CFA考试《CFA三级》历年真题精选及详细解析1007-22

CFA三级简答题一、简答题概述CFA三级简答题是CFA考试中的一个重要题型，主要考察考生对投资理论和实践的深入理解以及应用能力。

简答题要求考生能够清晰地解释投资概念、理论、方法，并且能够分析投资案例，提供解决方案。

在CFA三级简答题中，通常会涉及投资组合管理、风险评估、价值投资、另类投资等领域的内容。

二、答题技巧1.审题：认真阅读题目，理解题目要求，弄清考察点。

对于涉及多个领域的题目，要明确主要考察的是哪个领域的内容。

2.明确回答方向：对于题目要求的问题，要先明确回答的方向，确定从哪些方面进行回答。

3.简洁明了：在回答问题时，尽量用简练的语言表达，避免冗长的句子和复杂的语法结构。

同时，要注意逻辑性，让答案更加清晰易懂。

4.举例说明：在回答问题时，可以结合具体的例子来说明观点，这有助于让答案更加生动具体，也更容易让评卷人理解。

5.关注细节：在回答问题时，要注意细节，对于涉及的时间、数据等具体内容要认真对待，这有助于提高答案的准确性和完整性。

三、答题示例以下是一个CFA三级简答题的示例：题目：假设一个投资者拥有一个投资组合，其中包括股票、债券和现金。

该投资者希望通过调整投资组合来提高收益并降低风险。

请分析投资组合调整的几种方式，并解释每种方式的优缺点。

答案：投资组合调整是投资者根据市场环境和个人需求，对投资组合中的资产进行重新配置的过程。

以下是几种常见的投资组合调整方式及其优缺点：1.资产种类调整：投资者可以通过增加或减少不同资产种类的比例来调整投资组合。

这种方式可以帮助投资者在不同市场环境下分散风险，提高收益稳定性。

但也可能导致某些资产种类的过度集中或不足。

2.个别资产调整：投资者可以增加或减少特定股票、债券或其他资产的持有量。

这种方式有助于投资者针对特定行业或公司进行重点配置或规避。

但也可能导致投资组合整体风险和收益的不稳定。

3.投资策略调整：投资者可以通过改变投资策略来调整投资组合，例如从被动投资转向主动投资，或增加指数基金等。

CFA考试题库Level历年真题考试题库1. Adam Schute, CFA, is on a conference call with the CFO of an investment banking client with his phone speaker on and his door open. As a result, salesmen and traders overhear the CFO describing problems with production target dates that have not been publicly disclosed. The salesmen relay this information to clients and the traders reduce their positions in the stock. With respect to the Standard on material nonpublic information, Schute has:A. not violated the Standard because he has not acted on the information, but the traders and salesmen have violated the Standard.B. violated the Standard because he should have taken steps to prevent the dissemination of the information.C. violated the Standard by not making the information public when he realized others had overheard the call.【答案】B2. Peter Wellington references his status as a "CFA candidate" in current client presentation materials. Wellington completed the Level II CFA examination two years ago, regularly reads research materials prepared by CFA Institute, and attends continuing education seminars for employees who are CFA charterholders. Wellington plans to register for the Level III CFA exam next year. Wellington's reference to his status as aCFA candidate in presentation materials:A. does not violate any CFA Institute Standards of Professional Conduct.B. violates the Standard on conduct as a CFA Institute Member or CFA Candidate.C. violates the Standard on reference to the CFA Institute, the CFA Designation, and the CFA Program.【答案】C3. Which of the following statements relating to the Global Investment Performance Standards (GIPS?) is least accurate?A. Only investment management firms may claim compliance with GIPS.B. GIPS represent standards to which members of CFA Institute and CFA candidates must adhere.C. To claim GIPS compliance, a firm must present at least five years (or since its inception if less than five years) of annual investment performance that complies with GIPS.【答案】B4. When Ed Michaels, CFA, accepted the compliance officer position at a broker-dealer two years ago, he wrote compliance procedures and made all covered employees aware of the procedures. A report by an external auditor found that on several occasions over the past two years,two different employees traded in recommended securities ahead of trades made in managed client accounts. Michaels fires both employees and recirculates the written compliance procedures that explain clearly which activities are prohibited. Michaels has violated the Standard concerning:A. loyalty by firing the employees instead of restricting their activities.B. misconduct because he was associated with the unethical activity.C. responsibilities of supervisors by failing to implement reasonable procedures to detect violations.【答案】C5. Ralph Malone, CFA, is an investment adviser at a multinational finance corporation. He has many wealthy individuals among his clients, including a trust account that benefits three of his immediate family members. The research department of Malone's firm issues a "buy" recommendation on a stock-that would be a suitable investment for several client accounts, including the family trust account. Which of the following would be considered a violation of the Standard concerning priority of transactions?A. The firm gives clients time to act on the new recommendation, but does not make its recommendation public before buying 100,000shares for its own account.B. Malone trades on the family account shortly after his firm's clients have been informed of the buy recommendation.C. Malone waits to trade for the family account until four days after his firm's clients have been informed of the buy recommendation.