CFA考试《CFA三级》历年真题精选及详细解析1107-66
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。
特许金融分析CFA考试三
特许金融分析CFA考试三1、单选在以下选项中，分析师可以找到有关对厂商的流动性、资本来源和营业结果产生明显不确定影响的信息的是（）A、财务报表脚注B、资产负债表和损益表C、管理者（江南博哥）讨论与分析正确答案：C2、单选某厂商发行了3000美元的债券，息票率为15%。
目前，这些债券的到期收益率（YTM）为12%。
如果厂商的税率为30%，则该厂商的税后债务成本是多少（）A、3.6%B、8.4%C、10.5%正确答案：B3、单选已知三年期即期利率为8.7%，二年期即期利率为9.2%，则2年后的一年期远期利率是多少（）A、5.8%B、7.2%C、7.7%正确答案：C4、单选在以下选项中，不正确的是哪一项（）A、如果证券位于证券市场线（SML）的上方，则其价格被低估B、投资者预期其承担的系统风险获得补偿C、对于投资者而言，落在证券市场线（SML）上的证券不具有内在投资价值正确答案：C5、单选在期货市场上，清算所最不可能从事以下哪项活动（）A、决定各项合约的交易B、制定初始保证金和维持保证金的金额C、担任各笔交易的对手方正确答案：A6、单选如果股票的期初价格为10美元，年末价格为14美元，则其基于连续复利的年回报率等于（）A、19.6%B、28.7%C、33.6%正确答案：C7、问答题特许金融分析师CFA考试主要考些什么内容？正确答案：CFA考试项目涉及范围很广，水平越高，范围就越广，题目参考解析：试题答案CFA考试项目涉及范围很广，水平越高，范围就越广，题目也越难。
为便于考生复习和准备，每年AIMR都会出一些CFA考试复习资料，针对不同考试水平给出不同的阅读材料，内容全部以原著形式或论文摘录形式出现。
根据对1992年CFA考生阅读材料的统计，水平Ⅰ（即最低层次）的阅读材料有15种，水平Ⅱ有15种，水平Ⅲ有19种，其中之大并不亚于攻读MBA或Ph.D所需的阅读材料。
考试内容主要包括：①伦理和职业标准；②财务会计；③数量技术；④经济学；⑤固定收益证券分析；⑥权益证券分析；⑦组织合管理。
CFA考试《CFA三级》历年真题精选及答案1122-61
CFA考试《CFA三级》历年真题精选及答案1122-611、Based on Exhibit 1, and meeting the Barksdales’ target equity allocation for 【单选题】A.35.0%.B.54.5%.C.56.1%.正确答案:C答案解析:C is correct. The equity allocation of the Barksdale’s financial capital is calculated as2、Using the planning framework that Richards suggests, which person\\\\\'s estimate for the after-tax primary capital is most accurate?【单选题】A.BosheB.AdamsC.Richards正确答案:B答案解析:Primary capital is the sum of assets that fall into the personal and market risk buckets. It includes the residence, municipal bond portfolio, global equity fund and cashequivalents. It excludes the values of MTL and the concentrated positions in CTAS public stock and the warehouse (investment real estate) – those are considered aspirational.3、Which of Perrin’s statements regarding his pension is/are correct?【单选题】A.Statement 1 onlyB.Statement 2 onlyC.Both Statement 1 and Statement 2正确答案:A答案解析:A is correct. Unvested pension benefits are typically contingent on future work and are4、The most appropriate response to Gregory’s balance sheet question is:【单选题】A.the economic balance sheet only.B.the traditional balance sheet only.C.both the economic and the traditional balance sheets.正确答案:A答案解析:A is correct. The present value of expected future earnings is reflected on an economic5、Using the information in Exhibit 1 and Adams\\\\\'s real estate proposals, which offer will provide the largest immediate addition of funds to Richards\\\\\'s stock and bond portfolios?。
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一级》历年真题精选及详细解析1107-5
A.dividends.
B.long-term leases.
C.general and administrative costs.
正确答案:B
答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor2012 Modular Level I, Vol. 4, p. 103Study Session 11-38-aDefine and explain leverage, business risk, sales risk, operating risk, and financial risk, and classify a risk, given a description.B is correct. As stated on p. 103, “By taking on fixed obligations, such as debt and long-term leases, the company increases its financial risk.”
A.Regular cycle auction (multiple price).
B.An ad hoc auction system.
C.A tap system.
