CFA二级押题密卷M1直播讲义.docx

1906高顿CFA押题密卷-LeVel2o。.UnPoBt5c.MM M- K wu。dnpopsBoUBUIJ-Vujkh<h宫惇槌EthiC上午卷JasonZhang,CFA,hasrecentlybeenhiredastheChiefInvestmentOfficeroftheRegionalGovernmentEniployeesjPensionFund.Currently,heisconductingevaluationsofallexternalmanagerseployedbythePensionFundtoensurethattheyareactingtheirbesttopursueexcellentreturnsaccordingtotheirownmandates,whilecomplyingwithallapplicablelawsandregulations.ABCInvestmentisalocalassetmanagementfirmwithrelativelylargeAUM,10%ofthepensionfundassetswereallocatedtoABCInvestmentsduetoitsgoodtracksofperfomanceforpastfiveyear:Tobetterunderstandtheinvestmentactivitiesofthisfirm,Jasonarrangedaformalmeetingwiththerespectivefundmanager,EmmaWen.JasonrequiredEmmatoexplaintheheavypositionsoncommoditiesintheportfoliosincethetradesdidnotconsistentwiththewrittenIPSofepensionfund.Emmarepliedthatthere,salotoftradingopportunitiesincommoditymarketssincetheupwardtrendsbecamemoreobvious,Contrarilythestockmarketwasstagnant.Thoughbeingagreenhand,shewasreadytograbtheseprofitstofurtherIypushupthereturnsofthefund.高顿财经CFA：finance,gaodurtcn高顿网校：ww弘gaoducomJasonthenhadathoroughcheckonABCinvestmentfir而scompliancepolicystatements：PerformancedatamustbedocumentedforeachOfABC,sactiveaccountbediscloseduponrequest,andbemparedwiththefir而ScompositewhichiscomposedofactiveaccountsonlyPerformancedatamustbepresentedonabefore-taxbasistoallclientswiththedisclosurethatallperformancedataarecomputedbeforefeesABCencouragesitsstafftobeinvolvedinthebusinessmmunityOnlybusinesselatedconflictsofintereststhatrelatetocurrentportfolioholdingsneedtobereportedtothesupervisorsAnyviolationoftheABCcompliancepolicystatementbytheemployeeswillbereportedtothepresident,andemployeesWillreceiveanofficialwarningAlltheemployeesofABCneedtodiscusswiththeirsupervisoralloutsidecompensationthattheyarereceivingormayreceiveABCmaintainsonlyhard-copyrecordsforthePensionFundforthefiveyearsrequiredbyregulatorsPolicy1：IfinvestmentpersonnelplanstotradestocksinCiientaaccountsondayTtheycouldnottradethosesamestocksinpersonalaccountsondayT32andTl.Policy2：EachmontharandomIyselectedgroupofinvestmentpersonnelmustprovideduplicatetradeconfirmationstotheABCcomplianceofficerPolicy3：Investmentpersonnelmustreceivepriorapprovalforpersonaltradesonlyforthosetradesgreaterthan$10,000.1.Regardingthemmoditypositions,doesEmmastradecomplywiththeCFAInstitutedeandstandards?AYeSbecauseitisagoodopportunitytoearnreturnsBNo,becauseinvestingincommoditydoesnotfollowtherelatedIPSCNo,becauseshehasnotenoughrelatedexperiencetotradecommodities在任何情况下，基金经理投资产品要符合IPS的投资范围，要符合IPS的规定，EmnIa投资大宗商品并不符合IPS要求，所以她违反了准则IH(C)SuItabilityo2DoesABC,ScompliancepolicystatementconformwiththeCFAInstituteCodeandStandardswithrespecttoperformancepresentation?ANo,becauseteninatedaccountsareexcludedBNo,becauseperformanceisreportedtoallclitsgrossoffeesCNo,becauseperformancedataarepresentedonabefore-taxbasisIH(D)PerfonnancePresentation这条细则要求无论是终止账户还是正常账户都需要保留在业绩展示中，ABC公司只展示了active账户业绩，所以违规了，所以A答案正确。