CFA考试《CFA一级》历年真题精选25（附
详解）
1、Wang Dazong, CFA, is a sole proprietor investment advisor. Dazong believes in putting his money at risk along with his clients and trades the same securities as his clients. In order to ensure fair treatment of all accounts, he rotates trade allocations so that each account has an equal likelihood of receiving a fill on their orders. This allocation procedure also applies to Dazong's own account. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the allocation procedure used by Dazong:【单选题】 A.complies with the Standards.
B.requires revision to ensure client trades take precedence. C.should be disclosed and written approval received from clients. 正确答案:B
答案解析:\"Guidance for Standards I-VII,” CFA InstituteB is correct because Standard VI (B) requires client transactions to be given precedence over transactions made on behalf of the members or candidate's firm or personal transactions. Because the advisor trades alongside his clients and allocates trades on a rotating basis, there are times when the advisor’s trades will receive priority over his clients in violation of the Code and Standards. A member or candidate having the same investment positions or being co-invested with clients does not always create a conflict. Some clients in certain investment situations require members or candidates to have aligned interests. Personal investment positions or transactions of members or candidates or their firms should never, however, adversely affect client investments.
2、If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely:【单选题】 A.increase. B.decrease. C.remain unchanged. 正确答案:A
答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen ThomasDetermine whether a fiscal policy is expansionary or contractionary.A is correct. Aggregate demand rises when the government increases spending by the same amount as it raises taxes because the marginal propensity to spend out of disposable income is less than 1, and hence for every dollar less in disposable income, spending only falls by c (where c is the marginal propensity to consume in dollars). Aggregate spending will fall less than the tax rise by a factor c. This additional output will, in turn, lead to further increases in income and output through the multiplier effect. 3、The following information for the current year is available for a company that prepares its financial statements in accordance with U.S. GAAP.The company’s operating profit (in $000s) is closest to:【单选题】 A.1,850. B.2,050. C.2,300. 正确答案:B
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答案解析:“Understanding Income Statements,” Elaine Henry, CFA, and Thomas R. Robinson, CFA
4、Which statement best describes option price sensitivities? The value of a:【单选题】 A.call option increases as interest rates rise. B.put option increases as volatility decreases. C.put option decreases as interest rates decline. 正确答案:A
答案解析:“Derivative Markets and Instruments,” Don M. ChanceA is correct. Call options increase in value as interest rates rise.
5、Holding all other factors constant, an increase in expected yield volatility will cause the price of a:【单选题】 A.putable bond to increase. B.callable bond to increase. C.putable bond to decrease. 正确答案:A
答案解析:“Risks Associated with Investing in Bonds,” Frank J. FabozziIncreasing yield volatility increases the value of both put options and call options, which increases the value of a putable bond (which is long the put option) but decreases the value of a callable bond (which is short the call option.)
6、Molly Burnett, CFA, is a portfolio manager for a fund that only invests in environmentally friendlycompanies. A multinational utility company recently acquired one of the fund's best-performinginvestments, a wind power company. The wind power company's shareholders received utilitycompany shares as part of the merger agreement. The utility has one of the worst environmentalrecords in the industry, but its shares have been one of the top performers over the past 12 months.Because the utility pays a high dividend every three months, Burnett holds the utility shares until theremaining two dividends are paid for the year then sells the shares. Burnett most likely violated theCFA Institute Standard of Professional Conduct concerning:【单选题】 A.Disclosure of Conflicts. B.Suitability.
C.Independence and Objectivity. 正确答案:B
答案解析:The utility is not a suitable investment for a fund that only invests in companies with goodenvironmental records. Continuing to hold this investment, therefore, was a violation of StandardIII(C)-Suitability.Standard I(B)-Independence and Objectivity, Standard III(C)-Suitability, Standard VI(A)-Disclosureof Conflicts
7、Johannes Meir, CFA, is a compliance officer for Family Estate Planning, LLC, a private wealthconsulting firm. Many of his colleagues have family members who have started their own retailbusinesses. Some of Meir's colleagues have been asked by relatives to serve as non-executivedirectors or advisers to their companies. Meir should most likely recommend which of the followingpolicies to ensure compliance with the CFA Institute Standards of Professional Conduct?【单选题】
A.Require employees to declare all income sources annually B.Require employees to declare all outside business interests C.Prohibit employees from becoming directors or advisers 正确答案:B
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答案解析:Standard VI(A)-Disclosure of Conflicts requires the disclosure of conflicts. For Meir to understandwhat potential conflicts of interest employees may have with the firm and with their clients, he wouldneed to know the outside interests of each staff member. The staff members themselves may notknow enough about the company and its clients to disclose those interests that would present apotential conflict. Therefore, it may be best to have all employees declare their outside businessinterests on an annual basis so Meir can make the determination as to what outside businessinterests need to be disclosed to clients.Standard VI(A)-Disclosure of Conflicts
8、An analyst does research about the basic theories of the term structure.Accordingto liquidity preference theory, the term structure of interest rates is leastlikely determined by:【单选题】 A.expectations about future interest rates. B.a yield premium for interest rate risk. C.preference for particular maturity range. 正确答案:C
答案解析:根据流动性偏好理论，其利率期限结构是由未来利率的预期加上持有长期债券的利率风险的补偿所组成的。投资者拥有其偏好的期限是属于市场分割理论的特征。
9、An investor's transactions in a mutual fund and the fund's returns over a four-year period areprovided in the following table:Based on this data, the money-weighted return (or internal rate of return) for the investor is closest to:【单选题】 A.7.50%. B.2.15%. C.3.96%. 正确答案:C
答案解析:
Return: Part I,\" Vijay SingalSection 2.1.4
\"Portfolio Risk and
10、An analyst does research about portfolio performance evaluation.Which of thefollowing performance measures is most appropriate for an investor who is notfully diversified?【单选题】 A.M-squared. B.Treynor ratio. C.Jensen's alpha. 正确答案:A
答案解析:M-squared使用标准差（总风险）来衡量风险，所以不需要充分地分散化非系统性风险这一假设。Treynor ratio和Jensen's alpha都是基于系统性风险，需要投资者充分地分散化非系统性风险这一假设。
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