CFA考试《CFA一级》历年真题精选及详细解析1107-6
CFA考试《CFA一级》历年真题精选06(附详解)
CFA考试《CFA一级》历年真题精选06（附详解）1、For planning purposes, an individual wants to be able to spend €80,000 per year, at the end of each year, for an anticipated 25 years in retirement. In order to fund this retirement account, he will make annual deposits of €6,608 at the end of each of his working years. What is the minimum number of s uch deposits he will need to make to fund his desired retirement? Use 6% interest compounded annually for all calculations.【单选题】A.29 paymentsB.40 paymentsC.51 payments正确答案:B答案解析:“The Time Value of Money,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleI/Y = 6, PV = 0, PMT = 6,608, FV = 1,022,668; calculate N. N is 40.2、A technical analyst has detected a price chart pattern with three segments. The left segment shows a decline followed by a reversal to the starting price level. The middle segment shows a more pronounced decline than in the first segment and again a reversal to near the starting price level. The third segment is roughly a mirror image of the first segment. This chart pattern is most accurately described as:【单选题】A.a triple bottom.B.a head and shoulders.C.an inverse head and shoulders.正确答案:C答案解析:“Technical Analysis,” Barry M. Sine and Robert A. StrongC is correct. An inverse head and shoulders pattern consists of a left segment that shows a decline followed by a reversal to the starting price level, a middle segment that shows a more pronounced decline than in the first segment and again a reversal to near the starting price level, and a third segment that is roughly a mirror image of the first segment.3、Two mutually exclusive projects have the following cash flows (€) and internal rates of r eturn (IRR):Assuminga discount rate of 8% annually for both projects, the firm should most likely accept:【单选题】A.both projects.B.Project A only.C.Project B only.正确答案:B答案解析:“Capital Budgeting,” John D. Stowe, CFA, and Jacques R. Gagne, CFAB is correct because Project A hasa higher NPV and the projects are mutually exclusive, only Project A should be accepted.4、A forward rate agreement (FRA) that expires in 180 days and is based on 90-day LIBOR is quoted at 2.2%. At expiration of the FRA, 90-day LIBOR is 2.8%. For a notional principal of USD1,000,000, the payoff of this FRA is closest to:【单选题】D1,469.31.D1,489.57.D1,500.00.正确答案:B答案解析:“Forward Markets and Contracts,” Don M. Chance, CFAB is correct. 1,000,000 × (0.028 –0.022) × (1/4)/(1 + (0.028/4)) = 1,489.57.5、An alternative investments fund that employs leverage and takes long and short positions in securities is most likely a:【单选题】A.hedge fund.B.venture capital fund.C.leveraged buyout fund.正确答案:A答案解析:“Introduction to Alternative Investments,” Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFAA is correct. Hedge funds invest in securities and may take long and short positions. They may also employ leverage.6、The execution step of the portfolio management process includes:【单选题】A.finalizing the asset allocation.B.monitoring the portfolio performance.C.preparing the investment policy statement.正确答案:A答案解析:“Portfolio Management: An Overview,” Robert M. Conroy and Alistair ByrneA is correct. Asset allocation occurs in the execution step.7、An analyst does research about financial reporting quality.An incentive for acompany's management reporting lower earnings is least likely to:【单选题】A.remain in compliance with lending covenants.B.obtain trade relief in the form of quotas or protective tariffs.C.negotiate favorable terms from creditors.正确答案:A答案解析:本题考查的是财务报告质量（financial reporting quality）中管理层操纵盈利的动机。
