CFA考試(LevelⅠ)歷年真題詳解2015LevelⅠMockExamAfternoonSession

1、2015 Level I Mock Exam: Afternoon Session 1. Carolina Ochoa, CFA, is the chief financial officer at Pantagonia Computing. Ochoa is currently the subject of an inquiry by Pantagonia's corporate investigations department. The inquiry is the result of an anonymous complaint accusing Ochoa of falsif

2、ying travel expenses for senior management related to a government contract. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, it is most appropriate for Ochoa to disclose the allegations:A. to CFA Institute when the investigation concludes.B. on her Professional C

3、onduct Statement.C. to CFA Institute if the allegations are proven correct.【答案】B【解析】Members and candidates must self-disclose on the annual Professional Conduct Statement all matters that question their professional conduct, such as involvement in civil litigation or criminal investigations or being

4、 the subject of a written complaint.CFA Level I"Code of Ethics and Standards of Professional Conduct"2. Ileana Inkster, CFA, was recently offered a senior management position within the trust department at a regional bank. The department is new, but the bank has plans to expand it signific

5、antly over the next few months. Inkster has been told she will be expected to help grow the client base of the trust department. She is informed that the trust department plans to conduct educational seminars and pursue the attendees as new clients. Inkster notices that recent seminar advertisements

6、 prepared by the bank's marketing department do not mention investment products will be for sale at the seminar. The ads indicate attendees can "learn how to immediately add $100,000 to their net worth." What should Inkster most likely do to avoid violating any CFA Institute Standards

7、of Professional Conduct?A. Decline to accept the new positionB. Accept the position and inform senior management of inadequate compliance procedures C. Accept the position and revise the marketing material【答案】A【解析】The prospective supervisor's first step should be to not take the position. Accept

8、ing the position with inadequate procedures in place or improper marketing material would leave Inkster at risk of incurring a violation of Standard IV(C)-Responsibilities of Supervisors. She could agree to be hired as an interim consultant with the bank in order to implement adequate procedures bef

9、ore taking on any supervisory role.CFA Level I"Guidance for Standards I-VII”Standard IV(C)-Responsibilities of Supervisors3. Beth Kozniak, a CFA candidate, is an independent licensed real estate broker and a well-known property investor. She is currently brokering the sale of a commercial prope

10、rty on behalf of a client in financial distress. If the client's building is not sold within 30 days, he will lose the building to the bank. A year earlier, another client of Kozniak's had expressed interest in purchasing this same property. However, she is unable to contact this client, and

11、 she has not discovered any other potential buyers. Given her distressed client's limited time frame, Kozniak purchases the property herself and forgoes any sales commission. Six months later, she sells the property for a nice profit to the client who had earlier expressed interest in the proper

12、ty. Has Kozniak most likely violated the CFA Institute Standards of Professional Conduct?A. NoB. Yes, she did not disclose her potential conflicts of interest to either clientC. Yes, she profited on the real estate to the detriment of her financially stressed client【解析】Kozniak does not appear to hav

13、e violated any CFA Institute Standards of Professional Conduct. Because she is known in the market for investing and brokering property and both parties have worked with Kozniak in the past, both parties would know of her interests. In addition, in both cases, she acts for her own account as a prima

14、ry investor, not as a broker. She buys the property for her own portfolio and then sells the property from her own portfolio. Therefore, Kozniak did not violate Standard Vl(A)-Disclosure of Conflicts. When she purchased the property for her portfolio, she saved her client from losing the building to

15、 the bank and did not charge a sales commission. Because the sale of the property to her other client did not take place until six months after her purchase, and she was unable to contact the client who had earlier expressed interest prior to her purchase, she cannot be accused of violating Standard

16、 IIl(A)-Loyalty, Prudence, and Care with either client.CFA Level I"Guidance for Standards I-VII”Standard m (A)-Loyalty, Prudence, and Care, Standard Vl(A)-Disclosure of Conflicts4. Mariam Musa, CFA, head of compliance at Dunfield Brokers, questions her colleague Omar Kassim, a CFA candidate and

17、 a research analyst, about his purchase of shares in a company for his own account immediately before he publishes a "buy" recommendation. He defends his actions by stating he has done nothing wrong because Dunfield does not have any personal trading policies in place. The CFA Institute St

18、andards of Professional Conduct were most likely violated by:A. only Kassim.B. both Musa and Kassim.C. only Musa.【答案】BBoth Musa and Kassim violated the Standards of Professional Conduct. Musa violated Standard IV(C)-Responsibilities of Supervisors by not ensuring policies were in place to prevent vi

19、olations of the Standards of Professional Conduct (in this case, Standard Vl(B)-Priority of Transactions) by someone subject to her supervision. As the head of compliance, Musa supervised Kassim and must meet her supervisory responsibilities outlined in the Standards of Professional Conduct. Kassim

