CFA三级练习题精选及答案0601-8
理财规划师之三级理财规划师通关训练试卷和答案
理财规划师之三级理财规划师通关训练试卷和答案单选题（共20题）1. ()不属于风险特征。
A.普遍性B.可测性C.确定性D.客观性【答案】 C2. 夫妻双方在人身关系上的权利和义务不包括()。
A.使用自己姓名的权利B.相互继承财产的权利C.参加生产、工作、学习和社会活动的自由D.双方都有抚养教育子女的权利和义务【答案】 B3. 耐用消费品是指单价在()元以上，正常使用寿命在两年以上的家庭耐用商品。
A.1000B.2000C.3000D.4000【答案】 B4. 央行在外汇市场上卖出美元，则本币汇率有()的压力，如果央行要进行冲销干预，则可在国内市场()债券，达到本币货币供应量不变的目的。
A.上升卖出B.下降买入C.下降卖出D.上升买入【答案】 A5. 如果客户选择教育储蓄作为其教育规划工具，那么，下列说法中正确的是()。
A.必须一次性存入款项B.存入的金额以后可以分期取出C.客户凭存折、身份证取款时即可享受利息税优惠D.教育储蓄提前支取时必须全额支取【答案】 D6. 对连续()亏损的上市公司，由证监会决定暂停其股票上市，转为特别转让，在公司股票简称前冠以“PT”字样。
A.1年B.2年C.3年D.4年【答案】 C7. 张先生申请了一张信用卡，张先生对于信用卡的理解中()是不正确的。
A.信用卡没有年费B.如果在信用卡内存人现金将不会取得利息C.他所申请的信用卡具有先消费后还款的功能D.超额透支不能享受免息还款的待遇【答案】 A8. 社会保险具有强制性、低水平、广覆盖的特点，主要险种包括( )。
A.社会养老保险、失业保险和医疗保险B.社会养老保险、意外保险和医疗保险C.社会养老保险、失业保险和生育保险D.失业保险、意外保险和医疗保险【答案】 A9. 关于循环信用的说法中，不正确的是()。
A.是按日计息的小额、无担保贷款B.当持卡人偿还的金额等于或高于当期账单的最低还款额，但低于本期应还金额时，剩余的延后还款的金额就是循环信用余额C.上期对账单的每笔消费金额为计息本金，自该笔账款记账日起至该笔账款还清日止为计息天数，日息为万分之五D.持卡人如果选择使用了循环信用，还能在当期享受免息还款期的优惠【答案】 D10. 销售量、成本与利润的关系是()。
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。
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考试试题汇编(含答案)
CFA考试试题汇编(含答案)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点拨：:“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 inthe 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点拨：:“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点拨：:“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点拨：:“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 touse 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点拨：:“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点拨：:“Understanding Yield Spreads,”Frank J. Fabozzi, CFAC is correct because Bond B’s embedded put option benefits the investor and the yield spread will therefore 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./doc/3228fe0b18e8b8f67c 1cfad6195f312b3069ebdf.htmlparability.C.Faithful representation.正确答案:A点拨：: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 考试 2011年3级 上午题
Level III Page 1 The Morning Session of the 2011 Level III CFA® Examination has 9 questions. For grading purposes, the maximum point value for each question is equal to the number of minutes allocated to that question.Question Topic Minutes1 Portfolio Management – Individual/Behavioral 152 Portfolio Management – Individual233 Portfolio Management – Institutional264 Portfolio Management – Economics235 Portfolio Management – Asset Allocation206 Portfolio Management – Fixed Income197 Portfolio Management – Equity Investments228 Portfolio Management – Risk Management169 Portfolio Management – Performance Evaluation16Total: 180Page 2 Level IIITHIS PAGE INTENTIONALLY LEFT BLANKANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 3 Questions 1 and 2 relate to the Becker family. A total of 38 minutes is allocated to these questions. Candidates should answer these questions in the order presented.QUESTION 1 HAS TWO PARTS (A, B) FOR A TOTAL OF 15 MINUTES.Robert Becker, age 75, retired 5 years ago from the building products business that he founded. After his business, Buildco, went public in the 1990’s, he remained as CEO and continued to hold shares in the company. After his wife’s death, Becker hires Emily Frost, a portfolio manager and trust specialist, to help with his estate planning. Becker establishes a revocable trust and an irrevocable trust.Income, realized capital gains, and estate assets (at death) are all taxed at a flat 20% rate. For the revocable trust, the cost basis of investments increases to the market value on the date of Becker’s death, and the assets are subject to estate taxes. For the irrevocable trust, the cost basis of investments does not change, and the assets are not subject to estate taxes.Currently, the two trusts each have 2.0 million U.S. dollars (USD) of their assets in Buildco shares, with a cost basis of USD 200,000 each. All Buildco shares have unrealized capital gains. Becker has the following two immediate objectives as part of his estate planning:Objective 1: Sell USD 1.0 million of Buildco shares while minimizing total taxes.Objective 2: Put additional assets into a trust to protect those assets from potentialfuture legal claims against Becker.A.Determine which trust (irrevocable, revocable, or both equally) is more appropriate foreach objective:i. Objective 1ii. Objective 2Justify your response with one reason for each objective.Note: Consider each objective independently.Answer Question 1-A in the Template provided on page 5.