- CFA Exams
- CFA Level I Exam
- Topic 1. Quantitative Methods
- Learning Module 2. Organizing, Visualizing, and Describing Data
- Subject 11. The Shape of the Distributions: Kurtosis

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**CFA Practice Question**

Which of the following statements is true?

B. Kurtosis varies from normal distribution to normal distribution.

C. A normal distribution may be leptokurtic or platykurtic.

D. It is not unusual for a sample of 100 or larger taken from a normal distribution to have excess kurtosis greater than 1.

A. For large samples, we obtain excess kurtosis by subtracting 3 units from kurtosis.

B. Kurtosis varies from normal distribution to normal distribution.

C. A normal distribution may be leptokurtic or platykurtic.

D. It is not unusual for a sample of 100 or larger taken from a normal distribution to have excess kurtosis greater than 1.

Correct Answer: A

For large samples, we obtain excess kurtosis by subtracting 3 units from kurtosis. All the other statements are incorrect. All normal distributions have kurtosis equal to 3. A normal distribution is mesokurtic, not leptokurtic or platykurtic. For a sample of 100 or larger taken from a normal distribution, excess kurtosis greater than 1 is considered unusually large.

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