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

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

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CFA考试LevelⅠ历年真题详解LevelⅠMockExamMorningSession

2013LevelⅠMockExam:

MorningSession

Questions1through18relatetoEthicalandProfessionalStandards.

1．BaileyWatson,CFAmanages25emergingmarketpensionfunds.Herecentlyhadtheopportunitytobuy100,000sharesinapubliclylistedcompanywhoseprospectsareconsidered“aboveindustrynorm”bymostanalysts.Thecompany’ssharesrarelytradebecausemostmanagerstakea“buyandhold”strategybecauseofthecompany’ssmallfreefloat.Beforeplacingtheorderwithhisdealer,Watsonallocatedthesharestobepurchasedaccordingtotheweightedvalueofeachofhisclients’portfolios.Whenitcametimetoexecutethetrades,thedealerwasonlyabletopurchase50,000shares.TopreventviolatingStandardIII（B）FairDealing,itwouldbemostappropriateforWatsontoreallocatethe50,000sharespurchasedby:

A．reducingeachpensionfund’sallocationproportionately.

B．distributingthemequallyamongstallthepensionfundportfolios

C．allocatingrandomlybutgivingfundsleftoutpriorityonthenextsimilartypetrade.

【答案】A

【解析】

“GuidanceforStandardsI–VII,”CFAInstitute

2013ModularLevelI,Vol.1,Reading2,StandardIII（B）FairDealing

StudySession1–2–c

RecommendpracticesandproceduresdesignedtopreventviolationsoftheCodeofEthicsandStandardsofProfessionalConduct.

AiscorrectbecauseStandardIII（B）FairDealingrequiresmembersandcandidatestodealfairlyandobjectivelywithallclients.Certainclientscannotbefavoredoverotherclientswhentheirinvestmentobjectivesandcircumstancesaresimilar.Therefore,themostappropriatewaytohandlethereallocationofanilliquidshareistoreduceeachclient’sproportiononaprorata,orweightedbasis.

2．DilshanKumar,CFA,isaworld-renownedmininganalystbasedinLondon.Recently,hereceivedaninvitationfromCerberusMining,aLondonStockExchangelistedcompanywithheadquartersinJohannesburg,SouthAfrica.CerberusaskedKumartojoinagroupofprominentanalystsfromaroundtheworldonatourofitsminesinSouthAfrica,someofwhichareinremotelocations,noteasilyaccessible.TheinvitationalsoincludesanarrangedwildlifesafaritoKruegerNationalParkfortheanalysts.Kumaracceptstheinvitation,planningtovisitotherminingcompanieshecoversinNamibiaandBotswanaafterthesafari.TopreventviolatinganyCFAInstituteStandardsofProfessionalConduct,itismostappropriateforKumartoonlyacceptwhichtypeofpaidtravelarrangementsfromCerberus?

A．GroundtransportationtoKruegerNationalPark

B．EconomyclassroundtripticketfromLondontoJohannesburg

C．FlightsonaprivateairplanetotheremoteminingsitesinSouthAfrica

【答案】C

【解析】

“GuidanceforStandardsI–VII,”CFAInstitute

2013ModularLevelI,Vol.1,Reading2,StandardI（B）IndependenceandObjectivity

StudySession1–2–c

RecommendpracticesandproceduresdesignedtopreventviolationsoftheCodeofEthicsandStandardsofProfessionalConduct.

CiscorrectbecauseStandardI（B）IndependenceandObjectivityrequiresmembersandcandidatestousereasonablecareandjudgmenttomaintaintheirindependenceandobjectivityintheirprofessionalactivities.BestpracticedictatesthatKumaronlyaccepttransportationtotheremoteminingsitesinthatitisunlikelyhewouldbeabletosourcecommercialflightstothelocationsandgroundtransportmaynotbeviable. BecauseKumarwouldnormallyvisitminingsitesaroundtheworldaspartofhisjobandbecauseheiscombiningthistripwithtriptootherminesitesindifferentcountries,itwouldbeinappropriateforCerberustopayfortheanalyst’stravelexpensesfromLondon. AlthoughKumarcouldgoonsafariwiththegroupofanalysts,heshouldpayhisownwaysoastorestrictanyinfluencesuchagiftcouldpossiblyhavewhenmakinghisinvestmentrecommendationsonCerberus.

3．AbdulNaib,CFA,wasrecentlyaskedbyhisemployertosubmitanupdateddocumentprovidingthehistoryofhisemploymentandqualifications.Theexistingdocumentonfilewassubmittedwhenhewashiredfiveyearsago.HisemployernoticestheupdatedversionshowsNaibobtainedhisMasterofBusinessAdministration（MBA）degreetwoyearsago,whereastheearlierversionindicatedhehadalreadyobtainedhisMBA.BecausethepositionNaibwashiredforhadaminimumqualificationofanMBA,Naibisaskedtoexplainthediscrepancy.Hejustifieshisactionsbystating:

“Iknewyouwouldn’thiremeifIdidn’thaveanMBAdegree,butIalreadyhadmyCFAdesignation.KnowingyourequiredanMBA,Iwentbacktoschoolonapart-timebasisafterIwashiredtoobtainit.Igraduatedatthetopofmyclass,butthisshouldn’tcomeasanysurprise,asyouhaveseenevidenceIpassedallofmyCFAexamsonthefirstattempt.”DidNaibmostlikelyviolatetheCFAInstituteStandardsofProfessionalConduct?

