分类： CFA注册金融分析师资格证书考试试题

CFA考试一级原版书题目汇总PDF文件下载

包含7个PDF文件：PRACTICE 09_CFA_level_1 Book1 Ethical Professional standards and Quantitative Methods.pdf、PRACTICE 09_CFA_level_1 Book1 Total.pdf、PRACTICE 09_CFA_level_1 Book2 Economics.pdf、PRACTICE 09_CFA_level_1 Book3 Financial Reporting And Analysis.pdf、PRACTICE 09_CFA_level_1 Book4 Corporate Finance and Portfolio Management.pdf、PRACTICE 09_CFA_level_1 Book5 Equity and Fix Income.pdf、PRACTICE 09_CFA_level_1 Book6 Derivatives and Alternative Investments.pdf

总价格155，也可单个交易，价格45元/个。

2007年特许金融分析师（CFA）一级6组MOCK EXAM培训习题

MOCK EXAM 23、MOCK EXAM 24、MOCK EXAM 25、MOCK EXAM 26、MOCK EXAM 27、MOCK EXAM 28，含答案

23. Correct answer: C
construct and explain confidence intervals for a normally distributed random variable, and interpret the probability that a normally distributed random variable takes its value inside the constructed confidence interval
Given that sales are normally distributed, the mean is centered in the interval.
Mean = ($230,000 + $480,000) / 2 = $355,000
An interval including 99% of the observations extends three standard deviations either side of the mean. The standard deviation of daily sales = ($355,000 – $230,000) / 3 = $41,667.

24.
Correct answer: D
calculate and interpret the standard error of the sample mean
The standard error of the sample mean is equal to the population standard deviation divided by the square root of the number of observations in the sample: $3,200,000 / √36 = $533,333.

25.
Correct answer: C
define, calculate, and interpret 1) a range and mean absolute deviation, and 2) a sample and a population variance and standard deviation
The arithmetic sum of the deviations around the mean will always equal zero.

26.
Correct answer: D
define, calculate, and interpret the coefficient of variation and the Sharpe ratio
The coefficient of variation is the ratio of the standard deviation of a set of observations to their mean value. This scale-free measure permits direct comparisons of dispersion across different data sets.

27.
Correct answer: C
calculate and interpret the bank discount yield, holding period yield, effective annual yield, and
money market yield for a U.S. Treasury bill; and interpret and convert among holding period yields, money market yields, effective annual yields, and the bond equivalent yields
Money market yield:
($3,600 / $96,400)×360 / 270 = 0.04979, or 4.98%.

2008年特许金融分析师（CFA）二级培训班讲义全部课程10个课件下载

CFA三级考试历年真题（2000年-2007年）下载

包含以下2000年至2007年的真题和答案文件20个：

CFA Level III Essay Examination Book 2000 Morning Section
CFA Level III Essay Examination Book 2000 Morning Section answer
CFA Level III Essay Examination Book 2000 Afternoon Section
CFA Level III Essay Examination Book 2000 Afternoon Section answer
2001 CFA Level III Examination Morning Section – Essay
2001 CFA Level III Examination Morning Section – Essay answer
2002 CFA Level III Examination Morning Section – Essay
2002 CFA Level III Examination Morning Section – Essay answer
2003 CFA Level III Examination Morning Section – Essay
2003 CFA Level III Examination Morning Section – Essay answer
2003 LevelIII Sample Item Sets.pdf
2004 CFA Level III Examination Morning Section – Essay
2004 CFA Level III Examination Morning Section – Essay answer
2005 CFA Level III Examination Morning Section – Essay
2005 CFA Level III Examination Morning Section – Essay answer
Analysis of 2005-Q7 – 2005-Q7错误解析.pdf
2006 CFA Level III Examination Morning Section – Essay
2006 CFA Level III Examination Morning Section – Essay answer
2007 CFA Level III Examination Morning Section – Essay
2007 CFA Level III Examination Morning Section – Essay answer

