CFA一、二级练习题精选及答案0516-10

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cfa一级考试模拟试题及答案

cfa一级考试模拟试题及答案CFA一级考试模拟试题及答案1. 以下哪项不是金融市场的基本功能？A. 资源配置B. 风险管理C. 价格发现D. 娱乐消遣答案：D2. 在CFA考试中，以下哪项不属于投资组合管理的三个主要步骤？A. 资产配置B. 证券选择C. 风险管理D. 市场预测答案：D3. 根据现代投资组合理论，以下哪项是影响投资组合预期收益的唯一因素？A. 无风险利率B. 市场风险溢价C. 投资组合的贝塔系数D. 投资组合的波动性答案：C4. 在评估固定收益证券时，以下哪项不是影响债券价格的主要因素？A. 利率水平B. 信用评级C. 债券的到期时间D. 股票市场的波动性答案：D5. 以下哪项不是有效市场假说（EMH）的三种形式之一？A. 弱式有效市场B. 半强式有效市场C. 强式有效市场D. 超级有效市场答案：D6. 在计算股票的自由现金流至企业（FCFF）时，以下哪项不应从营业利润中扣除？A. 折旧和摊销B. 营运资本的变动C. 资本支出D. 净债务的变动答案：C7. 下列关于财务报表分析的说法中，哪项是不正确的？A. 横向分析可以帮助识别趋势B. 纵向分析可以揭示财务比率的变化C. 比率分析可以用于评估公司的财务状况D. 现金流量表是评估公司盈利质量的唯一工具答案：D8. 在评估一个公司的财务健康状况时，以下哪项财务比率不是流动性比率？A. 流动比率B. 速动比率C. 利息保障倍数D. 现金比率答案：C9. 在国际投资中，以下哪项不是影响汇率变动的主要因素？A. 贸易平衡B. 利率差异C. 政治稳定性D. 黄金价格答案：D10. 在CFA考试中，以下哪项不是宏观经济分析的组成部分？A. 经济增长B. 通货膨胀C. 货币政策D. 公司治理答案：D请注意，以上提供的模拟试题及答案仅供参考，实际CFA一级考试的题目和内容可能会有所不同。

考生应以官方提供的教材和学习资料为准备考试的主要依据。

cfa一级考试真题及答案详解

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

这个比率越高，说明公司的财务杠杆越大，偿债能力越弱。

因此，资产负债率是反映公司偿债能力的重要指标。

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

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

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

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

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

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

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

CFA考试《CFA一级》历年真题精选10(附详解)

CFA考试《CFA一级》历年真题精选10（附详解）1、Yip Wai Yin, a CFA Candidate, is an independent mutual fund sales agent. For every front-end load product she promotes, Yip receives a portion of the front-end fee as commission, at the time of sale. For every back-end load fund she sells, Yip receives a smaller commission paid at the end of the year. Yip always informs her clients she is paid a commission as an agent, but does not provide details of the compensation structure. When pitching her favored front-end load product line she tells clients 20% of her commission is always invested in the same fund as proof of her confidence in the fund she recommends. Which CFA Code of Standards with regard to Conflicts of Interest does Yip least likely violate?【单选题】A.Referral Fees.B.Disclosure of Conflicts.C.Priority of Transactions.正确答案:C答案解析:“Guidance for Standards I-VII,” CFA InstituteC is correct because Yip’s investments do not adversely affect the interest of the clients and therefore do not violate the Priority of Transactions requirement. A Candidate having the same investment positions does not always create a conflict of interest and in some instances, having an aligned investment portfolio can be beneficial to the client.2、The Global Investment Performance Standards least likely require:【单选题】A.nondiscretionary portfolios to be included in composites.posites to be defined according to similar investment objectives and/or strategies.C.non-fee-paying portfolios to be excluded in the returns of appropriate composites.正确答案:A答案解析:Composites (Standard IV – Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites. 2014 CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute3、Assuming no short selling, diversification benefit is most likely to occur when the correlations among the securities contained in the portfolio are:【单选题】A.equal to positive one.B.less than positive one.C.greater than positive one.正确答案:B答案解析:“Probability Concepts,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAWhen we do not reject a false null hypothesis we have a Type II error.4、A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm's capital structure is closest to:【单选题】A.79%.B.37%.C.65%.正确答案:C答案解析:WACC=weight of debt*before-tax cost of debt*(1-tax rate)+weight of equity*cost of equity.5、The following information is available about a company ($ millions):During 2009 the company most likely decreased the:【单选题】A.proportion of sales made on a cash basis.B.inventory, anticipating lower demand for its products in 2010.C.proportion of interest-bearing debt relative to trade accounts payable.正确答案:A答案解析:“Understanding the Cash Flow Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFASales, net income, and net margin are relatively constant for the two years. The substantial drop in cash flow from operations could be attributed to an increase in receivables and/or inventory. A decrease in the proportion of cash sales implies an increase in the proportion of credit sales, increasing accounts receivable. An increase in accounts receivable would decrease cash flow from operations.6、Providing information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users is most accurately described as the role of:【单选题】A.financial reporting.B.the auditor’s report.C.financial statement analysis.正确答案:A答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonA is correct. The role of financial reporting is to provide information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.7、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【单选题】A.$92.89B.$99.07C.$107.44正确答案:A答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi8、A security has a beta of 1.30. If the risk-free rate of interest is 3% and the expected return of the market is 8%, based on the capital asset pricing model (CAPM), the expected return of the security is closest to:【单选题】A.9.5%.B.6.5%.C.13.4%.正确答案:A答案解析:The formula for the CAPM is expressed as:Section 4.29、Kim Stone, CFA, works at trading desk in Howard Hedge Funds.SamuelPeter, a chief investment manager for Howard has instructed Stone to sell a largeamount of one stock based on an inside information of significant legal disputes.Peter inadvertently heard the information from a company's president in anelevator.Stone is unaware that Peter got this information.Stone accepts thetrade instruction and completes the order.Has Stone most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, with respect to responsibilities of supervisors.C.Yes, with respect to material nonpublic information.正确答案:A答案解析:Stone并不知道该交易行为来自重大的非公开信息，他接受了交易指令并不违反任何标准，只有当他知道或者应当知道时才会违反标准。