在Iil(D)条款中推荐遵守GIPS要求，但不是强制要求，所以无论披露grossOfes还是netoffee以及before-tax或者aftertax并不违规In(D)条款。3.DoesABC'scnpliancepolicystatementconformwiththeCFAInstituteCodeandStandardswithrespecttodisclosuresofconflictsANo,becausenotOnlybusinessinterestsbutalsopersonalbeliefBNo,becausenotjustthoserelatetocurrentportfolioholdingsbutalsorelatetoallactualandpotentialconflictsofinterestsCYesVI（八）DisclosureOfCOnfHcts这条细则要求披露所有对客户或者雇主产生或可能产生的利益冲突，P。IiCy相关要求披露的利益冲突范围太狭窄，不符合CFA制定的准则。4DoesABC'scompliancepolicystatementconformwiththeCFAInstituteCodeandStandardswithrespectto:ViolationsCompensationIV(C)这条细则要求作为管理层，当员工违规时需要立刻启动调查，并限制该员工权限直到该调查结束，管理层需要做到此类违规不能再次重复上演，不能仅仅只是给员工一个警告，所以公司相关政策里面的陈述不符合CFA细则。额外报酬的陈述也不符合，IV条款要求员工在获得可能对雇主利益产生冲突的额外报酬时，需要提前向雇主得到书面同意，不仅仅是文中提到的discusswitheirsupervisor。所以正确答案是A。5.DoesABC,ScompliancepolicystatementconformwiththeCFAInstituteCodeandStandardswithrespecttoIBCardHetentiOn?ANo,becausetheCFAInstituterequiresmaintainingrecordsinBNo,becausetheCFAInstituterequiresmaintainingrecordsatfeast根据V(C)RecordRetention条款，企业可以选择保存electronicform或者hard-copy,无论那种形式的存档都是符合该细则的。当地如果没有监管要求，该细则推荐文档保存7年，如果有监管要求就按监管要求执行，文中提到根据当地监管要求保存5年，所以并不违规V(C)。Eo。.UnPoBt5c.MM M- K wu。doM 0。UBUIJ-V工JSH三裾*川。11qVI(B)PriorityOfTranSaCtionS条款要求CFA会员或者考生不能抢在客户之前做交易，该细则对于员工具体的限制买卖期并没有具体要求，只要不在客户之前做交易就符合该条款，所以ABC公司关于PerSonaISecuritiesTradingPolicy1的描述是正确的。ChristianMathew,CFAisanequityanalystspecializinginthebeverageindustryforGuptaAssetManagers(Gupta),aportfoliomanagementcompanybasedinMumbai,IndiaMathewisplanningatriptoSriLankatoresearchtheteaindustry;MuraliPremadosa,CFA)knownasim,wisaresearchanalystforastockbrokingcompany,AshokaBrokers,headquarteredinColombo,SriLankaMathewcontactsPremtohelparrangevisitstospecificallyidentifiedteaestatesofpubliclytradedcompaniesinthehighlandsofSriLankaPrem,whowantstoenhancethebusinessrelationshipwithGupta,arrangesforallofMathew'sSriLankanexpensestobepaidforbyAshokaThesestsincludefood,hotelandtransportThisarrangementisbasedontheunderstandingthatallsecuritytransactionsresultingfromMathewstriptoSriLankawillbeexecutedthroughAshokaAshokdscommissionsaretypicallySimiIartoitscompetitorsbutitcantakeafewextradaystoexecutelargervolumesoftradesbecauseAshokaisnewtothebrokeragebusinessPremsetstheitinerarywithplanstovisitaminimumofsixSriLankateacompaniesinthethreetea-growingregions.MathewagreestothevisitsandasksPremtocreatealistofquestionstoaskthemanagementofeachcompanytowhichhewilladdhisownquestions高顿财经CFA：finance,gaodun.c高顿网校：WWMathewasksPremtodelaythereleaseofanyresearchreporthewritesonthesixSriLankacompaniestheyvisittogetheruntilsuchtimethatGuptahashadanopportunitytoactonMathew'srecommendations.PremagreestothisarrangementInameetingwithapubliclyHstedteaCompany,KandyTeaEstatelimited,informationisrevealedthatneitherMathewnorPrembelieveisinthepublicarenaTheinformationrelatestotherestructuringofthefactorylayouttomaketheteadryingprocessmarginallymoreefficientwitha1%reducedlossoftealeafThenewlayoutdoesnotrequireanyadditionalmachineryOrpersonneLPremandMathewseetheincreasedefficienciesduringtheirfactorytourAfterthemeetingPrempreparesaninvestmentresearchreportwiththeexcerptshowninExhibit1.