CFA考试原题-历年真题及答案

CFA考试原题■历年真题及

答案集锦

1.WhichofthefollowingstatementsabouttheCFAInstitute's

ProfessionalConductProgram(PCP)isleastaccurate?

A.Possiblesanctionsincludecondemnationbyamember'speersor

suspensionofacandidate'sparticipationintheCFAProgram.

B.IftheDesignatedOfficerdeterminesthatasanctionagainsta

memberiswarranted,themembermusteitheracceptthesanctionor

losetherighttousetheCFAdesignation.

C.MemberswhocooperatewithaPCPinquirybyproviding

confidentialclientinformationtoPCPstaffarenotinviolationof

Standardlll(E)PreservationofConfidentiality.

【答案】B

2.RobertMiguel,CFA,isaportfoliomanagerforalargeinvestment

advisoryfirm.Inappreciationofhisimpressiveportfolioreturnslast

quarter,oneofhisclients,KevinGoodman,hasinvitedMiguelandhis

wifetobehisguestsathisluxurysuiteforamajorleaguebaseball

playoffgame.Miguel,abaseballfan,acceptstheinvitationandattends

thegame.Thenextdayatwork,Migueldoesn'tmentiontohis

supervisorthatheattendedthegameasaguestoftheclient.According

totheStandardconcerningindependenceandobjectivityandthe

Standardonknowledgeofthelaw,Miguel'sactionsareinviolationof."

A.bothoftheseStandards.

B.neitheroftheseStandards.

C.onlyoneoftheseStandards.

【答案】A

3.AnnSmith,CFA,callsBillJones,CFA,andtellshimthather

researchshowsthatBiokemCompanyisunderpricedandthatearnings

persharewillexceed$3.00thisyear.JoneshadneverheardofBiokem

beforehercallbutknowsthatSmithiswidelyconsideredtobethebest

analystinhersector.Smith'sresearchhasbeenreleasedpublicly,and

SmithtellsJoneshe's"welcometoit."Aftertheirconversation,Jones

arrangesaconferencecallwithhisfirm'sportfoliomanagersand

announcesthatBiokemisunderpricedandwilllikelyearnover$3.00per

sharethisyear.Duringthecallwiththeportfoliomanagers,Jonesdoes

notreferencehisconversationwithSmith.AccordingtotheStandards

thatconcernmisrepresentationanddiligenceandreasonablebasis,

Jonesviolated:

A.bothoftheseStandards.

B.neitheroftheseStandards.

C.onlyoneoftheseStandards.

【答案】A

4.DougWatson,CFA,servesinasalespositionatSommerset

Brokerage,aregisteredinvestmentadviser.Aspartofhisemployment,

heisexpectedtoentertainclients.Frequentlyattheseclientoutings,

Watsondrinksexcessively.Ononeoccasion,a代erdroppingoffaclient,

Watsonwascitedbylocalpoliceformisdemeanorpublicintoxication.

AccordingtotheStandardonknowledgeofthelawandtheStandardon

misconduct,Watsonisinviolationof:

A.bothoftheseStandards.

B.neitheroftheseStandards.

C.onlyoneoftheseStandards.

【答案】B

5.KevinRichardsisaperformanceanalystforReliableAdvisors,a

retailinvestmentadvisoryandconsultingfirm.Richards,whoisaLevelI

CFAcandidate,washired-aspartofthefirm'seffortstoattractCFA

candidatesintocriticalareasofthefirm,suchasperformance

measurementandattribution.Richards'supervisorinstructshimto

referencethefirm'scompliancewithGIPSinmarketingmaterialsto

attractmoreclients.ForRichards'referencetothefirm'sGIPS

compliancetobeaccurate,Reliableisleastlikelyrequiredto:

A.applyGIPScompliancefirmwideandnotonlytothespecific

assetclassesmentionedinthemarketingmaterials.

B.claimcompliancewithGIPSonlyifithasacompliant

performancehistoryoffiveyearsormore.

C.includealldiscretionaryfee-payingaccountsincompositesbased

ontheirinvestmentobjectivesand/orstrategies.

