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6月冲刺|CFA一级试题及答案解析

来源:财萃网 | 更新:2016-05-12 11:21:06 | 关键词:CFA一级试题

摘要:时间很快,距离6月4日CFA考试还有22天了,在时间不多精力有限的情况下,我们就要按照先后顺序给CFA考试冲刺排个序了:原版书课后题>密卷>模拟题>mock章节练习题>notes题。做题可以检测一下自己到底有没有真正掌握知识点,如果你做题比较费劲的话那就再要重新温习一遍了。

时间很快,距离6月4日CFA考试还有22天了,在时间不多精力有限的情况下,我们就要按照先后顺序给CFA考试冲刺排个序了:原版书课后题>密卷>模拟题>mock章节练习题>notes题。做题可以检测一下自己到底有没有真正掌握知识点,如果你做题比较费劲的话那就再要重新温习一遍了。


6月冲刺|CFA一级试题及答案解析


考前对mock提高注意力,即使时间再紧都最好过一遍。如果你做mock的题目,正确率也能保持在70%上下的话,想通过就基本上没有太大的问题了。想要知道自己对于CFA一级考试的掌握程度如何,来看看CFA精英们认为比较难的,小伙伴们来测试并挑战下。


CFA一级试题

1. Beth Knight, CFA, and David Royal, CFA, are independently analyzing the value of Bishop, Inc. stock. Bishop paid a dividend of $1 last year. Knight expects the dividend to grow by 10% in each of the next three years, after which it will grow at a constant rate of 4% per year. Royal also expects a temporary growth rate of 10% followed by a constant growth rate of 4%, but he expects the supernormal growth to last for only two years. Knight estimates that the required return on Bishop stock is 9%, but Royal believes the required return is 10%. Royal’s valuation of Bishop stock is approximately:


A. $5 less than Knight’s valuation


B. Equal to Knights valuation


C. $5 greater than Knights valuation


答案及解析:The correct answer is A.


You can select the correct answer without calculating the share values. Royal is using a shorter period of supernormal growth and a higher required rate of return on the stock. Both of these factors will contribute to a lower value using the multistage DDM.

Screen Shot 2015-05-22 at 11.36.52


Royal’s valuation is $5.10 less that Knight’s valuation.”


2. John Gray, CFA and Sally Miller are discussing what they think their year-end bonus will be and how they might spend them. Miller is new to working in finance and asks Gray what people usually get and what he has got in the past. Gray explains that the firm prohibits employees from discussing their exact bonus number but also says that 30% of people get ‘good’ bonus’, 50% ‘average’ and 20% ‘low’. Gray says that he really wants a new smart watch recently released by a large tech company and says that he will definitely buy it if he gets a ‘good’ bonus, while there is only a 50% and 10% probability he will get it with an ‘average’ or ‘low’ bonus respectively.


Two weeks later, Miller sees Gray in the office and asks him if he got a good bonus. Gray reminds Miller that the firm’s policy means he cannot say, but Miller notices that he is wearing the new smart watch they were talking about. Miller goes back to her desk and calculates the probability that Gray got a ‘good’ bonus is closest to:


A: 30%


B: 53%


C: 57%


答案及解析:

“Using Bayes’ Formula : P(Event|Information) = P(Event) * P(Information |Event) / P(Information)


In this case, the event is getting a good bonus, and the information is that Gray has bought the new watch.


The probability that he got a good bonus and then bought the watch is given by:


P(Event)*P(Information |Event) = 0.3*1.00 = 0.30


The total probability that he would buy the watch is given by:


P(Information) = 0.3*1.00 + 0.5*0.50 + 0.2*0.10 = 0.57


Therefore, the probability that he got a good bonus is the proportion of probability that he got a good bonus and got the watch, to the total probability he got the watch:


P(Event|Information) = 0.30 / 0.57 = 0.53.”


3. For a European Call option on a stock, which of the following changes, (looking at each change individually and keeping all other factors constant) would an analyst be least likely confident about an up or down movement in the price of the option?


A: Share price goes up; dividend goes up


B: The demand for share increases / supply decreases; interest rates fall


C: Share increases in volatility; the firm cancels the next dividend


答案及解析:

“Share price up = Option Price Up


Dividend up = Option Price Down (dividends are benefits of holding the underlying share, when holding the option, you do not receive dividend)


Share in High Demand = Option Price down as this is a benefit in holding the underlying


Interest Rates Fall = Option Price Down as this reduces the cost of carry of holding the underlying


Share increases in volatility = Option Price Up


Cancels next dividend = Option Price Up, as these dividends are not received by the option holder anyway


A is the correct answer; as the increase in the option price due to the share going up could be offset by the decrease in the price due to the dividend going up.


B results in the option price falling for both scenarios and C results in the option price rising in both scenarios.”


做的如何?不管怎么样,对于CFA一级的知识掌握有了一个小小的认识,那就行了,按照小编总结的方法,在最后的20多天冲刺阶段,希望各位cfaer可以顺利通过考试。


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