CFA一级历年模拟考试(2015-2019)：2017_level_I_mock_exam_morning_answers_removed.docx

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1、2017LevelIMockExam:MorningSessionThemorningsessionofthe2017LevelICharteredFinancialAnalyst(CFA)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.TopicMinutes1-18Ethicala

2、ndProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:1801.Incaseswhereapplicablelocal

3、lawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:A.requiredtocomplywithlocalregulationsandmakefulldisclosureoftheconflicttoclaimGIPScompliance.B.unabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.C.requiredtocalculate

4、andmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.Answer=AIncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsmustcomplywithlocalregulationsandfullydisclosetheconflictinthecompliantpresentation.CFALevelIuGIobaIInves

5、tmentPerformanceStandards(GIPS)/CFAInstituteSection4A222.RossNelson,CFA,managesaccountsforhigh-net-worthclients,includinghisownfamilysaccount.Hehasnobeneficialownershipinhisfamilysaccount.BecauseNelsonisconcernedabouttheappearanceofimproperbehaviorinmanaginghisfamilysaccount,whenhisfirmpurchasesablo

6、ckofsecurities.Nelsonallocatestohisfamilysaccountonlythosesharesthatremainafterhisotherclientaccountshavetheirordersfilled.Thefeeformanaginghisfamilysaccountisbasedonhisfirmsnormalfeestructure.AccordingtotheStandardsofPracticeHandbook,Nelsonsbestcourseofactionwithregardtomanagementofhisfamilysaccoun

7、twouldbeto:A.treattheaccountlikeotheremployeeaccountsofthefirm.B.treattheaccountlikeotherclientaccounts.C.removehimselffromanydirectinvolvementbytransferringresponsibilityforthisaccounttoanotherinvestmentprofessionalinthefirm.Answer=BNelsonhasbreachedhisdutytohisfamilybytreatingthemdifferentlyfromot

8、herclients.Theyareentitledtothesametreatmentasanyotherclientofthefirm.NelsonshouldtreathisfamilysaccountlikeanyotherclientaccountasstatedinStandardIII(B)relatedtoFairDealingandStandardVl(B)relatedtoPriorityOfTransactions.CFALevelIGuidanceforStandardsI-Vll/CFAInstituteStandardIII(B)zStandardVI(B)3.Al

9、exanderNewton,CFA,isthechiefcomplianceofficerforMillsInvestmentLimited.Newtoninstitutesanewpolicyrequiringtheproratadistributionofnewsecurityissuestoallestablisheddiscretionaryaccountsforwhichthenewissuesareappropriate.Thepolicyalsoprovidesfortheexclusionofnewlyestablisheddiscretionaryaccountsfromth

10、edistributionuntiltheyhavereachedtheirone-monthanniversarydate.Thispolicyisdisclosedtoallexistingandpotentialclients.DidNewtonmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.No,becausethepolicyhasbeenadequatelydisclosedtoallexistingandpotentialclientsB.YesC.No,becausetheallocationpo

11、licyisnotinequitableunderthestandardsAnswer=BUnderStandardIII(B)-FairDealing,membersandcandidatesshoulddisclosetoclientsandprospectiveclientshowtheyselectaccountstoparticipateinandhowtheydeterminetheamountofsecuritieseachaccountwillbuyorsell.Tradeallocationproceduresmustbefairandequitable,anddisclos

12、ureofinequitableallocationmethodsdoesnotrelievethememberorcandidateofthisobligation.Alldiscretionaryaccountsshouldbetreatedinthesamemanner.TreatingneweraccountsdifferentlywouldbeconsideredinequitableregardlessOfwhetherthispolicyisdisclosed.CFALevelIGuidanceforStandardsl-VllzCFAInstituteStandardIII(B

13、)4.AccordingtotheGIPSstandardsaverificationreportconfirmsallofthefollowingexceptwhether:A.specificcompositepresentationsareaccurate.B.processesandproceduresaredesignedtocalculateandpresentcompliantperformanceresults.C.afirmhascompliedwithallfirm-widecompositeconstructionrequirements.Answer=AGIPSveri

14、ficationdoesnotensuretheaccuracyofanyspecificcompositepresentations.CFALevelIIntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)zCFAInstituteSectionV-Verification5.JustinBlake,CFA,aretiredportfoliomanager,owns20,000sharesofasmallpubliccompanythathewouldliketosellbecauseheisworriedaboutthecom

