2025年CFA一级真题练习题及答案.docxVIP

2025年CFA一级真题练习题及答案

考试时间：______分钟总分：______分姓名：______

注意：以下题目均为模拟题目，旨在帮助考生练习，不保证与真实考试难度和内容完全一致。

1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelyviolateStandardI(ProfessionalStandards)-LoyaltytoClientsandFiduciaryDuty?

a)Recommendingonlysecuritiesfrommemberfirmsthatpaythehighestresearchfeestothefirm.

b)Disclosingtoaclientthattheanalystsperformancebonusispartiallybasedontheclientstradingvolumegeneratedfromrecommendations.

c)Continuingtoprovideinvestmentadvicetoaclientafterbecomingawarethattheclientismakinginvestmentdecisionsbasedonincorrectinformationprovidedbyanotheradvisor.

d)Allocatingalargerportionofaportfoliotoasecuritythattheanalystpersonallybelieveshassignificantundervaluationpotential,withoutadequatedisclosure.

2.TheMarkovitzefficientfrontierrepresents:

a)Thesetofportfoliosthatofferthehighestpossibleexpectedreturnforagivenlevelofunsystematicrisk.

b)Thesetofportfoliosthatofferthelowestpossiblevarianceforagivenlevelofexpectedreturn.

c)Thesetofportfoliosthatcombinerisk-freeassetsandriskyassetstoachievevariouslevelsofriskandreturn.

d)Thesetofportfoliosthathavenocorrelationbetweentheirreturnsandthemarketreturn.

3.Aportfoliomanagerusesafactormodeltoexplainthereturnsofastock.Themodelincludesmarketrisk,size,value,andmomentumfactors.Ifthestocksreturnis12%inaperiod,thefactorpredictionsare:Market=5%,Size=2%,Value=-1%,Momentum=1.Themanagerusesarisk-freerateof2%andfactorloadingsof1.0formarket,0.5forsize,0.7forvalue,and0.6formomentum.AccordingtotheFama-Frenchthree-factormodel(withmarketexcessreturnasthemarketfactor),whatisthealphaofthestockforthisperiod?

a)1.5%

b)0.0%

c)-1.0%

d)2.5%

4.