正确答案:B
答案解析:在市场适合的情况下，选择发行债券属于特别的拍卖系统。
2、On a cash flow statement prepared using the indirect method, which of the following would most likely increase the cash from investing activities?【单选题】
CFA考试《CFA三级》历年真题精选及答案1122-51
CFA考试《CFA三级》历年真题精选及答案1122-511、Jose DiCenzo has some securities worth €50,000 that have a cost basis of €75,000. If he sells those securities and can use the realized losses to offset other realized gains, how much can DiCenzo reduce his taxes in the current tax year assuming capital gains are taxed at 30 percent?【单选题】A.€7,500.B.€15,000.C.€17,500.正确答案:A答案解析:A is correct. DiCenzo has a €75,000 -€50,000 = €25,000 unrealized loss. Assuming that realizing this loss will decrease his taxable gains by the same amount, his tax bill in the current year will be reduced by 0.30 × €25,000 = €7,500. 2、Which of the statements made about meeting Gladys\\\\\\\\\\' stated goal is most accurate? The statement regarding:【单选题】A.fixed annuity productsB.revised asset allocationC.variable annuity products正确答案:C答案解析:A jointly owned variable payout lifetime annuity product would provide cash flows until the end of the surviving spouse\\\\\\\\\\'s lifetime. Therefore, the Jones family will not outlive the assets. It is true there is less certainty regarding the cash flows because they are linked to the performance of the underlying investments.3、The best answer to Reyder\\\\\\\\\\'s question about validated questionnaires relates to the investor\\\\\\\\\\'s:【单选题】A.behavioral links to risk taking.B.wealth and stage of life.C.rational risk–return choices.正确答案:A答案解析:A questionnaire is used to assess risk based on behavioral factors. A predictive link must exist from the questionnaire responses to the resulting personality typing that is derived, as well as to the subsequent investment behavior that occurs.4、How much after-tax wealth would Motelli accumulate assuming the same facts as in Question 4 except that 50。
CFA考试《CFA三级》历年真题精选及详细解析1107-53
CFA考试《CFA三级》历年真题精选及详细解析1107-531、For periods beginning on or after 1 January 2011, firms must not value portfolios:【单选题】A.when objective, observable market prices are unavailable.B.more frequently than required by the composite-specific valuation policy.C.as of the last business day of the month unless it is the calendar month-end.正确答案:B答案解析:B is correct. Provision 1.1.A.3.c states that portfolios must be valued “no more frequently than required by the valuation policy.”The definition of fair value includes the statement, “In the absence of an objective, observable, unadjusted quoted market price for an identical investment inan active market on the measurement date, the valuation must represent the firm’s best estimate of the market value.” Provision 1.1.A.4 states, “For periods beginning on or after 1 January 2010, firms must value portfolios as of the calendar month end or the last business day of the month.”2、To carry out the proposed adjustment to the KPM Inc. pension portfolio, the number of S&P 400 MidCap futures Bing would need to sell and the number of Barclays US Aggregate Bond Index futures she would need to buy, respectively, are closest to:【单选题】A.76 S&P 400 MidCap Futures and 265 Barclays US Bond FuturesB.99 S&P 400 MidCap Futures and 287 Barclays US Bond FuturesC.128 S&P 400 MidCap Futures and 312 Barclays US Bond Futures正确答案:C。
CFA考试《CFA三级》历年真题精选及详细解析1007-26
CFA考试《CFA三级》历年真题精选及详细解析1007-261、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?【单选题】A.Accept the expense-paid trip and write an objective report.B.Pay for all travel expenses, including costs of meals and incidental items.C.Accept the expense-paid trip but disclose the value of the services accepted in the report.正确答案:B答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward topay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.2、Are the three compliance procedures reviewed by Campanelli consistent with both the required and recommended standards of the CFA Institute Asset Manager Code of Professional Conduct?【单选题】A.No, the procedures regarding record retention are inconsistent.B.No, the procedures regarding portfolio review are inconsistent.C.No, the procedures regarding investigation of complaints are inconsistent.正确答案:C答案解析:C is correct. According to the recommendations of Section D(2) of the Asset Manager Code,where possible, the CCO should be independent from the investment and operations personnel and should report directly to the CEO orthe board of directors.3、The strategy that is most likely to benefit from the environment described by Monts in Statement 3 is to:【单选题】A.rotate from consumer non-cyclical to consumer cyclical sectors.B.increase exposure to the crossover sector.C.shift the portfolio’s positions to shorter duration corporate bonds.