15、panysprospects.Hepostsmessagesonseveralinternetbulletinboards.Themessagesread,Thisstockisgoinguponcethependingpatentsarereleased,sonowisthetimetobuy.Thestockisabuyatanythingbelow$3.1havedonesomecloseresearchontheseguys.AccordingtotheStandardsofPracticeHandbook,BlakemostlikelyviolatedtheCodeandStanda

16、rdsassociatedwith:A.IntegrityofCapitalMarkets,butnotConflictsofInterest.B.neitherIntegrityofCapitalMarketsnorConflictsofInterest.C.IntegrityofCapitalMarkets,andConflictsofInterest.Answer=ABlakeviolatedStandardII(B)regardingtheIntegrityofCapitalMarketsbyengaginginapracticethatislikelytoartificiallyin

17、flatetradingvolume.CFALevelIGuidanceforStandardsI-VII/CFAInstituteStandardII(B),StandardVI（八）6.MirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession.Thestockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpr

18、icesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsOfPracticeHandbook,Graftonsleastappropriateactionistoallocatetheexecutionprices:A.acrosstheparticipatingclientaccountsatthesameexecutionprice.B.acrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.C.onafirst-inzfirst-outb

19、asiswithconsiderationofbundlingordersforefficiency.Answer=BAccordingtoStandardIII(B)bestpracticesincludeallocatingprorataonthebasisofordersize,notaccountsize.Allclientsparticipatingintheblocktradeshouldreceivethesameexecutionpriceandbechargedthesamecommission.CFALevelIlGuidanceforStandardsI-Vll/CFAI

20、nstituteStandardIII(B)7.WhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProfessionalConduct?A.FairprocesstothememberandcandidateB.PublicdisclosureofdisciplinarysanctionsC.ConfidentialityofproceedingsAnswer三BThetwoprinciplesoftheRulesofProcedureforProf

21、essionalConductareconfidentialityofproceedingsandfairprocesstothememberorcandidate,CIFALevelI,RulesofProcedureforProfessionalConduct*8.SeveralyearsagozLeoPeek,CFA1co-foundedaninvestmentclub.Theclubisfullyinvestedbuthasnotactivelytradeditsaccountforatleastayearanddoesnotplantoresumeactivetradingofthe

22、account.Peeksemployerrequiresanannualdisclosureofemployeestockownership.Peekdisclosesallofhispersonaltradingaccountsbutdoesnotdisclosehisholdingsintheinvestmentclub.PeeksactionsareleastlikelytobeaviolationofwhichoftheCFAInstituteStandardsofProfessionalConduct?A.MisrepresentationB.Transactionpriority

23、C.ConflictsofinterestAnswer=BThereisnoindicationthattheinvestmentclubistradingaheadofclients.SeeStandardVI(B).CFALevelIGuidanceforStandardsl-VllzCFAInstituteStandardI(C),StandardVI（八）,StandardVI(B)9.MadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanager.Inhernewposition.Smithisrequiredtosuper

24、visethreeportfoliomanagers.SmithasksforacopyofherfirmswrittensupervisorypoliciesandproceduresbutisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStandardsofPracticeHandbook,Smithsmostappropriatecourseofactionwouldbeto:A.requireherfirmtoadopttheCFAI

25、nstituteCodeofEthicsandStandardsofProfessionalConduct.B.declinetoacceptsupervisoryresponsibilityuntilherfirmadoptsprocedurestoallowhertoadequatelyexercisesuchresponsibility.C.requiretheemployeesshesupervisestoadopttheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.Answer=BAccordingtoguidan

26、ceforStandard(IV(C)zifamembercannotfulfillsupervisoryresponsibilitiesbecauseoftheabsenceofacompliancesystemorbecauseofaninadequatecompliancesystem,themembershoulddeclineinwritingtoacceptsupervisoryresponsibilityuntilthefirmadoptsreasonableprocedurestoallowthemembertoadequatelyexercisesuchresponsibil

