2025年CFA考試真題模擬卷（完整版）考試時間：______分鐘總分：______分姓名：______考生須知：1.本試卷共分為六個部分，分別為A、B、C、D、E、F。2.請仔細閱讀每道題目，確保理解題意。3.請在答題紙上填寫您的答案。4.考試時間：請根據實際情況分配。PartA:道德與專業(yè)標準1.Ananalystisevaluatingtwostocksforpotentialinclusioninaclient'sportfolio.Theclienthasexplicitlyinstructedtheanalysttoavoidanyinvestmentsthatinvolvecompaniesinvolvedinthetobaccoindustry.Theanalyst'sbrotherworksforCompanyX,amajortobaccocompany,andownsasignificantamountofCompanyXstock.WhichofthefollowingactionsisMOSTappropriatefortheanalyst?a.ImmediatelyinformtheclientaboutthepotentialconflictofinterestanddeclinetoproceedwiththeanalysisonCompanyX.b.ProceedwiththeanalysisofCompanyX,butdisclosethebrother'semploymenttotheclientwithoutmentioningthestockownership.c.PerformtheanalysiswhileensuringtheinvestmentrecommendationdoesnotspecificallytargetCompanyX,thusimplicitlymanagingtheconflict.d.Deferthedecisiontothecompliancedepartment,whowilldetermineiftheanalysiscanproceed.2.Aportfoliomanagerrecommendsastocktoaclientafterconductingthoroughresearch.Subsequently,thestockexperiencesasignificantpricedecline.Theclientaskstheportfoliomanageraboutthereasonsforthedecline.Theportfoliomanagerrespondsthatthedeclineisdueto"marketforces"withoutprovidingspecificdetails.Whichofthefollowingbestdescribestheethicalissue,ifany,inthisscenario?a.Theportfoliomanagerhasnotviolatedanyethicalguidelinesaslongastherecommendationwasbasedonthoroughresearch.b.TheportfoliomanagerhasviolatedtheCFAInstituteStandardofPracticeVI(CommunicationwithClients)byprovidingvagueinformation.c.TheportfoliomanagerhasviolatedtheCFAInstituteStandardofPracticeIV(DiligenceandProfessionalism)bynotdisclosingmaterialinformation.d.TheportfoliomanagerhasviolatedtheCFAInstituteStandardofPracticeIII(LoyaltytoClients)bynotdefendingthestock'sperformance.3.Aninvestmentfirmislaunchinganewproductthatinvolvescomplexderivatives.Thefirm'smarketingmaterialmakesseveralboldclaimsabouttheproduct'spotentialreturnswithminimalrisk.Theclaimsarebasedonhistoricalperformanceofasimilarproductbutdonotaccuratelyreflecttherisksassociatedwiththenewproduct.WhichofthefollowingactionsbythefirmisMOSTinlinewithCFAInstituteStandardsofPractice?a.Continuethemarketingcampaignasplanned,astheclaimsarebasedonhistoricaldata.b.Revisethemarketingmaterialtoincludeadetailedriskdisclosure,accuratelyreflectingthepotentialdownsides.c.Issueapressreleaseclarifyingthatthemarketingmaterialisillustrativeandnotaguaranteeoffutureperformance.d.Targetthemarketingcampaigntowardsexperiencedinvestorswhoareassumedtounderstandtherisksinvolved.PartB:數(shù)量方法4.Aninvestorhasaportfoliowithanexpectedreturnof12%andastandarddeviationof18%.Therisk-freerateis3%.AccordingtotheCapitalAssetPricingModel(CAPM),theportfolio'salpha,assumingitiscorrectlypriced,isclosestto:a.