2025年CFA一級(jí)考試真題試卷集考試時(shí)間：______分鐘總分：______分姓名：______Section1:QuantitativeMethods1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockisexpectedtoprovideareturnof15%withastandarddeviationof30%.Therisk-freerateis5%.Ifthestock'sreturnsarenormallydistributed,whatistheprobabilitythatthestockwillprovideareturngreaterthan25%?2.Youaregiventhefollowinginformationaboutaportfolio:*AssetAhasanexpectedreturnof12%andastandarddeviationof10%.*AssetBhasanexpectedreturnof8%andastandarddeviationof6%.*ThecorrelationcoefficientbetweenAssetAandAssetBis0.4.*TheweightsofAssetAandAssetBintheportfolioare60%and40%,respectively.Calculatetheexpectedreturnandstandarddeviationoftheportfolio.3.Acompany'sstockpriceisexpectedtofollowageometricBrownianmotionwithdrift.Thecurrentstockpriceis$50,theexpectedreturnis12%,thevolatilityis20%,andthetimeperiodisoneyear.Whatistheprobabilitythatthestockpricewillbegreaterthan$60attheendoftheyear?4.Youaregiventhefollowingdataforasampleof10observations:*5,7,9,10,12,14,15,16,18,20Calculatethesamplemean,median,variance,standarddeviation,andcoefficientofvariation.5.Aregressionanalysisyieldsthefollowingequation:Y=5+2XWhereYisthedependentvariableandXistheindependentvariable.WhatisthepredictedvalueofYwhenXis10?6.YouaregiventhefollowingprobabilitydistributionforarandomvariableX:*P(X=0)=0.2*P(X=1)=0.5*P(X=2)=0.3Calculatetheexpectedvalue,variance,andstandarddeviationofX.Section2:EthicsandProfessionalStandards7.Ananalystispreparingaresearchreportonacompany.Theanalyst'sbossaskstheanalysttoincludepositiveinformationaboutthecompany'sstockperformanceinthereport,eventhoughtheanalyst'sresearchsuggeststhatthestockisovervalued.Whatshouldtheanalystdo?8.Aninvestmentmanagerisconsideringinvestinginacompanythatisinvolvedinacontroversialindustry.Themanager'sclienthasexpressedconcernsaboutthecompany'sethicalpractices.Whatshouldthemanagerdo?9.AnCFAcharterholderisofferedajobbyaformerclient.TheformerclientisacompetitoroftheCFAcharterholder'scurrentemployer.WhatshouldtheCFAcharterholderdo?10.TwoCFAcharterholdersarediscussingapotentialinvestmentopportunity.Onecharterholderhasnon-public,materialinformationabouttheinvestment.Whatshouldthecharterholdersdo?Section3:FinancialReportingandAnalysis11.AcompanyreportsthefollowinginformationfortheyearendedDecember31,2023:*Netincome:$1,000,000*Depreciationexpense:$200,000*Accountsreceivableincreasedby$100,000*Accountspayabledecreasedby$50,000Calculatethecompany'soperatingcashflowusingtheindirectmethod.12.Acompanyhascurrentassetsof$500,000andcurrentliabilitiesof$300,000.Thecompany'sinventoryturnoverratiois5,anditsdayssalesoutstandingratiois40.Calculatethecompany'stotalassets.13.Explainthedifferencebetweenhorizontalanalysisandverticalanalysisoffinancialstatements.14.Acompany'sbalancesheetshowsthatitstotalassetsare$2,000,000anditstotalliabilitiesare$1,200,000.Thecompany'sstockholders'equityis$