2025年CFA三级真题练习.docxVIP

2025年CFA三级真题练习

考试时间：______分钟总分：______分姓名：______

SectionA:EthicsandProfessionalStandards

1.Youareaninvestmentmanager.Yourclient,aclosepersonalfriend,hasrecentlybeenofferedajobwithacompetitorfirm.Thecompetitorisofferingahighersalaryandamoreprestigiousposition.Yourfriendasksforyouradviceonwhethertoaccepttheoffer.Yourfriendtrustsyouropiniononfinancialmattersandhasbeenasignificantclientformanyyears.WhatisthemostappropriatecourseofactionaccordingtotheCFAInstituteCodeandStandards?

2.Youareanalyzingacompanyforanequityresearchreport.Duringyourinvestigation,youdiscoverthatthecompanysCEOhasbeeninvolvedinalegaldisputeunrelatedtothecompanysbusiness.Thedisputeiscurrentlyinitsearlystages,anditspotentialimpactonthecompanyisunclear.Whatactionsshouldyoutakeregardingtheinclusionofthisinformationinyourreport?

3.Youarepreparingapresentationforapotentialclient.Thepresentationincludesoptimisticprojectionsforaninvestmentstrategythatyouhavedeveloped.Theprojectionsarebasedonreasonableassumptionsbutarenotguaranteedoutcomes.Theclientasksifthestrategyisrisk-free.Howshouldyourespond?

SectionB:InvestmentTools

4.Explainthedifferencebetweenthesystematicriskandtheunsystematicriskofanindividualsecurity.Howissystematicrisktypicallymeasured?

5.TheexpectedreturnofStockAis12%,anditsstandarddeviationis20%.TheexpectedreturnofStockBis10%,anditsstandarddeviationis15%.IfthecorrelationcoefficientbetweenthereturnsofStockAandStockBis0.4,whatistheexpectedreturnandstandarddeviationofaportfolioconsistingof60%StockAand40%StockB?(Assumetheweightsareintermsofvalue.)

6.DescribetheCapitalAssetPricingModel(CAPM).Listitskeyassumptionsandderivetheexpectedreturnformula.Whatisthesignificanceofthemarketrisk