cfa一级考试模拟试题及答案
cfa一级考试模拟试题及答案CFA一级考试模拟试题及答案1. 以下哪项不是金融市场的基本功能？A. 资源配置B. 风险管理C. 价格发现D. 娱乐消遣答案：D2. 在CFA考试中，以下哪项不属于投资组合管理的三个主要步骤？A. 资产配置B. 证券选择C. 风险管理D. 市场预测答案：D3. 根据现代投资组合理论，以下哪项是影响投资组合预期收益的唯一因素？A. 无风险利率B. 市场风险溢价C. 投资组合的贝塔系数D. 投资组合的波动性答案：C4. 在评估固定收益证券时，以下哪项不是影响债券价格的主要因素？A. 利率水平B. 信用评级C. 债券的到期时间D. 股票市场的波动性答案：D5. 以下哪项不是有效市场假说（EMH）的三种形式之一？A. 弱式有效市场B. 半强式有效市场C. 强式有效市场D. 超级有效市场答案：D6. 在计算股票的自由现金流至企业（FCFF）时，以下哪项不应从营业利润中扣除？A. 折旧和摊销B. 营运资本的变动C. 资本支出D. 净债务的变动答案：C7. 下列关于财务报表分析的说法中，哪项是不正确的？A. 横向分析可以帮助识别趋势B. 纵向分析可以揭示财务比率的变化C. 比率分析可以用于评估公司的财务状况D. 现金流量表是评估公司盈利质量的唯一工具答案：D8. 在评估一个公司的财务健康状况时，以下哪项财务比率不是流动性比率？A. 流动比率B. 速动比率C. 利息保障倍数D. 现金比率答案：C9. 在国际投资中，以下哪项不是影响汇率变动的主要因素？A. 贸易平衡B. 利率差异C. 政治稳定性D. 黄金价格答案：D10. 在CFA考试中，以下哪项不是宏观经济分析的组成部分？A. 经济增长B. 通货膨胀C. 货币政策D. 公司治理答案：D请注意，以上提供的模拟试题及答案仅供参考，实际CFA一级考试的题目和内容可能会有所不同。
考生应以官方提供的教材和学习资料为准备考试的主要依据。
cfa一级考试真题及答案详解
cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在评估一个公司的财务状况时，以下哪项指标最能反映其偿债能力？A) 流动比率B) 速动比率C) 资产负债率D) 股东权益比率答案：C) 资产负债率解析：资产负债率是指公司总负债与总资产的比率，它反映了公司资产中有多少比例是通过借债获得的。
这个比率越高，说明公司的财务杠杆越大，偿债能力越弱。
因此，资产负债率是反映公司偿债能力的重要指标。
2. 问题：在进行股票投资分析时，以下哪项因素是影响股票价格的宏观经济因素？A) 公司盈利能力B) 利率水平C) 行业竞争状况D) 公司管理层能力答案：B) 利率水平解析：宏观经济因素包括利率水平、通货膨胀率、经济增长率等，这些因素会影响整个经济环境，进而影响股票市场。
利率水平是宏观经济因素之一，它会影响公司的融资成本和投资者的预期回报，从而对股票价格产生影响。
3. 问题：在固定收益投资中，以下哪项因素会导致债券价格上升？A) 市场利率上升B) 市场利率下降C) 债券信用评级下降D) 债券到期时间延长答案：B) 市场利率下降解析：在固定收益投资中，债券价格与市场利率呈反向关系。
当市场利率下降时，新发行的债券的票息率会低于市场上已有的债券，因此已有债券的相对吸引力增加，导致其价格上升。
4. 问题：在投资组合管理中，以下哪项策略是用于降低非系统性风险的？A) 资产配置B) 多元化投资C) 市场时机选择D) 杠杆投资答案：B) 多元化投资解析：非系统性风险是指特定于某个公司或行业的投资风险，这种风险可以通过多元化投资来降低。
通过投资于多个不同公司或行业的资产，可以减少单一资产或行业波动对整个投资组合的影响。
5. 问题：在金融衍生品中，以下哪项产品允许投资者在未来以特定价格买入或卖出资产？A) 期货合约B) 远期合约C) 期权合约D) 掉期合约答案：C) 期权合约解析：期权合约是一种金融衍生品，它赋予持有者在未来某个时间以特定价格买入或卖出资产的权利，但不是义务。
CFA考试《CFA一级》历年真题精选10(附详解)
CFA考试《CFA一级》历年真题精选10（附详解）1、Yip Wai Yin, a CFA Candidate, is an independent mutual fund sales agent. For every front-end load product she promotes, Yip receives a portion of the front-end fee as commission, at the time of sale. For every back-end load fund she sells, Yip receives a smaller commission paid at the end of the year. Yip always informs her clients she is paid a commission as an agent, but does not provide details of the compensation structure. When pitching her favored front-end load product line she tells clients 20% of her commission is always invested in the same fund as proof of her confidence in the fund she recommends. Which CFA Code of Standards with regard to Conflicts of Interest does Yip least likely violate?【单选题】A.Referral Fees.B.Disclosure of Conflicts.C.Priority of Transactions.正确答案:C答案解析:“Guidance for Standards I-VII,” CFA InstituteC is correct because Yip’s investments do not adversely affect the interest of the clients and therefore do not violate the Priority of Transactions requirement. A Candidate having the same investment positions does not always create a conflict of interest and in some instances, having an aligned investment portfolio can be beneficial to the client.2、The Global Investment Performance Standards least likely require:【单选题】A.nondiscretionary portfolios to be included in composites.posites to be defined according to similar investment objectives and/or strategies.C.non-fee-paying portfolios to be excluded in the returns of appropriate composites.正确答案:A答案解析:Composites (Standard IV – Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites. 2014 CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute3、Assuming no short selling, diversification benefit is most likely to occur when the correlations among the securities contained in the portfolio are:【单选题】A.equal to positive one.B.less than positive one.C.greater than positive one.