, and (5) adjust the level of risk.

3、【单选题】

A.decreased.

B.remained unchanged.

C.increased.

正确答案:B

答案解析:B is correct. Active share changes only if the total of the absolute values of the portfolio’s 

4、The pair of swaps Sharma should most likely describe are:【单选题】

A.Equity Swap: Pay Libor, Receive return on equity index, Fixed Income Swap: Pay Libor, Receive return on bond index

B.Equity Swap: Pay return on equity index, Receive Libor, Fixed Income Swap: Pay Libor, Receive return on bond index

C.

正确答案:B

答案解析:The correct combination of swaps is:

5、The SPES composite’s investment multiple (TVPI) is closest to:【单选题】

A.0.13

B.0.86

C.1.12

正确答案:C

答案解析:C is correct. The GIPS Glossary defines the TVPI (real estate and private equity) as “total value divided by since inception 

6、【单选题】

A.Loyalty to Clients.

B.Investment Process and Actions.

C.Risk Management, Compliance, and Support.

正确答案:C

答案解析:The AMC applies to organizations, not individuals. It does not conflict with the AMC but requires actions only the firm can 

7、【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 

8、【单选题】

A.￡1,930,929.

B.￡1,962,776.

C.￡1,994,447.

正确答案:B

答案解析:B is correct.

9、An investment management firm has been hired by ETV Corporation to work on an additional public offering for the company. The firm’s brokerage unit now has a “sell” recommendation on ETV, but the head of the investment banking department has asked the head of the brokerage unit to change the recommendation from “sell” to “buy.” According to the Standards, the head of the brokerage 【单选题】

A.Increase the recommendation by no more than one increment (in this case, to a “hold” recommendation).

B.Place the company on a restricted list and give only factual information about the company.

C.Assign a new analyst to decide if the stock deserves a higher rating.

正确答案:B

答案解析:The correct answer is B. This question relates to Standard I(B)—Independence and Objectivity. When asked to change a recommendation on a company stock to gain business for the firm, the head of the brokerage unit must refuse in order to maintain his independence and objectivity in making recommendations. He must not yield to pressure by the firm’s investment banking department. To avoid the appearance of a conflict of interest, the firm should discontinue issuing recommendations about the company. Answer A is incorrect; changing the recommendation in any manner that is contrary to the analyst’s opinion violates the duty to maintain independence and objectivity. Answer C is incorrect because merely assigning a new analyst to decide whether the stock deserves a higher rating will not address the conflict of interest.

10、If the 180-day LIBOR rate in 60 days is 2.25%, based on information in Exhibit 1, the effective annual interest rate on Viewmont's USD50,000,000 loan is closest to:【单选题】

A.3%

B.2%

C.1%

正确答案:B

答案解析:Future value of call premium in 60 days = 150,000 [1+(0.015 + 0.005)(60/360)] = USD150,500