【答案】C6. Tom Wu, CFA, is the owner and sole employee of two companies,a public relations firm and a financial research firm. The public relations firm entered into a contract with Merrylin Enterprises to provide public relations services. According to the contract, Tom Wu received 40,000 shares of Merrylin stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Merrylin’s excellent growth prospects. Tom Wu, through his financial research firm, also published a research report recommending Mallory stock as a buy. According to the Standards of Practice Handbook, was Tom Wu required to disclose his ownership of Merrylin stock in the: Press release?Research report?A. NO YESB. YES NOC. YES YES【答案】C7. Wang Gang, CFA, is a bank industry research analyst for a largebroker and dealer firm. He is attending a company presentation for Mellon Bank with a small group of analysts from other companies. A company official at Mellon Bank comments to the group during the meeting, “Yesterday, management made the decision to implement a large share repurchase plan which we plan to announce in a press release early next week.”According to the Standards of Practice Handbook, Wang Gang:A. must refrain from discussing the information with anyone else.B. may act on this information as it is no longer material, non-public information when public.C. should encourage the company that issued the information to make it public as soon as possible.【答案】C8. ZhongYi Xie, CFA, a portfolio manager for PIA Investments, plans to manage the portfolios of several family members in exchange for a percentage of each portfolio’s profits. As his family members have requested that ZhongYi Xie provide the service outside his employment with PIA, he notifies his employer in writing of his prospective outside employment. Two weeks later, ZhongYi Xie has received no response from his employer and begins managing the family members’portfolios. By managing these portfolios, did ZhongYi Xie violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he failed to obtain written consent from his employer.C. Yes, because he failed to disclose the outside employment to his existing clients.【答案】B9. John Harris has passed Level I of the CFA exam. Although he registered for the Level II exam, he failed to sit for the exam due to a business emergency. John plans to re-register for the exam. According to the Code and Standards, in communications with prospective clients, John is allowed to:A. state that he has passed Level I of the exam.B. refer to himself as a candidate in the CFA program.C. refer to himself as a CFA I.【答案】A10. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes that the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold”to “buy”to allow his brother to buy shares at a lower price. According to the Standards of Practice Handbook, William Wong is least likely to violate the professional Conduct thatrelates to:A. Duty to clients.B. Reasonable basis.C. Duty to his employer.【答案】B11. Which of the following statements concerning requirements under Standard V(B)-communication with Clients and Prospective Clients is least likely accurate? This standard requires members and candidates to:A. divulge the number of investment related personnel responsible for external communication.B. distinguish between fact and opinion in the presentation of investment analysis and recommendations.C. disclose the basic format and general principles of the investment process.【答案】A12. Gabrielle Gabbe, CFA has been accused of professional misconduct by one of her competitors. The allegations concern Gabbe's personal bankruptcy filing 10 years ago when she was a college student and had a large amount of medical bills she could not pay. By not disclosing the bankruptcy filing to her clients, did Gabbe most likely violate any CFA Institute Standards of Professional Conduct?A. NoB. Yes, related to MisconductC. Yes, related to Misrepresentation【答案】A13. Chan Liu, CFA, is the new research manager at the Pacific MicroCap Fund. Liu observed the following activities after she published a research report on a thinly traded micro-cap stock that included a "buy" recommendation:·Pacific traders purchased the stock for Pacific's proprietary account and then purchased the same stock for all client accounts;·And Pacific marketing department employees disseminated positive, but false, information about the stock in widely read internet forums.Liu notes the stock's price increased more than 50% within a period of two days and was then sold for Pacific's account. Which of the following steps is most appropriate for Liu to take to avoid violating the CFA Institute Standards of Professional Conduct?A. Remove her name from the micro-cap stock research report.B. Publicly refute the false information posted on internet forums.C. Report the observed activities to her employer.【答案】C14. Francesca Ndenda, CFA, and Grace Rutabingwa work in thesame department for New Age Managers, with Rutabingwa reporting to Ndenda. Ndenda learns that Rutabingwa received a Notice of Enquiry from the Professional Conduct Program at CFA Institute regarding a potential cheating violation when she sat for the CFA exam in June. As Rutabingwa's supervisor, Ndenda is afraid that Rutabingwa's behavior will be seen as a violation of the Code and Standards. Does Ndenda most likely have cause for concern?A. No, not until Rutabingwa is found guilty of cheatingB. YesC. No, because her responsibilities do not apply【答案】C15. According the GIPS standards, for periods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all:A. fee-paying discretionary accounts.B. fee- and non-fee-paying discretionary accounts.C. fee-and non-fee-paying discretionary and non-discretionary accounts.