正确答案:C答案解析:Curve-adjustment trades take place when the portfolio manager expects credit spreads will widen (either overall or in a particular sector). The specific strategy is to shift the portfolio’s exposure to shorten spread duration by selling longer maturity corporate bonds and buying shorter maturity bonds, which lowers the contribution to spread duration.4、Sigma can most likely reduce credit risk in its OTC derivatives positions by changing which of the following practices?【单选题】tingB.Frequency of marking to marketC.Limiting counterparty exposure正确答案:B答案解析:Sigma typically enters two-year contracts and doesnot mark to market until expiration of the contract. Increasing the frequency of the marking to market will decrease credit risk. When a contract is marked to market, the party for whom the contract has a positive value receives payment from the counterparty, thus eliminating credit risk. Consequently, more frequent marking to market decreases credit risk.5、Based on Exhibit 1, Kiest’s liabilities would be classified as:【单选题】A.Type I.B.Type II.C.Type III.正确答案:A答案解析:A is correct. Type I liabilities have cash outlays with known amounts and timing. The dates and amounts of Kiest’s liabilities are known; therefore, they would be classified as TypeI liabilities.6、If Motelli’s current investment account of €250,000 is invested in an asset which is expected to earn annual interest of 6.5 percent and no capital gains, what is his expected after tax accumulation in 15 years?【单选题】A.€578,664.B.€586,547.C.€642,960.正确答案:B答案解析:B is correct. The after tax wealth accumulation for annually taxable income isFVIFi = [1 + r(1 – ti)]nFV = €250,000 × FVIFi = €250,000 × [1 + 0.065(1 – 0.10)]15= €586,5477、Based on Exhibit 1, which of the portfolios will best immunize SD&R’s single liability?【单选题】A.Portfolio 1B.Portfolio 2C.Portfolio 3正确答案:B答案解析:B is correct. In the case of a single liability, immunization is achieved by matching the bond portfolio’s Macaulay duration with the horizon date. DFC has a single liability of $500 million due in nine years.Portfolio 2 has a Macaulay duration of 8.9, which is closer to 9 than that of either Portfolio 1 or 3.Therefore, Portfolio 2 will best immunize the portfolio against the liability.8、Ng’s response to Kepler’s question about the most efficient portfolio management strategy should be:【单选题】A.full replication.B.active management.C.an enhanced indexing strategy.正确答案:C答案解析:C is correct. Under an enhanced indexing strategy, the index is replicated with fewer than the full set of index constituents but still matches the original index’s primary risk factors. This strategy replicates the index performance under different market scenarios more efficiently than the full replication of a pure indexing approach.9、Considering Zubov’s statements to the investment committee regarding Hoven University’s endowment, he is least likely correct with respect to:【单选题】A.liquidity need.B.total return objective.C.risk tolerance.正确答案:C答案解析:The endowment’s risk tolerance is low to moderate, not high, because the endowment’s contribution represents 25% of the university’s operating budget. Thus, a modest drop in the endowment’s value may have a significant impact on university operations. Another factor supporting a lower risk tolerance is the use of a simple spending rule. The absence of a smoothing rule means the endowment has less tolerance for short-termportfolio risk. Although a return objective of 7%–7.5% may ostensibly be used to support a higher risk tolerance, the risk of a short-term drawdown poses a much larger risk and thus, on balance, a low to moderate risk tolerance is more appropriate for the endowment.10、Are Pearson\\\\\\\\'s statements regarding the disadvantages of the historical method for estimating VaR most likely correct?【单选题】A.No, the second statement is not a disadvantage.B.No, the first statement is not a disadvantage.C.Yes.正确答案:B答案解析:The nonparametric feature of the historical method is an advantage, not a disadvantage. The historical method requires minimal probability-distribution assumptions compared with other methods.。
CFA考试《CFA一级》历年真题精选及详细解析1107-3
B.77
C.123
正确答案:C
答案解析:，两边取Ln，计算出n = 123。
2、Companies pursuing cost leadership will most likely:【单选题】
A.invest in productivity-improving capital equipment.
3、When are credit spreads most likely to narrow? During:【单选题】
A.economic expansions.
B.economic contractions.
C.a period of flight to quality.
正确答案:A
答案解析:“Understanding Yield Spreads,”Frank J. Fabozzi, CFA2013 Modular Level I, Vol. 5, Reading 55, Section 4.3Study Session 15-55-fDescribe credit spreads and relationships between credit spreads and economic conditions.A is correct. Credit spreads narrowduring economic expansions and widen during economic contractions. During an economic expansion, corporate revenues and cash flows rise, making it easier for corporations to service their debt, and investors purchase corporates instead of Treasuries, thus causing spreads to narrow.
