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、Which of the following would be most effective to prevent any violation of the Asset Manager Code of Professional Conduct as reflected in Akinyi's Recommendation 3?【单选题】

A.The Fund does not participate in any of V2020's private placements.

B.V2020 discloses to all clients the relationship between V2020 and the Fund.

C.The Fund only retains a minority shareholding in V2020.

正确答案:B

答案解析:The Fund would comply with the Asset Manager Code if it made full disclosure to all of its clients regarding the relationship between the Fund and V2020's activities (the investment banking/corporate finance activities). Both parties should disclose any common ownership, even minority positions. If some of the private placements met the investment objectives of the Fund, it would harm the Fund's clients if the Fund was not able to invest in those private placements because of the potential conflict of interests.

2、【单选题】

A.Dealer’s Initial Option Delta: Negative; Dealer’s Hedging Transaction: Buy the underlying

B.Dealer’s Initial Option Delta: Positive; Dealer’s Hedging Transaction: Buy the underlying

C.Dealer’s Initial Option Delta: Positive; Dealer’s Hedging Transaction: Sell the underlying

正确答案:C

答案解析:C is correct. Initially, the dealer will be long the call. Long calls have positive deltas. If stock 

3、【单选题】

A.smoothed version includes the effect of leverage on returns.

B.smoothed version is based on actual unreliable market values.

C.

正确答案:C

答案解析:C is correct. Unsmoothing the data corrects bias in returns calculated from 21. infrequent appraisals and property transactions.

4、Are Sarkar’s statements on the methods that can be used to implement the investment approach for Hayes Endowment correct?【单选题】

A.No, Method 2 is incorrect.

B.No, Method 1 is incorrect.

C.Yes.

正确答案:A

答案解析:Method 2 is incorrect. Semiactive strategies are appropriate for the Hayes Endowment. They come in two forms: a derivatives-based strategy (Method 1) and a stock-based strategy (Method 2). The derivatives-based strategy is described accurately by Sarkar. But the description of Method 2, the stock-based strategy, is incorrect. In a stock-based strategy, all decisions regarding stock holdings are made relative to the benchmark weight. That is, if the manager has no opinion on the stock, then he will hold it in his portfolio at the benchmark weight. If he has a negative opinion, then he will underweight it relative to the benchmark weight. The manager will overweight the stock in his portfolio if he has a positive expectation for the stock. Sarkar is incorrect when he states: “Here the manager will only invest in stocks expected to outperform the index. If the manager has no opinion on a stock, or if the stock is expected to underperform, then the stock will not be included in the investment portfolio.”

5、【单选题】

A.

B.

C.

正确答案:C

答案解析:C is an incorrect statement. Although Tokra is a factor manager, and although it uses a value proxy 

6、According to CFA Institute's Standards of Practice Handbook, which of the following additional pieces of information would Litman least likely be required to supply to Twain to comply with his duty to employer? The:【单选题】

A.names of his friends who are his clients.

B.duration of the investment management agreements with friends.

C.amount and type of compensation received from friends.

正确答案:A

答案解析:According to the Standards of Practice Handbook IV(B), members should disclose the terms of any agreement under which a member will receive additional compensation. Terms include the nature of the compensation, the approximate amount of compensation, and the duration of the agreement. According to Standard III(E), members must keep information about current and prospective clients confidential. Client names would be considered confidential, particularly when tied to the other previously mentioned information to be given to the employer.

7、With respect to Client A, Allison's most appropriate conclusion is the futures transaction used to adjust the beta of the portfolio was:【单选题】

A.ineffective because the effective beta on the portfolio was 1.27.

B.effective.

C.ineffective because the effective beta on the portfolio was 1.64.

正确答案:A

答案解析:The effective beta is the (hedged) return on the portfolio divided by the return on the market. The return on the market is –3.5%. The return on the portfolio is –5.1% plus the return on the futures position. The return on the (short) futures position relative to the unhedged portfolio is –25 × (119,347 – 124,450)/20,000,000 = +0.0064. Effective beta = (–0.051 + 0.0064)/–0.035 = 1.27.

8、【单选题】

A.write a straddle.

B.buy a put option.

C.use a long NDF position.

正确答案:C

答案解析:C is correct. Based on predicted export trends, Subscriber 2 most likely expects the 

9、Miller heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subject to the Code and Standards. If Miller delegates some supervisory duties, which statement best describes her responsibilities under the Code and Standards?【单选题】

A.Miller’s supervisory responsibilities do not apply to those subordinates who are not subject to the Code and Standards.

B.Miller no longer has supervisory responsibility for those duties delegated to her subordinates.

C.Miller retains supervisory responsibility for all subordinates despite her delegation of some duties.

正确答案:C

答案解析:The correct answer is C. Under Standard IV(C)—Responsibilities of Supervisors, members and candidates may delegate supervisory duties to subordinates but such delegation does not relieve members or candidates of their supervisory responsibilities. As a result, answer B is incorrect. Moreover, whether or not Miller’s subordinates are subject to the Code and Standards is irrelevant to her supervisory responsibilities. Therefore, answer A is incorrect.

10、Ord Capital Management, an investment management firm that claims to comply with the GIPS standards, manages a global equity portfolio for a pension plan sponsored by Chimie bio-industrielle.?【单选题】

A.31 March.

B.15 April.

C.30 April.

正确答案:A

答案解析:A is correct. Provision I.3.A.6 states, “Terminated portfolios must be included in the historical performance of the composite up to the last full measurement period that each portfolio was under management.” The last full measurement period that the Chimie bio-industrielle portfolio was under the management of Ord Capital Management was the month of March.