内容示例：

LEVEL III, QUESTION 22

Topic: Portfolio Management / Asset Valuation
Minutes: 28

Reading References:
1. “Determination of Portfolio Policies: Institutional Investors,” Ch. 4, Keith P.
Ambachtsheer, John L. Maginn, and Jay Vawter, Managing Investment Portfolios: A
Dynamic Process, 2nd edition, John L. Maginn and Donald L. Tuttle, eds. (Warren,
Gorham & Lamont, 1990)
2. “Pension Investing and Corporate Risk Management,” Robert A. Haugen, Managing
Institutional Assets, Frank J. Fabozzi, ed. (Harper Collins, 1990)
3. “Twenty Years of International Equity Investing,” Richard O. Michaud, Gary L.
Bergstrom, Ronald D. Frashure, and Brian K. Wolahan, The Journal of Portfolio
Management (Institutional Investor, Fall 1996)

Purpose:
To test the candidate’s understanding of defined benefit pension plans and implications of
investment policies.

LOS: The candidate should be able to
“Determination of Portfolio Policies: Institutional Investors” (Session 9)
– appraise and contrast the factors that affect the investment policies of pension funds,
endowment funds, insurance companies, and commercial banks.
“Pension Investing and Corporate Risk Management” (Session 9)
– appraise the investment policy implications, especially for risk management, of the
relationship between the financial condition of a corporate pension fund and the corporation
itself;
– evaluate the effect a corporate pension fund investment policy may have on plan surplus, the

corporation’s valuation, and its constituents.
“Twenty Years of International Equity Investing” (Session 5)
– discuss the issues facing international equity investors;
– discuss patterns of global equity returns and global market correlations across different
market environments.

Guideline Answer:

A. i. Concentrating the pension assets in such a fashion subjects plan beneficiaries to an
extraordinarily high level of risk because of the high correlation between the market
values of the portfolio and LSC.

ii. By concentrating the pension assets heavily in technology and Internet companies,
Donovan has increased the risk profile of the company. LightSpeed now has the prospect
of possibly having to provide additional funding to the pension plan at a time when the
company’s own cash flow and/or earnings position may be weakened. A more prudent
approach would be to invest in assets with market values that are expected to be less
highly correlated with the company’s market value, so in the event additional funding for

the pension plan becomes necessary it will be less likely to occur when the company is in
a weakened financial position.

B. i. The IPS drafted by Jeffries and the Investment Committee correctly identifies that the
return requirement should be total return, with a need for inflation protection, that is
sufficient to fund the plan’s long-term obligations.

ii. The IPS fails to address the pension plan’s risk tolerance—one of the two main objectives
of a complete investment policy statement—and fails to highlight the potential risk to the
beneficiaries and the company should the current high-risk strategy not achieve its return
goal.

iii. The IPS correctly addresses the time horizon constraint by stating that the assets are long-
term in nature, both because of the young work force and the normal long-term nature of
pension investing.

iv. The IPS fails to address the liquidity constraint; although liquidity is a minimal concern
in this case, the IPS should so state.

CFA三级培训SS3、SS6、SS7习题.pdf下载

QUESTION 3 HAS ONE PART FOR A TOTAL OF 12 MINUTES.
John Nultione was recently hired as a portfolio manager with Equity Advisors (EA). As part of
his responsibilities, Nultione prepares market forecasts for the firm’s chief investment officer,
Walt Hyatt. The U.S. equity market declined by 20 percent last year. After constructing a model
of factors affecting the market, Nultione becomes convinced that U.S. market returns will be
13.47 percent for the first half of this year followed by an 11.21 percent return for the second
half of this year.
Nultione remembers similar conditions several years ago when his forecast was too pessimistic
and he missed a significant buying opportunity. He does not want to miss another market low.
Nultione proposes a large increase in EA’s portfolio allocation to U.S. equities, which will move
his position from underweight to overweight. By contrast, Hyatt believes the recent downward
trend in the market will continue, and any gains from restructuring EA’s portfolio allocation
would not be worth the risk of relative underperformance.
After preparing his forecast, Nultione reads reports by several respected analysts, including
Harinder Singh. Nultione disagrees with Singh’s forecast of a continued decline in the market.
Hyatt, however, attended a conference where Singh presented his market forecast. Hyatt found
Singh’s analysis convincing and agreed with his forecast. Nultione points out that since the
conference, several key variables in Singh’s analysis have changed. Despite this evidence, Hyatt
remains convinced that Singh’s forecast is correct.
Hyatt believes that Nultione’s proposed portfolio allocation could result in a significant
underperformance of EA’s portfolio compared to its peers. Hyatt believes such
underperformance could harm his own position at the firm. As a result, Hyatt asks Nultione to
review the work of the top 20 equity analysts and reassess his forecast. Nultione presents his
review of the 20 analysts to Hyatt, focusing on the views of three analysts who agree with
Nultione’s optimistic market view.
For each Nultione and Hyatt:
i. Identify two psychological traps they have fallen into.
ii. Justify your position by stating evidence from the information provided.
Note: Four different psychological traps must be identified.
Answer Question 3 in the Template provided on page 23.