高顿财经CFA：finance,gaodurtcn高顿网校：www,gaoduxcomRecommendation:Long-termbuywithassociatedhighcommodityrisupportedbyargegrowthprospectsforSriLankaaswellasliquidityriskbecauseitisathinlytradedcompanyinafrontiermarketExhibit1continued-TeaProductivitybycountry(MillionKg)Source:IndiaTeaBoardandSriLankaTeaBoardMathewisimpressedwithPrenfsworkethicandresearchabilitiesKnowingGuptawantstohireanalystsfcritsnewColomboCffiCeMathewasksPremifhewouldbeinterestedinchangingemployersandbuildingaresearchteamPremisexcitedabouttheprospectandtoshowhisworthtoGupta,Premundertakesthefollowingactionsathisofficeafternormalworkinghours:Action1:CreatesalistofalltheworkhecompletedatAshokaonhispersonallaptop.Action2:PhotocopiesresearchreportsherecentlycompletedontheteaindustryAction3:Makeshandwrittenexcerptsfi>mpreviousresearchmeetingnotesUponMathe而sreturntoMumbai,hedeliverstohisclientshisinvestmentreportwitha4y,iBcommendationforKandyTeaEstateLimited,alongwithteasampleshecollectedwhileinSriLankaWhenbuyingKandyGlaresforhisclientMathewalsobuysthesamesharesforhispersonalaccount.Hehaddisclosedhisplantopurchasethesharesforhisownportfolioalongsidehisclientsbeforeheboughttheshares.However;Mathewisforcedtosellthesamesharestwoweekslatertopayforamedicalemergency.MathewreceivedpermissionfromGuptdScomplianceofficerforbothtransactions1.IsPrenisarrangementtoenhancebusinessrelationsnsistentwiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?BisrrectbecausePrenisemployer;AshokaisnotabletoprovidebestexecutionforGuptdscustomersbecauseofthelongertimeframerequiredtoexecutetradesThusMathewisinviolationofStandardHI（八）-Loyalt¾PrudenceandCare.Mathew,sindependenceandobjectivityareunlikelytobecompromisedbyPreMsarrangingtheitinerarybecauseMathewhadSpecificaDyidentifiedthecompanieshewantedtovisitMathewalsoaddedmanagementduringtheirinterviews,soMathew,ShdependenceandobjectivitywouldnotEkelybecompromised.AshokdsoffertopayforthetripexpensesalsodoesnotnecessarilyCOmpromiseMathew'Shdependenceandobjectivitywithregardtomakinginvestmentrecommendationsortakinginvestmentaction(StandardI(丹IndependenceandObjectivity.2WhoismostIikelytohaveviolatedCFAInstituteStandardsinCiscorrectbecausebyagreeingtoMathew,sstipulation,PremisinviolationofStandardHI(B).StandardIH(B)obligesCFAInstitutemembersandcandidatestoensurethatinformationisdisseminatedinsuchamannerthatallCIiaItShaveafeiropportunitytoactoneveryrecommendation.PremletMathew,sclientstradeoninformationgarneredontheresearchtripbeforePremevendisseminatesthisinformationtohisclientsaviolationofStandardIU().Inaddition,StandardI（八）statesthatmembersandcandidatesareresponsibleforviolationsinwhichtheyknowinglyparticipateorassistBymakingastipulationregardingthereleaseofinvestmentrecommendationsunfairlytoallAshokaclientMathewisknowinglyparticipatingwithorassistingPreminviolatingStandardHI()andthusviolatesStandardIQ).Therefore,bothPremandMathewhaveviolatedCFAInstituteStandards3.1sanyfurtheractionmostlikelyrequiredofPremandMathewpriortopublishinganinvestmentreportusingtheinformationreceivedintheirmeetingwithKandyTeaEstate?ANo.Aisrrectbecausewhiletheinformationisno11-publiqitisunlikelythatnewsofanewfactorylayoutwouldbeconsidered“material/'especiallyinthatitdoesnotrequirenewmachineryorpersonnelTherefOrenopublicdisclosureisrequiredIndependentverificationisnotFiecessarilyrequwedbecausePremandMathewareabletoseetheincreasedefficienciesduringtheirfactorytour4.PrenfSresearchreportinExhibit1leastlikelyviolateswhichCFAInstituteStandard?AisrrectbecausethestatisticscitedarereferencedasbeingfromtheIndiaTeaBoardandtheSriLankaTeaBoard.Thus,Premisnottryingtopasstheinformationoffashisown.However;hehasviolatedStandardV11(B)withregardtotheuseoftheCFAdesignationPremisnotallowedtousehisdesignationasatiornoun-that年"CharteredFinancialAnalystvTheCharteredFinancialAnalystandCFAmarksmustalwaysbeusedeitherafteraCharterholdefsnameorasadjectivesGeVeraSnouns)inwrittendocuments.Forexample,torefertooneselfasa"CHV'eratfCharteredFinancialAnalyst,isimproperThecorrectusagewouldbeJohnJones,CharteredFinancialAnalystorJaneSmith,CFA.PremalsoviolatedStandardW(B)CommunicationwithClientsbycitingdatedteaproductioninformationAsaresult,clientsareunlikelytobeabletofollowthereasoningbehindhisrecommendation.5.WhichoftheactionsthatPremundertakestoshowhisvalueto高顿财经CFA:finance,高顿网校：CiscorrectbecausealistofthereportsPremhasCreatedisnotconsideredresearchsohehasnotviolatedStandardIV-DutytoEmployersorStandardV(04ecordretentionAlso,hecreatedthelistafterworkinghoursandusedhispersonallaptop,sohehasnotusedcompanyresourcestocreatethislist6.Mathew,sinvestmentactionsuponhisreturntoMumbaiviolateCFAInstituteStandardswithregardstohis:A.disclosuretoclientsBisrrectbecauseMathewhasviolatedCFAStandardVI(B)PriorityofTransactionMathewbuyingthinlytradedsharesinafrontiermarketforHispersonalaccountatthesametimeasheisbuyingthemforhisc½ntsisIikelytoharmhisclientsbecausethesharepriceswouldrisebeforeallthesharesarepurchasedHowever;giftsofteasamplestoMathew'SeiiaItSareinsignificantandunlikelytontributetotheirdecisionstoimplementMathew,sinvestmentrecommendation.Consequently,hehasnotviolatedStandardI(B)IndependenceandObjectivityHealsomadeappropriatepriordisclosurestohisclientsabouthisteainvestment,soheisnotinviolationofStandardVI(QDisclosureofConflicts.o。.UnPoBt5c.MMM-Kwu。