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CFA® Program Level I · 2027

准备 CFA® Program Level I 考试

详细解题过程、计算器按键步骤与错误诊断，采用 2027 年三个选项的题型。

由 CFA® 持证人设计

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免费的 Preparaio 学习账户——并非官方考试报名。

注册后可免费试用 7 天——无需填写支付信息。

Fixed Income

The finance ministry of the Republic of Ombrana sells its new 10-year bonds through a single-price (uniform-price) auction that accepts both competitive and non-competitive bids. Which statement about this auction is least likely accurate?

  • All winning competitive bidders receive the same yield, which is the highest yield the ministry accepts.
  • Non-competitive bidders are filled at the yield determined by the accepted competitive bids.
  • Each winning competitive bidder receives its own bid yield, so winners pay different prices.

详细解题过程

The ministry ranks competitive bids from the lowest yield upward and accepts bids until the issue is filled; the last accepted yield is the stop-out yield. In a single-price auction all winners, competitive and non-competitive, receive that yield. A rule in which each winner receives its own bid yield applies to a multiple-price auction, not to this one.

附详细解析的示例题（虚构）
题目保留英语原文 — 与考试相同

现已提供

3,018
道练习题
4
套模拟考试
10
个主题领域

为什么选择 Preparaio

  • 附 BA II Plus 按键步骤的详细解题过程
  • 按学习目标诊断错误
  • 采用三个答案选项的 2027 年题型
  • 追踪掌握程度与间隔复习
  • 四套完整模拟考试（2 × 90 道题）
  • 按需提供 15 种语言的说明（人工智能翻译）
立即注册

免费的 Preparaio 学习账户——并非官方考试报名。

注册后可免费试用 7 天——无需填写支付信息。

Level I 考试概览

  • 180 道题，每题三个答案选项
  • 两个部分，各 90 道题，每部分 2 小时 15 分钟
  • 所有题目权重相同；答错不扣分
  • 允许使用的计算器：TI BA II Plus（包括 Professional）和 HP 12C（包括 Platinum）

主题覆盖

  • 职业伦理与专业标准10–15 %
  • 数量方法11–14 %
  • 经济学6–9 %
  • 财务报表分析11–14 %
  • 公司发行人6–9 %
  • 权益投资11–14 %
  • 固定收益11–14 %
  • 衍生品6–9 %
  • 另类投资6–9 %
  • 投资组合管理8–12 %

权重范围依据 CFA Institute 公布的 2027 年课程。 来源

如何通过 Preparaio 学习

  1. 1

    两分钟完成设置

    输入考试日期、计算器和每周学习时数 — 学习计划即可准备完成。

  2. 2

    通过详细解析练习

    考试风格题目，每题三个选项，各选项均有说明，并附 BA II Plus 按键步骤。

  3. 3

    在考试条件下检验自己

    主题测试和四套 2 × 90 道题的完整模拟考试，配有 Preparaio 准备程度指标（不是 CFA Institute 成绩）。

试做 8 道题

无需账户。

题目保留英语原文 — 与考试相同

1.

Mariela Etcheverry-Tan builds a probability tree for next year's dividend of Pukeko Ferries. In the first stage, fuel prices are either high (probability 0.40) or low (probability 0.60). If fuel prices are high, the board raises the dividend with probability 0.25. In her tree, what is the probability that fuel prices are high and the board raises the dividend?

2.

An analyst compares Solvberg Assurance, an IFRS 9 reporter, with Prairie Hollow Insurance, a US GAAP reporter. Each insurer holds a 3% stake in a listed company that is not held for trading, and Solvberg has not elected to measure its stake at fair value through other comprehensive income. Prairie Hollow classifies its corporate bond portfolio as held-to-maturity. Which statement about where the insurers report these items' gains and losses is least likely correct?

3.

Ioana Vrânceanu, a rates analyst at Bucegi Bank, is pricing a new three-year plain-vanilla interest rate swap with annual settlement. Annual-compounding spot rates are 3.15% for one year, 3.70% for two years and 4.05% for three years. The fixed swap rate is closest to:

4.

An analyst covering Lukwago Sugar Estates, a listed sugar producer financed with bank loans and common shares, summarizes what each stakeholder group mainly seeks from the company. Which summary is least likely accurate?

5.

Which of the following comparisons of business structures is accurate?

6.

Teuila Fa'amausili uses annual data to regress the percentage change in regional sales of residential solar panels (Y) on the percentage change in retail electricity tariffs (X). The sample covariance between X and Y is 18.5, the sample variance of X is 12.5, the mean of X is 4.2% and the mean of Y is 9.6%. If electricity tariffs rise by 7.5% next year, what is the regression's forecast of the change in solar panel sales?

7.

Aino Paasikivi holds her entire equity allocation in shares of Brennick Savings Bank. She argues that she should expect a higher return on these shares than a well-diversified investor who holds the same shares, because she bears more risk. Under capital market theory, the expected return on the Brennick shares is most likely:

8.

Maristella Skincare has always sold its products to wholesalers, which resell them to pharmacies. It now plans to sell directly to consumers through its own online store, at the same retail prices that pharmacies charge. Which effect on Maristella's margins should an analyst expect from this change in its business model?

包含哪些内容，费用是多少

月度

€49

含增值税

每月 €49 · 可随时取消

3 个月通行证

€129

含增值税

一次性支付 €129 · 相当于每月 €43 · 自动结束

比月度方案低 12 %

6 个月通行证

€199

含增值税

一次性支付 €199 · 相当于每月 €33.17 · 自动结束

比月度方案低 32 %

谁在背后设计

由 Robert Hang, CFA 设计。学习设计、主题地图及质量标准由 CFA® 持证人制定。题目和解析由人工智能生成，并由独立的人工智能评审依据这些标准检查。

Robert Hang 是 Valmont Partners 的创始人，也是一部已出版的并购手册的作者。

常见问题

准备好参加 CFA® Program Level I 了吗？

立即注册

免费的 Preparaio 学习账户——并非官方考试报名。

注册后可免费试用 7 天——无需填写支付信息。

CFA® 和 Chartered Financial Analyst® 是 CFA Institute 拥有的注册商标。

Preparaio 与 CFA Institute 无关联，也未获其认可或审查。CFA Institute 不认可、推广、审查或保证 Preparaio 所提供产品或服务的准确性或质量。

题目中所有人名和公司名称均为虚构。

学习材料，不构成投资或法律建议。