27、ity.CFALevelInGuidanceforStandardsI-Vll/CFAInstituteStandardIV(C)10.WhenJeffersonPiedmont,CFA,joinedBranchInvesting,BranchbeganusingaquantitativestockselectionmodelPiedmonthaddevelopedonhisownpersonaltimepriortohisemploymentwithBranch.OneyearlaterwhenPiedmontleftBranchInvesting,hefoundtheoriginalcop

28、yofthemodelhehaddevelopedinafileathishomeandpresentedittohisnewemployer,whichimmediatelybeganusingthemodel.AccordingtotheStandardsofPracticeHandbook,didPiedmontmost/fce/yviolateanyCFAInstituteStandardsofProfessionalConduct?A.NoB.YeszbecausehemisappropriatedpropertynowbelongingtoBranchC.Yeszbecausehe

29、failedtoinformhisnewemployerthemodelwasthesameoneusedbyhispreviousemployerAnswer=AAlthoughdepartingemployeesmaynottakeemployerpropertywhendeparting,astheguidanceforStandardIV（八）-Loyaltyoutlines,themodelPiedmontpresentedtohisnewemployerwasnotBranchsproperty.ItwascreatedbyPiedmontpriortohisemploymentw

30、ithBranch.ThemodelwasnotcreatedforBranchinthecourseofhisemployment,eventhoughitwasadoptedbyBranch.CFALevelIGuidanceforStandardsl-VllzCFAInstituteStandardIV（八）11.ReikoKimisakilCFA,isaninvestmentadviserforanationalsocialsecurityfundinafrontiermarketwithaverylimitedandilliquidcapitalmarket.Thelaborforc

31、eisyoungandhasaninvestmenttimehorizonof25to30years.Kimisakihasbeenaskedtosuggestwaystoincreasetheinvestmentreturnoftheoverallportfolio.Aftercarefulassessmentofthefundspreviousinvestmenthistory,andavailableassetclasses,sheconsidersinvestmentinprivateequity.WhatisKimisakislowestprioritytoavoidanyCodea

32、ndStandardsviolationspriortomakingthisinvestmentrecommendation?A.Assesstherisktoleranceofthefund.B.Analyzetheexpectedreturnsofprivateequityinthemarket.C.Determinewhethertheinvestmentpolicystatementallowsforalternativeinvestments.Answer=BPriortoundertakinganalysiswithregardtoexpectedreturns,anadviser

33、mustdeterminethesuitabilityofaninvestmentclass,includingwhetheritfitswithintheclientsrisktoleranceandwhetheritisanallowableassetclassaspertheclientsinvestmentpolicystatement.Onlyafterthesefactorshavebeendeterminedshouldsheproceed,ifappropriate,toanalyzeexpectedreturnstodetermineaparticularinvestment

34、recommendation.CFALevelIGuidanceforStandardsl-VllzCFAInstituteStandardIII(C)12.RebeccaWongisenrolledtotaketheLevelICFAexam.HerfriendWilliamLeungpurchasedLevelIstudymaterialsfromawell-knownCFAreviewprogramthepreviousyear.LeungmadeaphotocopyofthepreviousyearscopyrightedmaterialsandsoldittoWongtohelphe

35、rstudy.WhomostlikelyviolatedtheCFAInstituteCodeofEthicsoranyStandardsofProfessionalConduct?A.Neitherviolated.B.Bothviolated.C.OnlyLeungviolated.Answer-BPhotocopyingcopyrightedmaterial,regardlessoftheyearofpublication,isaviolationofStandardI（八）becausecopyrightedmaterialsareprotectedbylaw.Candidatesan

36、dmembersmustcomplywithallapplicableIawszrules,andregulationsandmustnotknowinglyparticipateorassistinaviolationoflaws.CFALevelIGuidanceforStandardsl-VllzCFAInstituteStandardI（八）13.AccordingtotheGlobalInvestmentPerformanceStandards(GIPS)zfirmsmustdoallofthefollowingexcept:A.provideinvestorswithacompre

37、hensiveviewoftheirperformanceonlyintermsofreturns.B.adheretocertaincalculationmethodologiesandmakespecificdisclosuresalongwiththeirperformance.C.complywithallrequirementsoftheGIPSstandards,suchasupdates,guidancestatements,andclarifications.Answer=AFirmsmustprovideinvestorswithacomprehensiveviewofthe

