CFA考試三級(jí)模擬試題精選0402-9(附詳解)

1、CFA考試三級(jí)模擬試題精選 0402-9 （附詳解）1、Using the data in Exhibits 1 and Sorenson's assumption about the appropriate discount rate, the fair value of the EuroCountryX Stock Index using the Gordon growth model is closest to: 【單選題】A. ?3,677.B. ?4,415.C. ?3,595.正確答案 :A答案解析 : 2、【單選題】A. can be used for non-USB.

2、captures the net present value of growth investment opportunities availableC.正確答案 :A答案解析 :A is correct. The Fed model, although developed in the United States, can be applied to the 3、Based on Seymour ' s statement regarding international interest rates, as well as the data in Exhibit 3, the imp

3、act of a 100bp decline in US interest rates onthe model portfolio's value would be closeS單選題】A. 3.41%.B. 4.02%.C. 4.93%.X 6.6 = 3.96); therefore, a 1% change will contribut正確答案 :C答案解析 :The US component contributes 3.96 in duration to the portfolio (0.60the portfolio. The German component contrib

4、utes 1.56 in duration (0.4X 3.9 = 1.56) but moves only 0.62 times the movement in US rates, thus contrib+/ 0.97% to portfolio return (1.56X 0.62 = 0.97). The total impact is +/-4.93% (3.96 + 0.97 = 4.93).4、What are the GIPS requirements for the Contrarian composite of Nigel Investment Advisors? 【單選題

5、】A.B.C.正確答案 :B 答案解析 :Under GIPS, all fee-paying, discretionary portfolios must be included in at least one composite. There is no minimum 5、【單選題】A. 0.84.B. 1.19.C. 1.48.正確答案 :A答案解析 :A is correct. To execute Strategy 1, 216 contracts would have been sold three months ago on 15 6、【單選題】A. Fund A.B. Fun

6、d B.C. Fund C.正確答案 :A答案解析 :A is correct. Use of a longer measurement interval will help to lower annualized volatility estimates; illiquid assets or stale prices 7、【單選題】's activities.A. disassociate from Blackmore7B.C.正確答案 :A答案解析 :Blackmore's use of derivatives without knowing whether they a

7、re allowed according to the Plan's IPS is a violation of Loyalty,8、 Rule has worked as a portfolio manager for a large investment management firm for the past 10 years. Rule earned his CFA charter last year and has decidedto open his own investment management firm. After leaving his current empl

8、oyer, Rule creates some marketing material for his new firm. He states in thematerial,In earning the CFA charter, a highly regarded credential in the investment management industry, I further enhanced the portfolio management skillslearned during my professional career. While completing the examinat

9、ion process in three consecutive years, I consistently received the highest possible scores ” Has Rule violated Standard VII(B)on the topics of Ethics, Alternative Investments, and Portfolio Management. Reference to CFA Instand the CFA Program in his marketing material? 【單選題】A.Rule violated Standard

10、 VII(B) in stating that he completed the exams in three consecutive years.B.Rule violated Standard VII(B) in stating that he received the highest scores in the topics of Ethics, Alternative Investments, and Portfolio Management.C.Rule did not violate Standard VII(B).正確答案 :B答案解析 :Answer B is correct

11、according to Standard VII(B)Reference to CFA Institute, the CFA Designation, and the CFA Program. CFA Progrnot receive their actual scores on the exam. Topic and subtopic results are grouped into three broad categories, and the exam is graded only asAlthough a candidate may have achieved a topical s

12、core ofabove 70%, ” she or he cannot factually state that she or he received the highest possible scbecause that information is not reported. Thus, answer C is incorrect. Answer A is incorrect as long as the member or candidate actually completed the examsconsecutively. Standard VII(B) does not proh

13、ibit the communication of factual information about completing the CFA Program in three consecutive years.9、【單選題】A. No, because additional holdings data are requiredB. YesC. No, because additional index data are required正確答案 :A答案解析 :Holdings data are required to create a style box and interpret the

14、results. Gatchell is given the styles and the assets under management but not each's inflation scenariOl單選題Olikely:individual investment or holding that each investment manager has selected.10、 Grey ' s statement regarding the impact of RiteValA.correct.B. incorrect because of his comment about real estate.C. incorrect because of his comment about equities.正確答案 :B答案解析 :In deflation, real estate experiences downward pricing pressure (negative) and bonds ben