CFA考试《CFA三级》历年真题精选及答案1122-59

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cfa三级简答题

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 3级上午题

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。

cfa3级2023课后题

cfa3级2023课后题想要通过CFA 3级考试需要做大量的练习题，课后题是其中非常重要的一部分。

下面会为大家提供一些针对CFA 3级2023年的课后题及其解析，帮助大家更好地备战考试。

第一类题型：选择题1. 以下哪个是债券的无信用风险溢价？A. 利差风险溢价B. 信用风险溢价C. 价格风险溢价D. 流动性风险溢价2. 根据有效市场假设，以下哪个陈述是正确的？A. 市场价格随机波动B. 完全信息有效市场假设适用于所有资产C. 动量效应是有效市场的一个表现D. 股票价格能够确切反映公司的价值第二类题型：计算题1. 计算股票的期望收益率和标准差的公式分别是什么?2. 计算一个债券的净现值时，应该如何考虑利率风险？第三类题型：论述题1. 解释什么是资产负债表、现金流量表和利润表？分别列举三个主要的财务指标。

2. 什么是剩余理论？它和现金股利模型有什么关系？3. 解释正态分布及其在风险管理中的应用。

以上仅是一些示例题目，希望能为大家提供一些思路，并加强对CFA 3级2023年考试内容的理解。

在备考过程中，除了做大量的练习题，还要结合教材进行深入学习，理解相关概念和理论知识。

只有掌握了扎实的基础，才能在考试中有更好的表现。

同时，也要注意有效地利用时间。

合理安排每天的学习和练习时间，做到循序渐进。

可以制定一个学习计划，每天按照计划进行复习和练习，保持持续的学习动力和积极性。

总结一下，CFA 3级2023年的课后题对于备考至关重要。

通过做大量的练习题，加深对知识点的理解和应用，可以提高自己在考试中的得分能力。

同时，也要结合教材深入学习，理解相关概念和理论知识。

保持良好的学习计划和学习动力，相信大家一定能够顺利通过CFA 3级考试。

最后，建议大家在备考过程中多思考、多交流，与同学们一起讨论问题、解决问题，共同进步。

祝大家考试顺利，取得优异的成绩！。

CFA考试原题-历年真题及答案

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试题

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1122-51

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1107-53

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1107-59

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）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%。

CFA三级真题集锦 2010-2018CFA三级上午真题(分科版本)

Contents
1. Behavioral Finance........…................……….......…..........................................…. 1-78 2. Individual ........….........….........….........……….....................................….......... 79-231 3. lnstitutional.....................................................................................................232-345 4. Economics.. ............................................................................................ 346-433
01 Behavioral Finance
Level III 2010 Q2 InstitutionalBehavioral
Page 13
QUESTION 2 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 25 MINUTES.
Island Life Assurance is a specialty life insurance company that markets its products globally. Its sole business is selling fixed-rate and variable annuity contracts. Island Life maintains accounting records in U.S. dollars (USD) and segments its fixed-rate and variable contract assets into separate investment portfolios to better match assets and liabilities.

历年CFA考试真题及答案解析

历年CFA考试真题及答案解析1、The nominal (quoted) annual interest rate on an automobile loan is 10%. The effective annual rate of the loan is 10.47%. The frequency of compounding periods per year for the loan is closest to:【单选题】A.weekly.B.monthly.C.quarterly.正确答案:B答案解析:“The Time Value of Money,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 5, Section 3.3Study Session 2–5–c, dCalculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding. Solve time value of money problems for different frequencies of compounding:B is correct. Use the formula for effective annual rate:Iteratively substitute the possible frequency of compounding until the EAR is 10.47%.Thus, the correct answer is monthly compounding.2、Which of the following is a constraint as defined in the International Financial Reporting Standards (IFRS) Framework for the Preparation and Presentation of Financial Statements?【单选题】A.NeutralityB.TimelinessC.Going concern正确答案:B答案解析:“Financial Reporting Standards,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFATimeliness is a constraint in the IFRS Framework. Neutrality is a factor that contributes to reliability and going concern is an assumption of the Framework.3、Which method of calculating the firm’s cost of equity is most likely to incorporate the long-run return relationship between the firm's stock and the market portfolio?【单选题】A.Dividend discount modelB.Capital asset pricing modelC.Bond-yield-plus risk-premium正确答案:B答案解析:“Cost of Capital” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFAThe capital asset pricing model uses the firm’s equity beta, which is computed from a market model regression of the company's stock returns against market returns.4、For a 90-day U.S. Treasury bill selling at a discount, which of the following methods most likely results in the highest yield?【单选题】A.Money market yieldB.Discount-basis yieldC.Bond equivalent yield正确答案:C答案解析:“Working Capital Management,” Edgar Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson Drake5、An investor gathers the following data.To estimate the stock's justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., 2008–2011). If the investor uses 11.5% as her required rate of return, the stock's justified forward P/E is closest to:【单选题】A.10.B.12.C.21.正确答案:C答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Stephen E.Wilcox6、A bond portfolio manager is considering three Bonds – A, B, and C – for his portfolio. Bond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwise identical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.”Is the manager most likely correct?【单选题】A.Yes.B.No, Bond A’s nominal yield spread should be less than Bond C’s.C.No, Bond B’s nominal yield spread should be less than Bond C’s.正确答案:C答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFAC is correct because Bond B’s embedded put option benefits the investor and the yield spread willtherefore be less than the yield spread of Bond C, which does not contain this benefit.7、Which of the following characteristics is best described that the information in financialstatements can influence user's economic decisions or affect user's evaluationof past events or forecasts of future events in accordance with the IFRSframework's definitions and recognition criteria?【单选题】A.Relevance.parability.C.Faithful representation.正确答案:A答案解析:根据IFRS的条款，财务报表的两个基本特性使得这些财务信息有用，这两个特性包括相关性（relevance）和公允陈述（faithful representation）。