正确答案:B答案解析:“Probability Concepts,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAWhen we do not reject a false null hypothesis we have a Type II error.4、A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm's capital structure is closest to:【单选题】A.79%.B.37%.C.65%.正确答案:C答案解析:WACC=weight of debt*before-tax cost of debt*(1-tax rate)+weight of equity*cost of equity.5、The following information is available about a company ($ millions):During 2009 the company most likely decreased the:【单选题】A.proportion of sales made on a cash basis.B.inventory, anticipating lower demand for its products in 2010.C.proportion of interest-bearing debt relative to trade accounts payable.正确答案:A答案解析:“Understanding the Cash Flow Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFASales, net income, and net margin are relatively constant for the two years. The substantial drop in cash flow from operations could be attributed to an increase in receivables and/or inventory. A decrease in the proportion of cash sales implies an increase in the proportion of credit sales, increasing accounts receivable. An increase in accounts receivable would decrease cash flow from operations.6、Providing information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users is most accurately described as the role of:【单选题】A.financial reporting.B.the auditor’s report.C.financial statement analysis.正确答案:A答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonA is correct. The role of financial reporting is to provide information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.7、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【单选题】A.$92.89B.$99.07C.$107.44正确答案:A答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi8、A security has a beta of 1.30. If the risk-free rate of interest is 3% and the expected return of the market is 8%, based on the capital asset pricing model (CAPM), the expected return of the security is closest to:【单选题】A.9.5%.B.6.5%.C.13.4%.正确答案:A答案解析:The formula for the CAPM is expressed as:Section 4.29、Kim Stone, CFA, works at trading desk in Howard Hedge Funds.SamuelPeter, a chief investment manager for Howard has instructed Stone to sell a largeamount of one stock based on an inside information of significant legal disputes.Peter inadvertently heard the information from a company's president in anelevator.Stone is unaware that Peter got this information.Stone accepts thetrade instruction and completes the order.Has Stone most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, with respect to responsibilities of supervisors.C.Yes, with respect to material nonpublic information.正确答案:A答案解析:Stone并不知道该交易行为来自重大的非公开信息，他接受了交易指令并不违反任何标准，只有当他知道或者应当知道时才会违反标准。
CFA考试《CFA一级》历年真题精选17(附详解)
CFA考试《CFA一级》历年真题精选17（附详解）1、Which of the following is least likely to be a valid function/characteristic of money? Money:【单选题】A.acts as a unit of account.B.provides a means of payment.C.requires a double coincidence of wants.正确答案:C答案解析:“Money, the Price Level, and Inflation,” Michael ParkinThe functions of money include being a means of payment, acting as a medium of exchange, acting as a unit of account, and acting as a store of value. It does not require a double coincidence of wants, as barter does.2、A retailer provides credit cards only to its most valued customers who pass a rigorous credit check. A credit card customer ordered an item from the retailer in May. The item was shipped and delivered in July. The item appeared on the customer’s July credit card statement and was paid in full by the due date in August. The most appropriate month in which the retailer should recognize the revenue is:【单选题】A.May.B.July.C.August.