CFA考试原题-历年真题及答案

1、CFA考试原题-历年真题及答案集锦1. Which of the following statements about the CFA Institute's Professional Conduct Program (PCP) is least accurate?A. Possible sanctions include condemnation by a member's peers or suspension of a candidate's participation in the CFA Program.B. If the Designated Officer

2、 determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.C. Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Preservatio

3、n of Confidentiality.【答案】B2. Robert Miguel, CFA, is a portfolio manager for a large investment advisory firm. In appreciation of his impressive portfolio returns last quarter, one of his clients, Kevin Goodman, has invited Miguel and his wife to be his guests at his luxury suite for a major league b

4、aseball playoff game. Miguel, a baseball fan, accepts the invitation and attends the game. The next day at work, Miguel doesn't mention to his supervisor that he attended the game as a guest of the client. According to the Standard concerning independence and objectivity and the Standard on know

5、ledge of the law, Miguel's actions are in violation of."A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A3. Ann Smith, CFA, calls Bill Jones, CFA, and tells him that her research shows that Biokem Company is underpriced and that earnings per share

6、 will exceed $3.00 this year. Jones had never heard of Biokem before her call but knows that Smith is widely considered to be the best analyst in her sector. Smith's research has been released publicly, and Smith tells Jones he's "welcome to it." After their conversation, Jones arr

7、anges a conference call with his firm's portfolio managers and announces that Biokem is underpriced and will likely earn over $3.00 per share this year. During the call with the portfolio managers, Jones does not reference his conversation with Smith. According to the Standards that concern misr

8、epresentation and diligence and reasonable basis, Jones violated:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A4. Doug Watson, CFA, serves in a sales position at Sommerset Brokerage, a registered investment adviser. As part of his employment, he is expe

9、cted to entertain clients. Frequently at these client outings, Watson drinks excessively. On one occasion, after dropping off a client, Watson was cited by local police for misdemeanor public intoxication. According to the Standard on knowledge of the law and the Standard on misconduct, Watson is in

10、 violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】B5. Kevin Richards is a performance analyst for Reliable Advisors, a retail investment advisory and consulting firm. Richards, who is a Level I CFA candidate, was hired-as part of the firm's

11、 efforts to attract CFA candidates into critical areas of the firm, such as performance measurement and attribution. Richards' supervisor instructs him to reference the firm's compliance with GIPS in marketing materials to attract more clients. For Richards' reference to the firm's G

12、IPS compliance to be accurate, Reliable is least likely required to:A. apply GIPS compliance firm wide and not only to the specific asset classes mentioned in the marketing materials.B. claim compliance with GIPS only if it has a compliant performance history of five years or more.C. include all dis

13、cretionary fee-paying accounts in composites based on their investment objectives and/or strategies.【答案】B6. Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of her firm's wr

14、itten supervisory policies and procedures but is advised that no such policies are required by regulatory standards in the country where Smith works. According to the Standards of Practice Handbook, Smith's most appropriate course of action would be to:A. decline to accept supervisory responsibi

15、lity until her firm adopts procedures to allow her to adequately exercise such responsibilityB. require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards of Professional ConductC. require her firm to adopt the CFA Institute Code of Ethics and Standards of Professio

16、nal Conduct【答案】A7. Nicholas Bennett, CFA, is a trader at a stock exchange. Another trader approached Bennett on the floor of the exchange and verbally harassed him about a poorly executed trade. In response, Bennett pushed the trader and knocked him to the ground. After investigating the incident, t

17、he exchange cleared Bennett from any wrongdoing. Which of the following best describes Bennett's conduct in relation to the CFA Institute Code of Ethics or Standards of Professional Conduct?Bennett:A. violated the standard relating to professionalismB. did not violate any of the Code of Ethics o

18、r Standards of Professional ConductC. violated both the standard relating to professionalism and integrity of capital markets【答案】A8. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by estab

19、lishing:A. personal trading limitationsB. selective disclosureC. firewalls【答案】B9. During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executive officer of Stargazer, Inc. discussing the company's tender offer to purchase Dynamica Enterprises, a retailer of Stargaz