2023年金融英语三级考试练习题及答案

2023年金融英语三级考试练习题及答案第一部分：阅读理解阅读理解一题目：According to the passage, what is the main cause of the current economic crisis?A. Government policiesB. GlobalizationC. Technological advancementsD. Financial institutions答案：A. Government policies阅读理解二题目：What is the author's opinion regarding the role of central banks in stabilizing the economy?A. They are not effective.B. They are crucial for economic stability.C. They should be abolished.D. They only benefit financial institutions.答案：B. They are crucial for economic stability.第二部分：词汇填空题目：选择适当的单词填空。

1. The stock market experienced a ___________ in prices last week.3. The government has implemented new ___________ to regulate the financial sector.4. The central bank is responsible for ___________ interest rates.答案：1. fluctuation2. marketing3. regulations4. managing第三部分：写作题目：根据以下提示，写一篇关于全球化对金融业的影响的短文。

cfa三级道德简答题

CFA三级考试中的道德（Ethics）部分是一个重要的组成部分，它测试考生对专业道德标准（Standards of Professional Conduct）的理解和应用。

CFA三级考试的道德部分通常包括以下几个方面：
1. 专业责任（Professional Responsibilities）
-要求考生了解和遵守CFA协会的职业行为准则。

-考察考生在面对职业道德困境时如何作出决策。

2. 候选人的职业行为（Candidate Conduct）
-评估候选人个人的职业行为，是否符合CFA协会的期望。

-考察候选人如何处理利益冲突、保密信息和社交媒体的使用。

3. 合规性和监督（Compliance and Supervision）
-了解候选人在监督下的职责，以及如何确保合规性。

-考察候选人如何处理不当行为和违规行为。

4. 投资决策（Investment Decision Making）
-要求考生理解在做出投资决策时，应如何考虑道德和合规性因素。

-考察考生如何将道德标准应用于投资分析、建议和行动中。

简答题通常会要求考生回答关于道德标准的特定情况或问题，考生需要根据CFA协会的职业行为准则，分析问题并给出合理的答案。

这些题目可能会涉及复杂的道德困境，需要考生具备批判性思维和应用能力。

cfa三级论述题

CFA三级论述题主要考察考生对投资工具、投资组合管理、资产估值、公司金融、金融市场和经济分析等方面的理论知识和实际应用能力。

以下是一些建议的CFA三级论述题：
1. 请阐述有效市场假说（EMH）及其在投资决策中的应用。

2. 请解释资本资产定价模型（CAPM）的原理，并讨论其在投资组合管理和资产估值中的应用。

3. 请比较主动投资策略和被动投资策略的优缺点，并讨论在什么情况下应该选择哪种策略。

4. 请阐述现代投资组合理论（MPT）的主要观点，并讨论其在投资组合管理和资产配置中的应用。

5. 请解释行为金融学的基本观点，并讨论其在投资决策中的应用。

6. 请阐述企业估值的三种主要方法：相对估值法、现金流折现法和实物资产法，并讨论它们在企业并购、投资和融资决策中的应用。

7. 请解释利率期限结构的理论，并讨论其在固定收益证券投资中的应用。

8. 请阐述信用风险的概念，并讨论信用评级在投资决策中的应用。

9. 请解释货币政策和财政政策在宏观经济分析和投资决策中的作用。

10. 请阐述经济周期的不同阶段，以及在不同阶段投资者应采取的投资策略。

CFA备考之CFA三级习题精选及解析

CFA备考之CFA三级习题精选及解析CaseTartan Management is a hedge fund that uses derivatives in its portfolio. Tartan’s new directorof risk management, Jan Magnuson, is reviewing Tartan’s credit risk exposures. Tartan’s currentpolicy is to use a different counterparty for each derivative holding to limit its credit exposure toany single counterparty. Its current derivatives holdings are shown in Exhibit 1. All derivativesare over-the-counter (OTC) and are not subject to collateral requirements.A. Determine Tartan’s total amount (in USD) at risk of credit loss from its derivativesportfolio under its current policy.(4 minutes)Magnuson considers whether Tartan’s credit risk in the event of a default could be reduced byusing a single counterparty with payment netting for all derivatives. The single counterpartywould be a different company than any of the three current counterparties.B. Discuss, based on Tartan’s current holdings, one positive effect and one negative effectthat payment netting with a single counterparty could have on Tartan’s credit risk.Note: Assume there is no difference in the cost of credit monitoring between the twoalternatives.