CFA考试《CFA三级》历年真题精选及详细解析1107-46
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（）A、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%。
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%，则2年后的一年期远期利率是多少（）A、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（）A、如果证券位于证券市场线（SML）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、对于投资者而言，落在证券市场线（SML）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（）A、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（）A、19.6%B、28.7%C、33.6%正确答案：C7、问答题特许金融分析师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AIMR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Ⅰ（即最低层次）的阅读材料有15种，水平Ⅱ有15种，水平Ⅲ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1007-25
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1007-26
CFA考试《CFA三级》历年真题精选及详细解析1007-26l x Ward is scheduled to visit the corporate headquarters of Eva ns In dustries. Ward expects to use the inf ormatio n he obtai ns there to complete his research report on Eva ns stock. Ward lear ns that Eva ns plans to pay all of Ward's expe rises 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 experises, 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 1(B)—Independence and Objectivity is to avoid a conflict ofinterest whenever possible. Therefore, for Ward to pay for all hisexpenses 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 bythe reimbursement of expenses, it could appear to be.2、Are the three complianee 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 regardi ng record rete ntion are incon siste nt.B.No, the procedures regardi ng portfolio review are incon siste nt.C.No, the procedures regarding investigation of complaints are incon siste nt・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 or the board of directors.3、The strategy that is most likely to ben efit 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 bon ds.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 Ion ger maturity corporate bonds and buying shorter maturity bon ds, which lowers the con tributi on to spread durati on.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 does not mark to market until expiratio n of the con tract. In creasi ng thefrequency of the marking to market will decrease credit risk. When a con tract is marked to market, the party for whom the con tract has a positive value receives payme nt from the counterparty, thus eliminoting credit risk. Consequently, more frequent marking to market decreases credit risk.5、Based on Exhibit 1, Kiest's liabilities would be classified as: 【单选题】A.Type I.B.Type II.C.Type III.正确答案:A答案解析:A is correct. Type I liabilities have cash outlays with known amounts and timing. The dates and amounts of Kiest's liabilities are known; therefore, they would be classified as Type I liabilities.6、If Motelli's current investment account of €250,000 is in vested in an asset which is expected to ear n annual in terest 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（l 一ti）]nFV = €250,000 x FVIFi = €250,000 x [1 + 0.065（1 一0.10））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 matchi ng 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、N g'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 enhaneed 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 performanee under different market seenarios 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 tolera nee.正确答案:C答案解析:The endowment〃s risk toleranee is low to moderate, not high, because the endowment's contribution represents 25% of the university's opera廿ng budget. Thus, a modest drop in the endowment〃s value may have a sign讦icant impact on university operations. Another factor supporting a lower risk toleranee is the use of a simple spending rule. The absenee of a smoothing rulemeans the endowment has less toleranee for short-term portfoliorisk. Although a return objective of 7%-7.5% may ostensibly be used to support a higher risk toleranee, the risk of a short-term drawdown poses a much larger risk and thus, on balanee, a low tomoderate risk toleranee is more appropriate for the endowment. 