700,000.Calculatethecompany'sdebt-to-equityratioandequitymultiplier.15.Whatarethemajorfinancialstatementratiosusedtoevaluateacompany'sliquidity,solvency,andprofitability?Provideanexampleofeachratioandexplainwhatitmeasures.Section4:EquityInvestments16.Describetheprimarydifferencesbetweencommonstockandpreferredstock.17.Explaintheconceptofmarketefficiencyanditsimplicationsforstockvaluation.18.Whatisthedifferencebetweenagrowthstockandavaluestock?Provideexamplesofeach.19.Describethefactorsthatinfluencestockprices.20.AninvestorisconsideringbuyingsharesofCompanyA.Thecompany'sstockiscurrentlytradingat$50pershare.Theinvestorestimatesthatthecompanywillpayadividendof$2persharenextyear,andthedividendisexpectedtogrowatarateof5%peryearindefinitely.Whatistheinvestor'srequiredrateofreturniftheyarewillingtopay$50pershare?Section5:FixedIncomeInvestments21.Describethefeaturesofabond,includingfacevalue,couponrate,maturitydate,andyieldtomaturity.22.Explainthedifferencebetweenacouponbondandazero-couponbond.23.Whatistherelationshipbetweenbondpricesandinterestrates?24.Describetherisksassociatedwithinvestinginbonds,includinginterestraterisk,creditrisk,andliquidityrisk.25.Aninvestorisconsideringbuyingabondwithafacevalueof$1,000,acouponrateof6%,andamaturityof5years.Thebondiscurrentlytradingatapriceof$950.Whatisthebond'syieldtomaturity?Section6:DerivativesInvestments26.Explaintheconceptofaderivativeandprovideexamplesofdifferenttypesofderivatives.27.Describethedifferencebetweenaforwardcontractandafuturescontract.28.Whatistheroleofaclearinghouseinderivativesmarkets?29.Explaintheconceptofhedgingandprovideanexampleofhowderivativescanbeusedtohedgerisk.30.Whatarethemainrisksassociatedwithinvestinginderivatives?Section7:PortfolioManagementandWealthPlanning31.Describethedifferenttypesofinvestmentobjectivesandrisktolerances.32.Explaintheconceptofdiversificationanditsroleinportfoliomanagement.33.Describethedifferenttypesofassetallocationstrategies.34.Whatisthedifferencebetweenactivemanagementandpassivemanagement?35.Describetheimportanceofriskmanagementinportfoliomanagement.Section8:QuantitativeMethods(continued)36.Youaregivenaportfoliooftwoassets,AandB,withthefollowinginformation:*ExpectedreturnofAssetA:10%*ExpectedreturnofAssetB:15%*StandarddeviationofAssetA:12%*StandarddeviationofAssetB:18%*CorrelationcoefficientbetweenAssetAandAssetB:0.25Calculatetheexpectedreturnandstandarddeviationofaportfolioconsistingof60%AssetAand40%AssetB.37.Astock'sreturnshaveameanof15%andastandarddeviationof25%.Whatistheprobabilitythatthestock'sreturnwillbelessthan-10%inagivenyear,assumingthereturnsarenormallydistributed?38.Youaregiventhefollowinginformationaboutaproject:*Initialinvestment:$100,000*Expectedcashflows:$30,000peryearfor5years*Discountrate:10%Calculatethenetpresentvalue(NPV)oftheproject.39.Acompany'sstockpriceisexpectedtofollowageometricBrownianmotionwithdrift.Thecurrentstockpriceis$100,theexpectedreturnis12%,thevolatilityis30%,andthetimeperiodisoneyear.Whatistheexpectedstockpriceattheendoftheyear?40.Youaregiventhefollowingdataforasampleof15observations:*3,4,6,7,8,9,10,11,12,13,14,15,16,18,20Calculatethefirstquartile(Q1),thirdquartile(Q3),interquartilerange(IQR),andcoefficientofvariation.Section9:EthicsandProfessionalStandards(continued)41.ACFAcharterholderisofferedabonusbasedontheperformanceofaportfoliotheymanage.Theportfoliohasperformedwellduetoaluckyinvestmentdecisionmadebyaformerportfoliomanager.Whatshouldthecharterholderdo?42.TwoCFAcharterholdersarediscussingapotentialinvestmentopportunity.Onecharterholderhasaccesstonon-public,materialinformationabouttheinvestmentthrougharelativewhoworksatthecompany.Whatshouldthecharterholdersdo?43.ACFAcharterholderistestifyinginalegalproceedingasanexpertwitness.Thecharterholder'stestimonyisexpectedtobeunfavorabletothepartythathiredthecharterholder.Whatshouldthecharterholderdo?44.Aninvestmentfirmisconsideringhiringanewanalyst.Thefirmisawarethattheanalystpreviouslyworkedforacompetitorandobtainedconfidentialinformationaboutthecompetitor'sclients.Whatshouldthefirmdo?45.ACFAcharterholderisresponsibleforpreparingthefirm'scompliancedepartment'sreportonethicalviolations.Thereportincludesinformationaboutviolationscommittedbyotheremployees.Whatshouldthecharterholderdo?Section10:FinancialReportingandAnalysis(continued)46.Explaintheconceptofaccrualaccountinganditsimpactonfinancialstatements.47.Describethestepsinvolvedinpreparingacashflowstatementusingtheindirectmethod.48.Whatisthedifferencebetweenacurrentassetandanon-currentasset?49.Explaintheconceptofdepreciationandamortizationandhowtheyarerecordedonthefinancialstatements.50.Acompany'sincomestatementshowsthatitsgrossprofitis$500,000anditsoperatingexpensesare$300,000.Thecompany'sinterestexpenseis$50,000anditstaxesare$100,000.Calculatethecompany'snetincome.Section11:EquityInvestments(continued)51.Describethedifferenttypesofstockmarketindicesandtheirpurposes.52.Explaintheconceptofstockvaluationandthedifferentmethodsusedtovaluestocks.53.Describethefactorsthatcanaffectacompany'sstockpriceintheshortterm.54.Whatisthedifferencebetweenaprimarymarketandasecondarymarket?55.AninvestorisconsideringbuyingsharesofCompanyX.Thecompany'sstockiscurrentlytradingat$100pershare.Theinvestorestimatesthatthecompanywillpayadividendof$4persharenextyear,andthedividendisexpectedtogrowatarateof6%peryearindefinitely.Theinvestor'srequiredrateofreturnis12%.Shouldtheinvestorbuythestock?Section12:FixedIncomeInvestments(continued)56.Describethedifferenttypesofbonds,includinggovernmentbonds,corporatebonds,andmunicipalbonds.57.Explaintheconceptofbonddurationanditsimpactonbondprices.58.Whatisthedifferencebetweenacouponbondandazero-couponbond?59.Describetherisksassociatedwithinvestinginmunicipalbonds.60.Aninvestorisconsideringbuyingabondwithafacevalueof$1,000,acouponrateof7%,andamaturityof10years.Thebondiscurrentlytradingatapriceof$920.Whatisthebond'syieldtomaturity?Section13:DerivativesInvestments(continued)61.Explaintheconceptofacalloptionandaputoption.62.DescribethedifferencebetweenaEuropeanoptionandanAmericanoption.63.Whatistheroleofaoptionsexchangeinderivativesmarkets?64.Explaintheconceptofoptionspricingandthefactorsthatinfluenceoptionprices.65.Aninvestorbuysacalloptionwithastrikepriceof$50forapremiumof$2.Theinvestor'sunderlyingstockiscurrentlytradingat$55.Whatistheinvestor'smaximumlossandpotentialprofit?Section14:PortfolioManagementandWealthPlanning(continued)66.Describethedifferenttypesofinvestmentrisk,includingmarketrisk,creditrisk,andliquidityrisk.67.Explaintheconceptofassetallocationanditsroleinportfolioconstruction.68.Describethedifferenttypesofinvestmentvehicles,includingstocks,bonds,mutualfunds,andexchange-tradedfunds(ETFs).69.Whatisthedifferencebetweenpassiveandactiveinvestmentmanagement?70.Describetheimportanceoffinancialplanninginwealthmanagement.試卷答案Section1:QuantitativeMethods1.0.1056思路：正態(tài)分布，計(jì)算Z得分，查標(biāo)準(zhǔn)正態(tài)分布表。2.10.2%,13.86%思路：計(jì)算加權(quán)平均預(yù)期收益，計(jì)算組合方差，開方得到標(biāo)準(zhǔn)差。3.0.3085思路：幾何布朗運(yùn)動(dòng)，利用對(duì)數(shù)正態(tài)分布性質(zhì)，計(jì)算Z得分，查標(biāo)準(zhǔn)正態(tài)分布表。4.13.2,12.77,38.44,6.20,0.47思路：分別計(jì)算樣本均值、中位數(shù)、方差（使用樣本方差公式）、標(biāo)準(zhǔn)差、變異系數(shù)。5.25思路：將X=10代入回歸方程。6.1,0.49,0.70思路：根據(jù)期望值、方差、標(biāo)準(zhǔn)差的定義進(jìn)行計(jì)算。Section2:EthicsandProfessionalStandards7.應(yīng)拒絕上司的要求，堅(jiān)持基于獨(dú)立客觀研究的結(jié)果撰寫報(bào)告。思路：遵守獨(dú)立客觀原則，不應(yīng)受他人影響發(fā)布不實(shí)信息。8.應(yīng)尊重客戶的投資限制和偏好，如無法滿足，應(yīng)向客戶解釋原因，并考慮是否適合繼續(xù)提供服務(wù)。思路：遵守客戶優(yōu)先原則，應(yīng)將客戶的利益放在首位。9.應(yīng)拒絕該工作機(jī)會(huì)，避免利益沖突。思路：遵守忠誠原則，不應(yīng)在現(xiàn)有雇主和競(jìng)爭(zhēng)對(duì)手之間進(jìn)行利益交換。10.應(yīng)該，討論公開信息不違反規(guī)定，但如果涉及非公開信息，則應(yīng)避免單獨(dú)討論，或確保所有參與者都有權(quán)獲取該信息。思路：遵守專業(yè)行為準(zhǔn)則中關(guān)于保密和非公開信息的規(guī)定。Section3:FinancialReportingandAnalysis11.$950,000思路：間接法計(jì)算經(jīng)營活動(dòng)現(xiàn)金流，從凈利潤開始，調(diào)整非現(xiàn)金項(xiàng)目和營運(yùn)資本變動(dòng)。12.$1,050,000思路：利用存貨周轉(zhuǎn)率和DSO計(jì)算銷貨成本和應(yīng)收賬款，結(jié)合流動(dòng)資產(chǎn)和流動(dòng)負(fù)債推算總資產(chǎn)。13.水平分析比較不同時(shí)期財(cái)務(wù)數(shù)據(jù)的變動(dòng)，垂直分析比較財(cái)務(wù)報(bào)表中各項(xiàng)目占總額的比重。思路：解釋兩種分析方法的目的和側(cè)重點(diǎn)。14.1.71,2.86思路：債務(wù)權(quán)益比=總負(fù)債/股東權(quán)益；權(quán)益乘數(shù)=總資產(chǎn)/股東權(quán)益。15.流動(dòng)性比率（如流動(dòng)比率、速動(dòng)比率），衡量短期償債能力；solvencyratios（如債務(wù)權(quán)益比、利息保障倍數(shù)），衡量長期償債能力；profitabilityratios（如凈利潤率、總資產(chǎn)收益率），衡量盈利能力。思路：列舉并解釋三類主要財(cái)務(wù)比率及其衡量內(nèi)容。Section4:EquityInvestments16.共同股票賦予股東投票權(quán)和收益分享權(quán)，優(yōu)先股票通常沒有投票權(quán)但有固定的股息收益，且在清算時(shí)優(yōu)先于普通股股東。思路：比較兩種股票在權(quán)利和收益分配上的主要區(qū)別。17.市場(chǎng)效率指市場(chǎng)價(jià)格能快速反映所有可用信息。有效市場(chǎng)假設(shè)下，股價(jià)已反映所有信息，難以通過分析獲得超額收益。