CFA考试《CFA一级》历年真题精选13(附详解)

cfa一级公司发行人题目
CFA一级考试中，关于公司发行人的题目通常涉及公司融资、股权融资、债务融资、公司治理、公司财务等方面的内容。

以下是一些可能涉及的题目：
1. 公司发行人的角色和责任是什么？请解释公司发行人在公司融资过程中的作用。

2. 请说明公司发行人在股权融资和债务融资中的不同职责和考虑因素。

3. 什么是公司治理？公司发行人在公司治理中扮演什么样的角色？
4. 请解释公司发行人在财务报表编制和披露中的责任和义务。

5. 举例说明公司发行人可能面对的道德和职业道德挑战，以及应对这些挑战的方法。

这些问题涉及了公司发行人在公司融资、治理和财务方面的职
责和角色，需要考生全面了解相关概念和原则，并能够结合实际情况进行分析和解答。

希望以上回答能够满足你的要求。

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一级考试题库答案1. 以下哪项是有效市场假说（Efficient Market Hypothesis, EMH）的核心观点？A. 市场价格总是正确的。

B. 市场价格反映了所有可用信息。

C. 投资者总是理性的。

D. 市场参与者总是能够发现并利用所有的投资机会。

答案：B2. 在CFA一级考试中，关于固定收益证券的以下哪个说法是不正确的？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. 固定收益证券的信用风险可以通过信用评级来衡量。

D. 固定收益证券的到期收益率总是高于票面利率。

答案：D3. 以下哪个指标用于衡量股票的波动性？A. 价格收益比（Price-to-Earnings Ratio）B. 贝塔系数（Beta Coefficient）C. 夏普比率（Sharpe Ratio）D. 标准差（Standard Deviation）答案：D4. 在投资组合管理中，以下哪个概念描述了投资组合中资产之间的相关性？A. 资产配置（Asset Allocation）B. 市场时机（Market Timing）C. 多元化（Diversification）D. 相关系数（Correlation Coefficient）答案：D5. 以下哪个财务比率用于评估公司的偿债能力？A. 流动比率（Current Ratio）B. 毛利率（Gross Margin Ratio）C. 资产周转率（Asset Turnover Ratio）D. 权益回报率（Return on Equity）答案：A6. 在CFA一级考试中，关于宏观经济分析的以下哪个说法是正确的？A. 宏观经济分析主要关注公司层面的财务状况。

B. 宏观经济分析只考虑长期经济趋势。

C. 宏观经济分析包括对经济增长、通货膨胀和利率等因素的研究。

D. 宏观经济分析与投资决策无关。

答案：C7. 在评估一个投资项目时，以下哪个现金流是最重要的？A. 初始投资B. 营运现金流C. 终值现金流D. 所有上述现金流答案：D8. 在CFA一级考试中，以下哪个财务报表分析工具用于评估公司的盈利能力？A. 杜邦分析（DuPont Analysis）B. 比率分析（Ratio Analysis）C. 现金流量表（Cash Flow Statement）D. 资产负债表（Balance Sheet）答案：B9. 在投资决策中，以下哪个因素是风险厌恶型投资者最关注的？A. 预期回报B. 投资成本C. 风险水平D. 流动性答案：C10. 在CFA一级考试中，以下哪个金融工具用于对冲利率风险？A. 期货合约（Futures Contract）B. 期权合约（Options Contract）C. 掉期合约（Swap Contract）D. 所有上述金融工具答案：D。

CFA考试一级章节练习题精选0331-13（附详解）、A U.S. pulp brokerage firm which prepares its financial statements according to U.S. GAAP anduses a periodic inventory system had the following transactions during the year:The cost of sales (in ‘000s) is closest to:【单选题】A.$3,850 using FIFO.B.$4,080 using LIFO.C.$5,890 using weighted average.正确答案:A答案解析:"Inventories,” Michael A. Broihahn, CFA2011 Modular Level I, Vol.3, pp.382-386Study Session: 9-36-c, eCalculate cost of sales and ending inventory using different inventory valuation methods and explain the impact of the inventory valuation method choice on gross profit.Compare and contrast cost of sales, ending inventory, and gross profit using different inventory valuation methods.FIFO cost of sales is $3,850 as per the table.1、An analyst does research about the difference between International FinancialReporting Standards (IFRS) and U.S.generally accepted accounting principles(GAAP).With respect to the classification of interests received on the statementof cash flows, U.S.GAAP is:【单选题】A.less flexible than IFRS.B.equally flexible as IFRS.C.more flexible than IFRS.正确答案:A答案解析:IFRS中允许股利分红记在运营现金流或者融资现金流中，而GAAP只允许其分类为融资现金流。