20、er products. According to the CFA Institute Standards of Professional Conduct, Ward most likely cannot use the information because:A. it was overheard and might be considered unreliableB. she does not have a reasonable and adequate basis for taking investment actionC. it relates to a tender offer【答案

21、】C10. According to the Global Investment Performance Standards (GIPS), firms must do all of the following except:A. adhere to certain calculation methodologies and make specific disclosures along with their performanceB. provide investors with a comprehensive view of their performance only in terms

22、of returnsC. comply with all requirements of the GIPS standards, such as updates, guidance statements, and clarifications【答案】B11. Kelly Stargate, CFA, runs a small investment management firm. Kellys firm subscribes to a service from a large investment research firm that provides research reports tha

23、t can be repackaged as in-house research by smaller firms. Kellys firm distributes these reports to clients with specific references as to their source and author. According to the Standards of Practice Handbook, has Kelly violated the standard relating to misrepresentation?A. No.B. Yes, because she

24、 distributed plagiarized materialC. Yes, because she misrepresented her firms services.【答案】A12. Bart Wiley, CFA, has decided to revise his firms written compliance manual. He checks with counsel regarding changes to applicable laws, rules, and regulations. He incorporates these changes as well as ch

25、anges to the Code and Standards in the new version end distributes copies to his staff along with a memorandum. The memorandum states that the updated manual includes compliance procedures designed to meet industry standards, regulatory requirements, requirements of the Code and Standards, and circu

26、mstances of the firm. According to the Standards of Practice Handbook, did Wiley violate any Standard of Professional Conduct?A. No.B. Yes, because compliance procedures may not be designed to meet industry standards.C. Yes, because compliance procedures may not be designed to meet the circumstances

27、 of the firm.【答案】A13. According to the Standards of Practice Handbook, gifts to members from which of the following sources are least likely to create a loss of independence and objectivity?A. brokersB. clientsC. corporate issuers【答案】B14. Firms claiming compliance with the GIPS Standards are least l

28、ikely to be required to:A. Undertake the verification process.B. Provide a composite list and description to any prospective client on request.C. Make every reasonable effort to provide a compliant presentation to all prospective clients.【答案】A15. Zhang Li, CFA, supervises individuals working on the

29、bond trading desk at a large investment management firm. Zhang Li has discovered that Liu Mo, a bond trader under his supervisory has been accepting lavish gifts from one of the firms brokers. Zhang Li has also noticed that Liu Mo has been executing more than the usual amount of trades through this

30、particular broker, and she suspects that he has not been receiving best execution for the firms clients. Zhang Li immediately initiates an investigation to determine the extent of Liu Mos wrongdoing. According to the Standards of Practice Handbook, pending the outcome of this investigation, Zhang Li

31、s best course of action is to:A. warn the employee to cease such activity.B. report the misconduct up the chain of command.C. take steps to ensure the violations will not be repeated.【答案】C16. Sue Johnson, CFA, has an elderly client with a very large asset base. The client intends to start divesting

32、her fortune to various charities. Johnson is on the Board of a local charitable foundation. Johnson most appropriately:A. must not discuss anything regarding her client and her client's intentions with the charitable foundation without permission.B. can discuss her client's situation with th

33、e charitable foundation as long as she informs other local charities of her client's intentions.C. can make this known to the charitable foundation so that they can solicit the client, since it is the client's wish to divest assets to charities in the future.【答案】A17. According to the Standar

34、d related to loyalty, prudence, and care, which of the following statements regarding the voting of proxies on client holdings is least accurate?A. Proxies have economic value to a client.B. An investment management firm should vote all proxies on client holdings unless the client reserves that righ

35、t.C. Members and candidates should explicitly disclose the firm's proxy voting policies to clients.【答案】B18. Alvin Gold, CFA, resides in Country T and does business as an investment advisor primarily in Country U. Country T allows trading on non-public information and does not require disclosure

36、of referral fees. Country U prohibits trading on non-public information only if it is gained by illegal means and requires disclosure of referral fees of over $100 (U.S. equivalent). Gold accepts a referral fee of $75, and in the course of a meeting with two other analysts and the firm's CFO, Go

37、ld receives material non-public information. To comply with the Code and Standards, Gold:A. need not disclose the referral fee but cannot trade on the non-public information.B. must disclose the referral fee and cannot trade on the non-public information.C. must disclose the referral fee but may tra