QUESTION 10 HAS THREE PARTS (A, B, C) FOR A TOTAL OF 19 MINUTES.
Greta Steiner, an analyst at Shopond Research, has been asked to develop an estimate of the
aggregate operating profit margin for the companies in the S&P 500 Index. She is using the S&P
500 as a representation of the overall U.S. economy. Steiner first reviews the U.S. economic
data presented in Exhibit 1. She notes that U.S. firms cannot raise prices to fully compensate for
inflation because of the current elasticity of demand.

CFA三级考试（2008年）真题及答案下载

Question: 1
Topic: Portfolio Management – Individual
Minutes: 36

Reading References:
15. “Managing Individual Investor Portfolios,” Ch. 2 Managing Investment
Portfolios: A Dynamic Process, 3rd
edition, James W. Bronson, Matthew H.
Scanlan, and Jan R. Squires (CFA Institute, 2007)
20. “Goals-Based Investing: Integrating Traditional and Behavioral Finance,” Daniel
Nevins, Journal of Wealth Management (Institutional Investors, 2004)

Purpose:
Test individual portfolio management concepts.

LOS: 2008-III-4-15-j, k, l, n
15. “Managing Individual Investor Portfolios”
The candidate should be able to:
j) explain how to set risk and return objectives for individual investor
portfolios and discuss the impact that ability and willingness to take risk
have on risk tolerance;
k) identify and explain each of the major constraint categories included in an
individual investor’s investment policy statement;
l) formulate and justify an investment policy statement for an individual
investor;
n) compare and contrast traditional deterministic versus Monte Carlo
approaches to retirement planning and explain the advantages of a Monte
Carlo approach.

LOS: 2008-III-4-20-c, d
20. “Goals-Based Investing: Integrating Traditional and Behavioral Finance”
c) justify the use of absolute performance and cash flow matching objectives
to meet the goal of lifestyle protection;
d) compare lifestyle protection strategies with fixed horizon strategies and
explain when the use of each approach is appropriate.
PART D
i.
The revised return objective for the Carvalhos’ portfolio is to:
– provide for the mortgage on their home
– support their living expenses in retirement
– support charitable endeavors in retirement
– provide a bequest for their children.

ii.
The after-tax nominal rate of return is 8.48%. The return is calculated using the following
inputs:

Mortgage payments remaining 5
Annual mortgage amount $35,000
Investment portfolio value (current) $10,200,000
Investment portfolio value (target) $15,000,000

Using the HP12-C calculator, the following figures are used in the calculation when
solving for i:

N = 5, PV = 10,200,000, PMT = -55,000, FV = -15,000,000, compute i = 8.48%
or
N = 5, PV = -10,200,000, PMT = 55,000, FV = 15,000,000, compute i = 8.48%

Note: Salaries/expenses are a wash.

Reading References:
7. “Heuristic-Driven Bias: The First Theme,” Ch. 2, Beyond Greed and Fear: Understanding
Behavioral Finance and the Psychology of Investing, Hersh Shefrin (Oxford University
School Press, 2002)
8. “Frame Dependence: The Second Theme,” Ch. 3, Beyond Greed and Fear: Understanding
Behavioral Finance and the Psychology of Investing, Hersh Shefrin (Oxford University
School Press, 2002)
11. “Investment Decision Making in Defined Contribution Pension Plans,” Pensions, Alistair
Byrne, (Palgrave McMillan 2004)
13. “A Survey of Behavioral Finance,” Ch. 18, Handbook of the Economics of Finance Nicholas
Barberis and Richard Thaler (Elsevier Science B.V., 2003)
Purpose:
Test behavioral finance concepts for individual

CFA三级考试（）真题及答案下载

QUESTION 1 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 26 MINUTES.

