历年CFA考试真题及答案解析[完整版]

1、历年CFA考试真题及答案解析完整版1. Li Feng, CFA, manages accounts for high net worth clients including his own familys account. He has no beneficial ownership in his familys account. Because Li is concerned about the appearance of improper behavior in managing his familys account, when his firm purchases a block o

2、f securities, Li allocates to his familys account only those shares that remain after his other client accounts have their orders filled. The fee for managing his familys account is based on his firms normal fee structure. According to the Standards of Practice Handbook, Lis best course of action wi

3、th regard to management of his familys account would be to:A. treat the account like other client accounts.B. arrange for the account to be transferred to another firm.C. transfer the account to another investment manager in his firm.【答案】A2. According to CFA Institute Standards of Professional Condu

4、ct, members must preserve the confidentiality of information received from a client unless:A. The information pertains to an impending tender offer.B. The client has also provided the information to another member.C. The member is aware of illegal activity of the client.【答案】C3. According to the CFA

5、Institute Standards of Professional Conduct, beneficial security ownership that might impair ones professional judgment must be disclosed to all of the following except:A. ClientsB. ProspectsC. Fellow members employed by the same firm【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. According to the CFA Instit

6、ute Standards of Practice handbook, insider trading is the least likely to be prevented by establishing:A. fire wallsB. watch listC. selective disclosure【答案】C5. Wu Yang, CFA, manages individual portfolios for Far East Trust Company. Hu Haiyun, a client, proposes to Wu Yang, “Any year my portfolio ac

7、hieves at least a 20 percent return before tax, you and your family can fly to Sanya in Hainan Province in China at my expense and use my condominium during the Spring Festival in February.” While Wu Yang does not inform his employer of the arrangement, he watches Hu Haiyuns portfolio performance in

8、tensively throughout the year and makes sure her account gets top priority for any partially executed block trade order. Hu Haiyuns portfolio return exceeds the 20 percent target for the year, and Wu Yang vacations in Sanya the following February as Hu Haiyuns guest. According to the Standards of Pr

9、actice Handbook, Wu Yang is least likely to have violated the CFA Institute Standards relating to:A. fair dealingB. disclosure of conflictsC. priority of transactions【答案】C6. Tom Wu, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The publi

10、c relations firm entered into a contract with Merrylin Enterprises to provide public relations services. According to the contract, Tom Wu received 40,000 shares of Merrylin stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discuss

11、ed Merrylins excellent growth prospects. Tom Wu, through his financial research firm, also published a research report recommending Mallory stock as a buy. According to the Standards of Practice Handbook, was Tom Wu required to disclose his ownership of Merrylin stock in the:Press release?Research r

12、eport?A. NO YESB. YESNOC. YESYES【答案】C7. Wang Gang, CFA, is a bank industry research analyst for a large broker and dealer firm. He is attending a company presentation for Mellon Bank with a small group of analysts from other companies. A company official at Mellon Bank comments to the group during t

13、he meeting, “Yesterday, management made the decision to implement a large share repurchase plan which we plan to announce in a press release early next week.” According to the Standards of Practice Handbook, Wang Gang:A. must refrain from discussing the information with anyone else.B. may act on thi

14、s information as it is no longer material, non-public information when public.C. should encourage the company that issued the information to make it public as soon as possible.【答案】C8. ZhongYi Xie, CFA, a portfolio manager for PIA Investments, plans to manage the portfolios of several family members

15、in exchange for a percentage of each portfolios profits. As his family members have requested that ZhongYi Xie provide the service outside his employment with PIA, he notifies his employer in writing of his prospective outside employment. Two weeks later, ZhongYi Xie has received no response from hi

16、s employer and begins managing the family members portfolios. By managing these portfolios, did ZhongYi Xie violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he failed to obtain written consent from his employer.C. Yes, because he failed to disclose the outside employ

17、ment to his existing clients.【答案】B9. John Harris has passed Level I of the CFA exam. Although he registered for the Level II exam, he failed to sit for the exam due to a business emergency. John plans to re-register for the exam. According to the Code and Standards, in communications with prospectiv

18、e clients, John is allowed to:A. state that he has passed Level I of the exam.B. refer to himself as a candidate in the CFA program.C. refer to himself as a CFA I.【答案】A10. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes that the sto

19、ck of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price. According to the Standards of Practice Handbook, William Wong

20、 is least likely to violate the professional Conduct that relates to:A. Duty to clients.B. Reasonable basis.C. Duty to his employer.【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

21、reports that 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,

22、because she 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

23、 well as changes 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

24、, and circumstances 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 ci

25、rcumstances 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

26、are least likely 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 work

27、ing on the 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 th

28、rough this 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 investigatio

29、n, Zhang Lis 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. Zhou Lun, CFA, is an equity analyst who recently prepared a full report on BMM Corporation. The r

30、eport included financial projections developed by Zhou Lun and information gathered from a third-party research firm, which she referenced, in the report, Zhou Lun wrote, “We recommend this stock for the portfolios of clients with aggressive risk profiles. This recommendation is based on third-party