(6 minutes)Page 4 Level III Frost meets with Becker to compare their views on investing. Four discussions from that meeting are shown in Exhibit 1.Exhibit 1Selected Discussions from Becker – Frost MeetingDiscussionNumberSpeaker Discussion1 Becker:Frost:The first thing you might notice about my investment style is that I favorgrowth investments over income-producing assets.I don’t think that is the right approach. Equities might deliver higherlong-term returns. However, for a trust portfolio, I prefer that the clientknows the size and timing of the cash flows he will be receiving. That’swhat an investor gets with bonds.2Frost:Becker:I notice you hold a significant position in Rolling Mix Cement shares.Rolling Mix Cement’s CEO used to run the western operations forBuildco. He did a wonderful job for us, so I think Rolling Mix sharesare great to own.3Frost:Becker:I was looking at the mutual funds in your portfolio and can see that youpurchased an equal amount across four mutual funds.I think that mutual fund family offers four great products. So I boughtall of them: an EAFE large-cap fund, a U.S. growth fund, a U.S. small-cap fund, and a U.S. corporate bond fund.4Frost:Becker: I notice you have many portfolio positions where the current values have been below cost for awhile.Investing requires patience. You have to give things time to work out.B.Identify the discussion in which one of the participants best illustrates each of thefollowing behavioral biases:i. representativenessii. frame dependenceiii. aversion to ambiguityJustify each response with one reason.Note: Consider each bias independently. Use each discussion only once.Answer Question 1-B in the Template provided on page 6.(9 minutes)Level III Page 5 Answer Question 1 on This PageTemplate for Question 1-ANote: Consider each objective independently.Objective Determine whichtrust (irrevocable,revocable, or bothequally) is moreappropriate foreach objective.(circle one)Justify your response with one reason for eachobjective.1. Sell USD 1.0 million of Buildco shares while minimizing total taxes. irrevocable revocableboth equally2. Put additional assets into a trust to protect those assets from potential future legal claims against Becker. irrevocable revocableboth equallyPage 6 Level III Answer Question 1 on This PageTemplate for Question 1-BNote: Consider each bias independently. Use each discussion only once.Behavioral biasIdentify thediscussion in whichone of theparticipants bestillustrates each ofthe followingbehavioral biases(circle thediscussion numberfrom Exhibit 1).Justify each response with one reason.i. representativeness 1 2 3 4ii. frame dependence 1 2 3 4iii. aversion to ambiguity 1 2 3 4Page 8 Level IIITHIS PAGE INTENTIONALLY LEFT BLANKANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 9 Questions 1 and 2 relate to the Becker family. A total of 38 minutes is allocated to these questions. Candidates should answer these questions in the order presented.QUESTION 2 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 23 MINUTES.Five years have passed. Robert Becker recently died and left his estate to his only child, Michael. Michael and his wife are both 50 years old and have no children. Michael expects to receive his after-tax inheritance of 8.0 million U.S. dollars (USD) at the end of this year. The Beckers both plan to retire