在现在的备考中，听到考生说的最多的就是做练习题很烦躁，总是感觉一听就会一做就废的状态！在FRM考试备考中，有必要做真题练习吗？
做大量的FRM真题练习是很有必要的，备考中的考生千万不能忽视，下面是小编列举的两个例题解析，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：免费领取FRM各科视频讲义+历年真题+21年原版书（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.》》》想参加融跃FRM培训班点我咨询
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 【资料下载】[融跃财经]FRM一级ya题-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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