CFA考试《CFA一级》历年真题精选01(附详解)

CFA考试《CFA一级》历年真题精选01（附详解）1、Ian O’Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services, with O’Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a “buy.”According to the CFA Institute Standards of Professional Conduct, O’Sullivan is most likely required to disclose his ownership of Mallory stock in the:【单选题】A.press releases only.B.research report only.C.both the press release and the research report.正确答案:C答案解析:“Guidance for Standards I-VII”, CFA InstituteC is correct because members should disclose all matters that reasonably could be expected to impair the member’s objectivity. Standard I (B), Standard VI (A).2、Other factors held constant, the reduction of a company’s average accounts payables due to suppliers offering less trade credit will most likely:【单选题】A.reduce the operating cycle.B.increase the operating cycle.C.not affect the operating cycle.正确答案:C答案解析:"Financial Analysis Techniques," Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAPayables are not part of the operating cycle calculation. Operating cash cycle includes inventory and accounts receivable.3、In a sales-driven pro forma analysis, net income grows from $1.2 million to $1.26 million. Assuming a dividend payout ratio of 40%, the increase in retained earnings is closest to (in $ millions):【单选题】A.0.720.B.0.756.C.1.260.正确答案:B答案解析:“Financial Statement Analysis,”Pamela Peterson Drake4、The slope of the security market line (SML) represents the portion of an asset’s expected return attributable to:【单选题】A.total risk.B.market risk.C.diversifiable risk.正确答案:B答案解析:“Portfolio Risk and Return Part II,”Vijay SingalB is correct. The slope of the SML is the market risk premium, E(Rm) –Rf. It represents the return of the market less the return of a risk-free asset. Thus, the slope represents the portion of expected return that reflects compensation for market or systematic risk.5、Jenny Hein, CFA, is a research analyst covering a mining industry.Hein hasprepared a research report on one mining company based on research from a varietyof sources and other analysts.Hein combines these materials to form her ownopinion and completes the report without acknowledge her sources in her report.Then Hein distributes the report to her clients.Has Jenny most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, by failing to cite the work of others in her report.C.Yes, by failing to have reasonable basis for her opinion.正确答案:B答案解析:因为Hein在研究报告中引用了别人的研究成果，对此必须注明出处，题目中并没有说她没有合理的证据，把其他分析师的研究加入其自己的研究报告，只要指明出处并不违反专业行为标准。

cfa一级考试题库答案

cfa一级考试题库答案1. 以下哪项是有效市场假说（Efficient Market Hypothesis, EMH）的核心观点？A. 市场价格总是正确的。

B. 市场价格反映了所有可用信息。

C. 投资者总是理性的。

D. 市场参与者总是能够发现并利用所有的投资机会。

答案：B2. 在CFA一级考试中，关于固定收益证券的以下哪个说法是不正确的？A. 固定收益证券的利息支付是固定的。

B. 固定收益证券的价格与市场利率呈负相关。

C. 固定收益证券的信用风险可以通过信用评级来衡量。

D. 固定收益证券的到期收益率总是高于票面利率。

答案：D3. 以下哪个指标用于衡量股票的波动性？A. 价格收益比（Price-to-Earnings Ratio）B. 贝塔系数（Beta Coefficient）C. 夏普比率（Sharpe Ratio）D. 标准差（Standard Deviation）答案：D4. 在投资组合管理中，以下哪个概念描述了投资组合中资产之间的相关性？A. 资产配置（Asset Allocation）B. 市场时机（Market Timing）C. 多元化（Diversification）D. 相关系数（Correlation Coefficient）答案：D5. 以下哪个财务比率用于评估公司的偿债能力？A. 流动比率（Current Ratio）B. 毛利率（Gross Margin Ratio）C. 资产周转率（Asset Turnover Ratio）D. 权益回报率（Return on Equity）答案：A6. 在CFA一级考试中，关于宏观经济分析的以下哪个说法是正确的？A. 宏观经济分析主要关注公司层面的财务状况。

