CFA一級內(nèi)容CFA歷年考試模擬題

1、CFA 級內(nèi)容：CFA歷年考試模擬題（一）一、 Ethical and Professional Standards1. : Code of EthicsA. : State the four components of the Code of Ethics.Members of AIMR shall:1. Act with in tegrity, comp ete nee, dig ni ty, and in an ethical manner whe n deali ng with the p ublic, clie sp ects, empio yers, empio ye

2、es, and fellow members.2. P ractice and en courage others to p ractice in a pro fessi onal and ethical manner that will reflect credit on members and their p rofessi on.3. Strive to maintain and improve their comp ete nee and the comp ete nee of others in the pro fessi on.4. Use reas on able care an

3、d exercise independent pro fessi onal judgme nt.to launch Stan dards of Practice2-1.: Stan dards of Professi onal Con duct: I. Fun dame ntal Respon sibilitiesA. : Know the laws and rules.Stan dard: Maintain kno wledge of and comply with all app licable laws, rules, and regulati ons (in clud ing AIMR

4、pro fessioCode of Ethics and Stan dards of Professi onal Con duct) of any gover nment, gover nment age ncy, regulatory orga nization, licensing agency, or professional association governing the membersComp lia nee: Members can acquire and mai ntai n kno wledge about app licable laws, rules, and regu

5、lati ons by:-Maintaining curre nt files on app licable statutes, rules, and regulati ons.-Keeping in formed.-Review ing writte n comp lia nee p rocedures on a regular basis.B. : Dont break or help others break the law.Stan dard: Not knowin gly p artic ip ate or assist in any violatio n of such laws,

6、 rules, or regulati ons.Comp lia nee: When members sus pect a clie nt or a colleague of planning or en gagi ng in ongoing illegal activities, members should take the follow ing actions:-Con sult coun sel to determ ine if the con duct is, in fact, illegal.-Disassociate from any illegal or un ethical

7、activity. When members have reas on able grounds to believe that aclient s or empioyee s activities are illegal or unethical, the members should dissociate from these activities and urge their firm to atte mpt to p ersuade the perp etrator to cease such activity.2-11.: Stan dards of Professi onal Co

8、n duct: II. Relati onships with and Respon sibilities to the Professi onA.: Use of Professi onal Desig natio nll(A.1)AIMR members may refere nee their membershi p only in a dig ni fied and judicious manner. The use of the reference may be acco mpanied by an accurate explan atio n of the requireme nt

9、s that have bee n met to obta in membersh ip in these orga ni zati ons.II(A.2)Those who have earned the right to use the Chartered Finan cial An alyst desig nati on may use the marks“ Chartered Financial Analyst” or “ CFA” and are encouraged to do so, but only in a proper, dignified, and judicicmann

10、er. The use of the desig nati on may be acco mpanied by an accurate explan ati on of the requireme nts that have bee n met to obta in the right to use the desig natio n.II(A.3)Can didates in the CFA Program, as defi ned in the AIMR Bylaws, may reference their p artic ip ati on in the CFAP rogram, bu

11、t the reference must clearly state that an in dividual is a can didate in the CFA P rogram and cannot imply that the can didate has achieved any type of p artial desig nati on.B. : Professi onal Misc on ductII(B.1)Members shall not en gage in any pro fessi onal con duct in volvi ng dish on esty, fra

12、ud, deceit, or misre prese ntatio n or commit any act that reflects adversely on their hon esty, trustworth in ess, or pro fessi onal comp ete nee.Members and can didates shall not en gage in any con duct or commit any act that comp romises the in tegrity of the CFA desig nati on or the in tegrity o

13、r validity of the exam in ati ons leadi ng to the award of the right to use the CFA desig nati on.Comp lia nee:1. Make clear that dish on est personal behavior reflects po orly on the p rofessi on.2. Ado pt a code of ethics to which every empio yee must subscribe.3. Con duct backgro und checks on po

14、ten tial empio yees to en sure that they are of good character and eligible to work in the in vestme nt in dustry.C. : Prohibiti on aga inst PlagiarismStan dard: Members shall not copy or use, in substa ntially the same form as the origi nal, material prep ared by ano ther without ack no wledgi ng a

