CFA考试历年真题精选4(附详解)

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cfa一级考试真题及答案详解

cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在评估一个公司的财务状况时，以下哪项指标最能反映其偿债能力？A) 流动比率B) 速动比率C) 资产负债率D) 股东权益比率答案：C) 资产负债率解析：资产负债率是指公司总负债与总资产的比率，它反映了公司资产中有多少比例是通过借债获得的。

这个比率越高，说明公司的财务杠杆越大，偿债能力越弱。

因此，资产负债率是反映公司偿债能力的重要指标。

2. 问题：在进行股票投资分析时，以下哪项因素是影响股票价格的宏观经济因素？A) 公司盈利能力B) 利率水平C) 行业竞争状况D) 公司管理层能力答案：B) 利率水平解析：宏观经济因素包括利率水平、通货膨胀率、经济增长率等，这些因素会影响整个经济环境，进而影响股票市场。

利率水平是宏观经济因素之一，它会影响公司的融资成本和投资者的预期回报，从而对股票价格产生影响。

3. 问题：在固定收益投资中，以下哪项因素会导致债券价格上升？A) 市场利率上升B) 市场利率下降C) 债券信用评级下降D) 债券到期时间延长答案：B) 市场利率下降解析：在固定收益投资中，债券价格与市场利率呈反向关系。

当市场利率下降时，新发行的债券的票息率会低于市场上已有的债券，因此已有债券的相对吸引力增加，导致其价格上升。

4. 问题：在投资组合管理中，以下哪项策略是用于降低非系统性风险的？A) 资产配置B) 多元化投资C) 市场时机选择D) 杠杆投资答案：B) 多元化投资解析：非系统性风险是指特定于某个公司或行业的投资风险，这种风险可以通过多元化投资来降低。

通过投资于多个不同公司或行业的资产，可以减少单一资产或行业波动对整个投资组合的影响。

5. 问题：在金融衍生品中，以下哪项产品允许投资者在未来以特定价格买入或卖出资产？A) 期货合约B) 远期合约C) 期权合约D) 掉期合约答案：C) 期权合约解析：期权合约是一种金融衍生品，它赋予持有者在未来某个时间以特定价格买入或卖出资产的权利，但不是义务。

CFA考试一级章节练习题精选0401-15(附详解)

CFA考试一级章节练习题精选0401-15（附详解）1、In competitive markets, when the efficient quantity is produced, the least likely result is to:【单选题】A.maximize total surplus.B.generate underproduction.C.minimize deadweight loss.正确答案:B答案解析:“Efficiency and Equity,” Michael ParkinWhen the efficient q uantity is produced, total surplus (the sum of consumer surplus and producer surplus) is maximized. Deadweight loss reduces total surplus and occurs when there is either underproduction or overproduction, i.e. when the quantity produced differs from the efficient quantity. When the efficient quantity is produced, underproduction does not occur.2、Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?【单选题】A.HHI is a useful measure of potential barriers to entry.B.Low control over prices is characteristic of oligopolies.C.An HHI value of 60 indicates that a market is highly competitive.正确答案:C答案解析:“Organizing Production,” Michael ParkinHHI values below 100 indicate the market is highly competiti ve.3、Under conditions of perfect competition, in the long run companies will most likely earn:【单选题】A.positive accounting profit and negative economic profit.B.zero accounting profit and positive economic profit.C.normal profit and zero economic profit.正确答案:C答案解析:In highly competitive market situations, companies tend to earn the normal profit level over time because the ease of market entry allows for other competing companies to compete away any economic profit over the long run. When accounting profit equals normal profit, economic profit is zero.Sections 2.1.1–2.1.24、First-degree price discrimination is best described as pricing that allows producers to increase theireconomic profit while consumer surplus:【单选题】A.increases.B.decreases.C.is eliminated.正确答案:C答案解析:In first-degree price discrimination, the entire consumer surplus is captured by the producer; theconsumer surplus falls to zero.Section 6.45、Which of the following international organizations' mandate is to makes resourcesavailable to member countries with balance of payments problem?【单选题】A.World Bank.B.World Trade Organization.C.International Monetary Fund.正确答案:C答案解析:国际货币基金组织（IMF）在其会员国出现国际收支问题时，会提供必要的援助。

CFA考试《CFA一级》历年真题精选04(附详解)

