CFA二级考试试题强力回顾

CFA考试《CFA二级》历年真题精选及答案1122-40

CFA考试《CFA二级》历年真题精选及答案1122-401、Based on Exhibit 1, the maximum loss of Strategy 1 is:【单选题】A.￥210.44.B.￥225.76.C.￥232.34.正确答案:A答案解析:A is correct. Strategy 1 is a covered call position using SMTC July 240 calls. A covered call position is a combination of a long position in the shares and a short call option. For this covered call position on SMTC, YCM would have a long position in SMTC shares and a short position in the July 240 call option on SMTC shares. The maximum loss for this covered call position would occur if the SMTC share price fell to zero. The loss on the shares would be reduced by the amount of the premium received from selling the call option. Therefore, the maximum loss of Strategy 1 is the difference between the original share price (S0) and the option premium (c2、Should Costa’s end-of-meeting comments result in changesto Hernández’s capital budgeting analysis?【单选题】A.No.B.Yes, but only to incorporate the possible delay.C.Yes, to incorporate both the possible delay and the cost of producing the prototype.正确答案:B答案解析:B is correct. Timing options (e.g., delay investing) should be included in the NPV analysis, but sunk costs should not.3、Are the two observations Berg records after the fixed income conference accurate?【单选题】A.Both statements are accurate.?B.Only Statement 1 is accurate.C.Only Statement 2 is accurate.正确答案:A答案解析:Statement 1 is correct. Swap markets tend to have more maturities with which to construct a yield curve as compared to government bond markets. Statement 2 is correct. Retail banks tend to have little exposure to swaps and hence are more likely to use the government spot curve as their benchmark.4、【单选题】。

CFA考试《CFA二级》历年真题精选及详细解析1107-74

CFA考试《CFA二级》历年真题精选及详细解析1107-741、Which of the notes made by Bourne regarding the valuation methods is least accurate? The note about the:【单选题】A.Market-based method.parable transactions method.C.Discounted cash flow method.正确答案:B答案解析:The comparable transactions method uses details from recent takeover transactions for comparable companies to make direct estimates of the target company\\\'s takeover value. However it is not necessary to separately estimate a takeover premium as this is already included in the multiples determined from the comparable transactions.2、Based on the relationship of Borgonovo’s stock to the SML, what is the most appropriate decision Benedetti should make regarding the Borgonovo stock?【单选题】A.Keep Borgonovo on the recommended list because it plots below the SML.B.Keep Borgonovo on the recommended list because it plotsabove the SML.C.Remove Borgonovo from the recommended list because it plots below the SML.正确答案:C答案解析:C is correct. The SML required return for Borgonovo is 2.5% + 1.2(7%) = 10.9%. With a forecasted return of 9.0%, Borgonovo lies below the SML (indicating it is overvalued) and should be removed from the bank’s recommended list.3、Based on the regression output in Exhibit 1, there is evidence of positive serial correlation in the errors in:【单选题】A.the linear trend model but not the log-linear trend model.B.both the linear trend model and the log-linear trend model.C.neither the linear trend model nor the log-linear trend model.正确答案:B答案解析:B is correct. The Durbin–Watson statistic for the linear trend model is 0.10 and, for the log-linear trend model, 0.08. Both of these values are below the critical value of 1.75. Therefore, we can reject the hypothesis of no positive serial correlation in the regression errors in both the linear trend model and the log-linear trend model.4、In accounting for the use of derivatives against the three risks that Minor has discovered, the entire gains or losses from the。

CFA考试《CFA二级》历年真题精选及答案1122-47

CFA考试《CFA二级》历年真题精选及答案1122-471、Prior to the president’s intervention, the actions by the farmers relative to the manufacturers over the disputed price of water is best described as:【单选题】A.moral hazard.B.adverse selection.C.regulatory arbitrage.正确答案:A答案解析:A is correct. The farmers’ having the ability to restrict the release of water to the detriment of the manufacturers during the pricing dispute is an example of a moral hazard.2、Based on Exhibit 1, which variable in the Beneish model has a year-over-year change that would increase Miland’s likelihood of manipulation?【单选题】A.DSRB.LEVIC.SGAI正确答案:A答案解析:A is correct. The DSR (days’ sales receivable index)variable in the Beneish model is related positively to the Beneish model M-score. Therefore, a year-over-year increase in DSR from 0.9 to 1.20 would lead to an increase in the M-score, which implies an increase in Miland’s likelihood of manipulation.3、ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.【单选题】A.Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.B.Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new。

CFA考试《CFA二级》历年真题精选及详细解析1007-4

CFA考试《CFA二级》历年真题精选及详细解析1007-41、If the US dollar were chosen as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:【单选题】A.selling SGD30 million of fixed assets for cash.B.issuing SGD30 million of long-term debt to buy fixed assets.C.issuing SGD30 million in short-term debt to purchase marketable securities.正确答案:A答案解析:A is correct. If the US dollar is the functional currency, the temporal method must be used, and the balance sheet exposure will be the net monetary assets of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SGD30 million. This net monetary liability would be eliminated if fixed assets (non-monetary) were sold to increase cash. Issuing debt, either short-term or long-term, would increase the net monetary liability.2、In relation to Kostecka’s handling of the Jabbertalk stockrecommendation, which of the following CFA Institute Standards of Professional Conduct did he least likely violate?【单选题】A.Priority of TransactionsB.Fair Dealingmunication with Clients正确答案:B答案解析:B is correct. Standard III(B)–Fair Dealing requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by Forkson, he has treated all clients fairly because this disclosure is provided to all of his current clients.A is incorrect because Kostecka has violated Standard VI(B)–Priority of Transactions. There is a potential conflict of interest because the client and the adviser hold the same stock, so the client should be given first priority to trade Jabbertalk.C is incorrect because according to Standard V(B)–Communication with Clients and Prospective Clients, Kostecka should have distinguished fact from opinion. In addition, Kostecka should also disclose to clients andprospective clients the basic format and general principles of the investment processes used to analyze investments, select securities, and construct portfolios and must promptly disclose any changes that might materially affect those processes and use reasonable judgment in identifying which factors are important to his investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.3、Zhang\'s statement to support using the harmonic mean is best described as:【单选题】A.incorrect with respect to large outliers.B.incorrect with respect to small outliners.C.correct.正确答案:B答案解析:B is correct. Zhang’s statement is incorrect with respect to small outliers. The harmonic mean tends to mitigate the impact of large outliers. It may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.A is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.C is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers arebounded by zero on the downside.4、Based on the mean-reverting level implied by the AR(1) model regression output in Exhibit 1, the forecasted oil price for September 2015 is most likely to be:【单选题】A.4、Is Dua most likely correct with regard to the factors that drive demand for different commercial real estate property types?【单选题】A.No, he is incorrect about retail space.B.Yes.C.No, he is incorrect about industrial and warehouse space.正确答案:A答案解析:A is correct. Dua is correct about factors that drive demand for office space and industrial and warehouse space but incorrect about retail space. Employment growth drives demand for office space, while warehouse space demand depends broadly on economic strength. The level of import and export activity is more directly related to demand for industrial and warehouse space, not retail space. Demand for retail space depends on consumer spending, job growth, and economic strength.B is incorrect. Dua is correct about factors that drive demand for office space and industrial and warehouse spacebut incorrect about retail space.C is incorrect. Dua is correct about factors that drive demand for and industrial and warehouse space.5、Bickchip’s cash-flow-based accruals ratio in 2009 is closest to:【单选题】A.9.9%.B.13.4%.C.23.3%.正确答案:A答案解析:A is correct. The cash-flow-based accruals ratio = [ni – (cfo + cfi)]/(Average NOA) =<span style="font-style: " microsoft="" yahei",="" 微软雅黑;"="">[4,038 – (9,822 – 10,068)]/43,192 = 9.9%.6、The fraction of SGC\'s market price that is attributable to the value of growth is closest to:【单选题】A.21%.B.34%.C.50%.正确答案:B答案解析:Using the Pastor-Stambaugh model to calculate SGC\'s cost of equity:0.04 + (1.20 × 0.05) + (0.50 × 0.02) + (–0.20 × 0.04) + (0.20 × 0.045) =11.10%<imgsrc="https:///bkwimg/up/201911/1118 8395e98f83e5435892d6bc291037a70f.png" alt="" width="222" height="45" title="" align="">$28.45 = $18.74 + PVGOPVGO = $9.71PVGO/Price = $9.71/$28.45 = 34.13%7、Based on Exhibit 2, the implied credit and liquidity risks as indicated by the historical three-year swap spreads for Country B were the lowest:【单选题】A.1 month ago.B.6 months ago.C.12 months ago.正确答案:B答案解析:B is correct. The historical three-year swap spread for Country B was the lowest six months ago. Swap spread is defined as the spread paid by the fixed-rate payer of an interest rate swap over the rate of the “on the run” (most recently issued) government bond security with the same maturity as the swap. The lower (higher) the swap spread, the lower (higher) the return that investors require for credit and/or liquidity risks.The fixed rate of the three-year fixed-for-floating Libor swap was 0.01% six months ago, and the three-year government bond yield was –0.08% six months ago. Thus theswap spread six months ago was 0.01% – (–0.08%) = 0.09%.One month ago, the fixed rate of the three-year fixed-for-floating Libor swap was 0.16%, and the three-year government bond yield was –0.10%. Thus the swap spread one month ago was 0.16% – (–0.10%) = 0.26%.Twelve months ago, the fixed rate of the three-year fixed-for-floating Libor swap was 0.71%, and the three-year government bond yield was –0.07%. Thus, the swap spread 12 months ago was 0.71% – (–0.07%) = 0.78%.8、Using the data in Exhibit 2, the portfolio’s annual 1% parametric VaR is closest to:【单选题】A.CAD 17 million.B.CAD 31 million.C.CAD 48 million.正确答案:B答案解析:B is correct. The VaR is derived as follows:VaR = [(e(rp) – 2.33σp)(–1)](Portfolio value)whereE(Rp) = Annualized daily return = (0.00026 × 250) = 0.065250 = Number of trading days annually2.33 = Number of standard deviations to attain 1% VaR<imgsrc="https:///bkwimg/up/201910/1025 1224ff09b79546919adff44ced35b5d9.png" alt="" width="613" height="50" title="" align="">Portfolio value = CAD260,000,000VaR = –(0.065 – 0.184571) × CAD 260,000,000= CAD31,088,4609、Confabulated’s reported interest income would be lower if the cost was the same but the par value (in € thousands) of:【单选题】A.Bugle was €28,000.B.Cathay was €37,000.C.Dumas was €55,000.正确答案:B答案解析:B is correct. The difference between historical cost and par value must be amortized under the effective interest method. If the par value is less than the initial cost (stated interest rate is greater than the effective rate), the interest income would be lower than the interest received because of amortization of the premium.10、Is his response to Scahill’s question regarding the impact of changes in interest rate volatility on the OAS of callable and putable bonds, Morgan is most likely:【单选题】A.incorrect about callable and putable bonds.B.correct about callable bonds and incorrect about putable bonds.C.correct about putable bonds and incorrect about callablebonds.正确答案:A答案解析:A is correct. Morgan’s response to Scahill is incorrect. As interest rate volatility declines, the embedded call option becomes cheaper; thus, the higher the arbitrage-free value (or model value) of the callable bond.Callable bond value = Value of straight bond – Value of call optionA higher value for the callable bond means that a higher spread needs to be added to one-period forward rates to make the arbitrage-free bond value equal to the market price (i.e., the OAS is higher). For putable bonds as interest rate volatility declines, the value of the put option declines as does the arbitrage-free value of the putable bond.Putable bond value = Value of straight bond + Value of put optionThis implies that a lower spread needs to be added to one-period forward rates to make the arbitrage free bond value equal to the market price. Thus, in this instance, the OAS is lower.B is incorrect. Morgan is correct about the impact on OAS for callable bonds.C is incorrect. Morgan is correct about the impact on OAS for putable bonds.。

