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、Method 2’s portfolio construction process is most likely:【单选题】

A.optimization.

B.full replication.

C.stratified sampling.

正确答案:C

答案解析:C is correct. Stratified sampling methods are most frequently used when a portfolio manager is 

2、Which of the notes regarding the Elmer Fund is correct?【单选题】

A.Only Note 4

B.Only Note 5

C.Both Note 4 and Note 5

正确答案:A

答案解析:A is correct. For passively managed portfolios, management fees are typically low because of 

3、Which of Seymour’s comments regarding alternative ways to alter the portfolio’s duration is most likely correct?【单选题】

A.The comment regarding a protective put

B.The comment regarding interest rate swaps

C.The comment regarding the covered call

正确答案:A

答案解析:The protective put buying strategy establishes a minimum value for the portfolio if interest rates rise but allows the manager to benefit from a decline in rates if the manager’s view does not materialize.

4、Is Burg correct with regard to his recommendations to the committee regarding benchmarks for the pension and endowment respectively?【单选题】

A.Pension: Correct, Endowment: Incorrect

B.Pension: Incorrect, Endowment: Correct

C.Pension: Correct, Endowment: Correct

正确答案:B

答案解析:The investor with liabilities will measure success by whether the portfolio generates the funds necessary to pay out the cash outflows associated with the liabilities-in this case, a defined benefit pension plan. Meeting the liability is the investment objective; as such, it also becomes the benchmark for the portfolio. The endowment is focused on measuring the success of its fixed-income managers and does not have a specific liability to meet, therefore a bond market index is an appropriate benchmark.

5、Which policy regarding input data is least likely compliant with the GIPS standards?【单选题】

A.Policy 2

B.Policy 3

C.Policy 1

正确答案:A

答案解析:The GIPS standards require all transactions to be recognized on the trade date and not the settlement date. Trade date is when the transaction takes place, whereas settlement date is when the exchange of cash, securities, and paperwork involved in a transaction is completed.

6、【单选题】

A.a description of the benchmark.

B.the benchmark construction rules.

C.how often the benchmark is rebalanced.

正确答案:A

答案解析:A is correct. GIPS Provision III.B.8 states, “All advertisements that include a claim of compliance with the GIPS standards 

7、【单选题】

A.any occupation.

B.Adrian’s regular occupation.

C.any occupation for which Adrian is suited by education and experience.

正确答案:B

答案解析:B is correct. The most comprehensive policy would define disability as the inability to 

8、Which element of Reinfeldt's explanation about risk governance is least likely correct?【单选题】

A.Ranges for exposures

B.Individual risk factors

C.Risk management policies

正确答案:B

答案解析:Risk management incorporates a centralized type of risk management called "enterprise risk management" (ERM). ERM's distinguishing feature is a firm-wide or across-enterprise perspective. The corporate governance structure is much broader than risk governance and encompasses the system of internal controls and procedures used to manage individual companies.

9、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.

10、Based on Exhibit 2, the portfolio with the greatest structural risk is:【单选题】

A.Portfolio A.

B.Portfolio B.

C.Portfolio C.

正确答案:C

答案解析:C is correct. Structural risk arises from the design of the duration-matching portfolio. It is reduced by