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. Pi nto, 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一级考试金融学真题分析在CFA一级考试中，金融学是考试的重要科目之一。

本文将对CFA一级金融学真题进行分析，并探讨这些问题涉及的关键概念和解题方法。

一、货币市场与利率1. 样例题目：假设一个国家的通货膨胀率为4%，并且预计在未来一年不会出现大的通胀压力。

如果该国货币市场的利率是6%，那么实际利率是多少？2. 分析与解答：这道问题涉及到货币市场利率与实际利率的关系。

货币市场利率是指银行贷款利率等短期市场利率，而实际利率则是扣除通货膨胀率后的利率。

根据题目信息，该国通胀率为4%，货币市场利率为6%。

因此，实际利率可以通过货币市场利率减去通胀率来计算：实际利率 = 货币市场利率 - 通胀率= 6% - 4%= 2%所以，该国的实际利率为2%。

二、股票与证券市场1. 样例题目：某只股票的市场价值为10万美元，每股价格为50美元。

该股票的市场权重为5%。

如果该股票价格上涨10%，那么该股票对市场指数的贡献是多少？2. 分析与解答：这道问题需要我们计算股票对于市场指数的贡献。

股票对市场指数的贡献可以通过股票市值的权重来计算。

首先，计算股票的新市场价值：新市场价值 = 10万美元 * (1 + 10%)= 11万美元然后，计算股票的新市值权重：新市值权重 = 新市场价值 / 总市值= 11万美元 / 总市值由于该股票的市场权重为5%，总市值可以通过股票市场价值除以市值权重计算得出：总市值 = 股票市场价值 / 市场权重= 10万美元 / 5%将总市值和新市值权重代入计算公式：股票对市场指数的贡献 = 新市值权重 - 市场权重= (11万美元 / 总市值) - 5%通过计算，可以得出该股票对于市场指数的贡献。

三、债券与固定收益证券1. 样例题目：某公司有一只债券，票面利率为5%，到期时间为5年。

如果当前市场利率为6%，该债券的市场价格是多少？2. 分析与解答：这道问题需要我们计算债券的市场价格。

债券的市场价格受到当前市场利率的影响。

CFA考试一级章节练习题精选0330-13（附详解）1、Which of these is the best example of an embedded option granted to bondholders?【单选题】A.A prepayment optionB.A floor on a floating rate securityC.An accelerated sinking fund provision正确答案:B答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFA2011 Modular Level I, Vol. 5, p. 337Study Session 15-61-eIdentify the common options embedded in a bond issue, explain the importance of embedded options, and state whether such options benefit the issuer or the bondholder.B is correct because the floor benefits the bondholder by keeping the coupon from falling below a certain threshold if market rates decline to very low levels.2、An analyst does research about reinvestment risk.Which of the following securitiesis most likely to be subject to reinvestment risk during the period of time betweenissuance and maturity?【单选题】A.Treasury bills.B.Treasury notes.C.Treasury coupon strips.正确答案:B答案解析:Treasury bills是美国国库券，是短期债券，而且是完全折价债券，到期前没有利息，到期时一次还本，所以没有再投资风险；Treasury coupon strips是美国本息剥离的国债，投资银行将美国的中长期国债的每一笔利息和本金拆分成不同期限的完全折价债券，所以也没有再投资风险；而Treasury notes是美国中期国债，每半年发放一次利息，会有再投资风险。

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：在计算投资组合的预期收益率时，以下哪种资产的预期收益率对投资组合的预期收益率影响最大？A. 资产A，占投资组合的10%B. 资产B，占投资组合的20%C. 资产C，占投资组合的30%D. 资产D，占投资组合的40%答案：D解析：投资组合的预期收益率是通过加权平均各个资产的预期收益率来计算的。

权重越大的资产对投资组合的预期收益率影响越大。

因此，资产D作为权重最大的资产，其预期收益率对投资组合的预期收益率影响最大。

2. 问题：以下哪种金融工具最适合用于对冲利率风险？A. 股票B. 债券C. 利率互换D. 货币期权答案：C解析：利率互换是一种利率衍生品，允许两方交换利率支付流。