-3.0%b.0.0%c.3.0%d.9.0%5.Acompany'sstockhasabetaof1.2.Themarketriskpremiumis5%.Iftherisk-freerateis2%,whatistheexpectedreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?a.2.0%b.6.0%c.8.0%d.7.0%6.Ananalystisusinglinearregressiontoestimatetherelationshipbetweenastock'sreturnsandthemarketreturns.Theregressionequationis:StockReturn=0.5+1.5*MarketReturn.Theintercept(0.5)represents:a.Theexpectedreturnofthestockifthemarketreturniszero.b.Thestock'sbetacoefficient.c.Theaverageexcessreturnofthestockovertherisk-freerate.d.Themarketriskpremium.7.Aportfolioconsistsoftwoassets,AandB.AssetAhasaweightof60%andavarianceof0.04.AssetBhasaweightof40%andavarianceof0.09.ThecovariancebetweenthereturnsofAssetAandAssetBis0.012.Whatisthevarianceoftheportfolio?a.0.0576b.0.0648c.0.0729d.0.081PartC:經濟學8.Thecentralbankimplementsacontractionarymonetarypolicy.WhichofthefollowingisMOSTlikelytooccurasaresult?a.Anincreaseinthemoneysupply,leadingtolowerinterestratesandhigherinvestment.b.Adecreaseinthemoneysupply,leadingtohigherinterestratesandlowerinflation.c.Adecreaseinthemoneysupply,leadingtolowerinterestratesandhigherinflation.d.Anincreaseinthemoneysupply,leadingtohigherinterestratesandlowerinvestment.9.AccordingtotheKeynesianeconomictheory,whichofthefollowingisconsideredaleakagefromthecircularflowofincome?a.Investmentspendingb.Governmentspendingc.Consumptionspendingd.Taxes10.Acountryexperiencesasignificantincreaseinitsproductivity,leadingtohigheroutputperworker.AccordingtotheSolowgrowthmodel,thiswouldprimarilyresultin:a.Atemporaryincreaseinthecapital-outputratio.b.Apermanentincreaseinthesteady-statelevelofoutputperworker.c.Atemporarydecreaseinthecapital-outputratio.d.Apermanentdecreaseinthesteady-statelevelofoutputperworker.PartD:財務報表分析11.Acompanyreportsthefollowingfiguresforthecurrentyear:Sales=$1,000,000;CostofGoodsSold=$600,000;GrossProfit=$400,000;OperatingExpenses=$250,000;OperatingIncome=$150,000.WhatistheGrossProfitMargin?a.15.0%b.25.0%c.30.0%d.40.0%12.Acompanyhascurrentassetsof$200,000andcurrentliabilitiesof$100,000.Itsquickassets(currentassetsminusinventory)are$150,000.WhatistheCurrentRatio?a.1.0b.1.5c.2.0d.3.013.Ananalystisevaluatingacompany'sfinancialhealth.WhichofthefollowingratioswouldprovidetheMOSTinformationaboutthecompany'sabilitytomeetitsshort-termobligations?a.Debt-to-EquityRatiob.InventoryTurnoverRatioc.CurrentRatiod.ReturnonEquity14.Acompany'sinventoryturnoverratiois5.0.Itscostofgoodssoldfortheyearis$500,000.Whatistheaverageinventoryfortheyear?a.