at that time, and are meeting with Emily Frost to help them establish an investment plan.The Beckers currently do not have an investment portfolio and they own a home valued atUSD 3.7 million. At the end of this year, the Beckers’ outstanding debt will be USD 3.5 million (home mortgage) and USD 150,000 (consumer debts). The Beckers will pay off their mortgage and their consumer debts soon after the inheritance is received.The Beckers currently have a combined after-tax salary of USD 475,000, current-year living expenses of USD 250,000, plus annual mortgage payments (principal + interest) ofUSD 225,000. Michael’s company pension will pay him USD 48,000 after-tax next year, and then payments will grow at the rate of inflation, which is expected to be 3% annually. His employer will continue to pay all of the Beckers’ medical costs until death. Both the pension and health benefits will continue to accrue to Becker’s wife, if he dies first. The Beckers expect their living expenses will also continue to grow at the rate of inflation until one of them dies. At that time, they expect the survivor’s living expenses will decrease to 75% of their combined expenses, and then continue to grow at the rate of inflation.The Beckers intend to fund their living expenses with Michael’s pension and investment income generated from their investable assets, which do not include their home. The Beckers consider their investment base to be large, and want their portfolio to be invested conservatively. They want to maintain the real value of their investable assets over time, and plan to leave their estate to charity. All income and realized capital gains are taxed at 20%.A. Calculate the after-tax nominal rate of return required for the Beckers’ first year ofretirement. Show your calculations.(8 minutes)B. Discuss two factors specific to the Beckers’ situation that decrease their risk tolerance.(4 minutes)C. Formulate each of the following constraints for the Beckers’ investment policystatement (IPS):i.liquidityii.time horizon(4 minutes)Several years later, the Beckers again meet with Frost. Their investable portfolio is now valued at USD 7.0 million. The Beckers state that their primary goal is to maintain their current living standard as long as they live. The Beckers also want to leave a charitable gift of at leastUSD 5.0 million from their investable assets after they have both died. However, they are not willing to risk running out of money in their old age to achieve this secondary goal. The Beckers agree with Frost to assume a 25-year time horizon.Frost produces Monte Carlo simulations for the Beckers using two portfolios with different asset allocations. The simulations use a long series of historical index data for each asset class in the two portfolios. The resulting distributions of terminal values are shown in Exhibit 1. All terminal values are after expected taxes and spending needs have been met.Exhibit 1Monte Carlo Simulation ResultsProjected Portfolio Terminal Values at 25 YearsPercentileTerminal Values(USD thousands) Portfolio A Portfolio B95th17,808 35,81490th11,916 21,72975th9,192 14,45450th4,896 8,81325th2,154 5,01610th294 05th39 0D. i. Determine, based on the Monte Carlo simulations,which portfolio (A or B) willbetter allow the Beckers to achieve their goals. Justify your response with onereason related to risk.ii. Discuss two improvements Frost could make in her Monte Carlo simulations.(7 minutes)QUESTION 3 HAS FIVE PARTS (A, B, C, D, E) FOR A TOTAL OF 26 MINUTES.Stacy Bergen is a consultant for the endowments of two American universities – Weymount University (WU) and Slate University (SU). WU is a private university with annual operating expenses of 150.0 million U.S. dollars (USD). WU has an endowment currently valued at USD 750.0 million. Bergen gathers the following information about WU and its endowment:•The WU endowment’s primary goal is to maintain the real value of its assets over the long term.