2019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、Dilshan Kumar, CFA, is a world-renowned mining analyst based in London. Recently, he received an invitation from Cerberus Mining, a London Stock Exchange listed company with headquarters in Johannesburg, South Africa. Cerberus asked Kumar to join a group of prominent analysts from around the world on a tour of its mines in South Africa, some of which are in remote locations, not easily accessible. The invitation also includes an arranged wildlife safari to Krueger National Park for the analysts. Kumar accepts the invitation, planning to visit other mining companies he covers in Namibia and Botswana after the safari. To prevent violating any CFA Institute Standards of Professional Conduct, it is most appropriate for Kumar to only accept which type of paid travel arrangements from Cerberus?【单选题】

A.Ground transportation to Krueger National Park

B.Economy class round trip ticket from London to Johannesburg

C.Flights on a private airplane to the remote mining sites in South Africa

正确答案:C

答案解析:“Guidance for Standards I–VII,” CFA InstituteC is correct because Standard I (B) Independence and Objectivity requires members and candidates to use reasonable care and judgment to maintain their independence and objectivity in their professional activities. Best practice dictates that Kumar only accept transportation to the remote mining sites in that it is unlikely he would be able to source commercial flights to the locations and ground transport may not be viable. Because Kumar would normally visit mining sites around the world as part of his job and because he is combining this trip with trip to other mine sites in different countries, it would be inappropriate for Cerberus to pay for the analyst’s travel expenses from London. Although Kumar could go on safari with the group of analysts, he should pay his own way so as to restrict any influence such a gift could possibly have when making his investment recommendations on Cerberus.

2、Rajesh Sekar, CFA, is a successful hedge fund manager and uses fundamentaland technical statistical models to select stocks for his fund.When Bill Mandeville,a client asks him about the indicators underlying his models, Sekar tellsMandeville that his method is confidential but is proven to provide future returnssimilar to its strong past performance.Sekar has most likely violated theStandards of Professional Conduct:【单选题】

A.only relating to performance presentation.

B.only relating to communication with clients and prospective clients.

C.both relating to performance presentation and communication with clientsand prospective clients.

正确答案:C

答案解析:CFA会员不能说明或者暗示其有能力获得与过去相类似的业绩，否则违反了CFA协会的业绩披露行为标准。另外，Sekar在与客户及潜在客户沟通时没有区分事实和观点，对于复杂的统计分析，会员必须清楚地区分事实和统计结果，并且要确认已知的分析的限制，同时Sekar没有告诉客户其选择证券的基本流程与方法，所以也违反了与客户及潜在客户沟通的行为标准。

3、An analyst does research about Bayes' formula and estimates the followinginformation regarding bonus for management and the net income of a company: The analyst's prior probability that management received a bonus is 0.5.UsingBayes' formula, if the company announces an increase in net income, the probabilitymanagement received a bonus is closest to:【单选题】

A.0.22

B.0.78

C.0.86

正确答案:B

答案解析:（0.7 × 0.5）/（0.7 × 0.5 + 0.3 × 0.4） = 0.78。

4、An analyst does research about fund of funds (FOF).A drawbacks of fund offunds investing is most likely related to:【单选题】

A.enable investors to access to high-quality hedge funds.

B.charge additional management fees.

C.diversify investor's holdings with large capital.

正确答案:B

答案解析:FOF的缺点在于，在原有的基金管理费上又增加了一个新的FOF管理人的管理费，分散化投资能有效降低风险，但由于附加费用的存在，FOF也很有可能降低回报。FOF的优点在于，使投资者可以买到优质的对冲基金或者已经无法申购的对冲基金，通过投资对冲基金的组合可以实现分散化投资，FOF管理人会对于所选择的对冲基金进行尽职调查等。

5、Which of the following is least likely an assumption of the capital asset pricing model (CAPM)?【单选题】

A.Security prices are not affected by investor trades.

B.An investor can invest as much as he or she desires in any asset.

C.Investors are different only with respect to their unique holding periods.

正确答案:C

答案解析:One of the assumptions of the CAPM is that investors plan for the same single holding period.Section 4.1