10、Are PearsonWWWW's statements regarding thedisadvantages 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 non parametric feature of the historical method is an advantage, not a disadvantage. The historical method requires minimal probability-distributi on assumptions compared with other methods.。
cfa三级原版书课后题讲解
cfa三级原版书课后题讲解【原创实用版】目录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.具体题目解析及解题技巧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，分为三个级别。
CFA 三级原版书课后题的讲解对于备考 CFA 三级考试具有重要意义。
本文将探讨如何高效利用课后题提升 CFA 三级考试成绩，并分享原版书课后题的独特之处以及具体题目解析及解题技巧。
首先，我们要认识到 CFA 三级原版书课后题的重要性。
课后题是官方教材的重要组成部分，可以帮助我们检验所学知识的掌握程度，熟悉考试题型和难度。
通过做课后题，我们可以巩固理论知识，提高解题速度和准确率。
那么，如何高效利用课后题提升 CFA 三级考试成绩呢？以下是一些建议：1.制定学习计划：根据自己的学习进度，合理安排时间，确保每个知识点都有所涉及。
2.仔细阅读题目：在做题前，先仔细阅读题目，理解题意。
这有助于提高解题效率，避免因理解错误而导致的失分。
3.独立完成题目：尽量在规定时间内独立完成题目，以模拟考试环境。
这样可以锻炼我们的解题速度和应试能力。
4.及时总结和复习：在做完题目后，及时总结和复习。
对于做错的题目，要找出原因，查漏补缺。
对于难度较大的题目，可以多做几遍，加深理解。
接下来，我们来谈谈原版书课后题的独特之处。
原版书课后题具有以下特点：1.贴近考试：课后题的题型和难度与实际考试相近，有助于我们熟悉考试环境。
2.覆盖面广：课后题涵盖了各个知识点，有助于我们全面掌握 CFA 三级的考试内容。
3.系统性强：课后题按照章节编排，有助于我们系统地学习和掌握知识。
最后，我们将通过具体题目解析及解题技巧，来帮助大家更好地理解和应用课后题。
以某一道题目为例：题目：请计算该公司的权益成本。
解题技巧：1.找到题目中给出的关键信息，如股票价格、股息等。
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1007-26
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1107-59
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三级原版书课后题讲解
cfa三级原版书课后题讲解（实用版）目录1.CFA 三级原版书概述2.CFA 三级原版书课后题的重要性3.如何高效利用课后题4.原版书课后题讲解的资源推荐正文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 三级原版书是 CFA 三级考试的重要参考资料，其课后题对于考生掌握知识点、巩固理论体系和提高解题能力具有重要意义。
本文将介绍 CFA 三级原版书课后题的重要性，并提供一些建议和资源，帮助考生高效利用课后题。
首先，CFA 三级原版书课后题是对所学知识的巩固和拓展。
通过解答课后题，考生可以加深对知识点的理解，提高自己的分析能力和解决问题的能力。
同时，课后题涵盖了各个科目的重点内容，有助于考生梳理知识体系，发现自己的薄弱环节，进行有针对性的复习。
其次，CFA 三级原版书课后题可以提高考生的解题速度和准确率。
在实际考试中，时间有限，考生需要在规定时间内完成大量的题目。
课后题的练习可以让考生熟悉题型，掌握解题技巧，从而在考试中迅速找到解题思路，提高解题效率。
那么，如何高效利用课后题呢？1.结合教材和课堂笔记解答课后题。
在解答课后题时，考生可以回顾相关知识点，巩固课堂所学。
如果遇到不理解的地方，可以查阅教材或向老师请教。
2.制定学习计划，合理安排时间。
考生可以根据自己的学习进度，制定学习计划，每天解答一定数量的课后题。
这样既可以保证学习效果，又可以避免因为题目过多而产生挫败感。
3.分析错误，总结经验。
在解答课后题的过程中，考生可能会犯错误。
这时候，考生需要认真分析错误原因，总结经验教训，避免重复犯错。
4.参加学习小组或讨论组。
考生可以和其他考生一起讨论课后题，分享解题方法和经验，相互学习，共同进步。
最后，原版书课后题讲解的资源推荐如下：1.CFA 官方网站提供课后题答案解析，考生可以登录官方网站查看。
2.在线课程和培训机构也会提供课后题讲解，考生可以根据自己的需求选择合适的资源。
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）。
CFA考试《CFA三级》历年真题精选及详细解析1107-49
CFA考试《CFA三级》历年真题精选及详细解析1107-491、Based on Delta\\\\\'s expectations regarding currencies, and assuming that interest rate parity holds, should Delta most likely recommend using forward contracts to hedge the portfolio\\\\\'s British pound exposure?【单选题】A.No, because the euro is expected to depreciate by more than0.35%B.YesC.No, because the euro is expected to appreciate by more than0.35%正确答案:B答案解析:Using interest rate parity, the euro is expected to depreciate by 3.25% –2.50% = 0.75%. Delta\\\\\'s strategists believe that the euro will depreciate by only 0.35%. Based onexpected returns alone, Delta should hedge the currency risk using a forward contract and lock in a 0.75% gain in British pounds.2、Is Markov correct regarding the necessary conditions to immunize the GIC portfolio for his client?【单选题】A.No, he is incorrect regarding durationB.YesC.No, he is incorrect regarding the bond portfolio characteristics 正确答案:C答案解析:To immunize a portfolio\\\\\'s target value or target yield against a change in the market yield, a manager must invest in a bond or a bond portfolio whose (1) duration is equal to the investment horizon and (2) initial present value of all cash flows equals the present value of the future liability. Thus, investing in a bond portfolio with a yield to maturity equal to the target yield and a maturity equal to the investment horizon。