•The WU endowment’s secondary goal is to continue to fund 25% of WU’s annual operating expenses, by means of its spending rule.○Tuition and grants fund the remainder of the annual operating expenses.○As a private institution, WU receives no government financial support.•The WU endowment:○uses a simple spending rule with a 5% annual spending rate based on the endowment’s beginning-of-year market value.○receives private donations and uses these donations, in part, for itsliquidity needs.○evaluates its investment managers based on the endowment’s three-yearaverage annual return.○forecasts the inflation rate of WU’s operating expenses to be equal to the growth rate of the Higher Education Price Index (HEPI), which isexpected to be 4% annually.○has an annual 0.55% management expense rate.A.i.Formulate the return objective for the WU endowment.ii. Calculate the required return for the WU endowment. Show your calculations.(4 minutes)B. Determine how a change in each of the following factors, holding all else constant,affects the risk tolerance (increases, decreases, does not change) for the WU endowment:i. private donationsii. expected inflationJustify each response with one reason.Note: Consider each factor independently.Answer Question 3-B in the Template provided on page 20.(6 minutes)Level III Page 17 C. Formulate each of the following constraints for the WU endowment’s investment policystatement (IPS):i.liquidityii.time horizon(4 minutes)A year has passed since Bergen’s initial review. Due to significant losses in the market value of the portfolio, the WU endowment now provides less than 25% of WU’s operating expenses. In addition, donations have declined. The investment committee asks Bergen to propose measures to maintain the long-term real value of the endowment, and reduce the volatility of the endowment’s funding of WU’s operating expenses. In response, Bergen suggests the following strategic actions:Strategic action 1: Decrease the endowment’s spending rate.Strategic action 2: Adopt a rolling three-year average spending rule, based on theendowment’s beginning-of-year market value for the last threeyears.Strategic action 3: Revise the portfolio’s asset allocation to decrease its risk.D. Determine which one of Bergen’s strategic actions is:i. least likely to assist the endowment in achieving its primary goal.ii. most likely to reduce the volatility of the endowment’s funding of WU’s operating expenses.Justify each response with one reason.Answer Question 3-D in the Template provided on page 22.(6 minutes)Bergen’s other institutional client, SU, is a growing public university. SU has an annual operating budget of USD 210.0 million. The SU endowment is currently valued atUSD 700.0 million. Bergen gathers the following information about SU and its endowment: •The SU endowment’s primary goal is to maintain the real value of its assets over the long term.•The SU endowment’s secondary goal is to continue to fund SU’s annualoperating budget shortfall (currently 10% of the operating budget), so long asthat does not violate its spending rule.○90% of SU’s operating budget is funded by government funding andtuition, and this is expected to continue.Page 18 Level III •The SU endowment:○funds SU’s operating budget shortfall, but caps its contribution at itsspending maximum.○has a spending maximum that is 5% of the average of the last threeyears’ beginning-of-year market value.○has experienced significant growth in private donations over the last10 years.○evaluates its investment managers based on the endowment’s six-yearaverage annual return.○forecasts the inflation rate of SU’s operating budget at 1 percentagepoint below the growth rate of the HEPI. The HEPI is expected to growat 4% annually.E. Discuss three factors that suggest the SU endowment has greater risk tolerance than theWU endowment.