CFA考试《CFA三级》历年真题精选及详细解析1007-18

CFA考试《CFA三级》历年真题精选及详细解析1007-201、【单选题】A.exhibit characteristics of multiple investor types.B.retain the same emotional biases as they become older.C.exhibit primarily emotional or cognitive 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 frequently2、Which of Schumacher\'s three outcomes is most likely consistent with the ALM approach?【单选题】A.Outcome 1B.Outcome 3C.Outcome 2正确答案:A答案解析:Outcome 1 is consistent with the ALM approach. The ALM approach to strategic asset allocation, which involves explicitly modeling liabilities and adopting the optimal asset allocation in relation to funding liabilities, characteristicallyresults 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 asset allocation for the Black–Litterman AO approach.3、Are Wilson’s closing remarks consistent with recommended practices and procedures designed to prevent violations of the Asset Manager Code of Professional Conduct?【单选题】A.YesB.No, with regard to disclosure of the firm’s risk management processC.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 Asset Manager Code recommends that a business continuity plan include plans for contacting and communicating with clients during a period of extended disruption. Wilson’s continuity plan includes no such strategy. Wilson’s recommendation for disclosing the firm’s risk management process to both clients and regulators goes beyond the code recommendation, which is to disclose the riskmanagement 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 (or the absence of free cross-border capital 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 Libor rates 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:。

CFA考试《CFA三级》历年真题精选及详细解析1007-251、Based on Exhibit 1, and meeting the Barksdales’ target equity allocation for【单选题】A.35.0%.B.54.5%.C.56.1%.正确答案:C答案解析:C is correct. The equity allocation of the Barksdale’s financial capital is calculated as2、Using the planning framework that Richards suggests, which person\\'s estimate for the after-tax primary capital is most accurate?【单选题】A.BosheB.AdamsC.Richards正确答案:B答案解析:Primary capital is the sum of assets that fall into the personal and market risk buckets. It includes the residence,municipal bond portfolio, global equity fund and cash equivalents. It excludes the values of MTL and the concentrated positions in CTAS public stock and the warehouse (investment real estate) – those are considered aspirational.3、Which of Perrin’s statements regarding his pension is/are correct?【单选题】A.Statement 1 onlyB.Statement 2 onlyC.Both Statement 1 and Statement 2正确答案:A答案解析:A is correct. Unvested pension benefits are typically contingent on future work and are4、The most appropriate response to Gregory’s balance sheet question is:【单选题】A.the economic balance sheet only.B.the traditional balance sheet only.C.both the economic and the traditional balance sheets.正确答案:A答案解析:A is correct. The present value of expected future earnings is reflected on an economic5、Using the information in Exhibit 1 and Adams\\'s real estate proposals, which offer will provide the largest immediateaddition of funds to Richards\\'s stock and bond portfolios?【单选题】A.Offer 1B.Offer 2C.Offer 3正确答案:A答案解析:Immediate cash inflows available would include proceeds and the possible first rental payment in Offer 2; all cash flows are net of taxes. As shown in the table below Offer 1, selling the warehouse outright, produces the highest immediate cash flow net of taxes:。

CFA考试《CFA三级》历年真题精选及详细解析1107-461、Convenable Capital Management manages an equity portfolio for the Flender Company. Cash held in the portfolio is invested by the Flender’s existing custodial bank. Must Convenable include cash and cash equivalents in the portfolio return calculations?【单选题】A.Yes.B.No; the cash is not invested by Convenable.C.No; Convenable does not have discretion over the selection of the custodian.正确答案:A答案解析:A is correct. Provision 1.2.A.3 states, “Returns from cash and cash equivalents held in portfolios must be included in all return calculations.”Lawton writes, “Cash and cashequivalents must be included in the total return calculation even if the cash is not actually invested by the same person or group.” Whether the custodian is selected by the client or the manager is pertinent to the calculation of total firm assets but irrelevant to this question. (See Section 3.5 of the reading.)2、【单选题】A.fee schedule for periods prior to 1 January 2004.B.investment management and administrative fees on a segregated basis.C.正确答案:C答案解析:C is correct. GIPS Provision I.5.A.7 states, “If a composite includes portfolios with bundled fees, the firm must present the3、Based on Houston’s comment regarding international。

CFA考试《CFA三级》历年真题精选及答案1122-611、Based on Exhibit 1, and meeting the Barksdales’ target equity allocation for 【单选题】A.35.0%.B.54.5%.C.56.1%.正确答案:C答案解析:C is correct. The equity allocation of the Barksdale’s financial capital is calculated as2、Using the planning framework that Richards suggests, which person\\\\\'s estimate for the after-tax primary capital is most accurate?【单选题】A.BosheB.AdamsC.Richards正确答案:B答案解析:Primary capital is the sum of assets that fall into the personal and market risk buckets. It includes the residence, municipal bond portfolio, global equity fund and cashequivalents. It excludes the values of MTL and the concentrated positions in CTAS public stock and the warehouse (investment real estate) – those are considered aspirational.3、Which of Perrin’s statements regarding his pension is/are correct?【单选题】A.Statement 1 onlyB.Statement 2 onlyC.Both Statement 1 and Statement 2正确答案:A答案解析:A is correct. Unvested pension benefits are typically contingent on future work and are4、The most appropriate response to Gregory’s balance sheet question is:【单选题】A.the economic balance sheet only.B.the traditional balance sheet only.C.both the economic and the traditional balance sheets.正确答案:A答案解析:A is correct. The present value of expected future earnings is reflected on an economic5、Using the information in Exhibit 1 and Adams\\\\\'s real estate proposals, which offer will provide the largest immediate addition of funds to Richards\\\\\'s stock and bond portfolios?。