这种金融工具可以用来对冲利率风险，因为它允许投资者锁定未来的利率水平，从而减少利率变动对投资组合价值的影响。

3. 问题：在进行财务分析时，以下哪种比率最能反映公司的流动性状况？A. 流动比率B. 速动比率C. 资产负债率D. 权益乘数答案：A解析：流动比率是衡量公司短期偿债能力的指标，它通过比较公司的流动资产和流动负债来计算。

一个较高的流动比率表明公司有足够的流动资产来覆盖其短期负债，因此最能反映公司的流动性状况。

4. 问题：在计算经济增加值（EVA）时，以下哪个因素不是必要的？A. 公司的税后营业利润B. 公司的资本成本C. 公司的总资产D. 公司的权益乘数答案：D解析：经济增加值（EVA）是通过从公司的税后营业利润中减去资本成本来计算的。

资本成本反映了公司资本的机会成本，而权益乘数并不是计算EVA所必需的。

EVA的计算公式为：EVA = NOPAT - (WACC * 资本投入)。

结束语：通过以上对CFA一级考试真题的分析，可以看出，理解各个金融概念和工具的基本原理对于通过考试至关重要。

希望这些真题及答案详解能够帮助考生更好地准备考试，提高通过率。

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.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 2.2.16、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 wrenceBrown, 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。

2023年CFA一级考试真题答案解析考试科目： CFA一级考试时间： 2023年题目总数：根据具体考试要求确定考试形式：选择题和案例分析题考试难度：根据具体题目而定一、背景分析在2023年的CFA一级考试中，学生们面临了一系列的选择题和案例分析题。

这些题目旨在考察学生在金融投资领域的知识和能力。

本文将对其中的几个典型题目进行解析，帮助学生们更好地理解答题思路和方法。

二、选择题解析选择题是CFA一级考试中常见的题型，学生们需要在给出的选项中选择出正确答案。

例题一：根据现行会计准则，以下哪项资产不需要计提减值准备？A. 存货B. 长期股权投资C. 固定资产D. 无形资产答案解析：根据现行会计准则，资产需要计提减值准备的原则是将资产按照公允价值或可收回金额计量，以较低者为准。

根据这个原则，我们可以推断出选项中的哪项资产价值最不会受到明显的波动，相对稳定。

根据这个推理，答案是C. 固定资产，因为固定资产的价值相对稳定，不会轻易发生明显波动，所以不需要计提减值准备。

例题二：下列哪项是影响企业价值的关键因素？A. 资本成本B. 利润额C. 负债率D. 现金流量答案解析：影响企业价值的因素有很多，但其中最为关键的是现金流量。

虽然资本成本、利润额和负债率等因素也对企业价值有影响，但它们相对而言较为次要。

而现金流量是企业的现金收入和支出，是直接衡量企业经营状况和效益的重要指标，也是估值模型中最基本的输入变量。

三、案例分析题解析案例分析题是CFA一级考试中较为复杂的题型，需要学生们综合运用各种知识和技巧进行分析和解答。

例题三：某公司公布了最新的财务报表，你作为一名金融分析师，请根据以下数据回答问题。

公司A：净利润：100,000美元总负债：500,000美元总资产：1,000,000美元公司B：净利润：200,000美元总负债：800,000美元总资产：2,000,000美元问题：根据以上数据，哪家公司的财务状况更好？答案解析：判断一家公司的财务状况好坏，可以从多个角度进行分析。

cfa一级考试答案1. 以下哪项是CFA一级考试中关于财务报表分析的主要考察内容？A. 理解财务报表的结构和内容B. 分析财务报表中的数据以评估公司的财务状况C. 预测公司未来的财务表现D. 以上所有正确答案：D2. 在CFA一级考试中，关于投资组合管理的考察重点是什么？A. 投资组合的构建和优化B. 投资组合的风险和回报分析C. 投资组合的监控和调整D. 以上所有正确答案：D3. CFA一级考试中，关于伦理和专业标准的部分主要考察哪些内容？A. CFA协会的伦理准则B. 专业行为标准C. 职业责任和道德决策D. 以上所有正确答案：D4. 在CFA一级考试中，关于定量分析的考察内容主要包括哪些方面？A. 数据的统计分析B. 概率论和随机变量C. 投资组合的优化技术D. 以上所有正确答案：D5. CFA一级考试中，关于经济学的考察重点包括哪些？A. 宏观经济学原理B. 微观经济学原理C. 经济指标的分析和预测D. 以上所有正确答案：D6. 在CFA一级考试中，关于固定收益的考察内容主要涉及哪些方面？A. 债券的定价和估值B. 利率风险管理C. 信用分析和评级D. 以上所有正确答案：D7. CFA一级考试中，关于股权投资的考察重点是什么？A. 股票的估值方法B. 市场效率和行为金融学C. 股票投资策略D. 以上所有正确答案：D8. 在CFA一级考试中，关于衍生品的考察内容主要包括哪些方面？A. 期货和期权的基本概念B. 衍生品的定价和估值C. 衍生品的风险管理D. 以上所有正确答案：D9. CFA一级考试中，关于另类投资的考察重点包括哪些？A. 另类投资的种类和特点B. 另类投资的风险和回报特性C. 另类投资的策略和应用D. 以上所有正确答案：D10. 在CFA一级考试中，关于公司金融的考察内容主要涉及哪些方面？A. 资本预算和投资决策B. 资本结构和股利政策C. 公司治理和伦理D. 以上所有正确答案：D。