(6 minutes)ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDTemplate for Question 3-BNote: Consider each factor independently.FactorDetermine how achange in each of thefactors, holding all elseconstant, affects therisk tolerance(increases, decreases,does not change) for theWU endowment.(circle one)Justify each response with one reason.i.privatedonationsincreasesdecreases does not changeii.expectedinflationincreasesdecreases does not changeTemplate for Question 3-DDetermine which one of Bergen’s strategic actions is:Bergen’sstrategicactions(circle one)Justify each response with one reason.i.least likely toassist theendowment inachieving itsprimary goal. 1 2 3ii.most likely toreduce thevolatility of theendowment’sfunding of WU’soperatingexpenses. 1 2 3THIS PAGE INTENTIONALLY LEFT BLANK ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 25 QUESTION 4 HAS FIVE PARTS (A, B, C, D, E) FOR A TOTAL OF 23 MINUTES. Daniel Wallbank is the chief investment officer of a large global asset management firm. He is considering equity investments in a specific developing country. His primary concern is to determine the intrinsic value of that country’s broad equity index relative to its current market value. Wallbank asks the firm’s market strategist, Judy Shipp, to assist him with the valuation process.Shipp suggests using the Cobb-Douglas production function, under the assumption of constant returns to scale, to model the growth in real economic output. Her previous research shows that, over the long term and in a developing country, the growth rate of corporate earnings and dividends, adjusted for inflation, should closely track the growth of real gross domestic product (GDP). Her research on this country provides the projections shown in Exhibit 1.Exhibit 1Country Projections (2011 – 2025)Average annual growth in total factor productivity (TFP) 2.8%Average annual growth in capital stock 3.6%Average annual growth in labor input 2.2%Average unemployment rate 2.0%Output elasticity of capital 0.4A.Calculate the projected average annual real GDP growth rate using the Cobb-Douglasproduction function and the information in Exhibit 1. Show your calculations.(4 minutes)Shipp tells Wallbank that the Cobb-Douglas projection of GDP growth may be affected by two actions the country’s government is considering:Action 1: Issue new regulations to reduce environmental pollution by manufacturers.Action 2: Decrease the minimum retirement age by three years for all workers.B.Determine the initial effect (increase, decrease, or no change) each action would mostlikely have on the country’s GDP growth trend. Justify each response with one reason.Note: No calculations are required. Consider each action independently.Answer Question 4-B in the Template provided on page 28.(6 minutes)Shipp compiles the data to estimate the intrinsic value of the country’s broad equity index. The current annual dividend for the index is 10.00 U.S. dollars (USD). She assumes the initial dividend growth rate is 6.0% and that over 15 years the dividend growth rate will decline linearly by a total of 50%. The assumed discount rate to perpetuity is 5.5%.Page 26 Level III C. Calculate the country’s broad equity index price level implied by the H-Model. Showyour calculations.(4 minutes)Shipp tells Wallbank there are two alternative models that can be used to determine the fair value of an equity market. These models are the Fed Model and the Yardeni Model. She compiles the data in Exhibit 2 to use with these two models.Exhibit 2Capital Market Data10-year government bond yield 4.05%10-year A-rated corporate bond yield 4.70%Forward broad equity index earnings yield 3.95%Consensus long-term earnings growth forecast 7.50%Weighting factor, d 0.10After listening to Shipp explain the differences between the two models, Wallbank questions the use of the Fed Model, since it excludes important factors that the Yardeni Model includes.D. Identify one factor that is excluded from the Fed Model, but is included in the YardeniModel. Discuss whether the Yardeni Model accurately addresses that factor.