CFA考试历年真题精选10(附详解)
CFA考试历年真题精选10（附详解）
1、As a condition of his employment with an investment bank, Abasi Hasina, CFA, was required to sign an employment contract, including a non-compete clause restricting him from working for a competitor for three years after leaving the employer. After one year, Hasina quits his job for a comparable position with an investment bank in a country where non-compete clauses are illegal. Lawyers with whom he consulted prior to taking the new position determined the non-compete clause was a violation of human rights and thus illegal. Did Hasina most likely violate the CFA Institute Code of Ethics?【单选题】
A.Yes
B.No, because the non-compete clause violates his human rights
C.No, because the non-compete clause is illegal in the new country of employment
正确答案:A
答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA Institute2012 Modular Level I, Vol. 1, p. 15A is correct because by failing to adhere to the non-compete clause he agreed to abide by when signing his employment contract, Hasina shows a lack of professional integrity toward his employer. This behavior reflects poorly on the good reputation of members and is a violation of the Code of Ethics, which states that members and candidates must act with integrity, and Standard I (D) Misconduct, which states that members and candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence. The Code of Ethics at times requires a member or candidate to uphold a higher standard than that required by law, rule, or regulation, or in this case the strict application of the employment agreement.
2、Danielle Deschutes, CFA, is a portfolio manager who is part of a 10-person team that manages equity portfolios for institutional clients. A competing firm, South West Managers, asks Deschutes to interview for a position within its firm and to bring her performance history to the interview. Deschutes receives written permission from her current employer to bring the performance history of the stock portfolio with her. At the interview, she discloses that the performance numbers represent the work of her team and describes the role of each member. To bolster her credibility, Deschutes also provides the names of institutional clients and related assets constituting the portfolio. During her interview Deschutes most likely violated the CFA Institute Standards of Professional Conduct with regards to:【单选题】
A.the stock portfolio’s performance history.
B.her contribution to the portfolio’s returns.
C.providing details of the institutional clients.
正确答案:C
答案解析:“Guidance for Standards I–VII,” CFA InstituteC is correct because Deschutes most likely violated Standard III (E) Preservation of Confidentiality by failing to preserve the confidentiality of client records when she disclosed specific details about clients in the equity portfolio.
3、A discrete uniform distribution consists of the following twelve values: On a single draw from the distribution, the probability of drawing a value between -2.0 and 2.0 from the distribution is closest to:【单选题】A.16.67%.
B.18.04%.
C.27.59%.
正确答案:A
答案解析:“Common Probability Distributions,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA 2011 Modular Level I, Vol. 1, pp. 497-498 Study Session 3-9-f Calculate and interpret probabilities given the discrete uniform and the binomial distribution functions. First order the values from smallest to largest. Then note that two of the twelve values are between -2.0 and 2.0. Thus, the probability of a draw from the distribution being between -2.0 and 2.0 is 2/12 = 0.16667.
4、Successful product development, advertising, and the creation of brand names are most likely to have a positive impact on the economic profits of the producer under:【单选题】
A.a monopoly.
B.perfect competition.
C.monopolistic competition.
正确答案:C
答案解析:“Monopolistic Competition and Oligopoly,” Michael Parkineconomic profits.
5、Which of the following actions on the part of a central bank is most consistent with increasing the quantity of money?【单选题】
A.Increasing reserve requirements
B.Selling securities on the open market
C.Purchasing securities on the open market
正确答案:C
答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen ThomasC is correct. When a central bank purchases securities, bank reserves increase. The banks thus have excess reserves and are able to increase their lending, increasing the money supply.
6、At the beginning of the year, a company had total shareholders’ equity consisting of ￥200,000 in common share capital and ￥50,000 in retained earnings.The total shareholders’ equity at the end of the year is closest to:【单选题】
A.￥276,000.
B.￥279,000.
C.￥282,000.
正确答案:A
答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. Robinson[1663201704061-image/0232.jpg]
7、The following information is from a company’s accounting records:The company’s total comprehensive income (in € millions) is closest to:【单选题】
A.1,150.
B.3,150.
C.3,650.
正确答案:C
答案解析:“Understanding Income Statements,” Elaine Henry, CFA, and Thomas R. Robinson, CFA(12,500 – 10,000) + 1,475 – 325 = 3,650.
8、The least likely way to terminate a swap is to:【单选题】
A.purchase and exercise a swaption.
B.pay the market value to the counterparty.
C.sell an offsetting swap listed on an exchange.
正确答案:C
答案解析:“Swap Markets and Contracts,” Don M. ChanceC is correct because swaps are not listed on an exchange.
9、Consider two ten-year bonds, one that contains no embedded options and the other that gives its owner the right to convert the bond to a fixed number of shares of the issuer’s common stock. The convertibility option in the second bond cannot be exercised for five years. The bonds are otherwise identical. Compared with the yield on the convertible bond, the yield on the option-free bond is most likely:【单选题】
A.lower.
B.higher.
C.the same.
正确答案:B
答案解析:“Understanding Yield Spreads,” Frank J. FabozziB is correct because the convertibility option provides a benefit to the investor, who will accept a lower yield on the convertible bond compared with the option-free bond.
10、According to the Global Investment Performance Standards (GIPS), which of the following is not apart of the verification process? Testing whether the:【单选题】
A.firm has complied with all the composite construction requirements.
B.verification is undertaken by the compliance department in the absence of a third party.
C.firm's processes and procedures are designed to calculate results in compliance with GIPSstandards.
正确答案:B
答案解析:CFA Level I"Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute, 2011