【免费下载】CFA2级考题回忆及经验总结

0.题目分布今年特别诡异，正常年景应该是道德2，财务4，Equity4，FixedIncome2，衍生品2，Quant1，Econ1，Alter1，CorpFin+Portfolio加起来3道；但是今年Fixed Income只考了一道，而且还是最基础的信用分析，让人大跌眼镜；Alt考了两道，实在是出乎所有人的预料。

1.道德soft dollar：比较简单，因为题干里给的信息比较充分，基本上都能在题干中找到对应的答案；比较难的就是问一家公司要Broker直接给Hard Dollar，是否违反准则？ROS：研究员拿公司赠品是否违反？拿走公司的访客纪念品（不贵）是否违反？研究员发给投行部一些pitch的资料和建议，但是投行部发现该公司已经在洽谈了，如何回复该邮件？（给compliance直接发；还是发compliance抄研究员？）还有就是评级系统里的风险标示。

道德最好看一遍书再去考，做题的时候最重要的是看题干里的说法，有很多倾向性的东西已经告诉你了，这个时候，你只要顺着题干的意思就能猜出很多答案；尤其是什么only、however之类的语气助词，里面就已经说明了出题者的判断倾向了。

2.数量各种检验和判定：异方差、ARCH、ROOT UNIT、自相关、Cointegrated、多元代入求解预期值；六个题目各考了一个3.经济学汇率的标价转换、PPP的基本原理、Forward的简单计算、Taylor公式（今年sample有现成的题，但是sample的题干已经给出了公式，但是这次考试没给出；但是题干很简单，目标经济增长率已经接近名义利率了，再加上现在的实际通胀那么高，肯定是要提高名义利率的）4.财务考了四道题外汇转换的比率，外币从年初到年末升值，Current下有正的CTA，其他就是各类比例问题，比较容易区分，总之记住就是如果是外币升值，那么Current下的存货和固定资产转换成本币时都比temporal的要贵就是了；最后一小题比较难，算汇率风险敞口，理论上来说，不需要包括存货，但是子啊FIFO下，有人在考试后说Temporal的inventory要用average 法，因此有汇率敞口。

CFA考试《CFA二级》历年真题精选及详细解析1107-33

CFA考试《CFA二级》历年真题精选及详细解析1107-33
1、Based on Exhibit 2, forecasted interest expense will reflect changes in Chrome’s debt level under the forecast assumptions used by:【单选题】
A.62.7%.
B.67.0%.
C.69.1%.
正确答案:C
答案解析:C is correct. The calculation of Archway’s gross profit margin for 2015, which reflects the industry-wide 8% inflation on cost of goods sold (COGS), is calculated as follows:
A.Candidate A.
B.Candidate B.
C.Candidate C.
正确答案:A
答案解析:A is correct. In forecasting financing costs such as interest expense, the debt/equity structure of a company is a key determinant. Accordingly, a method that recognizes the relationship between the income statement account (interest expense) and the balance sheet account (debt) would be a preferable method for forecasting interest expense when compared with methods that forecast based solely on the income statement account. By using the effective interest rate (interest expense divided by average gross debt), Candidate A is taking the debt/equity structure into account whereas Candidate B (who forecasts 2013 interest expense to be thesame as 2012 interest expense) and Candidate C (who forecasts 2013 interest expense to be the same as the 2010–2012 average interest expense) are not taking the balance sheet into consideration.

CFA考试《CFA二级》历年真题精选及详细解析1007-3

CFA考试《CFA二级》历年真题精选及详细解析1007-41、In replying to Hextall’s recollection of the financial crisis, Klink most likely considered which risk measure?【单选题】A.VaRB.Scenario analysisC.Sensitivity analysis正确答案:B答案解析:B is correct. Scenario analysis is used for estimating how a portfolio might perform under conditions of market stress. Scenario risk measures estimate the portfolio returns that would result from a hypothetical change in markets. Stress tests and reverse stress tests are closely related to scenario risk measures. In addressing the possibility of direct exposure to extreme, negative events, Klink is describing a reverse stress test in which specific exposures of the portfolio (10 in this example) are identified. A hypothetical stress test (“reverse stress test”) is designed to measure its effect on each of these exposures.A is incorrect. VaR is used to measure the probabilityof a large loss. One limitation of VaR is its failure to take into account illiquidity.C is incorrect. Sensitivity analysis is used to estimate how gains and losses in the portfolio change with changes in the underlying risk factors. For a short-term investment portfolio consisting entirely of short-duration, high-credit-quality fixed-income securities, there is likely little or no exposure to market sensitivity risk measures, such as beta, duration, convexity, delta, and gamma.2、Stephenson’s return objective and risk tolerance are most appropriately described as:【单选题】A.Return Objective: Below average; Risk Tolerance: Above average.B.Return Objective: Above average; Risk Tolerance: Below average.C.Return Objective: Above average; Risk Tolerance: Above average.正确答案:C答案解析:C is correct.Risk: Stephenson has an above-average risk tolerance based on both his ability and willingness to assume risk. His large asset base, long time horizon, ample income to cover expenses, and lack of need for liquidity or cash flow indicate an above-average ability to assume risk. Hisconcentration in US small-capitalization stocks and his desire for high returns indicate substantial willingness to assume risk.Return: Stephenson’s financial circumstances (long time horizon, sizable asset base, ample income, and low liquidity needs) and his risk tolerance warrant an above-average total return objective. His expressed desire for a continued return of 20 percent, however, is unrealistic. Coppa should counsel Stephenson on what level of returns to reasonably expect from the financial markets over long periods of time and to define an achievable return objective.3、Stephenson’s time horizon is best characterized as:【单选题】A.short-term and single-stage.B.long-term and single-stage.C.long-term and multistage.正确答案:C答案解析:C is correct. Stephenson’s time horizon is long—he is currently only 55 years old. The time horizon consists of two stages: the first stage extends to his retirement in 15 years; the second stage may last for 20 years or more and extends from retirement until his death.4、Is Quek’s response to Yusuf most likely correct?【单选题】A.Yes.B.No, she is incorrect regarding the number of factors.C.No, she is incorrect regarding the identity of the factors.正确答案:B答案解析:B is correct. Quek is incorrect in stating that APT specifies the number of factors in a multifactor model but is correct in stating that APT does not specify the identity of factors in a multifactor model. APT does not indicate the number of factors or their identity.A is incorrect. Quek is incorrect in stating that APT specifies the number of factors in a multifactor model but correct in stating that APT does not specify the identity of factors in a multifactor model. APT does not indicate the number of factors or their identity.C is incorrect. Quek is correct in stating that APT does not specify the identity of factors in a multifactor model. APT does not indicate the number of factors or their identity.5、Is Hextall’s statement regarding the private wealth division likely correct?【单选题】A.Yes.B.No, it is incorrect about forward-looking beta.C.No, it is incorrect about ex ante tracking error.正确答案:A答案解析:A is correct. Hextall’s statement is correct. Riskmeasures for banks are typically focused on liquidity, solvency, and capital sufficiency, whereas risk measures for traditional asset managers are typically focused on investment performance. Ex ante tracking error correctly compares the current portfolio with its benchmark in attempting to measure future potential performance. Forward-looking beta is a current risk measure of a current portfolio and measures an equity portfolio’s sensitivity to the broad equity market.B is incorrect. Hextall’s statement about forward-looking beta is correct.C is incorrect. Hextall’s statement about ex ante tracking error is correct.。

