2025年CFA二级模拟试卷及答案详解

2025年CFA二级模拟试卷及答案详解考试时间：______分钟总分：______分姓名：______Part1:EthicsandProfessionalStandards1.Ananalystisevaluatingacompanyforinclusioninthefirm'sproprietary"BlueChip"portfolio.Thecompany'sCEO,apersonalfriendoftheanalyst,hasrecentlyapproachedtheanalystprivatelywithinformationsuggestingthecompany'sstockpricewillsignificantlyincreaseinthenearfutureduetoanupcomingacquisition.Theanalystisnotawareofthisinformationthroughanyofficialchannels.Whatisthemostappropriatecourseofactionfortheanalyst?A)ImmediatelypurchasethestockbasedontheCEO'sinformationtogenerateareturnforthefirm.B)Sharetheinformationwithafewtrustedcolleaguestodiscussthepotentialopportunity.C)InformtheCEOthattheinformationmustbedisclosedpubliclyaccordingtoregulationsbeforeanytradingdecisionscanbemade.D)Waitforanofficialannouncementbeforeconsideringanyinvestmentaction.2.Aportfoliomanagerisresponsibleformanagingaclient'sinvestmentportfolio.Theclienthasprovidedalistofspecificstocksthattheclientholdsastrongemotionalattachmentto,requestingthatthesestocksconstituteatleast30%oftheportfolio.Theportfoliomanagerbelievesthatthisallocationdeviatessignificantlyfromtheoptimalstrategybasedontheclient'srisktoleranceandinvestmentobjectives.Whichactionbestalignswiththeportfoliomanager'sethicalobligations?A)Strictlyadheretotheclient'srequesttomaintainthe30%allocationtothespecificstocks.B)Ignoretheclient'srequestandconstructtheportfoliobasedsolelyonthemanager'sanalysis.C)Explainthepotentialrisksanddisadvantagesoftherequestedallocationandattempttopersuadetheclienttoadjusttheirpreference.D)Divestalltheclient'sexistingholdingsandinvest100%oftheportfoliointhestocksthemanagerbelievesaremostappropriate.3.Aninvestmentadvisorisresearchingpotentialconflictsofinterest.Whichsituationrepresentsapotentialconflictofinterestthatrequiresdisclosureandmanagement?A)Theadvisorownssharesinacompanythatisacompetitortooneoftheadvisor'scurrentclient'sprimarybusiness.B)Theadvisor'sspouseworksasamid-levelemployeeatacompanyinwhichoneoftheadvisor'sclientsholdsasignificantinvestment.C)Theadvisorreceivesaspeakingfeefromacompanywhosestockisoneoftheadvisor'srecommendedholdingsinamodelportfolio.D)Theadvisorusescompany-ownedofficespaceprovidedfreeofchargebyaninvestmentbank,whichalsoprovidestradingservicestotheadvisor'sfirm.Part2:QuantitativeMethods4.Ananalystisusingalinearregressionmodeltopredictacompany'sfutureearningspershare(EPS).Themodelhasaslopecoefficientof2.5,aninterceptof50,andanR-squaredvalueof0.65.Iftheanalystexpectsthecompany'srevenuetobe$500millionnextyear,whatisthepredictedEPSbasedonthismodel?A)$150.00B)$175.00C)$200.00D)$250.005.Aportfolioconsistsoftwoassets,AandB.AssetAhasanexpectedreturnof12%andastandarddeviationof15%.AssetBhasanexpectedreturnof8%andastandarddeviationof10%.ThecorrelationcoefficientbetweenthereturnsofAssetAandAssetBis-0.4.Whatistheexpectedreturnandstandarddeviationofaportfolioinvested60%inAssetAand40%inAssetB?A)ExpectedReturn:10.8%;StandardDeviation:9.0%B)ExpectedReturn:10.8%;StandardDeviation:7.2%C)ExpectedReturn:9.6%;StandardDeviation:7.2%D)ExpectedReturn:9.6%;StandardDeviation:9.0%6.Ananalystisevaluatingtwostocks,StockXandStockY.StockXhasabetaof1.2andarequiredrateofreturnof14%.StockYhasabetaof0.8.Assumingthemarketriskpremiumis5%andtherisk-freerateis4%,whatistherequiredrateofreturnforStockYaccordingtotheCapitalAssetPricingModel(CAPM)?A)6.0%B)9.0%C)10.0%D)11.0%Part3:FinancialReportingandAnalysis7.Acompanyreportsthefollowinginformationfortheyear:NetIncome=$200millionDepreciationExpense=$50millionIncreaseinAccountsReceivable=$30millionDecreaseinAccountsPayable=$20millionDividendsPaid=$40millionWhatisthecompany'sfreecashflow(FCF)fortheyear?A)$140.0millionB)$160.0millionC)$200.0millionD)$240.0million8.Acompanyhascurrentassetsof$500millionandtotalassetsof$2billion.Thecompany'scurrentliabilitiesare$300millionandtotalliabilitiesare$800million.Whatisthecompany'sdebt-to-equityratio?A)0.60B)0.75C)1.33D)1.679.Ananalystiscomparingtheprofitabilityoftwocompaniesusingreturnonassets(ROA)andreturnonequity(ROE).CompanyAhasanROAof8%andanequitymultiplierof2.CompanyBhasanROEof15%.WhatisCompanyB'sROA?A)5.0%B)7.5%C)10.0%D)15.0%Part4:CorporateFinance10.Acompanyisconsideringinvestinginanewprojectwithaninitialcostof$1million.Theprojectisexpectedtogeneratecashinflowsof$400,000attheendofeachyearfor4years.Thecompany'sweightedaveragecostofcapital(WACC)is10%.WhatistheNetPresentValue(NPV)oftheproject?A)$156,457B)$200,000C)$243,560D)$400,00011.Acompanyhasacapitalstructureconsistingof40%debtand60%equity.Thecompany'spre-taxcostofdebtis6%,andthetaxrateis30%.Themarketriskpremiumis5%,therisk-freerateis3%,andthecompany'sbetais1.1.Whatisthecompany'sweightedaveragecostofcapital(WACC)?A)5.7%B)7.0%C)7.8%D)8.5%12.Whichofthefollowingstatementsregardingcapitalbudgetingisgenerallytrue?A)AprojectwithapositiveNPVwillalwayshaveaninternalrateofreturn(IRR)greaterthanthecompany'sWACC.B)Aprojectwithaninternalrateofreturn(IRR)greaterthantherequiredrateofreturnwillhaveanegativeNPV.C)mutuallyexclusiveprojectscanbothhavepositiveNPVsbutstillleadtodifferentcapitalallocationdecisions.D)Thepaybackperiodmethodalwaysprovidesthemostaccurateassessmentofaproject'sprofitability.Part5:EquityInvestments13.AninvestorisconsideringpurchasingsharesofCompanyX.Thecompany'sstockcurrentlytradesat$50pershare.Theinvestoranalyzesthecompanyandestimatesitsintrinsicvaluetobe$60pershare.Whichofthefollowingbestdescribestheinvestor'sperspective?A)Thestockisovervalued,andtheinvestorshouldavoidpurchasingit.B)Thestockisundervalued,andtheinvestorshouldconsiderpurchasingit.C)Thestockisfairlyvalued,andtheinvestorshouldholditaspartofadiversifiedportfolio.D)Thestock'sfutureperformanceisimpossibletopredictwithsufficientaccuracy.14.Ananalystisevaluatingtwostocks,StockAandStockB,usingtheDividendDiscountModel(DDM).StockApaysacurrentdividendof$2pershareandisexpectedtogrowataconstantrateof5%peryear.StockBpaysacurrentdividendof$1.50pershareandisexpectedtogrowataconstantrateof6%peryear.Iftherequiredrateofreturnforbothstocksis10%,whatistheestimatedintrinsicvalueofStockA?A)$30.00B)$33.33C)$40.00D)$42.8615.Whichofthefollowinginvestmentstylesischaracterizedbyattemptingtoidentifyandinvestincompaniesthattheanalystbelievesaretemporarilyundervaluedbythemarket?A)GrowthinvestingB)ValueinvestingC)IndexinvestingD)ContrarianinvestingPart6:FixedIncome16.Abondwithafacevalueof$1,000andacouponrateof6%paysinterestsemi-annually.Thebondhas5yearsremainingtomaturity.Iftheyieldtomaturity(YTM)is5%,whatisthecurrentpriceofthebond?A)$950.00B)$1,000.00C)$1,050.00D)$1,060.0017.Abondportfolioconsistsofthreebondswiththefollowingcharacteristics:*Bond1:5%coupon,8%YTM,5yearstomaturity*Bond2:7%coupon,7%YTM,5yearstomaturity*Bond3:5%coupon,7%YTM,10yearstomaturityIftheyieldtomaturityforallthreebondsincreasesby1percentagepoint,whichbondisexpectedtoexperiencethelargestpercentagechangeinprice?A)Bond1B)Bond2C)Bond3D)Allbondsareexpectedtoexperiencethesamepercentagechangeinprice.18.Acorporatebondwithafacevalueof$1,000andacouponrateof5%maturesin10years.Thebond'screditratinghasrecentlybeendowngraded.Whichofthefollowingislikelytooccur?A)Thebond'syieldtomaturitywilldecrease.B)Thebond'syieldtomaturitywillincrease.C)Thebond'spricewillincrease.D)Thebond'scouponratewilldecrease.Part7:Derivatives19.Aninvestorentersintoalongcalloptioncontractwithastrikepriceof$50andapremiumof$2pershare.Theunderlyingstockcurrentlytradesat$55pershare.Ifatexpiration,thestockpriceis$60pershare,whatistheinvestor'sprofitorloss?A)$2.00pershareB)$3.00pershareC)$5.00pershareD)$7.00pershare20.Acompanyusesaforwardcontracttohedgeitsexposuretothecostofcopper.Thecompanyagreestopurchase1,000metrictonsofcopperataforwardpriceof$3.50perpound.Thecurrentspotpriceofcopperis$3.40perpound.Ifattheendofthecontract,thespotpriceofcopperis$3.60perpound,whatisthecompany'seffectivecostperpoundofcopper?A)$3.40B)$3.50C)$3.60D)$3.70Part8:AlternativeInvestments21.Whichofthefollowingalternativeinvestmentsisgenerallycharacterizedbyhighliquidityandlowcorrelationwithtraditionalassetclasses?A)PrivateequityB)RealestateC)HedgefundsD)Commodities22.Afundinvestsprimarilyinrealestateinvestmenttrusts(REITs).Whichofthefollowingisakeyfeatureofthisfundthatislikelytodifferfromafundinvestingprimarilyinstocksorbonds?A)Itistypicallysubjecttogreaterregulatoryoversight.B)Itofferspotentiallyhigherdividendyieldscomparedtostocks.C)Itsperformanceisdirectlytiedtotheperformanceofasinglestockmarketindex.D)Itgenerallyhaslowertransactioncoststhanastockmutualfund.23.Aninvestorisconsideringinvestinginahedgefundthatemploysalong/shortequitystrategy.Whichofthefollowingisaprimaryobjectiveofthisstrategy?A)Toachievehighreturnsbyidentifyingandinvestinginundervaluedcompanies.B)Togeneratepositivereturnsregardlessofwhethertheoverallmarketisrisingorfalling.C)Toachievesuperiorrisk-adjustedreturnsbysimultaneouslyholdinglongandshortpositions.D)Togainexposuretoaspecificindustryorsectorthattheinvestorbelieveswilloutperform.Part9:PortfolioManagementandWealthPlanning24.Aninvestorhasaportfolioconsistingof60%stocksand40%bonds.Theexpectedreturnandstandarddeviationofthestockportionare12%and20%,respectively.Theexpectedreturnandstandarddeviationofthebondportionare5%and5%,respectively.Thecorrelationcoefficientbetweenthereturnsofstocksandbondsis0.1.Whatistheexpectedreturnandstandarddeviationoftheoverallportfolio?A)ExpectedReturn:8.2%;StandardDeviation:7.9%B)ExpectedReturn:8.2%;StandardDeviation:9.1%C)ExpectedReturn:9.0%;StandardDeviation:7.9%D)ExpectedReturn:9.0%;StandardDeviation:9.1%25.Afinancialadvisorismeetingwithaclientwhois35yearsoldandwantstosaveforretirement.Theclient'scurrentsavingsare$50,000,andtheclientexpectstoretireatage65.Theclienthasalong-terminvestmenthorizonandamoderaterisktolerance.Whichofthefollowingisthemostappropriaterecommendationfortheadvisor?A)Advisetheclienttoinvestprimarilyinconservativefixed-incomesecuritiestopreservecapital.B)Advisetheclienttoinvestthemajorityoftheportfolioinstockstomaximizelong-termgrowthpotential.C)Advisetheclienttoinvestinamixofstocksandbonds,withahigherallocationtobondstomitigaterisk.D)Advisetheclienttofocusontax-efficientinvestmentstrategies,suchastax-exemptbondsandretirementaccounts.Part10:EconomicIndicatorsandAnalysis26.Whichofthefollowingisgenerallyconsideredaleadingeconomicindicator?A)UnemploymentrateB)Consumerpriceindex(CPI)C)BuildingpermitsD)Grossdomesticproduct(GDP)27.Acountryisexperiencingaperiodofeconomicrecession.Whichofthefollowingislikelytooccur?A)Theinflationrateislikelytoincrease.B)Theunemploymentrateislikelytodecrease.C)Theinterestrateislikelytodecrease.D)Theexchangerateislikelytoappreciate.28.TheFederalReserveimplementsapolicyofquantitativeeasing(QE).Whichofthefollowingistheprimaryobjectiveofthispolicy?A)Toincreasethemoneysupplyandencouragelendingandinvestment.B)Todecreasethemoneysupplyandreduceinflationarypressures.C)Toincreaseinterestratesandstabilizethefinancialsystem.D)Todecreaseinterestratesandstimulateeconomicgrowth.EndofTest试卷答案1.C解析思路：根据CFALevelII伦理道德标准II(A)–III，不得利用非公开信息进行交易。分析师收到未经证实的非公开信息，应要求公开披露，然后根据公开信息做决策。2.C解析思路：根据CFALevelII伦理道德标准VI(A)–B，会员应寻求将客户的利益置于自身利益之上。当客户要求与最佳投资策略不符时，应向客户解释潜在风险，并尝试说服客户调整。3.B解析思路：根据CFALevelII伦理道德标准II(A)–III和II(B)–1，关联方关系（spouseworkingatacompetitor）可能构成利益冲突，需要向相关方披露，并评估其潜在影响。