(4 minutes)Magnuson wants to reduce the credit risk that Tartan might incur with derivative positions in thefuture. He asks his staff to research sources of credit risk. The staff recommends the followingfor Tartan:Recommendation 1: Use only currency futures rather than currency swaps.Recommendation 2: Buy OTC put options rather than write OTC call options.C. Determine whether each of the following recommendations would most likely achieveMagnuson’s objective of reducing credit risk:i. Recommendation 1ii. Recommendation 2Justify each response.。

cfa 3级上午题

cfa 3级上午题【中英文版】英文文档：The CFA Level 3 morning session exam is the final stage of the Chartered Financial Analyst (CFA) program.It is a comprehensive assessment that tests the candidates" ability to apply the knowledge and skills acquired throughout the program in a practical and ethical manner.The exam is designed to evaluate the candidates" proficiency in various areas of finance, including equity, fixed income, alternative investments, and portfolio management.The morning session of the CFA Level 3 exam consists of five essay-style questions, each lasting 25 minutes.These questions cover a wide range of topics and require the candidates to demonstrate their understanding of complex financial concepts, as well as their ability to analyze and evaluate investment opportunities.The questions may involve case studies, ethical dilemmas, or real-world scenarios, requiring the candidates to apply their knowledge in a practical context.To succeed in the CFA Level 3 morning session exam, candidates need to have a strong understanding of the core concepts and principles of finance, as well as the ability to apply these concepts in a variety of situations.They should also be able to communicate their ideas clearly and effectively, both in writing and verbally.The CFA Level 3 morning session exam is a challenging and demanding assessment, but for those who are prepared and dedicated, it represents an opportunity to demonstrate their expertise and earn the prestigious CFA designation.中文文档：CFA三级上午题是特许金融分析师（CFA）项目最后的阶段。

cfa三级2024年课后题

cfa三级2024年课后题选择题：在资本资产定价模型（CAPM）中，风险溢价是指：a) 资产的预期收益率与无风险利率之差b) 资产的标准差c) 资产的市场价值d) 资产的贝塔系数在投资组合理论中，有效前沿表示：a) 所有可能的投资组合中，收益率最高的组合b) 所有可能的投资组合中，风险最低的组合c) 所有可能的投资组合中，收益率和风险之间的最佳平衡d) 所有可能的投资组合中，市场价值最高的组合以下哪个指标用于衡量股票的估值水平？a) 市盈率（P/E ratio）b) 资产回报率（ROA）c) 资本回报率（ROE）d) 资本成本（Cost of capital）在财务报表分析中，以下哪个比率用于衡量公司的偿债能力？a) 资产负债比率（Debt-to-Asset ratio）b) 资本回报率（ROE）c) 营业利润率（Operating profit margin）d) 总资产周转率（Total asset turnover）在国际金融市场中，以下哪个因素可能导致汇率上升？a) 高通胀率b) 贸易逆差c) 低利率d) 政治不稳定在投资组合理论中，无风险资产的特点是：a) 收益率高，风险低b) 收益率低，风险低c) 收益率高，风险高d) 收益率低，风险高在资本预算决策中，以下哪个指标用于衡量项目的盈利能力？a) 净现值（NPV）b) 内部收益率（IRR）c) 投资回收期（Payback period）d) 财务杠杆比率（Financial leverage ratio）在公司治理中，以下哪个原则强调董事会应该独立于公司管理层？a) 透明度原则b) 责任原则c) 独立性原则d) 公平原则在金融市场中，以下哪个指标用于衡量股票的波动性？a) 贝塔系数（Beta）b) 市盈率（P/E ratio）c) 资本回报率（ROE）d) 资产负债比率（Debt-to-Asset ratio）在投资组合理论中，以下哪个指标用于衡量资产组合的风险？a) 方差（Variance）b) 标准差（Standard deviation）c) 协方差（Covariance）d) 相关系数（Correlation coefficient）解答题：解释资本资产定价模型（CAPM）的基本原理，并说明其应用的局限性。