38、de on the non-public information.【答案】B19. Three years from now, an investor will deposit the first of eight $1,000 payments into a special fund. The fund will earn interest at the rate of 5% per year until the third deposit is made. Thereafter, the fund will return a reduced interest rate of 4% comp

39、ounded annually until the final deposit is made. How much money will the investor have in the fund at the end of ten years assuming no withdrawals are made?A. $8,872.93.B. $9,251.82.C. $9,549.11.【答案】B20. An investor places $5,000 in an account. The stated annual interest rate is 6% compounded monthl

40、y. The value of the account at the end of three years is closest to:A. $5,970.B. $5,978.C. $5,983.【答案】C21. An investor plans to retire eight years from today. To maintain her standard of living through retirement, she needs to have $2.5 million accumulated when she retires. Her portfolio is currentl

41、y valued at $1.2 million and is expected to earn 7.0 percent annually. The minimum annual amount she must save at the beginning of each of the next eight years to achieve a retirement accumulation of $2.5 million is closest to:A. $0B. $31,875C. $39,914【答案】C22. An analyst asked an junior associate to

42、 evaluate the performance of group of mutual funds over the last 10 years. The associate calculated the following performance statistics: The analyst suspects that the associate has made some errors in calculating the performance statistics. Based only on the expected mathematical relationships betw

43、een the two measures of return and between the two measures of dispersion calculated by the associate, did the associate most likely make errors in calculating the statistics associated with:Mutual Fund A?Mutual Fund B?A. NoYesB. YesNoC. YesYes【答案】C23. When using stock return data, a geometric mean

44、return calculation is most likely preferred over a geometric mean calculation because:A. return data can be negative.B. return data can be less than one.C. the geometric mean return is closer in value to the arithmetic mean.【答案】A24. An analyst is investigating the distribution of the SMG stocks retu

45、rn over time. He calculated the mode of 12 percent, the mean of 11 percent, and the median of 11.5 percent. The distribution can best be described as:A. positively skewed, with a long tail on the left side.B. negatively skewed, with a long tail on the left side.C. positively skewed, with a long tail

46、 en the right side.【答案】B25. An analyst collects the following set of past stock returns: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?A. Median returnB. Geometric mean returnC. Arithmetic mean return【答案】A26. Which of the following sta

47、tements used to describe the Students 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 portfo

48、lio of common stocks: The expected correlation 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

49、 returns with Stock 1 of +0.55. Will the 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 hypot

50、hesis.B. An analyst rejects a true null 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 indepen

51、dent. What is the probability that at 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?

52、A. Bank discount yieldB. Holding period yieldC. Money market yield【答案】B31. A sample of 240 managed portfolios has a mean annual return of 0.11 and a standard deviation of returns of 0.23. The standard error of the sample mean is closest to:A. 0.00096.B. 0.00710.C. 0.01485.【答案】C32. A two-tailed t-tes

53、t of the hypothesis that the population mean differs from zero has a p-value of 0.0275. Using a significance level of 5%, the most appropriate conclusion is:A. to accept the null hypothesis.B. to reject the null hypothesis.C. that the chosen significance level is too high.【答案】B33. Which of the follo

54、wing is the least likely outcome when a monopolist adopts first-degree price discrimination because of customers' differing demand elasticities?A. The monopolist shares the total surplus with consumers.B. The output increases to the point at which price equals the marginal cost.C. The price for

55、a marginal unit decreases to less than the price for other units.【答案】A34. The primary monetary policy goal of most major central banks is best characterized as:A. maintaining price stability.B. stimulating economic growth.C. maintaining low interest rates.【答案】A35. Which of the following is least lik

56、ely to be a valid function/characteristic of money? Money:A. requires a double coincidence of wants.B. acts as a unit of account.C. provides a store of wealth.【答案】A36. Is unanticipated inflation likely to result in a gain to:EmployeesBorrowersat the expense of employers?at the expense of lenders?A. NoNoB. NoYesC. YesNo【答案】B37. In a flexible exchange rate system, is a countrys currency likely to depreciate as a result of an:Decrease in theUnanticipated shift to a morereal interest rate? expansionary monetary polic