CFA考试一级章节练习题精选0401-14（附详解）1、The tools used by the U.S. Federal Reserve system (the Fed) to implement monetary policy most likely include:【单选题】A.transfer payments.B.open market operations.C.raising or lowering income taxes.正确答案:B答案解析:“Money, the Price Level, and Inflation,” Michael ParkinThe Fed uses three main policy tools to achieve its objectives: requi red reserve ratios, discount rate, and open market operations.2、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 pa yment, 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.3、Capital provided for companies beginning operation but before commercial manufacturing and sales have occurred best describes which stage in venture capital investing?【单选题】A.Seed-stageB.Early-stageter-stage正确答案:B答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFAB is correct. E arly-stage financing is capital provided for companies moving into operation and before commercial manufacturing and sales have occurred.4、Which of the following statements is most accurate in describing total surpluswith respect to a product or service?【单选题】A.Price minus marginal cost, summed over the quantity bought.B.Marginal benefit minus price, summed over the quantity bought.C.Marginal benefit minus marginal cost, summed over the quantity bought.正确答案:C答案解析:总剩余（total surplus）是消费者剩余（consumer surplus）加上生产者剩余（producer surplus），即将边际收益减去边际成本，在所有购买量上的加总。

CFA考试《CFA一级》历年真题精选12（附详解）1、Kim Klausner, CFA, monitors several hundred employees as head of compliance for a large investment advisory firm. Klausner has always ensured that his company’s compliance program met or exceeded those of its competitors. Klausner, who is going on a long vacation, has delegated his supervisory responsibilities to Sue Chang. Klausner informs Chang that her responsibilities include detecting and preventing violations of any capital market rules and regulations, and the CFA Institute Code and Standards. Klausner least likely violated the CFA Institute Standards of Professional Conduct by failing to instruct Chang to also consider:【单选题】A.firm policies.B.legal restrictions.C.industry standards.正确答案:C答案解析:“Guidance for Standards I–VII”, CFA InstituteC is correct because the requirement under Standard IV(C) Responsibilities of Supervisors does not include any reference to industry standards. Standard IV(C) requires supervisors to instruct those subordinate to whom supervision is delegated about detection methods to prevent violations of laws, rules, regulations, firm policies and the CFA Institute Code and Standards.2、An increase in which of the following items is most likely to result in a wider confidence interval for the population mean?【单选题】A.Sample sizeB.Reliability factorC.Degrees of freedom正确答案:B答案解析:“Sampling and Estimation,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAAn increase in the reliability factor (the degree of confidence) increases the width of the confidence interval. Increasing the sample size and increasing the degrees of freedom both shrink the confidence interval.3、An analyst collects data relating to five commonly used measures of use of debt (leverage) and interest coverage for a randomly chosen sample of 300 firms. The data comes from those firms’ fiscal year 2011 annual reports. This data is best characterized as:【单选题】A.time-series data.B.longitudinal data.C.cross-sectional data.正确答案:C答案解析:“Sampling and Estimation,” Richard A. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleStudy Session 3-10-dDistinguish between time-series and cross-sectional data.C is correct. Data on some characteristics of companies at a single point in time are cross-sectional data.4、Consumer surplus is best described as:【单选题】A.always less than or equal to zero.B.always greater than or equal to zero.C.at times positive and at other times negative.正确答案:B答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. ArbogastB is correct. Consumer surplus arises when one pays less for a good than the maximum price that she or he was willing to pay for it. Consumer surplus is the value (or marginal benefit) of a good minus the price paid for it, summed over the quantity bought. Because no consumer will (willingly) pay a price greater than the marginal value or benefit, consumer surplus is always positive.5、An investor buys stock on margin and holds the position for exactly one year.Assuming that the interest on the loan and the dividend are both paid at the end of the year, the price at which the investor sold the stock is closest to:【单选题】A.$23.05.B.$23.38.C.$23.98.正确答案:B答案解析:“Market Organization and Structure,” Larry Harris6、A bond is selling for 98.2. It is estimated that the price will fall to 96.6 if yields rise 30 bps and that the price will rise to 100.1 if yields fall 30 bps. Based on these estimates, the duration of the bond is closest to:【单选题】A.1.78.B.5.94.C.11.88.正确答案:B答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFA7、The table below provides information about a portfolio of three bonds.Based on this information, the duration of the portfolio is closest to:【单选题】A.9.35.B.9.48.C.9.74.正确答案:A答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fabozzi8、Vida Knauss, CFA, manages the portfolios of a number of high-net-worth individuals.Which of the following most likely violates the Standards of ProfessionalConduct relating to suitability when:【单选题】A.Knauss evaluates the investment in the context of the individual characteristicsof the investment alone.B.Knauss evaluates whether the investment is suitable for the client's investmentpolicy statement.C.Knauss evaluates the investment in the context of the client's total portfolioof investments.正确答案:A答案解析:评估投资是否适合应该以投资组合的范围来评估，同时应该评估投资是否符合客户的需要和目的，这些都是反映适合性的。

