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

1、CFA考试Level 历年真题详解 Level Mock Exam MorningSession2013 Level Mock Exam: MorningSessionQuestions 1 through 18 relate to Ethical and Professional Standards.1Bailey Watson, CFA manages 25 emerging market pension funds. He recently had the opportunity to buy 100,000 shares in a publicly listed company who

2、se prospects are considered “above industry norm” by most analysts. The companys shares rarely trade because most managers take a “buy and hold” strategy because of the companys small free float. Before placing the order with his dealer, Watson allocated the shares to be purchased according to the w

3、eighted value of each of his clients portfolios. When it came time to execute the trades, the dealer was only able to purchase 50,000 shares. To prevent violating Standard III (B) Fair Dealing, it would be most appropriate for Watson to reallocate the 50,000 shares purchased by: Areducing each pensi

4、on funds allocation proportionately. Bdistributing them equally amongst all the pension fund portfoliosCallocating randomly but giving funds left out priority on the next similar type trade.【答案】A 【解析】“Guidance for Standards IVII,” CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard III (B

5、) Fair DealingStudy Session 12cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.A is correct because Standard III (B) Fair Dealing requires members and candidates to deal fairly and objectively with all clients. Certain cli

6、ents cannot be favored over other clients when their investment objectives and circumstances are similar. Therefore, the most appropriate way to handle the reallocation of an illiquid share is to reduce each clients proportion on a pro rata, or weighted basis.2Dilshan Kumar, CFA, is a world-renowned

7、 mining analyst based in London. Recently, he received an invitation from Cerberus Mining, a London Stock Exchange listed company with headquarters in Johannesburg, South Africa. Cerberus asked Kumar to join a group of prominent analysts from around the world on a tour of its mines in South Africa,

8、some of which are in remote locations, not easily accessible. The invitation also includes an arranged wildlife safari to Krueger National Park for the analysts. Kumar accepts the invitation, planning to visit other mining companies he covers in Namibia and Botswana after the safari. To prevent viol

9、ating any CFA Institute Standards of Professional Conduct, it is most appropriate for Kumar to only accept which type of paid travel arrangements from Cerberus?AGround transportation to Krueger National ParkBEconomy class round trip ticket from London to JohannesburgCFlights on a private airplane to

10、 the remote mining sites in South Africa【答案】C 【解析】“Guidance for Standards IVII,” CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard I (B) Independence and ObjectivityStudy Session 12cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of

11、Professional Conduct.C is correct because Standard I (B) Independence and Objectivity requires members and candidates to use reasonable care and judgment to maintain their independence and objectivity in their professional activities. Best practice dictates that Kumar only accept transportation to t

12、he remote mining sites in that it is unlikely he would be able to source commercial flights to the locations and ground transport may not be viable. Because Kumar would normally visit mining sites around the world as part of his job and because he is combining this trip with trip to other mine sites

13、 in different countries, it would be inappropriate for Cerberus to pay for the analysts travel expenses from London. Although Kumar could go on safari with the group of analysts, he should pay his own way so as to restrict any influence such a gift could possibly have when making his investment reco

14、mmendations on Cerberus.3Abdul Naib, CFA, was recently asked by his employer to submit an updated document providing the history of his employment and qualifications. The existing document on file was submitted when he was hired five years ago. His employer notices the updated version shows Naib obt

15、ained his Master of Business Administration (MBA) degree two years ago, whereas the earlier version indicated he had already obtained his MBA. Because the position Naib was hired for had a minimum qualification of an MBA, Naib is asked to explain the discrepancy. He justifies his actions by stating:

16、 “I knew you wouldnt hire me if I didnt have an MBA degree, but I already had my CFA designation. Knowing you required an MBA, I went back to school on a part-time basis after I was hired to obtain it. I graduated at the top of my class, but this shouldnt come as any surprise, as you have seen evide

