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、Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the account. Peek’s employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts, but does not disclose his holdings in the investment club. Peek’s actions are least likely to be a violation of which of the CFA Institute Standards of Professional Conduct?【单选题】

A.Misrepresentation.

B.Transaction priority.

C.Conflicts of interest.

正确答案:B

答案解析:CFA Institute StandardsB is correct as there is no indication that the investment club is trading ahead of clients. Standard I (C).

2、A U.S. Treasury bill (T-bill) has 90 days to maturity and a bank discount yield of 3.25%. The effective annual yield (EAY) for the T-bill is closest to:【单选题】

A.3.29%.

B.3.32%.

C.3.36%.

正确答案:C

答案解析:“Discounted Cash Flow Applications,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 6, Section 4, Table 7Study Session 2-6-e, fCalculate and interpret the bank discount yield, holding period yield, effective annual yield, and money market yield for U.S. Treasury bills and other money market instruments.Convert among holding period yields, money market yields, effective annual yields, and bond equivalent yields.Then, calculate the holding period yield (HPY) (recall that T-bills are pure discount instruments and do not pay coupons):HPY = (100 – 99.1875) ÷ 99.1875 = 0.00819.Finally, convert the HPY into effective annual yield:

3、A sample of 240 managed portfolios has a mean annual return of 0.11 and a standard deviation of returns of 0.23. The estimate of the standard error of the sample mean is closest to:【单选题】

A.0.00096.

B.0.00710.

C.0.01485.

正确答案:C

答案解析:“Sampling and Estimation,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 10, Section 3.1Study Session 3– 10– fCalculate and interpret the standard error of the sample mean.C is correct.For a sample, the standard error of the mean is Here, 

4、The following table shows the volatility of a series of funds that belong to the same peer group, ranked in ascending order:The value of the first quintile is closest to:【单选题】

A.10.70%.

B.10.84%.

C.11.09%

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, CFA2013 Modular Level I, Vol. 1, Reading 7, Section 6.1Study Session 2–7–fCalculate and interpret quartiles, quintiles, deciles, and percentiles.A is correct. First, find the position of the first quintile with the following formula:wherey is the percentage point at which we are dividing the distribution. In our case we have y = 20, which corresponds to the n is the number of observations (funds) in the peer group. In our case we have n = 13;Therefore, the location of the first quintile is between the volatility of Fund 2 and Fund 3 (because they are ranked in ascending order).Then, use linear interpolation to find the approximate value of the first quintile:where

5、The view that the money wage rates are sticky in the short-run is least likely held by which of the following schools of thought?【单选题】

A.Classical

B.Keynesian

C.Monetarist

正确答案:A

答案解析:“Aggregate Supply and Aggregate Demand,” Michael ParkinClassical economists believe the economy is self-regulating and that wage rates will correct quickly to changes in economic conditions. Both Keynesian and monetarist economists believe that wage rates are sticky in the short-run.

6、A company’s $100 par perpetual preferred stock has a dividend rate of 7 percent and a required rate of return of 11 percent. The company’s earnings are expected to grow at a constant rate of 3 percent per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:【单选题】

A.overvalued by $11.36.

B.undervalued by $15.13.

C.undervalued by $36.36.

正确答案:A

答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFA$7/ 0.11 = $63.64. The stock is overvalued by $75.00 – 63.64 = $11.36.

7、An index provider has created a new investable index that tracks the hedge fund industry. Any fund that follows a long/short equity strategy can enter the index. The index provider places new constituents in the index at the end of each year and incorporates the new funds’ track record in the database. Which of the following is least likely a bias that might distort the historical performance of the index?【单选题】

A.Backfilling.

B.Self-selection.

C.Tracking error.

正确答案:C

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyC is correct because this is not a bias that is associated with distorting the performance of a hedge fund index. Tracking error is a risk more commonly associated with mutual funds and ETFs when their investments deviate significantly from those in the index it is benchmarked against. Many hedge funds pursue absolute returns and may deviate materially from indices.

8、Last year, a portfolio manager earned a return of 12%. The portfolio’s beta was 1.5. For the same period, the market return was 7.5% and the average risk-free rate was 2.7%. Jensen’s alpha for this portfolio is closest to:【单选题】

A.0.75%.

B.2.10%.

C.4.50%.

正确答案:B

答案解析:“Portfolio Risk and Return Part II,” Vijay SingalB is correct. Jensen’s alpha = 0.12 – [0.027 + 1.5(0.075 – 0.027)] = .021 or 2.10%.

9、Which of the following types of profit is most likely the level of accounting profitneeded to just cover the implicit opportunity costs ignored in accounting costs?【单选题】

A.Normal profit.

B.Economic profit.

C.Accounting profit.

正确答案:A

答案解析:机会成本里面包含隐含的收益率以及企业所能获得的正常利润，经济利润为零并不代表没有利润，只是说明收入正好弥补了显性成本和隐性成本（两者相加代表机会成本），企业获得了正常利润。

10、An analyst does research about collateralized mortgage obligation ( CMO).Which of the following statements is least accurate with respect to motivationfor creating a collateralized mortgage obligation?【单选题】

A.A collateralized mortgage obligation appeals to a wider audience and decreaseoverall borrowing costs.

B.A collateralized mortgage obligation creates securities with various maturityranges.

C.A collateralized mortgage obligation redistributes the prepayment risk prorata among investors.

正确答案:C

答案解析:抵押担保债券(CMO)结构的核心在于，根据支持资产未来每期所产生的收入的多寡而分别创设短、中、长期不同级别的证券，从而达到重新分配投资者所面临的提前偿付风险的目的。提前偿付风险并不是按比例在投资项目间进行分配，而是低等级的CMO投资者先行获得偿付，当低等级的CMO投资者本金全部偿还后，再偿还较高等级的CMO投资者，所以C错。CMO满足了不同投资者的需要，并且降低了投资者的总体借贷成本，也创设了不同期限的债券，这些都是创设CMO的动机。