CFA考试Level Ⅰ历年真题详解 Level Ⅰ Mock Exam Afternoon Session.docx

CFA考试Level Ⅰ历年真题详解 Level Ⅰ Mock Exam Afternoon Session.docx

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CFA考试LevelⅠ历年真题详解LevelⅠMockExamAfternoonSession

2015LevelⅠMockExam:

AfternoonSession

1．CarolinaOchoa,CFA,isthechieffinancialofficeratPantagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagonia'scorporateinvestigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,itismostappropriateforOchoatodisclosetheallegations:

A．toCFAInstitutewhentheinvestigationconcludes.

B．onherProfessionalConductStatement.

C．toCFAInstituteiftheallegationsareprovencorrect.

【答案】B

【解析】

Membersandcandidatesmustself-discloseontheannualProfessionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubjectofawrittencomplaint.

CFALevelI

"CodeofEthicsandStandardsofProfessionalConduct"

2．IleanaInkster,CFA,wasrecentlyofferedaseniormanagementpositionwithinthetrustdepartmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepartment.Sheisinformedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesthatrecentseminaradvertisementspreparedbythebank'smarketingdepartmentdonotmentioninvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescan"learnhowtoimmediatelyadd$100,000totheirnetworth."WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?

A．Declinetoacceptthenewposition

B．AcceptthepositionandinformseniormanagementofinadequatecomplianceproceduresC.Acceptthepositionandrevisethemarketingmaterial

【答案】A

【解析】

Theprospectivesupervisor'sfirststepshouldbetonottaketheposition.AcceptingthepositionwithinadequateproceduresinplaceorimpropermarketingmaterialwouldleaveInksteratriskofincurringaviolationofStandardIV（C）-ResponsibilitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.

CFALevelI

"GuidanceforStandardsI-VII"

StandardIV（C）-ResponsibilitiesofSupervisors

3．BethKozniak,aCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclient'sbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKozniak'shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclient'slimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?

A．No

B．Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclient

C．Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclient

【答案】A

【解析】

KozniakdoesnotappeartohaveviolatedanyCFAInstituteStandardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedwithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepropertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（A）-DisclosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchase,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIIl（A）-Loyalty,Prudence,andCarewitheitherclient.

CFALevelI

"GuidanceforStandardsI-VII"

StandardⅢ（A）-Loyalty,Prudence,andCare,StandardVl（A）-DisclosureofConflicts

4．MariamMusa,CFA,headofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalyst,abouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesa"buy"recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddoesnothaveanypersonaltradingpoliciesinplace.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:

A．onlyKassim.

B．bothMusaandKassim.

C．onlyMusa.

【答案】B

【解析】

BothMusaandKassimviolatedtheStandardsofProfessionalConduct.MusaviolatedStandardIV（C）-ResponsibilitiesofSupervisorsbynotensuringpolicieswereinplacetopreventviolationsoftheStandardsofProfessionalConduct（inthiscase,StandardVl（B）-PriorityofTransactions）bysomeonesubjecttohersupervision.Astheheadofcompliance,MusasupervisedKassimandmustmeethersupervisoryresponsibilitiesoutlinedintheStandardsofProfessionalConduct.KassimviolatedStandardVl（B）-PriorityofTransactionsbecausehedidnotgivesufficientprioritytoDunfield'sclientsbeforetradingonhisrecommendation.

CFALevelI

"GuidanceforStandardsI-VII"

StandardIV（C）-ResponsibilitiesofSupervisors,StandardVl（B）-PriorityofTransactions

5．WhichofthefollowingstatementsdoesnotaccuratelyrepresenttheobjectivesofGlobalInvestmentPerformanceStandards（GIPS）?

TheGIPSstandards:

A．ensureconsistent,accurateinvestmentperformancedataintheareasofreporting,records,marketing,andpresentations.

B．obtainglobalacceptanceofcalculationandpresentationstandardsinafair,comparableformatwithfulldisclosure.

C．promotefaircompetitionamonginvestmentmanagementfirmsinallmarketsbyrequiringcommonfeestructures.

【答案】C

【解析】

OneoftheobjectivesoftheGIPSstandardsistopromotefaircompetitionamonginvestmentmanagementfirmsinallmarkets;thisobjectivedoesnotrequireunnecessaryentrybarriersorhurdlesfornewfirms,suchascommonfeestructures.

CFALevelI

"TheGIPSStandards,"CFAInstitute

FundamentalsofCompliance

6．JamesSimone,CFA,thechieffinancialofficerofapubliclylistedcompany,seekstoimprovethequalityofhiscompany'scommunicationwithinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththisgrouptheeveningbeforethecompanyearningsareannounced.Thecompany'squarterlyearningsarebroadcastinapressreleasethenextdaybeforethemarketopens.Theearningsinformationintheinvestorbriefingisidenticaltothatinthepressrelease.DidSimonemostlikelyviolatetheCFAInstituteStandardsofProfessionalConduct?

A．Yes

B．No,becausethecompanyreleasesinformationwhilethemarketisclosed

C．No,becauseinvestorbriefingandpressreleaseinformationareidentical

【答案】A

【解析】

SimoneviolatedStandardII（A）-MaterialNonpublicInformationbygivinginstitutionalfundmanagersaccesstomaterialnonpublicinformationpriortopublicdissemination（i.e.,thepressrelease）.Byreleasingearningsresultstoaselectgroupofinstitutionalfundmanagerspriortoapublicpressrelease,Simoneallowstheinstitutionalfundmanagersatimeadvantageoverotherinvestorsnotinvitedtotheinvestorbriefing.

CFALevelI

"GuidanceforStandardsI-VII"

StandardII（A）-MaterialNonpublicInformation

7．DianaFairbanks,CFA,ismarriedtoanauditorwhoisemployedatalargeaccountingfirm.Whenherhusbandmentionsthatacomputerfirmheauditswillreceiveaqualifiedopinion,shethinksnothingofit.Laterthatweek,whenshereviewsanewclientaccount,shenoticestherearesubstantialholdingsofthiscomputerfirm.Whenshedoesathoroughinternetsearchfornewsonthecompany,shedoesnotfindanythingaboutitsmostrecentauditoranyotheradverseinformation.WhichofthefollowingactionsconcerningthecomputerstockshouldFairbanksmostlikelytaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?

A．Completeathoroughanddiligentanalysisofthecompanyandthensellthestock.

B．Sellthestockimmediatelybecauseshehasareasonablebasisfortakingthisinvestmentaction.

C．Takenoinvestmentaction.

【答案】C

【解析】

Theinformationconcerningthequalifiedopinionismaterial.Itisalsononpublicbecauseithasnotbeenreleasedandisnotavailableonline,sothemosaictheorywouldnotholdupinthiscase.Asaresult,shewouldbeinviolationofStandardII（A）-MaterialNonpublicInformationifshetookinvestmentactionbasedonthisinformation.Sheshouldalsomakereasonableeffortstoachievepublicdisseminationoftheinformation.

CFALevelI

"GuidanceforStandardsI-VII"

StandardII（A）MaterialNonpublicInformation

8．MargieGermainne,CFA,isariskmanagementconsultantwhohasbeenaskedbyasmallinvestmentbanktorecommendpoliciestopreventbankemployeesfromfrontrunningclientorders.Theseclientsgenerallyinvestinoneormoreofthebank'slargecapequityunittrusts.ToensurecompliancewiththeCFAInstituteStandardsofProfessionalConduct,Germainneshouldleastlikelyrecommendwhichofthefollowing?

Employeesshouldberestricte