CFA考试历年真题精选15(附详解)

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CFA考试历年真题精选15（附详解）

1、Preeta Singh, a CFA Candidate, is an asset manager employed by a fund management company managing

very large segregated pension funds. In her spare time outside of working hours, Singh likes to provide

management-consulting services to small companies to help grow their businesses, focusing on strategic

planning. Singh is paid for the consulting services and has also provided her employer information about these

outside activities. Does Singh most likely violate the CFA Code of Ethics with regard to Duties to Employers?【单选题】

A.No.

B.Yes, with regard to loyalty.

C.Yes, with regard to additional compensation arrangements.

正确答案:A

答案解析:“Guidance for Standards I-VII,” CFA InstituteA is correct because Singh does not violate any Standard

relating to Duties to Employers. She conducts unrelated non-competitive services to clients outside of business

hours and thus does not deprive her employer of the advantage of her skills and abilities, nor is there any

indication she divulges confidential information or otherwise causes harm to her employer. She has informed

her employers about her outside activities.

2、Chan Liu, CFA, is the new research manager at the Pacific MicroCap Fund. Liu observed the following

activities after she published a research report on a thinly traded micro cap stock that included a “buy”

recommendation:Liu notes the stock’s price increased more than 50% within a period of two days and was

then sold for Pacific’s account. Which of the following steps is most appropriate for Liu to take to avoid

violating the CFA Institute Code of Ethics and Standards of Professional Conduct?【单选题】

A.Report the observed activities to her employer.

B.Remove her name from the micro cap stock research report.

C.Publicly refute the false information posted on Internet forums.

正确答案:A

答案解析:CFA Institute StandardsA is correct because certain staff at Liu’s employer appear to be engaged in

front running, a violation of Standard VI (B) Priority of Transactions, and market manipulation, a violation of

Standard II (B) Market Manipulation. If Liu observes these violations without taking steps to notify her

employer, she will be in violation of Standard I (A) Knowledge of the Law. Liu should know that the conduct

observed is likely a violation of applicable laws, rules, and regulations and is a violation of the CFA Institute

Code and Standards. Her first step, therefore, should be to attempt to stop the behavior by bringing it to the

attention of the employer through a supervisor or the firm’s compliance department. Inaction may be

construed as participation or assistance in the illegal or unethical conduct.

3、The option-free bonds of Argus Corporation have a duration of eight years. When interest rates rise by 100

bps, the bond's price declines by 7.9%. When interest rates fall by 100 bps, however, the price rises by 8.2%.

The asymmetrical price change is most likely caused by the:【单选题】

A.maturity effect.

B.coupon effect. 2

C.convexity effect.

正确答案:C

答案解析:It is bond convexity that explains the asymmetrical price change. A fall in interest rates will result in a

higher percentage rise in the bond's price compared with the percentage fall in the bond's price when interest

rates rise by the same amount.Section 2.3

4、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.

5、The fair market value of a tangible noncurrent asset exceeds historical cost.Under International Financial

Reporting Standards (IFRS), this asset is leastlikely carried on the balance sheet at:【单选题】

A.fair value.

B.historical cost less any accumulated depreciation.

C.fair value less any accumulated depreciation.

正确答案:A

答案解析:成本模型(cost model)：carrying value = historical cost -accumulated depreciation。IFRS对上述两种方法都允许使用，而U.S.GAAP只允许使用成本模型。

6、An analyst does research about depreciation and gathers the following informationabout a company's

property, plant, and equipment (PP&E):Based on this information, the remaining useful life of the company's

PP&E isclosest to:【单选题】

A.4 years

B.5 years

C.9 years

正确答案:B

答案解析:剩余的有效使用年限等于PP&E的净值除以年折旧额：$60 000 / $ 12 000 = 5（年）。