CFA考试Level Ⅰ历年真题详解Level Ⅰ Mock Exam MorningSessionWord格式.docx

CFA考试Level Ⅰ历年真题详解Level Ⅰ Mock Exam MorningSessionWord格式.docx

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A．No.

B．Yes,relatedtoMisconduct.

C．Yes,relatedtoMisrepresentation

【答案】A

【解析】

"

GuidanceforStandardsI-VIICFAInstitute"

2011ModularLevelI,Vol.1,pp.38-40,46-47

StudySession1-2-b

DistinguishbetweenconductthatconformstotheCodeandStandardsandconductthatviolatestheCodeandStandards.

AiscorrectasapersonalbankruptcydoesnotnecessarilyconstituteaviolationofStandardI（D）.IfthecircumstancesofthebankruptcyinvolvedfraudulentordeceitfulbusinessconductthenfailingtodiscloseitmayconstituteaviolationoftheStandards.

2．BryanBarrett,CFAhasaninvestmentadvisoryserviceprovidingadviceongoldandothercommoditiestoseverallargeretailbanks.Barrettadvertiseshisservicesinwidelyreadpublicationstobroadenhisbusinesstoincluderetailclients.BecausetheclientbasefortheinstitutionsthatBarrettservesislarge,heiscomfortablestatingintheadsthatthousandsofhisclientshavebenefitedfromhisadvice.DoesBarrett'

sadvertisementmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?

B．Yes,relatedtoMisrepresentation

C．Yes,relatedtoCommunicationwithClients

【答案】B

2011ModularLevelI,Vol.1,pp.38-40

BiscorrectbecauseBarrett'

sclientbaseismadeupofasmallnumberoflargeinstitutionssostatingintheadvertisementthathisclientbaseisalargernumberisamisrepresentationandaviolationofStandardI（C）.Inaddition,sincetheadvertisementfocusesonlyonthebenefitsanddoesnotmentionthepotentialrisksoftheseinvestmentsitisalsopotentiallymisleadingtoclients.

3．Whileatabarinthefinancialdistrictafterwork,EllenMiffitt,CFAoverhearsseveralemployeesofacompetitordiscusshowtheywillmanipulatedownthepriceofathinlytradedmicrocapstock'

spriceoverthenextfewdays.Miffitt'

sclientshavelargepositionsofthisstocksowhenshearrivesatworkthenextdaysheimmediatelysellsalloftheseholdings.Becauseshehasdeterminedthatthemicrocapstockwassuitableforallofheraccountsatitspreviouslyhigherprice,Miffittbuysbackherclient'

soriginalexposureattheendoftheweekatthenew,lowerprice.WhichCFAInstituteStandardsofProfessionalConductdidMiffittleastlikelyviolate?

A．MarketManipulation

B．PreservationofConfidentiality

C．MaterialNonPublicInformation

2011ModularLevelI,Vol.1,pp.49-52,59-60,88

BiscorrectasMiffitthasnotviolatedtheconfidentialityStandardwhichinvolvesinformationaboutformer,current,andprospectiveclients.

4．DianaFairbanks,CFAismarriedtoanauditorwhoisemployedatalargeaccountingfirm.Whenherhusbandmentionsacomputerfirmheauditswillreceiveaqualifiedopinionshethinksnothingofit.Laterthatweekwhenshereviewsanewclientaccountshenoticestherearesubstantialholdingsofthiscomputerfirm.WhenshedoesathoroughInternetsearchfornewsonthecompany,shedoesnotfindanythingaboutitsmostrecentauditoranyotheradverseinformation.WhichofthefollowingactionsconcerningthecomputerstockshouldFairbanksmostlikelytaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?

A．Takenoinvestmentaction.

B．Completeathoroughanddiligentanalysisofthecompanyandthensellthestock.

C．Sellthestockimmediatelyasshehasareasonablebasisfortakingthisinvestmentaction.

2011ModularLevelI,Vol.1,pp.49-52

StudySession1-2-c

RecommendpracticesandproceduresdesignedtopreventviolationsoftheCodeofEthicsandStandardsofProfessionalConduct.

Aiscorrectastheinformationconcerningthequalifiedopinionisnon-publicandifitismaterialshewouldbeinviolationofStandardII（A）ifshetookinvestmentactionbasedontheinformation.Sheshouldalsomakereasonableeffortstoachievepublicdisseminationoftheinformation.

