2019年CFA考試《CFA一級》考試共240題，分為單選題。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數(shù)上。一起加油前行。

1、Dilshan Kumar, CFA, is a world-renowned mining analyst based in London. Recently, he received an invitation from Cerberus Mining, a London Stock Exchange listed company with headquarters in Johannesburg, South Africa. Cerberus asked Kumar to join a group of prominent analysts from around the world on a tour of its mines in South Africa, some of which are in remote locations, not easily accessible. The invitation also includes an arranged wildlife safari to Krueger National Park for the analysts. Kumar accepts the invitation, planning to visit other mining companies he covers in Namibia and Botswana after the safari. To prevent violating any CFA Institute Standards of Professional Conduct, it is most appropriate for Kumar to only accept which type of paid travel arrangements from Cerberus?【單選題】

A.Ground transportation to Krueger National Park

B.Economy class round trip ticket from London to Johannesburg

C.Flights on a private airplane to the remote mining sites in South Africa

正確答案:C

答案解析:“Guidance for Standards I–VII,” CFA InstituteC is correct because Standard I (B) Independence and Objectivity requires members and candidates to use reasonable care and judgment to maintain their independence and objectivity in their professional activities. Best practice dictates that Kumar only accept transportation to the remote mining sites in that it is unlikely he would be able to source commercial flights to the locations and ground transport may not be viable. Because Kumar would normally visit mining sites around the world as part of his job and because he is combining this trip with trip to other mine sites in different countries, it would be inappropriate for Cerberus to pay for the analyst’s travel expenses from London. Although Kumar could go on safari with the group of analysts, he should pay his own way so as to restrict any influence such a gift could possibly have when making his investment recommendations on Cerberus.

2、Rajesh Sekar, CFA, is a successful hedge fund manager and uses fundamentaland technical statistical models to select stocks for his fund.When Bill Mandeville,a client asks him about the indicators underlying his models, Sekar tellsMandeville that his method is confidential but is proven to provide future returnssimilar to its strong past performance.Sekar has most likely violated theStandards of Professional Conduct:【單選題】

A.only relating to performance presentation.

B.only relating to communication with clients and prospective clients.

C.both relating to performance presentation and communication with clientsand prospective clients.

正確答案:C

答案解析:CFA會員不能說明或者暗示其有能力獲得與過去相類似的業(yè)績，否則違反了CFA協(xié)會的業(yè)績披露行為標準。另外，Sekar在與客戶及潛在客戶溝通時沒有區(qū)分事實和觀點，對于復雜的統(tǒng)計分析，會員必須清楚地區(qū)分事實和統(tǒng)計結(jié)果，并且要確認已知的分析的限制，同時Sekar沒有告訴客戶其選擇證券的基本流程與方法，所以也違反了與客戶及潛在客戶溝通的行為標準。

3、An analyst does research about Bayes' formula and estimates the followinginformation regarding bonus for management and the net income of a company: The analyst's prior probability that management received a bonus is 0.5.UsingBayes' formula, if the company announces an increase in net income, the probabilitymanagement received a bonus is closest to:【單選題】

A.0.22

B.0.78

C.0.86

正確答案:B

答案解析:（0.7 × 0.5）/（0.7 × 0.5 + 0.3 × 0.4） = 0.78。

4、An analyst does research about fund of funds (FOF).A drawbacks of fund offunds investing is most likely related to:【單選題】

A.enable investors to access to high-quality hedge funds.

B.charge additional management fees.

C.diversify investor's holdings with large capital.

正確答案:B

答案解析:FOF的缺點在于，在原有的基金管理費上又增加了一個新的FOF管理人的管理費，分散化投資能有效降低風險，但由于附加費用的存在，F(xiàn)OF也很有可能降低回報。FOF的優(yōu)點在于，使投資者可以買到優(yōu)質(zhì)的對沖基金或者已經(jīng)無法申購的對沖基金，通過投資對沖基金的組合可以實現(xiàn)分散化投資，F(xiàn)OF管理人會對于所選擇的對沖基金進行盡職調(diào)查等。

5、Which of the following is least likely an assumption of the capital asset pricing model (CAPM)?【單選題】

A.Security prices are not affected by investor trades.

B.An investor can invest as much as he or she desires in any asset.

C.Investors are different only with respect to their unique holding periods.

正確答案:C

答案解析:One of the assumptions of the CAPM is that investors plan for the same single holding period.Section 4.1