38、irperformanceintermsofriskandreturns,notjustreturns.CFALevelIMTheGIPSStandards/CFAInstituteSection:Overview14.ForfirmstoclaimcompliancewiththeGIPSstandardstheymostlikelymust:A.increasetheconsistencyandqualityofthefirmscompliantpresentations.B.takeresponsibilityfortheirclaimofcomplianceandmaintaining

39、thatcompliance.C.hireanindependentthirdpartytotestasampleoftheircomposites.Answer=BFirmsclaimingcompliancewiththeGIPSstandardsareresponsiblefortheirclaimofcomplianceandformaintainingthatcompliance.Thatis,firmsself-regulatetheirclaimofcompliance.CFALevelIIntroductiontotheGlobalInvestmentPerformanceSt

40、andards(GIPS)zCFAInstituteSection:V.Verification15.Whilewaitinginthebusinessclassloungebeforeboardinganairplane,BeccaMsafari,CFA,anequityanalyst,overhearsaconversationbyagroupofseniormanagers,includingmembersoftheboard,fromalargepubliclylistedbank.Themanagersdiscussstaffchangesnecessarytoaccommodate

41、theirregionalexpansionplans.Msafarihearsseveralstaffnamesmentioned.UnderwhatcircumstancescouldMsafarimostlikelyusethisinformationwhenmakinganinvestmentrecommendationtoherclients?Shecanusetheinformation:A.undernocircumstances.B.ifshedoesnotbreachtheconfidentialityofthenamesofthestaff.C.ifthediscussed

42、changesareunlikelytoaffectinvestorperceptionofthebank.Answer=CTocomplywiththeCodeandStandards,amemberorcandidatecannotusematerialnonpublicinformationwhenmakinginvestmentrecommendations.Theinformationoverheardwouldnotbeconsideredmaterialonlyifanypublicannouncementofthestaffremovalwouldbeunlikelytomov

43、ethesharepriceofthebankznorwouldtheregionalexpansionsubstantiallyimpactthevalueofthebank.CFALevelIGuidanceforStandardsl-VIIiCFAInstituteStandardII（八）16.FundamentalAssetManagersclaimscompliancewiththeCFAInstituteGlobalInvestmentPerformanceStandards(GIPS)andmanagesbothdiscretionaryandnon-discretionary

44、accounts.WhenconstructingasinglecompositeforFundamentaIzJumaDzuyaincludesalldiscretionary,feepayingaccountswithbothvalueandgrowthstrategies.DoesthecompositeconstructedbyDzuyamostlikelymeetthecriteriaoftheGIPSstandards?A.No,becauseofnon-similarinvestmentstrategiesB.No,becausenon-discretionaryaccounts

45、arenotincludedC.YesAnswer=AAcompositemustincludeallactualfee-paying,discretionaryportfoliosmanagedinaccordancewiththesameinvestmentmandate,objective,orstrategy(StandardIV-Composites).Byincludingboththevalueandgrowthportfolios,thecompositeismadeupofportfolioswithdifferentinvestmentmandatesorstrategie

46、s.CFALevelIIntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)Composites17.CharlieMancini,CFA,istheManagingDirectorforBusinessDevelopmentatSVFinancial,(SVF),alargeU.S.-basedmutualfundorganization.Mancinihasbeenunderpressurerecentlytoincreaserevenues.Inordertosecurebusinessfromalargehedgefund

47、managerbasedinAsia,Mancinirecentlyapprovedflexibletermsforthefundsclientagreement.Toallowfortimezonedifferences,theagreementpermitsthehedgefundtotradeinallofSVF,smutualfundssixhoursafterthecloseofU.S.markets,whichisprohibitedbyU.S.regulators.DidManciniviolateanyCFAInstituteStandardsofProfessionalCon

48、duct?A.NoB.Yes,withregardtoFairDealingandMaterialNonpublicInformationC.Yes,withregardtoFairDealingAnswer=BClientsshouldbetreatedfairlyandimpartiallyaccordingtoStandardIII(B).Inaddition,theflexibletradingtermsallowthehedgefundmanagertoenrichitselfandareaviolationofStandardII（八）,whichconcernstradingonmaterialnonpublicinformation.Thissituationisalsoaconflictofinterest,andthusaviolationofStandardVl（八）-DiscIosureofConflicts.CFALevelIuGuidanceforStandardsl-VllzCFAInstituteSta