【答案】C16. Country X requires firms to present performance information using only realized returns, while the GIPS standards require calculations to be based on both realized and unrealized returns. A firm located incountry X:A. Cannot claim compliance with GIPS unless it fully meets all GIPS requirements.B. Should follow the country’s guidelines, and is allowed to claim compliance with GIPS as long as all other GIPS requirements are met.C. Should follow the country’s guidelines, and is allowed to claim compliance with GIPS as long as disclosure is made regarding the conflict.【答案】C17. Which of the following statements regarding the verification of a company’s claim to be in compliance with the GIPS standards is not true?A. An initial verification must cover a minimum period of five years.B. A verifier may accept the work of a previous verifier as part of the basis opinion.C. Verification reports must confirm that the firm has complied with all GIPS requirements on a firm-wide basis.【答案】A18. Anna Cheung, CFA, the marketing director at First Financials, plans to be a leading investment advisor by marketing an exclusive investment advice letter to wealthy individuals relying on the firm’s reputations. Anna thinks that the major obstacle to clients’plan is thecomplexity of First Financials’investment screening system, a combination of technical trading rules and portfolio optimization techniques designed to minimize risk. To simplify the newsletter, Anna decides to include only each week’s top ten buy and sell recommendations and exclude the information associated with the methods used to select securities. According to the Standards of Practice Handbook, would Anna’s actions with respect to the advice letter violate any CFA Institute Standards of Professional Conduct?A. Yes, with respect to misrepresentation.B. Yes, with respect to diligence and reasonable basis.C. Yes, with respect to communication with clients and prospective clients.【答案】C19. Compared to a univariate normal distribution, the distinguishing feature of a multivariate normal distribution is the need to specify a parameter that is related to:A. the mean of the individual random variablesB. the variance of the individual random variablesC. the correlation between individual random variables【答案】C20. An analyst gathered the following information about a stock index:Mean net income for all companies in the index $3.2 millionStandard deviation of net income for all companies in the index $4.8 millionIf the analyst takes a sample of 36 companies from the index, the standard error of the sample mean is closest to:A. $88,889B. $400,000C. $800,000【答案】C21. Which of the following most accurately describes a distribution that is more peaked than normal?A. MesokurtoticB. PlatykurtoticC. Leptokurtotic【答案】C22. Using the following sample results drawn as 25 paired observations from their underlying distribution s, test whether the m ean retu rns of the two portfolios differ from each other at the 1% level of statistical significance. Assume th e underlying distributions of returns for each portfolio are normal and that their population variances are not known.Based on the paired comparisons test of the two portfolios, the most appropriate conclusion is that HL should be:A. accepted because the computed test statistic is less than 2.807.B. rejected because the computed test statistic exceeds 2.807.C. accepted because the computed test statistic exceeds 2.807.【答案】B23. The null hypothesis is most likely to be rejected when the p-value of the test statistic:A. exceeds a specified level of significance.B. is negative.C. falls below a specified level of significance.【答案】C24. Over the past four years, a portfolio experienced returns of -8%,4%,17%, and -12%. The geometric mean return of the portfolio over the four-year period is closest to:A. 0.99%.B. -0.37%.C. 0.25%.【答案】B25.A. equal.B. greater.C. smaller.【答案】C26. Jane Acompora is calculating equivalent annualized yields based on the 1.3% holding period yield of a 90-day loan. The correct ordering of the annual money market yield (MMY), effective annual yield (EAY), and bond equivalent yield (BEY) is:A. MMY < EAY < BEY.B. MMY < BEY < EAY.C. BEY < EAY < MMY.【答案】B27. An analyst develops the following probability distribution for the states of the economy and market returns.Which of the following statements about this probability distribution is least accurate?A. The unconditional probability of a normal market is 0.30.B. The joint probability of having a good economy and a bearmarket is 0.20.C. Given that the economy is poor, the probability of a normal or a bull market is 0.50.【答案】B28. An analyst estimates a stock has a 40% probability of earning a 10% return, a 40% probability of earning a 12.5% return, and a 20% probability of earning a 30% return. The stock's standard deviation of returns based on this returns model is closest to:A. 3.74%.B. 5.75%.C. 7.58%.【答案】C29. An investment manager has a pool of five security analysts he can choose from to cover three different industries. In how many different ways can the manager assign one analyst to each industry?A. 15.B. 60.C. 125.【答案】B30. Shortfall risk is best described as the probability:A. of a credit rating downgrade due to possible earnings shortfalls.B. of failing to make a contractually promised payment.C. that portfolio value will fall below some minimum level at a future date.【答案】C资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。

