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

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

《CFA考试Level Ⅰ历年真题详解Level Ⅰ Mock Exam MorningSession.docx》由会员分享，可在线阅读，更多相关《CFA考试Level Ⅰ历年真题详解Level Ⅰ Mock Exam MorningSession.docx（89页珍藏版）》请在冰豆网上搜索。

CFA考试LevelⅠ历年真题详解LevelⅠMockExamMorningSession

2012LevelⅠMockExam:

MorningSession

Questions1through18relatetoEthicalandProfessionalStandards

1．WhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProceedingsRelatedtoProfessionalConduct?

A．Confidentialityofproceedings

B．Fairprocesstothememberandcandidate

C．Publicdisclosureofdisciplinarysanctions

【答案】C

【解析】

“CodeofEthicsandStandardsofProfessionalConduct,”CFAInstitute

2012ModularLevelI,Vol.1,p.8

StudySession1-1-a

DescribethestructureoftheCFAInstituteProfessionalConductProgramandtheprocessfortheenforcementoftheCodeandStandards.

CiscorrectbecausethetwoprinciplesoftheRulesofProcedureforProceedingsRelatedtoProfessionalConductareconfidentialityofproceedingsandfairprocesstothememberandcandidate.

2．FundamentalAssetManagersclaimscompliancewiththeCFAInstituteGlobalInvestmentPerformanceStandards（GIPS®）andmanagesbothdiscretionaryandnon-discretionaryaccounts.WhenconstructingasinglecompositeforFundamental,JumaDzuyaincludesalldiscretionary,fee-payingaccountswithbothvalueandgrowthstrategies.DoesthecompositeconstructedbyDzuyamostlikelymeetGIPScriteria?

A．Yes

B．No,becauseofnon-similarinvestmentstrategies

C．No,becausenon-discretionaryaccountsarenotincluded

【答案】B

【解析】

“IntroductiontotheGlobalInvestmentPerformanceStandards（GIPS®）,”CFAInstitute

2012ModularLevelI,Vol.1,p.173

StudySession1-3-b

Explaintheconstructionandpurposeofcompositesinperformancereporting.

Biscorrectbecauseacompositemustincludeallactual,fee-paying,discretionaryportfoliosmanagedinaccordancewiththesameinvestmentmandate,objective,orstrategy（StandardsIVComposites）.

Byincludingbothvalueandgrowthportfolios,thecompositeismadeupofportfolioswithdifferentinvestmentmandatesorstrategies.

3．AdiraBadawi,CFA,whoownsaresearchandconsultingcompany,isanindependentboardmemberofaleadingcementmanufacturerinasmalllocalmarket.BecauseofBadawi’sexpertiseinthecementindustry,aforeigncementmanufacturerlookingtoenterthelocalmarkethashiredhimtoundertakeafeasibilitystudy.UnderwhatcircumstancescanBadawimostlikelyundertaketheassignmentwithoutviolatingtheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?

Ifhe:

A．makesfulldisclosuretobothcompanies

B．receiveswrittenpermissionfromthelocalcompany

C．signsconfidentialityagreementswithbothcompanies

【答案】A

【解析】

“GuidanceforStandardsI–VII,”CFAInstitute

2012ModularLevelI,Vol.1,pp.123–125

StudySession1-2-c

RecommendpracticesandproceduresdesignedtopreventviolationsoftheCodeofEthicsandStandardsofProfessionalConduct.

Aiscorrectbecausemakingfullandfairdisclosureofallmattersthatcouldreasonablybeexpectedtoimpairone’sindependenceandobjectivityorinterferewithrespectivedutiestoone’sclientsisrequiredbyStandardVIConflictsofInterestoftheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.

4．NoorMawar,CFA,managesatrustfundwiththebeneficiarybeinganorphaned18-year-oldstudent.Theinvestmentpolicydictatesthattrustassetsareexpectedtoprovidethestudentwithastablelowrisksourceofincomeuntilshereachestheageof30years.Basedoninformationfromaninternetblog,thestudentasksMawartoinvestinanewbusinessventuresheexpectswillprovidehighreturnsoverthenext5years.Mawarignorestherequest,insteadsecuringconservativeinvestmentstoprovidesufficientincome.DidMawarmostlikelyviolatetheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?

A．Yes

B．No,becausetheclient’sobjectivesweremet

C．No,becausetheinvestmenttimeframedoesnotmatchtheinvestmenthorizon

【答案】B

【解析】

"GuidanceforStandardsI–VII,"CFAInstitute

2012ModularLevelI,Vol.1,pp.78–80

StudySession1-2-b

DistinguishbetweenconductthatconformstotheCodeandStandardsandconductthatviolatestheCodeandStandards.