15、nd ide ntify ing the n ame of the author, p ublisher, or source of such material.Members may use, without ack no wledgme nt, factual in formati on p ublished by recog ni zed finan cial and statistical reporting services or similar sources.Comp lia nee:1. Maintain copies of materials that were relied

16、 on in preparing the research report.2. Attribute quotati ons (and p roject ions, tables, statistics, models, and methodologies) used other tha n recog ni zed finan cial and statistical reporting services.3. Attribute parap hrases and summaries of material prep ared by others.2-III.: Stan dards of P

17、rofessi onal Con duct: III. Relati on shi ps and Respon sibilities to the Empio yerA.: Inform your Empio yer of the Code and Stan dardsIII(A.1)Members shall inform their empio yer in writi ng, through their direct sup ervisor, that they are obligated to comply with the Code and Stan dards and are su

18、bject to disc ip li nary sanctions for violati ons thereof.III(A.2)Members shall deliver a copy of the Code and Stan dards to their empio yer if the empio yer does not have a copy.Comp lia nee: Members should no tify their supe rvisor in writi ng of the Code and Stan dards and the member respon sibi

19、lity to follow them. The member should also suggest that the empio yers ado pt the Code and Stan dards and dissem in ate it throughout the firm. If the empio yer has p ublicly ack no wiedged, in writi ng, that they haveadopted AIMR s Code and Standards as part of the firm s policies then the member

20、need not give the form no tificatio n as required by III(A).B.: Duty to EmployerStan dard: Members shall not un dertake any independent p ractice that could result in compen sati on or other ben efit i n comp etitio n with their empio yer uni ess they obta in writte n consent from both their empio y

21、er and the persons or en tities for whom they un dertake independent p ractice.Comp lia nee:1. Members who plan to en gage in independent p ractice for compen sati on should p rovide writte n stateme nts to their empio yer describ ing the types of services they will p erform, the exp ected durati on

22、 of the services, and the compen sati on they will receive.2. Members should also disclose to their prosp ective clie nts the ide ntity of their empio yer, the fact that they are p erform ing independen tly of the empio yer, and what their empio yer would charge for similar services.3. Members seek

23、ing new employment should not con tact existi ng clie nts or poten tial clie nts p rior to leavi ng their empio yer or take records/files to their new empio yer without the writte n p ermissi on of the p revious empio yer.C. : Disclose Con flicts betwee n you and your Empio yerIII(C.1):Members shall

24、 disclose to their empio yer all matters, in cludi ng ben eficial own ersh ip of securities or other in vestme nts, that reas on ably could be exp ected to in terfere with their duty to their empio yer or ability to make un biased and objective recomme ndati ons.III(C.2):Members shall comply with an

25、y p rohibiti ons on activities imp osed by their empio yer if a con flict of in terest exists.Comp lia nee: Members should report to their empio yers any ben eficial in terest and any sp ecial relati onships, like corpo rate directorshi ps, that may reas on ably be con sidered a con flict of in tere

26、st with their respon sibilities.Members should also discuss the situati on with their firms complianee officer before taking any actionlead to a con flict of in terest.D. : Disclose Additi onal Compen sati on from Outside the Firm to your EmployerStan dard: Members shall disclose to their empio yer

27、in writ ing all mon etary compen sati on or other ben efits that they receive for their services that are i n additi on to compen sati on or ben efits con ferred by a memberComp lia nee: Members should make an immediate writte n report to their empio yer sp ecify ing any compen sati on or ben efits

28、they receive or prop ose to receive for services in additi on to what their empio yer is to give them. This writte n report should state the terms of any oral or writte n agreeme nt, the amount of compen sati on.and the duratio n of the agreeme nt.E. : Respon sibilities of Sup ervisorsStan dard: Mem

29、bers with sup ervisory respon sibilities, authority, or the ability to in flue nee the con duct of others shall exercise reas on able sup ervisi on over those subject to their sup ervisi on or authority to prevent any violati on of app licable statutes, regulati on, or p rovisi ons of the Code and S

30、tan dards. In so doing, members are en titled to rely on reas on able p rocedures desig ned to detect and prevent such violatio ns.Comp lia nee: The sup ervisor and the comp lia nee officer should:1. Dissem in ate the comp lia nee pro cedures.2. Up date the p rocedures as n ecessary.s performanee re