(3 minutes)E. Determine, using the data in Exhibit 2, if the broad equity market is overvalued, fairlyvalued, or undervalued according to the:i.Fed Modelii.Yardeni ModelJustify each response with one reason. Show your calculations.Answer Question 4-E in the Template provided on pages 31 and 32.(6 minutes)ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDPage 28 Level III Answer Question 4 on This PageTemplate for Question 4-BNote: No calculations are required. Consider each action independently.ActionDetermine theinitial effect(increase, decrease,or no change) eachaction would mostlikely have on thecountry’s GDPgrowth trend.(circle one)Justify each response with one reason.1. Issue new regulations to reduce environmental pollution by manufacturers.increase decrease no change2. Decrease the minimum retirement age by three years for all workers.increase decrease no changeLevel III Page 31 Answer Question 4 on This PageTemplate for Question 4-EModel Determine, using thedata in Exhibit 2, ifthe broad equitymarket is overvalued,fairly valued, orundervaluedaccording to themodels indicated.(circle one)Justify each response with one reason.Show your calculations.i.Fed Modelovervalued fairly valued undervaluedTemplate for Question 4-E continued on page 32.Page 32 Level III Answer Question 4 on This PageTemplate for Question 4-E (continued)Model Determine, using thedata in Exhibit 2, ifthe broad equitymarket is overvalued,fairly valued, orundervaluedaccording to themodels indicated.(circle one)Justify each response with one reason.Show your calculations.ii.YardeniModelovervalued fairly valued undervaluedPage 34 Level IIITHIS PAGE INTENTIONALLY LEFT BLANKANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 35 QUESTION 5 HAS THREE PARTS (A, B, C) FOR A TOTAL OF 20 MINUTES.Colleen Finnegan is 32 years old and lives in Ireland. She worked as an equity analyst for10 years, but lost her job during a recent bear market. Finnegan’s compensation was highly correlated with equity market returns and she expects this will be true for the rest of her working life. She continues to manage her personal portfolio of European equities and bonds, currently valued at 300,000 euros (EUR). Finnegan optimizes and rebalances her portfolio using mean-variance optimization (MVO). Her current allocation is 70% equities and 30% fixed income, including cash. In managing her portfolio, she has been dissatisfied with the frequency of rebalancing required and the amount of transaction costs incurred.Finnegan has a variable-rate mortgage on her home. If she fails to make her mortgage payments for three months, she risks losing her home. Finnegan does not want to sell assets in her investment portfolio to pay her monthly mortgage payments. She hopes to find a new job before her cash is depleted. Because she is unemployed, her effective tax rate is currently very low, but will increase significantly once she finds a new job.Finnegan seeks advice on her asset allocation approach from Seamus Welch, a portfolio manager with her former employer. Finnegan tells Welch that she had above-average risk tolerance while she was employed. She now thinks she has below-average risk tolerance until she finds a new job. She also explains that if she starts a new job within the year, she intends to make a deposit of EUR 30,000 on a home for her physically disabled sister. This deposit would be funded by liquidating some assets. Finnegan tells Welch that, as an analyst, she covered European clothing retailers. She continues to maintain a positive view on many firms in this sector and she would like to incorporate these views into her investment strategy.Welch suggests to Finnegan that, based on her circumstances, the standard MVO process can be improved upon by using a resampled efficient frontier, the Black-Litterman approach, or a Monte Carlo simulation.A. Explain, compared to the standard MVO process, and based on Finnegan’scircumstances:i.two advantages of using a resampled efficient frontier.ii.one advantage of using the Black-Litterman approach.iii.two advantages of using a Monte Carlo simulation.