CFA考试《CFA一级》历年真题精选04（附详解）1、Which of the following is most likely a sign of a good corporate governance structure?【单选题】A.Independent board members comprise a minority proportion on the company’s board.B.The separation of the chief executive position from the chair position on the company’s board.C.Independent board members are allowed to meet shareholders only in the presence of the entire board.正确答案:B答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors”The CEO and board chair should be separated to prevent too much executive power.2、Which statement best describes option price sensitivities? The value of a:【单选题】A.call option increases as interest rates rise.B.put option increases as volatility decreases.C.put option decreases as interest rates decline.正确答案:A答案解析:“Derivative Markets and Instruments,” Don M. ChanceA is correct. Call options increase in value as interest rates rise.3、The most likely impact of adding commodities to a portfolio of equities and bonds is to:【单选题】A.increase riskB.enhance return.C.reduce exposure to inflation.正确答案:C答案解析:“Investing in Commodities,” Ronald G. Layard-LieschingC is correct. Over the long term, commodity prices are closely related to inflation and, therefore, including commodities in a portfolio of equities and bonds will reduce its exposure to inflation.4、Amanda Janney, CFA, is employed as a fixed-income portfolio manager for CollinsAsset Management Inc.(CAM) , a large international capital managementfirm.Janney signed a non-compete agreement with CAM when she joined CAM.The agreement strictly restricts Janney from contacting CAM's clients for fiveyears after leaving CAM.Janney leaves CAM and immediately sets up anothercompeting firm herself where Janney uses the knowledge and experience shelearns at CAM.In her first week at her new firm, Janney uses public internetsearching to find some of her former clients and recommends her new firm tothem.Janney has most likely violated the Standards of Professional Conduct by:【单选题】A.violating his non-compete agreement signed with CAM.ing public internet searching to find some of her former clients at her newfirm.ing the knowledge and experience she learns at CAM.正确答案:A答案解析:因为签署过同业竞争协议就应该加以遵守，即在离开原来公司后5年内不联系原有雇主的客户，而Janney离开后的第一个星期就利用公开的互联网搜索寻找以前的客户并拉拢这些客户，显然违反了对于雇主忠诚的原则。

CFA考试一级章节练习题精选0401-18(附详解)

CFA考试一级章节练习题精选0401-18（附详解）1、The following information is available about a hedge fund:Assume management fees are calculated using end-of-period valuation. The investor's net return given this fee structure is closest to:【单选题】A.9.68%.B.10.88%.C.9.79%.正确答案:C答案解析:Management fee: 1% of $112 million = $1.12 million.Section 3.32、The real estate index most likely to suffer from sample selection bias is a(n):【单选题】A.REIT index.B.appraisal index.C.repeat sales index.正确答案:C答案解析:Only properties that sell in each period and are included in the index and vary over time which may not be representative of the whole market.Section 5.33、If the level of broad inflation indices is largely determined by commodity prices, the average real yield on direct commodity investments is most likely:【单选题】A.greater than zero.B.equal to zero.C.less than zero.正确答案:B答案解析:As the price increases of commodities are mirrored in higher price indices, the nominal return is equal to inflation and thus the real return is zero.Section 6.34、Adding alternative investments to a portfolio of traditional investments will most likely result in a new combined portfolio with returns and standard deviation that are, respectively:【单选题】A.[1668201704061-image/0446.jpg]B.[1668201704061-image/0447.jpg]C.[1668201704061-image/0448.jpg]。

CFA考试二级模拟试题精选0401-61(附详解)

CFA考试二级模拟试题精选0401-61(附详解）1、Based on Exhibit 4 and Gillette’s forecast regarding Raffarin’s share price, the return on the RI bond over the next year is most likely to be:【单选题】A.lower than the return on Raffarin’s common shares.B.the same as the return on Raff arin’s common shares.C.higher than the return on Raffarin’s common shares.正确答案:A答案解析:A is correct. Over the next year, Gillette believes that Raffarin’s share price will continue to increase towards the conver sion price but not exceed it. If Gillette’s forecast becomes true, the return on the RI bond will increase but at a lower rate than the increase in Raffarin’s share pric e because the conversion price is not expected to be reached.2、Relative to the gross margins the subsidiaries report in local curr ency, Romulus’s consolidated gross margin most likely:【单选题】A.will not be distorted by currency translations.B.would be distorted if Augustus were using the same translation method as Julius.C.will be distorted because of the translation and inventory accounting methods Augustus is using.正确答案:C答案解析:C is correct. Augustus is using the temporal method in conjunction with FIFO inventory accounting. If FIFO is used, ending inventory is assumed to be composed of the most recently acquired items, and thus inventory will be translated at relatively recent exchange rates. To the extent that the average weight used to translate sales differs from the historical rate used to translate inventories, the gross margin will be distorted when translated into US dollars.3、In regard to the measures of economic activity, the comment by which one of the research team members is most accurate?【单选题】A.Bergman.B.Rajan.C.Medeva.正确答案:A答案解析:Medeva's comment is most accurate. The percentage change in stock market value equals the percentage change in GDP plus the percentage change in the share of earnings (profit) in GDP plus the percentage change in the price-to-earnings multiple. Over short to immediate horizons, all three of these factors contribute to appreciation or depreciation of the stock market. In the long run, however, the growth rate of GDP must dominate. As noted, the ratio of earnings to GDP cannot rise forever.4、Using the approach suggested by Medeva and the data in Exhibit 1, which of the three countries most likely indicates the highest growth rate in potential GDP?【单选题】A.Country X.B.Country Y.C.Country Z.正确答案:B答案解析:Using the labor productivity growth accounting equation, Country Z indicates the highest growth rate in potential GDP.5、If Bardem does use the equity method of accounting for its purchase of Ariana, using Exhibit 1，the value of goodwill，in millions, arising from the purchase is closest to:【单选题】A.€6.25.B.€21.25.C.€15.00.正确答案:A答案解析:A is correct. Bardem’s purchase price for Ariana will include goodwill of €6.25 per the calculation below. Under the equity method the goodwill is included in the investment amount on Bardem’s balance sheet.6、According to the CFA Institute Standards, must Voser obtain permission from her supervisor before accepting the Greenhornfood gift basket?【单选题】A.No.B.Yes, because the value of the basket is higher than €50.C.Yes, because consent is required by the company’s compliance procedures.正确答案:A答案解析:A is correct. According to Standard I(B)–Independence and Objectivity, members must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Although it was sent to Voser’s office, the gift basket is a private gift from Voser’s sister and not likely to affect Voser’s professional activities. According to Excerpt 4 of the Crawfood compliance manual and Standard IV(B)–Additional Compensation Arrangements, employees must obtain permission from their employer before accepting gifts, compensation, or other benefits that compete with, or might create a conflict of interest with, the employer’s interests. The gift basket does not create a conflict or compete with the employer’s interests.7、Which implied market expectation most likely accounts for the discrepancy in bond pricing that Rutherford notes?【单选题】A.Inflation uncertaintyB.Interest rate riskC.Credit risk正确答案:A答案解析:A is correct. The breakeven inflation rate incorporates both premiums for expectations about inflation and for the uncertainty of the future inflation environment.8、【单选题】A.0.072.B.0.087.C.0.084.正确答案:A答案解析:A is correct. Use the single-stage Gordon growth model, P0 = D1/(r 一g), and apply the current market price provided by Filo and the information in Exhibit 1 to solve for g as shown:9、Based on Exhibit 2, the modeling approach used by Candidate B to project future net sales is most accurately classified as a:【单选题】A.hybrid approach.B.top-down approach.C.bottom-up approach.正确答案:B答案解析:B is correct. A top-down approach usually begins at the level of the overall economy. Candidate B assumes industry sales will grow at the same rate as nominal GDP but that Chrome will have a 2 percentage points decline in market share. Candidate B is not using any elements of a bottom-up approach; therefore, a hybrid approach is not being employed.10、Based on Exhibit 1, the difference between the predicted annualized returns of a growth fund and an otherwise similar value fund is to:【单选题】A.1.86%.B.2.44%.C.3.01%.正确答案:B答案解析:B is correct. The estimated coefficients for the dummy variables show the estimated difference between the returns on different types of funds. The growth dummy takes the value of 1 for growth funds and 0 for the value fund. Exhibit 1 shows a growth dummy coefficient of 2.4368. The estimated difference between the return of growth funds and value funds is thus 2.4368.。