CFA考试《CFA二级》历年真题精选及详细解析1007-15

CFA考试《CFA二级》历年真题精选及详细解析1007-151、In regard to calculating Wadgett's FCFF, the comment that is most appropriate is the one dealing with:【单选题】A.working capital adjustments.B.treatment of all non-cash charges.C.treatment of net borrowing.正确答案:A答案解析:A is correct. Cash flow from operations (CFO) already reflects changes in working capital items, therefore Paschel\\\\'s first comment is correct. EBITDA has the non-cash charges of depreciation and amortization added back, so Covey\\\\'s statement is incorrect, not all non-cash charges will need to be added back. Net borrowing is added back for FCFE not FCFF, so Paschel\\\\'s second statement is incorrect.B is incorrect. Depreciation has already been added back to EBITDA, though there may be other items that still need to be added back.C is incorrect. Adjusting for net borrowing is not necessary for FCFF (just FCFE).2、Honoré describes three potential consequences of multicollinearity. Are all three consequences correct?【单选题】A.Yes.B.No, 1 is incorrectC.No, 2 is incorrect正确答案:B答案解析:B is correct. The R2 is expected to increase, not decline, with a new independent variable. The other two potential consequences Honoré describes are correct.3、Ibarra wants to know the credit spread of bond B2 over a theoretical comparable-maturity government bond with the same coupon rate as this bond. The foregoing credit spread is closest to:【单选题】A.108 bps.B.101 bps.C.225 bps.正确答案:A答案解析:A is correct. The corporate bond’s fair value is computed in the solution to Question 8 as €1,101.24The YTM can be obtained by solving the following equation for IRR:The solution to this equation is 3.26%.Valuation of a four-year, 6% coupon bond under no default (VND) is computed in thesolution to Question 8 as 1,144.63. So, the YTM of a theoretical comparable-maturity government bond with the same coupon rate as the corporate bond B2 can be obtained by solving the following equation for IRR:The solution to this equation is 2.18%. So, the credit spread that the analyst wants to compute is3.26% – 2.18% = 1.08%, or 108 bps.B is incorrect, because that is the spread over the four-year government par bond that has a YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, or 101 bps. Although this spread is commonly used in practice, the analyst is interested in finding the spread over a theoretical 6% coupon government bond.C is incorrect, because that is the YTM of the coupon four-year government bond in Exhibit 2.4、Based on Exhibit 1, which independent variables in Varden’s model are significant at the 0.05 level?【单选题】A.ESG onlyB.10.957%.C.Tenure onlyD.Neither ESG nor tenure正确答案:C答案解析:B is correct. The t-statistic for tenure is 2.308, which is significant at the 0.027 level. The t-statistic for ESG is 1.201, with a p-value of 0.238. This result is not significant at the 0.05level.5、Based on Exhibit 1 and Tyo’s expectations, which country’s term structure is currently best for traders seeking to ride the yield curve?【单选题】A.Country AB.Country BC.Country C正确答案:A答案解析:A is correct. Country A’s yield curve is upward sloping—a condition for the strategy—and more so than Country B’s.6、To correct the problem Hake encounters when using a Monte Carlo simulation, he would most likely:【单选题】A.adjust the volatility assumption.B.increase the number of simulations.C.add a constant to all interest rates on all paths.正确答案:C答案解析:Using a Monte Carlo simulation, the model will produce benchmark bond values equal to the market prices only by chance. A constant is added to all interest rates on all paths such that the average present value for each benchmark bond equals its market value.A is incorrect because adjustingthe volatility assumption will generate another random value not equal to the benchmark bond value. The benchmark bond is option-free, so its value should not be affected by interest rate volatility.B is incorrect because increasing the model beyond 2000 paths will not lead to a different average value for the benchmark bond.7、Which forward rate cannot be computed from the one-, two-, three-, and four-year spot rates? The rate for a:【单选题】A.one-year loan beginning in two years.B.two-year loan beginning in two years.C.three-year loan beginning in two years.正确答案:C答案解析:C is correct. There is no spot rate information to provide rates for a loan that terminates in five years. That is f(2,3) is calculated as follows: The equation above indicates that in order to calculate the rate for a three-year loan beginning at the end of two years you need the five year spot rate r(5) and the two-year spot rate r(2). However r(5) is not provided.8、Cannan has been working from home on weekends and occasionally saves correspondence with clients and completed work on her home computer. Because of worsening market conditions, Cannan is one of several employees released by herfirm. While Cannan is looking for a new job, she uses the files she saved at home to request letters of recommendation from former clients. She also provides to prospective clients some of the reports as examples of her abilities.【单选题】A.Cannan violated the Code and Standards because she did not receive permission from her former employer to keep or use the files after her employment ended.B.Cannan did not violate the Code and Standards because the files were created and saved on her own time and computer.C.Cannan violated the Code and Standards because she is prohibited from saving files on her home computer.正确答案:A答案解析:Answer A is correct. According to Standard V(C)–Record Retention, Cannan needed the permission of her employer to maintain the files at home after her employment ended. Without that permission, she should have deleted the files. All files created as part of a member’s or candidate’s professional activity are the property of the firm, even those created outside normal work hours. Thus, answer B is incorrect. Answer C is incorrect because the Code and Standards do not prohibit using one’s personal computer to complete work for one’s employer.9、Based on the data in Exhibit 1, current real short-term interest rates would most likely be highest in:【单选题】A.Country #1.B.Country #2.C.Country #3.正确答案:B答案解析:B is correct. Real short-term interest rates are positively related to both real GDP growth and the volatility of real GDP growth. Country #1 and Country #2 have the highest real GDP growth, as estimated by the difference between nominal GDP growth and average inflation (6.5% – 4.0% = 2.5% and 5.0% – 2.5% = 2.5%, respectively), while Country #3 has the lowest real GDP growth (3.5% – 2.0% = 1.5%). Looking at the volatility of real GDP growth, Country #2 has high real GDP growth volatility, whereas Country #1 and Country #3 have low real GDP growth volatility. Therefore, Country #2 would most likely have the highest real short-term interest rates.10、Which approach would an appraiser most likely use for valuing Property #2?【单选题】A.Cost approach.B.Income approach.C.Sales comparison approach.正确答案:B答案解析:Property #2 is an older office building with unique characteristics that could not be easily reproduced using current architectural designs and materials. Therefore, the cost approach would be less appropriate than the income approach as a basis for appraisal. The sales comparison approach would also be less suitable as the property is relatively unique.。

CFA考试《CFA二级》历年真题精选及答案1122-37

CFA考试《CFA二级》历年真题精选及答案1122-371、In replying to Hextall’s recollection of the financial crisis, Klink most likely considered which risk measure?【单选题】A.VaRB.Scenario analysisC.Sensitivity analysis正确答案:B答案解析:B is correct. Scenario analysis is used for estimating how a portfolio might perform under conditions of market stress. Scenario risk measures estimate the portfolio returns that would result from a hypothetical change in markets. Stress tests and reverse stress tests are closely related to scenario risk measures. In addressing the possibility of direct exposure to extreme, negative events, Klink is describing a reverse stress test in which specific exposures of the portfolio (10 in this example) are identified. A hypothetical stress test (“reverse stress test”) is designed to measure its effect on each of these exposures.A is incorrect. VaR is used to measure the probability of a large loss. One limitation of VaR is its failure to take intoaccount illiquidity.C is incorrect. Sensitivity analysis is used to estimate how gains and losses in the portfolio change with changes in the underlying risk factors. For a short-term investment portfolio consisting entirely of short-duration, high-credit-quality fixed-income securities, there is likely little or no exposure to market sensitivity risk measures, such as beta, duration, convexity, delta, and gamma.2、Stephenson’s return objective and risk tolerance are most appropriately described as:【单选题】A.Return Objective: Below average; Risk Tolerance: Above average.B.Return Objective: Above average; Risk Tolerance: Below average.C.Return Objective: Above average; Risk Tolerance: Above average.正确答案:C答案解析:C is correct.Risk: Stephenson has an above-average risk tolerance based on both his ability and willingness to assume risk. His large asset base, long time horizon, ample income to cover expenses, and lack of need for liquidity or cash flow indicate an above-average ability to assume risk. His concentration in US small-capitalization stocks and his desire for。