B. 宏观经济分析只考虑长期经济趋势。

C. 宏观经济分析包括对经济增长、通货膨胀和利率等因素的研究。

D. 宏观经济分析与投资决策无关。

答案：C7. 在评估一个投资项目时，以下哪个现金流是最重要的？A. 初始投资B. 营运现金流C. 终值现金流D. 所有上述现金流答案：D8. 在CFA一级考试中，以下哪个财务报表分析工具用于评估公司的盈利能力？A. 杜邦分析（DuPont Analysis）B. 比率分析（Ratio Analysis）C. 现金流量表（Cash Flow Statement）D. 资产负债表（Balance Sheet）答案：B9. 在投资决策中，以下哪个因素是风险厌恶型投资者最关注的？A. 预期回报B. 投资成本C. 风险水平D. 流动性答案：C10. 在CFA一级考试中，以下哪个金融工具用于对冲利率风险？A. 期货合约（Futures Contract）B. 期权合约（Options Contract）C. 掉期合约（Swap Contract）D. 所有上述金融工具答案：D。

cfa一级考试真题及答案详解

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

权重越大的资产对投资组合的预期收益率影响越大。

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

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

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

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

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

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

资本成本反映了公司资本的机会成本，而权益乘数并不是计算EVA所必需的。

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

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

希望这些真题及答案详解能够帮助考生更好地准备考试，提高通过率。

CFA一级练习题精选及答案0516-5

CFA一级练习题精选及答案0516-5【题1】Two-dimensional demand and supply curves are drawn under which of the following assumptions?A. Own price is held constantB. All variables but quantity are held constantC. All variables but own price and quantity are held constant【题2】The monthly demand curve for playing tennis at a particular club is given by the following equation:P Tennis Match= 9 – 0.20 × Q Tennis MatchThe club currently charges members $4 to play a match, but is considering a new flat rate monthly membership fee for unlimited play. The most fee that the club will able to charge for this membership is closest to:A.$40.00B.$62.50C.$162.50【题3】Over a given period, the price of a commodity falls by 5.0% and the quantity demanded rises by 7.5%. The price elasticity of demand for the commodity is best described as:A.ElasticB.InelasticC.Perfectly elastic【题4】Which of the following government interventions in market forces is most likely to cause underproduction?A.SubsidiesB.Price floorsC.Production quotas【题5】If a consumer's marginal rate of substitution of good X for good Y (MRSxy) is equal to 2, then the:A.Consumer is willing to give up 2 units of X for 1 unit of YB.Slope of a line tangent to the indifference curve at that point is 2C.Slope of a line tangent to the indifference curve at that point is -2【题6】Suppose a woman marries her butler. After they are married, her husband continues to wait on her as before, and she continues to support him as before (but as a husband rather than as an employee). How does the marriage affect GDP? How should it affect GDP?A.increase GDPB.decrease GDPC.Stay constant【题7】Suppose the CPI basket contains only two goods and services: oranges and haircuts.In the base period, consumers bought 15 oranges at $2 each and 5 haircuts at $10 each. In the current period, consumers buy 15 oranges at $1.75 each and 5 haircuts at $12 each. The CPI for the current period is closest to:A.107.81B.114.58C.117.97【题8】Assume the U.S. Federal Reserve system (the Fed) has decided to lower interest rates in the economy. To carry out this policy, the Fed will most likely:A.Sell securitiesB.Buy securitiesC.Increase required reserve ratios【题9】Generational accounting indicates the United States, as well as other developed nations, faces severe generational imbalances regarding government programs such as Social Security. Which of the following is most likely a possible outcome?A.Reduction in income taxesB.Increase in government discretionary spendingC.Creation of new money to pay government obligations【题10】Given the following information:The U.S. interest rate is 6%.Which of the following statements is FALSE?A.Capital will flow into Great BritainB.If you start by borrowing $1,000, your arbitrage profits will be $128C.If you start by borrowing 1,000 GBP, your arbitrage profits will be 116 GBP。

cfa一级考试答案

cfa一级考试答案1. 以下哪项是CFA一级考试中关于财务报表分析的重点？A. 理解财务报表的基本结构B. 识别财务报表中的会计政策变化C. 分析财务报表中的异常波动D. 预测未来的财务表现正确答案：A. 理解财务报表的基本结构2. 在CFA一级考试中，关于投资工具的考察，以下哪项是正确的？A. 仅包括股票和债券B. 包括衍生品和另类投资C. 仅限于固定收益产品D. 只涉及货币市场工具正确答案：B. 包括衍生品和另类投资3. CFA一级考试中，关于道德和专业标准部分，以下哪项是考生必须掌握的？A. 理解CFA协会的道德准则B. 熟悉全球金融市场的法律法规C. 掌握投资组合管理的基本原则D. 了解风险管理的基本框架正确答案：A. 理解CFA协会的道德准则4. 在CFA一级考试中，关于经济学部分，以下哪项是考试内容？A. 宏观经济学和微观经济学B. 国际经济学和金融经济学C. 行为经济学和实验经济学D. 以上都是正确答案：A. 宏观经济学和微观经济学5. CFA一级考试中，关于定量分析部分，以下哪项是考试范围？A. 数据分析和统计学B. 金融建模和预测C. 以上都是D. 以上都不是正确答案：C. 以上都是6. 在CFA一级考试中，关于公司金融部分，以下哪项是考试重点？A. 资本预算和现金流分析B. 公司治理和道德问题C. 风险管理和衍生品使用D. 以上都是正确答案：A. 资本预算和现金流分析7. CFA一级考试中，关于投资组合管理部分，以下哪项是考生需要了解的？A. 投资组合构建和分析B. 资产配置和投资策略C. 以上都是D. 以上都不是正确答案：C. 以上都是8. 在CFA一级考试中，关于另类投资部分，以下哪项是考试内容？A. 对冲基金和私募股权B. 商品和房地产投资C. 以上都是D. 以上都不是正确答案：C. 以上都是9. CFA一级考试中，关于固定收益部分，以下哪项是考试重点？A. 债券定价和收益率分析B. 利率风险和信用风险管理C. 以上都是D. 以上都不是正确答案：C. 以上都是10. 在CFA一级考试中，关于股票部分，以下哪项是考试内容？A. 股票估值和分析B. 市场效率和行为金融学C. 以上都是D. 以上都不是正确答案：C. 以上都是。

