CFA二级模拟试题(2020)3:题目+答案.docx
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1、2020LEVELHTestExani3Thesessionofthe2020Level11Cha如edFinancialAnalystMockExaminationhas60questions不bestSimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof18minutesperitemsetandmultiplechoicequestions)Icratotalof180minutes(3hours)forthissessionoftheexam.QuestionsTOpic1-6187-12Ethics
2、1813-18Quantitative1819-22FinancialRepollingandAnalysis1223-28FinancialandAnalysis182+32ColporaLeFinance1233-36Equity1237-42FixedInme1843-48Derivatives1849-541855-60PoltfolioM11Pagement18Total_180/UA】29令业来向钓投入!Add/上海市松花g2539号旦旦科技园1号楼出号楼(2071Tel/H,ebIEthicstheFollovmnginformationrelatestoquestionsi-6
3、ForsterInvestmentAdvisors(Forster)isasmallassetmanagementmmanagingfundsforbothretailandinstitutionalclients.Forsteralsoundertakesinvestmentbankingactivities,includingmarketnakng.butonlyfortleslaresofafewuaiestlatitfollowsclosely.Forstersfinancedirector,whoalsoservesasthefirmscolianceofficer,hasgiven
4、noticetlathewillretireiuonemontl,stime.ForstersmanagingdirectorasksTerryMcGuinn.CFA.ifhewouldbeinterestedinbeingthecomplianceofficerafterthefinancedirectorretires.McGuinii4aindependentconliaceconsultantwhoseclientsmostlyiucludepensionfinds.agreestomeetthemanagingdirectortodiscusstheposition.Attlemee
5、ting,McGiiiniiistold,*TorsteradoptedtleCFAListitiiteCodeadStandards10yearsago.TlieoutgomgfinancedirectorassuredusatthetimethatweadopteddieCodeadSIandardStlatallofForster,spoliciesandproceduresmettlerequirementsmostoftleFecomnieudatioiisaswell.Asaresult,wementioncom-pliaewitltleCodeadStandardsiallofo
6、urmarketingmaterial.Weencourageyoutoimplementnewchanges,buttheimplementationwillneedtobecoordinatedtlrouglthehumanresourcesdeartmenl.Afteragreeingonwri11enspecificdutiesadresponsibilitiesfortlerole.McGuinnacceptstheoffertoactasForster,scom-pIianceofficeronapart-timeconsultancybasis.Onhisfirstdayasth
7、enewcomplianceofficer.McGuinnimmediatelyreviewsadraftresponsetoarequestforproposal(RFP)tobesubmittedthenextdaytoapotentialpensionRIndclient.TlieproposalisidenticaltoaotlerRFPsentouttlreemonthsagoandincludesForster,sorganizationalchart.ai)in-depthdescriptionofitsivestuentprocessandtleOccasioualuseoft
8、lid-partyresearchproviders,andaguaranteeofaminimum5%investmentre11andreturnofprincipalthuglaguaranteedStnictiiredsavingsproduct,underwi11enbyaninvestment-gradelifeinsur-miceconay.McGuinnapprovestheRFPdocmuentwitloutnakmganychanges.Tliatsaueday.ColleenColliiis,aresearchanalyst,approachesMcGuinn,con-c
9、emedtlatShemaybeinpossessionofinsidermfbuation.CollinsrelatesthatshewasatapartythenightbeforeadoverheardaconversationbetweentwoCEOsofcompeting,publiclylistedmaufacnringcompanies.TheCEOsdiscussed,butdidnotexpresstieiropinionson.thevalidityofarecentarticlepublishedillanonlineindustrynewsletter,whichwa
10、sspeculatingouIhebenefitsofamergerbetweentheirtwocompanies.Thenewsletterisavailablebysubsaiptiononly.Oneofthesecom-paniesisonForstersrecounendedbuylist.Followingthisconversation.McGtiinnfeelsitisnecessarytoenhanceForsterslesandprocedureswhendealingwithpossibleinsiderifbnation.Herecommendsthefollowin
