FRM真題練習考生有必要做嗎？這是近期有考生所咨詢的，關于答案，小編說當然是很有必要的。尤其是近幾年的FRM真題練習，下文是小編所列舉的，一起隨小編了解一下！

Regarding the effects of interest rate shift on fixed-income portfolios with similar durations，which of the following statements is not wrong?

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A barbell portfolio has greater convexity than a bullet portfolio because convexity increases linearly with maturity.

A barbell portfolio has greater convexity than a bullet portfolio because convexity increases with the square of maturity.

A barbell portfolio has lower convexity than a bullet portfolio because convexity increases with the square of maturity.

A barbell portfolio has lower convexity than a bullet portfolio because convexity increases linearly with maturity.

Answer: B

The statement compares two portfolios with the same duration. A barbell portfolio consists of a combination of short-term and long-term bonds. A bullet portfolio has only medium-term bonds. Because convexity is a quadratic function of time to wait for the payments, the long-term bonds create a large contribution to the convexity of the barbell portfolio, which must be higher than that of the bullet portfolio.

Which of the choices below regarding market, credit, and operational risk is correct?

A. People risk relates to the risk associated with incompetence and lack of suitable training of internal employees and/or external individuals.

B. Between two counterparties, presettlement risk is always higher than settlement risk.

C. Options are examples of financial instruments with non-directional risks.掃碼咨詢

D. Funding liquidity risk results from a large position size forcing transactions to influence the price of securities

Answer: C

People risk relates to the risk associated with fraud perpetrated by internal employees and/or external individuals. It does not relate to incompetence and lack of suitable training. Presettlement risk is lower than settlement risk because the former allows for offsetting of payments while the latter requires settlement of the full value of payments. Non-directional risks have non-linear exposures to changes in economic or financial variables which is clearly the case with options. Asset-liquidity risk (not funding liquidity risk) results from a large position size forcing transactions to influence the price of securities.

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