CFA Level 3 Mock Exam PDF with Answers

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If you are one of the candidates of CFA Level 3, you will need lots of practice questions to pass the CFA Level 3 Mock Exam. It is a 2 hour 12 minutes, consists of 44 questions practice exam, weighted as per CFA Institute’s guidance. It is a proper mock exam, rather than independent question-bank-type questions because it utilizes the item-set and vignette format which is the same as the actual CFA Level 3 exam session.

CFA Level 3 Mock Exam PDF with Answers

Fortunately, you are able to take the test online or download the CFA Level 3 Mock Exam PDF questions with full answers and analytics included. Do not worry, all for free. After submitting your answers online, then instantly you are going to be sent a personalized test result report, full answer explanations and also a comparison of your performance to the rest of the candidate population.

To get CFA Level 3 Mock Exam PDF, simply, you are able to click this link; file:///C:/Users/Yayan/Downloads/Free%20CFA%20Level%203%20Mock%20Exam%20(300Hours).pdf.

CFA Level 3 Mock Exam – How Does It Work?

After submitting your answers, then instantly you are going to be sent a personalized test result report and all answer explanations. You are going to get a detailed topic with your results email, showing weak areas, assisting you focus on topics which will help raise your exam performance the most. Also, you are going to receive comparative statistics on where you stand with the rest of the sample, better informing you if you require to double down on revision.

You are able to practice tests via online on most devices you have. You will be able to take it right now, or bookmark this page to come back later. Just click the questions, fill in your details and then click ‘Submit’.

You are able to do this CFA Level 3 Mock Exam in two methods:

Either way is easy. All you need to do is only click the questions, fill in your details and then click ‘Submit’.

CFA Level 3 Mock Exam: Practice Questions

  1. Which of the principles is inconsistent with the Asset Manager Code of Professional
    Conduct?
    A. Principle 1.
    B. Principle 2.
    C. Principle 3.
  2. Which of the principles is inconsistent with the Asset Manager Code of Professional
    Conduct?
    A. The risk management process.
    B. Portfolio information.
    C. Business-continuity plan.
  3. Which of Nathan’s client service policies is consistent with the Asset Manager Code of
    Professional Conduct?
    A. Performance reports frequency.
    B. Complete, accurate disclosures, including complex calculations.
    C. Conflicts of interests’ disclosures.
  4. Are the firm’s disclosures regarding management fees consistent with the required and recommended standards of the Asset Manager Code?
    A. Yes.
    B. No, because the average or expected expenses or fees clients are likely to incur are not mentioned.
    C. No, because complicated language is used.
  5. The economic forecasting approaches Jaffer and Arnaud most likely use are:
    A. Checklist approach and LEI.
    B. Reduced-form models and checklist approach.
    C. Structural models and LEI.
  6. Which of the following biases does Wu exhibit?
    A. Status quo, confirmation, overconfidence.
    B. Prudence, availability, look-ahead.
    C. Survivorship, time period, availability.
  7. Regarding the effect of the “horizon structure” of inflation on various assets, which of Jaffer’s notes is least likely correct?
    A. Note I.
    B. Note II.
    C. Note III.
  8. If the Eurozone country’s central bank responds with a reaction function based on the Taylor
    Rule and correctly calibrate the policy rate, which of the following will most likely occur?
    A. Short term rates will fall faster, but growth and inflation may decline less.
    B. Short term rates, growth and inflation will decline rapidly.
    C. Short term rates will fall rapidly but growth and inflation rates will remain steady.
  9. Which of the following behavioral biases is most likely demonstrated by Mrs. Wentworth?
    A. Conservatism bias.
    B. Confirmation bias.
    C. Availability bias.
  10. Which of the following behavioral biases is most likely demonstrated by Jack Black?
    A. Illusion of knowledge bias.
    B. Self-attribution bias.
    C. Hindsight bias.
  11. Which of the following bias (es) did Henry Tillman NOT demonstrate?
    A. Anchoring and adjustment bias.
    B. Status quo bias.
    C. Endowment bias.
  12. Which of the following is not a typical consequence of mental accounting bias?
    A. Allocating funds to different ‘buckets’.
    B. Neglecting to focus on total return and total risk.
    C. A higher risk profile in the portfolio due to pursuit of higher returns
  13. In Shah’s portfolio optimization proposals, which model inputs may be used with no
    Adjustment?
    A. Correlation of returns.
    B. Expected returns.
    C. Standard deviation of returns.
  14. Based on Exhibits 1 & 2, a significant reduction in the high-yield (HY) bonds’ in the after-tax Asset mix may be because of:
    A. Lower income returns of the HY bonds.
    B. Heavier tax burden imposed on HY bonds.
    C. Lower correlation between HY bonds and IG bonds.
  15. Based on Exhibits 1 & 2, a higher allocation to investment-grade (IG) bonds in the after-tax
    Asset mix may be because of:
    A. Lower income returns of the IG bonds.
    B. Lower risk than HG bonds and lower correlation with equity.
    C. Higher correlation with HG bonds than equity.
  16. Given its funding objectives, which asset allocation is most appropriate for Minerva’s defined-benefit pension plan?
    A. Allocation 1.
    B. Allocation 2.
    C. Allocation 3.
  17. Regarding discretionary TAA, Shah is least likely correct with respect to:
    A. Comment 1.
    B. Comment 2.
    C. Comment 3.
  18. Regarding the immediate tactical asset allocation demand, the behavioral bias most likely exhibited by the client is:
    A. Loss aversion.
    B. Home bias.
    C. Representativeness bias.
  19. Following the discussion between Johnsons and Connors and Note 1, Connors is most likely to recommend to Mike to increase his exposure to:
    A. Risk-free assets.
    B. Risky assets.
    C. Lifetime insurance.
  20. Considering the discussion and Note 2, Connors is least likely to recommend which of the following investments to Sara?
    A. Equities.
    B. Bonds.
    C. Life insurance.

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