2022年cfa考试试题-历年真题及答案

1、2022年cfa考试试题-历年真题及答案1. Wei Zhang, CFA, manages accounts for high net worth clients including his own familys account. He has no beneficial ownership in his familys account. Because Zhang is concerned about the appearance of improper behavior in managing his familys account, when his firm purchases a

2、 block of securities, Zhang allocates to his familys account only those shares that remain after allocation to his other client accounts. The fee form managing his familys account is based on his firms normal fee structure. According to the Standards of Practice Handbook, Zhangs best course of actio

3、n with regard to management of his familys account would be to:A. Continue to manage his familys account but treat it like his other client accounts.B. Discontinue management of his familys account and arrange for the account to be transferred to another firm.C. Discontinue management of his familys

4、 account and arrange for the account to be transferred to another investment manager in his firm.【答案】A2. John Maginn, an investment researcher, who is a CFA charterholder, takes a trip for which his firm will pay all the expenses. Upon his return he alters some of the numbers on restaurant receipts

5、to inflate the expenses by $52. Is this a violation relating to Professional Misconduct?A. No, because the expense inflated is under $100.B. No, if such behavior is not significant.C. Yes, because it is a crime of moral turpitude.【答案】C3. According to the Global Investment Performance Standards (GIPS

6、):A. Composites must include new portfolios as soon as they come under management.B. Firms may not set minimum asset levels for portfolios to be included in a composite.C. Composites must be defined according to similar investment objectives and/or strategies.【答案】C资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。4. S

7、everal years ago, Simon Ma, CFA, founded an investment club with three friends. The investment clubs account grew rapidly to a substantial size, but the club has not actively traded the account for at least a year and does not plan to resume active trading of the account. Simons employer requires an

8、 annual disclosure of employee stock ownership. Simon discloses all of his personal trading accounts, but does not disclose his holdings in the investment club. Has Simon most likely violated any CFA Institute Standards of Professional Conduct?A. Yes, with respect to fiduciary duty.B. Yes, with resp

9、ect to selective disclosure.C. Yes, with respect to conflicts of interest.【答案】C5. Longman Investment Management has established on January 1, 1985 and has maintained composite since the inception of the firm. Longman has not been compliant with the Global Investment Performance Standards (GIPS), but

10、 wants to achieve compliance as of January 1, 2005. For each of the firms composite presentation, the minimum number of GIPS-compliant years that Longman must present is closest to:A. 5B. 10.C. 15.【答案】A6. James Simone, CFA, the chief financial officer of a publicly listed company, seeks to improve t

11、he quality of his company's communication with institutional fund managers. He holds an investor briefing with this group the evening before the company earnings are announced. The company's quarterly earnings are broadcast in a press release the next day before the market opens. Theearnings

12、 information in the investor briefing is identical to that in the press release.Did Simone most likely violate the CFA Institute Standards of Professional Conduct?A. YesB. No, because the company releases information while the market is closedC. No, because investor briefing and press release inform

13、ation are identical【答案】A7. Diana Fairbanks, CFA, is married to an auditor who is employed at a large accounting firm. When her husband mentions that a computer firm he audits will receive a qualified opinion, she thinks nothing of it. Later that week, when she reviews a new client account, she notic

14、es there are substantial holdings of this computer firm. When she does a thorough internet search for news on the company, she does not find anything about its most recent audit or any other adverse information. Which of the following actions concerning the computer stock should Fairbanks most likel

15、y take to avoid violating the CFA Institute Standards of Professional Conduct?A. Complete a thorough and diligent analysis of the company and then sell the stock.B. Sell the stock immediately because she has a reasonable basis for taking this investment action.C. Take no investment action.【答案】C8. Ma

16、rgie Germainne, CFA, is a risk management consultant who has been asked by a small investment bank to recommend policies to prevent bank employees from front running client orders. These clients generally invest in one or more of the bank's large cap equity unit trusts. To ensure compliance with

17、 the CFA Institute Standards of Professional Conduct, Germainne should least likely recommend which of the following? Employees should be restricted from trading:A. equity-related securities.B. without prior permission.C. during established time periods.【答案】A9. Molly Burnett, CFA, is a portfolio man

18、ager for a fund that only invests in environmentally friendly companies. A multinational utility company recently acquired one of the fund's best-performing investments, a wind power company. The wind power company's shareholders received utility company shares as part of the merger agreemen

19、t. The utility has one of the worst environmental records in the industry, but its shares have been one of the top performers over the past 12 months. Because the utility pays a high dividend every three months, Burnett holds the utility shares until the remaining two dividends are paid for the year

20、 then sells the shares. Burnett most likely violated the CFA Institute Standard of Professional Conduct concerning:A. Disclosure of Conflicts.B. Suitability.C. Independence and Objectivity.【答案】B10. Johannes Meir, CFA, is a compliance officer for Family Estate Planning, LLC, a private wealth consulti

