特许金融分析师CFA一级内容：CFA历年考试模拟题

1、特许金融分析师CFA一级内容:CFA历年考试模拟题1. Which of the following statements about the CFA Institute's Professional Conduct Program (PCP) is least accurate?A. Possible sanctions include condemnation by a member's peers or suspension of a candidate's participation in the CFA Program.B. If the Designated

2、 Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.C. Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Pre

3、servation of Confidentiality.【答案】B2. Robert Miguel, CFA, is a portfolio manager for a large investment advisory firm. In appreciation of his impressive portfolio returns last quarter, one of his clients, Kevin Goodman, has invited Miguel and his wife to be his guests at his luxury suite for a major

4、league baseball playoff game. Miguel, a baseball fan, accepts the invitation and attends the game. The next day at work, Miguel doesn't mention to his supervisor that he attended the game as a guest of the client. According to the Standard concerning independence and objectivity and the Standard

5、 on knowledge of the law, Miguel's actions are in violation of."A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A3. Ann Smith, CFA, calls Bill Jones, CFA, and tells him that her research shows that Biokem Company is underpriced and that earnings p

6、er share will exceed $3.00 this year. Jones had never heard of Biokem before her call but knows that Smith is widely considered to be the best analyst in her sector. Smith's research has been released publicly, and Smith tells Jones he's "welcome to it." After their conversation, J

7、ones arranges a conference call with his firm's portfolio managers and announces that Biokem is underpriced and will likely earn over $3.00 per share this year. During the call with the portfolio managers, Jones does not reference his conversation with Smith. According to the Standards that conc

8、ern misrepresentation and diligence and reasonable basis, Jones violated:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A4. Doug Watson, CFA, serves in a sales position at Sommerset Brokerage, a registered investment adviser. As part of his employment, he

9、 is expected to entertain clients. Frequently at these client outings, Watson drinks excessively. On one occasion, after dropping off a client, Watson was cited by local police for misdemeanor public intoxication. According to the Standard on knowledge of the law and the Standard on misconduct, Wats

10、on is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】B5. Kevin Richards is a performance analyst for Reliable Advisors, a retail investment advisory and consulting firm. Richards, who is a Level I CFA candidate, was hired-as part of the fi

11、rm's efforts to attract CFA candidates into critical areas of the firm, such as performance measurement and attribution. Richards' supervisor instructs him to reference the firm's compliance with GIPS in marketing materials to attract more clients. For Richards' reference to the firm

12、's GIPS compliance to be accurate, Reliable is least likely required to:A. apply GIPS compliance firm wide and not only to the specific asset classes mentioned in the marketing materials.B. claim compliance with GIPS only if it has a compliant performance history of five years or more.C. include

13、 all discretionary fee-paying accounts in composites based on their investment objectives and/or strategies.【答案】B6. Peter Taylor, a CFA charterholder and a food industry analyst for a large investment firm, has been invited by Sweet Pineapple Co. to visit the firm's processing plants in Hawaii.

14、The Standard concerning independence and objectivity recommends that Taylor:A. use and pay for commercial transportation, if available.B. obtain written permission from his employer before he accepts this invitation.C. decline this invitation if he issues recommendations on the firm's securities

15、.【答案】A7. Ruth Brett, a Level I CFA candidate, is a research analyst for a large investment firm. Due to a demanding work schedule with long hours, Brett was unable to attend any sort of exam preparation class, and has only been able to study sporadically. Feeling nervous and unprepared the night bef

16、ore the exam, Brett writes a few key notes on the bottom of her shoe. At the exam, Brett sees the large number of proctors present and decides not to risk getting caught and does not look at her shoe. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Brett is:A. no

17、t in violation of any Standard or the Code of Ethics because she did not use the notes.B. in violation of the Code of Ethics for bringing the notes into the examination room but is not in violation of any Standard because she did not use the notes.C. in violation of both the Code of Ethics and the S

18、tandard governing conduct as Members and Candidates in the CFA Program for taking the notes into the examination room.【答案】C8. Which of the following is least likely included in the CFA Code of Ethics? Members of CFA Institute must:A. place their clients' interests before their employer's int

