2025年CFA一级考试模拟.docxVIP

2025年CFA一级考试模拟

考试时间：______分钟总分：______分姓名：______

注意：以下所有题目均为选择题，请从每题的四个选项中选择最恰当的一个。

1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelybeconsideredaviolationofStandardIII(A)–DutytoClients?

A)Conductingindependentresearchwithoutbiasandcommunicatingfindingsclearlytoclients.

B)Acceptingaluxurywatchfromaninvestmentbankclientasatokenofappreciationforgeneratingsignificantbusiness.

C)Disclosingtoaportfoliomanagerthattheportfolioisexpectedtounderperformthebenchmarkduetotheanalystsprivateinvestmentdecisions.

D)Providinginvestmentrecommendationsbasedsolelyontheanalystsownproprietarymodel,whichhasnotbeensharedwiththeclient.

2.Aninvestorrequiresanexpectedreturnof12%onaninvestmentwithastandarddeviationof25%.Therisk-freerateis4%.AccordingtotheCapitalAssetPricingModel(CAPM),thebetaoftheinvestmentisclosestto:

A)0.25

B)0.40

C)0.60

D)0.75

3.Thefollowingdatarepresentsmonthlyreturnsforastockoverthepastfiveyears(inpercentageterms):5%,-2%,8%,1%,-5%.Thesamplestandarddeviationofthesereturnsisclosestto:

A)2.45%

B)3.16%

C)4.47%

D)6.89%

4.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?

A)Inanefficientmarket,stockpricesreflectallavailableinformation,anditisimpossibletoconsistentlyachievereturnsabovethemarketaverage.

B)Inanefficientmarket,securitypricesadjustslowlytonewinformation,creatingopportunitiesforactivemanagement.

C)TheweakformofEMHimpliesthatpasttradingvolumecanbeusedtopredictfuturestockprices.

D)Thesemi-strongformofEMHsuggeststhattechnicalanalysiscanconsistentlygenerateabnormalreturns.

5.Acompanyreportssalesrevenueof$500,000,costofgoodssold(COGS)of$300,