CFA考试二级模拟试题精选0401-54(附详解)

CFA考试二级模拟试题精选0401-54(附详解）1、Which of the following is most likely an unanticipated effect of regulation?【单选题】A.Hiring compliance lawyersB.Setting legal standards for contractsC.Establishing employers’ rights and responsibilities正确答案:A答案解析:A is correct. The hiring of more lawyers to deal with compliance is an example of an ‘unintended’ implementation cost. Establishing legal standards for contracts and employers’ rights and responsibilities are objectives (intended consequences) of some regulation.2、Grey recommends the purchase of a mutual fund that invests solely in long-term US Treasury bonds. He makes the following statements to his clients:【单选题】A.Neither statement violated the Code and Standards.B.Only statement I violated the Code and Standards.C.Only statement II violated the Code and Standards.正确答案:C答案解析:The correct answer is C. This question involves Standard I(C)–Misrepresentation. Statement I is a factual statement that discloses to clients and prospects accurate information about the terms of the investment instrument. Statement II, which guarantees a specific rate of return for a mutual fund, is an opinion stated as a fact and, therefore, violates Standard I(C). If statement II were rephrased to include a qualifying statement, such as “in my opinion, investors may earn . . . ,” it would not be in violation of the Standards.3、For the year 2011, the most appropriate method for Glace to use to account for its investment in AdOre was:【单选题】A.Fair value through profit and loss.B.The equity method.C.Available for sale.正确答案:B答案解析:In 2011, although Glace had less than 20% ownership interest in AdOre, it was considered to have significant influence, which required the equity method.4、The issuer of the floating-rate note B4 is in the energy industry. Ibarra personally believes that oil prices are likely to increase significantly within the next year, which will lead to an improvement in the firm’s financial health and a decline in the probability of default from 1.50% in Year 1 to 0.50% in Years 2, 3, and 4. Based on these expectations, which of the following statements is correct?【单选题】A.The CVA will decrease to €22.99.B.The note’s fair value will increase to €1,177.26.。

CFA考试二级模拟试题精选0401-29(附详解)

CFA考试二级模拟试题精选0401-29(附详解）1、Based upon the information in Exhibit 2, the intrinsic value per share of the equity of Jackson Breweries is closest to:【单选题】A.R97.67.B.R130.22.C.R186.03.正确答案:B答案解析:B is correct. With a single-stage residual income (RI) model, the intrinsic value, V0, is calculated assuming a constant return on equity (ROE) and a constant earnings growth (g).2、Which of the following valuation methods is Chen least likely to use for Robologistix?【单选题】A.Real option methodB.Discounted cash flowC.Replacement cost正确答案:B答案解析:B is correct. From the information provided (limited market history, weak asset base, low cash predictability, new management team), Robologistix is most likely a venture-stage company. Early-stage companies are best evaluated using the replacement cost or real option methods. Discounted cash flow (DCF) valuation is more appropriate for companies that have a longer operating history and is least appropriate for Robologistix.3、Based on the data presented in Exhibit 2, the candidate with the greatest skill at achieving active returns appears to be:【单选题】A.Candidate A.B.Candidate B.C.Candidate C.正确答案:B答案解析:B is correct. The IR measures the consistency of active return generation. A higher ratio generally indicates better managerial skill at achieving active returns on a risk-adjusted basis. The IR for Candidate B (0.746) is higher than the IR for Candidate A (0.582) and Candidate C (0.723).4、The fair acquisition price of High Tech using the comparable transaction approach is closest to:【单选题】A.$35.22.B.$40.86.C.$41.31.正确答案:B答案解析:B is correct. The fair acquisition price is $40.86. First, calculate the relative valuation ratios based on the acquisition price for the three comparable。

