CFA考试试题2022年-历年真题及答案

1、CFA考试试题2022年-历年真题及答案1. Ross Dunder, CFA, is the CIO for Bling Trust (BT), an investment advisor. Dunder recently assigned one of his portfolio managers, Joey Chetch, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock

2、trades for these accounts on the last day of the month, towards the markets close. Dunder finds this trading activity unusual and speaks to Chetch who explains that the trading activity was completed at the clients request. Dunder does not investigate further. Six months later regulatory authorities

3、 sanction BT for manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder violate any CFA Institute Standards of Professional Conduct?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。A. No.B. Yes, because he failed to reasonably supervise Chetch.C. Yes, because he did not report h

4、is findings to regulatory authorities.【答案】B2. Which of the following is not a form of plagiarism, according to code of ethics?A. Using charts and graphs retrieved from the Internet without specific reference.B. Presenting factual materials supplied by Standard and Poors or Moodys without acknowledgm

5、ent.C. Citing quotations said to be attributable to “leading analysts” or “investment experts” without specific reference.【答案】B3. New Coal Corp. (NCC) is a small company that claims to have a proprietary formula that converts coal into a clean energy source. NCC hires Amanda Covington, CFA, to prepa

6、re a research report on the company. Amanda relies on NCC for information on the formulas effectiveness. Anxious to issue the report, he does not confirm the information with other sources. NCC widely distributes Amandas research report and posts it on the corporate website. NCCs stock price rises f

7、rom $7 to $35 per share in the following twelve months. Senior NCC management takes the opportunity to sell all of their company shares. According to the Standards of Practice Handbook, did Amanda violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because his report was based

8、on material nonpublic information.C. Yes, because he failed to have a reasonable and adequate basis for his research report.【答案】C4. Walter Ford, CFA, is asked to review his firms soft dollar practices. As part of the review, he notes that his firm has failed to disclose the practices to the firms cl

9、ients in writing as required by law. Walter quickly prepares and distributes the appropriate disclosure. He does not report the firms violation to the appropriate regulatory authority. According to the Standards of Practice Handbook, by not reporting the violation to the regulatory authority, has Wa

10、lter violated any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he failed to act in the best interest of her employer.C. Yes, because he is required to report legal violations to the appropriate authority.【答案】A5. Miranda Grafton, CFA, purchased a large block of stock on behal

11、f of specific accounts she managed. The stock realized a significant gain in value before the close of business, so Grafton reviewed her accounts again to determine where the block shares should be allocated. According to the Standards of Practice Handbook, Graftons most appropriate action is to all

12、ocate the shares to:A. only those accounts for which the block shares were originally intended.B. only those underperforming accounts for which she has discretionary authority.C. all underperforming accounts she manages.【答案】A6. Tom Wu, CFA, is the owner and sole employee of two companies, a public r

13、elations firm and a financial research firm. The public 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 rel

14、ations firm issued several press releases that discussed 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 owner

15、ship of Merrylin stock in the:Press release?Research report?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

16、official at Mellon Bank comments to the group during the 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 discuss

17、ing the information with anyone else.B. may act on this 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, pla

18、ns to manage the portfolios of several family members 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 wee

19、ks later, ZhongYi Xie has received no response from his 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.

20、 Yes, because he failed to disclose the outside employment 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

21、 Code and Standards, in communications with prospective 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

22、 his fundamental analysis, Wong concludes that the stock 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. Accordi

23、ng to the Standards of Practice Handbook, William Wong 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. Andrew Li, CFA, was recently promoted to senior portfolio manager. In her new position, Andrew is require

24、d to supervise three portfolio managers. Andrew asks for a copy of her firms written supervisory policies and procedures, but is advised that no such policies are required by regulatory standards in the country where Andrews firm conducts the majority of its business. According to the Standards of P

25、ractice Handbook, Andrews most appropriate course of action would be to:A. Require that her firm adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.B. Require that the employees she supervises adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.C. D

26、ecline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibility.【答案】C12. When Wes Smith first joined Advisors, Inc., he was excited that all the analysts at the firm had the CFA designation. In letters to prospective clients he sta

27、tes that this ensures that Advisors can provide better service than their competitors. With respect to Code and Standards, this is:A. Not a violation.B. A violation because he cannot guarantee better service.C. A violation for both mentioning the CFA designation and saying the firm can guarantee bet

28、ter service.【答案】B13. Marysa Chen, CFA, works for JanMc Investment Management. All personal investments by JanMc employees must receive prior clearance in accordance with JanMcs compliance procedures. To obtain prior clearance, JanMc employees must provide a written request identifying the security,

29、the quantity of the security to be purchased, and the name of the broker through which the transaction will be made. As indicated below, Marysa received prior clearance. Two days after she received prior clearance, the price of Stock B had decreased 50. Marysa decided to purchase 250 shares of Stock

30、 B only. In her decision to purchase 250 shares of Stock B only, did Marysa violate any CFA Institute Standards of Professional Conduct?A. Yes, relating to independence and objectivity.B. Yes, relating to her fiduciary duty to her employer.C. Yes, relating to her employers compliance procedures【答案】C

31、14. Brenda Simone is a money manager with the pension fund of Blue Streets as one of her clients. The director of the pension fund calls Simone and asks her to use a particular broker so that the fund can obtain some research services with the soft dollars from that broker. Simone believes that the

