2020年CFA考试《CFA一级》考试共240题，分为单选题。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、Millicent Plain has just finished taking Level II of the CFA examination. Upon leaving the examination site, she meets with four Level III candidates who also just sat for their exams. Curious about their examination experience, Plain asks the candidates how difficult the Level III exam was and how they did on it. The candidates say the essay portion of the examination was
much harder than they had expected and they were not able to complete all questions as a result. The candidates go on to tell Plain about broad topic areas that were tested and complain about specific formulas they had memorized what did not appear on the exam. The Level III candidates least likely violated the CFA Institute Standards of Professional Conduct by discussing:【单选题】

A.specific formulas.

B.broad topic areas.

C.the examination essays.

正确答案:C

答案解析:“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard VII (A) Confidential Program Information
Study Session 1–2–b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct because discussing the level of difficulty of the essay portion of the examination did not violate Standard VII (A) Conduct as Members and Candidates in the CFA Program. Standard VII (A) and the Candidate Pledge were violated by candidates revealing broad topical areas and formulas tested or not tested on the exam.

2、The following ten observations are a sample drawn from a normal population: 25, 20, 18, -5, 35, 21, -11, 8, 20, and 9. The mean of the sample is closest to:【单选题】

A.14.00.

B.15.56.

C.17.20.

正确答案:A

答案解析:“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2011 Modular Level I, Vol. 1, pp. 357-358
Study Session 2-7-e
Define, calculate and interpret measures of central tendency, including the population mean, sample mean, arithmetic mean, weighted average or mean (including a portfolio return viewed as a weighted mean), geometric mean, harmonic mean, median, and mode.
The sum of the ten numbers is 140. Dividing by 10 gives the mean of 14.

3、Jimmy Lan, CFA, is a technology analyst at Pacific Securities, Inc. and is a leading authority on Japanese technology companies. Lan's clients include many leading Japanese equity managers. While still employed at Pacific, Lan makes plans during the weekends to start a new company, JL Consulting. His plans consist of contracting office space, interviewing potential employees, and purchasing office equipment. Once he feels ready to launch his new firm, Lan provides Pacific with his resignation notice. After leaving, Lan constructs earnings models of the technology companies he previously covered, using the knowledge and experience gained while at Pacific. He then contacts former clients by using public sources and encourages them to become clients of his new firm. Are Lan's actions in compliance with the Code and Standards?【单选题】

A.Yes, assuming he is not in breach of any non-compete agreement signed while at Pacific Securities

B.No, because he is prohibited from engaging in activities related to starting his new business while still employed by Pacific Securities

C.No, because the names of former clients, modeling skills, and experience gained by Lan are confidential information of Pacific Securities

正确答案:A

答案解析:Lan's actions do not violate Standard IV (A) – Duties to Employers. Lan does not use company time to make arrangements for his new venture, nor does he misappropriate any information (financial models or client contacts) from his former employer. All of Lan's actions are permissible under Standard IV (A). 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard IV(A)

4、Information about the coupon rates on the various long-term fixed-rate debt issues of a company canmost likely be found in the:【单选题】

A.non-current liabilities section of the balance sheet.

B.Management Discussion & Analysis (MD&A).

C.notes to the financial statements.

正确答案:C

答案解析:Information about the coupon rates on the various long-term fixed-rate debt issues can usually befound in the notes to the financial statements. The MD&A is more likely to discuss interest rate trendsand/or current financing costs but not specific information on individual debt issues.
CFA Level I
"Non-Current (Long-Term) Liabilities," Elizabeth A. Gordon and Elaine Henry
Sections 2.6

5、Which of the following performance measures most likely relies on systematic risk as opposed to total risk when calculating risk-adjusted return?【单选题】

A.M-squared

B.Sharpe ratio

C.Treynor ratio

正确答案:C

答案解析:“Portfolio Risk and Return: Part II" by Vijay Singal, CFA
Modular Level I, Vol. 4, Reading 44, Section 4.3.2
Study Session 12-44-h
Describe and demonstrate applications of the CAPM and the SML.
C is correct because the Treynor ratio measures the return premium of a portfolio versus the risk free asset relative to the portfolio’s beta which is a measure of systematic risk.