CFA三级练习题精选及答案05169.docx
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CFA三级练习题精选及答案05169
CFA一级练习题精选及答案0516-9
MostfinancialservicesregulatorybodiesinEastAfricaaremovingtowardrisk-basedsupervisionmodels.MiriamBukenya,CFA,istheheadofcomplianceatJacarandaAssetManagement,amanagerofbothretailandinstitutionalportfolios.Sheiscurrentlyrevisingthecompany'scompliancepoliciestoaddressriskinallareasofthebusinessandischeckingdifferentaspectsofthefirmtoensurethatitwillbeabletomeetnewrisk-basedsupervisionregulationswhentheybecomeeffectiveinsixmonths'time.ThefirmrecentlyadoptedtheCFAInstituteCodeofEthicsandStandardsofProfessionalConductasitsownCodeandStandards.
WhilereviewingJacaranda'scompliancemanual,Bukenyarealizesitneedsafewchangestocomplywiththenewrisk-basedregulations.Toensuresheusesbestpractice,sheconsultswithLucRemmy,CFA,theheadofcomplianceatherformeremployer,MercuryAdvisoryServices.Remmy,whonowrunsanindependentconsultingfirm,e-mailsBukenyathecompliancemanualheusesforhisownfirm.Whilereviewingthecompliancemanual,Bukenyanoticesthatmanysectionslookfamiliar.Shefindsastatementinthedocumentindicatingthatitisforthe"soleuseofMercuryAdvisoryServices."Whenquestioned,RemmystatesthatheusedonlythetableofcontentsofMercury'sdocumentandnoneoftheothercontentinthedocumenttodevelophiscompliancemanual.
BukenyalooksatthemarketingmaterialsJacarandausestocommunicatetoexistingandprospectiveclientstoensurethateverythingmentionedinthematerialisfactualandcomplieswiththeCFAStandardsofProfessionalConduct.Thefollowingstatementsareexamined:
Statement1:
Jacarandalooksfor investmentsofferingintrinsicvaluethroughatop-downapproachincludinga reviewofforecastsofeconomicandindustryperformance.Weevaluate historicalandprojectedcompanyfinancials,performextensivefinancial ratioanalysis,conductmanagementinterviews,anddeterminetargetprices usingavarietyofvaluationmodels.
Statement2:
Jacarandamay,attimes, hireoutsideadviserstomanagerealestateholdingsonbehalfofclients. Theseadvisershavethenecessaryexpertisetomanagepropertyassets.
Statement3:
JacarandahasfourCFA charterholdersamongitsseniormanagement.TheirparticipationintheCFA examinationprogramhasenhancedtheirinvestmentmanagementskills.Allof thesemanagerspassedthethreeexamsintheshortesttimepossible.
Thenewrisk-basedregulationsalsorequireaccurateandcompleteperformancepresentations,withalldiscretionaryaccountsincludedinatleastonecomposite.BukenyabelievesJacaranda'sperformancepresentationpolicymeetsthesenewrequirementsaswellastheCFAInstituteCodeofEthicsandStandardsofProfessionalConductsinceJacaranda'ssinglecompositeincludesallcurrentandterminatedclientaccountsandpresentationsincludethisstatement:
"Detailedinformationregardingtheperformancepresentationisavailableuponrequest."WhileJacarandadoesnotcurrentlycomplywithGIPSStandards,sheencouragesthefirmtodosowithinthenextfewyears.
BukenyathenreviewsJacaranda'srecord-keepingpolicy.Currently,thepolicyrequiresretentionofhardcopiesofallsupportingdocumentationforinvestmentrecommendationsanddecisionsmadeduringthelastfiveyears.Thispolicymeetsthenewrisk-basedregulations.Clientmeetingminutesandcommunicationlogsarekeptelectronicallyandbackeduponaremoteserver.Fundmanagersandresearchanalystsareresponsibleformaintainingtheirownpersonalnotesandresearchmodels.ThispolicyalsoappliestoJacaranda'sindependentresearchcontractor,MathewOchieng,who(forsecurityreasons)doesnothaveaccesstothecompany'sserver.Ochieng,whoundertakesresearchonlyforJacaranda,sendshisresearchreportstotheHeadofResearch,whothenarchivestheelectroniccopies.
WhilereviewingJacaranda'scounterpartyriskpolicy,BukenyadiscoversthattraderJacksonGaterarecentlyconvincedthebackofficetooverridecontrolsdesignedtopreventoverexposuretospecificstockbrokers.Thiswasinviolationofcompanyrules.Therulesstatethatifthetradingallocationtoaspecificbrokerisbreached,tradingthroughthatbrokermustbesuspendeduntiltheexposuredropstowithintheexposurelimits.TheCounterpartyRiskCommitteepredeterminestheselimits.
Thenewrisk-basedregulationsalsorequirecompaniestogatherclientinformationaspartof"KnowYourClient"andanti-money-launderingprocesses.Bukenyacreatesaconfidentialitypolicyrestrictingaccesstoexistingandprospectiveclientinformation.Theinformationisavailableonlytopersonnelwhoareauthorizedbytheexistingorprospectiveclient.Theoneexceptionisiftheclientorprospectiveclientisthoughttobeconductingillegalactivities.Inthiscircumstance,theinformationcanbereleasedwithoutauthorizationiftheinformationisdemandedthroughacourtorderorotherlegalrequirement.
