2025年特许金融分析师CFA一级真题汇编（含答案）.docxVIP

2025年特许金融分析师CFA一级真题汇编（含答案）

考试时间：______分钟总分：______分姓名：______

试题部分

1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsof70%stockswithastandarddeviationof15%and30%bondswithastandarddeviationof5%.Thecorrelationcoefficientbetweenthestockreturnandtheportfolioreturnis0.6.Thecorrelationcoefficientbetweenthebondreturnandtheportfolioreturnis0.2.Whatistheexpectedreturnofthenewportfolioiftheinvestoradds10%oftheirportfoliovaluetothisstock?

2.Acompanyhasthefollowingbalancesheetitems:

CurrentAssets:$500,000

CurrentLiabilities:$200,000

FixedAssets:$1,200,000

Long-TermDebt:$800,000

Equity:$700,000

Calculatethecompanysworkingcapital.

3.ThespotexchangerateforUSD/EURis0.90.Theone-yearforwardexchangerateforUSD/EURis0.88.Iftheannualrisk-freeinterestrateintheUSis2%andtheannualrisk-freeinterestrateintheEurozoneis1.5%,isthereanarbitrageopportunity?Explainyouranswer.

4.Astockisexpectedtopayadividendof$2nextyear.Therequiredrateofreturnforthestockis10%.Thegrowthrateofdividendsisexpectedtobe5%peryearindefinitely.WhatistheintrinsicvalueofthestockaccordingtotheGordonGrowthModel?

5.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)ismostaccurate?

a)Inanefficientmarket,allavailableinformationisinstantlyreflectedinstockprices.

b)Marketefficiencypreventsinvestorsfromearningabnormalreturns.

c)Onlyweak-formmarketefficiencyispossibleinpractice.

d)Inanefficientmarket,stockpricesmoverandomlyandunpredictably.

6.Acompanysstockiscurrentlytradingat$50pershare.Thecompanyisexpectedtopayadividendof$2nextyear,andthedividendisexpectedtogrowataconstantrateof6%per