20、violated Standard Vl(B)-Priority of Transactions because he did not give sufficient priority to Dunfield's clients before trading on his recommendation.CFA Level I"Guidance for Standards I-VII”Standard IV(C)-Responsibilities of Supervisors, Standard Vl(B)-Priority of Transactions5. Which of

21、 the following statements does not accurately represent the objectives of Global Investment Performance Standards (GIPS)? The GIPS standards:A. ensure consistent, accurate investment performance data in the areas of reporting, records, marketing, and presentations.B. obtain global acceptance of calc

22、ulation and presentation standards in a fair, comparable format with full disclosure.C. promote fair competition among investment management firms in all markets by requiring common fee structures.【答案】C【解析】One of the objectives of the GIPS standards is to promote fair competition among investment ma

23、nagement firms in all markets; this objective does not require unnecessary entry barriers or hurdles for new firms, such as common fee structures.CFA Level IThe GIPS Standards," CFA InstituteFundamentals of Compliance6. James Simone, CFA, the chief financial officer of a publicly listed company

24、, seeks to improve the quality of his company's communication with institutional fund managers. He holds an investor briefing with this group the evening before the company earnings are announced. The company's quarterly earnings are broadcast in a press release the next day before the marke

25、t opens. Theearnings information in the investor briefing is identical to that in the press release.Did Simone most likely violate the CFA Institute Standards of Professional Conduct?A. YesB. No, because the company releases information while the market is closedC. No, because investor briefing and

26、press release information are identical【答案】A【解析】Simone violated Standard I I(A)-Material Nonpublic Information by giving institutional fund managers access to material nonpublic information prior to public dissemination (i.e., the press release). By releasing earnings results to a select group of in

27、stitutional fund managers prior to a public press release, Simone allows the institutional fund managers a time advantage over other investors not invited to the investor briefing.CFA Level I"Guidance for Standards I-VII"Standard II(A)-Material Nonpublic Information7. Diana Fairbanks, CFA,

28、 is married to an auditor who is employed at a large accounting firm. When her husband mentions that a computer firm he audits will receive a qualified opinion, she thinks nothing of it. Later that week, when she reviews a new client account, she notices there are substantial holdings of this comput

29、er firm. When she does a thorough internet search for news on the company, she does not find anything about its most recent audit or any other adverse information. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid violating the CFA Institute Stan

30、dards of Professional Conduct?A. Complete a thorough and diligent analysis of the company and then sell the stock.B. Sell the stock immediately because she has a reasonable basis for taking this investment action.C. Take no investment action.【答案】C【解析】The information concerning the qualified opinion

31、is material. It is also nonpublic because it has not been released and is not available online, so the mosaic theory would not hold up in this case. As a result, she would be in violation of Standard II(A)-Material Nonpublic Information if she took investment action based on this information. She sh

32、ould also make reasonable efforts to achieve public dissemination of the information.CFA Level I"Guidance for Standards I-VII”Standard II(A) Material Nonpublic Information8. Margie Germainne, CFA, is a risk management consultant who has been asked by a small investment bank to recommend policie

33、s to prevent bank employees from front running client orders. These clients generally invest in one or more of the bank's large cap equity unit trusts. To ensure compliance with the CFA Institute Standards of Professional Conduct, Germainne should least likely recommend which of the following? E

34、mployees should be restricted from trading:A. equity-related securities.B. without prior permission.C. during established time periods.【答案】A【解析】Although Standard V I (B)-Priority of Transactions is designed to prevent any potential conflict of interest or the appearance of a conflict of interest wit

35、h respect to personal transactions, it does not ban employees from trading securities. A ban on all equity-related securities could be excessively restrictive to employees and unnecessary if appropriate personal transaction policies and procedures are in place.CFA Level I"Guidance for Standards

36、 I-VII”Standard V I (B)-Priority of Transactions9. Molly Burnett, CFA, is a portfolio manager for a fund that only invests in environmentally friendly companies. A multinational utility company recently acquired one of the fund's best-performing investments, a wind power company. The wind power

37、company's shareholders received utility company shares as part of the merger agreement. The utility has one of the worst environmental records in the industry, but its shares have been one of the top performers over the past 12 months. Because the utility pays a high dividend every three months,

38、 Burnett holds the utility shares until the remaining two dividends are paid for the year then sells the shares. Burnett most likely violated the CFA Institute Standard of Professional Conduct concerning:A. Disclosure of Conflicts.B. Suitability.C. Independence and Objectivity.【答案】BThe utility is no

39、t a suitable investment for a fund that only invests in companies with good environmental records. Continuing to hold this investment, therefore, was a violation ofStandard m (C)-Suitability.CFA Level I"Guidance for Standards I-VII”Standard I(B)-Independence and Objectivity, Standard IIl(C)-Sui

40、tability,Standard V I (A)-Disclosure of Conflicts10. Johannes Meir, CFA, is a compliance officer for Family Estate Planning, LLC, a private wealth consulting firm. Many of his colleagues have family members who have started their own retail businesses. Some of Meir's colleagues have been asked b

