CFA考试Level Ⅰ历年真题详解Level Ⅰ Mock Exam Afternoon Session.docx
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CFA考试Level Ⅰ历年真题详解Level Ⅰ Mock Exam Afternoon Session.docx
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CFA考试LevelⅠ历年真题详解LevelⅠMockExamAfternoonSession
2014LevelⅠMockExam:
AfternoonSession
1.LindaChin,CFA,isamemberofapoliticalgroupadvocatinglessgovernmentalregulationinallaspectsoflife.Sheworksinacountrywherelocalsecuritieslawsareminimalandinsidertradingisnotprohibited.Chin'spoliticsarereflectedinherinvestmentstrategy,whereshefollowshercountry'smandatorylegalandregulatoryrequirements.WhichofthefollowingactionsbyChinwouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?
A.Continuinghercurrentinvestmentstrategy
B.FollowingtheCFAInstituteStandardsofProfessionalConduct
C.Disclosingherpoliticaladvocacytoclients
【答案】B
【解析】
“GuidanceforStandardsI-VII,”CFAInstitute
StandardI(A):
KnowledgeoftheLaw,StandardII(A):
MaterialNonpublicInformation
StandardI(A):
KnowledgeoftheLawrequiresmembersandcandidatestocomplywiththemorestrictlaw,rules,orregulationsandfollowthehighestrequirement,whichinthiscasewouldbetheCFAInstituteStandardsofProfessionalConduct.StandardII(A):
MaterialNonpublicInformationwouldalsoapplybecausemembersandcandidateswhopossessmaterialnonpublicinformationthatcouldaffectthevalueofaninvestmentmustnotactorcauseotherstoactontheinformation.Disclosurethatshemeetslocalmandatorylegalrequirements--versusthemorestrictlaw,rules,orregulationsmandateoftheStandardsofProfessionalConduct--wouldnotexcusethememberfromfollowingtheStandardsofProfessionalConduct.
2.ColleenO'Neil,CFA,managesaprivateinvestmentfundwithabalancedglobalinvestmentmandate.Herclientsinsistthatherpersonalinvestmentportfolioreplicatetheinvestmentswithintheirportfoliostoassurethemsheiswillingtoputherownmoneyatrisk.ByundertakingwhichofthefollowingsimultaneousinvestmentactionsforherownportfoliowouldO'NeilmostlikelybeinviolationofStandardVI(B):
PriorityofTransactions?
A.SaleofalistedUSbluechipvaluestock
B.PurchaseofaUKgovernmentbondintheprimarymarket
C.ParticipationinapopularfrontiermarketIPO
【答案】C
【解析】
“GuidanceforStandardsI-VII,”CFAInstitute
StandardVI(B):
PriorityofTransactions
StandardVI(B):
PriorityofTransactionsdictatesmembersandcandidatesgivetheirclientsandemployerprioritywhenmakingpersonalinvestmenttransactions.Evenwhenclientsalloworinsistthemanagerinvestalongsidethem,themanager'stransactionsmustneveradverselyaffecttheinterestsoftheclients.Apopularor“hot”IPOinafrontiermarketislikelytobeoversubcribed.Insuchcases,StandardVI(B)dictatesthatthemanagershouldnotparticipateinthiseventtobetterensureclientswillhaveahigherprobabilityofgettingtheirfullsubscriptionallotment,eventhoughclientshaveallowedordictatedthatsheparticipatealongsidethem.
3.MillicentPlainhasjustfinishedtakingLevelIIoftheCFAexamination.Uponleavingtheexaminationsite,shemeetswithfourLevelIIIcandidateswhoalsojustsatfortheirexams.Curiousabouttheirexaminationexperience,PlainasksthecandidateshowdifficulttheLevelIIIexamwasandhowtheydidonit.Thecandidatessaytheessayportionoftheexaminationwasmuchharderthantheyhadexpectedandthattheywerenotabletocompleteallquestionsasaresult.ThecandidatesgoontotellPlainaboutbroadtopicareasthatweretestedandcomplainaboutspecificformulastheyhadmemorizedthatdidnotappearontheexam.TheLevelIIIcandidatesleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbydiscussing:
A.specificformulas.
B.theexaminationessays.
C.broadtopicareas.
【答案】B
【解析】
“GuidanceforStandardsI-VII,”CFAInstitute
StandardVII(A):
ConductasMembersandCandidatesintheCFAProgram
DiscussingthelevelofdifficultyoftheessayportionoftheexaminationdidnotviolateStandardVII(A):
ConductasMembersandCandidatesintheCFAProgram.StandardVII(A)andtheCandidatePledgewereviolatedbycandidateswhentheyrevealedbroadtopicareasandformulastestedornottestedontheexam.
4.HeidiHalvorson,CFA,isthechiefinvestmentofficerforTukwilaInvestors,anassetmanagementfirmspecializinginfixed-incomeinvestments.Tukwilaisindangeroflosingoneofitslargestclients,QuinaultJewelers,whichaccountsfornearlyone-thirdofitsrevenues.QuinaultrecentlytoldHalversonthatTukwilawouldbefiredunlesstheperformanceofQuinault'sportfolioimprovessignificantly.Shortlyafterthisconversation,Halvorsonpurchasestwocorporatebondsshebelievesaresuitableforanyofherclientsbasedonthird-partyresearchfromareliableanddiligentsource.Immediatelyafterthepurchase,onebondincreasessignificantlyinpricewhiletheotherbonddeclinessignificantly.Attheendoftheday,HalvorsonallocatestheprofitablebondtradetoQuinaultandtheotherbondtotwoofherlargestinstitutionalaccounts.HalvorsonmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductinregardto:
A.clientsuitability.
