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、William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:【单选题】

A.duty to clients.

B.reasonable basis.

C.priority of transactions.

正确答案:B

答案解析:“Guidance for Standards I-VII”, CFA InstituteB is correct because there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. Standard V (A).

2、Bryan Barrett, CFA has an investment advisory service providing advice on gold and other commodities to several large retail banks. Barrett advertises his services in widely read publications to broaden his business to include retail clients. Because the client base for the institutions that Barrett serves is large, he is comfortable stating in the ads that thousands of his clients have benefited from his advice. Does Barrett's advertisement most likely violate any CFA Institute Standards of Professional Conduct?【单选题】

A.No.

B.Yes, related to Misrepresentation.

C.Yes, related to Communication with Clients.

正确答案:B

答案解析:"Guidance for Standards I-VII CFA Institute"B is correct because Barrett's client base is made up of a small number of large institutions so stating in the advertisement that his client base is a larger number is a misrepresentation and a violation of Standard I(C). In addition, since the advertisement focuses only on the benefits and does not mention the potential risks of these investments it is also potentially misleading to clients.

3、A fixed income portfolio manager owns a $5 million par value non-callable bond. The bond’s duration is 5.6 and the current market value is $5,125,000. The dollar duration of the bond is closest to:【单选题】

A.$280,000.

B.$287,000.

C.$700,000.

正确答案:B

答案解析:“Risks Associated with Investing in Bonds,” Frank J. FabozziA bond’s dollar duration is the expected price change given a 100 basis point change in yield. In this case, dollar duration = 5.6 × 0.01 × $5,125,000 = $287,000.

4、A key difference between a wrap account and a mutual fund is that wrap accounts:【单选题】

A.have a lower required minimum investment.

B.can not be tailored to the tax needs of a client.

C.have assets that are owned directly by the individual.

正确答案:C

答案解析:“Portfolio Management: An Overview,” Robert M. Conroy, CFA, and Alistair Byrne, CFAC is correct. The key difference between a wrap account and a mutual fund is that in a wrap account the assets are owned directly by the individual.

5、Dispersion is defined as the variability around the central tendency and can bedivided into absolute dispersion and relative dispersion.Which of the followingis NOT described as a measure of relative dispersion?【单选题】

A.Range.

B.Sharpe ratio.

C.Coefficient of variation.

正确答案:A

答案解析:B项夏普比率和C项变化系数都是表达相对偏离程度，而A项间距是表达绝对偏离程度，即用最大值减去最小值。