$50,000b.$100,000c.$200,000d.$500,000PartE:公司估值15.AnanalystisvaluingacompanyusingtheDividendDiscountModel(DDM).Thecompanyisexpectedtopayadividendof$2.00nextyear,andthedividendsareexpectedtogrowataconstantrateof5%peryearindefinitely.Therequiredrateofreturnonthestockis12%.Whatistheintrinsicvalueofthestock?a.$25.00b.$30.00c.$33.33d.$40.0016.Acompanyisexpectedtogeneratefreecashflowsof$100millionnextyear,andthesecashflowsareexpectedtogrowatarateof6%peryearforthenextthreeyears.Afterthreeyears,thecashflowsareexpectedtogrowataconstantrateof3%peryearindefinitely.Theweightedaveragecostofcapital(WACC)is10%.Whatisthepresentvalueofthecompany'sfreecashflows?a.$1,200millionb.$1,360millionc.$1,500milliond.$1,728million17.AnanalystisvaluingacompanyusingtheComparableCompaniesAnalysismethod.Thecompanyhasthefollowingcharacteristics:EnterpriseValue(EV)=$1,000million,NumberofSharesOutstanding=50million.TheindustryaveragePrice/Earnings(P/E)ratiois15.Whatistheimpliedenterprisevaluepershare?a.$10.00b.$15.00c.$20.00d.$25.00PartF:投資組合管理18.Aninvestorisconsideringaddinganewassettotheirportfolio.Theexpectedreturnoftheassetis10%,andthestandarddeviationofitsreturnsis15%.Theinvestor'scurrentportfoliohasanexpectedreturnof8%andastandarddeviationof12%.Ifthecorrelationcoefficientbetweentheasset'sreturnsandtheportfolio'sreturnsis0.2,whatistheexpectedreturnandstandarddeviationofthenewportfolioassumingtheassetisaddedwithaweightof20%?a.ExpectedReturn=8.6%,StandardDeviation=11.7%b.ExpectedReturn=8.6%,StandardDeviation=12.0%c.ExpectedReturn=9.2%,StandardDeviation=11.7%d.ExpectedReturn=9.2%,StandardDeviation=12.0%19.AninvestorisconstructingaportfoliobasedontheCapitalAssetPricingModel(CAPM).Therisk-freerateis2%,andthemarketportfoliohasanexpectedreturnof10%andastandarddeviationof15%.Anindividualstockhasabetaof1.5.AccordingtotheCAPM,whatistheexpectedreturnofthestock?a.2.0%b.7.0%c.10.0%d.13.0%20.Aninvestorismanagingaportfolioandisconsideringrebalancing.Thecurrentportfolioallocationis:AssetA=60%,AssetB=40%.Thenewdesiredallocationis:AssetA=50%,AssetB=50%.WhichofthefollowingstatementsisMOSTaccurate?a.TheinvestorneedstosellAssetAandbuyAssetBtorebalancetheportfolio.b.TheinvestorneedstosellAssetBandbuyAssetAtorebalancetheportfolio.c.Norebalancingisneededasthecurrentallocationisalreadyalignedwiththedesiredallocation.d.TheinvestorneedstosellbothAssetAandAssetBtorebalancetheportfolio,butthespecificamountsarenotsufficienttodetermine.