CFA考试一级章节练习题精选0401-12（附详解）1、If the yield to maturity on an annual-pay bond is 7.75%, the bond-equivalent yield is closest to:【单选题】A.7.61%.B.7.90%.C.8.05%.正确答案:A答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA[1667201704061-image/0444.jpg]2、An analyst does research about survivorship bias and its impact to measurementratios.Hedge fund data bases and indexes that suffer from survivorship bias becauseof a failure to comply with performance presentation standards are mostlikely to overstate :【单选题】A.Sharpe ratios.B.standard deviation of returns.C.correlations with returns from common stocks.正确答案:A答案解析:对冲基金有生存偏差，统计的历史业绩中只包含那些生存下来的基金的业绩，而那些由于业绩不佳而被清盘的基金的业绩不包括在内，这就高估了对冲基金的平均收益率，低估了对冲基金收益率的标准差，所以导致高估了夏普比率。

同时，由于对冲基金的业绩看上去很稳定，但并不能反映市场的情况，这就低估了与普通股收益率之间的相关系数。

3、An analyst does research about price value of a basis point (PVBP).With respectto a coupon bond, the duration is 8.61, and the current price of the bondis $ 101.35.The price value of a basis point (PVBP) of the bond is closest to:【单选题】A.$ 0.0861B.$ 0.0873C.$ 0.1014正确答案:B答案解析:8.61 × 0.0001 × $ 101.35 = $ 0.08734、Which of the following measures of interest rate risk is most appropriate forbonds with prepayment option?【单选题】A.Effective duration.B.Modified duration.C.Macaulay duration.正确答案:A答案解析:对于有内含权或者提前偿付权的债券而言，由于现金流是不确定的，故应该用有效久期测量利率风险，而不能用修正久期或麦考利久期。

cfa一级考试真题及答案解析CFA一级考试真题及答案解析1. 问题：某投资者持有一个投资组合，其中包含股票A和股票B，股票A的预期收益率为10%，股票B的预期收益率为15%，股票A在投资组合中的权重为60%，股票B的权重为40%。