dnpopsBoUBUIJ-Vujkh<h宫惇槌Albaisadevelopingcountry.ThegovernmenthasadoptedopenpoliciesforinternationaltradeandtheflewofcapitalTradeisnowSubstantialwithEuropeanuntriesandisoftendenominatedineurosDuringtheearly2000s,privatizationofsomepubliclyownedindustries;creationofanewfrerfLoatingcurrencytheAlbaDollar(ALD);andsoundpoliciesimplementedatthecentralbankputtheeconomyonatrackforsteadygrowthandstabilityMinisterofFinanceAndrewBubsispreparinghisannualreportonthestateoftheeconomyandcurrencymarketsforthelegislativebranchofgovernmentHewillexaminethelong-andshorttermtrendsinGDPgrowth,percapitaincome,inflation,andexchangeratesHeisalsoresponsiblefarrecommendingpolicyinitiativesforthelegislaturetoconsidertopromoteoveralleconomicprosperityforAlbdScitizensToestimatelong-termGDPgrowth,BubsexaminesthedatainExhibit1andintendstouseSolowsgrowthaccountingequation.GrowthinlaborproductivityBubsconsultshiscolleagueLarrySmithtoreviewthepolicychoicesfacingthegovernmentandthepossibleeffectsoneconomicgrowthandpercapitaincome.Smithstates:AlbdSpoliticiansaredebatingtheeffectsofgrowthratepoliciesfusedonthreeoutcomes:Smithncludes:Theimpactfromthesepolicieswillcausealong-termincreaseintheeconomySgrowthrateandthestandardofliving.Furthermore,ifweemphasizeR&DspendingthenhigherratesQfsavingandinvestmentareunlikelytoencounterdiminishingmarginalreturns.BubsbelievesthatAlbaneedstoaddressarecentincreaseininflationandappreciationintheexchangerataIfthesetrendsacceleratethecountryspresentprosperitycouldbethreatened.BubsandSmithdiscusspolicyalternativesBubsstates:BecauseAlbaallowscapitaltoowfreetheclearestchoiceistoimplementexpansionarymonetaryandfiscalpoliciestostoptheappreciationQfthecurrencyaccordingtotheMUndeil-FIenIingmodelSmithreplies:Thereisalsoatimingdimensiontoconsider:AccordingtoeconomistRiidigerDornbusch,withinflexibledomesticpricesintheshortrun,anydecreaseinnominalmoneysupplywillinduceanincreaseinthedomeSticinterestrateThisresponsewillencouragecapitalifLcwsandcausetheexchangeratetoovershoottotheupsideintheBubsalsoconcernstheimportanceofGDPgrowthtoinvestorsandtheconvergenceoflivingstandardsbetweencountriesSmithexplains:Statement1:Whenweconsiderourstockmarketsoverthelongterm,theprimaryfocusshouldbeontherateofGDPgrowth.ForIongertimehorizonschangesinearningsandtheprice/earningsmultiplearerelativelylessimportantindeterminingappreciationinthestockmarketWhenwelookatourfixed-incomemarkets,weshouldkeepinmindthathigherratesofpotentialGDPgrowthwilltranslateintolowerrealinterestratesandlowerexpectedrealassetreturnsStatement2:Manycountriesthathavethesamepopulationgrowthrat¾savingrat&andproductionfunctionwillhavegrowthratesandpercapitaoutputthatconvergeovertineInexaminingthecurrencymarkets,BubsisconcernedthatlocalcurrencydealersarebeingtakenadvantageofbyarbitrageursfromEurope.HeanalyzestheratequotesinExhibit2forevidenceoftriangulararbitrageandcarrytradeopportunitiesbyEuropeanhedgefunds.O.80451.20501.514013.Usingthespecifiedgrowthaccountingequation,whichisthemostappropriateconclusionBubscanmakefromhisdataontrendsintheeconomy?B.Albdseconomyisperformingatasteadystaterateofgrowth.C.GDPgrowthisprimarilydrivenbycapital根据科布道格拉斯生产函数可得：W=A/A+K