CFA一、二级练习题精选及答案0516-10

CFA一、二级练习题精选及答案0516-10CFA Level I1. Alan Quanta, CFA, provides credit rating analysis of high-yield bonds using external credit ratings as a foundation. At the end of the last quarter, Quanta's firm, North Investment Bank, held a large position in the bonds of Veyron Corporation, a real estate company with all of its land holdings in a country recently downgraded by several credit rating agencies. The downgrades made Veyron bonds extremely difficult to sell because the bond price has dropped every day since the downgrades. Quanta has been asked by his supervisor to contact institutional clients of the firm to convince them that Veyron bonds are still an attractive purchase, especially at these lower prices. Quanta does not consider the Veyron bonds a buy at this price level. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Quanta is toA. obey his supervisor's request.B. ignore his supervisor's request.C. promote the bonds with appropriate disclosures.Correct answer: B"Guidance for Standards I–VII," CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard I (B) Independence and Objectivity, GuidanceStudy Session 1-2-bDistinguish between conduct that conforms to the CFA Institute Code of Ethics and Standards of Professional Conduct and conduct that violates the Code and Standards.B is correct. Quanta should refuse to promote the bonds, which he does not rate as a buy, because his opinion of the Veyron bonds must not be affected by internal pressure or compensation. If Quanta followed the request from his supervisor, he would be in violation of Standard I (B) Independence and Objectivity. Quanta must refuse to promote Veyron bonds until they are an attractive purchase based on fundamental analysis and market pricingCFA Level II1-6：The government of a developing countrypublished a Request for Proposal (RFP) for the development of policies toimprove the business conduct of its capital markets licensees with the hope ofimproving confidence levels among investors.Kingfisher Financial Development Partnersresponded with a detailed proposal including the following justifications forwhy the firm should win the tender.Justification1: With a team of three CFAcharterholders, Kingfisher is more qualified than our competitors to designpolicies to uphold and enhance capital market integrity. Justification2: Each team member must annually renewhis or her commitment to abide by the CFA Institute Code of Ethics and Standardsof Professional Conduct.Justification 3: In addition, every team member passed the CFAexams on the first try.Later, Kingfisher was notified that it wonthe tender. Kingfisher's team consists of team leader Khalid Juma, CFA, and histwo associates, Vimal Bachu, CFA, and Anila Patel, CFA. Kingfisher and thegovernment agree the first step to improve market integrity is to create anindustrywide Code of Conduct based on the CFA Institute Code of Ethics andStandards of Professional Conduct. Although the Code and Standards are notadopted in full, the decision is made to concentrate on four main areas:Professionalism, Capital Market Integrity, Duties to Clients, and InvestmentRecommendations.The Kingfisher team subsequently drafts thefollowing policy statements:Levelsof ProfessionalismFinancial services professionals must actin a professional manner at all times to help protect the integrity of thecountry's capital markets. As such, financial services professionals mustensure they meet, at a minimum, three major requirements. Professionals must:(1) disclose all conflicts of interest; (2) selectively differentiate servicesto clients; and (3) outline all manager compensationarrangements for clients.CapitolMarket IntegrityFinancial services professionals mustprotect the integrity of the capital markets by ensuring that any insiderinformation obtained is managed in such a way as to prevent the generalinvesting public from being disadvantaged. In addition, no financial servicesprofessional can knowingly participate in any activity devised to misleadinvestors or distort any price-setting mechanism.Dutiesto ClientsClients' interests must come before thoseof the financial services firm and/or its staff. To ensure clients' interestsare protected,all portfolios must be invested according to each client'sinvestment plan and must be well diversified across all asset classesavailable. Furthermore, fund managers must annually review client needs andobjectives and rebalance portfolios if required.InvestmentRecommendationsAll investment recommendations should bemade after extensive research undertaken by or on behalf of the firm. Inaddition, each research report must:Requirement 1: be reviewed by peers as soon as practical to ensure that adequate basisand due diligence policies,were followed;Requirement 2: be assessed to determine the quality of the recommendation over time;andRequirement 3: name only those team members who took part in the research and agreedwith the recommendation.The Kingfisher team and the governmentcommittee meet to agree on the draft Code. Members of the government committeesuggest an additional policy "Each financial services firm must have acompliance supervisor to ensure that:Task 1: systemsare in place to detect violations of laws, rules, regulations, firm policies,and the industrywide Code ofConduct and to enforce investment-relatedcompliance policies;Task 2: the firm has adequate documented compliancepolicies and procedures; it trains all personnel on the same and makes sure thepolicies and procedures are followed; andTask 3: inadequateprocedures are identified and recommendations to correct inadequate proceduresare submitted to senior management forapproval and implementation."Question1Which of Kingfisher's statements in the RFPregarding its qualifications most likely violates the CFA Institute Code ofEthics and Standards of Professional Conduct?A. Justification 