CFA试题是指在CFA考试中出现的题目，这些题目旨在评估考生对金融理论、实践和伦理道德的理解和应用能力。

CFA考试分为三个级别，每个级别的试题类型和内容都有所不同。

一级CFA考试主要考察考生对投资评估及管理方面的工具及基础概念的理解。

试题类型主要包括选择题，包括句子填空题和问答题。

二级CFA考试侧重于考察资产估值及投资工具的使用。

试题类型包括案例题，每个案例包括4道或6道选择题。

案例题通常包含图表、财务报表、统计数据等资料，考生需根据每个案例中的信息回答相关选择题。

三级CFA考试主要考察考生的投资组合管理知识。

试题类型包括简答题和论述题，案例分析题。

考生需要掌握资产定价和投资绩效分析，能够独立撰写投资报告。

CFA试题的设计目的是评估考生对金融理论、实践和伦理道德的理解和应用能力，试题类型包括选择题、案例题、简答题、论述题等。

考生在备考过程中，应通过大量练习真题和模拟题，掌握试题类型和答题技巧，提高自己的金融知识和分析能力。

CFA考试《CFA三级》历年真题精选及答案1122-511、Jose DiCenzo has some securities worth €50,000 that have a cost basis of €75,000. If he sells those securities and can use the realized losses to offset other realized gains, how much can DiCenzo reduce his taxes in the current tax year assuming capital gains are taxed at 30 percent?【单选题】A.€7,500.B.€15,000.C.€17,500.正确答案:A答案解析:A is correct. DiCenzo has a €75,000 -€50,000 = €25,000 unrealized loss. Assuming that realizing this loss will decrease his taxable gains by the same amount, his tax bill in the current year will be reduced by 0.30 × €25,000 = €7,500. 2、Which of the statements made about meeting Gladys\\\\\\\\\\' stated goal is most accurate? The statement regarding:【单选题】A.fixed annuity productsB.revised asset allocationC.variable annuity products正确答案:C答案解析:A jointly owned variable payout lifetime annuity product would provide cash flows until the end of the surviving spouse\\\\\\\\\\'s lifetime. Therefore, the Jones family will not outlive the assets. It is true there is less certainty regarding the cash flows because they are linked to the performance of the underlying investments.3、The best answer to Reyder\\\\\\\\\\'s question about validated questionnaires relates to the investor\\\\\\\\\\'s:【单选题】A.behavioral links to risk taking.B.wealth and stage of life.C.rational risk–return choices.正确答案:A答案解析:A questionnaire is used to assess risk based on behavioral factors. A predictive link must exist from the questionnaire responses to the resulting personality typing that is derived, as well as to the subsequent investment behavior that occurs.4、How much after-tax wealth would Motelli accumulate assuming the same facts as in Question 4 except that 50。

CFA考试《CFA三级》历年真题精选及详细解析1107-531、For periods beginning on or after 1 January 2011, firms must not value portfolios:【单选题】A.when objective, observable market prices are unavailable.B.more frequently than required by the composite-specific valuation policy.C.as of the last business day of the month unless it is the calendar month-end.正确答案:B答案解析:B is correct. Provision 1.1.A.3.c states that portfolios must be valued “no more frequently than required by the valuation policy.”The definition of fair value includes the statement, “In the absence of an objective, observable, unadjusted quoted market price for an identical investment inan active market on the measurement date, the valuation must represent the firm’s best estimate of the market value.” Provision 1.1.A.4 states, “For periods beginning on or after 1 January 2010, firms must value portfolios as of the calendar month end or the last business day of the month.”2、To carry out the proposed adjustment to the KPM Inc. pension portfolio, the number of S&P 400 MidCap futures Bing would need to sell and the number of Barclays US Aggregate Bond Index futures she would need to buy, respectively, are closest to:【单选题】A.76 S&P 400 MidCap Futures and 265 Barclays US Bond FuturesB.99 S&P 400 MidCap Futures and 287 Barclays US Bond FuturesC.128 S&P 400 MidCap Futures and 312 Barclays US Bond Futures正确答案:C。