(10 minutes)Welch explains to Finnegan that she is currently following an asset-only (AO) approach to strategic asset allocation. He strongly advises her to adopt an asset/liability management (ALM) approach.B. Discuss three reasons, based on Finnegan’s circumstances, why an ALM approach wouldbe more appropriate than an AO approach.(6 minutes)Welch also suggests that Finnegan consider her human capital in the asset allocation process. He believes that Finnegan should reduce her allocation to equities at this time.C.Discuss two reasons, based on her human capital, why Finnegan’s current allocation toequities should be lower.(4 minutes)ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDTHIS PAGE INTENTIONALLY LEFT BLANK ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 41 QUESTION 6 HAS THREE PARTS (A, B, C) FOR A TOTAL OF 19 MINUTES.David Andrews, a fixed income portfolio manager at SM Capital, is meeting with a defined benefit pension fund client. The client has asked Andrews to match the dollar duration of its government bond portfolio to the dollar duration of its liability benchmark. Because of the nature of the liabilities, the duration of the liability benchmark remains constant. At the beginning of the current year, the bond portfolio’s dollar duration was equal to the dollar duration of the liability benchmark. At the end of each year, the manager is required to rebalance the portfolio so that the dollar duration of the assets again matches the dollar duration of the liability benchmark, while keeping the portfolio proportions of each bond unchanged. Andrews gathers the data in Exhibit 1 to prepare for rebalancing.Exhibit 1Pension Fund Government Bond PortfolioEnd of Year Beginning of YearPrice Duration Price DurationBond 1 94.00 4.3 94.50 4.9Bond 2 93.00 6.3 90.00 7.0Bond 3 102.00 5.0 103.50 5.5Note: Each bond has a total par value of 1 million U.S. dollars (USD).Bond prices are shown as a percentage of par.A.Calculate for the pension fund’s government bond portfolio:i.the rebalancing ratio.ii.the amount of cash required for rebalancing.Show your calculations.(7 minutes)Jim Wang, another portfolio manager at SM Capital, actively manages a fixed income portfolio that invests in a particular region of Europe. The firm’s chief economist just released her forecast for this region. Contrary to market expectations, she forecasts the following: •Consumer confidence will increase.•Unemployment will fall.•Short-term interest rates will remain unchanged, while long-term rates will increase by 200 basis points.•Corporate defaults will decrease substantially.Wang’s benchmark index contains three sectors of investment-grade corporate bonds. Relative to his benchmark index, Wang may alter his sector weights, credit quality, and duration. He isPage 42 Level III restricted to investing in investment-grade bonds, and only in the three sectors included in the benchmark index. Exhibit 2 provides details of his portfolio versus the benchmark index.Exhibit 2Regional European Actively Managed Corporate BondsPortfolio and Benchmark Index SummaryPortfolio Characteristics Wang’s Portfolio Benchmark IndexSector weights: consumer cyclicals 46.0% 33.3%consumer non-cyclicals 21.0% 33.3%utilities 33.0% 33.3% Average credit quality* A ADuration** 4.8 4.8* Bonds in both the portfolio and the benchmark index range in credit quality from BBB (lowest investment grade) to AAA (highest investment grade).