CFA考试三级模拟试题精选0402-4(附详解)

CFA考试三级模拟试题精选0402-4（附详解）1、【单选题】A.firm.posite strategy.C.extent and use of leverage and derivatives.正确答案:B答案解析:B is correct. Herrschaft’s description of the composite strategy is uninformative. It would most likely be possible for2、What response would Hackett most likely give to Jardins' senior management regarding their risk management process? The firm should:【单选题】A.define its risk tolerance before identifying the risks it faces.B.identify the risks it faces before setting policies and procedures.C.measure its risk levels before defining its risk tolerance.正确答案:A答案解析:The risk management process is as follows: (1) set policies and procedures, (2) define risk tolerance, (3) identify risks, (4) measure risks, and (5) adjust the level of risk.3、【单选题】A.decreased.B.remained unchanged.C.increased.正确答案:B答案解析:B is correct. Active share changes only if the total of the absolute values of the portfolio’s4、The pair of swaps Sharma should most likely describe are:【单选题】A.Equity Swap: Pay Libor, Receive return on equity index, Fixed Income Swap: Pay Libor, Receive return on bond indexB.Equity Swap: Pay return on equity index, Receive Libor, Fixed Income Swap: Pay Libor, Receive return on bond indexC.正确答案:B答案解析:The correct combination of swaps is:5、The SPES composite’s investment multiple (TVPI) is closest to:【单选题】。

cfa一级考试真题及答案详解

cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在计算投资组合的预期收益率时，以下哪种资产的预期收益率对投资组合的预期收益率影响最大？A. 资产A，占投资组合的10%B. 资产B，占投资组合的20%C. 资产C，占投资组合的30%D. 资产D，占投资组合的40%答案：D解析：投资组合的预期收益率是通过加权平均各个资产的预期收益率来计算的。

权重越大的资产对投资组合的预期收益率影响越大。

因此，资产D作为权重最大的资产，其预期收益率对投资组合的预期收益率影响最大。

2. 问题：以下哪种金融工具最适合用于对冲利率风险？A. 股票B. 债券C. 利率互换D. 货币期权答案：C解析：利率互换是一种利率衍生品，允许两方交换利率支付流。

这种金融工具可以用来对冲利率风险，因为它允许投资者锁定未来的利率水平，从而减少利率变动对投资组合价值的影响。

3. 问题：在进行财务分析时，以下哪种比率最能反映公司的流动性状况？A. 流动比率B. 速动比率C. 资产负债率D. 权益乘数答案：A解析：流动比率是衡量公司短期偿债能力的指标，它通过比较公司的流动资产和流动负债来计算。

一个较高的流动比率表明公司有足够的流动资产来覆盖其短期负债，因此最能反映公司的流动性状况。

4. 问题：在计算经济增加值（EVA）时，以下哪个因素不是必要的？A. 公司的税后营业利润B. 公司的资本成本C. 公司的总资产D. 公司的权益乘数答案：D解析：经济增加值（EVA）是通过从公司的税后营业利润中减去资本成本来计算的。

资本成本反映了公司资本的机会成本，而权益乘数并不是计算EVA所必需的。

EVA的计算公式为：EVA = NOPAT - (WACC * 资本投入)。

结束语：通过以上对CFA一级考试真题的分析，可以看出，理解各个金融概念和工具的基本原理对于通过考试至关重要。

希望这些真题及答案详解能够帮助考生更好地准备考试，提高通过率。

CFA考试一级章节练习题精选0401-14(附详解)

CFA考试一级章节练习题精选0401-14（附详解）1、The tools used by the U.S. Federal Reserve system (the Fed) to implement monetary policy most likely include:【单选题】A.transfer payments.B.open market operations.C.raising or lowering income taxes.正确答案:B答案解析:“Money, the Price Level, and Inflation,” Michael ParkinThe Fed uses three main policy tools to achieve its objectives: requi red reserve ratios, discount rate, and open market operations.2、Which of the following is least likely to be a valid function/characteristic of money? Money:【单选题】A.acts as a unit of account.B.provides a means of payment.C.requires a double coincidence of wants.正确答案:C答案解析:“Money, the Price Level, and Inflation,” Michael ParkinThe functions of money include being a means of pa yment, acting as a medium of exchange,acting as a unit of account, and acting as a store of value. It does not require a double coincidence of wants, as barter does.3、Capital provided for companies beginning operation but before commercial manufacturing and sales have occurred best describes which stage in venture capital investing?【单选题】A.Seed-stageB.Early-stageter-stage正确答案:B答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFAB is correct. E arly-stage financing is capital provided for companies moving into operation and before commercial manufacturing and sales have occurred.4、Which of the following statements is most accurate in describing total surpluswith respect to a product or service?【单选题】A.Price minus marginal cost, summed over the quantity bought.B.Marginal benefit minus price, summed over the quantity bought.C.Marginal benefit minus marginal cost, summed over the quantity bought.正确答案:C答案解析:总剩余（total surplus）是消费者剩余（consumer surplus）加上生产者剩余（producer surplus），即将边际收益减去边际成本，在所有购买量上的加总。

