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CFA Practice Tests & Exam Questions 2024, Chartered Financial Analyst | SPOTO

The Chartered Financial Analyst (CFA) certification is a globally recognized and highly respected credential in the investment management industry. Earning the CFA charter requires passing three rigorous exams that cover a broad range of topics, including ethical and professional standards, investment tools, asset valuation, portfolio management, and wealth planning. To ensure success in these challenging exams, thorough preparation is essential. One of the most effective ways to prepare is through the use of high-quality practice tests and exam simulation resources. These materials provide candidates with an opportunity to familiarize themselves with the types of questions they will encounter on the actual exams, as well as the format and timing constraints. Reputable providers of CFA exam preparation materials offer a wide range of resources, including mock exams, exam questions and answers, exam simulators, online exam questions, real exam questions, simulation exams, exam sample questions, and comprehensive exam preparation courses. These resources are designed to mimic the actual CFA exams, allowing candidates to practice their knowledge and test-taking strategies in a realistic environment.By utilizing these invaluable resources, CFA candidates can gain confidence, identify their strengths and weaknesses, and develop effective strategies for tackling the exams. Consistent practice with mock exams, exam questions, and exam simulators can significantly increase a candidate's chances of passing the CFA exams on the first attempt, ultimately putting them on the path to earning this prestigious designation.
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Question #1
q 21,001106 q 31,042111 q 41,040107
A. ll four quarters
B. one of these answers is correct
C. ,3
D. only
E. ,3,and 4
F. ot enough information given
View answer
Correct Answer: C

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Question #2
Michelle Norris, CFA, manages assets for individual investors in the United States as well as in other countries. Norris limits the scope of her practice to equity securities traded on U .S . stock exchanges. Her partner, John Witkowski, handles any requests for international securities. Recently, one of Norris's wealthiest clients suffered a substantial decline in the value of his international portfolio. Worried that his U .S . allocation might suffer the same fate, he has asked Norris to implement a hedg
A. he futures price will move toward zero as expiration nears
B. he futures price will move toward the expected spot price as expiration nears
C. he futures price will move toward the spot price as expiration nears
View answer
Correct Answer: C
Question #3
Lauren Jacobs, CFA, is an equity analyst for DF Investments. She is evaluating Iron Parts Inc. Iron Parts is a manufacturer of interior systems and components for automobiles. The company is the world's second largest original equipment auto parts supplier, with a market capitalization of $1.8 billion. Based on Iron Parts's low price-to-book value ratio of 0.9* and low price-to-sales ratio of 0.15x, Jacobs believes the stock could be an interesting investment. However, she wants to review the disclosures fo
A. 175 million underfunded
B. 240 million underfunded
C. 183 million overfunded
View answer
Correct Answer: B
Question #4
Rock Torrey, an analyst for International Retailers Incorporated (IRI), has been asked to evaluate the firm's swap transactions in general, as well as a 2-year fixed for fixed currency swap involving the U .S . dollar and the Mexican peso in particular. The dollar is Torrey's domestic currency, and the exchange rate as of June 1,2009, was $0.0893 per peso. The swap calls for annua! payments and exchange of notional principal at the beginning and end of the swap term and has a notional principal of $100 mill
A. 9
B. 6
C. 05
View answer
Correct Answer: B
Question #5
Michelle Norris, CFA, manages assets for individual investors in the United States as well as in other countries. Norris limits the scope of her practice to equity securities traded on U .S . stock exchanges. Her partner, John Witkowski, handles any requests for international securities. Recently, one of Norris's wealthiest clients suffered a substantial decline in the value of his international portfolio. Worried that his U .S . allocation might suffer the same fate, he has asked Norris to implement a hedg
A. ppropriate since the futures contract is underpriced
B. nappropriate since the futures contract is overpriced
C. nappropriate since the futures contract is properly priced in the market
View answer
Correct Answer: B
Question #6
HAS ONE PART Bailey Investments is a U.S.-based investment management firm. They began operations on January 1, 2004. Their client base has grown considerably over the last few years and in order to ensure accurate and consistent performance data they have decided to pursue GIPS compliance. The following includes composite data and notes relating to the first presentation for one of their composites in which they claim GIPS compliance. Bailey Investments has prepared and presented this report in compliance
A. emplete 4
B. emplete of Question 8 in the template provied
View answer
Correct Answer: B
Question #7
HAS TWO PARTS Tom Groh is the President of Opportunity Banks. Opportunity has historically operated in the northeastern United States, with most of its business in Maryland, Delaware, and New Jersey. Opportunity has been in business since 1987 and has built its business on making mortgages and construction loans to residential developers. Opportunity has been very profitable, because developers value the services the bank provides. This allows Opportunity to price their construction loans with higher intere
A. nswer Question 10-A in the template provided
View answer
Correct Answer: A
Question #8
HAS THREE PARTS One year has passed since HNW Advisors first started operations. Their overall equity portfolio has returned 28.2% versus a return of 22.4% for the S&P 500. The standard deviation of the S&P 500 is 20%, and Maggie Day, CFA, has estimated the standard deviation of HNW Advisor's equity portfolio at 45%. HNW Advisor's equity portfolio has a beta of 1.35, and the risk-free rate is 4.4%. A major HNW client is attempting to evaluate the relative performance of HNW's equity fund. The client is unsu
A. sing the Sharpe and Treynor measures for the HNW portfolio and the S&P 500, determine how HNW has performed relative to the S&P 500
B. ssume that, using the Sharpe ratio to measure performance, the S&P 500 outperformed the HNW portfolio, but using the Treynor measure, the HNW portfolio outperformed the S&P 500
C. ompute M2 for the HNW portfolio, assuming management uses the market as a benchmark
View answer
Correct Answer: B
Question #9
HAS THREE PARTS Wyatt Washington is the portfolio manager for Mark Beitia, a recent retiree. He is currently exploring a change in Beitia's strategic asset allocation. He gathers data on the expected returns, standard deviations, and correlations for five assets. Using these market expectations, he derives an efficient frontier. Washington uses the following information in his construction of the asset allocation: * Beitia's asset base = $5,000,000. * Annual after-tax spending amount = $150,000. * Estimate
A. alculate the required before-tax return for Beitia's portfolio and Beitia's expected utility from holding each of the corner portfolios
B. ssuming that Washington combines two corner portfolios to meet Beitia's desired return
C. ssuming that Washington combines a corner portfolio with the risk-free asset to meet Beitia's desired return (calculated in Part A), calculate the weights of the appropriate corner portfolio and the risk-free asset that will be used (assume no borrowing) and the resulting portfolio standard deviation
View answer
Correct Answer: B
Question #10
HAS THREE PARTS FOR A TOTAL OF 23 MINUTES Aaron Bell, a portfolio manager, is focusing his attention on investment style, and whether style should be a factor in investment decision making. Bell decides to play it safe and investigate how he can use different instruments related to style indices or indexing strategies to see if he can add value to his customers' portfolios.
A. xplain holdings-based style analysis
B. xplain returns-based style analysis
C. ell is considering indexing strategies and a colleague has suggested three alternatives: full replication; stratified sampling; and optimization
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Correct Answer: A

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