** Short-, mid-, and long-term bonds are each 1/3 of both the portfolio and the bench- mark index.B.Determine, assuming the economist’s forecast is accurate, whether Wang’s portfolio ismost likely to match, underperform, or outperform its benchmark. Justify your responsewith one reason.(3 minutes)Given the economist’s forecast, Wang is now considering the following trading strategies within his portfolio:Trading strategy 1: sector rotation tradesTrading strategy 2: credit adjustment tradesTrading strategy 3: yield curve adjustment tradesC.Describe the trades that Wang could use (buy/sell bonds as appropriate) to implementeach trading strategy. Justify each trade, based on the economist’s forecast.Note: Consider each strategy independently.Answer Question 6-C in the Template provided on page 45.(9 minutes)ANY MARKS MADE ON THIS PAGE WILLNOT BE GRADEDLevel III Page 45 Answer Question 6 on This PageTemplate for Question 6-CNote: Consider each strategy independently.Trading strategy Describe the trades thatWang could use (buy/sellbonds as appropriate) toimplement each tradingstrategy.Justify each trade, based on the economist’sforecast.1. sector rotation trades Bonds to buy: Bonds to sell:2. credit adjustment trades Bonds to buy: Bonds to sell:3. yield curve adjustment trades Bonds to buy: Bonds to sell:。
三级理财规划考试理论知识试题及答案.doc
2016三级理财规划考试《理论知识》试题及答案(9)1.P2 1个单位或100个单位的外国货币为标准，用一定量的本国货币来表现其价格的标价方法叫( )。
A.直接标价法B.间接标价法C.基础汇价法D.套算汇价法2.跨国中央银行制度是指两个或两个以上的国家设立共同的中央银行。
通常是由参加某一货币联盟的国家共同设立。
在全球影响最为深远的是1998年7月成立的欧洲中央银行，以下不属于欧洲中央银行的基本任务的是( )。
A.确定和实施经货联盟的货币政策B.管理外汇业务C.推行统一的财政政策D.持有和管理欧元区’国家的官方外汇储备3.金融市场是指货币资金融通和金融资产交换的场所，广义的金融市场不包括( )。
A.货币市场B.有色金属市场C.外汇市场D.黄金市场4.“汇率”是用一种货币表示另一种货币的价格，其数值的大小要受到外汇市场上货币供需状况的影响，在间接标价法下，当外国货币数量减少时，则( )。
A.本国货币汇率上浮B.外国货币汇率下浮C.本币汇率下浮D.无法确定5.一国的国际收支状况是导致该国汇率变化的最直接因素，当一国国际收支出现顺差时，以下说法错误的是( )。
A.外汇供应相对增加B.本币汇率上升C.本币供应相对增加D.出口商品的竞争力降低6.国际收支顺差是一国国际收支不平衡的一种表现形式，会对经济生活产生影响。
如果一国出现持续性的国际收支顺差，则可能会导致或加剧( )。
A.通货紧缩B.国内资金紧张C.经济危机D.货币对外贬值7.国际金融业务中经常会涉及欧洲货币以及欧洲货币市场，以下对于它们的理解正确的是( )。
A.欧洲货币就是境外货币，即外币B.欧洲货币市场中的“欧洲”不是一个地理概念C.欧洲货币市场上的欧洲银行是指位于欧洲的银行D.欧洲货币市场上的交易客体即为欧洲各国发行的金融工具8.欧洲短期信贷市场业务中银行同业拆放业务大量使用的同业拆放利率是( )。
A.SIBORB.LIBORC.HIBORD.FIBOR9.现钞买入价和外汇买入价的关系为( )。
cfa三级写作题
cfa三级写作题摘要：一、CFA三级写作概述1.CFA三级写作的重要性2.CFA三级写作的考试形式与内容二、CFA三级写作技巧1.熟悉考试大纲与评分标准2.提高阅读与分析能力3.加强逻辑思维与论证能力4.注重语言表达与词汇丰富5.制定合理的时间安排与策略三、CFA三级写作备考建议1.提前规划备考时间2.多做真题练习与模拟测试3.参加培训课程与学习小组4.积累金融知识与写作素材5.保持良好的心态与毅力四、CFA三级写作考试心得1.考试过程中的注意事项2.优秀范文的学习与借鉴3.自我评价与总结经验正文：CFA（Chartered Financial Analyst）三级写作是CFA考试中至关重要的一部分，它主要测试考生的金融分析与写作能力。
本文将为您详细解析CFA三级写作的考试形式、技巧、备考建议以及考试心得。
首先，让我们了解一下CFA三级写作的考试形式与内容。
CFA三级写作考试共有两部分，分别是简答题（Short Answer Questions, SAQs）与论述题（Essay Questions）。
简答题要求考生在规定时间内回答3道题目，每道题目涉及不同的金融知识点，考生需要运用所学知识进行解答。
论述题则要求考生针对一个金融话题，运用逻辑思维与论证能力进行分析和论述。
在掌握考试形式的基础上，考生还需熟练掌握CFA三级写作技巧。
首先，熟悉考试大纲与评分标准有助于考生了解考试要求与评判标准，从而有针对性地进行备考。
其次，提高阅读与分析能力有助于考生快速捕捉问题的关键信息，从而提高答题效率。
此外，加强逻辑思维与论证能力有助于考生在论述题中展现出严密的论证过程。
同时，注重语言表达与词汇丰富可以使考生的文章更具说服力。
最后，制定合理的时间安排与策略有助于考生在考试中充分发挥水平。
针对CFA三级写作备考，本文给出以下建议。
首先，考生应提前规划备考时间，确保有足够的时间进行充分的练习。
其次，多做真题练习与模拟测试有助于考生熟悉考试题型，检验自己的备考效果。
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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.
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 paytwo layers of fees: one to the FOF and the other to the underlying hedge fund managers.
5、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】
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.
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 = bond portfolioMDURt = duration target of portfolioMDURb = duration of bond portfolioMDURs = duration of swap
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 =€196,438
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.பைடு நூலகம்0, the put will expire worthless, the call will expire worthless, and the value of the strategy will reflect solely the value of the stock.
6、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.
CFA三级练习题精选及答案0601-8
1、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.