CFA考试《CFA三级》历年真题精选及详细解析1107-59
CFA考试《CFA三级》历年真题精选及详细解析1107-591、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?【单选题】A.Accept the expense-paid trip and write an objective report.B.Pay for all travel expenses, including costs of meals and incidental items.C.Accept the expense-paid trip but disclose the value of the services accepted in the report.正确答案:B答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward to pay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.2、Are the three compliance procedures reviewed by Campanelli consistent with both the required and recommended standards of the CFA Institute Asset Manager Code of Professional Conduct?【单选题】A.No, the procedures regarding record retention are inconsistent.B.No, the procedures regarding portfolio review are inconsistent.。
CFA三级真题集锦 2010-2018CFA三级上午真题(分科版本)
1. Behavioral Finance........…................……….......…..........................................…. 1-78 2. Individual ........….........….........….........……….....................................….......... 79-231 3. lnstitutional.....................................................................................................232-345 4. Economics.. ............................................................................................ 346-433
01 Behavioral Finance
Level III 2010 Q2 InstitutionalBehavioral
Page 13
QUESTION 2 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 25 MINUTES.
Island Life Assurance is a specialty life insurance company that markets its products globally. Its sole business is selling fixed-rate and variable annuity contracts. Island Life maintains accounting records in U.S. dollars (USD) and segments its fixed-rate and variable contract assets into separate investment portfolios to better match assets and liabilities.
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《CFA三级》历年真题精选及详细解析1107-49
CFA考试《CFA三级》历年真题精选及详细解析1107-491、Based on Delta\\\\\'s expectations regarding currencies, and assuming that interest rate parity holds, should Delta most likely recommend using forward contracts to hedge the portfolio\\\\\'s British pound exposure?【单选题】A.No, because the euro is expected to depreciate by more than0.35%B.YesC.No, because the euro is expected to appreciate by more than0.35%正确答案:B答案解析:Using interest rate parity, the euro is expected to depreciate by 3.25% –2.50% = 0.75%. Delta\\\\\'s strategists believe that the euro will depreciate by only 0.35%. Based onexpected returns alone, Delta should hedge the currency risk using a forward contract and lock in a 0.75% gain in British pounds.2、Is Markov correct regarding the necessary conditions to immunize the GIC portfolio for his client?【单选题】A.No, he is incorrect regarding durationB.YesC.No, he is incorrect regarding the bond portfolio characteristics 正确答案:C答案解析:To immunize a portfolio\\\\\'s target value or target yield against a change in the market yield, a manager must invest in a bond or a bond portfolio whose (1) duration is equal to the investment horizon and (2) initial present value of all cash flows equals the present value of the future liability. Thus, investing in a bond portfolio with a yield to maturity equal to the target yield and a maturity equal to the investment horizon。
cfa考试题及答案
cfa考试题及答案1. 以下哪项是CFA考试中经常考察的财务分析指标？A. 市盈率（P/E Ratio）B. 市净率（P/B Ratio）C. 股息率（Dividend Yield）D. 所有上述选项答案：D. 所有上述选项2. 在CFA考试中，下列哪个选项不是有效市场假说（Efficient Market Hypothesis, EMH）的类型？A. 弱式有效市场B. 半强式有效市场C. 强式有效市场D. 完全有效市场答案：D. 完全有效市场3. CFA考试中，关于投资组合理论，以下哪个说法是不正确的？A. 投资组合可以降低非系统性风险B. 投资组合的预期收益是其组成资产预期收益的加权平均C. 投资组合的总风险是其组成资产风险的总和D. 投资组合的最优权重取决于投资者的风险偏好答案：C. 投资组合的总风险是其组成资产风险的总和4. 在CFA考试中，以下哪个财务报表分析方法不涉及比较分析？A. 水平分析B. 垂直分析C. 比率分析D. 趋势分析答案：B. 垂直分析5. CFA考试中，关于宏观经济学，以下哪个因素不是影响货币供给的因素？A. 基础货币B. 货币乘数C. 利率D. 银行准备金答案：C. 利率6. 在CFA考试中，下列哪个不是固定收益证券的特点？A. 利息收入稳定B. 价格波动性较低C. 与经济周期相关性高D. 到期还本付息答案：C. 与经济周期相关性高7. CFA考试中，关于衍生品，以下哪个说法是错误的？A. 期货合约允许投资者在未来的特定日期以特定价格买卖资产B. 期权合约赋予持有者在未来的特定日期以特定价格买卖资产的权利C. 掉期合约涉及两个方在特定日期交换现金流D. 衍生品总是用于投机目的答案：D. 衍生品总是用于投机目的8. 在CFA考试中，以下哪个不是企业价值评估中常用的方法？A. 折现现金流（DCF）分析B. 市盈率（P/E）比较C. 经济增加值（EVA）分析D. 资产负债表比较答案：D. 资产负债表比较9. CFA考试中，关于行为金融学，以下哪个不是常见的认知偏差？A. 过度自信B. 代表性启发C. 风险规避D. 锚定效应答案：C. 风险规避10. 在CFA考试中，以下哪个不是国际投资中的风险类型？A. 汇率风险B. 利率风险C. 政治风险D. 系统性风险答案：D. 系统性风险。
CFA考试《CFA三级》历年真题精选及详细解析1107-55