【答案】B

6.MadelineSmith,CFA,wasrecentlypromotedtoseniorportfolio

manager.Inhernewposition,Smithisrequiredtosupervisethree

portfoliomanagers.Smithasksforacopyofherfirm'swritten

supervisorypoliciesandproceduresbutisadvisedthatnosuchpolicies

arerequiredbyregulatorystandardsinthecountrywhereSmithworks.

AccordingtotheStandardsofPracticeHandbook,Smith'smost

appropriatecourseofactionwouldbeto:

A.declinetoacceptsupervisoryresponsibilityuntilherfirmadopts

procedurestoallowhertoadequatelyexercisesuchresponsibility

B.requiretheemployeesshesupervisestoadopttheCFAInstitute

CodeofEthicsandStandardsofProfessionalConduct

C.requireherfirmtoadopttheCFAInstituteCodeofEthicsand

StandardsofProfessionalConduct

【答案】A

7.NicholasBennett,CFA,isatraderatastockexchange.Another

traderapproachedBennettontheflooroftheexchangeandverbally

harassedhimaboutapoorlyexecutedtrade.Inresponse,Bennett

pushedthetraderandknockedhimtotheground.Afterinvestigating

theincident,theexchangeclearedBennettfromanywrongdoing.Which

ofthefollowingbestdescribesBennett'sconductinrelationtotheCFA

InstituteCodeofEthicsorStandardsofProfessionalConduct?

Bennett:

A.violatedthestandardrelatingtoprofessionalism

B.didnotviolateanyoftheCodeofEthicsorStandardsof

ProfessionalConduct

C.violatedboththestandardrelatingtoprofessionalismand

integrityofcapitalmarkets

【答案】A

8.AccordingtotheCFAInstituteCodeofEthicsandStandardsof

ProfessionalConduct,tradingonmaterialnonpublicinformationisleast

likelytobepreventedbyestablishing:

A.personaltradinglimitations

B.selectivedisclosure

C.firewalls

【答案】B

9.Duringanon-sitecompanyvisit,MarshaWard,CFA,accidentally

overheardthechiefexecutiveofficerofStargazer,Inc.discussingthe

company'stenderoffertopurchaseDynamicaEnterprises,aretailerof

Stargazerproducts.AccordingtotheCFAInstituteStandardsof

ProfessionalConduct,Wardmostlikelycannotusetheinformation

because:

A.itwasoverheardandmightbeconsideredunreliable

B.shedoesnothaveareasonableandadequatebasisfortaking

investmentaction

C.itrelatestoatenderoffer

【答案】C

10.AccordingtotheGlobalInvestmentPerformanceStandards

(GIPS),firmsmustdoallofthefollowingexcept:

A.adheretocertaincalculationmethodologiesandmakespecific

disclosuresalongwiththeirperformance

B.provideinvestorswithacomprehensiveviewoftheir

performanceonlyintermsofreturns

C.complywithallrequirementsoftheGIPSstandards,suchas

updates,guidancestatements,andclarifications

【答案】B

11.KellyStargate,CFA,runsasmallinvestmentmanagementfirm.

Kelly,sfirmsubscribestoaservicefromalargeinvestmentresearchfirm

thatprovidesresearchreportsthatcanberepackagedasin-house

researchbysmallerfirms.Kelly'sfirmdistributesthesereportstoclients

withspecificreferencesastotheirsourceandauthor.Accordingtothe

StandardsofPracticeHandbook,hasKellyviolatedthestandardrelating

tomisrepresentation?

A.No.

B.Yes,becauseshedistributedplagiarizedmaterial

C.Yes,becauseshemisrepresentedherfirm'sservices.

【答案】A

12.BartWiley,CFA,hasdecidedtorevisehisfirm'swritten

compliancemanual.Hecheckswithcounselregardingchangesto

applicablelaws,rules,andregulations.Heincorporatesthesechangesas

wellaschangestotheCodeandStandardsinthenewversionend

distributescopiestohisstaffalongwithamemorandum.The

memorandumstatesthattheupdatedmanualincludescompliance

proceduresdesignedtomeetindustrystandards,regulatory

requirements,requirementsoftheCodeandStandards,and

circumstancesofthefirm.AccordingtotheStandardsofPractice

Handbook,didWileyviolateanyStandardofProfessionalConduct?

A.No.

B.Yes,becausecomplianceproceduresmaynotbedesignedto

meetindustrystandards.

C.Yes,becausecomplianceproceduresmaynotbedesignedto

meetthecircumstancesofthefirm.

【答案】A

13.AccordingtotheStandardsofPracticeHandbook,giftsto

membersfromwhichofthefollowingsourcesareleastlikelytocreatea

lossofindependenceandobjectivity?

A.brokers

B.clients

C.corporateissuers

【答案】B

14.FirmsclaimingcompliancewiththeGIPSStandardsareleast

likelytoberequiredto:

A.Undertaketheverificationprocess.

B.Provideacompositelistanddescriptiontoanyprospectiveclient

onrequest.

C.Makeeveryreasonableefforttoprovideacompliant

presentationtoallprospectiveclients.

【答案】A

15.ZhangLi,CFA,supervisesindividualsworkingonthebond

tradingdeskatalargeinvestmentmanagementfirm.ZhangLihas

discoveredthatLiuM。，abondtraderunderhissupervisoryhasbeen

acceptinglavishgiftsfromoneofthefirm'sbrokers.ZhangLihasalso

noticedthatLiuMohasbeenexecutingmorethantheusualamountof

tradesthroughthisparticularbroker,andshesuspectsthathehasnot

beenreceivingbestexecutionforthefirm'sclients.ZhangLi

immediatelyinitiatesaninvestigationtodeterminetheextentofLiuMo'

swrongdoing.AccordingtotheStandardsofPracticeHandbook,pending

theoutcomeofthisinvestigation,ZhangLi'sbestcourseofactionisto:

A.warntheemployeetoceasesuchactivity.

B.reportthemisconductupthechainofcommand.

C.takestepstoensuretheviolationswillnotberepeated.

【答案】C

16.SueJohnson,CFA,hasanelderlyclientwithaverylargeasset

base.Theclientintendstostartdivestingherfortunetovariouscharities.

JohnsonisontheBoardofalocalcharitablefoundation.Johnsonmost

appropriately:

A.mustnotdiscussanythingregardingherclientandherclient's

intentionswiththecharitablefoundationwithoutpermission.

B.candiscussherclient'ssituationwiththecharitablefoundation

aslongassheinformsotherlocalcharitiesofherclient'sintentions.

C.canmakethisknowntothecharitablefoundationsothatthey

cansolicittheclient,sinceitistheclient'swishtodivestassetsto

charitiesinthefuture.

【答案】A

17.AccordingtotheStandardrelatedtoloyalty,prudence,andcare,

whichofthefollowingstatementsregardingthevotingofproxieson

clientholdingsisleastaccurate?

A.Proxieshaveeconomicvaluetoaclient.

B.Aninvestmentmanagementfirmshouldvoteallproxiesonclient

holdingsunlesstheclientreservesthatright.

C.Membersandcandidatesshouldexplicitlydisclosethefirm's

proxyvotingpoliciestoclients.

【答案】B

18.AlvinGold,CFA,residesinCountryTanddoesbusinessasan

investmentadvisorprimarilyinCountryU.CountryTallowstradingon

non-publicinformationanddoesnotrequiredisclosureofreferralfees.

CountryUprohibitstradingonnon-publicinformationonlyifitisgained

byillegalmeansandrequiresdisclosureofreferralfeesofover$100(U.S.

equivalent).Goldacceptsareferralfeeof$75,andinthecourseofa

meetingwithtwootheranalystsandthefirm'sCFO,Goldreceives

materialnon-publicinformation.TocomplywiththeCodeandStandards,

Gold:

A.neednotdisclosethereferralfeebutcannottradeonthe

non-publicinformation.

B.mustdisclosethereferralfeeandcannottradeonthenon-public

information.

C.mustdisclosethereferralfeebutmaytradeonthenon-public

information.

【答案】B

19.Threeyearsfromnow,aninvestorwilldepositthefirstofeight

$1,000paymentsintoaspecialfund.Thefundwillearninterestatthe

rateof5%peryearuntilthethirddepositismade.Thereafter,thefund

willreturnareducedinterestrateof4%compoundedannuallyuntilthe

finaldepositismade.Howmuchmoneywilltheinvestorhaveinthe

fundattheendoftenyearsassumingnowithdrawalsaremade?

A.$8,872.93.

B.$9,251.82.

C.$9,549.11.

【答案】B

20.Aninvestorplaces$5,000inanaccount.Thestatedannual

interestrateis6%compoundedmonthly.Thevalueoftheaccountatthe

endofthreeyearsisclosestto:

A.$5,970.

B.$5,978.

C.$5,983.

【答案】C

21.Aninvestorplanstoretireeightyearsfromtoday.Tomaintain

herstandardoflivingthroughretirement,sheneedstohave$2.5million

accumulatedwhensheretires.Herportfolioiscurrentlyvaluedat$1.2

millionandisexpectedtoearn7.0percentannually.Theminimum

annualamountshemustsaveatthebeginningofeachofthenexteight

yearstoachievearetirementaccumulationof$2.5millionisclosestto:

A.$0

B.$31,875

C.$39,914

【答案】c

22.Ananalystaskedanjuniorassociatetoevaluatethe

performanceofgroupofmutualfundsoverthelast10years.The

associatecalculatedthefollowingperformancestatistics:

Theanalystsuspectsthattheassociatehasmadesomeerrorsin

calculatingtheperformancestatistics.Basedonlyontheexpected

mathematicalrelationshipsbetweenthetwomeasuresofreturnand

betweenthetwomeasuresofdispersioncalculatedbytheassociate,did

theassociatemostlikelymakeerrorsincalculatingthestatistics

associatedwith:

MutualFundA?MutualFundB?

A.NoYes

B.YesNo

C.YesYes

【答案】C

23.Whenusingstockreturndata,ageometricmeanreturn

calculationismostlikelypreferredoverageometricmeancalculation

because:

A.returndatacanbenegative.

B.returndatacanbelessthanone.

C.thegeometricmeanreturniscloserinvaluetothearithmetic

mean.

【答案】A

24.AnanalystisinvestigatingthedistributionoftheSMGstock's

returnovertime.Hecalculatedthemodeof12percent,themeanof11

percent,andthemedianof11.5percent.Thedistributioncanbestbe

describedas:

A.positivelyskewed,withalongtailontheleftside.

B.negativelyskewed,withalongtailontheleftside.

C.positivelyskewed,withalongtailentherightside.

【答案】B

25.Ananalystcollectsthefollowingsetofpaststockreturns:-2.3%,

-5.1%,7.6%,8.2%,9.1%,and9.8%,Whichofthefollowingmeasuresof

returnismostlikelythehighest?

A.Medianreturn

B.Geometricmeanreturn

C.Arithmeticmeanreturn

【答案】A

26.WhichofthefollowingstatementsusedtodescribetheStudent)

st-distributionisleastaccurate?TheStudent'st-distribution:

A.Issymmetricarounditsmeanvalueofzero.

B.Islesspeakedthanthenormaldistribution.

C.Hasthinnertailsthanthenormaldistribution.

【答案】C

27.Aninvestorcurrentlyholdsthefollowingportfolioofcommon

stocks:

TheexpectedcorrelationofreturnsbetweenStock1andStock2is

+0.60.TheinvestorsellsStock2andusesthe$60,000proceedsto

purchaseanotherstockthathasthesameexpectedannualreturnand

standarddeviationofreturnsasStock2,buthasanexpectedcorrelation

ofreturnswithStock1of+0.55.Willtheinvestor?sactionincreasethe

portfolio?sexpected:

annualreturn?standarddeviationofreturn?