1B. Justification 2C. Justification 3Question2Regarding the proposed policy statementrelating to Levels of Professionalism, which requirement least Likely reflectsany of the CFA Institute Code of Ethics and Standards of Professional Conduct?A. Conflicts of interestB. Differentiation of servicesC. Compensation arrangementsQuestion3Do any of Kingfisher's proposed policystatements related to Capital Market Integrity most likely violate any CFAInstitute Code of Ethics and Standards of Professional Conduct?A. No.B. Yes, regarding marketmanipulation.C. Yes, regarding materialnonpublic information.Question4Which of Kingfisher's proposed requirementsto ensure Duties to Clients is least appropriate to prevent violations of CFAInstitute Code of Ethics and Standards of Professional Conduct? The requirementcalling for a(n):A. periodic review.B. investment plan.C. well-diversified portfolio.Question5Which of Kingfisher's proposed requirementsregarding investment recommendations is most appropriate to prevent violationsof CFA Institute Standard V (A) Diligence and Reasonable Basis?A. Requirement 1B. Requirement 2C. Requirement 3Question6Which of the following governmentcommittee-suggested tasks would least likely conform to CFA Institute StandardIV (C) Responsibilities of Supervisors?A. Task 1B. Task 2C. Task 31. Correct answer： ACFA Institute Guidance for Standards I-VII2013 Modular Level IL Vol. 1, Reading 2,Section Standard VII (B) Reference to CFA Institute, the CFA Designation, andthe CFA Program, GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFAInstitute Codeof Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.A is correct because it is a violation ofStandard VII (B) Reference to the CFA Institute, the CFA Designation, and theCFA Program to imply that the competencies of a CFA charterholder are superiorto those of others not holding the designation. R is not a violation, however,to factually state that charterholders must annually renew their commitment toabide by the CFA Institute Code of Ethics and Standards of ProfessionalConduct or that each of the team memberspassed all three CFA exams in their first try.2. Correct answer：BCFA Institute Guidance for Standards I-VII2013 Modular Level II, Vol. 1, Reading 2,Sections Standard III(B) Fair Dealing, Guidance; Standard IV (B) AdditionalCompensation Arrangements, Guidance; Standard VI (A) Disclosure of Conflicts,Guidance Study Session 1-2-aof Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.B is correct because Standard III(B) FairDealing accommodates the differentiation of services to clients as long as suchservices are not offered selectively. The different service levels should bedisclosed to clients and prospective clients and should be available toeveryone. A requirement to disclose all conflicts of interest would not violateStandard VI (A) Disclosure of Conflicts, nor would the outline of all compensationarrangements violate Standard IV (B) Additional Compensation Arrangements.3. Correct answer：ACFA Institute Guidance for Standards I-VII2013 Modular Level II Vol. 1. Reading 2,Sections Standard II (A) Material Nonpublic Information. Guidance; Standard II(B) Market Manipulation, GuidanceStudy Session 1-2-aof Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.A is correct because Kingfisher's proposedgeneral principles related to Capital Market Integrity properly address in principleStandard II (A) Material Nonpublic Information and Standard II(8) MarketManipulation.Standard II (A) does not disallow thepossession of insider information but does disallow using the information totake unfair advantage of the general investing public. Standard II (B) requiresthe prohibition of: (1)market manipulation, that is, dissemination of false ormisleading information: and (2) transactions that deceive or would be likely tomislead market participants by distorting the price-setting mechanism offinancial instruments.4. Correct answer：C"Guidance for Standards I-VII".CFA Institute2013 Modular Level II Vol. 1, Reading 2,Section Standard III (A)Developing the Client's PortfolioStudy Session 1-2-bRecommend practices and procedures designedto prevent violations of the Code of Ethics and Standards of ProfessionalConduct.C is correct because Standard III (A)Loyalty, Prudence and Care requires a client's portfolio to be managed byinvestment guidelines agreed with the client. Some clients' investmentobjectives may not allow for a diversified portfolio across all asset classesavailable. "Therefore, to do so may violate this Standard."5. Correct answer：BCFA Institute Guidance for Standards I-VII2013 Modular Level II Vol. 1, Reading 2,Section Standard V (A) Diligence and Reasonable Basis, GuidanceStudy Session 1-2-bRecommend practices and procedures designedto prevent violations of the CFA Institute Code of Ethics and StandardsB is correct because it is recommended todevelop and use measurable criteria for assessing the quality of research tohelp comply with Standard V (A) Diligence and Reasonable Basis. Therefore, the researchrecommendations need to be assessed to determine their validity over time. Didthe process and the analyst's view lead to the right recommendation? That is,did clients have the potential to benefit from the recommendation? Ifrecommendations consistently over time prove to be wrong. perhaps the researchprocesses need to be changed-or the analysts themselves!6. Correct answer：ACFA Institute Guidance for Standards 1-VII2013 Modular level II, Vol. 1, Reading 2,Section Standard IV (C) Responsibilities of Supervisors, GuidanceStudy Session 1-2-bRecommend practices and procedures designedto prevent violations of the CFA Institute Code of Ethics and StandardsA is correct because Task 1 is insufficientin that Standard IV(C) Responsibilities of Supervisors requires supervisors toenforce non-investment-related policies as well as investment-related policies.。