21、ng firm. Many of his colleagues have family members who have started their own retail businesses. Some of Meir's colleagues have been asked by relatives to serve as non-executive directors or advisers to their companies. Meir should most likely recommend which of the following policies to ensure

22、 compliance with the CFA Institute Standards of Professional Conduct?A. Require employees to declare all income sources annuallyB. Require employees to declare all outside business interestsC. Prohibit employees from becoming directors or advisers【答案】B11. Matt Jacobs, CFA, is an investment adviser t

23、o several university endowment funds. Jacobs previously recommended to a client that he buy shares in Timeco. The shares have underperformed the market this year, and the client has spoken with Jacobs about closing out the position. Jacobs firmly believes Timeco is still a worthy investment and that

24、 the client should not sell. Since the stock is thinly traded, Jacobs buys 1,000 Timeco shares in his personal account in order boost the company's share price, with the intent of reversing the trade a few days later. After making the purchase, the share price rises, allowing Jacobs to convince

25、his client to hold on to his Timeco shares. Has Jacobs violated the Standard on market manipulation?A. No, because he made the trades for the benefit of his client.B. Yes, because he intended to interfere with the market price of Timeco.C. Yes, because he failed to consider the stock's current p

26、rice in relation to its true value.【答案】B12. William Rex, CFA, distributes materials referencing his performance results since he is the only portfolio manager at the firm he has founded. In the presentation, Rex includes five years of investment performance, four of which were with a previous employ

27、er. The presentation does not make a distinction between the first four years and the most recent year of performance. Also included in the presentation are simulated results of a stock selection model Rex has recently developed and tested. The fact that the results are simulated is disclosed in the

28、 presentation. Has Rex violated any CFA Institute Standards of Professional Conduct?A. No.B. Yes, failing to disclose that four years of his performance results were with another employer is a violation, but including the simulated results is acceptable.C. Yes, both failing to disclose that four yea

29、rs of his performance results were with another employer and including the simulated results are violations.【答案】B13. Tony Roberts, CFA, is a portfolio manager at Delta Securities. He suspects a colleague, who is not a member or candidate, of ongoing activities that, while not illegal under local law

30、, violate CFA Institute Standards of Professional Conduct. Roberts and the colleague both report to the same managing director at Delta and are both currently being considered for a promotion to senior portfolio manager. According to the CFA Institute Standards of Professional Conduct, Roberts:A. is

31、 required to dissociate from the activities that violate the Code and Standards if they continue.B. is not required to act because the Code and Standards do not apply to non-members.C. must report the suspected violations of the Code and Standards first to his supervisor and then to CFA Institute.【答

32、案】A14. Judy Blush is a CFA candidate and is recommending the purchase of a mutual fund that invests solely in long-term U.S. Treasury bonds (T-bonds) to one of her clients. She states that, "Since the U.S. government guarantees payment of both the bond's principal and interest, risk of loss

33、 with this investment is virtually zero." Blush's actions violated:A. the Standard on misrepresentation.B. the Standard on communication with clients and prospective clients.C. none of the CFA Institute Standards of Professional Conduct.【答案】A15. Which of the following actions is least likel

34、y a violation of the Standard concerning conduct as Members and Candidates in the CFA Program?A. A member anonymously posts a disparaging comment about CFA Institute policies on an internet message board.B. A member fails to disclose a formal complaint from a client on her annual Professional Conduc

35、t Statement.C. A candidate discusses which topics were emphasized on the June Level I CFA exam with a candidate for the December exam.【答案】A16. Which of the following statements concerning why the Global Investment Performance Standards (GIPS) were created is least likely correct? The GIPS standards

36、were created to:A. provide clients certainty in what is presented and allow them to make reasonable comparisons.B. establish a standardized, industry wide approach for investment firms to follow.C. identify a set of ethical principles for firms to follow in calculating and presenting historical inve

37、stment results.【答案】A17. Jan Loots, CFA, quit his job as a portfolio manager at an investment firm with whom he had a non- solicitation agreement he signed several years ago. Loots received permission to take his investment performance history with him and also took a copy of the firm's software-

38、trading platform. Subsequently, Loots sent out messages on social media sites announcing he was looking for clients for his new investment management firm. Access to Loots's social media sites is restricted to friends, family, and former clients. Loots least likely violated the CFA Institute Sta

39、ndards of Professional Conduct concerning his:A. non-solicitation agreement.B. investment performance history.C. trading software.【答案】B18. Sergio Morales, CFA, believes he has found evidence that his supervisor is engaged in fraudulent activity involving a client's account. When Morales confront