CFA考试《CFA三级》历年真题精选及详细解析1107-551、Are Northrup’s comments about fund of funds’lock-up periods and lower fees most likely correct?【单选题】A.No.B.Yes, for lower fees only.C.Yes, for lock-up periods only.正确答案:A答案解析:A is correct. Contrary to Northrup’s comment, fund of funds usually do not impose lock-up periods (or minimum initial holding period) and their fees are higher as investors pay two layers of fees: one to the FOF and the other to the underlying hedge fund managers.2、The monthly VaR that Stulz wants to estimate for the Stimsonportfolio is closest to:【单选题】A.€0.8 million.B.€2.9 million.C.€3.9 million.正确答案:C答案解析:C is correct. The monthly return is 9.6%/12 = 0.8%.The monthly standard deviation is The percent VaR is 0.8% – 1.65 (5.196%) = –7.7734%.The dollar VaR is 7.7734% (€50 million) = €3.8867 million, or €3.9 million.3、Based on Exhibits 2 and 3, what can Smith most likely determine about MCAM\\\\\\\'s investment style over time? MCAM\\\\\\\'s style has:【单选题】A.not drifted.B.drifted from value to growth.C.drifted from growth to value.正确答案:C答案解析:The active equity strategy was not value oriented because the returns-based style analysis indicates a growth orientation given a 0.65 coefficient of determination with respect to growth returns. The current holdings, however, depict a value orientation when compared with the manager\\\\\\\'s normal benchmark given the differences in dividend yield and P/E. MCAM\\\\\\\'s style has drifted over time from growth to value.4、What is Kaplan’s after-tax accumulation after 20 years?【单选题】A.€196,438.B.€220,521.C.€230,521.正确答案:A答案解析:A is correct. The taxable account will accumulate toFVi = €50,000[1 + r(1 –ti)]n= €50,000[1 + 0.04(1 –0.4)]20= €80,347The tax deferred account will accumulateFVTDA = €50,000(1 + r)n(1 –Tn)= €50,000(1.07)20(1 –0.40)= €116,091Total = €196,4385、Based on the data in Exhibit 2, modifying the duration of the fixed-income allocation to its target will require an interest rate swap that has notional principal closest to:【单选题】A.$11,030,000.B.$17,777,000.C.$9,412,000.正确答案:A答案解析:where; NP = notional principalB = bondportfolioMDURt = duration target of portfolioMDURb = duration of bond portfolioMDURs = duration of swap6、Disregarding the initial cost of the Hop collar strategy, the value per share of the strategy at expiration with the stock at $26.90 is:【单选题】A.$26.05.B.$26.20.C.$26.90.正确答案:C答案解析:C is correct. If the stock price at expiration of the options is $26.90, the put will expire worthless, the call will expire worthless, and the value of the strategy will reflect solely the value of the stock.7、Which of the statements made about meeting Gladys\\\\\\\' stated goal is most accurate? The statement regarding:【单选题】A.fixed annuity productsB.revised asset allocationC.variable annuity products正确答案:C答案解析:A jointly owned variable payout lifetime annuity product would provide cash flows until the end of the surviving spouse\\\\\\\'s lifetime. Therefore, the Jones family will not outlive the assets. It is true there is less certainty regarding the cash flows because they are linked to the performance of the underlying investments.8、With respect to Viewmont\\\\\\\'s goal of borrowing at the lowest cost and hedging currency risk, who is most likely correct?【单选题】A.KemigisaB.BazlamitC.Montero正确答案:C答案解析:Montero is correct. Viewmont can reduce its overall borrowing costs by borrowing in U.S. dollars and engaging in a currency swap for Brazillian reals. This swap not only reduces borrowing costs but also hedges currency exposure.9、In the previous question, suppose DiCenzo sells the securities in the current tax year and replaces them with securities having the same returns. He will then sell the new securities in the next tax year. What is the total tax savings assuming DiCenzo does not reinvest the tax savings?【单选题】A.€0.B.€7,500.C.€15,000.正确答案:A答案解析:A is correct. Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.10、The yield curve expectation that Abram’s supervisor targets with Scenario 1 is most likely a:【单选题】A.flattening yield curve.B.reduction in yield curve curvature.C.100 bps parallel shift downward of the yield curve.正确答案:A答案解析:A is correct. Scenario 1 is an extreme barbell and is typically used when the yield curve flattens. In this case, the 30-year bond has larger price gains because of its longer duration and higher convexity relative to other maturities. If the yield curve flattens through rising short-term interest rates, portfolio losses are limited by the lower price sensitivity to the change in yields at the short end of the curve while the benchmark’s middle securities will perform poorly.。