cfa考试题及答案
cfa考试题及答案1. 以下哪项是CFA考试中经常考察的财务分析指标？A. 市盈率（P/E Ratio）B. 市净率（P/B Ratio）C. 股息率（Dividend Yield）D. 所有上述选项答案：D. 所有上述选项2. 在CFA考试中，下列哪个选项不是有效市场假说（Efficient Market Hypothesis, EMH）的类型？A. 弱式有效市场B. 半强式有效市场C. 强式有效市场D. 完全有效市场答案：D. 完全有效市场3. CFA考试中，关于投资组合理论，以下哪个说法是不正确的？A. 投资组合可以降低非系统性风险B. 投资组合的预期收益是其组成资产预期收益的加权平均C. 投资组合的总风险是其组成资产风险的总和D. 投资组合的最优权重取决于投资者的风险偏好答案：C. 投资组合的总风险是其组成资产风险的总和4. 在CFA考试中，以下哪个财务报表分析方法不涉及比较分析？A. 水平分析B. 垂直分析C. 比率分析D. 趋势分析答案：B. 垂直分析5. CFA考试中，关于宏观经济学，以下哪个因素不是影响货币供给的因素？A. 基础货币B. 货币乘数C. 利率D. 银行准备金答案：C. 利率6. 在CFA考试中，下列哪个不是固定收益证券的特点？A. 利息收入稳定B. 价格波动性较低C. 与经济周期相关性高D. 到期还本付息答案：C. 与经济周期相关性高7. CFA考试中，关于衍生品，以下哪个说法是错误的？A. 期货合约允许投资者在未来的特定日期以特定价格买卖资产B. 期权合约赋予持有者在未来的特定日期以特定价格买卖资产的权利C. 掉期合约涉及两个方在特定日期交换现金流D. 衍生品总是用于投机目的答案：D. 衍生品总是用于投机目的8. 在CFA考试中，以下哪个不是企业价值评估中常用的方法？A. 折现现金流（DCF）分析B. 市盈率（P/E）比较C. 经济增加值（EVA）分析D. 资产负债表比较答案：D. 资产负债表比较9. CFA考试中，关于行为金融学，以下哪个不是常见的认知偏差？A. 过度自信B. 代表性启发C. 风险规避D. 锚定效应答案：C. 风险规避10. 在CFA考试中，以下哪个不是国际投资中的风险类型？A. 汇率风险B. 利率风险C. 政治风险D. 系统性风险答案：D. 系统性风险。
CFA考试《CFA三级》历年真题精选及详细解析1107-55
CFA考试《CFA三级》历年真题精选及详细解析1107-551、Are Northrup’s comments about fund of funds’lock-up periods and lower fees most likely correct?【单选题】A.No.B.Yes, for lower fees only.C.Yes, for lock-up periods only.正确答案:A答案解析:A is correct. Contrary to Northrup’s comment, fund of funds usually do not impose lock-up periods (or minimum initial holding period) and their fees are higher as investors pay two layers of fees: one to the FOF and the other to the underlying hedge fund managers.2、The monthly VaR that Stulz wants to estimate for the Stimsonportfolio is closest to:【单选题】A.€0.8 million.B.€2.9 million.C.€3.9 million.正确答案:C答案解析:C is correct. The monthly return is 9.6%/12 = 0.8%.The monthly standard deviation is The percent VaR is 0.8% – 1.65 (5.196%) = –7.7734%.The dollar VaR is 7.7734% (€50 million) = €3.8867 million, or €3.9 million.3、Based on Exhibits 2 and 3, what can Smith most likely determine about MCAM\\\\\\\'s investment style over time? MCAM\\\\\\\'s style has:【单选题】A.not drifted.B.drifted from value to growth.C.drifted from growth to value.正确答案:C答案解析:The active equity strategy was not value oriented because the returns-based style analysis indicates a growth orientation given a 0.65 coefficient of determination with respect to growth returns. The current holdings, however, depict a value orientation when compared with the manager\\\\\\\'s normal benchmark given the differences in dividend yield and P/E. MCAM\\\\\\\'s style has drifted over time from growth to value.4、What is Kaplan’s after-tax accumulation after 20 years?【单选题】A.€196,438.B.€220,521.C.€230,521.正确答案:A答案解析:A is correct. The taxable account will accumulate toFVi = €50,000[1 + r(1 –ti)]n= €50,000[1 + 0.04(1 –0.4)]20= €80,347The tax deferred account will accumulateFVTDA = €50,000(1 + r)n(1 –Tn)= €50,000(1.07)20(1 –0.40)= €116,091Total = €196,4385、Based on the data in Exhibit 2, modifying the duration of the fixed-income allocation to its target will require an interest rate swap that has notional principal closest to:【单选题】A.$11,030,000.B.$17,777,000.C.$9,412,000.正确答案:A答案解析:where; NP = notional principalB = bondportfolioMDURt = duration target of portfolioMDURb = duration of bond portfolioMDURs = duration of swap6、Disregarding the initial cost of the Hop collar strategy, the value per share of the strategy at expiration with the stock at $26.90 is:【单选题】A.$26.05.B.$26.20.C.$26.90.正确答案:C答案解析:C is correct. If the stock price at expiration of the options is $26.90, the put will expire worthless, the call will expire worthless, and the value of the strategy will reflect solely the value of the stock.7、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.8、With respect to Viewmont\\\\\\\'s goal of borrowing at the lowest cost and hedging currency risk, who is most likely correct?