Patricia and Alexander Tracy, both age 59, are residents of Canada. They have twin sons who
will enter a four-year university program in one year. Patricia is a long-time employee of a
telecommunications company. Alexander is a self-employed sales consultant.

Alexander’s annual income is now steady after years of extreme highs and lows. The Tracys
have built an investment portfolio through saving in Alexander’s high income years. The
Tracys’ current annual income is equal to their total expenses; as a result, they cannot add to
savings currently. They expect that both their expenses and income will grow at the inflation
rate. All medical costs, now and in the future, are fully covered through government programs.

The Tracys worry about whether they have saved enough for retirement, and whether they will
be able to maintain the real value of their portfolio. Inflation is expected to average 4% for the
foreseeable future.

The Tracys have approached Darren Briscoe to help them analyze their investment strategy and
retirement choices. The Tracys disagree about the appropriate investment strategy. Patricia
prefers not losing money over making a high return. This is partly a result of continuing regret
for a loss experienced in an equity mutual fund several years ago. Alexander’s history of making
frequent changes in their portfolio greatly annoyed Patricia. She thinks Alexander focused only
on potential return and paid little attention to risk.

A. i. Prepare the return objectives portion of the Tracys’ investment policy statement
(IPS) that will apply if they retire at age 60.

ii. Calculate the pre-tax nominal rate of return that is required for the Tracys’ first
year of retirement if they retire at age 60. Show your calculations.

(12 minutes)

B. Indicate specific factors for the Tracys, for each of the following, which support
Briscoe’s conclusion that the Tracys’ risk tolerance is below average:

i. Ability to take risk. Indicate two factors.
ii. Willingness to take risk. Indicate one factor.

(6 minutes)

C. Prepare the current (2009) liquidity constraint for the Tracys’ IPS:

i. if they retire at age 60.
ii. if they retire at age 65.

(4 minutes)

D. Prepare the current (2009) time horizon constraint for the Tracys’ IPS:

i. if they retire at age 60.
ii. if they retire at age 65.
Reading References:
8. “Frame Dependence: The Second Theme,” Ch. 3, Beyond Greed and Fear:
Understanding Behavioral Finance and the Psychology of Investing, Hersh Shefrin
(Oxford University School Press, 2002)
14. “Managing Individual Investor Portfolios,” Managing Investment Portfolios: A Dynamic
Process, 3rd
edition, James W. Bronson, Matthew H. Scanlan, and Jan R. Squires (CFA
Institute, 2007)

Purpose:
To test the candidate’s: (1) understanding of the investment policy statement for an individual
investor, (2) ability to assess pertinent factors for an investor’s ability to assume risk, (3) ability
to calculate an investor’s required return, and (4) understanding of an investor’s other constraint
factors.

LOS 2009 -III-3-8 -a, “Frame Dependence: The Second Theme”
The candidate should be able to:
a) explain how loss aversion can result in investors’ willingness to hold on to
deteriorating investment positions;

LOS 2009 -III-4-14-a,f,j,k,l, “Managing Individual Investor Portfolios”
The candidate should be able to:
a) discuss how source of wealth, measure of wealth, and stage of life affect individual
a) discuss how source of wealth, measure of wealth, and stage of life affect individual
investors’ risk tolerance;
f) compare and contrast risk attitudes and decision-making styles across distinct
investor personality types, including cautious, methodical, spontaneous, and
individualistic investors;
j) explain how to set risk and return objectives for individual investors and discuss the
impact that ability and willingness to take risk have on tolerance;
k) identify and explain each of the major constraint categories included in an
individual investor’s investment policy statement;
l) formulate and justify an investment policy statement for an individual investor;

2010 Level III Mock Exam questions and answers and REFERENCES

2010 Level III Mock Exam ANSWERS AND REFERENCES

Questions 1 through 6 relate to Ethical and Professional Standards.