请问该投资组合的预期收益率是多少？解析：投资组合的预期收益率可以通过加权平均的方式来计算。

具体计算公式为：投资组合预期收益率 = (股票A的预期收益率 * 股票A的权重) + (股票B的预期收益率 * 股票B的权重)。

将题目中给出的数据代入公式，得到投资组合的预期收益率 = (10% * 60%) + (15% * 40%) = 6% + 6% = 12%。

答案：投资组合的预期收益率为12%。

2. 问题：某公司在年初发行了面值为1000元，期限为5年，年利率为5%的债券。

如果市场利率为6%，请问该债券的当前市场价格是多少？解析：债券的市场价格可以通过现值公式来计算，即市场价格 = 债券面值 / (1 + 市场利率)^债券期限。

将题目中给出的数据代入公式，得到债券的市场价格 = 1000 / (1 + 6%)^5 ≈ 735.47元。

答案：该债券的当前市场价格约为735.47元。

3. 问题：某投资者购买了一份看涨期权，执行价格为100元，期权费为5元，到期日时标的资产的市场价格为120元。

请问该投资者的净收益是多少？解析：看涨期权的净收益可以通过以下公式计算：净收益 = (标的资产的市场价格 - 执行价格 - 期权费)。

将题目中给出的数据代入公式，得到净收益 = (120 - 100 - 5) = 15元。

答案：该投资者的净收益为15元。

4. 问题：某公司上一年的营业收入为500万元，营业成本为300万元，销售和管理费用为100万元，财务费用为20万元，投资收益为30万元。

请问该公司上一年的净利润是多少？解析：净利润的计算公式为：净利润 = 营业收入 - 营业成本 - 销售和管理费用 - 财务费用 + 投资收益。

CFA考试一级章节练习题精选0330-12（附详解）1、The following selected information is from a company’s most recent financial statements:The 2009 cash conversion cycle, in days, is closest to:【单选题】A.23.B.26.C.28.正确答案:A答案解析:“Financial Analysis Techniques”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA 2010 Modular Level I, Vol. 3, pp. 329-330“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela P. Peterson, CFA2010 Modular Level I, Vol. 4 pp.89-93Study Session 8-35-d, 11-46-cCalculate, classify and interpret activity, liquidity, solvency, profitability, and valuation ratios.Evaluate overall working capital effectiveness of a company, using the operating and cash conversion cycles, and compare its effectiveness with other peer companies.2、An analyst does research about financial statement framework.Ratios and graphsare most likely the output of which of the following phases of the financial statementanalysis framework?【单选题】A.Process data.B.Analyze/interpret the processed data.C.Collect input data.正确答案:A答案解析:财务报表分析的步骤如下：（1）陈述分析目标；（2）收集数据（例如财务报表、行业报告等）；（3）处理数据（形成通用报表、比率和图表等）；（4）分析并阐述所处理的数据；（5）制定决策，沟通结果并形成推荐意见；（6）继续跟踪。

CFA考试历年真题精选13（附详解）1、Lawrence Hall, CFA, and Nancy Bishop, CFA, began a joint research report on Stamper Corporation. Bishop visited Stamper’s corporate headquarters for several days and met with all company officers. Prior to the completion of the report, Bishop was reassigned to another project. Hall utilized his and Bishop’s research to write the report but did not include Bishop’s name on the report, because she did not agree with Hall’s conclusion included in the final report. According to the CFA Institute Standards of Practice Handbook, did Hall violate any CFA Institute Standards of Professional Conduct?【单选题】A.No.B.Yes, with respect to misrepresentation.C.Yes, with respect to diligence and reasonable basis.正确答案:A答案解析:“Guidance for Standards I-VII”, CFA InstituteMembers are in compliance with CFA Institute’s Standard V (A) Diligence and Reasonable Basis, if they rely on the research of another party who exercised diligence and thoroughness. Because Bishop’s opinion did not agree with the final report, disassociating her from the report is one way to handle this difference between the analysts.2、Which of the following least likely describes an advantage of investing in hedge funds through a fund of funds? A fund of funds may provide investors with:【单选题】A.lower fees due to economies of scale.B.access to funds that are closed to new investors.C.access to managers with expertise in finding reliable and good-quality hedge funds.正确答案:A答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyA is correct because the fees on funds of funds are usually higher. The fund of funds manager charges a fee, and there is a fee charged by each hedge fund.3、Theresa Green, CFA, manages the portfolio of Ian Knowlden, a client of TisburyInvestments.Green knows that Knowlden is preparing to sell a large positionin the Franklin Industries, a relatively small inactively-traded stock listingin a local exchange.Green places a sell order for Franklin Industries in his ownaccount before the Knowlden's order is placed.Green has most likely violatedthe Standard(s) of Professional Conduct relating to:【单选题】A.only material non-public information.B.only priority of transactions.C.both material nonpublic informationand priority of transactions.正确答案:C答案解析:Green在客户交易之前进行个人交易，违反了优先交易权（priority of transactions）的行为标准。

