CFA三级练习题精选及答案05169.docx

CFA三级练习题精选及答案05169.docx

《CFA三级练习题精选及答案05169.docx》由会员分享，可在线阅读，更多相关《CFA三级练习题精选及答案05169.docx（8页珍藏版）》请在冰豆网上搜索。

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