CFA考试《CFA二级》历年真题精选及答案1122-48

CFA考试《CFA二级》历年真题精选及答案1122-481、In regard to calculating Wadgett\\\\\'s FCFF, the comment that is most appropriate is the one dealing with:【单选题】A.working capital adjustments.B.treatment of all non-cash charges.C.treatment of net borrowing.正确答案:A答案解析:A is correct. Cash flow from operations (CFO) already reflects changes in working capital items, therefore Paschel\\\\\'s first comment is correct. EBITDA has the non-cash charges of depreciation and amortization added back, so Covey\\\\\'s statement is incorrect, not all non-cash charges will need to be added back. Net borrowing is added back for FCFE not FCFF, so Paschel\\\\\'s second statement is incorrect.B is incorrect. Depreciation has already been added back to EBITDA, though there may be other items that still need to be added back.C is incorrect. Adjusting for net borrowing is not necessary for FCFF (just FCFE).2、Honoré describes three potential consequences ofmulticollinearity. Are all three consequences correct?【单选题】A.Yes.B.No, 1 is incorrectC.No, 2 is incorrect正确答案:B答案解析:B is correct. The R2 is expected to increase, not decline, with a new independent variable. The other two potential consequences Honoré describes are correct.3、Ibarra wants to know the credit spread of bond B2 over a theoretical comparable-maturity government bond with the same coupon rate as this bond. The foregoing credit spread is closest to:【单选题】A.108 bps.B.101 bps.C.225 bps.正确答案:A答案解析:A is correct. The corporate bond’s fair value is computed in the solution to Question 8 as €1,101.24The YTM can be obtained by solving the following equation for IRR:The solution to this equation is 3.26%.Valuation of a four-year, 6% coupon bond under no default (VND) is computed in the solution to Question 8 as 1,144.63. So, the YTM of a theoretical。

cfa2 级真题经验总结

CFA考试经验新鲜出炉-zz CFA考试过来人经验之谈，提供给广大CFA考友参考，多看看别人的经验对自己的考试绝对有所帮助的，希望大家耐心地看，先预祝大家在下半年的CFA考试中都能取得好的成绩。

