Mock ExamAM and PM文档格式.docx

Mock ExamAM and PM文档格式.docx

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JeffreyJonespassedtheLevelICFAexaminationin1997andtheLevelIIexaminationin2009.HeisnotcurrentlyenrolledfortheLevelIIIexamination.AccordingtotheCFAInstituteStandardsofProfessionalConduct,whichofthefollowingisthe 

most 

appropriatewayforJonestorefertohisparticipationintheCFAProgram?

CandidateintheCFAInstituteCFAProgram

PassedLevelIIoftheCFAexaminationin2009

JeffreyJones,CFA（expected2014）

Questionnotanswered

NodesignationexistsforsomeonewhohaspassedLevelI,LevelII,orLevelIIIoftheCFAexam,seeStandardVII（B）.Personswhohavepassedacertainleveloftheexammaystatethattheyhavecompletedthatlevel.Apersoncanstateheisacandidateonly 

ifheiscurrentlyenrolledintheCFAProgram.Itisalsoanimproperreferencetouse"

expected"

apartofthedesignation.

2014CFALevelI

"

GuidanceforStandardsI-VII"

CFAInstitute

StandardVII（B）

2 

JamesWoods,CFA,isaportfoliomanageratABCSecurities.Woodshasreasonablegroundstobelievehiscolleague,SandraClarke,aCFALevelIIcandidate,isengagedinunethicaltradingactivitiesthatmayalsobeinviolationoflocalsecuritieslaws.WoodsisnotClarke'

ssupervisor,andheractivitiesdonotimpactWoodsoranyoftheportfoliosforwhichheisresponsible.BasedontheCodeandStandards,therecommendedcourseofactionisforWoodsto:

reportSandraClarketotheappropriategovernmentalorregulatoryorganization.

nottakeanyactionbecauseheisnotdirectlyinvolved.

reportSandraClarketoABC'

stradingsupervisororcompliancedepartment.

UnderStandard1（A）insituationswhereamemberorcandidateisawareofemployerengagementinunethicalorillegalactivity,itisrecommendedthattheyattempttostopthebehaviorbybringingittotheattentionofasupervisororthefirm'

scompliancedepartment.

GuidanceforStandardsI-VII,"

CFAInstitute

StandardI（A）

3 

AlbertNyakenda,CFA,wasdrivingtoaclient'

sofficewherehewasexpectedtocloseamulti-million-dollardeal,whenhewaspulledoverbyatrafficpolicemanalthoughhedidnotbelievehehadviolatedanytrafficlaws.WhenNyakendarealizedthepolicemanplannedtowronglytickethimforspeeding,heofferedtobuyhim"

lunch"

sothathecouldquicklygettohisclient'

soffice.Thelunchwouldcostsignificantlymorethantheticket.Thealternativewastogotothepolicestationandfileacomplaintofbeingwronglyaccusedthatwouldalsoinvolvegoingtocourtthenextdaytopresenthiscase.DidNyakenda 

mostlikely 

violatetheCFAInstituteCodeofEthics?

No,becausethecostoflunchismorethantheticket

No,becausehewaswronglyaccused

Yes

Nyakendawaseffectivelytryingtobribethepolicemansothathewouldnotissueaspeedingticket.ThisactionviolatestheCodeofEthics.Despitefeelinghewaswronglyaccused,itisonlyhisopinion,andmaynotbebasedonfactorupheldinacourtoflaw.NyakendahasaresponsibilitytoactwithintegrityandinanethicalmannerasrequiredbytheCodeofEthics.

4 

Whichofthefollowingstatementsis 

consistentwiththeCFAInstituteCodeofEthics?

CFAInstitutemembersandCFAcandidatesmust:

promotetheintegrityofandupholdtherulesgoverningcapitalmarkets.

maintaintheirprofessionalcompetenceandrequireinvestmentprofessionalsundertheirsupervisiontoadopttheCFACodeofEthics.

practicethehighestlevelofpersonalandprofessionalintegrityandalwaysactinthebestinterestoftheiremployers.

TheCodeofEthicsrequiresCFAInstitutemembersandcandidatesfortheCFAdesignationtopromotetheintegrityofandupholdrulesgoverningcapitalmarkets.AlthoughtheCodeofEthicsrequiresmembersandcandidatestoactwithintegrity,andtheinterestsoftheclientareparamount,notallclientrequestsareappropriatetofollow,particularlyifconsideredunethicalorillegal.TheCodeofEthicsdoesnotrequiremembersandcandidatestoencourageotherstopursuetheCFAdesignation,onlytoencouragethemtoimprovetheirprofessionalcompetence.