32、desired broker will provide the same price and execution as the normal broker that Simone uses. Simone does as the client wishes. Simone has:A. Not violated the Standards as long as the research provided by the broker will benefit Blue Streets.B. Not violated the Standards as long as the research pr

33、ovided by the broker will benefit Simones money management practice.C. Not violated the Standards as long as the research provided by the broker will benefit the plan beneficiaries.【答案】C15. An analyst who is a CFA institute member receives an invitation from a business associates firm to spend the w

34、eekend in a high-quality resort. In order to abide by the Standards, the analyst should (may):A. Write a memo to his supervisor notifying the supervisor of the trip.B. Do both of the actions listed here.C. Refuse the invitation if the associate is from a firm he analyzes for his employer.【答案】B16. Su

35、e Johnson, CFA, has an elderly client with a very large asset base. The client intends to start divesting 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 inte

36、ntions with the charitable foundation without permission.B. can discuss her client's situation with the 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

37、 it is the client's wish to divest assets to charities in the future.【答案】A17. According to the Standard 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

38、investment management firm should vote all proxies on client holdings unless the client reserves that right.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 p

39、rimarily in Country U. Country T allows trading on non-public information and does not require disclosure 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 accept

40、s a referral fee of $75, and in the course of a meeting with two other analysts and the firm's CFO, Gold 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

41、 referral fee and cannot trade on the non-public information.C. must disclose the referral fee but may trade 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

42、 year until the third deposit is made. Thereafter, the fund will return a reduced interest rate of 4% compounded 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

43、.【答案】B20. An investor places $5,000 in an account. The stated annual interest rate is 6% compounded monthly. 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. The following table summarizes the results of a poll (hypothetically) taken of CFA char

44、terholders and CFA candidates regarding the importance of a continuing education requirement after the CFA designation is obtained: Given the information that a member of the group is in favor of a continuing education requirement, what is the probability that she is a CFA candidate?A. 18%.B. 37%.C.

45、 43%.【答案】C22. Stephen Kroller, CFA, analyzes international equity funds. Kroller constructs a sample of international equity mutual funds that have at least a 10-year performance history. Based on the returns of the funds in his sample, Kroller concludes that international equity funds outperformed

46、their comparable U.S. stock indexes over the 10-year period. Kroller's sample and test results are most likely subject to:A. look-ahead bias.B. time period bias.C. survivorship bias.【答案】C23. Which of the following statements about common probability distributions is least accurate?A. A probabili

47、ty distribution specifies the probabilities of the possible outcomes of a random variable.B. In a binomial probability distribution, each observation has only two possible outcomes that are mutually exclusive.C. A normal distribution is a discrete symmetric probability distribution that is completel

48、y described by two parameters: its mean and variance.【答案】C24. For a binomial random variable with a 40% probability of success on each trial, the expected number of successes in 12 trials is closest to:A. 4.8.B. 5.6.C. 7.2.【答案】A25. Which of the following statements about the univariate, multivariate

49、, and standard normal distributions is least accurate?A. A univariate distribution describes a single random variable.B. A multivariate distribution specifies the probabilities for a group of related random variables.C. The standard normal random variable, denoted Z, has mean equal to one and varian

50、ce equal to one.【答案】C26. Would a client making additions or withdrawals of funds most likely affect their portfolios:Time-weighted return?Money-weighted return?A. NoNoB. YesNoC. NoYes【答案】C27. A fundamental analyst studying 100 potential companies for inclusion in her stock portfolio uses the followi

51、ng three screening criteria:Screening Criterion Number of Companies meeting the screenMarket-to-Book Ratio>430Current Ratio>235Return on Equity >10%35Assuming that the screening criteria are independent, the probability that a given company will meet all three screening criteria is closest

52、to:A. 3.7%B. 8.5%C. 20.0%【答案】A28. Using Chebyshevs inequality, what is the proportion of observations from a population of 200 that must be within three standard deviations of the mean regardless of the shape of the distribution?A. 67%B. 75%C. 88.9%【答案】C29. An energy analyst forecasts that the price

53、 per barrel of crude oil five years from now will range between USD$75 and USD$105. Assuming a continuous uniform distribution, the probability that the price will be less than USD$80 five years from now is closest to:A. 5.6%B. 16.7%C. 44.4%【答案】B30. An analyst gathered the following information abou

54、t the performance of three categories of mutual funds over the same time period: If the returns from all funds were normally distributed, the mutual fund category that minimized the probability of earning less than the risk-free rate of return is most likely category:A. 1B. 2C. 3【答案】C31. Which of th

55、e following is most likely used by technicians to measure inter-market relationships?A. Fibonacci ratios.B. Stochastic oscillators.C. Relative strength analysis.【答案】C32. Which of the following would least likely be categorized as a multivariate distribution?A. The days a stock traded and the days it

56、 did not trade.B. The return of a stock and the return of the DJIA.C. The days a stock traded and the days the DJIA went up.【答案】A33. According to the crowding-out model, persistent, large government budget deficits are most likely to be associated with a(n):A. increase in net exportsB. decrease in p

57、rivate spendingC. decrease in the real rate of interest【答案】B34. Based on historical data and assuming less-than-full employment, periods of sharp acceleration in the growth rate of the money supply tend to be associated initially with:A. an increase in the velocity of moneyB. reductions in real gross do