5．SherryBuckner,CFAmanagesequityaccountsforgovernmententitieswhoseportfoliosareconservativeandriskaverse.Sincetheobjectiveofherclientsistomaximizereturnswiththelowestpossiblerisk,Bucknerconsidersaddingtotheirholdingsanew,thinlytraded,leveragedderivativeproductwhichshebelieveshasthepotentialforhighreturns.Tomakeherinvestmentdecision,Bucknerreliesuponcomprehensiveresearchfromaninvestmentbankthathasasolidreputationfortopqualityresearch.Afterherreviewofthatresearch,Bucknerpositionsheraccountssothateachhasa10%allocationtothederivativeproduct.DidBucknermostlikelyviolateanyCFAInstituteStandardsofProfessionalConductbypurchasingthederivativeforherclients?

B．Yes，relatedtoSuitability.

C．Yes，relatedtoLoyalty,PrudenceandCare.

2011ModularLevelI,Vol.1,pp.78-81

BiscorrectasBucknerisinviolationofStandardIII（C）sinceshedidnotconsiderissuessuchasthelimitedliquidityoranypotentialleverageofthisnewproductwhensheinvestedasubstantialpercentageofherclient'

sportfoliosintheseinstruments.

6．TeresaStaal,CFAisaninvestmentofficerinabanktrustdepartment.Shemanagesmoneyforcelebritiesandpublicfigures,includinganinfluentiallocalpolitician.Shereceivesarequestfromthepolitician’spoliticalpartyheadquarterstodisclosehisstockholdings.Therequestindicateslocallawrequiresthedisclosure.WhatstepsshouldStaalmostlikelytaketoensureshedoesnotviolateanyCFAInstituteStandardsofProfessionalConduct?

A．Providetheinformationandinformherclient.

B．Sendtherequesteddocumentsandinformhersupervisor.

C．Checkwithherfirm'

scompliancedepartmenttodetermineherlegalresponsibilities.

【答案】C

2011ModularLevelI,Vol.1,pp.88-89

Ciscorrect.InordertoavoidviolatingStandardIII（E）Staalshoulddetermineifapplicablesecuritiesregulationsrequiredisclosingtherecordsbeforesheprovidestheconfidentialinformationconcerningherclient'

sinvestments.

7．SergioMorales,CFAbelieveshehasfoundevidencehissupervisorisengagedinfraudulentactivityconcerningaclient'

saccount.WhenMoralesconfrontshissupervisor,heistoldtheclientisfullyawareoftheissue.Laterthatday,Moralescontactstheclientandupondisclosinghisevidence,istoldheshouldmindhisownbusiness.Concernedhisjobisatrisk,Moralesprovideshisevidence,alongwithcopiesoftheclient'

smostrecentaccountstatements,toagovernmentwhistleblowerprogram.MoralesisleastlikelytohaveviolatedwhichofthefollowingCFAInstituteStandardsofProfessionalConduct?

A．DutiestoClients

B．DutiestoEmployers

C．CommunicationwithClients

2011ModularLevelI,Vol.1,pp.63-64,90-93,116-118

CiscorrectbecausethisStandardhasnotbeenviolated.Eventhoughhetalkedtotheclient,thecommunicationdidnotrelatetotheinvestmentprocess.Hehasviolatedhisdutiestoclientsbydisclosingconfidentialinformationtothegovernmentwhistleblowerprogram.Hehasalsoviolatedadutytohisemployerascontradictingemployerinstructionsarenotpermittedunlessthememberisactingtoprotecttheintegrityofcapitalmarketsandtheinterestsofclients.

8．LengBo,CFAisabondportfoliomanagerforindividualinvestors.Lastyear,aclientwhoseportfolioislimitedtoinvestment-gradebondsapprovedBo'

spurchaseofabelowinvestmentgradebond.Becauseyieldsinthehighgradefixedincomemarketsdeclined,Bosubsequentlydecidestoenhancethisclient'

sportfoliobyinvestinginseveraladditionalbondswithratingsoneortwonotchesbelowinvestmentgrade.TheinvestmentstrategyimplementedbyBomostlikelyviolatedwhichofthefollowingCFAInstituteStandardsofProfessionalConduct?

A．Suitability

B．CommunicationswithClients

C．IndependenceandObjectivity

2011ModularLevelI,Vol.1,pp.78-80

Aiscorrectbecausetheclientonlyapprovedthepurchaseofonebelowinvestmentgradebondwhiletheportfoliomanagerhaspurchasedseveraladditionalbondsbelowinvestmentgradewitho