金程溫馨溫習(xí)提示：在CFA考試考前，每天適量練習(xí)CFA，有利于取得更好的CFA成績(jī)！
為了幫助廣大學(xué)員在2015年CFA備考中取得良好的成績(jī)，金程網(wǎng)校為大家開(kāi)設(shè)了CFA考試真題，每天分享老師精心帶來(lái)的CFA歷年真題以及考試答案的詳細(xì)解析，幫助學(xué)員在學(xué)習(xí)中快速的提升考試成績(jī)，加強(qiáng)練習(xí)。
親愛(ài)的考生，為了幫助廣大學(xué)員在2015年CFA備考中取得良好的成績(jī)，金程網(wǎng)校為大家開(kāi)設(shè)了CFA考試真題，每天分享老師精心帶來(lái)的CFA歷年真題以及考試答案的詳細(xì)解析，幫助學(xué)員在學(xué)習(xí)中快速的提升考試成績(jī)，加強(qiáng)練習(xí)，分享 CFA考試經(jīng)驗(yàn)供大家交流、學(xué)習(xí)。
CFA歷年考題中比較重點(diǎn)的內(nèi)容章節(jié)為：財(cái)報(bào)，公司金融、道德、經(jīng)濟(jì)學(xué)、權(quán)益，另類投資、數(shù)量、組合和固收、衍生等，金程CFA小編希望大家重視CFA考試復(fù)習(xí)！
1、CFA（一級(jí)）道德部分模擬練習(xí)及答案解析
Bart Wiley，CFA，agreed in writing with his former employer not to solicit former clients for a period of one year after his termination. After he left his former employer， he consulted with a lawyer about whether the agreement was legally enforceable. The lawyer advised Wiley that it was doubtful that the agreement could be enforced， so Wiley sent a marketing brochure about his new firm to his former clients. According to the Standards of Practice Handbook， which of the following statements is most accurate with respect to Wiley‘s conduct？
A. The Standards do not apply to Wiley’s conduct.
B. The Standards require Wiley to comply with the agreement with his former employer.
C. Because Wiley relied upon the opinion of legal counsel， he did not violate the Standards.
Answer： B
金程cfa解析：--Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable conduct.
2.Which of thefollowing is least likely an advantage of using price/sales (P/S) multiple?
A)P/S multiples aremore reliable because sales data cannot be distorted by management.
B)P/S multiplesprovide a meaningful framework for evaluating distressed firms.
C)P/S multiples arenot as volatile as P/E multiples and hence may be more reliable in valuationanalysis.
正確答案：A
金程cfa解析：Accounting data onsales is used to calculate the P/S multiple. The P/S multiple is thought to bemore reliable because sales figures are not as easy to manipulate as theearnings and book value, both of which are significantly affected by accountingconventions. However, it is not true that "sales data cannot be distortedby management" because aggressive revenue recognition practices caninfluence reported sales.
3. An analystgathered the following data for the Parker Corp. for the year ended December31, 2005:
§EPS2005 = $1.75
§Dividends2005 = $1.40
§Beta Parker = 1.17
§Long-term bond rate = 6.75%
§Rate of return S&P 500 = 12.00%
The firm is expectedto continue their dividend policy in future. If the long-term growth rate inearnings and dividends is expected to be 6%, the forward P/E ratio for ParkerCorp. will be:
A)21.54.
B)12.31.
C)11.61.
正確答案：C
金程cfa解析：The required rate ofreturn on equity for Parker will be 12.89% = 6.75% + 1.17(12.00% ? 6.75%) andthe firm pays 80% (1.40 / 1.75) of its earnings as dividends.
Forward P/E ratio =0.80 / (0.1289 - 0.0600) = 11.61
Where r = requiredrate of return on equity, gn = growth rate in dividends (forever).
4. A preferredstock’s dividend is $5 and the firm’s bonds currently yield 6.25%. Thepreferred shares are priced to yield 75 basis points below the bond yield. Theprice of the preferred is closest to:
A)$90.91.
B)$5.00.
C)$80.00.
正確答案：A
金程cfa解析：Preferred stock yield(Kp) = bond yield – 0.75% = 6.25% ? 0.75% = 5.5%
Value = dividend / Kp= $5 / 0.055 = $90.91.
5. A firm is mostlikely to have pricing power if:
A)costs to exit theindustry are high.
B)its product isdifferentiated.
C)its market share ishigh.
正確答案：B
金程cfa解析：Firms offeringproducts that are differentiated in terms of quality and features are morelikely to have pricing power than firms that produce undifferentiated(commodity-like) products. High market share does not necessarily imply pricingpower; for example, if four firms each have 25% market share, none of them arelikely to have significant pricing power. High exit costs can createovercapacity in an industry and result in a high degree of price competition asfirms try to maintain production volume during a period of reduced demand.
金程網(wǎng)校邀請(qǐng)了歷年來(lái)金程的學(xué)員來(lái)分享他們的CFA考試經(jīng)驗(yàn)，希望通過(guò)老師對(duì)考試的解說(shuō)，學(xué)員的經(jīng)驗(yàn)分享，讓大家CFA備考工作可以進(jìn)行的更加的順利。
金程勵(lì)志：人生中大問(wèn)題的答案，不是從外界獲得的，你必須項(xiàng)內(nèi)容，也就是從你自己的內(nèi)心去尋找它。如果不是自己真正想要的，是不可能得到的。你要實(shí)現(xiàn)的夢(mèng)想，必須是你自己的夢(mèng)想，必須來(lái)自你的內(nèi)心，你一定要為實(shí)現(xiàn)夢(mèng)想而行動(dòng)起來(lái)的。