正确答案:B答案解析:“Understanding Income Statements,” Elaine Henry and Thomas R. RobinsonB is correct. The appropriate time to recognize revenue would be in the month of July; the risks and rewards have been transferred to the buyer (shipped and delivered), the revenue can be reliably measured, and it is probable that the economic benefits will flow to the seller (the rigorous credit check was completed). Neither the actual payment date nor the credit card statement date is relevant here.3、Dividends received are most likely classified as which type of cash flow under both IFRS and U.S.GAAP?【单选题】A.InvestingB.FinancingC.Operating正确答案:C答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A Broihahn, CFAC is correct. Dividends received can be classified as either an operating or investing activity under IFRS, but can only be classified as an operating activity under U.S. GAAP. 4、Which of the following methods would be least likely to improve the cash collections of a retail organization?【单选题】A.LockboxB.Debit cardsC.Electronic checks正确答案:A答案解析:“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, andA lockbox is a deposit system coordinated with a bank and is useful when the customer is not paying at the time of sale. In retail organizations, the customer normally pays at the time of sale and the best ways to improve cash collections are to ensure the payments made at that time have no credit risk for the seller. Debit cards, credit cards and electronic checks eliminate the credit risk for the seller.5、A firm’s estimated costs of debt, preferred stock, and common stock are 12%, 17%, and 20%, respectively. Assuming equal funding from each source and a 40% tax rate, the weighted average cost of capital is closest to:【单选题】A.13.9%.B.14.7%.C.16.3%.正确答案:B答案解析:“Cost of Capital,” Yves Courtois, Gene C. Lai, and Pamela Peterson Drake6、The type of efficiency that exists in an economy that uses resources in such a way that they are most valuable is best described as:【单选题】A.operational.B.allocational.rmational.正确答案:B答案解析:“Market Organization and Structure,” Larry E. HarrisEconomies that use resources in such a way that they are most valuable are allocationally efficient.7、The implication for the use of public goods is most likely:【单选题】A.overproduction.B.underproduction.C.efficient production.正确答案:B答案解析:公共商品是指人们享受了其收益但不一定支付对价的产品或服务。
CFA考试《CFA一级》历年真题精选及详细解析1007-2
CFA考试《CFA一级》历年真题精选及详细解析1007-21、A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table:During 2010, the payments owed by the issuer were based on a coupon rate closest to:【单选题】A.4.5%.B.5.0%.C.6.5%.正确答案:B答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFA 2011 Modular Level I, Vol. 5, p. 326-328Study Session 15-61-bDescribe the basic features of a bond, the various coupon rate structures, and the structure of floating-rate securities.B is correct because LIBOR + 300 bps at the reset date equals1.5% + 3.00% = 4.5%, which is below the floor of 5.00% so the coupon rate will be equal to the floor.2、An investor who has a 42% marginal tax rate is analyzing a tax-exempt bond that offers a yield of 3.74%. The taxable-equivalent yield of the bond is closest to:【单选题】A.5.31%.B.6.45%.C.8.90%.