CFA考试二级模拟试题精选0401-49(附详解)

CFA考试二级模拟试题精选0401-49(附详解）1、If Bardem does use the equity method of accounting for its purchase of Ariana, using Exhibit 1，the value of goodwill，in millions, arising from the purchase is closest to:【单选题】A.€6.25.B.€21.25.C.€15.00.正确答案:A答案解析:A is correct. Bardem’s purchase price for Ariana will include goodwill of €6.25 per the calculation below. Under the equity method the goodwill is included in the investment amount on Bardem’s balance sheet.2、The language in the offering document that Madan asks Chen to explain most likely describes:【单选题】A.a clawback provision.B.carried interest.C.a ratchet clause.正确答案:A答案解析:A is correct. A clawback provision requires the GP to return capital to LPs in excess of the agreed profit split between the LPs and GPs. This provision ensures that when a private equity firm exits a highly profitable investment early in the life of the fund but subsequent exits are less profitable, the GP pays back capital contributions, fees, and expenses to LPs to ensure that the profit split is in line with the terms outlined in the fund’s prospectus. Carried interest represents the GP’s share of profits generated by the fund. A ratchet clause is a mechanism that determines the allocation of equity between shareholders and the management team of the private equity controlled company.3、DeMolay's caution given in condition ⑴is best described as:【单选题】A.Correct.B.incorrect, because only the dependent variable series needs to be tested for the absence of a unit root.C.incorrect, because only the independent variable series needs to be tested for the absence of a unit root.正确答案:A答案解析:When working with two time series in a regression analysis, both of the series must be tested for the presence of a unit root. If neither series has a unit root, we can safely use linear regression.4、Compared to Nelson's reported earnings before taxes in 2016, if Basin had been classified as a held for trading security, the earnings before taxes (in € thousands) would have been:【单选题】A.the same.B.€2,000 higher.C.€4,000 lower.正确答案:B答案解析:Unrealized gains and losses are securities are classified as held there was an unrealized gain of id in income statement5、In the current interest rate environment, using a required return estimate based on the short-term government bond rate and a historical equity risk premium defined in terms of a short-term government bond rate would be expected to:【单选题】A.bias long-term required return on equity estimates upwards.B.bias long-term required return on equity estimates downwards.C.have no effect on long-term required return on equity estimates.正确答案:A答案解析:A is correct. The required return reflects the magnitude of the historical equity risk premium, which is generally higher when based on a short-term interest rate (as a result of the normal upward sloping yield curve), and the current value of the rate being used to represent the risk-free rate. The short-term rate is currently higher than the long-term rate, which will also increase the required return estimate. The short-term interest rate, however, overstates the long-term expected inflation rate. Using the short-term interest rate, estimates of the long-term required return on equity will be biased upwards.6、Which of Singh’s statements regarding the information ratio is correct?【单选题】A.Only Statement 1B.Only Statement 2C.Both Statement 1 and Statement 2正确答案:C答案解析:C is correct. The information ratio for a portfolio of risky assets will generally shrink if cash is added to the portfolio. Because the diversified asset portfolio is an unconstrained portfolio, its information ratio would be unaffected by an increase in the aggressiveness of active weights.7、The measure of central tendency that Ritter will most likely recommend is the:【单选题】A.median.B.harmonic mean.C.arithmetic mean.正确答案:B答案解析:B is correct. The harmonic mean is sometimes used to reduce the impact of large outliers—which are typically the major concern in using the arithmetic mean multiple—but not the impact of small outliers (i.e., those close to zero). The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.8、Considering Exhibit 1, the【单选题】A.3.22.B.8.06.C.30.79.正确答案:C答案解析:9、Which of the following statements is correct under the Code and Standards?【单选题】A.CFA Institute members and candidates are prohibited from undertaking independent practice in competition with their employer.B.Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member’s or candidate’s employer.C.Members and candidates are prohibited from making arrangements or preparations to go into a competitive business before terminating their relationship with their employer.正确答案:B答案解析:The correct answer is B. Under Standard IV(A)–Loyalty, members and candidates may undertake independent practice that may result in compensation or other benefit in competition with their employer as long as they obtain consent from their employer. Answer C is not consistent with the Standards because the Standards allow members and candidates to make arrangements or preparations to go into competitive business as long as those arrangements do not interfere with their duty to their current employer. Answer A is not consistent with the Standards because the Standards do not includea complete prohibition against undertaking independent practice.10、In his response to Yusuf, Cerra’s characterization of the portfolio manager’s investment style, using Exhibit 1, is most likely correct with respect to having a:【单选题】A.growth bias.B.contrarian strategy.rge-cap orientation.正确答案:A答案解析:A is correct. Cerra is correct regarding the growth bias. The factor sensitivity for the Value factor is –0.6, which signifies a growth bias. Cerra is incorrect regarding a large-cap orientation and a contrarian strategy. The portfolio factor sensitivity for the Small-Cap factor is 0.5, indicating a small-cap orientation. For the Momentum factor, the factor sensitivity of 0.5 indicates a momentum bias, not a contrarian strategy, which would be true if the factor sensitivity for the Momentum factor were negative and not close to zero.。

