Mock ExamAM and PM文档格式.docx
《Mock ExamAM and PM文档格式.docx》由会员分享,可在线阅读,更多相关《Mock ExamAM and PM文档格式.docx(57页珍藏版)》请在冰豆网上搜索。
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