CFA考试《CFA三级》历年真题精选及详细解析1007-261、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 for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?【单选题】A.Accept the expense-paid trip and write an objective report.B.Pay for all 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, for Ward topay for all 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 Asset Manager 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 Asset Manager 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 or in 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】tingB.Frequency of marking to marketC.Limiting counterparty exposure正确答案:B答案解析:Sigma typically enters two-year contracts and doesnot 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 for whom 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 TypeI liabilities.6、If Motelli’s current investment account of €250,000 is invested in an asset which 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 for annually taxable income isFVIFi = [1 + r(1 – ti)]nFV = €250,000 × FVIFi = €250,000 × [1 + 0.065(1 – 0.10)]15= €586,5477、Based on Exhibit 1, which of the portfolios will best immunize SD&R’s single liability?【单选题】A.Portfolio 1B.Portfolio 2C.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 or 3.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 set of 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 drop in the endowment’s value may have a significant impact on university operations. Another factor supporting a lower risk tolerance is the use of a simple spending rule. The absence of a smoothing rule means the endowment has less tolerance for short-termportfolio 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 for the endowment.10、Are Pearson\\\\\\\\'s statements regarding the disadvantages of the historical method for estimating 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.。

CFA考试《CFA三级》历年真题精选及详细解析1107-591、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 for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?【单选题】A.Accept the expense-paid trip and write an objective report.B.Pay for all 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, for Ward to pay for all 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 Asset Manager 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.。

CFA考试历年真题精选3（附详解）CFA考试历年真题精选3（附详解）1、A company that wants to determine its cost of equity gathers the following information：【单选题】A.13.1%.B.12.6%.C.7.5%.正确答案:A答案解析:CAPM: Cost of equity = Risk free rate + Beta × Market risk premium = 3.5% + 1.6 × (6.0%) = 13.1%.Section 3.3.12、A trader determines that a stock price formed a pattern with a horizontal trendline that connects the high prices and a trendline with positive slope that connects the low prices. Given the pattern formed by the stock price, the trader will most likely:【单选题】A.purchase the stock because the pattern indicates a bullish signal.B.avoid trading the stock because the pattern indicates a sideways trend.C.sell the stock because the pattern indicates a bearish signal.正确答案:A答案解析:2014 CFA Level I“Technical Analysis,” by Barry M. Sine and Robert A. StrongSection 3.3.2.13、A company, which prepares its financial statements according to IFRS, owns several investment properties on which it earns rental income. It values the properties using the fair value model based on prevailing rental markets. After two years of increases the market softened in 2012 and values decreased. A summary of the properties’ valuations is as fo llows:Which of thefollowing best describes the impact of the revaluation on the 2012 financial statements?【单选题】A.€6.5 million charge to net incomeB.€6.5 million charge to revaluation surplusC.€4.5 million charge to revaluation surplus and €2.0 million charge to net income正确答案:A答案解析:"Long-Lived Assets,” Elaine Henry, CFA and Elizabeth A. GordonA is correct. For investment properties, when using the fair value model of revaluing assets, all increases and decreases affect net income.4、Under IFRS, the costs incurred in the issuance of bonds are most likely:【单选题】A.expensed when incurred.B.included in the measurement of the bond liability.C.deferred as an asset and amortized on a straight-line basis.正确答案:B答案解析:Under IFRS, debt issuance costs are included in the measurement of the bond liability.Section 2.1 5、Prices of a futures contract for five consecutive trading-days are provided in the table below. The initial margin requirement is set at $6.00 per contract and the maintenance margin is $3.60 per contract.On day 0, a trader enters into a short position for 15 contracts. The ending balance for the margin account on day 5 is closest to:【单选题】A.$15.B.$60.C.$210.正确答案:B答案解析:“Futures Markets and Contracts”, Don M. Chance,CFAOn day 0, the trader must deposit an initial margin of $90 (= $6 × 15). Subsequent gains and losses on the short position are reflected in the ending margin balance for the day. The ending balance on day 4 is $45, which is below the maintenance margin of $54 (= $3.60 × 15). On any day in which the amount of money in the margin account at the end of the day falls below the maintenance margin requirement, the trader must deposit sufficient funds to bring the balance back up to the initial margin requirement. Therefore, the trader must deposit $45 on day 5 to bring the margin balance up to $90. After reflecting a loss of $30, the ending balance on day 5 is $60.6、David Donnigan enrolled to take the Level II CFA examination in the current year, but he did not takethe exam. Donnigan advised his employer that he passed Level II. Subsequently, he registered totake the Level II exam the next year. Which CFA Institute Standards of Professional Conduct didDonnigan least likely violate? The standard related to:【单选题】A.referencing candidacy in the CFA Program.B.duty to employer.C.professional misconduct.正确答案:A答案解析:Because he registered to take the exam in the next year, Donnigan still qualifies to state he is acandidate in the CFA Program. He would not, however, be authorized to reference that he is a LevelIII candidate and, if asked, would need to specifiy that he is a Level II candidate.Standard I(D), Standard IV(A)7、An investor purchases a bond for $989.00.After 180 days the investor receives aninterest payment of $25.10 and sells the bond for $1036.40.The investor's effectiveannual yield is closestto:【单选题】A.14.66%B.15.20%C.15.42%正确答案:C答案解析:由题意可知，- 1 = 15.42%。