2025年CFA二级真题及答案详解.docxVIP

2025年CFA二级真题及答案详解

考试时间：______分钟总分：______分姓名：______

第一部分

1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsof80%stockswithastandarddeviationof15%and20%bondswithastandarddeviationof5%.Thecorrelationcoefficientbetweenthestockandbondreturnsis0.1.Whatistheexpectedreturnandstandarddeviationoftheportfolioafteraddingthisstock,assumingtheweightsofthestock,bond,andthenewstockare30%,55%,and15%,respectively?

2.Acompanyisevaluatingaprojectwithaninitialinvestmentof$1million.Theprojectisexpectedtogeneratecashflowsof$400,000attheendofeachofthenextthreeyears.Thecompanyscostofcapitalis10%.CalculatetheNetPresentValue(NPV),InternalRateofReturn(IRR),andPaybackPeriodoftheproject.Basedonthesemetrics,shouldthecompanyaccepttheproject?

3.Explainthedifferencebetweensystematicriskandunsystematicrisk.Provideanexampleofeachanddiscusshowaninvestorcanpotentiallyeliminateunsystematicriskfromaportfolio.

4.Abondwithafacevalueof$1,000paysanannualcouponof5%.Thebondhas10yearstomaturityandayieldtomaturity(YTM)of6%.Calculatethecurrentpriceofthebond.IftheYTMincreasesto7%thenextyear,whatwillbethepriceofthebond?

第二部分

5.DescribetheCapitalAssetPricingModel(CAPM).WhatarethekeyinputsrequiredfortheCAPMformula,andwhatassumptionsdoesthemodelmake?DiscussonelimitationoftheCAPM.

6.Aninvestorisconsideringinvestinginamutualfundthatfocusesonsmall-capgrowthstocks.Thefundsmanagerusesfundamentalanalysisandquantitativescreeningtoselectstocks.Describethepotentialadvantagesanddisadvantagesofinvestinginthistypeofmutualfund.Whatfactorsshouldtheinvestorconsiderbeforeinvesting?

7.Explaintheconceptofduration.How