CFA考试《CFA一级》历年真题精选30(附详解)

CFA考试《CFA一级》历年真题精选30（附

详解）

1、Sato Kashingaki, CFA, is a financial advisor who practices in multiple jurisdictions. In his resident country, Country A, he is not required by law to hold a financial advisors license but he is required to uphold a fiduciary duty to his clients. In Country B, authorities require him to hold a financial advisors license but he is not expected to uphold a fiduciary duty to his clients. In Country C, authorities require both a financial advisors license and an asset management license in addition to upholding a fiduciary responsibility towards clients. In which of the three countries does Kashangaki have the duty to adhere to the CFA Code and Standards over local laws?【单选题】 A.Country A. B.Country B. C.Country C. 正确答案:B

答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA InstituteB is correct because Standard I – Professionalism requires CFA Members and Candidates to comply with the more strict law, rule or regulation in the event of conflicts of any applicable laws, rules and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct). Country B does not require a financial advisor to uphold a fiduciary duty (as is required by Country A and C); i.e. put the client’s interest before their own, therefore the CFA Code of Ethics and Standards of Professional Conduct (Duty to Clients) would be applicable as it is the stricter of the two.

2、Jennifer Ducumon, CFA, is a portfolio manager for high-net-worth individuals at Northeast Investment Bank. Northeast holds a large number of shares in Baby Skin Care Inc., a manufacturer of baby care products. Northeast obtained the Baby Skin Care shares when it underwrote the company’s recent IPO. Ducumon has been asked by the investment-banking department to recommend Baby Skin Care to her clients, who currently do not hold any shares in their portfolios. Although Ducumon has a favorable opinion of Baby Skin Care, she does not consider the shares a buy at the IPO price nor at current price levels. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Ducumon is to:【单选题】 A.ignore the request.

B.recommend the shares after additional analysis. C.follow the request as soon as the share price declines. 正确答案:A

答案解析:“Guidance for Standards I-VII”, CFA InstituteA is correct because Ducumon should refuse to recommend the shares because her opinion of the Baby Skin Care shares must not be affected by internal pressure. If Ducumon followed the request from the investment-banking department at her company, she would be in violation of Standard I (B) Independence and Objectivity. Ducumon must refuse to recommend the BabySkin Care shares until they are an attractive purchase based on fundamental analysis and market pricing. 3、A twenty-year $1,000 fixed rate non-callable bond with 8% annual coupons currently sells for $1,105.94.

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Assuming a 30% marginal tax rate and an additional risk premium for equity relative to debt of 5%, the cost of equity using the bond-yield-plus-risk-premium approach is closest to:【单选题】 A.9.9%. B.12.0%. C.13.0%. 正确答案:B

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene Lai, and Pamela Peterson Drake, CFAThe bond-yield-plus-risk-premium approach is calculated by adding a risk premium to the cost of debt (i.e. the yield-to-maturity for the debt) making the cost of equity 12.00% (= 7% +5%).

4、An investor purchases a 5 percent coupon bond maturing in 3 years for $102.80, providing a yield-to-maturity of 4 percent. At what rate must the coupon payments be reinvested to generate the 4 percent yield?【单选题】 A.0% B.4% C.5% 正确答案:B

答案解析:“Yield Measures, Spot Rates, and Forward Rates”, Frank J. Fabozzi, CFAB is correct since the yield-to-maturity measure assumes that the coupon payments can be reinvested at an interest rate equal to the yield-to-maturity, in this case 4%.

5、A factor that most likely measures a client's ability to bear risk is his or her:【单选题】 A.time horizon.

B.inclination to independent thinking. C.personality type. 正确答案:A

答案解析:A longer time horizon tends to imply greater ability to take risk.Section 2.2.1

6、Michael Allen, CFA, works for an investment management company and managesportfolios for a variety of retail and institutional clients for his firm, includinghis wealthy uncle, all of whom pay a management fee for his services.LawrenceBrown, an analyst at a brokerage firm has recommended Allen a high yield hedgefund based on its historical performance.Allen purchases a large block of thishedge fund and allocates proportionately to all client portfolios, including hisuncle's portfolio.Has Allen most likely violated the Standards of ProfessionalConduct?【单选题】 A.No.

B.Yes, relating to suitability. C.Yes, relating to fair dealing. 正确答案:B

答案解析:因为Allen的叔叔也是他的客户，所以Allen需要公平地对待所有客户，包括他的叔叔。题目中，按比例（proportionately）分配并没有违反公平对待的行为标准。但是，不根据客户的投资目标和限制而盲目给所有的客户进行购买，违反了合适性原则。

7、Which of the following types of unemployment is most likely caused by long-runchanges that eliminate some jobs while generating others for which unemployedworkers are not qualified?【单选题】 A.Frictional. B.Structural. C.Cyclical. 正确答案:B

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答案解析:摩擦性失业（frictional unemployment）是指有工作能力的人由于信息不充分等原因暂时没有找到合适的工作。结构性失业（structural unemployment）是指由于长期的经济结构调整而没有合适的技能导致失业。周期性失业（cyclical unemployment）是指有效需求不足而导致的失业。

8、An analyst does research about trade restriction.A primary reason for a countryto adopt restrictions on international trade is that restrictions typically:【单选题】 A.improve short-run economic efficiency. B.benefit consumers at the expense of producers.

C.provide concentrated benefits to a small group of people. 正确答案:C

答案解析:限制国际贸易并不能促进短期的经济有效性，而是有利于生产厂商，并且会牺牲消费者的利益。但是，限制国际贸易为一小部分人提供了利益，如本地的生产厂商受到国外产品的竞争会减少，从而能够获得更多的利润。

9、For a US investor, which of the following statements concerning investing in depository receipts(DRs) is least accurate?【单选题】

A.Investors in unsponsored DRs would have the same voting rights as the direct owners ofcommon shares. B.Investing in DRs could provide arbitrage opportunities and entail currency risk. C.Sponsored DRs are subject to greater reporting requirements than unsponsored DRs. 正确答案:A

答案解析:Investors of unsponsored DRs would not have the same voting rights as the direct owners of commonshares because the depository bank retains the voting rights.Section 5.2

10、An analyst does research about equity indices.The beginning value for an indexis 2029 and the ending value is 2132.If the income for the period is 35 points,the price return of the index is closest to:【单选题】 A.4.8% B.5.1% C.6.8% 正确答案:B

答案解析:（2 132 - 2 029）/2 029 = 5.1%。题目中要求的是，指数的价格回报而不是总回报，所以不需要考虑该阶段的收入。

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