2022年CFA考試《CFA三級》共240道單選題。幫考網為大家每天準備了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，都會清晰的反映在分數上。一起加油前行!

1、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?【單選題】

A.No, because the euro is expected to depreciate by more than 0.35%

B.Yes

C.No, because the euro is expected to appreciate by more than 0.35%

正確答案: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 on expected 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 fｏｒhis client?【單選題】

A.No, he is incorrect regarding duration

B.Yes

C.No, he is incorrect regarding the bond portfolio characteristics

正確答案:C

答案解析:To immunize a portfolio////\\'s target value ｏｒtarget yield against a change in the market yield, a manager must invest in a bond ｏｒa 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 does not assure that the target value will be achieved because of reinvestment risk.

3、Which of Dreschler////\\'s points comparing top-down analysis ａｎｄ bottom-up analysis is the most accurate? His point regarding:【單選題】

A.estimates coming out of a recession.

B.consistency of the results.

C.detecting cyclical turns.

正確答案:C

答案解析:Most top-down models are of the econometric type ａｎｄ rely on historical relationships to be the basis fｏｒassumptions about the future. Thus, they can be slow in detecting cyclical turns.

4、Which of the following statements most likely indicates a belief that technical anomalies exist in the capital markets?【單選題】

A.Statement 2.

B.Statement 4.

C.Statement 6.

正確答案:B

答案解析:B is correct. Statement 4 indicates the belief 2. that buy/sell signals can be used to earn excess returns.

5、By participating in OAM////\\'s annual competition, Rayne employees least likely violate which of the following CFA Institute Standards of Professional Conduct?【單選題】

A.Additional Compensation Arrangements

B.Misrepresentation

C.Independence ａｎｄ Objectivity

正確答案:A

答案解析:Standard IV(B)–Additional Compensation Arrangements states that members ａｎｄ candidates must not accept gifts, benefits, compensation, ｏｒconsideration that competes with ｏｒmight reasonably be expected to create a conflict of interest with their employer////\\'s interests. In this case, holding a competition to encourage sales is unlikely to cause a conflict of interest with the employer////\\'s interests. But by not disclosing the competition details, the sales agents are likely to misrepresent why they are making the recommendation to a client to buy high-fee, front-end-load financial products, so the sales agents would be in violation of Standard I(C)–Misrepresentation. In addition, by selling only high-fee, front-end-load products in the hopes of winning a competition without consideration of the client////\\'s needs compromises the agents////\\'s independence ａｎｄ objectivity, thus violating Standard I(B)–Independence ａｎｄ Objectivity.

水滴石穿，相信CFA考試在各位考試的用心備考下很快就會掌控自如，但是千萬別欺騙自己，結果都會以你最終的分數展現出來，加油!