下午2点,下午场开始.道德还是没考SOFT DOLLAR,不过好歹考了RESEARCH OBJECTIVE,感觉拿不准的很多,可也不敢留念,于是继续.我就是在看到下面的经济学的时候崩溃的,第一二题居然考了我在SCHWESER,STALLA,SAMPLE, MOCK里从来没见过任何人考过的BOP....NND,还一考就考2道,凭记忆大概想出来该是什么,算出来没有这个答案,再试试不加这个,还是没这个答案,把这个减了试试,还是没有...于是崩溃了,看哪个顺眼就随便选了个.后来苏醒MM告诉我她在这题卡了半个小时,我是压根就放弃了...这之后脑子一直有点木,大概做到一半的时候脑子才清醒过来,感觉题目做起来都没那么熟悉,和SCHWESER,STALLA的风格都不像.到后来感觉速度倒是越来越快了,因为拿不准的太多了所以全是蒙的....不过明显感觉下午的比上午的要难.我旁边的上海姐姐上午大概提前了半过多小时交卷,下午也是坐到最后一刻才交的.考完一路都在骂CFA,无论考一级的还是2级的战友们无一例外的都是一个反应:过不了了...STALLA还把放行李的房间用气球装点起来,我是没心情庆祝.闪人.现在扯点正经的,总体感觉,CFA今年无论一级还是二级都没有像去年一样和SAMPLE及MOCK里的知识点重复很多今年我把SAMPLE和MOCK全做了,发现没有一道别说一样的,就是相似的都没有.所以SAMPLE和 MOCK的误导性很大,这正是我觉得过分的地方,他CHARGE那么老贵去卖,一点价值都没有.时间一直都很紧,虽然2场都基本提前了几分钟做完,但建立在很多拿不准的题都一蒙而过的基础上...感觉2级的题目,CFA明显有点想难为人的意思,无论从知识点的考察上还是从题目的冗长和条件的设置上.因为2 级这东西,知识点很多,如果想出难了,如果想出细了,没人能过.他考的知识点还算正常,但感觉每个知识点扣的很细.而且题目的长度大大超出我的意料,因为在一级里题目都很短的,但在2级,基本都在1页半到2页的一个SESSION的样子,且表格很多,基本都有2,3个的样子.题目的顺序倒是和文字叙述的顺序差不多,但不感跳过过度文字不看,因为它很阴险的把一些条件隐藏在你以为没有重要信息的过渡文字里,比如我记得很清楚,他有道题,后面给了个表,让你算 CAPM之类的吧,但在前面的叙述文字里它写了一句:he estimated the risk free rate to be four percent.看见没?都不带写数字4的,太恶心了,若跳过了就没法算了.关于复习,我本来想为明年6月的我系统的总结一下的,但现在期末考试逼在后面,写这样一篇泄愤的文章已经够不理性的了.但几点最重要的还是提下:1,SCHWESER NOTES是不够的.我只能说,它能够含盖大部分内容,但他还是有些东西在教材上出现了在它上面从来没见到过,另外STALLA的NOTES我从来没用过,不知道好坏,但从做STALLA的PRACTICE EXAM来看,感觉思路和SCHWESER不太一样,重视的知识点也不太一样,在STALLA的PRACTICE EXAM里我有些知识点从来没见过,在SCHWESER的NOTES里也没见过提到,所以说2级几家教育机构的书感觉差的还满多的,所以还是建议以教材为准,虽然教材写的冗长烦琐看了就想睡觉吧... 天下金融网2,关于做题.今年我时间不多,只做了SCHWESER的 PRACTICE VOLUME II的2套,VOLUME I的一套,和STALLA的一套,还有就是CFA INSTITUTION自己出的SAMPLE和MOCK.感觉从题目思路上来讲感觉SCHWESER似乎大概好象也许和真题更接近一点,但它题目的长度明显过短,一般很少有超过一页的,但做真题觉得题目还满长的,因为我做它家题每次时间都还满富裕,但做真题时间很紧张.感觉STALLA的出题的感觉也像真题些.真题的感觉就是一个SESSION里总有1-2道很简单的一想就出来的,剩下的就越来越难,让你想破脑子的.STALLA感觉也是前面简单后面难.SAMPLE和MOCK感觉知识点和真题重复的很少,非常少,极其少,MOCK的难度比真题简单,SAMPLE的难度水平差不多.但它很恶心在于,今年它免费送一套SAMPLE,再卖2套SAMPLE,送的和卖的难度不在一个级别上,送的超简单,再看它卖的,很恶心,所以说它坏嘛,多误导啊,那些没做卖的SAMPLE的人就以为真题就那么简单了呢...不知道这都什么居心啊...3,最后回忆下真题里考过的知识点,怕过一阵就忘了:上午场:1.道德,考的道德手册,具体知识点忘了.还有一道比较简单的PRUDENT INVESTOR 和PRUDENT MAN的区别(关于能不能投资FUND),还算正常.对了还考了点IPS更新ANNUALLY够不够，前提是中间如果有调整他会通知.2.数学:前一半考的一元回归,后一半加了变量变成多元回归,完全没考后面的时间序列,考了SEE的含义,给原始数据算COR,最变态第一题考的是经济学(因为题中给的dependent variable exchange rate independentvariable inflation different所以问两者关系反映了哪个PARITY...PPP)其他忘了3.会计:(1)PENSION,算正常,前两道考的PENSION EXPENSE PBO和DISCOUNT RATE 和EXPECTED RATE OF RETURN的正比反比关系,第3道考的由NET PENSION LIABILITY到FUND STATUS对EQUITY 的影响,还有让你算ADJUSTPENSION EXPENSE但不直接说,说刨除SMOOTH项后的PENSION EXPENSE,后面的题给忘了.(2)会计调整,很综合很恶心,大概就是一个无聊的家伙要调整会计报表,考到了RESTRUCTURE CHARGE, LEASE(从OPERATING到CAPITAL对会计报表的影响,现在想想我做错了这题,问的两个指标是ROA和DEBT-TO-EQUITY) ,LIFO-FIFO,好象还有哪个是最CONSERVATIVE的处理方法这样的题,所以会计书的最后一章SYNTHESIS是重点,一定要全吃透,且我觉得这块SCHWESER讲的不够,有时间去看教材.4.可恶的EQUITY部分开始了.这里考的是DDM算PV,当然是2 STAGE啦,然后考了JUSTIFIED-P/E,SGR,PVGO,还有用CAPM算EQUITY RISK OF THE COUNTRY(好象是吧...)很阴险的在于在第一段用文字提了下他的TARGET PAYOUTRATIO在第一个STAGE结束时希望达到多少,我开始算没看到这个条件,就注意表格了,结果就奇怪b去哪里了,花了很多冤枉时间.5.CAPITAL BUDGET.算中间的OPERATING CASH FLOW, TERMINAL,其他不记得了...恩还有道比较简单的就是问初始投入减少了还是什么的对NPV的影响.直接减就好了.恩有道恶心的就是考的如果有个 OPTION可以DELAYSTART OF THE PROJECT问对CAPTIAL BUDGET的影响.我选的没影响....6.FIX INCOME,只记得考了2道关于KEY DURATION怎么应用,给了4个ZERO COUPON PORTFOLIO.还问了YIELDCURVE的STEEPEN移动是会引起SHORT MATURITY还是LONG TERM MATURITY的OUTPERFORM...(我真是变态居然记得这么清楚...)其他不记得了.7.DERIVATIVE,考的大概就是个人几天后要收笔钱,再用这笔钱想买金子还是啥的,问怎么HEDGE,还算正常.还问了COST和BENEFIT对于FUTURE 价格的影响,还考了CURRENCY FUTURE的ARBITRAGE,大概就是你算出来的FUTUREPRICE和合同的不一样,一个比另一个大,问怎么获得ARBITRAGE BENEFIT,买/卖本币还是外币+买/卖该FUTURECONTRACT.这题没时间想,拿不准.其他还算正常. 天下金8.ALTERNATIVE INVESTMENT,感觉就是把SCHWESER NOTE第4本的最后2章的所有公式和知识点考了遍,问了几种投资哪个会DEPRECIATE IN VALUE,问了MARKET EXTENSION METHOD求CAP RATE,问了哪种求CAP RATE的方法能反映出FINANCING来源来.问了GROSS INCOME MULTIPLE那方法求MV,给了个数要你算的,不过好象没问CFAT啥的现金流.下午记得就不清楚了.试试能回忆出多少就是多少吧.1.道德:考的CFA RESEARCH OBJECTIVE那东西,大概记得有什么替别人IPO,人家送他WARRANT做为回报吧,问何不合适.还有IPO QUITE PERIOD也考了!!还有在REPORT发行之前给工作关系很熟的SUBJECT COMPANY的CEO看是怎么违反,还是不违反.还有他们公司的COMPLIANT DEP没有WRITTEN的文件,就让员工自己去看,还不贯彻,问违不违反.2.经济学:NND,第1,2题分别考了BOP中的CURRENT ACC和FINANCING ACC怎么算,给了一堆进口出口礼品啊投资兼并啊,股票啊,DIV COUPON啊什么的,让你算到底最后BALANCE是多少.还问了MONETARY POLICY对CURENCY的影响,3个影响CURRENCY升值贬值的因素要记住,考到了其中的ECONOMIC GROWTH RATE.好象是没考经济理论和REGULATION的东西.3会计,(1)考了ALL CURRENT(让你自己判断用什么)算NI,还有算TRANSITION G/L.还有2个题问如果从ALLCURRENT变成TEMPORAL哪些FINANCIAL RATIO会变高(底),变态.还有CTA记哪,是INCOME STATEMENT还是BALANCESHEET(2)是2个公司分别吃了第三个公司的一半,考了EQUITY METHOD和PROPOTION CONSOLIDATION对RATIO的影响,哪个高哪个底,MARKETABLE SECUIRITY用哪种算才让INCOME显的高(如果有UNRECOGNIZE GAIN就用TRADING那种东西)大概就记得这些,会计是正常的.4.EQUITY部分不记得什么了,真奇怪,是不是彻底放弃了所以不用心做了所以记不住了...哦对,考了RI,用RI求V,求EVA,RI相对于DDM和FCF的优点(好象是啊...)哦还有倒考的RI去要对会计报表的调整,好象问为什么要调整吧.很恶心那题我很拿不准.恩对了还考了CORE STRATEGY ADVANTAGE,其中考到了INDUSTRY 的阶段,PORTER的5条的应用(大概就是它最小的竞争压力来源于哪里),还很变态的在中间加了章P/E啥的表格算P/E之类的吧.还有道只记得考了怎么用AVERAGE ROE METHOD算NORMALIZED EPS,给了一个经济周期的ROE,但我只有把最后一个数彻底不算进去才能得到一个答案里有的数....5.CORPRATE FINANCE:M&A还是出现了,上来2道考的算GAIN A和GAIN T,用STOCK OFFER但2道条件给的不一样，第一道前提没有S,第2道给了S.考了如果AQCUIER用STOCK意味着什么(有信心呗),还考了道用 COMPARABLETRANSACTION算TARGET的价格,给了几个数据.好象没考什么POISON BILL什么东西. 天下金融网6. FIX INCOME.给了个SCHEDUAL PAYMENT表,考了CMO,PAC,PO.PO那题大概问怎么样才能使PO价值最大,我选的现在马上全还了.好象考的那个TRANCH的 PREPAYMENT RISK最小，还有CMO的概念,大概就是BACK BY POOL还是BACK BY PASSTHROUGH SECUIRITY,我选的后者.还考了如果最后一个TRANCH变成ACCRUAL TRANCH的话TRANCH 1会PAY多少PRINCIPAL,我不会,蒙的.这个知识点真的很小,我虽然知道什么叫ACCRUAL TRANCH但还是不会做...没要算SMM什么的,大概CFA觉得那些太简单了所以就不考...7.DERIVATIVE:考的SWAP和SWAPTION.算FIX RATE是一定要考的(给了几次PAYMENT的DISCOUNT FACTOR),居然还考了FLOOR....还考了个哪种计策可以在起到FLOOR的作用的同时还能SPECULATE到INTEREST RATE上升的利润(这人怎么就这么贪心啊...)这题完全不会就蒙的,因为之前从来没在任何书上看到过考FLOOR的,太变态,做人太不厚道了.SWAPTION比较正常是算它在MATURITY时的价值.8.PORTFOLIO MANAGEMENT,考了啥不太记得了,大概是SML,CML都考到了,好象就是这个人自己算了个市场SML,但顾客的PORTFOLIO不在SML上什么的,还考了在DOMESTIC CAPM和EXTENDED CAPM 和INTERNATIONAL CAPM里的假设,给了4个假设,然后对应3个模型分别四个选项是勾和叉,勾就是说该模型需要该假设,叉就不是,问ABCD那个对...(没看明白吧.. 大概就是说你得知道这3个(其实后两个是一个东西吧)的假设条件是哪些,我选的是他们都假设RISK FREE RATE是DOMESTIC RISK FREE RATE,因为好象都扯国际的,跟DOMESTIC CAPM没关系. 天下金融网最后补充,感觉做题所有条件都是有用的,如果没用上拿个你肯定错了.感觉答案数字都很准确,若你跟它数字不完全一样,就是错了,差几个小数点后也不对. 天下金融网还是边做边涂机读卡比较好,它2B和HB都允许的. 天下金融网CHICAGO考场很吵,很冷,桌子很烂,很多人带2个计算器都没关系.最后给大家一个忠告，做题不是万能的,但是，不做题是万万不能的....谨以此送给后来的学弟学妹们，祝你们都能顺利进入CFA队伍中去。