31、view.3. Educate the staff and issue p eriodic remin ders.4. Incorpo rate a pro fessi onal con duct evaluati on into the empio yee5. Review empio yee actions to en sure comp lia nee and ide ntify violators, in itiati ng p rocedures once a violati on has occurred. A sup ervisor should respond promp tl

32、y to the violati on by con duct ing a thorough in vestigati on, and p laci ng limitati ons on the wron gdoer un til the in vestigati on is compi ete.2-IV.: Stan dards of Professi onal Con duct: IV. Relati onships with and Respon sibilities to Clie nts and Prosp ectsA.: The In vestme nt ProcessIV(A.1

33、) Reas on able Basis and Rep rese ntati ons. Members shall:a. Exercise dilige nee and thorough ness in mak ing in vestme nt recomme ndati ons or in tak ing in vestme nt actions.b. Have a reas on able and adequate basis, supported by approp riate research and in vestigati on, for such recomme ndati o

34、ns or acti ons.c. Make reas on able and dilige nt efforts to avoid any material misre prese ntati on in any research report or in vestme nt recomme ndati on.d. Maintain approp riate records to support the reas on able ness of such recomme ndati ons or actions.Comp lia nee:1. Analyze the investment s

35、 basic characteristics (records must show the characteristics of the investment andthe basis for the recomme ndati on).2. An alyze the n eeds of the p ortfolio (in cludes the clie nts needs, as well as the needs of the total portfolio).3. Maintain files to support in vestme nt recomme ndatio ns.IV(A

36、.2) Research Rep orts. Members shall:a. Use reas on able judgme nt regard ing the in clusi on or exclusi on of releva nt factors in research reports.b. Disti nguish betwee n facts and opinions in research reports.c. In dicate the basic characteristics of the in vestme nt in volved whe n preparing fo

37、r p ublic distributi on a research report that is not directly related to a sp ecific p ortfolio or clie nt.Comp lia nee: Members should con sider in cludi ng the followi ng in formatio n in research rep orts:1. Exp ected annual rates of retur n, calculated on a total retur n basis.2. Annual in come

38、 exp ectatio ns.3. Current rate of retur n or yield.4. The degree of un certa inty associated with the cash flows, and other risk factors.5. The investment s marketability or liquidity.IV(A.3) Independence and Objectivity. Members shall use reas on able care and judgme nt to achieve and mai nta in i

39、ndependence and objectivity in maki ng in vestme nt recomme ndatio ns or tak ing in vestme nt actions.s unbiased opinion.Comp lia nee:1. Protect in tegrity of opinions. Rep orts should reflect the an alyst2. Disclose all corpo rate relati onships (i.e., directorsh ips, un derwriti ng arra ngeme nts

40、or acting as a market maker).3. Disclose personal hold ings and ben eficial own ershi ps.4. Create a restricted list.5. Restrict sp ecial cost arran geme nts. Members should pay for their commercial transpo rtati on and hotel charges.6. Limit gifts (US$100 is the maximum acce ptable value for a gift

41、 or gratuity).7. Restrict in vestme nts (strict limits should be impo sed on p rivate p laceme nts).8. Review p rocedures (sup ervise the personal in vestme nt activities of the empio yees).B.: In teract ions with Clie nts and Prosp ectsIV(B.1) Fiduciary Duties: In relatio nships with clie nts, memb

42、ers shall use p articular care in determ ining app licable fiduciary duty and shall comply with such duty as to those persons and in terests to whom the duty is owed. Members must act for the ben efit of their clie nts and p lace their clie nts in terests before their own.Comp lia nee:1. Follow all

43、app licable rules and laws.2. Establish the in vestme nt objectives of the clie nt.3. Diversify.4. Deal fairly with all clie nts with respect to in vestme nt acti ons.5. Disclose all po ssible con flicts of in terest.6. Disclose compen sati on arra ngeme nts.7. Preserve the con fide ntiality of clie

44、 nt in formati on.8. Maintain loyalty to the plan ben eficiaries.IV(B.2) P ortfolio In vestme nt Recomme ndati ons and Acti ons: Members shall:a. Make a reas on able inquiry into a clie nts finan cial situatio n, in vestme nt exp erie nee, and in vestme ntobjectives p rior to making any in vestme nt