【单选题】A.KemigisaB.BazlamitC.Montero正确答案:C答案解析:Montero is correct. Viewmont can reduce its overall borrowing costs by borrowing in U.S. dollars and engaging in a currency swap for Brazillian reals. This swap not only reduces borrowing costs but also hedges currency exposure.9、In the previous question, suppose DiCenzo sells the securities in the current tax year and replaces them with securities having the same returns. He will then sell the new securities in the next tax year. What is the total tax savings assuming DiCenzo does not reinvest the tax savings?【单选题】A.€0.B.€7,500.C.€15,000.正确答案:A答案解析:A is correct. Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.10、The yield curve expectation that Abram’s supervisor targets with Scenario 1 is most likely a:【单选题】A.flattening yield curve.B.reduction in yield curve curvature.C.100 bps parallel shift downward of the yield curve.正确答案:A答案解析:A is correct. Scenario 1 is an extreme barbell and is typically used when the yield curve flattens. In this case, the 30-year bond has larger price gains because of its longer duration and higher convexity relative to other maturities. If the yield curve flattens through rising short-term interest rates, portfolio losses are limited by the lower price sensitivity to the change in yields at the short end of the curve while the benchmark’s middle securities will perform poorly.。
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 T artan’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.(6 minutes)Reading References:#26 “Risk Management,” b y John L. Maginn, CFA, Donald L. Tuttle, CFA, Jerald E. Pinto,CFA, and Dennis W. McLeavey, CFA, editorsReading #26 LOS:The candidate should be able to:a. discuss features of the risk management process, risk governance, risk reduction, and anenterprise risk management system;b. evaluate strengths and weaknesses of a company’s risk management process;c. describe steps in an effective enterprise risk management system;d. evaluate a company’s or a portfolio’s exposures to financialand nonfinancial risk factors;e. calculate and interpret value at risk (VAR) and explain its role in measuring overall andindividual position market risk;f. compare the analytical (variance–covariance), historical, and Monte Carlo methods forestimating VAR and discuss the advantages and disadvantages of each;g. discuss advantages and limitations of VAR and its extensions, including cash flow at risk,earnings at risk, and tail value at risk;h. compare alternative types of stress testing and discuss advantages and disadvantages ofeach;i. evaluate the credit risk of an investment position, including forward contract, swap,and option positions;j. demonstrate the use of risk budgeting, position limits, and other methods for managingmarket risk;k. demonstrate the use of exposure limits, marking to market, collateral, nettingarrangements, credit standards, and credit derivatives to manage credit risk;l. discuss the Sharpe ratio, risk-adjusted return on capital, return over maximum drawdown,and the Sortino ratio as measures of risk-adjusted performance; m. demonstrate the use of VAR and stress testing in setting capital requirements.Guideline Answer:Part AInterest Rate SwapThe total amount at risk of a credit loss is equal to the current market value of the swap, and is borne by the party with the positive market value, which is Tartan in this case.Credit risk to Tartan USD 56,000Forward contractThe total amount at risk of a credit loss is equal to the current market value of the contract, and is borne by the party with the positive market value, which is Tartan’s counterparty in this case.Credit risk to Tartan USD 0OptionThe total amount at risk of a credit