CFA考试
报考指南考试报名准考证打印成绩查询备考资料考试题库

重置密码成功

请谨慎保管和记忆你的密码,以免泄露和丢失

注册成功

请谨慎保管和记忆你的密码,以免泄露和丢失

当前位置: 首页CFA考试CFA三级正文
2022年CFA考试《CFA三级》模拟试题
帮考网校2022-04-25 15:33
2022年CFA考试《CFA三级》模拟试题

2022年《CFA三级》考试共240道单选题。咱们帮考网为大家带来了精选模拟习题10道,附答案解析,供大家考前自测提升!

1、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses forthe trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course forWard to take under the Code and Standards?【单选题】

A.Accept the expense-paid trip and write an objective report.

B.Pay forall travel expenses, including costs of meals and incidental items.

C.Accept the expense-paid trip but disclose the value of the services accepted in the report.

正确答案:B

答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, forWard to pay forall his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.

2、Are the three compliance procedures reviewed by Campanelli consistent with both the required and recommended standards of the CFA Institute AssetManager Code of Professional Conduct?【单选题】

A.No, the procedures regarding record retention are inconsistent.

B.No, the procedures regarding portfolio review are inconsistent.

C.No, the procedures regarding investigation of complaints are inconsistent.

正确答案:C

答案解析:C is correct. According to the recommendations of Section D(2) of the AssetManager Code, where possible, the CCO should be independent from the investment and operations personnel and should report directly to the CEO orthe board of directors.

3、The strategy that is most likely to benefit from the environment described by Monts in Statement 3 is to:【单选题】

A.rotate from consumer non-cyclical to consumer cyclical sectors.

B.increase exposure to the crossover sector.

C.shift the portfolio’s positions to shorter duration corporate bonds.

正确答案:C

答案解析:Curve-adjustment trades take place when the portfolio manager expects credit spreads will widen (either overall orin a particular sector). The specific strategy is to shift the portfolio’s exposure to shorten spread duration by selling longer maturity corporate bonds and buying shorter maturity bonds, which lowers the contribution to spread duration.

4、Sigma can most likely reduce credit risk in its OTC derivatives positions by changing which of the following practices?【单选题】

A.Netting

B.Frequency of marking to market

C.Limiting counterparty exposure

正确答案:B

答案解析:Sigma typically enters two-year contracts and does not mark to market until expiration of the contract. Increasing the frequency of the marking to market will decrease credit risk. When a contract is marked to market, the party forwhom the contract has a positive value receives payment from the counterparty, thus eliminating credit risk. Consequently, more frequent marking to market decreases credit risk.

5、Based on Exhibit 1, Kiest’s liabilities would be classified as:【单选题】

A.Type I.

B.Type II.

C.Type III.

正确答案:A

答案解析:A is correct. Type I liabilities have cash outlays with known amounts and timing. The dates and amounts of Kiest’s liabilities are known; therefore, they would be classified as Type I liabilities.

6、If Motelli’s current investment account of €250,000 is invested in an assetwhich is expected to earn annual interest of 6.5 percent and no capital gains, what is his expected after tax accumulation in 15 years?【单选题】

A.€578,664.

B.€586,547.

C.€642,960.

正确答案:B

答案解析:B is correct. The after tax wealth accumulation forannually taxable income isFVIFi = [1 + r(1 – ti)]nFV = €250,000 × FVIFi = €250,000 × [1 + 0.065(1 – 0.10)]15= €586,547

7、Based on Exhibit 1, which of the portfolios will best immunize SD&R’s single liability?【单选题】

A.Portfolio 1

B.Portfolio 2

C.Portfolio 3

正确答案:B

答案解析:B is correct. In the case of a single liability, immunization is achieved by matching the bond portfolio’s Macaulay duration with the horizon date. DFC has a single liability of $500 million due in nine years. Portfolio 2 has a Macaulay duration of 8.9, which is closer to 9 than that of either Portfolio 1 or3. Therefore, Portfolio 2 will best immunize the portfolio against the liability.

8、Ng’s response to Kepler’s question about the most efficient portfolio management strategy should be:【单选题】

A.full replication.

B.active management.

C.an enhanced indexing strategy.

正确答案:C

答案解析:C is correct. Under an enhanced indexing strategy, the index is replicated with fewer than the full setof index constituents but still matches the original index’s primary risk factors. This strategy replicates the index performance under different market scenarios more efficiently than the full replication of a pure indexing approach.

9、Considering Zubov’s statements to the investment committee regarding Hoven University’s endowment, he is least likely correct with respect to:【单选题】

A.liquidity need.

B.total return objective.

C.risk tolerance.

正确答案:C

答案解析:The endowment’s risk tolerance is low to moderate, not high, because the endowment’s contribution represents 25% of the university’s operating budget. Thus, a modest drepin the endowment’s value may have a significant impact on university operations. Another factorsupporting a lower risk tolerance is the use of a simple spending rule. The absence of a smoothing rule means the endowment has less tolerance forshort-term portfolio risk. Although a return objective of 7%–7.5% may ostensibly be used to support a higher risk tolerance, the risk of a short-term drawdown poses a much larger risk and thus, on balance, a low to moderate risk tolerance is more appropriate forthe endowment.

10、Are Pearson///////////////////\\'s statements regarding the disadvantages of the historical method forestimating VaR most likely correct?【单选题】

A.No, the second statement is not a disadvantage.

B.No, the first statement is not a disadvantage.

C.Yes.

正确答案:B

答案解析:The nonparametric feature of the historical method is an advantage, not a disadvantage. The historical method requires minimal probability-distribution assumptions compared with other methods.

不积跬步无以至千里,不积小流无以成江河。每天积累一小点,离考试成功近一大步!帮考网近期都会更新题库,有需求的小伙伴们赶紧跟上脚步,帮考网助你考试成功 !

声明:本文内容由互联网用户自发贡献自行上传,本网站不拥有所有权,未作人工编辑处理,也不承担相关法律责任。如果您发现有涉嫌版权的内容,欢迎发送邮件至:service@bkw.cn 进行举报,并提供相关证据,工作人员会在5个工作日内联系你,一经查实,本站将立刻删除涉嫌侵权内容。
CFA考试百宝箱离考试时间296天
学习资料免费领取
免费领取全套备考资料
测一测是否符合报考条件
免费测试,不要错过机会
提交
互动交流

微信扫码关注公众号

获取更多考试热门资料

温馨提示

信息提交成功,稍后帮考专业顾问免费为您解答,请保持电话畅通!

我知道了~!
温馨提示

信息提交成功,稍后帮考专业顾问给您发送资料,请保持电话畅通!

我知道了~!

提示

信息提交成功,稍后班主任联系您发送资料,请保持电话畅通!