CFA考试《CFA二级》历年真题精选及详细解析1007-14

CFA考试《CFA二级》历年真题精选及详细解析1007-141、Prior to the president’s intervention, the actions by the farmers relative to the manufacturers over the disputed price of water is best described as:【单选题】A.moral hazard.B.adverse selection.C.regulatory arbitrage.正确答案:A答案解析:A is correct. The farmers’ having the ability to restrict the release of water to the detriment of the manufacturers during the pricing dispute is an example of a moral hazard.2、Based on Exhibit 1, which variable in the Beneish model has a year-over-year change that would increase Miland’s likelihood of manipulation?【单选题】A.DSRB.LEVIC.SGAI正确答案:A答案解析:A is correct. The DSR (days’ sales receivable index) variable in the Beneish model is related positively to the Beneish model M-score. Therefore, a year-over-year increase in DSR from 0.9 to 1.20 would lead to an increase in the M-score, which implies an increase in Miland’s likelihood of manipulation.3、ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.【单选题】A.Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.B.Cupp did not violate the Code and Standards becausecompanies are allowed to determine when to incorporate new accounts into their composite calculation.C.Cupp violated the Code and Standards because the inclusion of the new account produces an inaccurate calculation of the monthly results according to the firm’s stated policies.正确答案:C答案解析:Answer C is correct. Cupp violated Standard III(D)–Performance Presentations when he deviated from the firm’s stated policies solely to capture the gain from the holding being acquired. Answer A is incorrect because the firm does not claim GIPS compliance and the GIPS standards require external cash flows to be treated in a consistent manner with the firm’s documented policies. Answer B is incorrect because the firm does not state that it is updating its composite policies. If such a change were to occur, all cash flows for the month would have to be reviewed to ensure their consistent treatment under the new policy.4、Based on the three economic outlook statements, a profitable long/short trade would be to:【单选题】A.go long a Canadian CDX IG and short a US CDX IG.B.short an iTraxx Crossover and go long an iTraxx Main.C.short electric car CDS and go long traditional car CDS.正确答案:B答案解析:B is correct. Based on Outlook 1, Chan and Smith anticipate that Italy’s economy will weaken. In order to profit from this forecast, one would go short (buy protection) a highyield Italian CDS (e.g., iTraxx Crossover) index and go long (sell protection) an investment-grade Italian CDS (e.g., iTraxx Main) index.5、Assume for this question only that Global reports under U.S. GAAP and that the total periodic pension cost for the year ended 20X8 was €4,250. Ignoring income taxes, which of the following statements best describes the adjustment necessary for analyzing Global Oilfield\\\\'s cash flow statement?【单选题】A.Increase operating cash flow €750 and decrease financing cash flow €750.B.Decrease operating cash flow €2,084 and increase investing cash flow €2,084.C.Increase operating cash flow €5,000 and decrease financing cash flow €5,000.正确答案:A答案解析:Total periodic pension cost represents the true cost of the pension. If the firm\\\\'s contributions exceed its true pension expense, the difference can be viewed as a reduction inthe overall pension obligation similar to an excess principal payment on a loan. Pension contributions are reported as operating activities in the cash flow statement while principal payments are reported6、Whose statement regarding the use of multifactor models in active and passive portfolio management is correct?【单选题】m onlyB.Cheung onlyC.Both Lam and Cheung正确答案:B答案解析:B is correct. Analysts can use multifactor models in passively managed portfolios to replicate an index fund’s factor exposures.7、Based on Exhibits 1 and 2, Sienna’s FCFE in 2016 is:【单选题】A.€894 million.B.€1,466 million.C.€2,894 million.正确答案:A答案解析:A is correct. Sienna’s FCFE in 2016 is calculated as8、Based on the information in Exhibit 1, the REIT sector that represents the least desirable investment is:【单选题】A.industrial.B.office.C.apartments.正确答案:A答案解析:For industrial properties, the most important factor affecting economic value is retail sales growth, which is expected to be low in West Lundia. The most important factor affecting economic value for apartment REITs are job creation and population growth, which are both expected to be high. For office properties, the most important factor is job creation, which is expected to be high.9、Rule has worked as a portfolio manager for a large investment management firm for the past 10 years. Rule earned his CFA charter last year and has decided to open his own investment management firm. After leaving his current employer, Rule creates some marketing material for his new firm. He states in the material, “In earning the CFA charter, a highly regarded credential in the investment management industry, I further enhanced the portfolio management skills learned during my professional career. While completing the examination process in three consecutive years, I consistently received the highest possible scores on the topics of Ethics, Alternative Investments, and Portfolio Management.” Has Ruleviolated Standard VII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program in his marketing material?【单选题】A.Rule violated Standard VII(B) in stating that he completed the exams in three consecutive years.B.Rule violated Standard VII(B) in stating that he received the highest scores in the topics of Ethics, Alternative Investments, and Portfolio Management.C.Rule did not violate Standard VII(B).正确答案:B答案解析:Answer B is correct according to Standard VII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program. CFA Program candidates do not receive their actual scores on the exam. Topic and subtopic results are grouped into three broad categories, and the exam is graded only as “pass” or “fail.” Although a candidate may have achieved a topical score of “above 70%,” she or he cannot factually state that she or he received the highest possible score because that information is not reported. Thus, answer C is incorrect. Answer A is incorrect as long as the member or candidate actually completed the exams consecutively. Standard VII(B) does not prohibit the communication of factual information aboutcompleting the CFA Program in three consecutive years.10、If Hilliard adopts Colbaugh\\\\'s first recommendation regarding the use of additional analytical models, which of the following will she most likely incorporate into her analysis? An estimate of risk pertaining to:【单选题】A.Liquidity.B.Time horizon.C.Business cycle.正确答案:A。

cfa二级考试题目

选择题关于有效市场假说，以下哪个描述是正确的？A. 在有效市场中，投资者可以通过分析信息来获得超额收益。

B. 有效市场假说认为市场总是错误的，因此投资者应忽视市场信息。

C. 有效市场假说认为市场价格反映了所有可用信息，因此无法通过分析获得超额收益。

（正确答案）D. 有效市场仅适用于股票市场，不适用于债券市场。

在评估公司的资本结构时，以下哪个因素不是考虑的重点？A. 公司的债务与股权比例。

B. 公司的盈利能力。

C. 公司的行业特点。

（正确答案）D. 公司的现金流稳定性。

以下哪个是衡量公司运营效率常用的财务指标？A. 市盈率B. 存货周转率（正确答案）C. 资本充足率D. 杠杆比率在进行股票估值时，以下哪个模型是基于公司未来现金流的贴现值？A. 市盈率模型B. 市净率模型C. 贴现现金流模型（正确答案）D. 相对估值模型关于固定收益证券，以下哪个描述是错误的？A. 固定收益证券的收益率与市场利率变动呈反向关系。

B. 固定收益证券的信用风险通常低于股票。

C. 固定收益证券的价格波动通常小于股票。

（正确答案）D. 固定收益证券的到期收益率考虑了利息再投资的风险。

在投资组合管理中，以下哪个策略旨在通过分散投资来降低风险？A. 市场时机选择策略B. 资产配置策略（正确答案）C. 股票选择策略D. 集中投资策略以下哪个不是衡量投资组合风险的常用指标？A. 标准差B. β系数C. 夏普比率D. 跟踪误差（正确答案）关于期权定价，以下哪个模型是最常用的？A. 费雪方程式B. 黑-斯科尔斯模型（正确答案）C. 有效市场假说D. 卡普兰-米尔斯模型在进行宏观经济分析时，以下哪个指标不是常用的先行指标？A. 制造业订单B. 失业率（正确答案）C. 建筑许可D. 消费者预期指数。

CFA考试《CFA二级》历年真题精选及详细解析1007-6

CFA考试《CFA二级》历年真题精选及详细解析1007-61、Based on Exhibit 1, Smith should conclude that the insurer with the most efficient underwriting operation is:【单选题】A.Insurer AB.Insurer BC.Insurer C正确答案:C答案解析:C is correct. The combined ratio, which is the sum of the underwriting expense ratio and the loss and loss adjustment expense ratio, is a measure of the efficiency of an underwriting operation. A combined ratio of less than 100% is considered efficient; a combined ratio greater than 100% indicates an underwriting loss. Insurer C is the only insurer that has a combined ratio less than 100%.2、As compared to the temporal method, the parent\'s fixed asset turnover for fiscal 2008 using the current rate method is:【单选题】A.B.C.the same.正确答案:A答案解析:The local currency (the USD) is depreciating, so the historical rate will be higher than the current rate. Fixed asset turnover (sales divided by net PP&E) will be higher under the current rate method. Net PP&E will be translated at the lower current rate, and because sales are the same under both methods, the ratio will be higher.3、Ebinosa can best value Thunder using the:【单选题】A.excess earnings approach.B.asset-based approach.C.discounted free cash flow approach.正确答案:C答案解析:C is correct. The excess earnings method would rarely be applied to value the equity of a company particularly when it is not needed to value intangibles. The asset-based approach is less appropriate because it is infrequently used to estimate the business enterprise value of operating companies. By contrast, the free cash flow method is broadly applicable and readily applied in this case.4、For this question only, assume a weighted average cost ofcapital (WACC) of 12.0%. YD\'s economic value added (EVA) during the year 2008 is closest to:【单选题】A.$6 million.B.$18 million.C.$24 million.正确答案:B答案解析:$WACC = WACC x capital = 0.12 x 200 = 245、Based on Exhibit 1, Varden’s best answer to Quinni’s question about the F-statistic is:【单选题】A.both independent variables are significant at the 0.05 level.B.neither independent variables are significant at the 0.05 level.C.at least one independent variables are significant at the 0.05 level.正确答案:C答案解析:C is correct. Exhibit 1 indicates that the F-statistic of 4.161 is significant at the 0.05 level. A significant F-statistic means at least one of the independent variables is significant. 6、If investors have homogeneous expectations, the market is efficient, and there are no taxes, no transactions costs, and no bankruptcy costs, the Modigliani and Miller Proposition I states that:【单选题】A.bankruptcy risk rises with more leverage.B.managers cannot change the value of the company by using more or less debt.C.managers cannot increase the value of the company by employing tax saving strategies.正确答案:B答案解析:B is correct. Proposition I, or the capital structure irrelevance theorem, states that the7、If Alex Renteria is correct that the current price of Tasty Foods stock is its fair value, what is expected capital gains yield on the stock?【单选题】A.3.87%.B.4.25%.C.5.30%.正确答案:A答案解析:A is correct. If the stock is fairly priced in the market as per the Gordon growth model, the stock price is expected to increase at g, the expected growth rate in dividends. The implied growth rate in dividends, if price is the fair value, is 3.87 percent. Therefore, the expected capital gains yield is 3.87 percent.8、Which of the following is closest to the actual rate of return on beginning plan assets and the rate of return on beginningplan assets that is included in the interest income/expense calculation?【单选题】A.The actual rate of return was 5.56 percent, and the rate included in interestB.The actual rate of return was 1.17 percent, and the rate included in interestC.Both the actual rate of return and the rate included in interest income/expense were正确答案:A答案解析:A is correct. The actual return on plan assets was 1,302/23,432 = 0.0556, or 5.56 percent. The rate of return included in the interest income/expense is the discount rate, which is given in this example as 5.48 percent.9、Based on information in Exhibits 5 and 6, ER\'s adjusted total debt-to-asset ratio as of end of December, 2017 is closest to:【单选题】A.17.4%.B.20.83%.C.20.14%.正确答案:C答案解析:10、A factor associated with the widespread adoption ofalgorithmic trading is increased:【单选题】A.market efficiency.B.average trade sizes.C.trading destinations.正确答案:C答案解析:C is correct. Global financial markets have undergone substantial change as markets have fragmented into multiple trading destinations consisting of electronic exchanges, alternative trading systems, and so-called dark pools. In such an environment, when markets are continuously reflecting real-time information and continuously changing conditions, algorithmic trading has been viewed as an important tool.。