Frank Litman Case Scenario
Frank Litman, CFA, has recently been hired as a portfolio manager for Twain
Investments, a small regional asset management firm. For the past ten years, Litman has
managed a limited number of accounts belonging to family and friends. He started
managing these accounts when he was enrolled in graduate school. All the accounts are
too small to meet Twain’s minimum balance requirement of $5 million, and generate
only modest fees for Litman. Litman disclosed the arrangement to the Human Resource
(HR) manager when he interviewed for the position of portfolio manager. The HR
manager agreed that the accounts were too small and would probably never be large
enough to meet Twain’s minimum requirement. Upon accepting the position with Twain,
Litman met with each of his non-Twain clients and recommended that they find another
financial advisor. Each of them asked Litman to continue managing their money as a
personal favor, arguing that a different advisor would undoubtedly charge higher fees.
Following the meetings, Litman sent separate letters to both the Twain HR manager and
his non-Twain clients explaining his employment relationship to each.

The following month, Litman updated the promotional material he shares with all of his
clients and prospects. The material summarizes Litman’s portfolio trading strategy,
which he developed by analyzing twenty years of historical data. In his analysis, Litman
determined that his strategy, which invests in large-capitalization U.S. stocks, would have
outperformed the S&P 500 Index over the last 20 years—with an average annual return
of 10.91 percent versus 10.42 percent for the S&P 500. The concluding paragraph of the
brochure states, ―We believe using this trading strategy over the long term will lead to
superior performance compared with the S&P 500.‖ The brochure includes a footnote in
By accessing this mock exam, you agree to the following terms of use: This mock exam
is provided to currently-registered CFA candidates. Candidates may view and print the
exam for personal exam preparation only. The following activities are strictly prohibited
and may result in disciplinary and/or legal action: accessing or permitting access by
anyone other than currently-registered CFA candidates; copying, posting to any website,
emailing, distributing and/or reprinting the mock exam for any purpose.

small print stating, ―Results are gross before tax so may be higher than what actual results
would have been over the given period. Past performance cannot guarantee future
results. ‖

At Twain, Litman has discretionary authority over the portfolios of individual stocks and
bonds for about 30 clients. His ten largest clients vary widely in age, occupation, and
wealth. For a variety of reasons, each of these accounts requires significant attention.
The remaining two-thirds of Litman’s clients are stable, long-term investors, all of whom
are saving for retirement. Litman performs comprehensive quarterly reviews with the
owners of the ten largest accounts and similar annual reviews with the remaining clients.
Recently, he made an exception to this rule when he learned that one of his smaller, less
active clients had unexpectedly inherited $600,000 from an aunt’s estate. Litman met
with the client and performed a comprehensive review of the client’s financial situation
even though only three months had passed since their last meeting.

With a new CEO, Twain, which adheres to the Asset Manager Code of Professional
Conduct, experiences significant change during the year when management hires a
compliance officer. The compliance officer immediately begins to update the firm’s
policies and procedures. After a thorough analysis, the firm decides to outsource its
back-office operations and hires an independent consultant to review client portfolio
information. At the same time, they add several research and investment staff and
upgrade the information management system. They eliminate paper records in favor of
electronic copies and develop a business-continuity plan based on current staffing.

Eighteen months later, the compliance officer resigns. Rather than hire an external
replacement, management designates one of Twain’s senior portfolio managers as the
new compliance officer. The compliance officer reviews both firm and employee
transactions and reports to the chief executive officer.

1. Which of the following is the most correct action for Litman to follow in order to
comply with the Standards in regards to Twain and non-Twain clients?

A. Do nothing.
B. Inform his immediate supervisor.
C. Obtain written consent from both Twain and non-Twain clients.

Answer: C

‖Guidance for Standards I – VII‖
2010 Modular Level III, Vol. 1, pp. 75, 89-91
Study Session 1-2-a
Demonstrate a thorough knowledge of the Code of Ethics and Standards of
Professional Conduct by interpreting the Code and Standards in various situations
involving issues of professional integrity.

According to Standard IV (B), Litman must obtain written permission from all
parties involved.