2025年CFA一级真题答案.docxVIP

2025年CFA一级真题答案

考试时间：______分钟总分：______分姓名：______

注意：以下为模拟试卷，题目和答案均为示例，仅供参考，不代表实际考试水平。请仔细阅读题目，选择最合适的选项。

1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelybeconsideredaviolationofStandardVI(ResponsibilitiesofCFAMembersandCandidates)iftheanalystrecommendsastocktoclientsafterpurchasingasignificantamountofthestockpersonally?

A.Disclosingtheanalystspersonalholdinginthestocktoclientswhenmakingtherecommendation.

B.Ensuringtherecommendationisbasedsolelyonthoroughfundamentalanalysis.

C.Obtainingwrittenconsentfromclientsacknowledgingthepotentialconflictarisingfromthepersonalholding.

D.Avoidinganycommunicationwiththefirmsportfoliomanagersregardingthestockuntiltherecommendationismadepublic.

2.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasabetaof1.2,therisk-freerateis2%,andthemarketriskpremiumis5%.UsingtheCapitalAssetPricingModel(CAPM),whatistherequiredrateofreturnforthisstock?

A.4.0%

B.6.0%

C.9.0%

D.12.0%

3.Acompanysmanagementteamrecentlyannouncedastockbuybackprogram.Whichofthefollowingstatementsbestdescribesthepotentialimpactofthisactiononthecompanysearningspershare(EPS)?

A.EPSwillincreaseifthestockpriceremainsunchanged.

B.EPSwilldecreaseifthecompanyfinancesthebuybackthroughdebt.

C.EPSwillalwaysdecreaseasthenumberofoutstandingsharesdecreases.

D.TheimpactonEPSdependsonthecompanysprofitmarginandthecostofthebuyback.

4.Aninvestorholdsaportfolioconsistingof60%stocksand40%bonds.Theexpectedreturnofthestockportionis12%,andtheexpectedreturnofthebondportionis6%.Whatistheexpectedreturnoftheentireportfolio?

A.6.0%

B.8.4%

C.9.0%

D.12.0%

5.Whichofthefollowingstatementsbestdescr