loss is equal to the current market value of the option, and is borne by the party with the positive market value, the option buyer, which is Tartan in this case.Credit risk to Tartan = USD 487,000Total amount at risk of credit loss = USD 543,000Part BPositive effect:Payment netting with a single counterparty nets the positive and negative market values of all ofthe derivative positions into one net gain or loss.Based on Tartan’s current holdings shown in Exhibit 1, the total amount at risk of credit loss toTartan would be decreased under payment netting with a single counterparty because thenegative value of the forward contract (potential payment to the counterparty) would reduceTartan’s credit loss in the event of a default. Using the current values, the total amount at risk ofcredit loss would decrease to USD 318,000 from USD 543,000. The benefit of payment netting is Tartan’s ability to use the negative value of the forwardcontract to partially offset the credit risk of the other two contracts.Negative effect:Instead of its current policy, which spreads counterparty risk among several companies, Tartanwould face concentrated exposure to the default of a single counterparty.Many risk managers mandate specific maximum exposures to individual counterparties to ensurediversification and limit overall risk, should a counterparty default. Aggregating Tartan’s creditrisk with one counterparty would eliminate the benefits of diversification.Given Tartan’s current positions, the total amount at risk of credit loss would be smaller with asingle counterparty than it would be with three different counterparties, but the entire nettedposition would be at risk in the event of a default by that single counterparty.Part Ci. Recommendation 1 would achi eve Magnuson’s objective of reducing credit risk.Currency swaps have counterparty risk, as they are over-the-counter instruments, whereascurrency futures are exchange traded and have little or no counterparty risk because the exchangeguarantees fulfillment.ii. Recommendation 2 would not achieve Magnuson’s objective of reducing credit risk. Credit risk arises from any payments due from one party to the other. Further, credit risk with options is unilateral, meaning that the option holder (buyer) faces all the credit risk and the seller (writer) none. The party that is long the option (buyer) should receive payment from the seller if the option is in the money at expiration. During the life of the option, the buyer will have a positive market value on the option. Thus, the buyer has the credit risk of not receiving a potential payment at expiration. The seller receives a premium upfront but no payments at expiration, and therefore has no credit risk.。
cfa三级课后题2023
cfa三级课后题2023CFA（Chartered Financial Analyst）是国际上最具权威性的金融分析师资格认证之一，分为三个级别，其中三级是最高级别。
CFA三级课后题是考生在备考过程中进行练习和巩固知识的重要环节。
本文将针对CFA三级课后题2023进行分析和解答，帮助考生更好地理解和掌握相关知识。
一、题目一题目描述：根据给定的财务数据，计算公司的净利润率、总资产周转率和权益乘数，并分析其财务状况。
解答：根据题目要求，我们需要计算公司的净利润率、总资产周转率和权益乘数，并对其财务状况进行分析。
1. 净利润率的计算公式为：净利润率 = 净利润 / 营业收入。
净利润率反映了公司每一单位销售收入所获得的净利润。
2. 总资产周转率的计算公式为：总资产周转率 = 营业收入 / 总资产。
总资产周转率反映了公司每一单位总资产所创造的销售收入。
3. 权益乘数的计算公式为：权益乘数 = 总资产 / 股东权益。
权益乘数反映了公司每一单位股东权益所支持的总资产规模。
通过计算得到的净利润率、总资产周转率和权益乘数，我们可以对公司的财务状况进行分析。
净利润率高表示公司每一单位销售收入所获得的净利润较多，说明公司的盈利能力较强；总资产周转率高表示公司每一单位总资产所创造的销售收入较多，说明公司的资产利用效率较高；权益乘数高表示公司每一单位股东权益所支持的总资产规模较大，说明公司的财务杠杆效应较强。
综上所述，通过计算和分析净利润率、总资产周转率和权益乘数，我们可以全面了解公司的财务状况，为投资决策提供参考依据。
二、题目二题目描述：根据给定的投资组合信息，计算组合的预期收益率、标准差和夏普比率，并分析其风险收益特征。
解答：根据题目要求，我们需要根据给定的投资组合信息，计算组合的预期收益率、标准差和夏普比率，并对其风险收益特征进行分析。
1. 预期收益率的计算公式为：预期收益率= ∑(投资比例 ×预期收益率)。
CFA考试《CFA三级》历年真题精选及详细解析1007-19
