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CFA考试历年真题精选10(附详解)

发布时间：2023-11-28 05:06:52 来源：文档文库

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CFA考试历年真题精选10（附详解）1、Asaconditionofhisemploymentwithaninvestmentbank,AbasiHasina,CFA,wasrequiredtosignanemploymentcontract,includinganon-competeclauserestrictinghimfromworkingforacompetitorforthreeyearsafterleavingtheemployer.Afteroneyear,Hasinaquitshisjobforacomparablepositionwithaninvestmentbankinacountrywherenon-competeclausesareillegal.Lawyerswithwhomheconsultedpriortotakingthenewpositiondeterminedthenon-competeclausewasaviolationofhumanrightsandthusillegal.DidHasinamostlikelyviolatetheCFAInstituteCodeofEthics?【单选题】A.YesB.No,becausethenon-competeclauseviolateshishumanrightsC.No,becausethenon-competeclauseisillegalinthenewcountryofemployment正确答案:A答案解析:“CodeofEthicsandStandardsofProfessionalConduct,”CFAInstitute2012ModularLevelI,Vol.1,p.15Aiscorrectbecausebyfailingtoadheretothenon-competeclauseheagreedtoabidebywhensigninghisemploymentcontract,Hasinashowsalackofprofessionalintegritytowardhisemployer.ThisbehaviorreflectspoorlyonthegoodreputationofmembersandisaviolationoftheCodeofEthics,whichstatesthatmembersandcandidatesmustactwithintegrity,andStandardI(DMisconduct,whichstatesthatmembersandcandidatesmustnotengageinanyprofessionalconductinvolvingdishonesty,fraud,ordeceitorcommitanyactthatreflectsadverselyontheirprofessionalreputation,integrity,orcompetence.TheCodeofEthicsattimesrequiresamemberorcandidatetoupholdahigherstandardthanthatrequiredbylaw,rule,orregulation,orinthiscasethestrictapplicationoftheemploymentagreement.2、DanielleDeschutes,CFA,isaportfoliomanagerwhoispartofa10-personteamthatmanagesequityportfoliosforinstitutionalclients.Acompetingfirm,SouthWestManagers,asksDeschutestointerviewforapositionwithinitsfirmandtobringherperformancehistorytotheinterview.Deschutesreceiveswrittenpermissionfromhercurrentemployertobringtheperformancehistoryofthestockportfoliowithher.Attheinterview,shedisclosesthattheperformancenumbersrepresenttheworkofherteamanddescribestheroleofeachmember.Tobolsterhercredibility,Deschutesalsoprovidesthenamesofinstitutionalclientsandrelatedassetsconstitutingtheportfolio.DuringherinterviewDeschutesmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductwithregardsto:【单选题】A.thestockportfolio’sperformancehistory.B.hercontributiontotheportfolio’sreturns.C.providingdetailsoftheinstitutionalclients.正确答案:C答案解析:“GuidanceforStandardsI–VII,”CFAInstituteCiscorrectbecauseDeschutesmostlikelyviolatedStandardIII(EPreservationofConfidentialitybyfailingtopreservetheconfidentialityofclientrecordswhenshedisclosedspecificdetailsaboutclientsintheequityportfolio.3、Adiscreteuniformdistributionconsistsofthefollowingtwelvevalues:Onasingledrawfromthedistribution,theprobabilityofdrawingavaluebetween-2.0and2.0fromthedistributionisclosestto:【单选题】A.16.67%.1
B.18.04%.C.27.59%.正确答案:A答案解析:“CommonProbabilityDistributions,”RichardA.Defusco,CFA,DennisW.McLeavey,CFA,JeraldE.Pinto,CFA,andDavidE.Runkle,CFA2011ModularLevelI,Vol.1,pp.497-498StudySession3-9-fCalculateandinterpretprobabilitiesgiventhediscreteuniformandthebinomialdistributionfunctions.Firstorderthevaluesfromsmallesttolargest.Thennotethattwoofthetwelvevaluesarebetween-2.0and2.0.Thus,theprobabilityofadrawfromthedistributionbeingbetween-2.0and2.0is2/12=0.16667.4、Successfulproductdevelopment,advertising,andthecreationofbrandnamesaremostlikelytohaveapositiveimpactontheeconomicprofitsoftheproducerunder:【单选题】A.amonopoly.B.perfectcompetition.C.monopolisticcompetition.正确答案:C答案解析:“MonopolisticCompetitionandOligopoly,”MichaelParkineconomicprofits.5、Whichofthefollowingactionsonthepartofacentralbankismostconsistentwithincreasingthequantityofmoney?【单选题】A.IncreasingreserverequirementsB.SellingsecuritiesontheopenmarketC.Purchasingsecuritiesontheopenmarket正确答案:C答案解析:“MonetaryandFiscalPolicy,”AndrewClareandStephenThomasCiscorrect.Whenacentralbankpurchasessecurities,bankreservesincrease.Thebanksthushaveexcessreservesandareabletoincreasetheirlending,increasingthemoneysupply.6、Atthebeginningoftheyear,acompanyhadtotalshareholders’equityconsistingof￥200,000incommonsharecapitaland￥50,000inretainedearnings.Thetotalshareholders’equityattheendoftheyearisclosestto:【单选题】A.￥276,000.B.￥279,000.C.￥282,000.正确答案:A答案解析:“UnderstandingBalanceSheets,”ElaineHenryandThomasR.Robinson[1663201704061-image/0232.jpg]7、Thefollowinginformationisfromacompany’saccountingrecords:The

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