Biscorrectbecausetheclientisthetrust/trustees,notthebeneficiary.MawarfollowedStandardIII（C）Suitabilitybymanagingthetrustassetsinawaythatwouldlikelyresultinastablesourceofincomewhilekeepingtheriskprofilelow,therebycomplyingwiththeinvestmentobjectivesofthetrust.

5．VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountry.ChandaranapostsonasocialmediabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidn’taskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteCodeofEthicsorStandardsofProfessionalConductdidChandaranaleastlikelyviolate?

A．Misconduct

B．LoyaltytoEmployers

C．ReferencetotheCFAProgram

【答案】C

【解析】

"GuidanceforStandardsI–VII,"CFAInstitute

2012ModularLevelI,Vol.1,pp.46–47,90–91,144–146

StudySession1-2-a,b

DemonstrateandexplaintheapplicationoftheCodeofEthicsandStandardsofProfessionalConducttosituationsinvolvingissuesofprofessionalintegrity.

DistinguishbetweenconductthatconformstotheCodeandStandardsandconductthatviolatestheCodeandStandards.

CiscorrectbecausethereisnoevidenceChandaranaviolatedStandardVII（B）withregardtohisbeingaCFAcandidate.Specifically,ChandaranadoesnotoverstatehiscompetencyorimplyhewillachievesuperiorperformanceasaresultofhisCFAdesignation.ItdoesappearChandaranadidnotactwithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemployer’sreputation,thusviolatingStandardI（D）Professionalism（Misconduct）andStandardIV（A）DutytoEmployers（Loyalty）.

6．KamBergeron,CFA,isanequityportfoliomanagerwhooftentakestimeoffintheafternoontoplaygolfwithimportantclients.Today,Bergeronisonthegolfcoursewhenhisgameisinterruptedbyaphonecallfromhisoffice.ThecallisfromBergeron'sassistant,whonotifieshimofasteepandacceleratingmarketdecline.Bergeron,eagertogetbacktohisgolfgame,tellshisassistanttoraisecashbyselling15%ofallclients’holdings.Bergeroninstructshisassistanttofirstsellthemostliquidstocksineachclient’sportfolioandthendothesameforhispersonalaccount.BergeronisleastlikelytobeinviolationofwhichoftheCFAInstituteStandardsofProfessionalConduct?

A．Suitability

B．Priorityoftransactions

C．Diligenceandreasonablebasis

【答案】B

【解析】

CFAInstituteStandards

2012ModularLevelI,Vol.1,pp.78–79,107–108,131

StudySession1-2-b

DistinguishbetweenconductthatconformstotheCodeandStandardsandconductthatviolatestheCodeandStandards.

Biscorrect,asthereisnoindicationaviolationofStandardVI（B）PriorityofTransactionsoccurred.TheStandardconcernstransactionsforclientshavingpriorityoveremployees’transactionsandisnotapplicableinthiscasebecausethemanagergivesinstructionstosellhispersonalholdingsafterthoseofhisclients.

7．IleanaInkster,CFA,wasrecentlyofferedaseniormanagementpositionwithinthetrustdepartmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepartment.Sheisinformedthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesrecentseminaradvertisementspreparedbythebank’smarketingdepartmentdonotmentioninvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescan"learnhowtoimmediatelyadd$100,000totheirnetworth."WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?

A．Declinetoacceptthenewposition

B．Acceptthepositionandrevisethemarketingmaterial

C．Acceptthepositionandinformseniormanagementofinadequatecomplianceprocedures

【答案】A

【解析】

CFAInstituteStandards

2012ModularLevelI,Vol.1,pp.101–102

StudySession1-2-c

RecommendpracticesandproceduresdesignedtopreventviolationsoftheCodeofEthicsandStandardsofProfessionalConduct.

Aiscorrectbecausetheprospectivesupervisor’sfirststepshouldbetonottaketheposition.AcceptingthepositionwithinadequateproceduresinplaceorimpropermarketingmaterialwouldleaveInksteratriskofincurringaviolationoftheCodeandStandards—StandardIV（C）ResponsibilitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.

8．MollyBurnett,CFA,isaportfoliomanagerforafundthatonlyinvestsinenvironmentallyfriendlycompanies.Amultinationalutilitycompanyrecentlyacquiredoneofthefund’sbestperforminginvestments,awindpowercompany.Thewindpowercompany’sshareholdersreceivedutilitycompanysharesaspartofthemergeragreement.Theutilityhasoneoftheworstenvironmentalrecordsintheindustry,butitsshareshavebeenoneofthetopperformersoverthepast12months.Becausetheutilitypaysahighdividendeverythreemonths,Burnettholdstheutilitysharesuntiltheremainingtwodividendsarepaidfortheyearthensellstheshares.BurnettmostlikelyviolatedtheCFAInstituteStandardofProfessionalConductconcerning:

A．suitability.

B．disclosureofconflicts.

C．independenceandobjectivity.

【答案】A

【解析】

CFAInstituteStandards

2012ModularL