---試卷答案PartA:道德與專業(yè)標準1.a解析思路：根據CFA協(xié)會道德與專業(yè)標準，會員必須避免利益沖突或披露并管理任何潛在的利益沖突。在這種情況下，分析師的兄弟在煙草公司的工作構成了直接的利益沖突，因為它可能會影響分析師的客觀性。最合適的做法是立即告知客戶潛在的利益沖突，并拒絕繼續(xù)對公司X進行分析，以保護客戶的利益和維持職業(yè)道德。2.b解析思路：根據CFA協(xié)會標準VI（與客戶的溝通），會員應向客戶清晰、準確、及時地溝通所有重要信息。在這種情況下，當股票價格大幅下跌時，客戶詢問原因，而投資組合經理僅以“市場力量”為由進行模糊回應，違反了溝通標準。客戶有權了解投資表現(xiàn)背后的具體情況，模糊的信息披露沒有滿足這一要求。3.b解析思路：根據CFA協(xié)會標準V（推廣）和標準VI（與客戶的溝通），營銷材料必須真實、準確，不能進行誤導性陳述。如果營銷材料包含基于歷史數(shù)據的聲明，但這些聲明未能準確反映新產品的風險，則可能構成誤導。最符合道德的做法是修訂營銷材料，包含詳細的風險披露，以提供準確的預期，保護投資者。PartB:數(shù)量方法4.b解析思路：根據資本資產定價模型（CAPM），股票的預期回報等于無風險利率加上風險溢價。風險溢價等于股票的貝塔乘以市場風險溢價。如果股票被正確定價，其預期回報應該等于根據CAPM計算出的回報率。因此，股票的alpha（實際回報與CAPM預期回報的差）為零。股票的alpha=實際回報-[無風險利率+貝塔*市場風險溢價]=12%-[3%+1*5%]=12%-8%=4%。因此，正確答案是b。5.c解析思路：根據資本資產定價模型（CAPM），股票的預期回報等于無風險利率加上風險溢價。風險溢價等于股票的貝塔乘以市場風險溢價。預期回報=2%+1.2*5%=2%+6%=8%。因此，正確答案是c。6.a解析思路：在簡單的線性回歸方程Y=a+bX中，其中Y是因變量（股票回報），X是自變量（市場回報），a是截距，b是斜率（即貝塔系數(shù)）。截距a代表當自變量X為零時，因變量Y的值。在這個例子中，當市場回報為零時，股票的預期回報（Y）為0.5。因此，截距0.5代表股票回報的基準水平，即市場回報為零時的預期回報。7.b解析思路：投資組合的方差公式為：V_p=w_a^2*V_a+w_b^2*V_b+2*w_a*w_b*Cov(a,b)。其中，w_a和w_b是權重，V_a和V_b是方差，Cov(a,b)是協(xié)方差。代入數(shù)據：V_p=(0.6)^2*0.04+(0.4)^2*0.09+2*0.6*0.4*0.012=0.144*0.04+0.16*0.09+0.48*0.012=0.00576+0.0144+0.00576=0.02592。因此，正確答案是b。PartC:經濟學8.b解析思路：緊縮性貨幣政策通常包括中央銀行提高利率、減少貨幣供應量等措施。減少貨幣供應量會導致借貸成本上升，從而抑制投資和消費需求。這通常會減緩經濟增長并降低通貨膨脹壓力。因此，最有可能的結果是貨幣供應量減少，利率上升，通貨膨脹率下降。9.d解析思路：在凱恩斯的經濟模型中，收入循環(huán)中的“漏出”是指從循環(huán)中流出的部分，不會直接轉化為對國內生產總值的貢獻。稅收是主要的漏出項，因為政府收取稅款后，資金會離開家庭和企業(yè)的直接支出循環(huán)。投資、政府購買和消費被視為注入項，因為它們增加了循環(huán)中的資金流。10.b解析思路：根據索洛增長模型，技術進步（表現(xiàn)為生產率提高）是驅動經濟長期增長的關鍵因素。技術進步會導致生產函數(shù)向上移動，從而在給定的資本和勞動投入下產生更高的產出。這會導致穩(wěn)態(tài)水平（長期均衡狀態(tài)）的產出perworker永久性提高。因此，正確答案是b。PartD:財務報表分析11.c解析思路：毛利潤率=毛利潤/銷售收入*100%=$400,000/$1,000,000*100%=40%。因此，正確答案是c。12.c解析思路：流動比率=當前資產/當前負債=$200,000/$100,000=2.0。因此，正確答案是c。13.c解析思路：流動比率是衡量公司短期償債能力最直接的指標之一。它比較了公司擁有的流動資產與需要用流動資產償還的流動負債。較高的流動比率表明公司有更多的流動資產來覆蓋其短期債務，因此短期償債能力更強。其他選項中，債務權益比衡量長期償債能力，存貨周轉率衡量運營效率，凈資產收益率衡量盈利能力。14.b解析思路：存貨周轉率=銷售成本/平均存貨。平均存貨=銷售成本/存貨周轉率=$500,000/5.0=$100,000。因此，正確答案是b。PartE:公司估值15.a解析思路：根據戈登增長模型（一種DDM變體），股票的內在價值V=D1/(r-g)，其中D1是下一年的預期股利，r是要求回報率，g是股利增長率。V=$2.00/(0.12-0.05)=$2.00/0.07=$28.57。因此，正確答案是a。（注意：此題選項存在誤差，正確計算結果應為28.57，但根據提供的選項，a最接近）16.a解析思路：首先計算前三年自由現(xiàn)金流的現(xiàn)值：PV_1=$100/(1+0.10)^1=$90.91PV_2=$100*(1+0.06)/(1+0.10)^2=$96.26PV_3=$100*(1+0.06)^2/(1+0.10)^3=$101.70然后計算第三年自由現(xiàn)金流終值的現(xiàn)值。第三年末的終值FV=$100*(1+0.06)^3=$119.10。終值的現(xiàn)值PV_FV=$119.10/(1+0.10)^3=$90.57。最后，將前三年的現(xiàn)值和終值的現(xiàn)值相加：PV_total=$90.91+$96.26+$101.70+$90.57=$379.44。因此，正確答案是a。（注意：此題選項存在誤差，正確計算結果應為379.44，但根據提供的選項，a最接近）17.a解析思路：可比公司分析法中，企業(yè)價值（EV）通常按照可比公司的估值乘數(shù)進行估值。在