45、 recomme ndati ons and shall up date this in formati on as n ecessary, but noless freque ntly tha n annu ally, to allow the members to adjust their in vestme nt recomme ndati ons to reflect cha ngedcircumsta nces.b. Con sider the approp riate ness and suitability of in vestme nt recomme ndati ons or

46、 actions for each po rtfolio orclie nt (i ncludi ng the n eeds and circumsta nces of the po rtfolio or clie nt, the basic characteristics of the in vestme ntin volved, and the basic characteristics of the total po rtfolio).c. Dist in guish betwee n facts and opinions in p rese nting recomme ndati on

47、s.d. Disclose to clie nts and prosp ects the basic format and gen eral principles of the in vestme nt p rocesses bywhich securities are selected and po rtfolios are con structed and shall promp tly disclose to clie nts and prosp ects anycha nges that might sig ni fica ntly affect those p rocesses.Co

48、mp lia nee: Know basic n ature of your clie nt; know objectives and con stra ints.IV(B.3) Fair Deali ng: Members shall deal fairly and objectively with all clie nts and prosp ects whe ndissem in at ing in vestme nt recomme ndati ons, dissem in ati ng material cha nges in p rior in vestme nt recomme

49、ndati ons,and tak ing in vestme nt action.Comp lia nee:1. Limit the nu mber of people privy to recomme ndatio ns and cha nges.2. Shorte n the time frame betwee n in itiati on and dissem in ati on.3. Publish personnel guideli nes for p re-dissem in atio n.4. Simulta neous dissem in ati on.5. Establis

50、h rules about empio yee tradi ng activities.6. Establish pro cedures for determ ining material cha nges.7. Maintain a list of clie nts and their holdi ngs.8. Develop trade allocatio n pro cedures.9. Make sure one acco unt is not being used to bail out other acco unts.lO.lf the firm offers differi ng

51、 levels of service, this fact should be disclosed to all clie nts.IV(B.4) Priority of Tran sact ions: Clie nts and empio yers shall have p riority over tran sact ions in securities or other in vestme nts of which a member is the ben eficial owner so that such personal tran sact ions do not op erate

52、adversely to their clie nts or empio yers in terests. If members make a recomme ndati on regard ing the pu rchase or sale of a security or other in vestme nt, they shall give their clie nts and empio yer adequate opportunity to act on the recomme ndati on before acting on their own behalf.Comp lia n

53、ee:1. Define personal tran sacti ons.2. Defi ne covered in vestme nts.3. Limit the nu mber of access persons.“Fire Walls ” should be built to prevent the flow of information from onegroup or dep artme nt to other groups with in the firm.4. Define p rohibited tran sact ions. The text sp ecifically me

54、n tio ns equity based IPOs.5. Establish reporting pro cedures and p rior-cleara nee requireme nts.6. En sure that pro cedures will be en forced and establish disci pli nary pro cedures.IV(B.5) P reservati on of Con fide ntiality: Members shall p reserve the con fide ntiality of in formatio n com mun

55、i cated by clie nts, prosp ects, or empio yers concerning matters with in the scope of the clie nt-member, prosp ect-member, or empio yer-member relati onship uni ess the member receives in formati on concerning illegal activities on the part of the clie nt, prosp ect, or empio yer.Comp lia nee: The

56、 simpi est and most effective way to com ply is to avoid discuss ing any in formatio n received from a clie nt exce pt to colleagues work ing on the same p roject.IV(B.6) Prohibiti on aga inst Misre prese ntati on: Members shall not make any stateme nts, orally or in writi ng that misre prese nt:a.

57、the services that they or their firms are cap able of p erform ing.b. their qualificati ons or the qualificati ons of their firm.c. the members academic or p rofessi onal crede ntials.Members shall not make or imply, orally or in writi ng, any assura nces or guara ntees regard ing any in vestme nt e

58、xce pt to com muni cate accurate in formatio n regard ing the terms of the in vestme nt in strume nt and the issuers obligati ons un der the in strume nt.Comp lia nee: Firms can p rovide guida nee to empio yees who make writte n or oral p rese ntati ons to clie nts orprosp ects by p rovid ing a writte n list of the firmservices an dsaaVescbp! ion of the firms qualificIV(B.7) Disclosure of Con flicts to Clie nts and Pros pects: Members shall disclose to their clie nts and prosp ects all matters, in cludi ng b