41、y relatives to serve as non-executive directors or advisers to their companies. Meir should most likely recommend which of the following policies to ensure compliance with the CFA Institute Standards of Professional Conduct?A. Require employees to declare all income sources annuallyB. Require employ

42、ees to declare all outside business interestsC. Prohibit employees from becoming directors or advisers【答案】B【解析】Standard V I (A)-Disclosure of Conflicts requires the disclosure of conflicts. For Meir to understand what potential conflicts of interest employees may have with the firm and with their cl

43、ients, he would need to know the outside interests of each staff member. The staff members themselves may not know enough about the company and its clients to disclose those interests that would present a potential conflict. Therefore, it may be best to have all employees declare their outside busin

44、ess interests on an annual basis so Meir can make the determination as to what outside business interests need to be disclosed to clients.CFA Level IGuidance for Standards I-VII”Standard VI (A)-Disclosure of Conflicts11. Which of the following statements concerning requirements under Standard V(B)-c

45、ommunication with Clients and Prospective Clients is least likely accurate? This standard requires members and candidates to:A. divulge the number of investment related personnel responsible for external communication.B. distinguish between fact and opinion in the presentation of investment analysis

46、 and recommendations.C. disclose the basic format and general principles of the investment process.【答案】A【解析】Standard V(B)-Communication with Clients and Prospective Clients does not limit the type or number of staff responsible for external communication.CFA Level I"Standards of Professional Co

47、nduct," CFA InstituteStandard V(B)-Communication with Clients and Prospective Clients12. Gabrielle Gabbe, CFA has been accused of professional misconduct by one of her competitors. The allegations concern Gabbe's personal bankruptcy filing 10 years ago when she was a college student and had

48、 a large amount of medical bills she could not pay. By not disclosing the bankruptcy filing to her clients, did Gabbe most likely violate any CFA Institute Standards of Professional Conduct?A. NoB. Yes, related to MisconductC. Yes, related to Misrepresentation【答案】A【解析】A personal bankruptcy does not

49、necessarily constitute a violation of Standard I(C)-Misrepresentation or Standard I(D)-Misconduct. If the circumstances of the bankruptcy involved fraudulent or deceitful business conduct, then failing to disclose it may constitute a violation of the Standards of Professional Conduct.CFA Level I&quo

50、t;Guidance for Standards I-VII"Standard I(C)-Misrepresentation, Standard I(D)-Misconduct13. Chan Liu, CFA, is the new research manager at the Pacific MicroCap Fund. Liu observed the following activities after she published a research report on a thinly traded micro-cap stock that included a &qu

51、ot;buy" recommendation:Pacific traders purchased the stock for Pacific's proprietary account and then purchased the same stock for all client accounts;And Pacific marketing department employees disseminated positive, but false, information about the stock in widely read internet forums.Liu

52、notes the stock's price increased more than 50% within a period of two days and was then sold for Pacific's account. Which of the following steps is most appropriate for Liu to take to avoid violating the CFA Institute Standards of Professional Conduct?A. Remove her name from the micro-cap s

53、tock research report.B. Publicly refute the false information posted on internet forums.C. Report the observed activities to her employer.【答案】CCertain staff at Liu's employer appear to be engaged in front running, a violation of Standard V I (B)- Priority of Transactions, and market manipulation

54、, a violation of Standard II(B)-Market Manipulation. If Liu observes these violations without taking steps to notify her employer, she will be in violation of Standard I(A)-Knowledge of the Law. Liu should know that the conduct observed is likely a violation of applicable laws, rules, and regulation

55、s as well as a violation of the CFA Institute Standards of Professional Conduct. Her first step, therefore, should be to attempt to stop the behavior by bringing it to the attention of the employer through a supervisor or the firm's compliance department. Inaction may be construed as participati

56、on or assistance in the illegal or unethical conduct.CFA Level I"Guidance for Standards I-VII”Standard I (A)-Knowledge of the Law, Standard II(B)-Market Manipulation, Standard VI (B)-Priority of Transactions14. Francesca Ndenda, CFA, and Grace Rutabingwa work in the same department for New Age

57、Managers, with Rutabingwa reporting to Ndenda. Ndenda learns that Rutabingwa received a Notice of Enquiry from the Professional Conduct Program at CFA Institute regarding a potential cheating violation when she sat for the CFA exam in June. As Rutabingwa's supervisor, Ndenda is afraid that Rutab

58、ingwa's behavior will be seen as a violation of the Code and Standards. Does Ndenda most likely have cause for concern?A. No, not until Rutabingwa is found guilty of cheatingB. YesC. No, because her responsibilities do not apply【答案】C【解析】A supervisor's responsibilities relate to detecting and

59、 preventing violations by anyone subject to their supervision or authority regarding activities they supervise. Ndenda had no way of detecting and/or preventing Rutabingwa from cheating during the CFA exam, if in fact that is what she did, because it was an event she did not attend.CFA Level I "Guidance for Standards I-VII," CFA InstituteStandard IV(C)15. According the GIPS standards, for periods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all: