2020年CFA考試《CFA三級》考試共240題，分為單選題。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數上。一起加油前行。

1、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 decided to open his own investment management firm. After leaving his current employer, Rule creates some marketing material for his new firm. He states in the material, “In earning the CFA charter, a highly regarded credential in the investment management industry, I further enhanced the portfolio management skills learned during my professional career. While completing the examination process in three consecutive years, I consistently received the highest possible scores on the topics of Ethics, Alternative Investments, and Portfolio Management.” Has Rule violated Standard VII(B)—Reference to CFA Institute, the CFA Designation, and the CFA Program in his marketing material?【單選題】

A.Rule violated Standard 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 according to Standard VII(B)—Reference to CFA Institute, the CFA Designation, and the CFA Program. CFA Program candidates do not receive their actual scores on the exam. Topic and subtopic results are grouped into three broad categories, and the exam is graded only as “pass” or “fail.” Although a candidate may have achieved a topical score of “above 70%,” she or he cannot factually state that she or he received the highest possible score because that information is not reported. Thus, answer C is incorrect. Answer A is incorrect as long as the member or candidate actually completed the exams consecutively. Standard VII(B) does not prohibit the communication of factual information about completing the CFA Program in three consecutive years.

2、【單選題】

A.Statement about an 

B.

C.

正確答案:B

答案解析:B is correct. Kreuzer’s statement about an advantage of VaR is wrong because the VaR for 

3、The leveraged return for the bond portfolio in Figure 2 is closest to:【單選題】

A.4.55%.

B.5.13%.

C.5.55%.

正確答案:A

答案解析:The leveraged return can be computed as the return on the portfolio less the cost of borrowed funds divided by the equity 

4、By executing trades based on the information she receives from the biotechnology consultant employees, Kim least likely violates the CFA Institute Standards of Professional Conduct concerning:【單選題】

A.Diligence and Reasonable Basis.

B.Material Nonpublic Information.

C.Market Manipulation.

正確答案:C

答案解析:The hedge fund manager's trades do not represent a violation of Standard II(B)–Market Manipulation. Kim is not engaging in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants. Because the trades are based on material nonpublic information, however, Kim is in violation of Standard II(A)–Material Nonpublic Information. Kim is also in violation of Standard V(A)–Diligence and Reasonable Basis because she has based her investment decisions on information received from third parties. In addition, Kim has not determined whether this information is sound and whether the processes and procedures used by those responsible for the research were valid.

5、【單選題】

A.Deferred fixed

B.Immediate fixed

C.Immediate variable

正確答案:B

答案解析:B is correct. With immediate fixed annuities, Brown will trade a sum of money today for