cfa一级考试真题及答案解析

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

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

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

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

答案：投资组合的预期收益率为12%。

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

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

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

答案：该债券的当前市场价格约为735.47元。

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

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

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

答案：该投资者的净收益为15元。

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

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

cfa考试题及答案

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二级考试答案

CFA二级考试答案1. 以下哪项是关于有效市场假说的最准确描述？A. 市场价格总是正确的。

B. 市场价格反映了所有可获得的信息。

C. 市场价格总是高于其内在价值。

D. 市场价格总是低于其内在价值。

正确答案：B2. 在评估一个公司的财务状况时，以下哪项指标是最为重要的？A. 流动比率B. 负债比率C. 股东权益回报率D. 总资产回报率正确答案：C3. 以下哪项不是宏观经济分析中的关键因素？A. 通货膨胀率B. 失业率C. 国内生产总值（GDP）D. 企业利润率正确答案：D4. 在固定收益投资中，以下哪项因素对债券价格的影响最大？A. 利率变动B. 信用评级变化C. 债券的到期时间D. 发行人的财务状况正确答案：A5. 在进行投资组合管理时，以下哪项是风险管理的关键组成部分？A. 资产配置B. 市场时机C. 证券选择D. 风险预算正确答案：D6. 以下哪项不是股票估值的常用方法？A. 折现现金流（DCF）B. 市盈率（P/E）C. 净资产价值（NAV）D. 销售增长率正确答案：D7. 在衍生品市场中，以下哪项不是期权的基本类型？A. 看涨期权B. 看跌期权C. 双向期权D. 价差期权正确答案：C8. 在国际投资中，以下哪项不是汇率风险的主要来源？A. 利率差异B. 政治不稳定C. 贸易平衡D. 经济周期正确答案：B9. 在财务报表分析中，以下哪项不是现金流量表的主要部分？A. 经营活动现金流B. 投资活动现金流C. 筹资活动现金流D. 非经常性收益正确答案：D10. 在行为金融学中，以下哪项不是投资者常见的认知偏差？A. 过度自信B. 损失厌恶C. 代表性启发D. 市场效率正确答案：D。

CFA考试《CFA一级》历年真题精选16(附详解)

CFA考试《CFA一级》历年真题精选16（附详解）1、If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely:【单选题】A.increase.B.decrease.C.remain unchanged.正确答案:A答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen ThomasDetermine whether a fiscal policy is expansionary or contractionary.A is correct. Aggregate demand rises when the government increases spending by the same amount as it raises taxes because the marginal propensity to spend out of disposable income is less than 1, and hence for every dollar less in disposable income, spending only falls by c (where c is the marginal propensity to consume in dollars). Aggregate spending will fall less than the tax rise by a factor c. This additional output will, in turn, lead to further increases in income and output through the multiplier effect.2、During the past year, a company’s production facility was operating at 75% of capacity. The firm’s costs were as follows:The firm ended the year with no remaining work-in-process inventory. The total capitalized inventory cost (in $ millions) for the year is closest to:【单选题】A.13.25.B.15.25.C.16.00.正确答案:A答案解析:“Inventories,” Elbie Antonites, CFA and Michael Broihahn, CFA3、Which of the following will most likely increase a company’s operating cash flow? An increase in:【单选题】A.days sales payable (DSP).B.gains on the sale of long-term assets.e of operating leases versus financing leases.正确答案:A答案解析:“Non-Current (Long-Term) Liabilities,” Elizabeth A. Gordon and Elaine HenryA is correct. An increase in the days sales payable would indicate the company is stretching out its payables, which would increase the cash from operations.4、【单选题】A.E.B.G.C.F+H.正确答案:C答案解析:The loss in consumer surplus because of higher prices is represented by area e+f+g+h. This exceeds the gains from producer surplus (E) and government revenues on imports (G). Hence the net welfare effect tothe country is a deadweight loss of[e+f+g+h] –[E] –[G] =Section 3+.15、A company earned $3 a share last year and just paid a dividend of $2 a share. Thewilling to pay for this company’s stock (in $) today is closest to:【单选题】A.58.68.B.64.71.C.66.63.正确答案:B答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C.6、A trader places a limit order to buy shares at a price of $49.94 with the stock trading at a market bid price of $49.49 and the bid-ask spread of 0.7%. The order will most likely be filled at:【单选题】A.$49.49.B.$49.84.C.$49.94.正确答案:B答案解析:“Market Organization and Structure,” Larry HarrisB is correct. An order is filled at the best available price as long as this price is lower than the limit price. In this case, the best available price is the market ask price = $49.49 x (1+ 0.7%) = $49.84. Since this price is lower than the limit price of $49.94, the order will be filled at this price7、The following ten observations are a sample drawn from an approximately normal population:The sample standard deviation is closest to:【单选题】A.17.56.B.18.58.C.19.59.正确答案:C答案解析:The sample mean is calculated as follows:n is the number of observations in the sample.The sample variance is:The sample standard deviation is the (positive)square root of the sample variance:CFA Level I"Statistical Concepts and Market Returns," Richard A. DeFusco, Dennis W. McLeavey, Jerald E.Pinto, and DavidE. RunkleSections 5.1.2, 7.4.8、A company is selling a long-lived asset with a carrying amount of $70,000 for $80,000. The originalcost of this asset was $120,000. In the year of sale, this event is most likely to be reported on theincome statement as:【单选题】A.revenues of $80,000.B.a gain of $10,000.C.a loss of $40,000.正确答案:B答案解析:When a long lived asset is sold only the net gain or loss is reported on the income statement. Thegain or loss on a sale=sales proceeds-carrying amount=$80,000-$70,000=$10,000 gain.Section 6.19、An analyst does research about depreciation and gathers the following informationabout a company's property, plant, and equipment (PP&E):Based on this information, the remaining useful life of the company's PP&E isclosest to:【单选题】A.4 yearsB.5 yearsC.9 years正确答案:B答案解析:剩余的有效使用年限等于PP&E的净值除以年折旧额：$60 000 / $ 12 000 = 5（年）。