思路：解釋市場(chǎng)效率的概念及其對(duì)股票估值的implications。18.增長股預(yù)期未來盈利高速增長，價(jià)值股價(jià)格低于其內(nèi)在價(jià)值，通常具有穩(wěn)定的盈利和分紅。思路：解釋兩種股票類型的特點(diǎn)和區(qū)別，并舉例。19.宏觀經(jīng)濟(jì)因素（利率、通脹）、行業(yè)因素、公司基本面（盈利、增長）、市場(chǎng)情緒等。思路：列舉影響股票價(jià)格的主要因素。20.15.38%思路：利用戈登增長模型（股利折現(xiàn)模型）計(jì)算要求回報(bào)率：D1/P0+g。Section5:FixedIncomeInvestments21.面值是債券的本金，couponrate是年利息率，maturitydate是到期日，yieldtomaturity(YTM)是持有至到期的總回報(bào)率。思路：解釋債券的基本要素。22.貼現(xiàn)債券沒有定期利息支付，到期按面值償付；附息債券定期支付利息。思路：比較兩種債券在付息方式上的區(qū)別。23.負(fù)相關(guān)關(guān)系，利率上升，債券價(jià)格下降；利率下降，債券價(jià)格上升。思路：解釋利率與債券價(jià)格之間的基本關(guān)系。24.利率風(fēng)險(xiǎn)、信用風(fēng)險(xiǎn)（違約風(fēng)險(xiǎn)）、流動(dòng)性風(fēng)險(xiǎn)（難以買賣）、通貨膨脹風(fēng)險(xiǎn)等。思路：列舉投資債券的主要風(fēng)險(xiǎn)。25.6.76%思路：利用債券定價(jià)公式（現(xiàn)金流折現(xiàn)）或YTM定義方程求解。Section6:DerivativesInvestments26.衍生品是其價(jià)值依賴于標(biāo)的資產(chǎn)（如股票、債券、商品）價(jià)格的工具。例子：期貨合約、期權(quán)合約、互換合約。思路：解釋衍生品的定義，并給出類型示例。27.期貨合約是標(biāo)準(zhǔn)化的、交易所交易的，必須在到期日交割；遠(yuǎn)期合約是非標(biāo)準(zhǔn)化的、場(chǎng)外交易，可協(xié)商交割時(shí)間。思路：比較期貨和遠(yuǎn)期合約在標(biāo)準(zhǔn)化、交易場(chǎng)所和交割方式上的區(qū)別。28.清算所作為交易對(duì)手方，降低交易對(duì)手風(fēng)險(xiǎn)，保證合約履行。思路：解釋清算所的功能和作用。29.套期保值是用衍生工具對(duì)沖現(xiàn)貨市場(chǎng)的風(fēng)險(xiǎn)。思路：解釋套期保值的定義，并給出一個(gè)簡(jiǎn)單的例子（如用期貨合約對(duì)沖現(xiàn)貨商品價(jià)格風(fēng)險(xiǎn)）。30.市場(chǎng)風(fēng)險(xiǎn)、信用風(fēng)險(xiǎn)、流動(dòng)性風(fēng)險(xiǎn)、操作風(fēng)險(xiǎn)等。思路：列舉投資衍生品的主要風(fēng)險(xiǎn)。Section7:PortfolioManagementandWealthPlanning31.投資目標(biāo)包括預(yù)期回報(bào)、風(fēng)險(xiǎn)承受能力和投資期限；風(fēng)險(xiǎn)承受能力分為保守、穩(wěn)健、激進(jìn)。思路：列舉投資目標(biāo)的主要類型和風(fēng)險(xiǎn)承受能力的分類。32.多元化通過組合不相關(guān)或低相關(guān)資產(chǎn)降低組合整體風(fēng)險(xiǎn)。思路：解釋多元化降低風(fēng)險(xiǎn)的原理。33.資產(chǎn)配置策略包括戰(zhàn)略性資產(chǎn)配置、戰(zhàn)術(shù)性資產(chǎn)配置和動(dòng)態(tài)資產(chǎn)配置。思路：列舉主要的資產(chǎn)配置策略類型。34.主動(dòng)管理試圖通過選股或擇時(shí)超越市場(chǎng)基準(zhǔn)；被動(dòng)管理旨在復(fù)制市場(chǎng)指數(shù)的表現(xiàn)。思路：比較主動(dòng)管理和被動(dòng)管理的策略和目標(biāo)。35.風(fēng)險(xiǎn)管理識(shí)別、評(píng)估和應(yīng)對(duì)投資組合中的各種風(fēng)險(xiǎn)，以實(shí)現(xiàn)投資目標(biāo)。思路：解釋風(fēng)險(xiǎn)管理在投資組合管理中的重要性。Section8:QuantitativeMethods(continued)36.11.4%,10.98%思路：計(jì)算加權(quán)平均預(yù)期收益；計(jì)算組合協(xié)方差；計(jì)算組合方差；開方得到標(biāo)準(zhǔn)差。37.0.1587思路：計(jì)算Z得分，查標(biāo)準(zhǔn)正態(tài)分布表（或使用累積正態(tài)分布函數(shù)）。38.$12,641思路：將各年現(xiàn)金流折現(xiàn)到現(xiàn)值，減去初始投資。39.$112.36思路：幾何布朗運(yùn)動(dòng)，計(jì)算預(yù)期終值（使用公式或蒙特卡洛模擬）。40.14.62思路：計(jì)算樣本中位數(shù)、Q1、Q3；計(jì)算樣本方差（使用樣本方差公式）；計(jì)算IQR=Q3-Q1；計(jì)算變異系數(shù)=標(biāo)準(zhǔn)差/均值。Section9:EthicsandProfessionalStandards(continued)41.應(yīng)拒絕獎(jiǎng)金，或要求獎(jiǎng)金基于自身管理貢獻(xiàn)，并向上級(jí)或合規(guī)部門報(bào)告情況。思路：遵守獨(dú)立客觀原則和忠誠原則，避免利益沖突和基于非業(yè)績因素獲得報(bào)酬。42.應(yīng)該，討論非公開信息違反保密原則。應(yīng)避免討論，或確保另一方也有權(quán)獲取該信息，或報(bào)告給上級(jí)/合規(guī)部門。思路：遵守專業(yè)行為準(zhǔn)則中關(guān)于保密和非公開信息的規(guī)定。43.應(yīng)披露自身專家證人身份，以及可能存在的偏見，并客觀陳述依據(jù)。思路：遵守公開披露原則，確保透明度，避免利益沖突。44.應(yīng)拒絕招聘，或要求分析師披露相關(guān)信息，并評(píng)估其對(duì)現(xiàn)有客戶和公司的影響。思路：遵守誠實(shí)信實(shí)原則和忠誠原