历年CFA考试真题及答案解析

历年CFA考试真题及答案解析1、The nominal (quoted) annual interest rate on an automobile loan is 10%. The effective annual rate of the loan is 10.47%. The frequency of compounding periods per year for the loan is closest to:【单选题】A.weekly.B.monthly.C.quarterly.正确答案:B答案解析:“The Time Value of Money,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 5, Section 3.3Study Session 2–5–c, dCalculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding. Solve time value of money problems for different frequencies of compounding:B is correct. Use the formula for effective annual rate:Iteratively substitute the possible frequency of compounding until the EAR is 10.47%.Thus, the correct answer is monthly compounding.2、Which of the following is a constraint as defined in the International Financial Reporting Standards (IFRS) Framework for the Preparation and Presentation of Financial Statements?【单选题】A.NeutralityB.TimelinessC.Going concern正确答案:B答案解析:“Financial Reporting Standards,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFATimeliness is a constraint in the IFRS Framework. Neutrality is a factor that contributes to reliability and going concern is an assumption of the Framework.3、Which method of calculating the firm’s cost of equity is most likely to incorporate the long-run return relationship between the firm's stock and the market portfolio?【单选题】A.Dividend discount modelB.Capital asset pricing modelC.Bond-yield-plus risk-premium正确答案:B答案解析:“Cost of Capital” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFAThe capital asset pricing model uses the firm’s equity beta, which is computed from a market model regression of the company's stock returns against market returns.4、For a 90-day U.S. Treasury bill selling at a discount, which of the following methods most likely results in the highest yield?【单选题】A.Money market yieldB.Discount-basis yieldC.Bond equivalent yield正确答案:C答案解析:“Working Capital Management,” Edgar Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson Drake5、An investor gathers the following data.To estimate the stock's justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., 2008–2011). If the investor uses 11.5% as her required rate of return, the stock's justified forward P/E is closest to:【单选题】A.10.B.12.C.21.正确答案:C答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Stephen E.Wilcox6、A bond portfolio manager is considering three Bonds – A, B, and C – for his portfolio. Bond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwise identical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.”Is the manager most likely correct?【单选题】A.Yes.B.No, Bond A’s nominal yield spread should be less than Bond C’s.C.No, Bond B’s nominal yield spread should be less than Bond C’s.正确答案:C答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFAC is correct because Bond B’s embedded put option benefits the investor and the yield spread willtherefore be less than the yield spread of Bond C, which does not contain this benefit.7、Which of the following characteristics is best described that the information in financialstatements can influence user's economic decisions or affect user's evaluationof past events or forecasts of future events in accordance with the IFRSframework's definitions and recognition criteria?【单选题】A.Relevance.parability.C.Faithful representation.正确答案:A答案解析:根据IFRS的条款，财务报表的两个基本特性使得这些财务信息有用，这两个特性包括相关性（relevance）和公允陈述（faithful representation）。

CFA考试一级章节练习题精选0401-18(附详解)

CFA考试一级章节练习题精选0401-18（附详解）1、The following information is available about a hedge fund:Assume management fees are calculated using end-of-period valuation. The investor's net return given this fee structure is closest to:【单选题】A.9.68%.B.10.88%.C.9.79%.正确答案:C答案解析:Management fee: 1% of $112 million = $1.12 million.Section 3.32、The real estate index most likely to suffer from sample selection bias is a(n):【单选题】A.REIT index.B.appraisal index.C.repeat sales index.正确答案:C答案解析:Only properties that sell in each period and are included in the index and vary over time which may not be representative of the whole market.Section5.33、If the level of broad inflation indices is largely determined by commodity prices, the average real yield on direct commodity investments is most likely:【单选题】A.greater than zero.B.equal to zero.C.less than zero.正确答案:B答案解析:As the price increases of commodities are mirrored in higher price indices, the nominal return is equal to inflation and thus the real return is zero.Section 6.34、Adding alternative investments to a portfolio of traditional investments will most likely result in a new combined portfolio with returns and standard deviation that are, respectively:【单选题】A.[1668201704061-image/0446.jpg]B.[1668201704061-image/0447.jpg]C.[1668201704061-image/0448.jpg]正确答案:B答案解析:“Introduction to Alternative Investments”, Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFAB is correct because the risk/return profile of the overall portfolio will potentially improve. The overall risk will most likely drop, and the overall return will most likely rise.5、An analyst does research about commodity markets.Which of the followingstatements about investing in commodities is least accurate?【单选题】。

CFA考试一级章节练习题精选0401-12(附详解)

CFA考试一级章节练习题精选0401-12（附详解）1、If the yield to maturity on an annual-pay bond is 7.75%, the bond-equivalent yield is closest to:【单选题】A.7.61%.B.7.90%.C.8.05%.正确答案:A答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA[1667201704061-image/0444.jpg]2、An analyst does research about survivorship bias and its impact to measurementratios.Hedge fund data bases and indexes that suffer from survivorship bias becauseof a failure to comply with performance presentation standards are mostlikely to overstate :【单选题】A.Sharpe ratios.B.standard deviation of returns.C.correlations with returns from common stocks.正确答案:A答案解析:对冲基金有生存偏差，统计的历史业绩中只包含那些生存下来的基金的业绩，而那些由于业绩不佳而被清盘的基金的业绩不包括在内，这就高估了对冲基金的平均收益率，低估了对冲基金收益率的标准差，所以导致高估了夏普比率。