2018年12月cfa一级考试答案

2018年12月cfa一级考试答案一、单项选择题（每题1分，共10分）1. 以下哪项不是CFA一级考试的科目？A. 伦理与职业标准B. 投资工具C. 投资组合管理D. 金融工程答案：D2. 在CFA一级考试中，以下哪个科目的权重最高？A. 伦理与职业标准B. 经济学C. 财务报表分析D. 投资工具答案：C3. CFA一级考试中，以下哪个科目的权重最低？A. 投资组合管理B. 其他类投资C. 固定收益D. 衍生品答案：B4. CFA一级考试的考试形式是什么？A. 多项选择题B. 简答题C. 案例分析题D. 论述题5. CFA一级考试的总题数是多少？A. 120题B. 180题C. 240题D. 300题答案：C6. CFA一级考试的考试时间是多长？A. 3小时B. 4小时C. 5小时D. 6小时答案：C7. CFA一级考试的通过标准是什么？A. 达到总分的50%B. 达到总分的60%C. 达到总分的70%D. 达到总分的80%答案：C8. CFA一级考试中，以下哪个科目不涉及？A. 公司金融B. 投资工具C. 行为金融学D. 个人理财规划答案：D9. CFA一级考试的报名费用是多少？B. $1,500C. $2,000D. $2,500答案：B10. CFA一级考试的合格率通常是多少？A. 40%B. 50%C. 60%D. 70%答案：C二、多项选择题（每题2分，共10分）11. CFA一级考试中，以下哪些科目是必考的？A. 伦理与职业标准B. 经济学C. 投资组合管理D. 个人理财规划答案：A、B、C12. CFA一级考试中，以下哪些科目的权重超过10%？A. 伦理与职业标准B. 财务报表分析C. 投资工具D. 固定收益答案：A、B13. CFA一级考试中，以下哪些科目的权重在5%到10%之间？A. 经济学B. 其他类投资C. 投资组合管理D. 衍生品答案：A、B、D14. CFA一级考试中，以下哪些科目的权重低于5%？A. 投资组合管理B. 其他类投资C. 个人理财规划D. 行为金融学答案：B、C、D15. CFA一级考试中，以下哪些科目不包含在考试内容中？A. 公司金融B. 投资组合管理C. 个人理财规划D. 行为金融学答案：C结束语：以上是2018年12月CFA一级考试的部分试题及答案，希望对准备参加CFA考试的考生有所帮助。

cfa一级考试真题及答案解析

cfa一级考试真题及答案解析CFA一级考试真题及答案解析1. 问题：某投资者持有一个投资组合，其中包含股票A和股票B，股票A的预期收益率为10%，股票B的预期收益率为12%。

如果投资者将50%的资金投资于股票A，其余资金投资于股票B，那么该投资组合的预期收益率是多少？答案：投资组合的预期收益率可以通过加权平均的方式来计算。

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

将题目中的数据代入公式，得到投资组合预期收益率 = (10% * 50%) + (12% * 50%)= 5% + 6% = 11%。

2. 问题：在CFA考试中，有效前沿（Efficient Frontier）是指什么？答案：有效前沿是指在所有可能的投资组合中，能够提供给投资者最高夏普比率（Sharpe Ratio）的投资组合集合。

夏普比率是衡量投资组合绩效的一个指标，它通过投资组合的超额收益率（即投资组合收益率减去无风险利率）除以投资组合的标准差（风险）来计算。

有效前沿上的投资组合被认为是风险调整后的最优投资组合。

3. 问题：某公司计划发行面值为1000元的债券，票面利率为5%，期限为5年，每年支付一次利息。

如果市场利率为6%，那么该债券的理论价格是多少？答案：债券的理论价格可以通过现值的计算公式来确定，即债券价格= ∑(利息支付/(1+市场利率)^年数) + (面值/(1+市场利率)^债券期限)。

将题目中的数据代入公式，得到债券价格 = (1000*5%/(1+6%)^1) + (1000*5%/(1+6%)^2) + ... + (1000*5%/(1+6%)^5) +(1000/(1+6%)^5)。

计算后得到该债券的理论价格为约861.47元。

4. 问题：在财务报表分析中，流动比率（Current Ratio）是如何计算的？答案：流动比率是衡量公司短期偿债能力的财务指标，其计算公式为流动比率 = 流动资产 / 流动负债。

2020年cfa一级考试题目答案

2020年cfa一级考试题目答案2020年CFA一级考试题目答案1. 投资组合管理中的资本配置线（CAL）与资本市场线（CML）有何不同？资本配置线（CAL）代表了投资者通过将无风险资产与风险资产组合来实现不同预期回报和风险水平的投资组合。

而资本市场线（CML）则是CAL的一个特例，它代表了市场组合与无风险资产的组合，其中市场组合是所有投资者共同持有的最优风险资产组合。

2. 请解释有效市场假说（EMH）的三种形式，并说明它们对投资者行为的影响。

有效市场假说（EMH）包括三种形式：弱式、半强式和强式。

弱式EMH认为所有历史价格信息都已经反映在当前的股价中，因此技术分析无效。

半强式EMH扩展到认为所有公开信息都已经反映在股价中，因此基本面分析也无效。

强式EMH则认为所有信息，包括公开和非公开信息，都已经反映在股价中，这意味着任何形式的分析都无法获得超额回报。

这三种形式对投资者行为的影响是，弱式EMH导致投资者转向基本面分析，半强式EMH使得投资者寻求非公开信息以获得优势，而强式EMH则认为任何超额回报都是不可能实现的。