A.NoNo

B.NoYes

C.YesNo

【答案】A

28.Whichofthefollowingdecisionsbyanalystwouldmost

accuratelydescribeaTypeIIerror?

A.Ananalystrejectsafalsenullhypothesis.

B.Ananalystrejectsatruenullhypothesis.

C.Ananalystdoesnotrejectafalsenullhypothesis.

【答案】c

29.Youbelievethatthelikelihoodofbankruptcyis30%forRusty

RoofSupply.YoualsobelievethatHomePedothasa20%ofentering

bankruptcy.Youbelievethatthetwoeventsareindependent.Whatis

theprobabilitythatatleastoneofthecompanieswillenterbankruptcy?

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.A182-dayU.S.Treasurybillhasafacevalueof$100,000and

currentlysellsfor$98,500.Whichofthefollowingyieldsismostlikely

thelowest?

A.Bankdiscountyield

B.Holdingperiodyield

C.Moneymarketyield

【答案】B

31.Asampleof240managedportfolioshasameanannualreturn

of0.11andastandarddeviationofreturnsof0.23.Thestandarderrorof

thesamplemeanisclosestto:

A.0.00096.

B.0.00710.

C.0.01485.

【答案】C

32.Atwo-tailedt-testofthehypothesisthatthepopulationmean

differsfromzerohasap-valueof0.0275.Usingasignificancelevelof5%,

themostappropriateconclusionis:

A.toacceptthenullhypothesis.

B.torejectthenullhypothesis.

C.thatthechosensignificancelevelistoohigh.

【答案】B

33.Whichofthefollowingistheleastlikelyoutcomewhena

monopolistadoptsfirst-degreepricediscriminationbecauseof

customers'differingdemandelasticities?

A.Themonopolistsharesthetotalsurpluswithconsumers.

B.Theoutputincreasestothepointatwhichpriceequalsthe

marginalcost.

C.Thepriceforamarginalunitdecreasestolessthanthepricefor

otherunits.

【答案】A

34.Theprimarymonetarypolicygoalofmostmajorcentralbanksis

bestcharacterizedas:

A.maintainingpricestability.

B.stimulatingeconomicgrowth.

C.maintaininglowinterestrates.

【答案】A

35.Whichofthefollowingisleastlikelytobeavalid

function/characteristicofmoney?Money:

A.requiresadoublecoincidenceofwants.

B.actsasaunitofaccount.

C.providesastoreofwealth.

【答案】A

36.Isunanticipatedinflationlikelytoresultinagainto:

EmployeesBorrowers

attheexpenseofemployers?attheexpenseof

lenders?

A.NoNo

B.NoYes

C.Yes

【答案】B

37.Inaflexibleexchangeratesystem,isacountryJscurrencylikely

todepreciateasaresultofan:

DecreaseintheUnanticipatedshifttoamore

realinterestrate?expansionarymonetarypolicy?

A.NoYes

B.YesNo

C.YesYes

【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。

38.Ifthecentralbankunexpectedlyshiftstoamorerestrictive

monetarypolicy,themostlikelyeffectis:

A.Anincreaseinrealinterestrates.

B.Adecreaseinrealinterestrates.

C.Anincreaseinassetprices.

【答案】A

39.Theshort-runeffectsofunanticipatedexpansionarymonetary

policyaremostlikelytoinclude:

A.Adecreaseintherealinterestrate

B.Adecreaseintheinflationrate

C.Adecreaseinrealoutputandemployment

【答案】A

40.Ismonopolisticcompetitionamarketinwhich:

Eachsellerproducesadifferentiatedproduct?Competeon

price,quality,marketing?

A.NoYes

B.YesNo

C.YesYes

【答案】C

41.Withrespecttodiscretionarychangesinfiscalpolicy,thetime

periodbetweentherecognitionofthechangeandthetimethepolicy

changeisenactedisbestdescribedasthe:

A.Impactlag.

B.Recognitionlag.

C.Administrativelag.