同时，由于对冲基金的业绩看上去很稳定，但并不能反映市场的情况，这就低估了与普通股收益率之间的相关系数。

3、An analyst does research about price value of a basis point (PVBP).With respectto a coupon bond, the duration is 8.61, and the current price of the bondis $ 101.35.The price value of a basis point (PVBP) of the bond is closest to:【单选题】A.$ 0.0861B.$ 0.0873C.$ 0.1014正确答案:B答案解析:8.61 × 0.0001 × $ 101.35 = $ 0.08734、Which of the following measures of interest rate risk is most appropriate forbonds with prepayment option?【单选题】A.Effective duration.B.Modified duration.C.Macaulay duration.正确答案:A答案解析:对于有内含权或者提前偿付权的债券而言，由于现金流是不确定的，故应该用有效久期测量利率风险，而不能用修正久期或麦考利久期。

cfa一级考试真题及答案解析

cfa一级考试真题及答案解析CFA一级考试真题及答案解析1. 问题：某投资者持有一个投资组合，其中包含股票A和股票B，股票A的预期收益率为10%，股票B的预期收益率为15%，股票A在投资组合中的权重为60%，股票B的权重为40%。

请问该投资组合的预期收益率是多少？解析：投资组合的预期收益率可以通过加权平均的方式来计算。

具体计算公式为：投资组合预期收益率 = (股票A的预期收益率 * 股票A的权重) + (股票B的预期收益率 * 股票B的权重)。

将题目中给出的数据代入公式，得到投资组合的预期收益率 = (10% * 60%) + (15% * 40%) = 6% + 6% = 12%。

答案：投资组合的预期收益率为12%。

2. 问题：某公司在年初发行了面值为1000元，期限为5年，年利率为5%的债券。

如果市场利率为6%，请问该债券的当前市场价格是多少？解析：债券的市场价格可以通过现值公式来计算，即市场价格 = 债券面值 / (1 + 市场利率)^债券期限。

将题目中给出的数据代入公式，得到债券的市场价格 = 1000 / (1 + 6%)^5 ≈ 735.47元。

答案：该债券的当前市场价格约为735.47元。

3. 问题：某投资者购买了一份看涨期权，执行价格为100元，期权费为5元，到期日时标的资产的市场价格为120元。

请问该投资者的净收益是多少？解析：看涨期权的净收益可以通过以下公式计算：净收益 = (标的资产的市场价格 - 执行价格 - 期权费)。

将题目中给出的数据代入公式，得到净收益 = (120 - 100 - 5) = 15元。

答案：该投资者的净收益为15元。

4. 问题：某公司上一年的营业收入为500万元，营业成本为300万元，销售和管理费用为100万元，财务费用为20万元，投资收益为30万元。

请问该公司上一年的净利润是多少？解析：净利润的计算公式为：净利润 = 营业收入 - 营业成本 - 销售和管理费用 - 财务费用 + 投资收益。

CFA考试二级模拟试题精选0401-59(附详解)

CFA考试二级模拟试题精选0401-59(附详解）1、Using the data in Exhibit 2, which of the following statements is most accurate?【单选题】A.The number of days JJK can withstand a stress-level-volume of cash outflows decreased byB.The liquidity coverage ratio decreased in each of the two years.C.The trend in net stable funding ratio indicates an increase from 2015 to 2017 in highly liquid正确答案:C答案解析:2、The retirement benefits paid during the year were closest to:【单选题】A.280.B.3,000.C.4,000.正确答案:C答案解析:C is correct. The retirement benefits paid during the year were closest to 4,000. The beginning obligation plus current and past service costs plus interest expense plus increase in obligation due to actuarial loss less ending obligation equals benefits paid (= 42,000 + 200 + 120 + (42,000 × 0.07) + 460 – 41,720 = 4,000). Beginning plan assets plus contributions plus actual return on plan assets less ending plan assets equals benefits paid (= 39,000 + 1,000 + 2,700 – 38,700 = 4,000).3、【单选题】A.volatility.B.time to expiration.C.the risk-free rate.正确答案:C答案解析:lacocca is incorrect about the risk-free rate. Higher risk-free rates result in higher call option prices and lower put option prices. She is correct about the impact of time to expiration and volatility on put and call option prices.4、Which of the following statements least accurately describes an assumption made under the structural form models of credit analysis?【单选题】A.The company's assets trade in frictionless markets.B.The risk-free interest rate is constant.C.The value of the company's assets at maturity of the debt has a normal distribution.正确答案:C答案解析:The relevant assumption is that the value of the assets (at maturity) has a lognormal distribution.。

CFA考试二级模拟试题精选0401-45(附详解)