19、erests.B. strive to maintain and improve the competence of others in the profession.C. use reasonable care and exercise independent professional judgment.【答案】A9. In formulating her report on GammaCorp's common stock, Barb Kramer, CFA, did a complex series of statistical tests on the company'

20、s past sales and earnings. Based on this statistical study, Kramer stated in her report that, "GammaCorp's earnings growth for the next five years will average 15% per year." Her conclusion was based in part on a regression analysis with a high level of statistical significance. Has Kr

21、amer violated the Standard on communication with clients and prospective clients?A. Yes, because she didn't give complete details of the statistical model used.B. Yes, because she failed to indicate that 15% growth is an estimate.C. No, because her projections are within the generally accepted b

22、ounds of statistical accuracy.【答案】B10. Alpha Advisors Inc. is an investment management firm with a client base that ranges from individuals to large foundations. Which of the following firm policies is least appropriate if Alpha adopts the Code and Standards? Alpha:A. monitors the personal trading a

23、ctivity of firm personnel and requires them to pre-clear personal trades.B. regularly calls larger accounts first after changes in investment recommendations have been faxed to all clients.C. excludes client accounts of family members of employees from participating in IPOs.【答案】C11. The following in

24、formation involves two research analysts at a brokerage firm.Erik Bagenot, CFA, is preparing a research report on Global Enterprises, Inc. In preparing the report, he uses materials from many sources. For example, he uses factual information published by Standard & Poors Corporation without ackn

25、owledging the source. He also uses excerpts from a research report prepared by another analyst. Bagenot makes only a slight change in wording for these excerpts, but acknowledges the source.Sally Wain, who is currently enrolled in the CFA program, is preparing a research report, on Manson Telecommun

26、ications. She attends a conference in which several investment experts provide their views about the future prospects of this company. Wain cites several quotations from these investment experts in her report without specific reference.According to the CFA institute Standards of Professional Conduct

27、 involving prohibition against plagiarism, which of the following statements is true?A. Neither Bagenot nor Wain violated the Standards.B. Both Bagenot and Wain violated the Standards.C. Wain violated the Standards, but Begenot did not.【答案】C12. Sean Dahib, CFA, is in charge of the compliance program

28、 at his investment firm. According to the Standards of Practice Handbook, as a supervisor, Sean should least likely perform which of the following activities?A. Respond promptly to all violations.B. Disseminate the contents of the program to all personnel.C. Incorporate a professional conduct evalua

29、tion as part of an employees performance review.【答案】B13. Karen Wilson, CFA, supervises eight junior analysts at Spartan Financial Services. Karen suspects that one of the analysts is violating Spartans personal investing policy. According to the Standards of Practice Handbook, Karens most appropriat

30、e initial action is to.A. Initiate an investigation.B. Notify her supervisor of the analysts suspected misconduct.C. Require the analyst to liquidate and close all personal accounts.【答案】A14. Fred Funk, CFA, agreed in writing with his former employer not to solicit former clients for a period of one

31、year after his termination. After he left his former employer, he consulted with a lawyer about whether the agreement was legally enforceable. The lawyer advised Fred that it was doubtful that the agreement could be enforced, so Fred sent a marketing brochure about his new firm to his former clients

32、. According to the Standards of Practice Handbook, which of the following statements is most accurate with respect to Freds conduct?A. The Standards do not apply to Freds conduct.B. The Standards requires Fred to comply with the agreement with his former employer.C. Because Fred relied upon the opin

33、ion of legal counsel, he did not violate the Standards.【答案】B15. Hal Chen, CFA, develops marketing materials for an investment fund he founded three years ago. The materials show the 3-, 2- and 1-year returns for the fund. He includes a footnote that states in small print “Past performance does not g

34、uarantee future returns.” He also includes a separate sheet showing the most recent semi-annual and quarterly returns, which notes they have been neither audited nor verified. Has Chen most likely violated any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he included un-audit

35、ed and unverified results.C. Yes, because he did not adhere to the global investment performance standards.【答案】A16. Zhou Lun, CFA, is an equity analyst who recently prepared a full report on BMM Corporation. The report included financial projections developed by Zhou Lun and information gathered fro

36、m 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 research we believe to be reliable.” At the end of the report, Zhou Lun noted, “The au

