在現(xiàn)在的備考中，聽到考生說的最多的就是做練習(xí)題很煩躁，總是感覺一聽就會(huì)一做就廢的狀態(tài)！在FRM考試備考中，有必要做真題練習(xí)嗎？

做大量的FRM真題練習(xí)是很有必要的，備考中的考生千萬不能忽視，下面是小編列舉的兩個(gè)例題解析，一起了解一下！

Assume that a hedge fund provides a large positive alpha. The fund can take leveraged long and short positions in stocks. The market went up over the period. Based on this information

A) If the fund has net positive beta, all of the alpha must come from the market.》》》戳：免費(fèi)領(lǐng)取FRM各科視頻講義+歷年真題+21年原版書（PDF版）

B) If the fund has net negative beta, part of the alpha comes from the market.

C) If the fund has net positive beta, part of the alpha comes from the market.

D) If the fund has net negative beta, all of the alpha must come from the market.

答案：C

解析：Because the market went up, a portfolio with positive beta will have part of its positive performance due to the market effect. A portfolio with negative beta will have in part a negative performance due to the market. Answer A) is incorrect, because the fund manager could still have generated some of its alpha through judicious stock picking. Answer B and D are incorrect, because a negative beta combined with a rising market should lead to a decrease, not an increase, in the alpha.》》》想?yún)⒓尤谲SFRM培訓(xùn)班點(diǎn)我咨詢 

Identify the risks in a convertible arbitrage strategy that takes long positions in convertible bonds hedged with short positions in Treasuries and the underlying stock.

A) Short implied volatility

B) Long duration

C) Long stock delta

D) Positive gamma

答案：D 【資料下載】[融躍財(cái)經(jīng)]FRM一級(jí)ya題-pdf版

解析：This position is hedged against interest rate risk, so B) is wrong. It is also hedged against directional movements in the stock, so C) is wrong. The position is long an option (the option to convert the bond into the stock) and so is long implied volatility, soA) is wrong. Long options positions have positive gamma.

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