CFA考试《CFA一级》历年真题精选14（附详解）1、Demand for a good is most likely to be more elastic when:【单选题】A.the good is a necessity.B.a lesser proportion of income is spent on the good.C.the adjustment to a price change takes a longer time.正确答案:C答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. ArbogastC is correct. The longer the time that has elapsed since a price change, the more elastic demand is. For example, if gas prices rise, consumers cannot quickly change their mode of transportation but will likely do so in the longer run.2、Which of the following statements describes the most appropriate treatment of cash flows in capital budgeting?【单选题】A.A project is evaluated using its incremental cash flows on an after-tax basis.B.Interest costs are included in the project's cash flows to reflect financing costs.C.Sunk costs and externalities should not be included in the cash flow estimates.正确答案:A答案解析:All of the incremental cash flows arising from a project should be analyzed on an after-tax basis.Section 33、A company entered into a three-year construction project with a total contract price of $5.3 million and an expected total cost of $4.4 million. The following table provides cash flow information relating to the contract:If the company uses the percentage-of-completion method, the amount of revenue (in $) recognized in Year 2 will be closest to:【单选题】A.2,800,000.B.3,372,727.C.3,616,636.正确答案:C答案解析:“Understanding The Income Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFAThe revenue reported is equal to the percentage of the contract that is completed in that period, where percentage completion is based on costs. In Year 2, the percent completed is $3,000,000/$4,400,000 = 68.2%, resulting in 68.2% x 5,300,000 = 3,616,636 revenue being recognized.4、A company issued $2,000,000 of bonds with a 20 year maturity at 96. Seven years later, the company called the bonds at 103 when the unamortized discount was $39,000. The company would most likely report a loss of:【单选题】A.$60,000.B.$99,000.C.$138,000.正确答案:B答案解析:“Non-Current (Long-term) Liabilities,” Elizabeth A. Gordon and Elaine Henry, CFA5、Which of the following is least likely to appear in a company’s proxy statement?【单选题】pensation arrangements for management and directorsB.Significant events and contingencies that may affect future operationsC.Potential conflicts of interest between management, directors, and shareholders正确答案:B答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonB is correct. Significant events, conditions, trends, and contingencies that may affect future operations are contained in the Management’s Discussion and Analysis. Compensation agreements for directors and management and their potential conflicts of interest are required in the proxy statement.6、All else equal, the difference between the nominal spread and the Z-spread for a non-Treasurysecurity will most likely be larger when the:【单选题】A.yield curve is flat.B.yield curve is steep.C.security has a bullet maturity rather than an amortizing structure.正确答案:B答案解析:“Yield Measures, Spot Rates, and Forward Rates”, Frank J. Fabozzi, CFAB is correct because the main factor causing any difference between the nominal spread and theZ-spread is the shape of the Treasury spot rate curve. The steeper the spot rate curve, thegreater the difference.7、Using the following information and assuming coupons are paid annually, the G-spread of the Steel Co. bondis closest to:【单选题】A.100 bps.B.36 bps.C.94 bps.正确答案:B答案解析:The yield for Steel Co. bond is calculated as:Section 5.18、James Simone, CFA, the chief financial officer of a publicly listed company, seeks to improve thequality of his company's communication with institutional fund managers. He holds an investorbriefing with this group the evening before the company earnings are announced. The company'squarterly earnings are broadcast in a press release the next day before the market opens. Theearnings information in the investor briefing isidentical to that in the press release. Did Simone mostlikely violate the CFA Institute Standards of Professional Conduct?【单选题】A.YesB.No, because the company releases information while the market is closedC.No, because investor briefing and press release information are identical正确答案:A答案解析:Simone violated Standard II(A)-Material Nonpublic Information by giving institutional fund managersaccess to material nonpublic information prior to public dissemination (i.e., the press release). Byreleasing earnings results to a select group of institutional fund managers prior to a public pressrelease, Simone allows the institutional fund managers a time advantage over other investors notinvited to the investor briefing.Standard II(A)-Material Nonpublic Information9、Because of significant changes in the marketplace, the demand for a company's product has fallenand is not expected to recover to previous levels. The following information is related to the patentunder which the product is produced:Which of the following statements is most accurate? The patent is impaired under:【单选题】A.IFRS only.B.both IFRS and US GAAP. GAAP only.正确答案:A答案解析:Under IFRS (International Financial Reporting Standards), first determine the recoverable amount,which is the higher ofSections 5.1, 5.210、An analyst doesresearch about security market indices.Which of the followingstatements is least accurate to explain that a fixed-income market index is moredifficult to create and compute than a stock market index?【单选题】A.The universe of fixed-income securities is changing constantly.B.Fixed-income markets are predominantly dealer markets.C.The number of fixed-income securities is much less than the number ofequity securities.正确答案:C答案解析:固定收益指数比股票指数更加难以编制，其中一个原因是债券的种类总处在不断变化中，如是否到期限、是否转换，等等。

