2025年CFA一级练习题集.docxVIP

2025年CFA一级练习题集

考试时间：______分钟总分：______分姓名：______

第一部分

1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelybeconsideredaviolationofStandardIII(DutytoClients)iftheanalystrecommendsastocktoaclientafterreceivingasignificanttipaboutthestocksimpendingtakeover,withoutdisclosingthesourceornatureofthetip?

A.Disclosingtherecommendationbasedsolelyonfundamentalanalysisperformedweeksago.

B.Informingtheclientthattherecommendationisbasedonnon-materialinformationreceivedfromanindustrycontact.

C.Disclosingthetipasmaterialnon-publicinformationandexplainingthattherecommendationisbasedonthisinformation.

D.Failingtodisclosethetipbutjustifyingtherecommendationbypointingoutthecompanysstrongfinancialperformance.

2.Aportfoliomanagerisconstructingaportfolioforaclientwithahighrisktolerance.Themanagerisconsideringaddingasmall-capemergingmarketequityfundtotheportfolio.Whichofthefollowingfactorsisleastrelevantwhenevaluatingtheriskcontributionofthisfundtotheexistingportfolio?

A.Thefundshistoricalvolatilitycomparedtothemarketindexofsmall-capemergingmarkets.

B.Thecorrelationcoefficientbetweenthefundsreturnsandthereturnsoftheexistingportfoliosassets.

C.Thefundsexpenseratiorelativetoothersmall-capemergingmarketfunds.

D.Thefundsbetainrelationtotheoverallmarket.

3.Thetimevalueofmoneyconceptisbestillustratedbywhichofthefollowingstatements?

A.Aninvestmentinstockstypicallyyieldshigherreturnsthananinvestmentinbondsoveralongperiod.

B.Receiving$1,000todayismorevaluablethanreceiving$1,000fiveyearsfromtoday.

C.Thefuturevalueofaninvestmentincreasesastheinterestrateincreases,holdingtheinvestmentperiodconstant.

D.Thepresentvalueofanan