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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 331

Component VaR (CVaR) of position i is:

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Question 332

Incremental VaR (IVaR) of a position is:

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Question 333

A portfolio has VaR(95%) = $5M. Removing a position reduces VaR to $4M. IVaR of that position is:

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Question 334

A U.S. investor earns 10% local return in EUR. EUR appreciates 4% vs USD. USD return is closest to:

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Question 335

A U.S. investor earns 6% local return in JPY. JPY depreciates 8% vs USD. USD return is closest to:

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Question 336

In mean‑variance optimization, the Lagrange multiplier λ represents:

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Question 337

In Black–Litterman, the confidence in investor views is captured by:

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Question 338

A U.S. investor earns 9% in GBP. GBP depreciates 2%. USD return?

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Question 339

A portfolio has 1‑day volatility 1.8%. What is 15‑day volatility?

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Question 340

Delta‑gamma VaR includes:

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Question 341

A portfolio has delta = $5M per 1% move and gamma = $2M per 1%². Market moves +2%. Approx P&L?

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Question 342

Component VaR of asset i equals:

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Question 343

A portfolio has VaR = $12M. Asset i has MVaR = 0.3 and weight 20%. CVaR of asset i is:

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Question 344

A portfolio has 1‑month return 4% and next month −3%. Geometric 2‑month return?

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Question 345

A forward contract has spot 1.30 USD/GBP, USD rate 3%, GBP rate 1%. Forward price?

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Question 346

A U.S. investor earns 5% in CHF. CHF appreciates 6%. USD return?

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Question 347

In a factor model, total portfolio variance equals:

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Question 348

Factor marginal contribution to risk (MCTR) equals:

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Question 349

A portfolio has factor loading 0.8, factor variance 4%, portfolio variance 9%. Factor contribution to variance?

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Question 350

A portfolio has 1‑day VaR = 2%. What is 30‑day VaR?

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Question 351

A portfolio has 1‑day CVaR = 3%. CVaR is always:

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Question 352

In backtesting, White’s Reality Check corrects for:

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Question 353

Block bootstrapping is used because:

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Question 354

Walk‑forward optimization is:

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Question 355

In constrained mean‑variance optimization, adding a no‑short‑selling constraint typically:

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Question 356

In Black–Litterman, the τ parameter represents:

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Question 357

A U.S. investor earns 7% in CAD. CAD appreciates 3%. USD return?

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Question 358

A portfolio has 1‑day VaR = 2%. Correlation between assets increases. VaR will:

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Question 359

Stress VaR (SVaR) differs from regular VaR because it:

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Question 360

A portfolio has 1‑day VaR = 3%. Backtesting shows 10 exceptions in 250 days. This indicates:

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Free CFA Portfolio Management Practice Questions & Answers

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