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.Macro factors

B.Expected excess returns

C.

正确答案:B

答案解析:B is correct. Analyzing expected excess returns against the expected magnitude of the credit-related risks is 

2、Using the data in Exhibit 3 and the investment team's approach to predict the Fed's next move, the new fed funds rate will most likely be:【单选题】

A.2.9%.

B.2.1%.

C.2.6%.

正确答案:B

答案解析:The Taylor rule is

3、【单选题】

A.it better reflects a structure trade.

B.it better reflects a top-down approach to portfolio management.

C.a total return approach is a far superior framework.

正确答案:C

答案解析:Yield measures have limitations as an indicator of potential performance. The total return framework is a superior framework for assessing potential performance for a trade.

4、Statement 2 is:【单选题】

A.correct.

B.

C.

正确答案:B

答案解析:B is correct. In distressed debt arbitrage the investor buys the distressed company’s debt at steep discount and shorts its equity. 

5、【单选题】

A.Basic Materials.

B.Communication.

C.Financial Services.

正确答案:C

答案解析:C is correct because Within-Sector Selection Return for sector j is given by

6、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.”

7、Albert and Tye, who recently started their own investment advisory business, have registered to take the Level III CFA examination. Albert’s business card reads, “Judy Albert, CFA Level II.” Tye has not put anything about the CFA designation on his business card, but promotional material that he designed for the business describes the CFA requirements and indicates that Tye participates in the CFA Program and has completed Levels I and II. According to the Standards:【单选题】

A.Albert has violated the Standards, but Tye has not.

B.Tye has violated the Standards, but Albert has not.

C.Both Albert and Tye have violated the Standards.

正确答案:A

答案解析:The correct answer is A. Standard VII(B)—Reference to CFA Institute, the CFA Designation, and the CFA Program is the subject of this question. The reference on Albert’s business card implies that there is a “CFA Level II” designation; Tye merely indicates in promotional material that he is participating in the CFA Program and has completed Levels I and II. Candidates may not imply that there is some sort of partial designation earned after passing a level of the CFA exam. Therefore, Albert has violated Standard VII(B). Candidates may communicate that they are participating in the CFA Program, however, and may state the levels that they have completed. Therefore, Tye has not violated Standard VII(B).

8、DAM is most likely to be characterized as:【单选题】

A.

B.

C.

正确答案:A

答案解析:A is correct. Value-motivated traders are patient, infrequent traders driven by differences between 

9、Regarding the notes to Exhibit 1, the GIPS standards would most likely imply that:【单选题】

A.Notes 1 and 7 are required and Note 2 is recommended.

B.Notes 3 and 8 are required and Note 6 is recommended.

C.Notes 1 and 2 are required and Note 7 is recommended.

正确答案:A

答案解析:Note 1 is required. It describes the definition of the firm used to determine the total firm assets. Note 2 is recommended because the firm is encouraged but not required to provide a list of the firms contained within the parent company. Note 7 is required because firms must disclose which dispersion measure is presented.

10、Assuming normally distributed returns, the 5% yearly VaR for Alpha's portfolio is closest to:【单选题】

A.$8,052,000.

B.$5,892,000.

C.$2,980,000.

正确答案:B

答案解析:There is a 5% chance the portfolio will lose 29.46%: