2022年CFA特许金融分析师考试题库及答案解析

1、2022年CFA特许金融分析师考试题库及答案解析1. Adam Schute, CFA, is on a conference call with the CFO of an investment banking client with his phone speaker on and his door open. As a result, salesmen and traders overhear the CFO describing problems with production target dates that have not been publicly disclosed. Th

2、e salesmen relay this information to clients and the traders reduce their positions in the stock. With respect to the Standard on material nonpublic information, Schute has:A. not violated the Standard because he has not acted on the information, but the traders and salesmen have violated the Standa

3、rd.B. violated the Standard because he should have taken steps to prevent the dissemination of the information.C. violated the Standard by not making the information public when he realized others had overheard the call.【答案】B2. Peter Wellington references his status as a "CFA candidate" in

4、 current client presentation materials. Wellington completed the Level II CFA examination two years ago, regularly reads research materials prepared by CFA Institute, and attends continuing education seminars for employees who are CFA charterholders. Wellington plans to register for the Level III CF

5、A exam next year. Wellington's reference to his status as a CFA candidate in presentation materials:A. does not violate any CFA Institute Standards of Professional Conduct.B. violates the Standard on conduct as a CFA Institute Member or CFA Candidate.C. violates the Standard on reference to the

6、CFA Institute, the CFA Designation, and the CFA Program.【答案】C3. Which of the following statements relating to the Global Investment Performance Standards (GIPS?) is least accurate?A. Only investment management firms may claim compliance with GIPS.B. GIPS represent standards to which members of CFA I

7、nstitute and CFA candidates must adhere.C. To claim GIPS compliance, a firm must present at least five years (or since its inception if less than five years) of annual investment performance that complies with GIPS.【答案】B4. When Ed Michaels, CFA, accepted the compliance officer position at a broker-d

8、ealer two years ago, he wrote compliance procedures and made all covered employees aware of the procedures. A report by an external auditor found that on several occasions over the past two years, two different employees traded in recommended securities ahead of trades made in managed client account

9、s. Michaels fires both employees and recirculates the written compliance procedures that explain clearly which activities are prohibited. Michaels has violated the Standard concerning:A. loyalty by firing the employees instead of restricting their activities.B. misconduct because he was associated w

10、ith the unethical activity.C. responsibilities of supervisors by failing to implement reasonable procedures to detect violations.【答案】C5. Ralph Malone, CFA, is an investment adviser at a multinational finance corporation. He has many wealthy individuals among his clients, including a trust account th

11、at benefits three of his immediate family members. The research department of Malone's firm issues a "buy" recommendation on a stock-that would be a suitable investment for several client accounts, including the family trust account. Which of the following would be considered a violati

12、on of the Standard concerning priority of transactions?A. The firm gives clients time to act on the new recommendation, but does not make its recommendation public before buying 100,000 shares for its own account.B. Malone trades on the family account shortly after his firm's clients have been i

13、nformed of the buy recommendation.C. Malone waits to trade for the family account until four days after his firm's clients have been informed of the buy recommendation.【答案】C6. Jin Jin, CFA, is the president of the Registered Option Exchange, which is preparing to launch a new stock option contra

14、ct. In order to convince investors to use its contract, the exchange attempts to demonstrate that it has the best liquidity. Jin Jin sets up agreements with members so that they commit to a substantial minimum trading volume on the new contract over a specific period in exchange for substantial redu

15、ctions on their regular commissions. According to the Standards of Practice Handbook, has Jin Jin violated any CFA Institute Standards?A. Yes, with respect to additional compensation arrangements.B. Yes, with respect to market manipulations.C. Yes, with respect to misrepresentation.【答案】B7. Which of

16、the following statements about verification of compliance with the Global Investment Performance Standards (GIPS) is least accurate?A. Verification is voluntary.B. A new verification report may accept the previous verification report as part of the basis.C. Verification report can be performed with

17、specific composites.【答案】C8. Xiang Li, CFA, deputy treasurer for BBB College, manages the Student Scholarship Trust. Li issued a Request for Proposals (RFP) for domestic equity managers. Gong Cheng, CFA, a good friend of Li, introduces him to representatives from Capital Investments, who submitted a

18、proposal. Li selected Capital as a manager based on the firms excellent performance record. Shortly after the selection, Cheng, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Have Li and Cheng, respectively, violated any CFA Institute S

19、tandards of Professional Conduct?LiChengA. NoNoB. NoYesC. YesNo【答案】A9. With respect to the fundamentals of compliance with the GIPS standards, do total firm assets include the market value of all:Discretionary assets but notfee-paying assets but notnondiscretionary assets?non-fee-paving assets?A. No

20、NoB. NoYesC. YesNo【答案】A10. Alex Wu, CFA, a portfolio manager at FAST Funds, calls a friend to join him for dinner. The friend, a financial analyst at Calvin Klein (CK) declines the invitation and explains that she is performing due diligence on Orca Electronics, a company that CK is about to acquire

21、. After the phone call, Alex searches the Internet for any news of the acquisition but finds nothing. Upon verifying that Orca is on FASTs approved stock list, Alex purchases Orcas common stock and call options for the FAST fund. Two weeks later, CK announces its intention to acquire Orca. The next

22、day, Alex sells all of the Orca securities, giving the fund a profit of $3 million. According to the Standards of Practice Handbook, did Alex violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he traded on material non-public information.C. Yes, because he allowed his

23、friend to pass on insider information.【答案】B11. Win Jang is his firms research director, and one of his regular duties is to distribute a monthly “Top 10 Buys and Sells” list drawn from companies listed in Hong Kong. One month, Jang reads an academic research paper detailing a screening algorithm (ba

24、sed on companies earnings, depreciation, interest expense, and current stock price) that was used to generate abnormal profits in the German stock market. Jang applies the algorithm, without making any changes, to Hong Kong stocks, and uses the results to form the months buy and sell list. Jang has:

25、A. Properly relied on another partys research.B. Failed to have a reasonable basis for his investment recommendations, due to differences in the German and Hong Kong markets.C. Failed to have a reasonable basis for his investment recommendations, due to the reliance on a quantitative model.【答案】B12.