40、s his supervisor, he is told the client is fully aware of the issue. Later that day, Morales contacts the client and after disclosing the fraudulent activity, he is told by the client to mind his own business. Following the requirements of local law, Morales provides all of his evidence, along with

41、copies of the client's most recent account statements, to a government whistleblower program. Has Morales most likely violated the CFA Institute Standards of Professional Conduct?A. NoB. Yes, concerning Duties to EmployersC. Yes, concerning Preservation of Confidentiality【答案】A19. For a positivel

42、y skewed unimodal distribution, which of the following measures is most accurately described as the largest?A. MedianB. MeanC. Mode【答案】B20. A technical analyst observes a head and shoulders pattern in a stock she has been following. She notes the following information: Based on this information, her

43、 estimate of the price target is closest to:A. $59.50.B. $48.00.C. $44.50.【答案】B21. Compared to a normal distribution, a lognormal distribution is least likely to be:A. skewed to the right.B. skewed to the left.C. useful in describing the distribution of stock prices.【答案】B22. ·Mean annual return

44、 4%·Mean excess return 8.6%·Standard deviation of annual returns 23.4%·Portfolio beta 1.6The coefficient of variation and Sharpe measure, respectively, for the portfolio are closest to:Coefficient of variationSharpe measureA. 0.820.37B. 1.321.23C. 1.320.37【答案】C23. Mei Tekei just had a

45、 birthday and is 22. When she is 27, she will receive a $100,000 inheritance. Tekei needs funds for the down payment on a co-op in Manhattan and has found a bank that will give her the present value of her inheritance amount (assuming 8.0 percent interest compounded continuously). Will the proceeds

46、from the bank be sufficient to cover her total cost closing costs of $65,000?A. Yes, Tekei will receive $68,058.B. No, Tekei will only receive $49,182.C. Yes, Tekei will receive $67,032.【答案】C24. An analyst has recently determined that only 70 percent of all U.S. pension funds have holdings in hedge

47、funds. In evaluating this probability, a random sample of 40 U.S. pension funds is taken. The number of U.S. pension funds in the sample of 40 that have hedge funds in their portfolio would most accurately be described as:A. multivariate random variableB. a continuous random variableC. a binomial ra

48、ndom variable【答案】C25. With respect to the four major measurement scales (ratio, ordinal, interval, and nominal) the scale that represents the weakest level of measurement is the:A. nominal scaleB. ordinal scaleC. interval scale【答案】A26. Which of the following statements used to describe the Students

49、t-distribution is least accurate? The Students t-distribution:A. Is symmetric around its mean value of zero.B. Is less peaked than the normal distribution.C. Has thinner tails than the normal distribution.【答案】C27. An investor currently holds the following portfolio of common stocks: The expected cor

50、relation of returns between Stock 1 and Stock 2 is +0.60. The investor sells Stock 2 and uses the $60,000 proceeds to purchase another stock that has the same expected annual return and standard deviation of returns as Stock 2, but has an expected correlation of returns with Stock 1 of +0.55. Will t

51、he investors action increase the portfolios expected:annual return?standard deviation of return?A. No NoB. No YesC. Yes No【答案】A28. Which of the following decisions by analyst would most accurately describe a Type II error?A. An analyst rejects a false null hypothesis.B. An analyst rejects a true nul

52、l hypothesis.C. An analyst does not reject a false null hypothesis.【答案】C29. You believe that the likelihood of bankruptcy is 30% for Rusty Roof Supply. You also believe that Home Pedot has a 20% of entering bankruptcy. You believe that the two events are independent. What is the probability that at

53、least one of the companies will enter bankruptcy?A. 4.0%.B. 50.0%.C. 44.0%.【答案】C资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。30. A 182-day U.S. Treasury bill has a face value of $100,000 and currently sells for $98,500. Which of the following yields is most likely the lowest?A. Bank discount yieldB. Holding perio

54、d yieldC. Money market yield【答案】B31. A researcher needs to choose a probability distribution for the price of an asset that is quite volatile in order to simulate returns outcomes. She has a program that will generate random variables from any of a variety of distributions. The most appropriate dist

55、ribution for her to select to generate the asset price distribution is a:A. normal distribution.B. lognormal distribution.C. Student's t-distribution.【答案】B32. An investor is interested in the following piece of property:·The property will cost $200,000 at time zero.·It will provide cas

56、h flows of $50,000 in year 1, $60,000 in year 2, $70,000 in year 3, and $80,000 in year 4.·A $20,000 investment will be required in year 5 as the property will have some environmental contamination and will have to be restored to its original condition.What is the NPV of the project if the investor's required rate of return is 10%?A. -$10,144.B. $14,693.C. $15,232.【答案】A33. If investors' expected future incomes increase and the demand for financial capital increases, other things equal:A. the equilibrium interest r