2022年CFA考试《CFA三级》共240道单选题。帮考网为大家每天准备了5道每日一练题目(附答案解析)，一步一步陪你备考，每一次练习的成功，都会清晰的反映在分数上。一起加油前行!

1、Based on Delta////\\'s expectations regarding currencies, ａｎｄ assuming that interest rate parity holds, should Delta most likely recommend using forward contracts to hedge the portfolio////\\'s British pound exposure?【单选题】

A.No, because the euro is expected to depreciate by more than 0.35%

B.Yes

C.No, because the euro is expected to appreciate by more than 0.35%

正确答案:B

答案解析:Using interest rate parity, the euro is expected to depreciate by 3.25% – 2.50% = 0.75%. Delta////\\'s strategists believe that the euro will depreciate by only 0.35%. Based on expected returns alone, Delta should hedge the currency risk using a forward contract ａｎｄ lock in a 0.75% gain in British pounds.

2、Is Markov correct regarding the necessary conditions to immunize the GIC portfolio fｏｒhis client?【单选题】

A.No, he is incorrect regarding duration

B.Yes

C.No, he is incorrect regarding the bond portfolio characteristics

正确答案:C

答案解析:To immunize a portfolio////\\'s target value ｏｒtarget yield against a change in the market yield, a manager must invest in a bond ｏｒa bond portfolio whose (1) duration is equal to the investment horizon ａｎｄ (2) initial present value of all cash flows equals the present value of the future liability. Thus, investing in a bond portfolio with a yield to maturity equal to the target yield ａｎｄ a maturity equal to the investment horizon does not assure that the target value will be achieved because of reinvestment risk.

3、Which of Dreschler////\\'s points comparing top-down analysis ａｎｄ bottom-up analysis is the most accurate? His point regarding:【单选题】

A.estimates coming out of a recession.

B.consistency of the results.

C.detecting cyclical turns.

正确答案:C

答案解析:Most top-down models are of the econometric type ａｎｄ rely on historical relationships to be the basis fｏｒassumptions about the future. Thus, they can be slow in detecting cyclical turns.

4、Which of the following statements most likely indicates a belief that technical anomalies exist in the capital markets?【单选题】

A.Statement 2.

B.Statement 4.

C.Statement 6.

正确答案:B

答案解析:B is correct. Statement 4 indicates the belief 2. that buy/sell signals can be used to earn excess returns.

5、By participating in OAM////\\'s annual competition, Rayne employees least likely violate which of the following CFA Institute Standards of Professional Conduct?【单选题】

A.Additional Compensation Arrangements

B.Misrepresentation

C.Independence ａｎｄ Objectivity

正确答案:A

答案解析:Standard IV(B)–Additional Compensation Arrangements states that members ａｎｄ candidates must not accept gifts, benefits, compensation, ｏｒconsideration that competes with ｏｒmight reasonably be expected to create a conflict of interest with their employer////\\'s interests. In this case, holding a competition to encourage sales is unlikely to cause a conflict of interest with the employer////\\'s interests. But by not disclosing the competition details, the sales agents are likely to misrepresent why they are making the recommendation to a client to buy high-fee, front-end-load financial products, so the sales agents would be in violation of Standard I(C)–Misrepresentation. In addition, by selling only high-fee, front-end-load products in the hopes of winning a competition without consideration of the client////\\'s needs compromises the agents////\\'s independence ａｎｄ objectivity, thus violating Standard I(B)–Independence ａｎｄ Objectivity.

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