26、According to the Standards of Practice Handbook, members must make a reasonable inquiry into a clients financial situation, and must do all of the following except:A. Consider the suitability of investment recommendations for the client.B. Distinguish between fact and opinion when making recommendat

27、ions.C. Update information in the clients situation at least semi-annually.【答案】C13. Which of the following is not a reason for the creation of the Global Investment Performance Standards (GIPS standards):A. To improve investment performance as managers diversify internationally.B. The need for consi

28、stent performance measurement due to the globalization of financial markets.C. To allow investment clients to more easily compare investment performances.【答案】A14. Zhang Zhong, CFA, is a portfolio manager in a large investment management company. He discovers that Chen Qin, CFA, one of the assistant

29、portfolio managers he supervises, may have violated the local security law. According to the Standards of Practice Handbook, Zhang Zhongs initial course of action must be to:A. place limits on the employees activities.B. report the conduct to governmental authorities.C. start an investigation to det

30、ermine the extent of the wrong doing.【答案】C15. The eight major provisions of the Global Investment Performance Standards (GIPS) at least include:A. Alternative Assets.B. Real Estate.C. Private Equity.【答案】A16. Sue Johnson, CFA, has an elderly client with a very large asset base. The client intends to

31、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 intentions with the charitable foundation without permission.B. can discuss her client's s

32、ituation 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 it is the client's wish to divest assets to charities in the future.【答案】A17. Accordin

33、g 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 investment management firm should vote all proxies on client holdings unless the client re

34、serves 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 primarily in Country U. Country T allows trading on non-public information and does not req

35、uire 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 accepts a referral fee of $75, and in the course of a meeting with two other analysts and the fi

36、rm'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 referral fee and cannot trade on the non-public information.C. must disclose the referral

37、 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 year until the third deposit is made. Thereafter, the fund will return a reduced interest

38、 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.【答案】B20. An investor places $5,000 in an account. The stated annual interest rate is 6% c

39、ompounded 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. Which of the following most accurately describes a distribution that is more peaked than normal?A. MesokurtoticB. PlatykurtoticC. Leptokurtotic【答案】C22. Using the following sampl

40、e results drawn as 25 paired observations from their underlying distribution s, test whether the m ean retu rns of the two portfolios differ from each other at the 1% level of statistical significance. Assume th e underlying distributions of returns for each portfolio are normal and that their popul

41、ation variances are not known. Based on the paired comparisons test of the two portfolios, the most appropriate conclusion is that HL should be:A. accepted because the computed test statistic is less than 2.807.B. rejected because the computed test statistic exceeds 2.807.C. accepted because the com

42、puted test statistic exceeds 2.807.【答案】B23. The null hypothesis is most likely to be rejected when the p-value of the test statistic:A. exceeds a specified level of significance.B. is negative.C. falls below a specified level of significance.【答案】C24. Over the past four years, a portfolio experienced

43、 returns of -8%,4%,17%, and -12%. The geometric mean return of the portfolio over the four-year period is closest to:A. 0.99%.B. -0.37%.C. 0.25%.【答案】B25. A. equal.B. greater.C. smaller.【答案】C26. Which of the following statements used to describe the Students t-distribution is least accurate? The Stud

44、ents 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 portfolio of common stocks: The expected correlation of returns between Stock 1 and St

45、ock 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 returns with Stock 1 of +0.55. Will the investors action increase the portfolio

46、s 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 hypothesis.B. An analyst rejects a true null hypothesis.C. An analyst does not reject

47、 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 independent. What is the probability that at least one of the companies will enter bank

48、ruptcy?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?A. Bank discount yieldB. Holding period yieldC. Money market yield【答案】B31. Which

49、 of the 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 d

50、ays it 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. decreas

51、e in private 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 rea

52、l gross domestic productC. a rapid growth in gross domestic product【答案】C35. Allen Chen, CFA, stated that, for the typical company, accounting profit tends to be greater than economic profit because explicit costs are generally not included in calculating accounting profit. Is the analyst correct wit

53、h respect to the:Relationship betweenaccounting profit and economic profit?Inclusion of explicit costs?A. NoNoB. NoYesC. YesNo【答案】C36. 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

54、 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 policy?A. NoYesB. YesNoC. 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. If the central bank unexpectedly shifts to a mor

55、e restrictive monetary policy, the most likely effect is:A. An increase in real interest rates.B. A decrease in real interest rates.C. An increase in asset prices.【答案】A39. The short-run effects of unanticipated expansionary monetary policy are most likely to include:A. A decrease in the real interes

56、t rateB. A decrease in the inflation rateC. A decrease in real output and employment【答案】A40. Is monopolistic competition a market in which:Each seller produces a differentiated product?Compete on price, quality, marketing?A. NoYesB. YesNoC. YesYes【答案】C41. First-degree price discrimination is best described a