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、A charitable foundation transfers securities in kind to Taurus Asset Management Ltd. to fund a new private equity portfolio. Taurus estimates that, after liquidating the transferred securities, it will take five months to invest the foundation’s assets in privately held companies. Which statement best describes a requirement of the GIPS standards? Taurus must include the foundation’s portfolio in the appropriate private equity composite:【单选题】

A.on a timely and consistent basis.

B.when the assets are substantially invested.

C.as of the beginning of the next full measurement period.

正确答案:A

答案解析:A is correct. Provision I.3.A.5 states, “Composites must include new portfolios on a timely and consistent basis after each portfolio comes under management.” In this case, it is expected to take an extended period to invest the new client’s assets in accordance with the composite strategy. Assuming Taurus complies with the GIPS standards, its documented policy would provide for the inclusion of new private equity portfolios in the composite on a timely basis. For example, Taurus’s policy may require new portfolios to be included in the composite as of the first full measurement period that the assets are fully invested. Taurus must apply its policy consistently.

2、Given Bixby's new target duration and the data in Exhibits 1 and 2, the most appropriate action using US Treasury futures is to sell:【单选题】

A.811 contracts.

B.789 contracts.

C.646 contracts.

正确答案:A

答案解析:

3、Omar's plan for the IPO most likely violates the CFA Institute Standards of Professional Conduct because of his intended use of:【单选题】

A.regulatory contacts.

B.external service providers.

C.checklists and templates.

正确答案:C

答案解析:Omar violated Standard IV(A)–Loyalty in that the checklists and templates were created while Omar was employed by Falcon. Therefore, the checklists and templates are the intellectual property of Falcon, not Omar's. If Omar wants to use the checklists and templates from his former employer, he must first seek and receive permission in writing. Otherwise, he would need to develop his own checklists and templates based on his IPO experiences.

4、【单选题】

A.$4.8 million.

B.$8.4 million.

C.$9.3 million.

正确答案:C

答案解析:C is correct. The notional principals for the swap, based upon the prevailing given rates, are 

5、Which of Dreschler's responses to Sorenson's question about the challenges to equity market valuation is most accurate? His response concerning:【单选题】

A.the gathering of economic data.

B.discount rates and growth rates.

C.corporate profit and GDP growth.

正确答案:A

答案解析:In a developing country, there may be severe problems with the accuracy of data inputs. It is difficult to obtain macroeconomic data in developed countries with long-established methods and facilities. The problems of obtaining accurate and historically consistent data are multiplied in developing markets.

6、ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.【单选题】

A.Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.

B.Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new accounts into their composite calculation.

C.Cupp violated the Code and Standards because the inclusion of the new account produces an inaccurate calculation of the monthly results according to the firm’s stated policies.

正确答案:C

答案解析:Answer C is correct. Cupp violated Standard III(D)—Performance Presentations when he deviated from the firm’s stated policies solely to capture the gain from the holding being acquired. Answer A is incorrect because the firm does not claim GIPS compliance and the GIPS standards require external cash flows to be treated in a consistent manner with the firm’s documented policies. Answer B is incorrect because the firm does not state that it is updating its composite policies. If such a change were to occur, all cash flows for the month would have to be reviewed to ensure their consistent treatment under the new policy.

7、Based on Exhibit 1, which investment manager most likely meets the criteria established in the endowment's investment policy statement?【单选题】

A.Manager B

B.Manager C

C.Manager A

正确答案:A

答案解析:Manager B has a positive information ratio, demonstrating that he has been able to deliver active returns relative to his level of tracking error. Manager B's investment style

8、【单选题】

A.CFA Institute Code and Standards: No; CFA Institute Asset Manager Code 

B.CFA Institute Code and Standards: No; CFA Institute Asset Manager Code of Professional Conduct: Yes.

C.CFA Institute Code and Standards: Yes; CFA Institute Asset Manager Code of Professional Conduct: No.

正确答案:B

答案解析:B is correct. The CFA Code and Standards apply to individual members and candidates of CFA 

9、Is WCM most likely compliant with GIPS standards required for composite construction as disclosed in Note 2?【单选题】

A.Yes

B.No, because of how the large-cap model portfolio is treated

C.No, because of how nondiscretionary portfolios are treated

正确答案:A

答案解析:The composite consists of all actual fee-paying portfolios that are managed on a discretionary basis. It is therefore in compliance with GIPS standards.

10、【单选题】

A.Portfolio 1

B.Portfolio 2

C.Portfolio 3

正确答案:B

答案解析:B is correct. The objective function expected value is U