CFA考试《CFA二级》历年真题精选及详细解析1007-4

CFA考试《CFA二级》历年真题精选及详细解析1007-41、If the US dollar were chosen as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:【单选题】A.selling SGD30 million of fixed assets for cash.B.issuing SGD30 million of long-term debt to buy fixed assets.C.issuing SGD30 million in short-term debt to purchase marketable securities.正确答案:A答案解析:A is correct. If the US dollar is the functional currency, the temporal method must be used, and the balance sheet exposure will be the net monetary assets of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SGD30 million. This net monetary liability would be eliminated if fixed assets (non-monetary) were sold to increase cash. Issuing debt, either short-term or long-term, would increase the net monetary liability.2、In relation to Kostecka’s handling of the Jabbertalk stockrecommendation, which of the following CFA Institute Standards of Professional Conduct did he least likely violate?【单选题】A.Priority of TransactionsB.Fair Dealingmunication with Clients正确答案:B答案解析:B is correct. Standard III(B)–Fair Dealing requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by Forkson, he has treated all clients fairly because this disclosure is provided to all of his current clients.A is incorrect because Kostecka has violated Standard VI(B)–Priority of Transactions. There is a potential conflict of interest because the client and the adviser hold the same stock, so the client should be given first priority to trade Jabbertalk.C is incorrect because according to Standard V(B)–Communication with Clients and Prospective Clients, Kostecka should have distinguished fact from opinion. In addition, Kostecka should also disclose to clients andprospective clients the basic format and general principles of the investment processes used to analyze investments, select securities, and construct portfolios and must promptly disclose any changes that might materially affect those processes and use reasonable judgment in identifying which factors are important to his investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.3、Zhang\'s statement to support using the harmonic mean is best described as:【单选题】A.incorrect with respect to large outliers.B.incorrect with respect to small outliners.C.correct.正确答案:B答案解析:B is correct. Zhang’s statement is incorrect with respect to small outliers. The harmonic mean tends to mitigate the impact of large outliers. It may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.A is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.C is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers arebounded by zero on the downside.4、Based on the mean-reverting level implied by the AR(1) model regression output in Exhibit 1, the forecasted oil price for September 2015 is most likely to be:【单选题】A.4、Is Dua most likely correct with regard to the factors that drive demand for different commercial real estate property types?【单选题】A.No, he is incorrect about retail space.B.Yes.C.No, he is incorrect about industrial and warehouse space.正确答案:A答案解析:A is correct. Dua is correct about factors that drive demand for office space and industrial and warehouse space but incorrect about retail space. Employment growth drives demand for office space, while warehouse space demand depends broadly on economic strength. The level of import and export activity is more directly related to demand for industrial and warehouse space, not retail space. Demand for retail space depends on consumer spending, job growth, and economic strength.B is incorrect. Dua is correct about factors that drive demand for office space and industrial and warehouse spacebut incorrect about retail space.C is incorrect. Dua is correct about factors that drive demand for and industrial and warehouse space.5、Bickchip’s cash-flow-based accruals ratio in 2009 is closest to:【单选题】A.9.9%.B.13.4%.C.23.3%.正确答案:A答案解析:A is correct. The cash-flow-based accruals ratio = [ni – (cfo + cfi)]/(Average NOA) =<span style="font-style: " microsoft="" yahei",="" 微软雅黑;"="">[4,038 – (9,822 – 10,068)]/43,192 = 9.9%.6、The fraction of SGC\'s market price that is attributable to the value of growth is closest to:【单选题】A.21%.B.34%.C.50%.正确答案:B答案解析:Using the Pastor-Stambaugh model to calculate SGC\'s cost of equity:0.04 + (1.20 × 0.05) + (0.50 × 0.02) + (–0.20 × 0.04) + (0.20 × 0.045) =11.10%<imgsrc="https:///bkwimg/up/201911/1118 8395e98f83e5435892d6bc291037a70f.png" alt="" width="222" height="45" title="" align="">$28.45 = $18.74 + PVGOPVGO = $9.71PVGO/Price = $9.71/$28.45 = 34.13%7、Based on Exhibit 2, the implied credit and liquidity risks as indicated by the historical three-year swap spreads for Country B were the lowest:【单选题】A.1 month ago.B.6 months ago.C.12 months ago.正确答案:B答案解析:B is correct. The historical three-year swap spread for Country B was the lowest six months ago. Swap spread is defined as the spread paid by the fixed-rate payer of an interest rate swap over the rate of the “on the run” (most recently issued) government bond security with the same maturity as the swap. The lower (higher) the swap spread, the lower (higher) the return that investors require for credit and/or liquidity risks.The fixed rate of the three-year fixed-for-floating Libor swap was 0.01% six months ago, and the three-year government bond yield was –0.08% six months ago. Thus theswap spread six months ago was 0.01% – (–0.08%) = 0.09%.One month ago, the fixed rate of the three-year fixed-for-floating Libor swap was 0.16%, and the three-year government bond yield was –0.10%. Thus the swap spread one month ago was 0.16% – (–0.10%) = 0.26%.Twelve months ago, the fixed rate of the three-year fixed-for-floating Libor swap was 0.71%, and the three-year government bond yield was –0.07%. Thus, the swap spread 12 months ago was 0.71% – (–0.07%) = 0.78%.8、Using the data in Exhibit 2, the portfolio’s annual 1% parametric VaR is closest to:【单选题】A.CAD 17 million.B.CAD 31 million.C.CAD 48 million.正确答案:B答案解析:B is correct. The VaR is derived as follows:VaR = [(e(rp) – 2.33σp)(–1)](Portfolio value)whereE(Rp) = Annualized daily return = (0.00026 × 250) = 0.065250 = Number of trading days annually2.33 = Number of standard deviations to attain 1% VaR<imgsrc="https:///bkwimg/up/201910/1025 1224ff09b79546919adff44ced35b5d9.png" alt="" width="613" height="50" title="" align="">Portfolio value = CAD260,000,000VaR = –(0.065 – 0.184571) × CAD 260,000,000= CAD31,088,4609、Confabulated’s reported interest income would be lower if the cost was the same but the par value (in € thousands) of:【单选题】A.Bugle was €28,000.B.Cathay was €37,000.C.Dumas was €55,000.正确答案:B答案解析:B is correct. The difference between historical cost and par value must be amortized under the effective interest method. If the par value is less than the initial cost (stated interest rate is greater than the effective rate), the interest income would be lower than the interest received because of amortization of the premium.10、Is his response to Scahill’s question regarding the impact of changes in interest rate volatility on the OAS of callable and putable bonds, Morgan is most likely:【单选题】A.incorrect about callable and putable bonds.B.correct about callable bonds and incorrect about putable bonds.C.correct about putable bonds and incorrect about callablebonds.正确答案:A答案解析:A is correct. Morgan’s response to Scahill is incorrect. As interest rate volatility declines, the embedded call option becomes cheaper; thus, the higher the arbitrage-free value (or model value) of the callable bond.Callable bond value = Value of straight bond – Value of call optionA higher value for the callable bond means that a higher spread needs to be added to one-period forward rates to make the arbitrage-free bond value equal to the market price (i.e., the OAS is higher). For putable bonds as interest rate volatility declines, the value of the put option declines as does the arbitrage-free value of the putable bond.Putable bond value = Value of straight bond + Value of put optionThis implies that a lower spread needs to be added to one-period forward rates to make the arbitrage free bond value equal to the market price. Thus, in this instance, the OAS is lower.B is incorrect. Morgan is correct about the impact on OAS for callable bonds.C is incorrect. Morgan is correct about the impact on OAS for putable bonds.。

