2019年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理历年真题10道，附答案解析，供您考前自测提升！

1、As a condition of his employment with an investment bank, Abasi Hasina, CFA, was required to sign an employment contract, including a non-compete clause restricting him from working for a competitor for three years after leaving the employer. After one year, Hasina quits his job for a comparable position with an investment bank in a country where non-compete clauses are illegal. Lawyers with whom he consulted prior to taking the new position determined the non-compete clause was a violation of human rights and thus illegal. Did Hasina most likely violate the CFA Institute Code of Ethics?【单选题】

A.Yes

B.No, because the non-compete clause violates his human rights

C.No, because the non-compete clause is illegal in the new country of employment

正确答案:A

答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA Institute2012 Modular Level I, Vol. 1, p. 15A is correct because by failing to adhere to the non-compete clause he agreed to abide by when signing his employment contract, Hasina shows a lack of professional integrity toward his employer. This behavior reflects poorly on the good reputation of members and is a violation of the Code of Ethics, which states that members and candidates must act with integrity, and Standard I (D) Misconduct, which states that members and candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence. The Code of Ethics at times requires a member or candidate to uphold a higher standard than that required by law, rule, or regulation, or in this case the strict application of the employment agreement.

2、The following information relates to a futures contract (in U.S. dollars):If no funds are withdrawn and margin calls are met at the beginning of the next day, the ending margin account balance on Day 3 for an investor with a short position of 10 contracts is closest to:【单选题】

A.$120.

B.$80.

C.$90.

正确答案:A

答案解析:At the end of Day 1, the balance in the account would be $20.Section 3

3、When the underlying stock price is $95, an investor pays $2 for a call option with an exercise price of $95. If the stock price moves to $96, the intrinsic value of the call option would be closest to:【单选题】

A.$1.

B.$0.

C.-$1.

正确答案:A

答案解析:The intrinsic value of a call option is the stock price minus the exercise price if that difference is positive and zero otherwise. The stock is trading at $96 and can be purchased for $95, so the intrinsic value is $1.Section 5.1

4、A firm is uncertain about both the number of units the market will demand and the price it will receive for them. This type of risk is best described as:【单选题】

A.sales risk.

B.business risk.

C.operating risk.

正确答案:A

答案解析:“Measures of Leverage,” Pamela Peterson Drake, CFA, Raj Aggarwal, CFA, Cynthia Harrington, CFA, and Adam Kobor, CFAA is correct. Sales risk is associated with uncertainty with respect to total revenue, which in turn, depends on price and units sold.

5、An investor might consider investments in commodities because, historically, commodity returns have had a higher positive correlation with:【单选题】

A.inflation.

B.bond returns.

C.stock returns.

正确答案:A

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyA is correct because commodity returns have had a positive correlation with inflation, as opposed to their low to negative correlation with bond and stock returns.

6、An analyst does research about tradingsessions.Which of the following statementsis most accurate to describe the characteristics of a call market?【单选题】

A.Dealers who provide securities liquidity engage in proprietary trading.

B.Gathering all trades to the same place at the same time makes it easier forbuyers to find sellers and vice versa.

C.A willing buyer and seller can trade at anytime the market is open.

正确答案:B

答案解析:集合竞价市场(call market)主要是撮合买卖订单来决定单一价格，该价格往往在一些小的市场或者一些大的市场决定开盘价格时使用。连续交易市场（continuous trading market)在开盘中的任何时间，交易都能够被执行。

7、An analyst does research about fixed income products.A increase in expectedyield volatility most likely results in a price decrease of a(n)?【单选题】

A.Callable bond.

B.Putable bond.

C.Option-free bond.

正确答案:A

答案解析:预期收益率的波动性上升，会同时增加债券赎回权（call）和回售权（put）的价值。所以，会导致callable bond价格下降，putable bond价格上升，而option-free bond价格不受影响。

8、All else being equal, an increase in expected yield volatility would most likelycause the price of:【单选题】

A.a callable bond to increase and the price of a putable bond to decrease.

B.a callable bond to decrease and the price of a putable bond to increase.

C.a callable bond to increase and the price of a option-free bond to decrease.

正确答案:B

答案解析:利率波动性增加后，会同时增加债券中内含可赎回权利和可回售权利的价值。所以，可赎回债券的价格下降，而可回售债券的价格上升。利率波动性不会影响不含权债券的价格。

9、An analyst does research about spot and forward rate.The 4-year spot rate is 9.45%, and the 3-year spot rate is 9.85%.What is the 1-year forward rate 3years from today?【单选题】

A.8.3%

B.8.7%

C.9.4%

正确答案:A

答案解析:[1668201704111-image/301.jpg]

10、An analyst does research about standard deviation and gathers the following informationabout two scenarios:The expected standard deviation is closest to:【单选题】

A.5.29%

B.7.35%

C.8.57%

正确答案:B

答案解析:平均回报 = 0.40 × （-5%） + 0.60 × 10% = 4%；标准差 = [1669201704111-image/141.jpg]