Question1
WhichofthefollowingCFAInstituteStandardsofProfessionalConductdidRemmy leastlikelyviolate?
A.Loyalty
B.Misrepresentation
C.ResponsibilitiesofSupervisors
"GuidanceforStandardsI–VII,"CFAInstitute
2013ModularLevelIII,Vol.1,Reading2,SectionStandardIV(C)ResponsibilitiesofSupervisors,Guidance;StandardI(C)Misrepresentation,Guidance;StandardIV(A)Loyalty,Guidance
StudySession1-2-a
DemonstrateathoroughknowledgeoftheCFAInstituteCodeofEthicsandStandardsofProfessionalConductbyinterpretingtheCodeandStandardsinvarioussituationsinvolvingissuesofprofessionalintegrity.
CiscorrectbecausethereisnoindicationthatRemmyviolatedhisresponsibilityasasupervisorunderStandardIV(C)ResponsibilitiesofSupervisors.Hedid,however,violateStandardI(C)MisrepresentationandStandardIV(A)Loyaltybyplagiarizinghisformeremployer'scompliancemanual.Workperformedforanemployerremainstheassetoftheemployerandcannotbetakentoanewemployerexceptwithpermission.
Question2
WhichmarketingstatementshouldBukenya mostlikely revisetoconformtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?
A.Statement1
B.Statement2
C.Statement3
"GuidanceforStandardsI–VII,"CFAInstitute
2013ModularLevelIII,Vol.1,Reading2,SectionStandardV(B)CommunicationwithClientsandProspectiveClients
StudySession1-2-b
RecommendpracticesandproceduresdesignedtopreventviolationsoftheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.
BiscorrectbecauseStandardV(B)CommunicationwithClientsandProspectiveClientsrequiresthefirmtoinformtheclientsaboutthespecializationordiversificationexpertiseprovidedbytheexternaladviser(s)whenoutsideadvisersareusedtomanagevariousportionsoftheclients'assetsundermanagement.Thisinformationallowsclientstounderstandthestrategiesbeingappliedthataffecttheirinvestmentobjectives.Stating"Theseadvisershavethenecessaryexpertisetomanagepropertyassets"isnotlikelytoprovideenoughinformationfortheclientstounderstandtheinvestmentmethodologiesorstrategiesimplementedbytheoutsideadvisers.
Question3
DoesJacaranda'sperformancepresentationpolicy mostlikely meetrecommendedproceduresforcomplyingwithCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?
A.Yes.
B.No,becauseofthestructureofthecomposite.
C.No,becauseitisnotincompliancewithGIPSstandards.
"GuidanceforStandardsI–VII,"CFAInstitute
2013ModularLevelIII,Vol.1,Reading2,SectionStandardIII(D)PerformancePresentation
StudySession1-2-a
DemonstrateathoroughknowledgeoftheCFAInstituteCodeofEthicsandStandardsofProfessionalConductbyinterpretingtheCodeandStandardsinvarioussituationsinvolvingissuesofprofessionalintegrity.
BiscorrectbecauseStandardIII(D)PerformancePresentationrequiresfirmstoprovidecredibleperformanceinformationtoclientsandprospectiveclientsaswellastoavoidmisstatingormisleadingclientsandprospectiveclientsabouttheinvestmentperformanceoffirms.Asinglecompositethatincludesallclientportfolios,regardlessofinvestmentobjectives(whichwouldlikelybedifferentfortheretailandinstitutionalclients)couldbeconsideredtobemisleading.FirmsnotincompliancewiththeGIPSstandardsshouldpresenttheperformanceofaweightedcompositeofsimilarportfoliosratherthanusingasinglerepresentativeaccountorallaccountswithdifferentnonsimilarportfolios.
Question4
Jacaranda'srecord-keepingpolicyis mostlikely inviolationofCFAInstituteStandardV(C)RecordRetentionregardingthe:
A.retentiontimeframe.
B.keepingofhardandelectroniccopies.
C.retentionofpersonalnotesandresearchmodels.
"GuidanceforStandardsI–VII,"CFAInstitute
2013ModularLevelIII,Vol.1,Reading2,SectionStandardV(C)RecordRetention,Guidance
StudySession1-2-a
DemonstrateathoroughknowledgeoftheCFAInstituteCodeofEthicsandStandardsofProfessionalConductbyinterpretingtheCodeandStandardsinvarioussituationsinvolvingissuesofprofessionalintegrity.
CiscorrectbecauseStandardV(C)RecordRetentionrequirestheretentionandmaintenanceofrecordstosupporttheinvestmentanalyses,recommendations,actions,andotherinvestment-relatedcommunicationswithclientsandprospectiveclients.BecausetheindependentresearchcontractorprovidesresearchonlyforJacaranda,hewouldnotnecessarilybeconsidereda"third-party"researchprovider.Thus,hewouldberequiredtosendhisresearchreportstothefirmalongwithhisunderlyingsupportinganalysisandfinancialmodels.Therefore,JacarandadoesnotmeettheRecordRetentionrequiremen