CFA备考之CFA三级习题精选及解析
CFA备考之CFA三级习题精选及解析CaseTartan Management is a hedge fund that uses derivatives in its portfolio. Tartan’s new directorof risk management, Jan Magnuson, is reviewing Tartan’s credit risk exposures. Tartan’s currentpolicy is to use a different counterparty for each derivative holding to limit its credit exposure toany single counterparty. Its current derivatives holdings are shown in Exhibit 1. All derivativesare over-the-counter (OTC) and are not subject to collateral requirements.A. Determine Tartan’s total amount (in USD) at risk of credit loss from its derivativesportfolio under its current policy.(4 minutes)Magnuson considers whether Tartan’s credit risk in the event of a default could be reduced byusing a single counterparty with payment netting for all derivatives. The single counterpartywould be a different company than any of the three current counterparties.B. Discuss, based on Tartan’s current holdings, one positive effect and one negative effectthat payment netting with a single counterparty could have on Tartan’s credit risk.Note: Assume there is no difference in the cost of credit monitoring between the twoalternatives.(4 minutes)Magnuson wants to reduce the credit risk that Tartan might incur with derivative positions in thefuture. He asks his staff to research sources of credit risk. The staff recommends the followingfor Tartan:Recommendation 1: Use only currency futures rather than currency swaps.Recommendation 2: Buy OTC put options rather than write OTC call options.C. Determine whether each of the following recommendations would most likely achieveMagnuson’s objective of reducing credit risk:i. Recommendation 1ii. Recommendation 2Justify each response.。
cfa三级练习题书
CFA三级练习题书一、伦理与职业标准A. 在未获得客户同意的情况下，向第三方透露客户信息B. 在投资分析报告中明确披露潜在的利益冲突C. 接受客户赠送的礼物，价值不超过500元人民币A. 定期审查员工交易记录B. 对员工进行合规培训C. 允许员工私下交流投资策略二、定量方法1. 假设某股票的预期收益率为20%，标准差为15%，无风险收益率为5%，市场组合的预期收益率为12%，标准差为10%，根据资本资产定价模型（CAPM），该股票的预期收益率应为多少？A. 夏普比率B. 信息比率C. 索提诺比率三、经济学A. 国内生产总值（GDP）增长B. 通货膨胀率上升C. 利率上升A. 国内经济增长放缓B. 国际投资者对本国资产需求增加C. 国内利率下降四、财务报表分析A. 净资产收益率B. 总资产周转率C. 流动比率A. 销售商品、提供劳务收到的现金B. 支付给职工以及为职工支付的现金C. 取得投资收益收到的现金五、企业财务A. 利率上升B. 利率下降C. 公司盈利能力提高A. 公司认为股票被低估B. 公司需要筹集资金C. 公司盈利能力下降六、股票投资A. 价值投资B. 成长投资C. 质量投资A. 行业前景B. 公司盈利能力C. 市场情绪七、固定收益投资A. 国债B. 企业债C. 可转换债券A. 久期B. 利率C. 信用评级八、衍生品投资A. 期权B. 期货C. 掉期A. 股票价格上涨至110元B. 股票价格下跌至80元C. 股票价格维持在100元九、另类投资A. 股票B. 债券C. 私募股权A. 地段B. 房型C. 装修风格十、投资组合管理A. 买入并持有策略B. 动态资产配置策略C. 风险平价策略A. 实现最高收益B. 分散风险C. 降低交易成本十一、市场伦理A. 主动披露潜在的利益冲突B. 避免参与可能导致利益冲突的交易C. 在未告知客户的情况下，从交易中获利A. 在投资分析中故意隐瞒重要信息B. 遵守公司规定的职业道德准则C. 积极参与社区公益活动十二、股权投资分析A. 每股收益B. 股息率C. 应收账款周转率A. 行业整体盈利能力提高B. 公司净资产减少C. 市场利率上升十三、固定收益证券分析A. 短期国债B. 长期企业债C. 浮动利率债券A. 信用评级B. 久期C. 利息保障倍数十四、衍生品市场A. 期货合约B. 期权合约C. 掉期合约A. 预期标的资产价格将上涨B. 预期标的资产价格将下跌C. 预期标的资产价格将保持不变十五、投资组合风险管理A. 期权B. 保险C. 对冲基金A. 确定风险承受能力B. 选择风险对冲工具C. 监控投资组合表现十六、经济学与投资策略A. 失业率B. 通货膨胀率C. 国内生产总值（GDP）增长率A. 成长型投资B. 价值型投资C. 投机性投资十七、财务报表分析与估值A. 行业周期性B. 公司盈利波动性C. 财务报表数据的不准确性A. 流动比率B. 速动比率C. 负债比率十八、企业融资与资本结构A. 融资成本B. 财务杠杆C. 股东权益A. 发行股票B. 发行债券C. 银行贷款答案一、伦理与职业标准1. A2. C二、定量方法1. 17.5%2. B三、经济学1. C2. B四、财务报表分析1. A2. C五、企业财务1. A2. A六、股票投资1. B2. A七、固定收益投资1. C2. A八、衍生品投资1. B2. A九、另类投资1. C2. A十、投资组合管理1. C2. B十一、市场伦理1. C2. A十二、股权投资分析1. C2. A十三、固定收益证券分析1. B2. A十四、衍生品市场1. A2. B十五、投资组合风险管理1. A2. A十六、经济学与投资策略1. C2. B十七、财务报表分析与估值1. B2. C十八、企业融资与资本结构1. A2. A。
CFA考试历年真题精选10(附详解)
CFA考试历年真题精选10（附详解）1、As a condition of his employment with an investment bank, Abasi Hasina, CFA, was required to sign an employment contract, including a non-compete clause restricting him from working for a competitor for three years after leaving the employer. After one year, Hasina quits his job for a comparable position with an investment bank in a country where non-compete clauses are illegal. Lawyers with whom he consulted prior to taking the new position determined the non-compete clause was a violation of human rights and thus illegal. Did Hasina most likely violate the CFA Institute Code of Ethics?