A．No

B．Yes,withregardtoMisconduct

C．Yes,withregardtoReferencetotheCFADesignation

【答案】B

【解析】

“GuidanceforStandardsI–VII,”CFAInstitute

2013ModularLevelI,Vol.1,Reading2,StandardI（D）Misconduct,StandardVII（B）Referenceto

CFAInstitute,theCFADesignationandtheCFAProgram,pp.46,138–140

StudySession1–2–b

DistinguishbetweenconductthatconformstotheCodeandStandardsandconductthatviolatestheCodeandStandards.

BiscorrectbecauseNaibknowinglymisrepresentedhisqualificationsbystatinghehadobtainedanMBAdegreeatthetimeofhishirewheninfacthehadnot.Thisreflectsadverselyonhisprofessionalintegrity,violatingStandardI（D）Misconduct.StatinghepassedhisCFAexamsinthreeconsecutiveyearsisnotaviolationofStandardVII（B）ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgramifitisfactual.Thereisnoevidencegiventoindicatehedidnotpassasclaimed.

4．JackSteyn,CFA,recentlybecametheheadofthetradingdeskatalargeinvestmentmanagementfirmthatspecializesindomesticequities.Whilereviewingthefirm’stradingoperations,henoticesclientsgivediscretiontothemanagertoselectbrokersonthebasisoftheiroverallservicestothemanagementfirm.Despitetheclientdirective,SteynwouldmostlikelyviolateStandardIII（A）Loyalty,Prudence,andCareifhepayssoftcommissionsforwhichofthefollowingservicesfromthebrokers?

A．Equityresearchreports

B．Investmentconferenceattendance

C．Databaseservicesforoffshoreinvestments

【答案】C

【解析】

“GuidanceforStandardsI–VII,”CFAInstitute

2013ModularLevelI,Vol.1,Reading2,StandardIII（A）SoftCommissionPolicies,pp.63–64

StudySession1–2–b

DistinguishbetweenconductthatconformstotheCodeandStandardsandconductthatviolatestheCodeandStandards.

CiscorrectbecauseStandardIII（A）Loyalty,PrudenceandCarestipulatesthattheclientownsthebrokerage.Thereforemembersandcandidatesarerequiredtoonlyuseclientbrokeragetothebenefitoftheclients（softcommissionpolicy）. Becausethefirmspecializesindomesticequity,anoffshoreinvestmentdatabaseservicewouldnotbenefitclients.

5．ElbieBotha,CFA,anequityresearchanalystataninvestmentbank,disagreeswithherresearchteam’sbuyrecommendationforaparticularcompany’srightsissue.Sheacknowledgestherecommendationisbasedonawell-developedprocessandextensiveresearchbutfeelsthevaluationisoverpricedbasedonherassumptions.Despitehercontrarianview,hernameisincludedontheresearchreporttobedistributedtoalloftheinvestmentbank’sclients.ToavoidviolatinganyCFAInstitutestandards,itwouldbeleastappropriateforBothatoundertakewhichofthefollowing?

A．Leavehernameonthereport

B．Insisthernameisremovedfromthereport

C．Issueanewreportbasedonherconclusions

【答案】C

【解析】

“GuidanceforStandardsI–VII”,CFAInstitute

2013ModularLevelI,Vol.1,Reading2,StandardIV（A）Loyalty,StandardV（A）Diligenceand

ReasonableBasis

StudySession1–2–b

DistinguishbetweenconductthatconformstotheCodeandStandardsandconductthatviolatestheCodeandStandards.

CiscorrectbecauseStandardIV（A）callsforemployeestobeloyaltotheiremployerbynotcausingharm.IfBothareleasedacontradictoryresearchrecommendationreporttoclients,itcouldpossiblycauseconfusionamongstclientsandembarrassmenttothefirm.

6．ColleenO’Neil,CFA,managesaprivateinvestmentfundwithabalancedglobalinvestmentmandate.Herclientsinsistthatherpersonalinvestmentportfolioreplicatetheinvestmentswithintheirportfoliotoassurethemsheiswillingtoputhermoneyatrisk.ByundertakingwhichofthefollowingsimultaneousinvestmentactionsforherownportfoliowouldO’NeilmostlikelybeinviolationofStandardVI（B）PriorityofTransactions?

A．SaleofalistedU.S.bluechipvaluestock

B．ParticipationinapopularfrontiermarketIPO

C．PurchaseofaUKgovernmentbondintheprimarymarket

【答案】B

【解析】

“GuidanceforStandardsI–VII,”CFAInstitute

2013ModularLevelI,Vol.1,Reading2,StandardVI（B）PriorityofTransactions

StudySession1–2–b

DistinguishbetweenconductthatconformstotheCodeandStandardsandconductthatviolatestheCodeandStandards.

BiscorrectbecauseStandardVI（B）PriorityofTransactionsdictatesmembersandcandidatesgivetheirclientsandemployerprioritywhenmakingpersonalinvestmenttransactions.Evenwhenclientsalloworinsistthemanagerinvestalongsidethem,themanager’stransactionsmustneveradverselyaffecttheinterestsoftheclients.Apopularor“hot”IPOinafrontiermarketislikelytobeoversubscribed. Insuchcases,StandardVI（B）dictatesthemanagershouldnotparticipateinthiseventtobetterensureclientswillhaveahigherprobabi