1、特許金融分析師歷年CFA考試真題及答案解析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. The s

2、alesmen 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 Standard.

3、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 cu

4、rrent 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 CFA e

5、xam 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 CFA

6、 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 Inst

7、itute 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-deal

8、er 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 accounts.

9、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 with

10、 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 that

11、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 violation

12、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 info

13、rmed 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 contract.

14、 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 reducti

15、ons 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 the

16、 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 spe

17、cific 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 pro

18、posal. 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 Stan

19、dards 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. NoNoB

20、. 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. A

21、fter 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 day

22、, 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 fri

23、end to pass on insider information.【答案】B11. Adira Badawi, CFA, who owns a research and consulting company, is an independent board member of a leading cement manufacturer in a small local market. Because of Badawi's expertise in the cement industry, a foreign cement manufacturer looking to enter

24、 the local market has hired him to undertake a feasibility study. Under what circumstances can Badawi most likely undertake the assignment without violating the CFA Institute Code of Ethics and Standards of Professional Conduct?A. He makes full disclosure to both companiesB. He signs confidentiality

25、 agreements with both companiesC. He receives written permission from the local company【答案】A12. Which of the following is not a component of the CFA Institute Code of Ethics?A. Promote financial integrity and seek to prevent and punish abuses in the financial marketsB. Practice and encourage others

26、to practice in a professional and ethical manner that will reflect credit on themselves and the professionC. Place the integrity of the investment profession and the interests of clients above your own personal interests【答案】A13. According to the Global Investment Performance Standards (GIPS), which

27、of the following is not a part of the verification process? Testing whether the:A. firm has complied with all the composite construction requirementsB. verification is undertaken by the compliance department in the absence of a third partyC. firm's processes and procedures are designed to calcul

28、ate results in compliance with GIPS standards【答案】B14. Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Sato issued a request for proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a good friend of Sato, introduces him to representatives from Capi

29、tal Investments, which submitted a proposal. Sato selected Capital as a manager based on the firm's excellent performance record.Shortly after the selection, Peters, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Which of the CFA ch

30、aterholders violated the CFA Institute Standards of Professional Conduct?A. BothB. NeitherC. Peters【答案】B15. Claire Jones, CFA, is an analyst following natural gas companies in the United States. At an industry energy conference, the chief financial officer of Alpine Energy states that the company is

31、 interested in making strategic acquisitions. At a separate event, Alpine's head of exploration commented that he is bullish on natural gas production prospects within northeastern Pennsylvania. Jones is aware that Alpine currently has very little exposure to this region. She also knows another

32、company in her universe, Pure Energy, Inc. is based in northeastern Pennsylvania and controls significant assets in the area. Pure Energy is highly leveraged, and Jones believes it will need to raise additional capital or partner with another firm to move to the production phase with their assets. J

33、ones attempts tocontact Alpine's chief executive officer with an unrelated question and is told he is unavailable because he is on a business trip to northeastern Pennsylvania. Jones updates her research on Pure Energy and then recommends the stock to Lisa Wong, CFA, a portfolio manager, who pur

34、chases significant positions in client accounts. The following week, Pure Energy announces it has entered into an agreement to be purchased by Alpine for a significant premium. Has either Jones or Wong most likely violated standards with regard to the integrity of capital markets?A. Yes, Jones'

35、recommendation is based on insider informationB. NoC. Yes, both Jones and Wong have acted on insider information【答案】B16. Andrew Mader, CFA, is an analyst with Metro Investment Services. During lunch with some of Metros managers, Mader is told, “There are going to be major problems at Gebco (a firm t

36、hat Metro had brought public last year). I was just over there and the place is just crawling with government inspectors.” Mader had just issued a report with a “buy” recommendation on Gebco last week. Mader should:A. without further research, immediately issue a new report reversing his previous re