11、gchangestothempanyspoliciesandprocedures:Recommendation1:Stopmarket-makingactivitieswhenipossessionofmate-rialnonpublicinfbrmaon.Recommendation2:Regularlyreviewemployeeandproprietarytrading.Recoiumendatiou3:Requireallemployeestoattendai)annualrefresliercourseonhowtoidentifyandhandlematerialnonpublic
12、infbnation.AfterreviewinghowForsterchsesandretainsitsstockbrokerseveryyear,McGuiimmakesseveralchangesinthepolicy.Thefollowingguidelinesareimple-mentedandComuiimicatedtoclients.Stockbrokerselectionmustbebasedon(liebrokersabilityto:Guideline1:provideaccomtigsoftware.Guideline2:executeclienttransaction
13、sefficiently.Guideline3:obtaininvitationstoinvestmentconferencesforloyalclients.AfterUiideiiakiiiginvestigationsbasedonaanonymousreport.McGuiimcon-firmstlatseveralForsterudmanagerswerewitnessedbeingwilledanddiedoverthepastfewweeksbylargebrokeragefinustryingtogetForstersbusiness.Tliesameemployeeshave
14、notnotifiedhinaboutthesedimers.aviolationofForstersinternalpolicies.McGuiimnotifies(lieemployeesiwritingtlattleyhavebeenviolatingtlecompanypolicy.Inthele11erofnotication.herequiestheenloyeestoabidebythepolicyinthefiture.1.IsMcGiiiiuisproposeduIiaiiceofficerStnictiueuostlikelynsistatwitltleCFAInstiUi
15、teCodeandStandards?A.No.withregardtoauthorityadreonsibility.B.Yes.C.No,witlregaidtopoliciesandprocedures.2.Whichitemiutherequestforproposal(RFP)isleastlikelyconsistentwithStandaidI(C)-Misrepresentation?A.GuaranteedinvestmentreturnB.ThefirmsorganizationalStnictiireC.Useofthird-partyresearchproviders3
16、.DidCollinsmostlikelyreceiveinsidermfb*matiouasdefinedbytleCFAInstituteCodeandStandards?A.No.becausetheinfrmatiouisconsiderednon-material.B.Yes.C.No.becausedieiufbnnatiouisconsideredpublic.4.WliichofMcGuinnsrecommendationsisleastappropriatetoinpleme11asperrecommendedproceduresforconlianceofStandardI
17、I(八)-NlaterialNonpublicIiifbrmarion?A.Recommendation1B.Recommendation2C.Recommendation35.WliichguidelineWithregardtochsigStockbrokiiigservicesismostlikelyconsistentwithStandardI11(A-DtytoClients?A.Guideline2B.Guideline3C.Guideline16.Withregardtothefluidmanagersunderinvestigation,themostpopriateaddit
18、ionalactionMcGuiimshouldtakeisto:A.monitortheirfitreactions.B.eportthemisconductupthechainofmmaud.C.requireastatementstatingthebehaviorwillcease.EthicsTHEFoLLOWINGINFORMATlONRELATESTOQUESNS7-12FionaO,Connor.CFA,uoisbasedinEhibliiLnnstheassetmanagementfirmthatmanagestheassetsfortheSieplSocialImpactPr
19、ivateEquityFuiid(theFund),whichisregisteredinIreland.Thegeneralpa*tnerofeFundhasaskedOConnortomeetwithEliseJensen.CFA,apensionassetconsultant,tofindoutwhetherJenseuwillpitchtheFundtoherinstitutionalclientslookingforanenvironmental,social,andgovernance(ESG)approach.JensenSPeCialiZeSinworkingwithntien
20、talEuropean-basedpensionfunds,manyofwhichareSwisspensionftndsrequiredbySwisspensionregulationstoundertakeanESGassessmentpriortomakinganinvestment.Inaddition,allherclientshavearelativelylowriskprofile,becausetleyaresmallfinds.Thefewpensionfi11dsJaisenworkswitlthatdonotrequireaESGassessmentstillinclud
21、etledesirefortlistypeofevaluationintheirinvestmentmandate.Duringanintroductorymeetingthatlastsaboutanhour,JensenasksOConnortogiveanoverviewoftheFund.O,Conormakesfilefollowingtlreestatements:First,asyouareaware,tleStepUpFllndisaglobalsocialimpactfiud.Tlierefbre,wehaveallocated85%ofcmpoltfoliotoeducat
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