37、thors 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 Practice Handbook, has Zhou Lun violated any CFA Institute Standards of Professional C

38、onduct?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 developed a proprietary model that has been thoroughly researched and is known throughou

39、t 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 of research frequently alters the model based on rigorous research-an aspect that is wel

40、l 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 as “buys” by the model. LaRue has conducted some research on his own and feels the model

41、 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 but not to his supervisor. LaRue is:A. Violating the Standards by not considering the a

42、ppropriateness 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. Analyst made the following two statements:·A firm claiming compliance with the G

43、IPS 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 prohibited from stating that the calculation methodology used in composite presentation

44、s 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 decide between the annual cash flow payment option or the lump sum option. Justin can earn

45、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. Consider the following graph of a distribution for the prices for various bottles of Cali

46、fornia-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 the mode.【答案】B21. You are analyzing a sample of money managers returns from the populatio

47、n of 900. According to Chebyshevs inequality, what is the minimum number of managers would you expect to lie within 2.5 standard deviations of the mean return?A. 360B. 540C. 756【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。22. Which of the following changes in sample size and degrees of freedom, respectively,

48、 is most likely to result in an increase in the width of the confidence interval for the population mean?Sample sizeDegrees of freedomA. IncreaseDecreaseB. DecreaseIncreaseC. DecreaseDecrease【答案】C23. On 1 January, Helens portfolio is valued at $1,000,000. Helen wants to make an $100,000 payment to b

49、uy a house on 31 December of the same year, but does not want the year-end portfolio value to fall below $1,000,000. The expected annual return on the investors existing portfolio is 15 percent with an expected standards deviation of 20 percent. The risk-free rate is 8%. The safety-first ratio for t

50、he portfolio is closest to:A. 0.10B. 0.25C. 0.35【答案】B24. An investors portfolio has a mean return of 15 percent and a coefficient of variation of1.8. If the risk-free rate of return is 5 percent, the portfolios Sharpe ratio is closet to:A. 0.27B. 0.37C. 0.56【答案】B25. The bond-equivalent yield for a s

51、emi-annual pay bond is most likely:A. more than the effective annual yield.B. equal to the effective annual yield.C. equal to double the semi-annual yield to maturity.【答案】C26. Jane Acompora is calculating equivalent annualized yields based on the 1.3% holding period yield of a 90-day loan. The corre

52、ct ordering of the annual money market yield (MMY), effective annual yield (EAY), and bond equivalent yield (BEY) is:A. MMY < EAY < BEY.B. MMY < BEY < EAY.C. BEY < EAY < MMY.【答案】B27. An analyst develops the following probability distribution for the states of the economy and market

53、 returns. Which of the following statements about this probability distribution is least accurate?A. The unconditional probability of a normal market is 0.30.B. The joint probability of having a good economy and a bear market is 0.20.C. Given that the economy is poor, the probability of a normal or

54、a bull market is 0.50.【答案】B28. An analyst estimates a stock has a 40% probability of earning a 10% return, a 40% probability of earning a 12.5% return, and a 20% probability of earning a 30% return. The stock's standard deviation of returns based on this returns model is closest to:A. 3.74%.B. 5

55、.75%.C. 7.58%.【答案】C29. An investment manager has a pool of five security analysts he can choose from to cover three different industries. In how many different ways can the manager assign one analyst to each industry?A. 15.B. 60.C. 125.【答案】B30. Shortfall risk is best described as the probability:A.

56、of a credit rating downgrade due to possible earnings shortfalls.B. of failing to make a contractually promised payment.C. that portfolio value will fall below some minimum level at a future date.【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。31. A sample of 240 managed portfolios has a mean annual return of 0

57、.11 and a standard deviation of returns of 0.23. The standard error of the sample mean is closest to:A. 0.00096.B. 0.00710.C. 0.01485.【答案】C32. A two-tailed t-test of the hypothesis that the population mean differs from zero has a p-value of 0.0275. Using a significance level of 5%, the most appropriate conclusion is:A. to accept the null hypothesis.B. to reject the null hypothesis.C. that the chosen significance level is too high.【答案】B33. Which of the following is the least likely outcome when a monopolist adopts first-degree price discriminat