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Free CFA Portfolio Management Practice Questions & Answers

1,100 exam-style Portfolio Management questions. Pick your answer, hit Check answer, and see the worked solution — free to start, no signup.

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Question 301

A portfolio has expected return 11%, volatility 22%, risk‑free 3%. Sharpe ratio?

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Question 302

A two‑asset portfolio has weights 0.4 and 0.6, volatilities 10% and 15%, correlation 0.2. What is the portfolio volatility?

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Question 303

A portfolio has expected return 8%, volatility 12%, risk‑free 2%. Utility = E(R) − 0.5Aσ² with A=3. What is utility?

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Question 304

A minimum‑variance portfolio has weights proportional to 1/σ². Asset A vol = 10%, B vol = 20%. What is weight in A?

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Question 305

A portfolio has beta 1.1 and volatility 18%. Market volatility is 15%. What is correlation with the market?

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Question 306

A portfolio has 60% USD assets and 40% EUR assets. EUR appreciates 5% vs USD. Portfolio FX impact?

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Question 307

A U.S. investor holds a UK equity returning 8% in GBP. GBP depreciates 3% vs USD. USD return?

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Question 308

A portfolio has 1‑day VaR(95%) = $3M. What is 20‑day VaR?

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Question 309

A portfolio has 30% in asset A (vol 12%) and 70% in B (vol 18%), correlation 0.6. Portfolio vol?

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Question 310

A portfolio has expected return 9%, volatility 10%. Risk‑free = 3%. Sharpe ratio?

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Question 311

A portfolio has 1‑day volatility 1%. What is 60‑day volatility?

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Question 312

A portfolio has 70% in USD assets and 30% in JPY assets. JPY depreciates 4%. FX impact?

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Question 313

A portfolio has duration 6 and convexity 50. Yields fall 0.4%. Approx price change?

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Question 314

A portfolio has 1‑day VaR(99%) = 3%. What is 40‑day VaR?

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Question 315

A portfolio has 50% in A (return 7%) and 50% in B (return −1%). Return?

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Question 316

A portfolio has beta 0.8. Market return = 9%, risk‑free = 3%. CAPM expected return?

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Question 317

A portfolio has 1‑day volatility 1.4%. What is 100‑day volatility?

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Question 318

A U.S. investor earns 12% in AUD. AUD depreciates 6%. USD return?

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Question 319

A portfolio has 1‑day VaR(95%) = $4M. What is 50‑day VaR?

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Question 320

A portfolio has 60% in A (vol 14%) and 40% in B (vol 10%), correlation 0.3. Portfolio vol?

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Question 321

In mean‑variance optimization, the unconstrained optimal weight vector is proportional to:

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Question 322

In Black–Litterman, the posterior expected returns are:

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Question 323

A risk budget assigns:

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Question 324

Risk contribution (RC) of asset i is:

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Question 325

In a risk‑parity portfolio, each asset’s:

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Question 326

A portfolio has two assets with RCs of 40% and 60%. Total portfolio volatility is 10%. Asset 1’s RC in volatility terms is:

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Question 327

A portfolio has 1‑day parametric VaR(99%) of 3% with volatility 2%. What z‑score is implied?

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Question 328

Delta‑normal VaR for a linear portfolio is:

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Question 329

A portfolio has daily volatility 1.5%. What is 10‑day parametric VaR(95%) (z=1.65)?

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Question 330

Liquidity‑adjusted VaR typically adds:

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Free CFA Portfolio Management Practice Questions & Answers

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