【每日一练】CFA 一级（2015年）

Question：

A long-term bond investor with an investment horizon of 8 years invests in option-free, fixed-rate  bonds with a Macaulay duration of 10.5. The investor most likely currently has a: 
A. positive duration gap and is currently exposed to the risk of lower interest rates. 
B. negative duration gap and is currently exposed to the risk of higher interest rates. 
C. positive duration gap and is currently exposed to the risk of higher interest rates. 

Answer = C 
The duration gap is the bond's Macaulay duration minus the investment horizon, which is positive in  this case. A positive duration gap implies that the investor is currently exposed to the risk of higher  interest rates. 

CFA Level I 
"Understanding Fixed-Income Risk and Return", James F. Adams and Donald J. Smith 
Section 4.2 
 

更多精彩：

要进投行？是不是必须要考CFA！？

CFA一级权益复习策略

CFA考试难吗？适合哪些人考？