CFA考试二级模拟试题精选0401-45(附详解）1、All else equal, which of the following would most likely explain the fall in price of a particular company’s shares?【单选题】A.The expected inflation rate falls.B.The company’s fu ture cash flows are expected to increase.C.The yield to maturity on real default-free investments rises.正确答案:C答案解析:C is correct. According to the fundamental pricing equation, the market value of an asset2、All other things being equal, the payment of an internally financed cash dividend is most likely to result in:【单选题】A.a lower current ratio.B.a higher current ratio.C.the same current ratio.正确答案:A答案解析:A is correct. By reducing corporate cash, a cash dividend reduces the current ratio,3、Based upon Exhibit 1, which of the following statements regarding Property A is most accurate?【单选题】A.The going-in capitalization rate is 13.5%.B.It appears the riskiest of the three properties.C.The net operating income in the first year is ￡298,000.正确答案:B答案解析:B is correct. Property A has been assigned the highest discount rate (11.5%) and thus is considered to be the riskiest investment of the three alternatives. This may be because of the reliance on a single tenant. The going-in capitalization rate is 9.5% (cap rate = discount rate – growth rate). The net operating income (NOI) is ￡580,500 (= rental income + other income – property management fee = ￡575,000 + ￡27,000 –￡21,500).4、Based on the regression output in Exhibit 2, what should lead Busse to conclude that the Regression 3 equation is not correctly specified?【单选题】A.The Durbin–Watson statisticB.The t-statistic for the slope coefficientC.The t-statistics for the autocorrelations of the residual正确答案:C答案解析:C is correct. The regression output in Exhibit 2 suggests there is serial correlation in the residual errors. The fourth autocorrelation of the residual has a value of 0.6994 and a t-statistic of 4.3111, which is greater than the t-statistic critical value of 2.02. Therefore, the null hypothesis that the fourth autocorrelation is equal to zero can be rejected. This indicates strong and significant seasonal autocorrelation, which means the Regression 3 equation is misspecified.5、Nowak’s most likely response to Lin’s question is that the typ e of real estate security she prefers:【单选题】A.offers a high degree of operating flexibility.。

CFA考试三级模拟试题精选0402-13(附详解)

CFA考试三级模拟试题精选0402-13(附详解）1、【单选题】A.Both managers are using active currency management.B.Both managers are using passive currency management.C.正确答案:C答案解析:Matching the benchmark is passive, and choosing to vary from the benchmark is active.2、Is Zubov’s response to Zola’s question about his overall approach to pension asset risk management most likely correct?【单选题】A.YesB.No, the first consideration is incorrectC.No, the second consideration is incorrect正确答案:B答案解析:Zubov is incorrect with respect to the first consideration. CGI manufactures beauty, health care, and home care products. By overweighting the pension portfolio’s exposure to the beauty, health care, and home care industries, Zubov risks increasing the correlation between the company’s operating results and pension asset returns. The increased correlation will result in a lower risk tolerance, all else being equal.3、Omar's plan for the IPO most likely violates the CFA Institute Standards of Professional Conduct because of his intended use of:【单选题】A.regulatory contacts.B.external service providers.C.checklists and templates.正确答案:C答案解析:Omar violated Standard IV(A)–Loyalty in that the checklists and templates were created while Omar was employed by Falcon. Therefore, the checklists and templates are the intellectual property of Falcon, not Omar's. If Omar wants to use the checklists and templates from his former employer, he must first seek and receive permission in writing. Otherwise, he would need to develop his own checklists and templates based on his IPO experiences.4、Which of the following would be most effective to prevent any violation of the Asset Manager Code of Professional Conduct as reflected in Akinyi's Recommendation 3?【单选题】A.The Fund does not participate in any of V2020's private placements.B.V2020 discloses to all clients the relationship between V2020 and the Fund.C.The Fund only retains a minority shareholding in V2020.正确答案:B答案解析:The Fund would comply with the Asset Manager Code if it made full disclosure to all of its clients regarding the relationship between the Fund and V2020's activities (the investment banking/corporate finance activities). Both parties should disclose any common ownership, even minority positions. If some of the private placements met the investment objectives of the Fund, it would harm the Fund's clients if the Fund was not able to invest in those private placements because of the potential conflict of interests.5、【单选题】A.Yes, with regard to client statusB.Yes, with regard to type of informationC.No正确答案:A答案解析:Standard III(E): Preservation of Confidentiality requires information about former clients, as well as existing and prospective clients, to be kept confidential unless the law requires the disclosure or permission has been given to disclose the information. Jacaranda's policies cover only existing and prospective clients.6、In 110 days, the manager of Fund B expects to borrow $50,000,000 for 180 days at a rate of 180-day LIBOR plus 150 bp to【单选题】A.7.30%.B.8.29%.C.8.80%.正确答案:B答案解析:7、【单选题】A.Only Comment 1 is correct.B.Only Comment 2 is correct.C.Both Comment 1 and Comment 2 are correct.正确答案:A答案解析:The manager of Fund C is correct regarding the method of determining the delta hedge position (Comment 1), but is not8、Based on Exhibit 1, for the year 2009, assuming no stock splits or stock dividends for the stock components and no rebalancing, which of these index structures would have most likely resulted in the largest return for the GSI?【单选题】A.A value-weighted indexB.An equal-weighted indexC.A price-weighted index正确答案:A答案解析:This weighting methodology produced the largest return of 13.5% for the GSI. The return on a value-weighted index is the percentage change in the total market capitalization of the firms in the index, or9、【单选题】A.controls for inflation.B.is independent of changes in accounting rules.C.controls for business cycle effects on earnings.正确答案:B答案解析:B is correct. The CAPE model is dependent of changes in accounting rules because it averages10、An advantage of the bank's method for estimating VaR is the:【单选题】A.simplicity of the method.B.assumption that returns are normally distributed.C.ability to incorporate optionality into the analysis.正确答案:A答案解析:The analytical model uses readily available data and simple calculations.。