EthicsandProfessionalStandards,"

TheCodeofEthics

5 

LiChenisaCFAcandidateandanequityresearchanalystatanindependentresearchfirm.SheiscontactedbyGraniteTechnologies,Inc.,towriteanissuer-paidresearchreportonthecompanytoincreaseawarenessofGranite'

sstockwithintheinvestmentcommunity.Whichstatement 

best 

representshowChenshouldrespondtothisassignmentrequest?

Sheshould:

acceptlong-termwarrantsonGranite'

sstockinlieuofanycashcompensation.

declinetowritethereportbecausedoingsowouldcompromiseherindependence.

negotiateaflatfeeanddisclosethisrelationshipinherreport.

IfChennegotiatesaflatfee,herindependenceandobjectivitywouldnotbequestionedbecauseherfeewouldnotbebasedontheresultsofherresearch.Inaddition,byfullydisclosingtherelationshipinherreport,sheallowsthereadertodeterminewhetherherjudgmentiscompromised.Asaresult,ChenismaintainingcompliancewithStandardI（B）-IndependenceandObjectivity.

StandardI（B）

6 

MirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession.Thestockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpricesshouldbeassignedtoeachspecificaccount.Accordingtothe 

StandardsofPracticeHandbook,Grafton'

s 

least 

appropriateactionistoallocatetheexecutionprices:

onafirst-in,first-outbasiswithconsiderationofbundlingordersforefficiency.

acrosstheparticipatingclientaccountsatthesameexecutionprice.

acrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.

AccordingtoStandardIII（B）bestpracticesincludeallocatingprorataonthebasisofordersize,notaccountsize.Allclientsparticipatingintheblocktradeshouldreceivethesameexecutionpriceandbechargedthesamecommission.

StandardIII（B） 

7 

DavidDonniganenrolledtotaketheLevelIICFAexaminationinthecurrentyear,buthedidnottaketheexam.DonniganadvisedhisemployerthathepassedLevelII.Subsequently,heregisteredtotaketheLevelIIexamthenextyear.WhichCFAInstituteStandardsofProfessionalConductdidDonnigan 

leastlikely 

violate?

Thestandardrelatedto:

professionalmisconduct.

referencingcandidacyintheCFAProgram.

dutytoemployer.

Becauseheregisteredtotaketheexaminthenextyear,DonniganstillqualifiestostateheisacandidateintheCFAProgram. 

Hewouldnot,however,beauthorizedtoreferencethatheisaLevelIIIcandidateand,ifasked,wouldneedtospecifiythatheisaLevelIIcandidate.

StandardI（D）,StandardIV（A）

8 

JustinBlake,CFA,aretiredportfoliomanager,owns20,000sharesofasmallpubliccompanythathewouldliketosellbecauseheisworriedaboutthecompany'

sprospects.Hepostsmessagesonseveralinternetbulletinboards.Themessagesread,"

Thisstockisgoinguponcethependingpatentsarereleased,sonowisthetimetobuy.Thestockisabuyatanythingbelow$3.Ihavedonesomecloseresearchontheseguys."

Accordingtothe 

StandardsofPracticeHandbook,Blake 

violatedtheCodeandStandardsassociatedwith:

IntegrityofCapitalMarkets,andConflictsofInterest.

neitherIntegrityofCapitalMarketsnorConflictsofInterest.

IntegrityofCapitalMarkets,butnotConflictsofInterest.

BlakeviolatedStandardII（B）regardingtheIntegrityofCapitalMarketsbyengaginginapracticethatislikelytoartificiallyinflatetradingvolume.

StandardII（B）,StandardVI（A）

9 

TheGlobalInvestmentPerformanceStandards 

require:

compositestobedefinedaccordingtosimilarinvestmentobjectivesand/orstrategies.

non-fee-payingportfoliostobeexcludedinthereturnsofappropriatecomposites.

nondiscretionaryportfoliostobeincludedincomposites.

Composites（StandardIV–Composites）mustbedefinedaccordingtosimilarinvestmentobjectivesand/orstrategies.Terminatedportfoliosmustbeincludedinthehistoricalreturnsofappropriatecomposites,andonlyfee-payingportfoliosaretobeincludedincomposites.Non-discrectionaryportfoliosmustnotbeincludedinafirm'

scomposites.

IntroductiontotheGlobalInvestmentPerformanceStandards（GIPS）,"

10 

Severalyearsago,LeoPeek,CFA,co-foundedaninvestmentclub.Theclubisfullyinvestedbuthasnotactivelytradeditsaccountforatleastayearanddoesnotplantoresumeactivetradingoftheaccount.Peek'

semployerrequiresanannualdisclosureofemployeestockownership.Peekdisclosesallofhispersonaltradingaccountsbutdoesnotdisclosehisholdingsintheinvestmentclub.Peek'

sactionsare 

tobeaviolationofwhichoftheCFAInstituteStandardsofProfessio