CFA考试三级模拟试题精选0402-13(附详解)

1、CFA考试三级模拟试题精选 0402-13（附详解）1、【单选题】A. Both managers are using active currency management.B. Both managers are using passive currency management.C.正确答案 :C答案解析 :Matching the benchmark is passive, and choosing to vary from the benchmark is active.52、 Is Zubovs response to Zolas question about his overall

2、 app roach to p ension asset risk management most likely cOrlfe选题】A. YesB. No, the first consideration is incorrectC. No, the second consideration is incorrect正确答案 :B 答案解析 :Zubov is incorrect with respect to the first consideration. CGI manufactures beauty, health care, and home care products. By ov

3、erweighting thepension portfolios exposure to the beauty, health care, and home care industries, Zubov risks increasing the correlation between the companyresults and pension asset returns. The increased correlation will result in a lower risk tolerance, all else being equal.3、 Omars plan for the IP

4、O most likely violates the CFA Institute Standards of Professional Conduct because of his intended use of:【单选题】A. regulatory contacts.B. external service providers.C. checklists and templates.正确答案 :C答案解析：Omar violated Standard IV(A) - LoyOrttythat the checklists and tempiates were created while Omar

5、 was empioyed by Falcon. Therefore, the checklists and templates are the intellectual property of Falcon, not Omars. If Omar wants to use the checklists and templates from his former employer, he must first seek and receive permission in writing. Otherwise, he would need to develop his own checklist

6、s and templates based on his IPO experiences.4、Which of the following would be most effective to prevent any violation of the Asset Manager Code of Professional Conduct as reflected in AkinyisRecommendation 3? 【单选题】A. The Fund does not participate in any of V2020s private placements.B. V2020 disclos

7、es to all clients the relationship between V2020 and the Fund.C. The Fund only retains a minority shareholding in V2020.正确答案 :B 答案解析 :The Fund would comply with the Asset Manager Code if it made full disclosure to all of its clients regarding the relationship between the Fund andV2020s activities (t

8、he investment banking/corporate finance activities). Both parties should disclose any common ownership, even minority positions. If some of the private placements met the investment objectives of the Fund, it would harm the Funds clients if the Fund was not able to invest in those private placements

9、 because of the potential conflict of interests.5、【单选题】A. Yes, with regard to client statusB. Yes, with regard to type of informationC. No正确答案 :Awell as existing and prospective clients, to be kept答案解析 :Standard III(E): Preservation of Confidentiality requires information about former clients, as co

10、nfidential unless the law requires the disclosure or permission has been given to disclose the information. Jacarandas policies cover only existing and prospective clients.6、In 110 days, the manager of Fund B expects to borrow $50,000,000 for 180 days at a rate of 180 -day LIBOR plus 150 bp to 【单选题】

11、A. 7.30%.B. 8.29%.C. 8.80%.正确答案 :B答案解析 : 7、【单选题】A. Only Comment 1 is correct.B. Only Comment 2 is correct.C. Both Comment 1 and Comment 2 are correct.正确答案 :A答案解析 :The manager of Fund C is correct regarding the method of determining the delta hedge position (Comment 1), but is not8、Based on Exhibit 1

12、, for the year 2009, assuming no stock splits or stock dividends for the stock components and no rebalancing, which of these indexstructures would have most likely resulted in the largest return for the GSI?【单选题】A. A value -weighted indexB. An equal -weighted indexC. A price-weighted index正确答案 :A答案解

13、析 :This weighting methodology produced the largest return of 13.5% for the GSI. The return on a value-weighted index is the percentage change in the total market capitalization of the firms in the index, or9、【单选题】A. controls for inflation.B. is independent of changes in accounting rules.C. controls for business cycle effects on earnings.正确答案 :B答案解析 :B is correct. The CAPE model is dependent of changes in accounting rules because it averages10、An advantage of the banks method for estimating VaR is the: 【单选题】A. sim