【单选题】A.YesB.No, because the non-compete clause violates his human rightsC.No, because the non-compete clause is illegal in the new country of employment正确答案:A答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA Institute2012 Modular Level I, Vol. 1, p. 15A is correct because by failing to adhere to the non-compete clause he agreed to abide by when signing his employment contract, Hasina shows a lack of professional integrity toward his employer. This behavior reflects poorly on the good reputation of members and is a violation of the Code of Ethics, which states that members and candidates must act with integrity, and Standard I (D) Misconduct, which states that members and candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence. The Code of Ethics at times requires a member or candidate to uphold a higher standard than that required by law, rule, or regulation, or in this case the strict application of the employment agreement.2、Danielle Deschutes, CFA, is a portfolio manager who is part of a 10-person team that manages equity portfolios for institutional clients. A competing firm, South West Managers, asks Deschutes to interview for a position within its firm and to bring her performance history to the interview. Deschutes receives written permission from her current employer to bring the performance history of the stock portfolio with her. At the interview, she discloses that the performance numbers represent the work of her team and describes the role of each member. To bolster her credibility, Deschutes also provides the names of institutional clients and related assets constituting the portfolio. During her interview Deschutes most likely violated the CFA Institute Standards of Professional Conduct with regards to:【单选题】A.the stock portfolio’s performance history.B.her contribution to the portfolio’s returns.C.providing details of the institutional clients.正确答案:C答案解析:“Guidance for Standards I–VII,” CFA InstituteC is correct because Deschutes most likely violated Standard III (E) Preservation of Confidentiality by failing to preserve the confidentiality of client records when she disclosed specific details about clients in the equity portfolio.3、A discrete uniform distribution consists of the following twelve values: On a single draw from the distribution, the probability of drawing a value between -2.0 and 2.0 from the distribution is closest to:【单选题】A.16.67%.B.18.04%.C.27.59%.正确答案:A答案解析:“Common Probability Distributions,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA 2011 Modular Level I, Vol. 1, pp. 497-498 Study Session 3-9-f Calculate and interpret probabilities given the discrete uniform and the binomial distribution functions. First order the values from smallest to largest. Then note that two of the twelve values are between -2.0 and 2.0. Thus, the probability of a draw from the distribution being between -2.0 and 2.0 is 2/12 = 0.16667.4、Successful product development, advertising, and the creation of brand names are most likely to have a positive impact on the economic profits of the producer under:【单选题】A.a monopoly.B.perfect competition.C.monopolistic competition.正确答案:C答案解析:“Monopolistic Competition and Oligopoly,” Michael Parkineconomic profits.5、Which of the following actions on the part of a central bank is most consistent with increasing the quantity of money?【单选题】A.Increasing reserve requirementsB.Selling securities on the open marketC.Purchasing securities on the open market正确答案:C答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen ThomasC is correct. When a central bank purchases securities, bank reserves increase. The banks thus have excess reserves and are able to increase their lending, increasing the money supply.6、At the beginning of the year, a company had total shareholders’ equity consisting of ￥200,000 in common share capital and ￥50,000 in retained earnings.The total shareholders’ equity at the end of the year is closest to:【单选题】A.￥276,000.B.￥279,000.C.￥282,000.正确答案:A答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. Robinson[1663201704061-image/0232.jpg]7、The following information is from a company’s accounting records:The company’s total comprehensive income (in € millions) is closest to:【单选题】A.1,150.B.3,150.C.3,650.