Mock ExamAM and PM文档格式.docx

1、Jeffrey Jones passed the Level I CFA examination in 1997 and the Level II examination in 2009. He is not currently enrolled for the Level III examination. According to the CFA Institute Standards of Professional Conduct, which of the following is themostappropriate way for Jones to refer to his part

2、icipation in the CFA Program?Candidate in the CFA Institute CFA ProgramPassed Level II of the CFA examination in 2009Jeffrey Jones, CFA （expected 2014）Question not answeredNo designation exists for someone who has passed Level I, Level II, or Level III of the CFA exam, see Standard VII（B）. Persons w

3、ho have passed a certain level of the exam may state that they have completed that level. A person can state he is a candidate onlyif he is currently enrolled in the CFA Program. It is also an improper reference to use expected a part of the designation.2014 CFA Level IGuidance for Standards I-VII,

4、CFA InstituteStandard VII（B）2James Woods, CFA, is a portfolio manager at ABC Securities. Woods has reasonable grounds to believe his colleague, Sandra Clarke, a CFA Level II candidate, is engaged in unethical trading activities that may also be in violation of local securities laws. Woods is not Cla

5、rkes supervisor, and her activities do not impact Woods or any of the portfolios for which he is responsible. Based on the Code and Standards, the recommended course of action is for Woods to:report Sandra Clarke to the appropriate governmental or regulatory organization.not take any action because

6、he is not directly involved.report Sandra Clarke to ABCs trading supervisor or compliance department.Under Standard 1（A） in situations where a member or candidate is aware of employer engagement in unethical or illegal activity, it is recommended that they attempt to stop the behavior by bringing it

7、 to the attention of a supervisor or the firms compliance department.Guidance for Standards I-VII, CFA InstituteStandard I（A）3Albert Nyakenda, CFA, was driving to a clients office where he was expected to close a multi-million-dollar deal, when he was pulled over by a traffic policeman although he d

8、id not believe he had violated any traffic laws. When Nyakenda realized the policeman planned to wrongly ticket him for speeding, he offered to buy him lunch so that he could quickly get to his clients office. The lunch would cost significantly more than the ticket. The alternative was to go to the

9、police station and file a complaint of being wrongly accused that would also involve going to court the next day to present his case. Did Nyakendamost likelyviolate the CFA Institute Code of Ethics?No, because the cost of lunch is more than the ticketNo, because he was wrongly accusedYesNyakenda was

10、 effectively trying to bribe the policeman so that he would not issue a speeding ticket. This action violates the Code of Ethics. Despite feeling he was wrongly accused, it is only his opinion, and may not be based on fact or upheld in a court of law. Nyakenda has a responsibility to act with integr

11、ity and in an ethical manner as required by the Code of Ethics.4Which of the following statements isconsistent with the CFA Institute Code of Ethics? CFA Institute members and CFA candidates must:promote the integrity of and uphold the rules governing capital markets.maintain their professional comp

12、etence and require investment professionals under their supervision to adopt the CFA Code of Ethics.practice the highest level of personal and professional integrity and always act in the best interest of their employers.The Code of Ethics requires CFA Institute members and candidates for the CFA de

13、signation to promote the integrity of and uphold rules governing capital markets. Although the Code of Ethics requires members and candidates to act with integrity, and the interests of the client are paramount, not all client requests are appropriate to follow, particularly if considered unethical

14、or illegal. The Code of Ethics does not require members and candidates to encourage others to pursue the CFA designation, only to encourage them to improve their professional competence.Ethics and Professional Standards,The Code of Ethics5Li Chen is a CFA candidate and an equity research analyst at

15、an independent research firm. She is contacted by Granite Technologies, Inc., to write an issuer-paid research report on the company to increase awareness of Granites stock within the investment community. Which statementbestrepresents how Chen should respond to this assignment request? She should:a

16、ccept long-term warrants on Granites stock in lieu of any cash compensation.decline to write the report because doing so would compromise her independence.negotiate a flat fee and disclose this relationship in her report.If Chen negotiates a flat fee, her independence and objectivity would not be qu

17、estioned because her fee would not be based on the results of her research. In addition, by fully disclosing the relationship in her report, she allows the reader to determine whether her judgment is compromised. As a result, Chen is maintaining compliance with Standard I（B）-Independence and Objecti

18、vity.Standard I（B）6Miranda Grafton, CFA, purchased a large block of stock at varying prices during the trading session. The stock realized a significant gain in value before the close of the trading day, so Grafton reviewed her purchase prices to determine what prices should be assigned to each spec

19、ific account. According to theStandards of Practice Handbook, Graftonsleastappropriate action is to allocate the execution prices:on a first-in, first-out basis with consideration of bundling orders for efficiency.across the participating client accounts at the same execution price.across the partic

20、ipating client accounts pro rata on the basis of account size.According to Standard III （B） best practices include allocating pro rata on the basis of order size, not account size. All clients participating in the block trade should receive the same execution price and be charged the same commission

21、.Standard III（B）7David Donnigan enrolled to take the Level II CFA examination in the current year, but he did not take the exam. Donnigan advised his employer that he passed Level II. Subsequently, he registered to take the Level II exam the next year. Which CFA Institute Standards of Professional C

22、onduct did Donniganleast likelyviolate? The standard related to:professional misconduct.referencing candidacy in the CFA Program.duty to employer.Because he registered to take the exam in the next year, Donnigan still qualifies to state he is a candidate in the CFA Program. He would not, however, be

23、 authorized to reference that he is a Level III candidate and, if asked, would need to specifiy that he is a Level II candidate.Standard I（D）, Standard IV（A）8Justin Blake, CFA, a retired portfolio manager, owns 20,000 shares of a small public company that he would like to sell because he is worried

24、about the companys prospects. He posts messages on several internet bulletin boards. The messages read, This stock is going up once the pending patents are released, so now is the time to buy. The stock is a buy at anything below $3. I have done some close research on these guys. According to theSta

25、ndards of Practice Handbook, Blakeviolated the Code and Standards associated with:Integrity of Capital Markets, and Conflicts of Interest.neither Integrity of Capital Markets nor Conflicts of Interest.Integrity of Capital Markets, but not Conflicts of Interest.Blake violated Standard II（B） regarding

26、 the Integrity of Capital Markets by engaging in a practice that is likely to artificially inflate trading volume.Standard II（B）, Standard VI（A）9The Global Investment Performance Standardsrequire:composites to be defined according to similar investment objectives and/or strategies.non-fee-paying por

27、tfolios to be excluded in the returns of appropriate composites.nondiscretionary portfolios to be included in composites.Composites （Standard IV Composites） must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns

28、of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firms composites.Introduction to the Global Investment Performance Standards （GIPS）,10Several years ago, Leo Peek, CFA, co-founded an investment club. T

29、he club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the account. Peeks employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts but does not disclose his holdings in the investment club. Peeks actions areto be a violation of which of the CFA Institute Standards of Professio