正确答案:B答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFA 2011 Modular Level I, Vol. 5, pp. 464-465Study Session 15-64-iCalculate the after-tax yield of a taxable security and the tax-equivalent yield of a tax-exempt security.B is correct because the tax-equivalent yield of a tax-exempt security is3、An analyst does research about real estate investment and gathered the followingannual information about a real estate investment:If the property above is valued at $3 925 000 based on the income approach, thecapitalization rate is closest to:【单选题】A.8.8%B.12.1%C.15.8%正确答案:B答案解析:在收入法之下，appraisal price = NOI/market cap rate，因而有：$3 925 000 = $475 000/market cap rate，得出market capitalization rate = 12.1%.4、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope of the yield curve:【单选题】A.increases.B.decreases.C.stays the same.正确答案:C答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi2012 Modular Level I, Vol. 5, pp. 359–363Study Session 15-54-gDescribe yield-curve risk, and explain why duration does not account for yield-curve risk.C is correct because duration measures the change in the price of a portfolio of bonds if the yields for all maturities change by the same amount; that is, it assumes the slope of the yield curve stays the same.5、An analyst does research about tax-exempt bonds.An investor with 28% marginaltax rate purchase a tax-exempt bond yielding 3.5%.The investor\\\\'s taxequivalentyield is closest to:【单选题】A.2.52%B.4.86%C.12.50%正确答案:B答案解析:设税收等同收益率(tax-equivalent yield)为X，则X × (1 - 28% ) = 3.5%，算出X =4.86%。
cfa一级考试题库答案
cfa一级考试题库答案
1. 以下哪项是CFA一级考试中关于财务报表分析的主要内容？
A. 理解财务报表的结构和内容
B. 识别和分析财务报表中的异常情况
C. 预测未来财务报表的趋势
D. 所有以上选项
正确答案：D. 所有以上选项
2. 在CFA一级考试中，关于投资组合管理的哪项说法是正确的？
A. 投资组合管理只关注资产配置
B. 投资组合管理包括资产配置、选择证券和风险管理
C. 投资组合管理与市场时机无关
D. 投资组合管理只涉及股票投资
正确答案：B. 投资组合管理包括资产配置、选择证券和风险管理
3. 在CFA一级考试中，关于固定收益证券的以下哪项说法是错误的？
A. 固定收益证券的利息支付是固定的
B. 固定收益证券的价格与市场利率呈负相关
C. 固定收益证券的风险高于股票
D. 固定收益证券的到期收益率是固定的
正确答案：C. 固定收益证券的风险高于股票
4. 在CFA一级考试中，关于衍生品的以下哪项说法是正确的？
A. 衍生品的价值完全独立于标的资产
B. 衍生品可以用来对冲风险
C. 衍生品只能用于投机
D. 衍生品不能用于投资组合管理
正确答案：B. 衍生品可以用来对冲风险
5. 在CFA一级考试中，关于经济学的以下哪项说法是错误的？
A. 经济学研究资源的分配和利用
B. 宏观经济学关注整体经济的运行
C. 微观经济学研究个体经济单位的行为
D. 经济学只关注市场均衡状态
正确答案：D. 经济学只关注市场均衡状态
结束语：以上是CFA一级考试题库中的一些典型题目及其答案，希望能够帮助考生更好地准备考试。
2023年CFA一级考试真题与解析
2023年CFA一级考试真题与解析2023年CFA一级考试已经圆满结束，本文将为大家带来这次考试的真题与解析，帮助考生更好地了解考试内容和备考要点。
第一部分：道德与职业准则第一题：伦理与个人行为题目：小林是一位注册投资顾问，他的新客户Mr. Smith希望通过投资来增加自己的财富。
小林了解到Mr. Smith退休计划的绝大部分资金已经投资在一个过度集中的地方，并且其他重要的因素也没有得到考虑。
这种情况下，小林应该如何处理？解析：根据CFA协会的道德与职业准则，投资顾问有责任了解客户的财务情况和投资目标，并提供客观、全面的建议。
在这种情况下，小林应该提醒客户他所面临的风险，并提出分散投资、考虑其他因素的建议，以保护客户的财务利益。
第二题：外部投资者关系题目：公司XYZ近期在一家领先的社交媒体平台上展开一项新产品的在线推广活动。
按照与CFA协会的协议，公司XYZ应如何披露这个推广活动？解析：根据CFA协会的投资者关系准则，公司在展开新产品的推广活动时，需要向投资者提供及时、准确的信息。
公司XYZ应在适当的时候披露这个推广活动，提供项目的重要信息以及潜在的风险和影响，以便投资者做出明智的决策。
第二部分：投资工具第三题：权益估值模型题目：一个分析师使用股利贴现模型（Dividend Discount Model，DDM）来估算一家公司的股票价格。
该公司估计未来一年的股息为2美元，预计增长率为5%，使用12%的折现率。
根据这些数据，该公司的股票价格为多少？解析：根据股利贴现模型，股票价格等于未来股息现值的总和。
在这个例子中，未来一年的股息为2美元，增长率为5%，折现率为12%。
根据计算，未来股息的现值为2/(0.12-0.05)=33.33美元。
因此，该公司的股票价格为33.33美元。
第四题：债券估值题目：一家公司发行了一笔面值为1000美元、票面利率为6%、到期日为5年的债券。
目前市场利率为8%。
根据这些信息，该债券的市场价格是多少？解析：债券的市场价格等于未来现金流的现值之和。
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CFA考试《CFA一级》历年真题精选及详细
解析1107-6
1、All else being equal, a decrease in volatility of the underlying is most likely toresult in a(n):【单选题】
A.increase in call price and a decrease in put price.
B.decrease in call price and a decrease in put price.
C.increase in call price and a increase in put price.
正确答案:B
答案解析:所针对的标的资产波动性增加会同时增加看涨期权和看跌期权的价值，此时标的资产的价格高于看涨期权行权价或者低于看跌期权行权价的可能性都增加，而所针对的标的资产的波动性若降低，则结论正好相反。
2、An analyst does research about commodity.For an investor with a long-termtime horizon, the return from rolling forward the maturity of the derivative positionis most likely described as :【单选题】
A.convenience yield.
B.price return.
C.collateral yield.
正确答案:A
1。