31、 research we believe to be reliable.” At the end of the report, Zhou Lun noted, “The authors family owns BMM Corporation securities including common stocks and bonds.” The report was posted on the companys website for client access and distributed to clients via e-mail. According to the Standards of

32、 Practice Handbook, has Zhou Lun violated any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because the report relied on third-party research.C. Yes, because the report was not properly disseminated.【答案】A17. Scott LaRue is a portfolio manager for Washington Advisors. Washington has d

33、eveloped a proprietary model that has been thoroughly researched and is known throughout the industry as the Washington model. The model is purely quantitative and screens stocks into buy, hold, and sell categories. The basic philosophy of the model is thoroughly explained to clients. The director o

34、f research frequently alters the model based on rigorous research-an aspect that is well explained to clients, although the specific alterations are not continually disclosed. Portfolio managers then make specific sector and security holding decisions, purchasing only securities that are indicated a

35、s “buys” by the model. LaRue has conducted some research on his own and feels the model would be improved by adding some factors. Based on his research, he applied his own version of the model, which is occasionally in conflict with the Washington model. LaRue discloses his model to his own clients

36、but not to his supervisor. LaRue is:A. Violating the Standards by not considering the appropriateness of the recommendations to clients.B. Violating the Standards by not being objective.C. Violating the Standards by not having a reasonable and adequate basis for his investment recommendation.【答案】C18

37、. Analyst made the following two statements:·A firm claiming compliance with the GIPS standards must provide a compliant presentation and a description for any composite on the firms list to any prospective client who makes such a request.·A firm claiming compliance with GIPS standards is

38、prohibited from stating that the calculation methodology used in composite presentations is also in accordance with the GIPS standards.Is the analyst correct with respect to the:First statement?Second statement?A. NoYesB. YesNoC. YesYes【答案】C19. Justin Banks just won the lottery and is trying to deci

39、de between the annual cash flow payment option or the lump sum option. Justin can earn 8% at the bank and the annual cash flow option is $100,000/year, beginning today for 15 years. What is the annual cash flow option worth to Justin today?A. $1,500,000.00.B. $1,080,000.00.C. $924,423.70.【答案】C20. Co

40、nsider the following graph of a distribution for the prices for various bottles of California-produced wine. Which of the following statements is false?A. The distribution is positively skewed.B. Approximately 68% of observations fall within one standard deviation of the meanC. Point A represents th

41、e mode.【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 4%·Mean excess return 8.6%·Standard deviation of annual

42、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 birthday and is 22. When she is 27, she will receive a $100,000 in

43、heritance. 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 from the bank be sufficient to cover her total cost closing costs o

44、f $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 funds. In evaluating this probability, a random sample of 40 U.S. p

45、ension 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 random variable【答案】C25. With respect to the four major measurement sc

46、ales (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. If a normal distribution has a mean of 10 and a variance of 40, a standardized value of 0.5 corresponds to an observation value tha

47、t is closest to:A. 6.84B. 13.16C. 20.00【答案】B27. The least accurate statement about measures of dispersion for a distribution is that the:A. Range provides no information about the shape of the data distribution.B. Mean absolute deviation will always be smaller than the standard deviation.C. Arithmet

48、ic average of the deviations around the mean will always be equal to one.【答案】C28. An analyst collects the following set of ten returns from the past. The geometric mean return (%) is closest to:A. 9.62.B. 10.81.C. 10.89.【答案】B29. A portfolio earned the following holding period returns during 2006: Th

49、e portfolios time-weighted rate of return for 2006 was closest to:A. 6.9%B. 7.5%C. 30.4%【答案】C30. Which of the following charts illustrates the opening price for each trading period?A. Point-and-figure chart.B. Line chart.C. Candlestick chart.【答案】C31. A researcher needs to choose a probability distri

50、bution 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 distribution for her to select to generate the asset price distribution is a:A. normal dis

51、tribution.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 cash flows of $50,000 in year 1, $60,000 in year 2, $70,000 in year 3, and $80,000 in yea

52、r 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. I

53、f investors' expected future incomes increase and the demand for financial capital increases, other things equal:A. the equilibrium interest rate will rise.B. the equilibrium interest rate will fall.C. these two factors will have opposing effects on the equilibrium interest rate.【答案】A34. Assume

54、that the required reserve ratio is 20%, and banks currently have no excess reserves. If the Federal Reserve then buys $100 million of Treasury bills from the banks, the money supply could potentially increase by:A. $20 million,B. $100 million.C. $500 million.【答案】C35. If a minimum wage is set above t

55、he equilibrium wage in the labor market. what is the most likely effect?A. The minimum wage will have no effect on the quantity of labor employed.B. Firms will use less than the economically efficient amount of capital.C. There will be excess supply of labor, and unemployment will increase【答案】C36. W

56、hich of the following describes the difference between perfect competition and monopolistic competition? Firms in monopolistic competition:A. Provide differentiated products.B. Decide on the output where marginal revenue equals marginal cost.C. Are free to enter and exit the market.【答案】A37. Generally speaking, when the Herfindahl-Hirschman Index (HHI) is calculated by summing the squared percentage market shares, how many larges