37、commendation.B. not do anything because to do so would violate his obligation to preserve confidentiality.C. immediately issue a new report, but only after stopping by Gebco himself to corroborate the story.【答案】B17. Theresa Hatcher, CFA, is making arrangements to establish her own investment advisor

38、y business before terminating her relationship with her current employer, Elite Brokers, Inc. Elite is a small company consisting of only six investment professionals and a small support staff. According to CFA Institute Standards of Professional Conduct, which of the following activities is least l

39、ikely a violation of Hatchers duty to Elite?A. Hatcher takes home copies of Elites client lists and marketing presentations.B. Hatcher engages in secret negotiations with two other investment professionals and her administrative assistant to leave Elite in order to join her new business.C. Hatcher l

40、eases office space, furniture, and other equipment for her new business.【答案】C資料來源：文得學習網，更多考試資料題庫視頻，上文得學習網查找。18. Gabrielle Gabber CFA has been accused of professional misconduct by one of her competitors. The allegations concern Gabbers personal bankruptcy filing when she was a college student ten ye

41、ars ago and had a large amount of uninsured medical bills. By not disclosing the bankruptcy filing to her clients, did Gabber violate any CFA Institute Standards of Professional Conduct?A. NoB. Yes, related to MisconductC. Yes, related to Misrepresentation【答案】A19. If no other estimator of a given pa

42、rameter has a sampling distribution with a smaller variance, the estimator used is best characterized as:A. consistentB. unbiasedC. efficient【答案】C20. Robert Lamy is an equity advisor. One day he gathered information about three microeconomic variables X, Y, Z. He noticed that whenever variable X inc

43、reased by one unit, variable Y decreased by 0.3 units but variable Z increase by 0.3 units. The correlation between variables X and Y and the correlation between variables X and Z, respectively, are closest to:Correlation betweenCorrelation betweenVariables X and Yvariables X and ZA. -0.31.0B. -0.30

44、.3C. -1.01.0【答案】C21. An investor plans to retire eight years from today. To maintain her standard of living through retirement, she needs to have $2.5 million accumulated when she retires. Her portfolio is currently valued at $1.2 million and is expected to earn 7.0 percent annually. The minimum ann

45、ual amount she must save at the beginning of each of the next eight years to achieve a retirement accumulation of $2.5 million is closest to:A. $0B. $31,875C. $39,914【答案】C22. An analyst asked an junior associate to evaluate the performance of group of mutual funds over the last 10 years. The associa

46、te calculated the following performance statistics: The analyst suspects that the associate has made some errors in calculating the performance statistics. Based only on the expected mathematical relationships between the two measures of return and between the two measures of dispersion calculated b

47、y the associate, did the associate most likely make errors in calculating the statistics associated with:Mutual Fund A?Mutual Fund B?A. NoYesB. YesNoC. YesYes【答案】C23. When using stock return data, a geometric mean return calculation is most likely preferred over a geometric mean calculation because:

48、A. return data can be negative.B. return data can be less than one.C. the geometric mean return is closer in value to the arithmetic mean.【答案】A24. An analyst is investigating the distribution of the SMG stocks return over time. He calculated the mode of 12 percent, the mean of 11 percent, and the me

49、dian of 11.5 percent. The distribution can best be described as:A. positively skewed, with a long tail on the left side.B. negatively skewed, with a long tail on the left side.C. positively skewed, with a long tail en the right side.【答案】B25. An analyst collects the following set of past stock return

50、s: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?A. Median returnB. Geometric mean returnC. Arithmetic mean return【答案】A26. Which of the following statements used to describe the Students t-distribution is least accurate? The Students t

51、-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 Stock 2

52、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 portfolios expe

53、cted: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 a fal

54、se 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 bankruptcy

55、?A. 4.0%.B. 50.0%.C. 44.0%.【答案】C資料來源：文得學習網，更多考試資料題庫視頻，上文得學習網查找。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 of th

56、e 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 days it

57、 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. decrease in private spendingC