CFA考试《CFA三级》历年真题精选及详细解析1007-191、Based on Craig's statement about types of traders and preferred order types, Placid's preference is most likely a trader that is:【单选题】rmation motivated.B.value motivated.C.liquidity motivated.正确答案:B答案解析:Value-motivated traders trade only when the price moves into their value range. Their motivation is to take advantage of perceived valuation errors. With respect to trade execution, their preference is price (versus time). They often use limit orders.2、The explicit cost component of the total implementation shortfall for the Nano Corporation trade is closest to:【单选题】A.0.15%.B.0.25%.C.0.35%.正确答案:A答案解析:Implementation shortfall can be decomposed into explicit costs, realized profit/loss, delay costs, and missed trade 3、DAM is most likely to be characterized as:【单选题】A.B.C.正确答案:A答案解析:A is correct. Value-motivated traders are patient, infrequent traders driven by differences between4、Based on Exhibit 1, the effective spread for the executed ABC stock trade is most likely:【单选题】A.equal to the quoted bid–ask spread.B.greater than the quoted bid–ask spread.C.less than the quoted bid–ask spread.正确答案:C答案解析:Effective spread is a measure of execution costs that captures both the effects of price improvements and market impact. The effective spread is two times the deviation of the actual execution price from the midpoint of the market quote at the time an order is entered.5、Using the trade blotter provided in Exhibit 3, theimplementation shortfall cost for the GHI stock trade is closest to:【单选题】A.86 bps.B.119 bps.C.91 bps.正确答案:C答案解析:Implementation shortfall is 91 bps and is calculated as follows.。
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.。
CFA考试《CFA三级》历年真题精选及详细解析1107-56
CFA考试《CFA三级》历年真题精选及详细解析1107-561、The NEXT Index data most likely reflects:【单选题】A.volatility clustering.B.transcription errors.C.survivorship bias.正确答案:C答案解析:Survivorship bias arises when a data series only reflects companies that exist at a given moment in time and not companies that may have left prior to the given moment in time (i.e., only the surviving firms are in the data). The NEXT Index has survivorship bias as evidenced by the frequent change in its component firms because of failure and acquisition by larger non-index firms.2、Quest\\\\\'s justification for the alternative investments in the WM portfolio is most likely correct with respect to:【单选题】A.private equity.B.real estate.C.hedge funds.正确答案:B答案解析:The real estate investment is in REITs, which are publicly traded securities and liquid. REITs can also provide diversification benefits when included in a portfolio of traditional investments, such as stocks and bonds. Private equity investments have low liquidity and provide low diversification benefits. Hedge funds provide strong diversification benefits but have low liquidity.3、The realized return earned on Berio\\\\\'s strategy of investing solely in the 20-year U.S. Treasury bonds is closest to:【单选题】。
cfa 3级上午题
cfa 3级上午题（实用版）目录1.CFA 3 级考试概述2.上午题目的特点和难点3.备考建议和策略正文CFA 3 级考试是 CFA（Chartered Financial Analyst）考试中的最后一级，也是难度最高的一级。
这一级别的考试主要测试考生在投资管理领域的专业知识和实践能力，包括资产估值、投资策略、风险管理等方面的知识。
通过 CFA 3 级考试，考生将获得 CFA 特许资格，成为全球投资专业人士所认可的金融分析师。
CFA 3 级上午题是 CFA 3 级考试的第一部分，考试时间为四个小时。
这一部分主要测试考生在投资管理领域的基本知识和技能，包括资产估值、企业金融、投资策略、风险管理等方面的内容。
上午题目的特点是题目难度较高，考查内容广泛，需要考生具备扎实的专业知识和较高的分析能力。
针对 CFA 3 级上午题的备考，以下是一些建议和策略：1.系统学习和掌握 CFA 3 级考试所涵盖的知识点，特别是资产估值、企业金融、投资策略和风险管理等方面的内容。
建议考生参加 CFA 培训课程，结合教材和讲义进行学习。
2.多做模拟题和真题，提高自己的应试能力和答题速度。
模拟题和真题可以帮助考生熟悉考试题型和题目难度，找到自己的薄弱环节，有针对性地进行复习。
3.注重实际操作和案例分析，提高自己的分析能力和解决问题的能力。
CFA 3 级考试不仅考查考生的专业知识，还考查考生在实际工作中运用知识解决问题的能力。
4.制定合理的备考计划，合理安排学习和休息时间。
备考计划可以帮助考生明确自己的学习目标和进度，避免学习中出现拖延和松懈的情况。
5.在考试前进行充分的心理准备，保持积极的心态。
CFA 3 级考试难度较高，考生在备考过程中可能会遇到挫折和困难，保持积极的心态对于备考和考试都是非常重要的。
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CFA考试《CFA三级》历年真题精选及详细
解析1107-46
1、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 cash
equivalents 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 the
3、Based on Houston’s comment regarding international。