特许金融分析CFA考试三

特许金融分析CFA考试三1、单选在以下选项中，分析师可以找到有关对厂商的流动性、资本来源和营业结果产生明显不确定影响的信息的是OA、财务报表脚注B、资产负债表和损益表C、管理者（江南博哥）讨论与分析正确答案：C2、单选某厂商发行了3000美元的债券，息票率为15机目前，这些债券的到期收益率（YTM）为12%。

如果厂商的税率为30%,则该厂商的税后债务成本是多少（）A、3.6%B、8.4%C、10.5%正确答案：B3、单选已知三年期即期利率为8.7%,二年期即期利率为9.2船则2年后的一年期远期利率是多少OA、5.8%B、7.2%C、7.7%正确答案：C4、单选在以下选项中，不正确的是哪一项OA、如果证券位于证券市场线（SM1.）的上方，则其价格被低估B、投资者预期其承担的系统风险获得补偿C、时于投资者而言，落在证券市场线（SM1.）上的证券不具有内在投资价值正确答案：C5：单选'在期货市场上，清算所最不可能从事以下哪项活动OA、决定各项合约的交易B、制定初始保证金和维持保证金的金额C、担任各笔交易的对手•方正确答案：A6、单选如果股票的期初价格为10美元，年末价格为14美元，则其基于连续复利的年回报率等于OA、19.6%B、28.7%C、33.6%正确答案：C7：问答加特许金融分析师CFA考试主要考些什么内容？正确答案：CFA考试项目涉及范围很广，水平越高，范围就越广，题目参考解析：试题答案CFA考试项目涉及范围很广，水平越高，范围就越广，题目也越难。

为便于考生复习和准备，每年AlMR都会出一些CFA考试复习资料，针对不同考试水平给出不同的阅读材料，内容全部以原著形式或论文摘录形式出现。

根据对1992年CFA考生阅读材料的统计，水平1（即最低层次）的阅读材料有15种,水平11有15种，水平11I有19种,其中之大并不亚于攻读MBA或Ph.D所需的阅读材料。

考试内容主要包括：①伦理和职业标准；②财务会计；③数量技术；④经济学：⑤固定收益证券分析：⑥权益证券分析；⑦组织合管理。

CFA考试《CFA三级》历年真题精选及详细解析1007-24

CFA考试《CFA三级》历年真题精选及详细解析1007-241、Based on Exhibit 1, which of the components of economic growth has contributed most to GDP growth during the 1970–1989 time period?【单选题】bor input.B.Capital stock.C.Total factor productivity.正确答案:C答案解析:C is correct. The contributions from total factor productivity are 2.5 percent and 2.8 percent,respectively, for the periods 1970–1989 and 1990–2014. The corresponding contributions from labor input are 1.8% (= 0.6 × 3.0%) and 2.76% (= 0.6 × 4.6%), and the corresponding contributions from capital stock are 1.92% (= 0.4 × 4.8%) and 1.76% (= 0.4 × 4.4%).2、Which of Dreschler\'s responses to Sorenson\'s question about the challenges to equity market valuation is most accurate? His response concerning:【单选题】A.the gathering of economic data.B.discount rates and growth rates.C.corporate profit and GDP growth.正确答案:A答案解析:In a developing country, there may be severe problems with the accuracy of data inputs. It is difficult to obtain macroeconomic data in developed countries with long-established methods and facilities. The problems of obtaining accurate and historically consistent data are multiplied in developing markets.3、When recommending Komm, does Riser violate any CFA Institute Standards?【单选题】A.No.B.Yes, relating to duties to employer.C.Yes, relating to disclosure of conflicts.正确答案:A答案解析:A is correct. No violation occurred. Riser’s recommendation is based on his knowledge of Komm and the firm’s “well-managed proprietary funds.” He does not have a conflict when he makes the recommendation.4、To meet both of Hudgens’s guidelines for the pension’s bond fund investment,Soto should recommend:【单选题】A.pure indexing.B.enhanced indexing.C.active management.正确答案:B答案解析:B is correct. Low tracking error requires an indexing approach. A pure indexing approach for a broadly diversified bond index would be extremely costly because it requires purchasing all the constituent securities in the index. A more efficient and cost-effective way to track the index is an enhanced indexing strategy, whereby Soto would purchase fewer securities than the index but would match primary risk factors reflected in the index. Closely matching these risk factors could provide low tracking error.5、Based on Brown’s goals and concerns, which type of annuity should Smith recommend for her?【单选题】A.Deferred fixedB.Immediate fixedC.Immediate variable正确答案:B答案解析:B is correct. With immediate fixed annuities, Brown will trade a sum of money today for a promised income benefit for as long as she is alive. Brown is already age 75 and is concerned about longevity risk; she wants a known incomestream currently and in the future. Therefore, an immediate fixed annuity is the most appropriate choice.。

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CFA考试《CFA三级》历年真题精选及详细解析1007-24

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