正确答案:C答案解析:“Understanding Income Statements,” Elaine Henry, CFA, and Thomas R. Robinson, CFA(12,500 – 10,000) + 1,475 – 325 = 3,650.8、The least likely way to terminate a swap is to:【单选题】A.purchase and exercise a swaption.B.pay the market value to the counterparty.C.sell an offsetting swap listed on an exchange.正确答案:C答案解析:“Swap Markets and Contracts,” Don M. ChanceC is correct because swaps are not listed on an exchange.9、Consider two ten-year bonds, one that contains no embedded options and the other that gives its owner the right to convert the bond to a fixed number of shares of the issuer’s common stock. The convertibility option in the second bond cannot be exercised for five years. The bonds are otherwise identical. Compared with the yield on the convertible bond, the yield on the option-free bond is most likely:【单选题】A.lower.B.higher.C.the same.正确答案:B答案解析:“Understanding Yield Spreads,” Frank J. FabozziB is correct because the convertibility option provides a benefit to the investor, who will accept a lower yield on the convertible bond compared with the option-free bond.10、According to the Global Investment Performance Standards (GIPS), which of the following is not apart of the verification process? Testing whether the:【单选题】A.firm has complied with all the composite construction requirements.B.verification is undertaken by the compliance department in the absence of a third party.C.firm's processes and procedures are designed to calculate results in compliance with GIPSstandards.正确答案:B答案解析:CFA Level I"Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute, 2011。
CFA考试《CFA三级》历年真题精选及详细解析1107-56
CFA考试《CFA三级》历年真题精选及详细解析1107-561、The NEXT Index data most likely reflects:【单选题】A.volatility clustering.B.transcription errors.C.survivorship bias.正确答案:C答案解析:Survivorship bias arises when a data series only reflects companies that exist at a given moment in time and not companies that may have left prior to the given moment in time (i.e., only the surviving firms are in the data). The NEXT Index has survivorship bias as evidenced by the frequent change in its component firms because of failure and acquisition by larger non-index firms.2、Quest\\\\\'s justification for the alternative investments in the WM portfolio is most likely correct with respect to:【单选题】A.private equity.B.real estate.C.hedge funds.正确答案:B答案解析:The real estate investment is in REITs, which are publicly traded securities and liquid. REITs can also provide diversification benefits when included in a portfolio of traditional investments, such as stocks and bonds. Private equity investments have low liquidity and provide low diversification benefits. Hedge funds provide strong diversification benefits but have low liquidity.3、The realized return earned on Berio\\\\\'s strategy of investing solely in the 20-year U.S. Treasury bonds is closest to:【单选题】。
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CFA考试《CFA三级》历年真题精选及详细
解析1107-66
1、The NEXT Index data most likely reflects:【单选题】
A.volatility clustering.
B.transcription errors.
C.survivorship bias.
正确答案:C
答案解析:Survivorship bias arises when a data series only reflects companies that exist at a given moment in time and not companies that may have left prior to the given moment in time (i.e., only the surviving firms are in the data). The NEXT Index has survivorship bias as evidenced by the frequent change in its component firms because of failure and acquisition by larger non-index firms.
2、Quest\\\\\'s justification for the alternative investments in the WM portfolio is most likely correct with respect to:【单选题】
A.private equity.
B.real estate.
C.hedge funds.
正确答案:B
答案解析:The real estate investment is in REITs, which are publicly traded securities and liquid. REITs can also provide diversification benefits when included in a portfolio of traditional investments, such as stocks and bonds. Private equity investments have low liquidity and provide low diversification benefits. Hedge funds provide strong diversification benefits but have low liquidity.
3、The realized return earned on Berio\\\\\'s strategy of investing solely in the 20-year U.S. Treasury bonds is closest to:【单选题】
A.8.04%.
B.10.94%.
C.12.21%.
正确答案:B
答案解析:E/R = sum of the following components
4、【单选题】
A.historical data.
B.reverse optimization.
C.Black–Litterman inputs.
正确答案:A
答案解析:A is correct. The allocations in Exhibit 1 are most likely from an MVO model using historical data inputs. MVO。