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。
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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。
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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。