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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、【单选题】
A.exhibit characteristics of multiple investortypes.
B.retain the same emotional biases as they become older.
C.exhibit primarily emotional orcognitive biases, but not both.
正确答案:A
答案解析:A is correct. A limitation of behavioral models is that individual investors do frequently
2、Which of Schumacher//////\\'s three outcomes is most likely consistent with the ALM approach?【单选题】
A.Outcome 1
B.Outcome 3
C.Outcome 2
正确答案:A
答案解析:Outcome 1 is consistent with the ALM approach. The ALM approach to strategic assetallocation, which involves explicitly modeling liabilities and adopting the optimal assetallocation in relation to funding liabilities, characteristically results in a higher allocation to fixed-income instruments than an asset-only (AO) approach. Compared with AO, an ALM approach affords much more precision in controlling risk related to the funding of liabilities. The global market equilibrium portfolio is the default strategic assetallocation forthe Black–Litterman AO approach.
3、Are Wilson’s closing remarks consistent with recommended practices and procedures designed to prevent violations of the AssetManager Code of Professional Conduct?【单选题】
A.Yes
B.No, with regard to disclosure of the firm’s risk management process
C.No, with regard to the business continuity plan
正确答案:C
答案解析:At a minimum, Section D, Risk Management, Compliance, and Support, of the AssetManager Code recommends that a business continuity plan include plans forcontacting and communicating with clients during a period of extended disruption. Wilson’s continuity plan includes no such strategy. Wilson’s recommendation fordisclosing the firm’s risk management process to both clients and regulators goes beyond the code recommendation, which is to disclose the risk management process only to clients.
4、Schumacher//////\\'s concern about international investments that Roth might find advantageous most likely pertains to:【单选题】
A.conditional correlation.
B.the efficient frontier.
C.market integration.
正确答案:C
答案解析:The lack of market integration (orthe absence of free cross-borcercapital flows) can be an advantage if it increases market segmentation and helps prevent correlations with other markets from rising. Increased integration of markets can decrease diversification benefits, whereas returns in segmented markets will be influenced mostly by a specific country’s own macroeconomy and will be less subject to changes in correlations when volatility increases. Global correlations tend to increase in times of increased volatility and even appear to be conditional on global volatility. The efficient frontier and traditional mean–variance analysis using unconditional correlations would not apply because correlations remain low when returns are high but become high when returns are negative.
5、Assuming Silva//////\\'s advice is followed and Liborrates are 5% and 6% on 15 October 2013 and 15 December 2013, respectively, the effective annual interest rate on Short Hills Corporation//////\\'s loan is closest to:【单选题】
A.3.50%.
B.5.42%.
C.4.64%.
正确答案:B
答案解析:The effective annual rate is calculated as follows:
日积月累,相信CFA考试在各位考试的用心备考下很快就会掌控自如,但是千万别欺骗自己,结果都会以你最终的分数展现出来,加油!
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