CFA考试Level Ⅰ模拟试题详解6.docx
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CFA考试Level Ⅰ模拟试题详解6.docx
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CFA考试LevelⅠ模拟试题详解6
AfternoonSession
1.Ananalystwritesareportandincludestheforecastsofaneconometricmodeldevelopedbythefirm’sresearchdepartment.Theanalystidentifiesthesourceoftheforecastandincludesalltherelevantstatisticsconcerningthemodelandhisopinionofthemodel’saccuracy.WithrespecttoStandardV(A),DiligenceandReasonableBasis,theanalysthas:
A.violatedtheStandardbyincludingquantitativedetailsinareport.
B.violatedtheStandardbygivinghisopinionoftheaccuracyofamodeldevelopedbyhisresearchdepartment.
C.compliedwiththeStandard.
【答案】C
【解析】IncludingquantitativedetailsinareportisnotaviolationoftheStandard.Theanalysthasmoreofanobligationtogiveanopinionontheaccuracyofthemodelthanwithholdsuchanopinion.Althoughtheanalystshouldusereasonablecaretoverifyinformationincludedinareport,retestingmodelsdevelopedbytheresearchdepartmentofafirmisnotexplicitlyrequired.
2.Charlie,aCFAcandidate,gotacopyofacomputerizedstockselectionmodeldesignedbyaformerMBAclassmatewhoisaWallStreetanalyst.AfterspendingsometimereviewingtheprogramandmakingafewminoradjustmentsCharlieshowedhernewmodeltohersupervisor.HersupervisorsaidshedidagreatjobandtoldCharlietoincorporatenetnewmodelinhernextindustryreview,whichshedid.Charliehas:
A.violatedStandardⅢ(E)PreservationofConfidentiality.
B.violatedStandardⅠ(C)Misrepresentation.
C.violatedStandardⅡ(A)MaterialNonpublicInformation.
【答案】B
【解析】StandardⅠ(C)Misrepresentation.Byusingmaterialpreparedbyanotherwithoutacknowledgingandidentifyingthedeveloperofthemodel,Charliehadcommittedplagiarism.
3.ACFAInstitutememberputsthefollowingstatementonherresume:
“IpassedeachleveloftheCFAexamonthefirsttry.”IsthisaviolationofStandardⅦ(B)?
A.No,becauseitisastatementoffact.
B.Yes,becausesheincorrectlyreferstotheCFAexam.
C.Yes,becausesayingshepassedexamsonthefirsttryisnotappropriate.
【答案】A
【解析】Thestatementisnotaviolationbecauseitisafact.However,themembermustnotgoontoclaimsuperiorperformance.
4.ACFOwhoisaCFAInstitutememberiscarefultomakehispressreleases-someofthemcontainingmaterialandpreviouslyundisclosedinformation——clearandunderstandabletohisreaders.Whilewritinganewrelease,heoftenhashiscurrentinternproofreadroughdrafts.Healsosendselectroniccopiestohisbrother,anEnglishteacher,togetsuggestionsconcerningstyleandgrammar.WithrespecttoStandardⅡ(A),MaterialNonpublicInformation,theCFOis:
A.notinviolationoftheStandard.
B.violatingthestandardbyeithershowingthepre-releaseversiontohisinternorsendingittohisbrother.
C.onlyinviolationbyshowingthepre-releaseversiontotheinternbutnottoarelativesuchashisbrother.
【答案】B
【解析】StandardⅡ(A),MaterialNonpublicInformation,saysthatamembermustbecarefulabouthandlingmaterialnon-publicinformation.AsamemberofCFAInstitute,theCFOmustlimitthepeoplewhoseeimportantinformationbeforeitisreleased.Itwouldnotbeappropriatetoinvolveaninternorarelativeintheprocess.
5.Insidertradingcanbedefinedasinformationthatis:
A.nonmaterialandnonpublic.
B.materialandpublic.
C.materialandnonpublic.
【答案】C
【解析】Informationismaterialifitwouldbeimportanttotheinvestorintheirinvestmentmakingdecision.Informationisnonpublicifitisnotyetavailabletothepublic.
6.MichelMarchant,CFA,recentlybecameanindependentmoneymanager.Aftersixmonths,hehasonlytenclients,whoarefamilyandfriends.Tosupplementhisincome,Marchantacceptedpart-timeemploymentasanadvisoratMiddletonFinancialAdvisors.AccordingtoCFAInstituteStandardsofProfessionalConduct,whichofthefollowingstatementsaboutMarchant’sdutytohisnewemployerisTRUE?
A.MarchantmustinformMiddletonabouthisexistingclientsbutneednotinformhisexistingclientsabouthisnewpart-timeemploymentwithMiddleton.
B.MarchantmustinformMiddletontokeephisexistingclientsandmustinformhisexistingclientsofhisnewpart-timeemploymentatMiddleton.
C.MarchantneednotinformMiddletonabouthisexistingclientsbutmustinformhisexistingclientsabouthisnewpart-timeemploymentatMiddleton.
【答案】B
【解析】StandardⅣ(A)andⅣ(B)requiresthatMarchantinformbothMiddletonandhisexistingclients.
7.Abrokerwassanctionedforunsuitablerecommendationsandexcessivetradinginvolvingthreeaccountsunderhiscare.Theseclientswereunsophisticated,inexperiencedindividualinvestorswithlimitedmeans.AccordingtoCFAInstituteStandardⅢ(C),Suitability,whichofthefollowingisleastlikelytobeconsideredarelevantfactorindeterminingtheappropriatenessandsuitabilityofinvestmentrecommenda
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