CFA考试《CFA二级》历年真题精选及详细解析1007-41、If the US dollar were chosen as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:【单选题】A.selling SGD30 million of fixed assets for cash.B.issuing SGD30 million of long-term debt to buy fixed assets.C.issuing SGD30 million in short-term debt to purchase marketable securities.正确答案:A答案解析:A is correct. If the US dollar is the functional currency, the temporal method must be used, and the balance sheet exposure will be the net monetary assets of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SGD30 million. This net monetary liability would be eliminated if fixed assets (non-monetary) were sold to increase cash. Issuing debt, either short-term or long-term, would increase the net monetary liability.2、In relation to Kostecka’s handling of the Jabbertalk stockrecommendation, which of the following CFA Institute Standards of Professional Conduct did he least likely violate?【单选题】A.Priority of TransactionsB.Fair Dealingmunication with Clients正确答案:B答案解析:B is correct. Standard III(B)–Fair Dealing requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by Forkson, he has treated all clients fairly because this disclosure is provided to all of his current clients.A is incorrect because Kostecka has violated Standard VI(B)–Priority of Transactions. There is a potential conflict of interest because the client and the adviser hold the same stock, so the client should be given first priority to trade Jabbertalk.C is incorrect because according to Standard V(B)–Communication with Clients and Prospective Clients, Kostecka should have distinguished fact from opinion. In addition, Kostecka should also disclose to clients andprospective clients the basic format and general principles of the investment processes used to analyze investments, select securities, and construct portfolios and must promptly disclose any changes that might materially affect those processes and use reasonable judgment in identifying which factors are important to his investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.3、Zhang\'s statement to support using the harmonic mean is best described as:【单选题】A.incorrect with respect to large outliers.B.incorrect with respect to small outliners.C.correct.正确答案:B答案解析:B is correct. Zhang’s statement is incorrect with respect to small outliers. The harmonic mean tends to mitigate the impact of large outliers. It may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.A is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.C is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers arebounded by zero on the downside.4、Based on the mean-reverting level implied by the AR(1) model regression output in Exhibit 1, the forecasted oil price for September 2015 is most likely to be:【单选题】A.4、Is Dua most likely correct with regard to the factors that drive demand for different commercial real estate property types?【单选题】A.No, he is incorrect about retail space.B.Yes.C.No, he is incorrect about industrial and warehouse space.正确答案:A答案解析:A is correct. Dua is correct about factors that drive demand for office space and industrial and warehouse space but incorrect about retail space. Employment growth drives demand for office space, while warehouse space demand depends broadly on economic strength. The level of import and export activity is more directly related to demand for industrial and warehouse space, not retail space. Demand for retail space depends on consumer spending, job growth, and economic strength.B is incorrect. Dua is correct about factors that drive demand for office space and industrial and warehouse spacebut incorrect about retail space.C is incorrect. Dua is correct about factors that drive demand for and industrial and warehouse space.5、Bickchip’s cash-flow-based accruals ratio in 2009 is closest to:【单选题】A.9.9%.B.13.4%.C.23.3%.正确答案:A答案解析:A is correct. The cash-flow-based accruals ratio = [ni – (cfo + cfi)]/(Average NOA) =<span style="font-style: " microsoft="" yahei",="" 微软雅黑;"="">[4,038 – (9,822 – 10,068)]/43,192 = 9.9%.6、The fraction of SGC\'s market price that is attributable to the value of growth is closest to:【单选题】A.21%.B.34%.C.50%.正确答案:B答案解析:Using the Pastor-Stambaugh model to calculate SGC\'s cost of equity:0.04 + (1.20 × 0.05) + (0.50 × 0.02) + (–0.20 × 0.04) + (0.20 × 0.045) =11.10%<imgsrc="https:///bkwimg/up/201911/1118 8395e98f83e5435892d6bc291037a70f.png" alt="" width="222" height="45" title="" align="">$28.45 = $18.74 + PVGOPVGO = $9.71PVGO/Price = $9.71/$28.45 = 34.13%7、Based on Exhibit 2, the implied credit and liquidity risks as indicated by the historical three-year swap spreads for Country B were the lowest:【单选题】A.1 month ago.B.6 months ago.C.12 months ago.正确答案:B答案解析:B is correct. The historical three-year swap spread for Country B was the lowest six months ago. Swap spread is defined as the spread paid by the fixed-rate payer of an interest rate swap over the rate of the “on the run” (most recently issued) government bond security with the same maturity as the swap. The lower (higher) the swap spread, the lower (higher) the return that investors require for credit and/or liquidity risks.The fixed rate of the three-year fixed-for-floating Libor swap was 0.01% six months ago, and the three-year government bond yield was –0.08% six months ago. Thus theswap spread six months ago was 0.01% – (–0.08%) = 0.09%.One month ago, the fixed rate of the three-year fixed-for-floating Libor swap was 0.16%, and the three-year government bond yield was –0.10%. Thus the swap spread one month ago was 0.16% – (–0.10%) = 0.26%.Twelve months ago, the fixed rate of the three-year fixed-for-floating Libor swap was 0.71%, and the three-year government bond yield was –0.07%. Thus, the swap spread 12 months ago was 0.71% – (–0.07%) = 0.78%.8、Using the data in Exhibit 2, the portfolio’s annual 1% parametric VaR is closest to:【单选题】A.CAD 17 million.B.CAD 31 million.C.CAD 48 million.正确答案:B答案解析:B is correct. The VaR is derived as follows:VaR = [(e(rp) – 2.33σp)(–1)](Portfolio value)whereE(Rp) = Annualized daily return = (0.00026 × 250) = 0.065250 = Number of trading days annually2.33 = Number of standard deviations to attain 1% VaR<imgsrc="https:///bkwimg/up/201910/1025 1224ff09b79546919adff44ced35b5d9.png" alt="" width="613" height="50" title="" align="">Portfolio value = CAD260,000,000VaR = –(0.065 – 0.184571) × CAD 260,000,000= CAD31,088,4609、Confabulated’s reported interest income would be lower if the cost was the same but the par value (in € thousands) of:【单选题】A.Bugle was €28,000.B.Cathay was €37,000.C.Dumas was €55,000.正确答案:B答案解析:B is correct. The difference between historical cost and par value must be amortized under the effective interest method. If the par value is less than the initial cost (stated interest rate is greater than the effective rate), the interest income would be lower than the interest received because of amortization of the premium.10、Is his response to Scahill’s question regarding the impact of changes in interest rate volatility on the OAS of callable and putable bonds, Morgan is most likely:【单选题】A.incorrect about callable and putable bonds.B.correct about callable bonds and incorrect about putable bonds.C.correct about putable bonds and incorrect about callablebonds.正确答案:A答案解析:A is correct. Morgan’s response to Scahill is incorrect. As interest rate volatility declines, the embedded call option becomes cheaper; thus, the higher the arbitrage-free value (or model value) of the callable bond.Callable bond value = Value of straight bond – Value of call optionA higher value for the callable bond means that a higher spread needs to be added to one-period forward rates to make the arbitrage-free bond value equal to the market price (i.e., the OAS is higher). For putable bonds as interest rate volatility declines, the value of the put option declines as does the arbitrage-free value of the putable bond.Putable bond value = Value of straight bond + Value of put optionThis implies that a lower spread needs to be added to one-period forward rates to make the arbitrage free bond value equal to the market price. Thus, in this instance, the OAS is lower.B is incorrect. Morgan is correct about the impact on OAS for callable bonds.C is incorrect. Morgan is correct about the impact on OAS for putable bonds.。

cfa 3级上午题Unfortunately, I cannot directly generate a complete article in the format you described with alternating English and Chinese paragraphs without any mention of the languages used. However, I can provide you with an outline and some sample paragraphs in both English and Chinese to help you create your own article. Please note that this is a simplified example, and you would need to expand and adapt it to meet your specific needs and reach the desired 600-word count.**English Paragraph:**The Chartered Financial Analyst (CFA) Level III exam is a pivotal milestone for finance professionals seeking to demonstrate their expertise in the field. The morning session of the exam typically covers a wide range of topics, testing candidates' knowledge and understanding of advanced financial concepts. From portfolio management to corporate finance, the questions require a deep understanding of financial theory and practical application.**中文段落：**特许金融分析师（CFA）三级考试是金融专业人士展示自己领域专长的一个重要里程碑。

CFA考试原题-历年真题及答案集锦1. Which of the following statements about the CFA Institute's Professional Conduct Program (PCP) is least accurate?A. Possible sanctions include condemnation by a member's peers or suspension of a candidate's participation in the CFA Program.B. If the Designated Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.C. Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Preservation of Confidentiality.【答案】B2. Robert Miguel, CFA, is a portfolio manager for a large investment advisory firm. In appreciation of his impressive portfolio returns last quarter, one of his clients, Kevin Goodman, has invited Miguel and his wife to be his guests at his luxury suite for a major league baseball playoff game. Miguel, a baseball fan, accepts the invitation and attends the game. The next day at work, Miguel doesn't mention to his supervisor that he attended the game as a guest of the client. According to the Standard concerning independence and objectivity and the Standard on knowledge of the law, Miguel's actions are in violation of."A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A3. Ann Smith, CFA, calls Bill Jones, CFA, and tells him that her research shows that Biokem Company is underpriced and that earnings per share will exceed $3.00 this year. Jones had never heard of Biokem before her call but knows that Smith is widely considered to be the best analyst in her sector. Smith's research has been released publicly, and Smith tells Jones he's "welcome to it." After their conversation, Jones arranges a conference call with his firm's portfolio managers and announces that Biokem is underpriced and will likely earn over $3.00 per share this year. During the call with the portfolio managers, Jones does not reference his conversation with Smith. According to the Standards that concern misrepresentation and diligence and reasonable basis, Jones violated:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A4. Doug Watson, CFA, serves in a sales position at Sommerset Brokerage, a registered investment adviser. As part of his employment,he is expected to entertain clients. Frequently at these client outings, Watson drinks excessively. On one occasion, after dropping off a client, Watson was cited by local police for misdemeanor public intoxication. According to the Standard on knowledge of the law and the Standard on misconduct, Watson is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】B5. Kevin Richards is a performance analyst for Reliable Advisors, a retail investment advisory and consulting firm. Richards, who is a Level I CFA candidate, was hired-as part of the firm's efforts to attract CFA candidates into critical areas of the firm, such as performance measurement and attribution. Richards' supervisor instructs him to reference the firm's compliance with GIPS in marketing materials to attract more clients. For Richards' reference to the firm's GIPS compliance to be accurate, Reliable is least likely required to:A. apply GIPS compliance firm wide and not only to the specific asset classes mentioned in the marketing materials.B. claim compliance with GIPS only if it has a compliant performance history of five years or more.C. include all discretionary fee-paying accounts in composites basedon their investment objectives and/or strategies.【答案】B6. Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of her firm's written supervisory policies and procedures but is advised that no such policies are required by regulatory standards in the country where Smith works. According to the Standards of Practice Handbook, Smith's most appropriate course of action would be to:A. decline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibilityB. require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards of Professional ConductC. require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct【答案】A7. Nicholas Bennett, CFA, is a trader at a stock exchange. Another trader approached Bennett on the floor of the exchange and verbally harassed him about a poorly executed trade. In response, Bennett pushed the trader and knocked him to the ground. After investigating the incident, the exchange cleared Bennett from any wrongdoing. Which of the following best describes Bennett's conduct in relation to the CFAInstitute Code of Ethics or Standards of Professional Conduct?Bennett:A. violated the standard relating to professionalismB. did not violate any of the Code of Ethics or Standards of Professional ConductC. violated both the standard relating to professionalism and integrity of capital markets【答案】A8. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing:A. personal trading limitationsB. selective disclosureC. firewalls【答案】B9. During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executive officer of Stargazer, Inc. discussing the company's tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely cannot use the information because:A. it was overheard and might be considered unreliableB. she does not have a reasonable and adequate basis for taking investment actionC. it relates to a tender offer【答案】C10. According to the Global Investment Performance Standards (GIPS), firms must do all of the following except:A. adhere to certain calculation methodologies and make specific disclosures along with their performanceB. provide investors with a comprehensive view of their performance only in terms of returnsC. comply with all requirements of the GIPS standards, such as updates, guidance statements, and clarifications【答案】B11. Kelly Stargate, CFA, runs a small investment management firm. Kelly’s firm subscribes to a service from a large investment research firm that provides research reports that can be repackaged as in-house research by smaller firms. Kelly’s firm distributes these reports to clients with specific references as to their source and author. According to the Standards of Practice Handbook, has Kelly violated the standard relating to misrepresentation?A. No.B. Yes, because she distributed plagiarized materialC. Yes, because she misrepresented her firm’s services.【答案】A12. Bart Wiley, CFA, has decided to revise his firm’s written compliance manual. He checks with counsel regarding changes to applicable laws, rules, and regulations. He incorporates these changes as well as changes to the Code and Standards in the new version end distributes copies to his staff along with a memorandum. The memorandum states that the updated manual includes compliance procedures designed to meet industry standards, regulatory requirements, requirements of the Code and Standards, and circumstances of the firm. According to the Standards of Practice Handbook, did Wiley violate any Standard of Professional Conduct?A. No.B. Yes, because compliance procedures may not be designed to meet industry standards.C. Yes, because compliance procedures may not be designed to meet the circumstances of the firm.【答案】A13. According to the Standards of Practice Handbook, gifts to members from which of the following sources are least likely to create a loss of independence and objectivity?A. brokersB. clientsC. corporate issuers【答案】B14. Firms claiming compliance with the GIPS Standards are least likely to be required to:A. Undertake the verification process.B. Provide a composite list and description to any prospective client on request.C. Make every reasonable effort to provide a compliant presentation to all prospective clients.【答案】A15. Zhang Li, CFA, supervises individuals working on the bond trading desk at a large investment management firm. Zhang Li has discovered that Liu Mo, a bond trader under his supervisory has been accepting lavish gifts from one of the firm’s brokers. Zhang Li has also noticed that Liu Mo has been executing more than the usual amount of trades through this particular broker, and she suspects that he has not been receiving best execution for the firm’s clients. Zhang Li immediately initiates an investigation to determine the extent of Liu Mo’s wrongdoing. According to the Standards of Practice Handbook, pending the outcome of this investigation, Zhang Li’s best course of action is to:A. warn the employee to cease such activity.B. report the misconduct up the chain of command.C. take steps to ensure the violations will not be repeated.【答案】C16. Sue Johnson, CFA, has an elderly client with a very large asset base. The client intends to start divesting her fortune to various charities. Johnson is on the Board of a local charitable foundation. Johnson most appropriately:A. must not discuss anything regarding her client and her client's intentions with the charitable foundation without permission.B. can discuss her client's situation with the charitable foundation as long as she informs other local charities of her client's intentions.C. can make this known to the charitable foundation so that they can solicit the client, since it is the client's wish to divest assets to charities in the future.【答案】A17. According to the Standard related to loyalty, prudence, and care, which of the following statements regarding the voting of proxies on client holdings is least accurate?A. Proxies have economic value to a client.B. An investment management firm should vote all proxies on client holdings unless the client reserves that right.C. Members and candidates should explicitly disclose the firm'sproxy voting policies to clients.【答案】B18. Alvin Gold, CFA, resides in Country T and does business as an investment advisor primarily in Country U. Country T allows trading on non-public information and does not require disclosure of referral fees. Country U prohibits trading on non-public information only if it is gained by illegal means and requires disclosure of referral fees of over $100 (U.S. equivalent). Gold accepts a referral fee of $75, and in the course of a meeting with two other analysts and the firm's CFO, Gold receives material non-public information. To comply with the Code and Standards, Gold:A. need not disclose the referral fee but cannot trade on the non-public information.B. must disclose the referral fee and cannot trade on the non-public information.C. must disclose the referral fee but may trade on the non-public information.【答案】B19. Three years from now, an investor will deposit the first of eight $1,000 payments into a special fund. The fund will earn interest at the rate of 5% per year until the third deposit is made. Thereafter, the fund will return a reduced interest rate of 4% compounded annually until thefinal deposit is made. How much money will the investor have in the fund at the end of ten years assuming no withdrawals are made?A. $8,872.93.B. $9,251.82.C. $9,549.11.【答案】B20. An investor places $5,000 in an account. The stated annual interest rate is 6% compounded monthly. The value of the account at the end of three years is closest to:A. $5,970.B. $5,978.C. $5,983.【答案】C21. An investor plans to retire eight years from today. To maintain her standard of living through retirement, she needs to have $2.5 million accumulated when she retires. Her portfolio is currently valued at $1.2 million and is expected to earn 7.0 percent annually. The minimum annual amount she must save at the beginning of each of the next eight years to achieve a retirement accumulation of $2.5 million is closest to:A. $0B. $31,875C. $39,914【答案】C22. An analyst asked an junior associate to evaluate the performance of group of mutual funds over the last 10 years. The associate calculated the following performance statistics:The analyst suspects that the associate has made some errors in calculating the performance statistics. Based only on the expected mathematical relationships between the two measures of return and between the two measures of dispersion calculated by the associate, did the associate most likely make errors in calculating the statistics associated with:Mutual Fund A?Mutual Fund B?A. No YesB. Yes NoC. Yes Yes【答案】C23. When using stock return data, a geometric mean return calculation is most likely preferred over a geometric mean calculation because:A. return data can be negative.B. return data can be less than one.C. the geometric mean return is closer in value to the arithmetic mean.【答案】A24. An analyst is investigating the distribution of the SMG stock’s return over time. He calculated the mode of 12 percent, the mean of 11 percent, and the median of 11.5 percent. The distribution can best be described as:A. positively skewed, with a long tail on the left side.B. negatively skewed, with a long tail on the left side.C. positively skewed, with a long tail en the right side.【答案】B25. An analyst collects the following set of past stock returns: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?A. Median returnB. Geometric mean returnC. Arithmetic mean return【答案】A26. Which of the following statements used to describe the Student’s t-distribution is least accurate? The Student’s t-distribution:A. Is symmetric around its mean value of zero.B. Is less peaked than the normal distribution.C. Has thinner tails than the normal distribution.【答案】C27. An investor currently holds the following portfolio of common stocks:The expected correlation of returns between Stock 1 and Stock 2 is +0.60. The investor sells Stock 2 and uses the $60,000 proceeds to purchase another stock that has the same expected annual return and standard deviation of returns as Stock 2, but has an expected correlation of returns with Stock 1 of +0.55. Will the investor’s action increase the portfolio’s expected:annual return?standard deviation of return?A. No NoB. No YesC. Yes No【答案】A28. Which of the following decisions by analyst would most accurately describe a Type II error?A. An analyst rejects a false null hypothesis.B. An analyst rejects a true null hypothesis.C. An analyst does not reject a false null hypothesis.【答案】C29. You believe that the likelihood of bankruptcy is 30% for Rusty Roof Supply. You also believe that Home Pedot has a 20% of entering bankruptcy. You believe that the two events are independent. What is the probability that at least one of the companies will enter bankruptcy?A. 4.0%.B. 50.0%.C. 44.0%.【答案】C资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。

cfa三级原版书课后题一、关于CFA三级原版书课后题的整体情况哎呀，咱们来看看这CFA三级原版书课后题哈。

这就像是咱们在探索一个神秘的宝藏，每一道题都是宝藏里的一颗小宝石呢。

这课后题啊，对咱们理解CFA 三级的知识那可是相当重要的，就像是盖房子的砖头一样，一块都不能少。

二、开始制作课后题试卷1. 第一题：金融市场分析（10分）题目：请简述金融市场的主要构成部分及其相互关系。

答案：金融市场主要由货币市场、资本市场、外汇市场、衍生品市场等构成。

货币市场是短期资金融通的市场，为资本市场等提供流动性支持。

资本市场是长期资金融通的市场，企业可以通过资本市场筹集长期资金用于扩大生产等。

外汇市场主要进行不同货币之间的兑换和交易，与国际贸易和国际投资密切相关。

衍生品市场则是基于基础资产（如股票、债券、外汇等）衍生出的金融产品的交易市场，它可以用于风险管理等。

相互关系上，各个市场相互影响，例如外汇市场的波动会影响国际贸易企业在资本市场的融资成本等。

2. 第二题：投资组合管理（10分）题目：在构建投资组合时，如何考虑风险与收益的平衡？答案：在构建投资组合时，首先要对不同资产的预期收益进行评估，比如股票可能有较高的预期收益但风险也高，债券收益相对稳定风险较低。

然后，根据投资者的风险承受能力，确定不同资产的配置比例。

如果是风险承受能力低的投资者，可能会加大债券的配置比例。

同时，要考虑资产之间的相关性，例如将负相关的资产组合在一起，可以降低整体风险。

3. 第三题：财务报表分析（10分）题目：如何从现金流量表中判断一家公司的财务健康状况？答案：从现金流量表中，可以看经营活动现金流量。

如果经营活动现金流量持续为正且不断增长，说明公司的主营业务造血能力强。

投资活动现金流量，如果是负数，可能是公司在扩大投资，这在一定阶段是正常的，但如果长期大额负数且没有合理的投资回报预期，可能有风险。

筹资活动现金流量，若是正数，可能是公司在筹集资金，若是负数可能是在偿还债务等。

cfa三级简答题【原创版】目录1.CFA 三级简答题概述2.CFA 三级简答题的考试内容3.CFA 三级简答题的答题技巧4.总结正文【CFA 三级简答题概述】CFA（Chartered Financial Analyst）是全球金融领域最具权威的专业资格认证，分为三个级别。