【答案】C

42.Whichofthefollowingtypesofunemploymentismostlikelyto

beassociatedwithaneconomyinwhichconstantchangesoccurinthe

economythatpreventqualifiedunemployedpeoplefromfillingexisting

jobopenings?

A.Cyclical.

B.Frictional.

C.Structural.

【答案】B

43.Whichofthefollowingstatementsismostlikelytocharacterize

theprincipal-agentproblembetweenbuyersandsellersofservices?

A.Principalscanimposetheirownobjectivesonagents.

B.Principalscanhavecompleteinformationaboutagentbehavior.

C.Agentscannotbecompletelymonitored.

【答案】C

44.TheprimarydifferencebetweentheMcCallumruleandthe

TaylorruleisthattheMcCallumrulefollowsthe:

A.Monetaristfeedbackruleandadjuststhefederalfundsrateto

targettheinflationrate.

B.Keynesianfeedbackruleandadjuststhegrowthrateofthe

monetarybasetotargettheinflationrate.

C.Monetaristfeedbackruleandadjuststhegrowthrateofthe

monetarybasetotargettheinflationrate.

【答案】C

45.LuxuryInc.'sfinancialstatementsfortheyearendedDecember

31,2009includedthefollowinginformation(in$millions):

Cashflowfromoperations(CFO)forLuxury,Inc.fortheyearended

December31,2009was:

A.$3million.

B.$12million.

C.$10million.

【答案】B

31.Ananalysisdeterminedthatapproximately99percentofthe

observationsofdailysalesforacompanywerewithintheintervalfrom

$250,000to$580,000andthatdailysalesforthecompanywere

normallydistributed.Themeandailysalesandstandarddeviationof

dailysales,respectively,forthecompanywereclosestto:

MeandailysalesStandarddeviationofdailysales

A.$415,000$41,667

B.$415,000$55,000

C.$355,115$41,667

【答案】B

32.Thejointprobabilityofreturns,forsecuritiesAandB,areas

follows:

ThecovarianceofreturnsofAandBis:

A.6%

B.12%

C.24%

【答案】A

33.Doesthequantitytheoryofmoneyassumethatinthelongrun:

PotentialGDPisinfluencedthepricelevelisinfluenced

bythequantityofmoney?bythequantityofmoney?

A.NoNo

B.NoYes

C.YesNo

【答案】B

34.Whichofthefollowingconditionisleastlikelytobetheobstacle

totheefficientallocationofproductiveresources:

A.Pricecontrols

B.Taxesandtraderestrictions

C.Perfectcompetition

【答案】C

35.Whichofthefollowingconditionisleastlikelytobethereason

thatablackmarketisgenerallyinefficient:

A.Unenforceablecontract

B.Increasedpricesrequiredbysuppliersduetotheriskof

prosecution

C.Intensivecontrolbythegovernment

【答案】C

51.Forwhichofthefollowingbalancesheetitemsisachangein

marketvaluemostlikelytoaffectnetincome?

A.Debtsecurities-issuedbythefirm.

B.Debtsecuritiesthatthefirmintendstoholduntilmaturity.

C.Securitiesheldwiththeintenttoprofitovertheshortterm.

【答案】C

52.IFRSandU.S.GAAParemostsimilarintheirrequirementsfor:

A.extraordinaryitems.

B.discontinuedoperations.

C.valuationoffixedassets.

【答案】B

53.AcompanyusingLIFOreportsthefollowing:

,Costofgoodssoldwas$27,000.

,Beginninginventorywas$6,500,andendinginventorywas$6,200.

,ThebeginningLIFOreservewas$1,200.

,TheendingLIFOreservewas$1,400.

Thebestestimateofthecompany'scostofgoodssoldonaFIFO

basiswouldbe:

A.$21,300.

B.$26,800.

C.$27,500.

【答案】B

54.Whichofthefollowingitemsisbestdescribedasalistingofall

thejournalentriesinorderoftheirdates?

A.Trialledger.

B.Generalledger.

C.Generaljournal.

【答案】C

55.Ananalystgatheredthefollowingdataaboutacompany:

,1,