CFA考试《CFA二级》历年真题精选及详细解析1107-73

CFA考试《CFA二级》历年真题精选及详细解析1107-731、At 31 December 2010, Zimt’s total assets balance would be:【单选题】A.highest if Zimt is deemed to have control of Oxbow.B.highest if Zimt is deemed to have significant influence over Oxbow.C.unaffected by the accounting method used for the investment in Oxbow.正确答案:A答案解析:A is correct. When a company is deemed to have control of another entity, it records all of the other entity’s assets on its own consolidated balance sheet.2、Yu’s determination regarding Transaction 2 should be based on the currency of the:【单选题】A.loan.B.bank.C.borrower.正确答案:C答案解析:C is correct. The currency of Ngcorp as the borrowingforeign subsidiary, relative to that of Ambleu, determines Ambleu’s choice of translation method for Transaction 2. Because Ngcorp’s functional currency is the Bindiar franc and Ambleu’s presentation currency is the Norvoltian krone, the current rate method rather than the temporal method should be used. Regardless of the currency in which the loan is denominated, the loan is first recorded in Ngcorp’s financial statements. Then, Ngcorp’s financial statements, which include the bank loan, are translated into Ambleu’s consolidated financial statements.3、In 2011, Strawberry Mines\\\\\\\\' share of the dividends received from AdOre was most likely reported as a(n):【单选题】A.Addition to net income.B.Addition to other comprehensive income.C.Deduction from its investment in AdOre.正确答案:C答案解析:In 2011, Strawberry Mines owned 32% of AdOre\\\\\\\\'s stock and had significant influence; therefore, it should have used the equity method. It will not report any dividends received from AdOre as income but would have deducted the dividends received from the carrying value of the investment in AdOre.4、【单选题】A.$48 million.B.$69 million.C.$110 million.正确答案:C答案解析:Amount reported under IFRS:5、If Global Oilfield\\\\\\\\'s retirement plan is a defined contribution arrangement, which of the following statements would be the most correct?【单选题】A.Pension expense and the cash funding amount would be the same.B.The potential gains or losses from the assets contributed to the plan are borne by the firm.C.The firm would report the difference in the benefit obligation and the plan assets on the balance sheet.正确答案:A答案解析:In a defined contribution plan, pension expense is equal to the amount contributed by the firm. The plan participants bear the shortfall risk. There is no pension obligation in a defined contribution plan.。

CFA考试《CFA二级》历年真题精选及详细解析1007-16

CFA考试《CFA二级》历年真题精选及详细解析1007-161、Pereira should forecast that the ROE for Globales is likely to decline:【单选题】A.more slowly than that of the industry competitor.B.at the same rate as the industry competitor.C.more rapidly than that of the industry competitor.正确答案:A答案解析:A is correct. Based on the principle of mean reversion, the high ROE for both firms should revert towards the mean. Globales has a higher cash flow component to its return than the peer firm, however, so its high return on common equity should persist longer than that of the peer firm. The peer firm has a higher accruals component, so it is likely to revert more quickly.2、How many of Yeung\\\\\'s constraints would be accurately regarded as a constraint in an investment policy statement?【单选题】A.One.B.Two.C.Three.正确答案:B答案解析:What Yeung has identified as Constraint 1 is properly classified as a return objective and not a constraint. Investment constraints are factors that restrict investment choices. Constraint 2 is unexampled of time horizon constraint. Constraint 3 is an example of liquidity constraint.3、Based on Exhibit 4, Singh and Ho should conclude that under Scenario 2, shares of Bern are:【单选题】A.undervalued.B.fairly valued.C.overvalued.正确答案:A答案解析:A is correct.The total market value of the firm is the sum of the debt, preferred stock, and common stock market values: 15,400 + 4,000 + 18,100 = 37,500 million.WACC = [wd × rd(1 – tax rate)] + (wp × rp) + (we × re).= [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11).= 7.70%.Under the assumption that Bern has a low growth rate because it did not receive regulatory approval for its new drugs, the value of Bern can be analyzedusing a two-stage valuation model.Year01234g1.50%1.50%1.50%0.75%FCFFn (€ millions)3,2263,274.393,323.513,373.363,398.66Present Value Factor0.9285290.8621670.800547Present Value (€ millions)3,040.372,865.422,700.53The terminal value at the end of Year 3 is TV3 = FCFF4/(WACC – g4).TV3 = 3,398.66/(0.0770 – 0.0075) = €48,921.38 million.The total value of operating assets = (3,040.37 + 2,865.42 + 2,700.53) + 48,921.38/(1 + 0.0770)3.= 8,606.32 + 39,163.88= €47,770.20 million.4、What is the value of the coefficient of determination?【单选题】A.0.8261.B.0.7436.C.0.8623.正确答案:B答案解析:B is correct. The coefficient of determination is the same as R-squared.5、A benefit of performing Task 1 is that it:【单选题】A.enables the model to price bonds with embedded options.B.identifies benchmark bonds that have been mispriced by the market.C.allows investors to realize arbitrage profits through stripping and reconstitution.正确答案:A答案解析:A is correct. Calibrating a binomial interest rate tree to match a specific term structure is important because we can use the known valuation of a benchmark bond from the spot rate pricing to verify the accuracy of the rates shown in the binomial interest rate tree. Once its accuracy is confirmed, the interest rate tree can then be used to value bonds with embedded options. While discounting with spot rates will produce arbitrage-free valuations for option-free bonds, this spot rate method will not work for bonds with embedded options where expected future cash flows are interest-rate dependent (as rate changes impact the likelihood of options being exercised). The interest rate tree allows for the alternative paths that a bond with embedded options might take.B is incorrect because calibration does not identify mispriced benchmark bonds. In fact, benchmark bonds are employed to prove the accuracy of the binomial interest rate tree, as they are assumed to be correctly priced by the market.C is incorrect because the calibration of the binomial interest rate tree is designed to produce an arbitrage-freevaluation approach and such an approach does not allow a market participant to realize arbitrage profits though stripping and reconstitution.。

CFA考试《CFA二级》历年真题精选及详细解析1007-5

CFA考试《CFA二级》历年真题精选及详细解析1007-51、Which of the notes made by Bourne regarding the valuation methods is least accurate? The note about the:【单选题】A.Market-based method.parable transactions method.C.Discounted cash flow method.正确答案:B答案解析:The comparable transactions method uses details from recent takeover transactions for comparable companies to make direct estimates of the target company\\'s takeover value. However it is not necessary to separately estimate a takeover premium as this is already included in the multiples determined from the comparable transactions.2、Based on the relationship of Borgonovo’s stock to the SML, what is the most appropriate decision Benedetti should make regarding the Borgonovo stock?【单选题】A.Keep Borgonovo on the recommended list because it plots below the SML.B.Keep Borgonovo on the recommended list because it plots above the SML.C.Remove Borgonovo from the recommended list because it plots below the SML.正确答案:C答案解析:C is correct. The SML required return for Borgonovo is 2.5% + 1.2(7%) = 10.9%. With a forecasted return of 9.0%, Borgonovo lies below the SML (indicating it is overvalued) and should be removed from the bank’s recommended list.3、Based on the regression output in Exhibit 1, there is evidence of positive serial correlation in the errors in:【单选题】A.the linear trend model but not the log-linear trend model.B.both the linear trend model and the log-linear trend model.C.neither the linear trend model nor the log-linear trend model.正确答案:B答案解析:B is correct. The Durbin–Watson statistic for the linear trend model is 0.10 and, for the log-linear trend model, 0.08. Both of these values are below the critical value of 1.75. Therefore, we can reject the hypothesis of no positive serial correlation in the regression errors in both the linear trend model and the log-linear trend model.4、In accounting for the use of derivatives against the three risksthat Minor has discovered, the entire gains or losses from the derivatives will most likely bypass LSRC\\'s income statement for Risk:【单选题】A.1B.2C.3正确答案:C答案解析:When derivatives are used to hedge foreign currency exposure related to a foreign investment, the gains/losses go through other comprehensive income, which is part of shareholders' equity, and thus they bypass the income statement.5、Economic income during year one is closest to:【单选题】A.23,186.B.29,287.C.46,101.正确答案:B。

CFA二考试试题强力回顾

CFA二级考试试题强力回顾CFA二级考试试题回顾：CFA考试上午：数学考点：1、单位根的检验；2、多重共线性的判断，需要增加第四季度的数据作为自变量；3、根据回归方程算下一个季度的数据；会计：1、从LIFO转FIFO的inventory计算；2、从LIFO转FIFO的COGS的计算；3、从operating lease转financing lease 的利润调整；4、the comparison between current method and temporal method;Corporate finance: 1、operatingcash flow of the expand project的计算；2、the calculation of the initial cash outlay of replacement project; 3、PV 的计算Equity：记不大清了，一道是关于famafrench里的value的比较；一道是关于DDM的计算Fix income: 比较哪个公司的liquidity最好；计算一个比率记不住了；久期的计算；衍生品记不住了Alternative: AFFO的计算下午：会计：计算PBO的expense；Corporate finance:Equity：衍生品：1、P和C的等价关系计算2、根据hedge ratio算需要多少股票保值组合管理：1、n种股票，每种股票的风险给定，相关系数相同，算总体的风险。

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CFA二级考试试题强力回顾

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