这是需要披露和管理的冲突。4.B解析思路：根据线性回归模型预测公式Y=a+bX，其中Y是预测值（EPS），a是截距（50），b是斜率（2.5），X是自变量（Revenue）=$500M。代入公式：Y=50+2.5*500=50+1250=1300。这里题目可能存在歧义，通常预测EPS需要考虑收入和利润率的结合，或者题目意在考察收入对EPS的直接影响系数。若按题目给定的系数，预测值为1300，但选项未出现，可能题目或选项有误。若假设题目意图是收入每百万增长带来的EPS增长，则Y=50+(2.5/1000)*500=50+1.25=51.25。若假设题目意在考察收入500M对应的EPS，需要模型中包含利润率等变量。基于最直接的系数应用，答案应为1300，但不在选项中，提示题目可能需复核。5.B解析思路：根据投资组合期望收益率公式E(Rp)=wA*E(RA)+wB*E(RB)，其中wA=0.6,wB=0.4,E(RA)=12%,E(RB)=8%。E(Rp)=0.6*12%+0.4*8%=7.2%+3.2%=10.4%。根据投资组合标准差公式σp=sqrt(wA^2*σA^2+wB^2*σB^2+2*wA*wB*ρAB*σA*σB)，其中σA=15%,σB=10%,ρAB=-0.4。σp=sqrt((0.6^2*15%^2)+(0.4^2*10%^2)+2*0.6*0.4*(-0.4)*15%*10%)=sqrt(0.5409*0.0225+0.1600*0.01+2*0.6*0.4*(-0.4)*0.15*0.10)=sqrt(0.01220725+0.0016-0.0036)=sqrt(0.01020725)≈0.1010or10.10%。四舍五入后，标准差约为10.1%，最接近选项B的10.8%。注意：计算结果与选项存在偏差，提示题目或选项可能需复核。6.B解析思路：根据CAPM公式E(Ri)=Rf+βi*[E(Rm)-Rf]，其中E(Ri)是StockY的必要回报率，Rf=4%,βi=0.8,E(Rm)-Rf=MarketRiskPremium=5%。E(Ri)=4%+0.8*5%=4%+4%=8%。但StockX的数据(β=1.2,E(Ri)=14%)可用于验证WACC计算：14%=4%+1.2*MRP=>10%=1.2*MRP=>MRP=10%/1.2≈8.33%。使用此MRP重新计算StockY：E(Ri)=4%+0.8*8.33%≈4%+6.67%=10.67%。再次出现偏差。CAPM计算结果应为8%或10.67%，选项B为9%。计算结果与选项存在偏差，提示题目或选项可能需复核。7.A解析思路：根据自由现金流（FCF）的计算方法，FCF=OCF-CapEx=NI+Depreciation-ΔAR-ΔAP-Dividends。OCF（经营现金流）=NI+Depreciation-ΔAR=200+50-30=220。FCF=220-20-40=160。注意：部分教材或考纲可能将Dividends排除在FCF计算之外，此时FCF=220-20=200。请根据所使用的具体定义确认。此处按更常用的包含Div的FCF定义计算。8.C解析思路：债务=总负债-股东权益。股东权益=总资产-总负债=2B-800M=1,200M-800M=400M。债务=800M-400M=400M。债务权益比=债务/股东权益=400M/400M=1.0或100%。注意：题目选项未包含100%，最接近的是C的1.33（若计算错误），或可能题目/选项需复核。9.C解析思路：根据杜邦分析公式ROE=ROA*EquityMultiplier。已知ROE=15%,EquityMultiplier=2。则ROA=ROE/EquityMultiplier=15%/2=7.5%。10.A解析思路：NPV=Σ[CFt/(1+WACC)^t]-InitialInvestment。CFt=400k,WACC=10%,t=1to4,InitialInv=1M。NPV=[400k/(1.1)^1]+[400k/(1.1)^2]+[400k/(1.1)^3]+[400k/(1.1)^4]-1M=400k*[1/1.1+1/1.21+1/1.331+1/1.4641]-1M=400k*[0.9091+0.8264+0.7513+0.6830]-1M=400k*3.1698-1M=1,267.92k-1,000k=267.92k。注意：标准答案为156457，与计算结果267.92k差异较大。可能题目现金流、WACC或初始投资数据有误，或计算系数/公式有不同。11.D解析思路：根据WACC公式WACC=(E/V*Re)+(D/V*Rd*(1-T))。E/V=60%=0.6,D/V=40%=0.4。Re(权益成本)=Rf+β*MRP=3%+1.1*5%=3%+5.5%=8.5%。Rd(债务成本)=6%,T(税率)=30%=0.3。WACC=(0.6*8.5%)+(0.4*6%*(1-0.3))=5.1%+(0.4*6%*0.7)=5.1%+1.68%=6.78%。注意：标准答案为8.5%，与计算结果6.78%差异较大。可能题目数据或计算过程有误。12.C解析思路：A项，NPV>0意味着IRR>WACC。B项，IRR>RequiredRateofReturn意味着NPV>0。D项，Paybackperiod忽略时间价值，不是最准确的评估方法。C项，互斥项目可能都有正NPV，但如果资本有限，需要选择NPV最高的项目，可能导致不同决策。13.B解析思路：股票当前价格低于分析师估计的内在价值，意味着分析师认为股票被低估，因此应该考虑购买。14.C解析思路：根据零增长DDM公式V0=D1/Re，其中V0是内在价值，D1是下一年预期股利，Re是必要回报率。StockA:D1=2*(1+5%)=2.1,Re=10%。V0(A)=2.1/10%=21。根据零增长DDM公式V0=D1/Re，其中V0是内在价值，D1是下一年预期股利，Re是必要回报率。StockB:D1=1.5*(1+6%)=1.59,Re=10%。V0(B)=1.59/10%=15.9。StockA的估计内在价值为$21。注意：标准答案为4000，与计算结果21差异巨大。可能题目数据或模型应用（如未使用零增长模型）有误。15.B解析思路：价值投资是指寻找并投资于那些市场价格低于其内在价值的公司股票。16.A解析思路：债券价格计算。每半年付息一次，couponpayment=1000*6%/2=$30。期数n=5*2=10。到期收益率（YTM）是半年的，YTM/2=5%。P=Σ[30/