17、nce I passed all of my CFA exams on the first attempt.” Did Naib most likely violate the CFA Institute Standards of Professional Conduct?ANoBYes, with regard to MisconductCYes, with regard to Reference to the CFA Designation【答案】B 【解析】“Guidance for Standards IVII,” CFA Institute2013 Modular Level I,

18、Vol. 1, Reading 2, Standard I (D) Misconduct, Standard VII (B) Reference to CFA Institute, the CFA Designation and the CFA Program, pp. 46, 138140Study Session 12bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards. B is correct becaus

19、e Naib knowingly misrepresented his qualifications by stating he had obtained an MBA degree at the time of his hire when in fact he had not. This reflects adversely on his professional integrity, violating Standard I (D) Misconduct. Stating he passed his CFA exams in three consecutive years is not a

20、 violation of Standard VII (B) Reference to CFA Institute, the CFA Designation, and the CFA Program if it is factual. There is no evidence given to indicate he did not pass as claimed. 4Jack Steyn, CFA, recently became the head of the trading desk at a large investment management firm that specializ

21、es in domestic equities. While reviewing the firms trading operations, he notices clients give discretion to the manager to select brokers on the basis of their overall services to the management firm. Despite the client directive, Steyn would most likely violate Standard III (A) Loyalty, Prudence,

22、and Care if he pays soft commissions for which of the following services from the brokers?AEquity research reportsBInvestment conference attendanceCDatabase services for offshore investments 【答案】C 【解析】“Guidance for Standards IVII,”CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard III (A

23、) Soft Commission Policies, pp. 6364Study Session 12bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards. C is correct because Standard III (A) Loyalty, Prudence and Care stipulates that the client owns the brokerage. Therefore members

24、 and candidates are required to only use client brokerage to the benefit of the clients (soft commission policy). Because the firm specializes in domestic equity, an offshore investment database service would not benefit clients. 5Elbie Botha, CFA, an equity research analyst at an investment bank, d

25、isagrees with her research teams buy recommendation for a particular companys rights issue. She acknowledges the recommendation is based on a well-developed process and extensive research but feels the valuation is overpriced based on her assumptions. Despite her contrarian view, her name is include

26、d on the research report to be distributed to all of the investment banks clients. To avoid violating any CFA Institute standards, it would be least appropriate for Botha to undertake which of the following?ALeave her name on the reportBInsist her name is removed from the reportCIssue a new report b

27、ased on her conclusions【答案】C 【解析】“Guidance for Standards IVII”, CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard IV (A) Loyalty, Standard V (A) Diligence and Reasonable BasisStudy Session 12b Distinguish between conduct that conforms to the Code and Standards and conduct that violates

28、the Code and Standards.C is correct because Standard IV (A) calls for employees to be loyal to their employer by not causing harm. If Botha released a contradictory research recommendation report to clients, it could possibly cause confusion amongst clients and embarrassment to the firm. 6Colleen ON

29、eil, CFA, manages a private investment fund with a balanced global investment mandate. Her clients insist that her personal investment portfolio replicate the investments within their portfolio to assure them she is willing to put her money at risk. By undertaking which of the following simultaneous

30、 investment actions for her own portfolio would ONeil most likely be in violation of Standard VI (B) Priority of Transactions?ASale of a listed U.S. blue chip value stockBParticipation in a popular frontier market IPOCPurchase of a UK government bond in the primary market【答案】B 【解析】“Guidance for Stan

31、dards IVII,” CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard VI (B) Priority of TransactionsStudy Session 12bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.B is correct because Standard VI (B) Priority of Transactio

32、ns dictates members and candidates give their clients and employer priority when making personal investment transactions. Even when clients allow or insist the manager invest alongside them, the managers transactions must never adversely affect the interests of the clients. A popular or “hot” IPO in a frontier market is likely to be oversubscribed. In such cases, Standard VI (B) dictates the manager should not participate in this event to better ensure clients will have a higher probabi