3. 计算债券的麦考利久期（Macaulay Duration）和修正久期（Modified Duration）。

麦考利久期是衡量债券现金流加权平均时间的指标，计算公式为： \[ \text{麦考利久期} = \frac{\sum_{t=1}^{n}\left( \frac{\text{现金流}_t}{(1+y)^t} \right) \timest}{\text{债券价格}} \]其中，$ \text{现金流}_t $是第t年的现金流，$ y $是债券的收益率，$ n $是债券的到期年限。

修正久期是麦考利久期对收益率变化的敏感度，计算公式为：\[ \text{修正久期} = \frac{\text{麦考利久期}}{1 + y} \] 修正久期可以用来估算债券价格对利率变化的敏感度。

cfa考试试题答案

cfa考试试题答案CFA考试试题答案1. 以下哪项是CFA考试中道德和职业标准部分的核心原则？A. 投资表现B. 客户利益C. 投资风险D. 投资回报答案：B. 客户利益2. 在CFA考试中，关于有效市场假说，以下哪项描述是正确的？A. 市场价格总是高于其内在价值B. 市场价格总是低于其内在价值C. 市场价格总是等于其内在价值D. 市场价格反映了所有可用信息答案：D. 市场价格反映了所有可用信息3. CFA考试中，关于固定收益证券，以下哪项是正确的？A. 债券价格与市场利率呈正相关B. 债券价格与市场利率呈负相关C. 债券价格与市场利率无关D. 债券价格与市场利率呈随机相关答案：B. 债券价格与市场利率呈负相关4. 在CFA考试中，关于资产组合管理，以下哪项是资产分配的关键因素？A. 市场情绪B. 宏观经济因素C. 投资者的风险偏好D. 以上都是答案：D. 以上都是5. CFA考试中，关于衍生品，以下哪项是期权的基本类型？A. 看涨期权和看跌期权B. 欧式期权和美式期权C. 长期期权和短期期权D. 以上都是答案：A. 看涨期权和看跌期权6. 在CFA考试中，关于经济周期，以下哪项是经济衰退的特征？A. GDP增长B. 失业率下降C. 企业盈利增加D. 经济活动减少答案：D. 经济活动减少7. CFA考试中，关于公司金融，以下哪项是资本结构决策的关键因素？A. 税收政策B. 财务风险C. 市场条件D. 以上都是答案：D. 以上都是8. 在CFA考试中，关于投资组合理论，以下哪项是现代投资组合理论的核心？A. 资产的预期回报B. 资产的风险C. 资产之间的相关性D. 资产的流动性答案：C. 资产之间的相关性9. CFA考试中，关于行为金融学，以下哪项是投资者常见的认知偏差？A. 过度自信B. 风险规避C. 市场效率D. 以上都是答案：A. 过度自信10. 在CFA考试中，关于国际金融，以下哪项是影响汇率的主要因素？A. 利率差异B. 贸易平衡C. 政治稳定性D. 以上都是答案：D. 以上都是。

CFA二级考试答案

CFA二级考试答案1. 计算投资组合的夏普比率。

假设一个投资组合的预期收益率为10%，无风险利率为2%，标准差为15%。

夏普比率的计算公式为：\[ \text{夏普比率} = \frac{\text{投资组合预期收益率} -\text{无风险利率}}{\text{投资组合标准差}} \]将给定数值代入公式，得到：\[ \text{夏普比率} = \frac{10\% - 2\%}{15\%} =\frac{8\%}{15\%} \approx 0.5333 \]因此，该投资组合的夏普比率约为0.5333。

2. 分析宏观经济因素对股票市场的影响。

宏观经济因素包括GDP增长率、通货膨胀率、利率水平等，这些因素对股票市场有着直接或间接的影响。

例如，GDP增长率的提高通常预示着经济的扩张，这可能会增加企业盈利，从而推动股票价格上涨。

相反，高通货膨胀率可能会导致购买力下降，影响企业成本和利润，进而影响股票市场。

利率水平的变化会影响借贷成本和投资回报率，进而影响股票市场的吸引力。

3. 描述固定收益证券的久期和凸性。

久期是衡量固定收益证券价格对利率变化敏感度的指标，它表示了证券现金流加权平均到期时间。

凸性则是衡量利率变化对证券价格影响的非线性程度的指标。

具体来说，久期告诉我们利率变化1%时，证券价格变化的百分比；而凸性则提供了利率变化对价格变化影响的曲率信息，即利率变化对久期的影响。

4. 评估衍生品在风险管理中的应用。

衍生品如期货、期权和掉期等，可以用于对冲风险、投机或套利。

在风险管理中，企业可能会使用衍生品来锁定未来的价格，减少价格波动带来的不确定性。

例如，航空公司可能会购买燃油期权来对冲燃油价格的上涨风险。

通过这种方式，衍生品帮助企业规避价格波动带来的潜在损失。

5. 讨论行为金融学对投资决策的影响。

行为金融学研究投资者非理性行为对金融市场的影响。

常见的行为偏差包括过度自信、损失厌恶、锚定效应等。

这些偏差可能导致投资者做出非最优的投资决策，如过度交易、追涨杀跌等。