CFA备考之CFA一级习题精选及解析Case1. Bryan Barrett, CFA, provides investment advice on gold and other hard assets to several large institutions. To broaden his business and meet increased interest in these assets from retail customers, Barrett advertises his services in publications that serve a general audience. As the client base for the institutions that Barrett serves is large, he is comfortable stating in the ads that thousands of his clients have benefited from his advice. Does Barrett’s advertisement violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, related to Misrepresentation.C. Yes, related to Communication with Clients.2. An analyst finds that the probability of stock A outperform the market is 60%. What is the odds for of the stock Aunderperform the market?A. 2/3B. 1/3C. 3/23. A profit maximum is least likely to occur when:A. average total cost is minimized.B. marginal revenue equals marginal cost.C. the difference between total revenue and total cost is maximized.4. Under the IASB Conceptual Framework, one of the qualitative characteristics of useful financial information is that different knowledgeable users would agree that the information is a faithful representation of the economic events that it is intended to represent. This characteristic is best described as:A. Verifiability.B. Comparability.C. Understandability.5. An analyst gathered the following Information about the capital structure and before-tax component costs for a company. The company’s marginal tax rate is 40%.The company’s weighted average cost of capital (WACC) is closest to:A. 8.55%.B. 9.95%.C. 10.00%.6. Which of the following statements is most accurate with respect to rebalancing and reconstitution of security market indices?A. Equal weighted indices require frequent rebalancing.B. Turnover within an index results from a reconstitution but not from rebalancing.C. A price-weighted index requires rebalancing more than a market capitalization weighted index.7. A mechanism by which an issuer may be able to offer additional bonds to the general public without preparing a new and separate offering circular best describes:A. The grey marketB. A shelf registrationC. A private placement8. Consider a put option on Deter, Inc., with an exercise price of $45. The current stock price of Deter is $52. What is the intrinsic value of the put option, and is the put option at-the-money or out-of-the-money?9. Which of the following investments most likely provides an investor with indirect, equity exposure to real estate?A. Real estate investment trusts.B. Real estate limited partnerships.C. Commercial mortgage backed securities.10. An analyst gathered the following information about a portfolio comprised of two assets:If the correlation of returns for the two assets equals 0.75, then the expected return and expected standard deviation of the portfolio are closest to:1. Solution: B.As Barrett’s client base is made up of a small number of lar ge institutions, stating in the advertisement that his customer base is a larger number is a misrepresentation and a violation of Standard I (C). In addition, since the advertisement focuses only on the benefits and does not mention the potential risks of these investments, it is also potentially misleading to clients.2. Solution: A.The probability of underperform = 1–60% = 40%The odds for of underperform = 40%/60% = 2/33. Solution: A.The quantity at which average total cost is minimized does not necessarily correspond to a profit maximum.4. Solution: A.Under the International Accounting Standards Board’s Conceptual Framework, verifiability is the qualitative characteristic that means that different knowledgeable and independent users would agree that the information presented faithfully represents the economic events that it is intended to represent.5. Solution: B.As the target capital weights are not given, you can use market value weights to compute the WACC. The market value weights for debt, preferred stock and equity are 0.2667, 0.0667, and 0.6667 respectively.WACC=Wd * rd (1 -t) + Wp * rp + Wce * rce= 0.2667 * 8% (1 - 0.4) + 0.0667 * 10% + 0.6667 * 12% = 9.95%6. Solution: A.After an equal weighted index is constructed and the prices of constituent securities change, the index is no longer equally weighted. Therefore, maintaining equal weights requires frequent adjustments (rebalancing) to the index.7. Solution: B.A shelf registration allows certain authorized issuers to offer additional bonds to the general public without having to prepare a new and separate offering circular. The issuer can offer multiple bond issuances under the same master prospectus, and only has to prepare a short document when additional bonds are issued. A is incorrect because the grey market is a forward market for bonds about to be issued. C is incorrect because a private placement is a non-underwritten, unregistered offering of bonds that are not sold to the general public but directly to an investor or a small group of investors.8. Solution: B.The option has an intrinsic value of $0, because the stock price is above the exercise price. Put value is MAX (0, X-S). Equivalently, the option is out-of-the-money.9. Solution: A.Real estate investment trusts (REITS) provide investors with indirect, equity real estate exposure. Real estate investment partnerships are a form of direct real estate equity investment. Commercial mortgage backed securities (CMBS) provides investors with indirect, debt investment opportunities in real estate.。