CFA 三级简答题是 CFA 三级考试中的一个重要部分，主要测试考生在投资管理方面的实际应用能力。

通过 CFA 三级简答题，考生需要展示他们在投资组合管理、资产估值、风险管理等方面的专业知识和技能。

【CFA 三级简答题的考试内容】CFA 三级简答题主要涉及以下三个方面的内容：1.投资组合管理：包括资产配置、股票、债券、衍生品等投资工具的选择与运用，以及投资组合风险与回报的分析。

2.资产估值：涉及股票、债券、企业、金融衍生品等各类资产的估值方法，以及估值模型的选择与应用。

3.风险管理：包括风险的识别、评估、控制和监测，以及风险管理策略的制定与实施。

【CFA 三级简答题的答题技巧】1.仔细阅读题目：在回答简答题时，首先要认真阅读题目，理解问题的背景和要求，以便准确回答问题。

2.组织答案结构：回答简答题时，建议按照问题的要求，分步骤、分段落进行回答。

首先，简要介绍问题背景和要求；其次，详细阐述自己的观点和理由；最后，进行总结。

3.理论联系实际：CFA 三级简答题要求考生展示在实际工作中运用专业知识和技能的能力。

因此，在回答问题时，要结合实际案例和数据，避免空谈理论。

4.注意时间分配：在考试中，要合理安排时间，确保有足够的时间回答简答题。

一般来说，每道简答题的答题时间应控制在 20-30 分钟之间。

【总结】CFA 三级简答题是 CFA 三级考试的重要组成部分，主要测试考生在投资管理方面的实际应用能力。

要成功回答简答题，考生需要具备扎实的专业知识和技能，以及良好的答题技巧。

CFA三级考试12个考点全面解析(1)Ethics：在下午部分考察了两道题目。

这部分内容大部分和一级、二级相似，只是添加了AMC的一些考点。

两个Item Sets的12道题中有2道是关于AMC。

Duty to employer，Conflict of interest, Due Diligence相关的内容一直是重要的考点，这次的CFA考试三级中也考到了，不过相信已经进入三级考试的各位考生都已经十分熟悉。

(2)Behavior Finance：主要考查投资者行为偏差及其修正。

这些都是传统的重点，所以考生对这些概念肯定复习过，但在考试中更加注重结合案例的分析能力,必须在有限的时间内通过分析题干得到结论，对于考生对于该考点的熟练程度要求较高。

在考试中具体涉及到了mental accounting、anchoring等偏差，需要考生结合案例给出该投资者违法这两项规定的证据，并提出解决方案。

(3)Individual：是上午essay部分考试的重点，也是难点，这次有两道大题。

首先是计算题，计算投资组合的Liquidity needs以及给出退休后目标(FV)和期间现金流(PMT)，要求计算投资组合Required return。

其次是分析题，主要包括：风险承受能力分析，如何使用期权(Put option)来处理concentrated equity asset，以及如何降低该期权策略成本等问题。

(4)Institution：也是上午essay部分考试的重点，这次也考了两道大题。

考察的重点在于结合具体案例，分析具体机构投资者的优缺点等。

第一道机构投资者IPS考察的是Pension，也是几乎每年必考的内容，通过一个公司收购另一家公司(less profitable)后一些基本面信息的改变(员工年龄变化，Sponsor 盈利能力的变化等)判断影响新的养老金Risk tolerance 的因素并分析原因。

第二题考察的是对比Endowment 和Insurance，根据基金经理的交易策略判断是否适用ALM(Asset liability management)还是AO(Asset only)进行管理,以及影响Risk tolerance的因素。

cfa三级原版书课后题讲解摘要：1.CFA 三级原版书课后题的重要性2.如何高效利用课后题提升CFA 三级考试成绩3.原版书课后题的独特之处4.针对课后题的实用解题技巧5.总结正文：CFA（Chartered Financial Analyst）是全球金融领域最具权威的专业资格认证，以其严谨的体系和广泛的认可度闻名于世。

在CFA 三级考试中，原版书课后题的掌握程度对于考试成绩有着至关重要的影响。

本文将为大家介绍如何高效利用课后题提升CFA 三级考试成绩。

首先，我们要认识到CFA 三级原版书课后题的重要性。

课后题是对各章节知识点的深入考察，它们以实际案例和应用为背景，旨在帮助考生熟练运用所学知识。

同时，课后题也是CFA 三级考试题目的重要来源之一，因此掌握课后题对于考试成绩的提升有着显著作用。

那么，如何高效利用课后题提升CFA 三级考试成绩呢？首先，我们要了解原版书课后题的独特之处。

相较于其他辅导资料，原版书课后题更具权威性和针对性。

它们严格按照CFA 三级考试大纲编写，覆盖了各个知识点，并且难度适中。

因此，我们在复习过程中应以原版书课后题为主，适当辅以其他辅导资料。

在解答课后题时，可以运用一些实用的解题技巧。

例如，先阅读题干，明确题目所要求的知识点，然后再仔细阅读题目背景和条件，理清思路。

在解题过程中，要注意知识点之间的联系，将所学知识有机地结合起来。

此外，对于一些复杂的题目，可以先尝试用排除法筛选选项，再进行细致的分析。

总之，在CFA 三级考试中，课后题的掌握程度对于考试成绩至关重要。

我们要认识到课后题的重要性，高效利用课后题提升考试成绩。

同时，要掌握一些实用的解题技巧，提高解题效率。