B.third-partyresearch.
C.tradeallocations.
【答案】C
【解析】
GuidanceforStandardsI-VII,”CFAInstitute
StandardIll(B):
FairDealing,StandardIll(C):
Suitability,StandardV(A):
DiligenceandReasonableBasis
Theinvestmentofficerfailedtodealfairlybyallocatingprofitabletradestoafavoredclientattheexpenseofothers,aviolationofStandardIll(B):
FairDealing.Thestandardrequiresmembersandcandidatestotreatallclientsfairlywhentakinginvestmentaction.Tukwilashouldhaveasystematicapproachtoallocatingtrades,suchasprorata,beforeoratthetimeoftradeexecution,orassoonaspossibleaftertradesareexecuted.Theanalystbelievesthebondsaresuitableforanyofherclients,soshehasnotviolatedStandardIll(C):
Suitability.
5.JackSteyn,CFA,recentlybecametheheadofthetradingdeskatalargeinvestmentmanagementfirmthatspecializesindomesticequities.Whilereviewingthefirm'stradingoperations,henoticesclientsgivediscretiontothemanagertoselectbrokersonthebasisoftheiroverallservicestothemanagementfirm.Despitetheclientdirective,SteynwouldmostlikelyviolateStandardIll(A):
Loyalty,Prudence,andCareifhepayssoftcommissionsforwhichofthefollowingservicesfromthebrokers?
A.Databaseservicesforoffshoreinvestments
B.Equityresearchreports
C.Investmentconferenceattendance
【答案】A
【解析】
“GuidanceforStandardsI-VII,”CFAInstituteStandardIll(A):
Loyalty,Prudence,andCare
StandardIll(A):
Loyalty,Prudence,andCarestipulatesthattheclientownsthebrokerage.
Therefore,membersandcandidatesarerequiredtouseclientbrokerageonlytothebenefitoftheclients(softcommissionspolicy).Becausethefirmspecializesindomesticequities,anoffshoreinvestmentdatabaseservicewouldnotbenefittheclients.
6.Basedonhissuperiorreturnhistory,VijayGupta,CFA,isinterviewedbytheFirstFaithfulChurchtomanagethechurch'svoluntaryretirementplan'sequityportfolio.Eachchurchstaffmemberchooseswhethertooptinoroutoftheretirementplanaccordingtohisorherowninvestmentobjectives.TheplantrusteestellGuptathatstocksofcompaniesinvolvedinthesaleofalcohol,tobacco,gambling,orfirearmsarenotacceptableinvestmentsgiventheobjectivesandconstraintsoftheportfolio.GuptatellsthetrusteeshecannotreasonablyexecutehisstrategywiththeserestrictionsandthatallhisotheraccountsholdsharesofcompaniesinvolvedinthesebusinessesbecausehebelievestheyhavethehighestalphA.Byagreeingtomanagetheaccountaccordingtothetrustees'wishes,doesGuptaviolatetheCFAInstituteStandardsofProfessionalConduct?
A.Yes,becausetherestrictionsprovidedbythetrusteesarenotinthebestinterestofthemembers
B.Yes,becausethemanagerwashiredbasedonhispreviousinvestmentstrategy
C.No
【答案】C
【解析】
“GuidanceforStandardsI-VII,”CFAInstitute
StandardIll(A):
Loyalty,Prudence,andCare
Aiscorrect.AccordingtoStandardⅢ(A):
Loyalty,Prudence,andCare,Gupta'sdutyofloyalty,prudence,andcareisowedtotheparticipantsandbeneficiaries(members)ofthepensionplan.Asachurchplan,therestrictionsareappropriategiventheobjectivesandconstraintsoftheportfolio.
7.JorgeLopez,CFA,isresponsibleforproxyvotingonbehalfofhisbank'sassetmanagementclients.Lopezrecentlyperformedacost-benefitanalysisthatshowedtheproxy-votingpoliciesmightnotbenefitthebank'sclients.Asaresult,Lopezimmediatelychangestheproxy-votingpoliciesandprocedureswithoutinforminganyone.Lopeznowvotesclientproxiesonthesideofmanagementonallissues,withtheexceptionofmajormergersinwhichasignificantimpactonthestockpriceisexpected.LopezleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductinregardto:
A.cost-benefitanalysis.
B.votingwithmanagement.
C.proxy-votingpolicydisclosures.
【答案】A
【解析】
“GuidanceforStandardsI-VII,”CFAInstitute
StandardIll(A):
Loyalty,Prudence,andCare
Performingacost-benefitanalysisshowingthatvotingallproxiesmightnotbenefittheclientandconcludingthatvotingproxiesmaynotbenecessaryinallinstancesisnotaviolationofStandardIll(A):
Loyalty,Prudence,andCare.However,eventhoughvotingproxiesmaynotbenecessaryinallinstances,partofamember'sorcandidate'sdutyofloyaltyunderStandardIll(A)includesvotingproxiesinaninformedandresponsiblemanner,whichisnotbeingdonewhenLopezautomaticallyvoteswithmanagementonthemajorityofissues.Inaddition,membersandcandidatesshoulddisclosetoclientstheirproxy-votingpolicies,includinganychangestothatpoli
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