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1、2018LevelIMockExamAMThemorningsessionofthe2018LevelICharteredFinancialAnalystMockExaminationhas120questions.Ibbestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-1819-3334-4
2、546-6970-7879-8687-9899-lW111-115116-120EthicalandProfessionalStandards27Quant22.5Econ18FinancialReportingandAnalysis36CorporateFinance13.5PortfolioManagement12Equity18FixedIncome18Derivatives7.5AlternativeInvestmentsZ5Total:180Byaccessingthismockexam,youagreetothefollowingtermsofuse:IhiSmockexamisp
3、roridedtocurrentlyregisteredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly,efollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emai
4、lingrdistributingand/orreprintingthemockexamforanypurpose2017CFAInstitute.Allrightsreserved.2018Levelimockexamam1AndrewSmith,CFA,worksforGranite,acommercialbankthatalsohasasizeablesellsideresearchdivision.Smithispresentingfinancingsolutionstoapotentialbusinessclient,DynamicMaterialsCorp.Aspartofhisp
5、resentation,SmithmentionsthatGranitewillinitiateresearchcoverageonDynamic.IsSmithsarrangementmostbkelyappropriatewithregardstotheCFAStandards?AYes.BNo,becauseSmithcannotoffertoprovideresearchcoverageonacompanyiftheybecomeacorporatefinanceclient.CNo,becauseGranitecannotprovideresearchcoverageonacorpo
6、ratefinanceclientasthisconstitutesaviolationofresearchindependence,-UAiscorrectbecauseunderStandardImembersandcandidatesmustprotecttheirindependenceandobjectivityAgreeingtoPn)Videobjectiveresearchcoverageofacompanydoesnotconstituteaiolationofthisstandaidprovidedtheanalystwritingthereportisfreetocome
7、upwiththeirownindependentconclusion.SmithcanagreetoprovideresearchcoveragebutcannotcommitGranitdsresearchdepartmenttoprovidingafavorablerecommendationBisincorrectbecauseprovidingresearchcoverageinthissituationdoesnotnsti-tulcaviolationoftheCodeandStandardsasInngastheindependenceofIhisresearchisnotco
8、mpromisedCisincorrectbecauseprovidingresearchcoverageinthissituationdoesnotnsti-tulcaviolationoftheCodeandStandardsasInngastheindependenceofIhisresearchisnotcompromisedGuidanceforStandardsI-VU1.OSbStandardI(E&-IndependenceandObjectivity2Duringanon-sitecompanyvisit,MarshaWard,CFA,accidentallyoverhear
9、dtheChiefExecutiveOfficer(CEO)ofStargazerrlnc.,discussingthecompanytenderoffertopurchaseDynamicaEnterprises,aretailerofStargazerproducts.AccordingtotheCFAInstituteStandardsofProfessionalConduct,Wardmost11kelycannotusetheinformationbecause:Aitrelatestoatenderoffer.Bitwasoverheardandmightbeconsideredu
10、nreliable.(shedoesnothaveareasonableandadequatebasisfortakinginvestmentaction.AiscorrectbecausetradingontheinformationisrestrictedasitrelatestoatenderdTkitisclearlymaterial,nonpublicinformationStandard11（八）1BisincorrectbecausetheinformationcouldbeconsideredtocomefromareliablesourcebecauseIfcomesfrom
11、seniormanagement,isnonpubliandshouldnotbeusedsinceitconcernsatender-IndependenceandObjectivity8UmiGrabbo,CFA,isahighlyregardedportfoliomanagerforAtlanticAdvisors,amid-sizedmutualfundfirminvestingindomesticsecurities.Shehaswatchedthehedgefundboomandonnumerousoccasionssuggestedthatherfirmcreatesuchafu
12、nd.Seniormanagementhasrefusedtocommitresourcestohedgefunds.Attractedbypotentialhigherfeesassociatedwithhedgefunds,Grabboandseveralotheremployeesbegindevelopmentoftheirownhedgefundtoinvestininternationalsecurities.Grabboandhercolleaguesarecarefultoworkonthefunddevelopmentonlyontheirowntime.BecauseAtl
13、anticmanagementthinkshedgefundsareafad,shedoesnotinformhersupervisoraboutthehedgefundcreation.AccordingtotheStandardsCfPracticeHandbook,GrabboshouldmostlikelyaddresswhichoftheStandardsimmediately?ADisclosureofConflictsBPriorityOfTransactions(AdditionalCompensationArrangementsAiscoectbecauseaccording
14、toStandardVlQ)-DisclosureofConflictGrabboshoulddisclosetoheremployerherhedgefunddevelopmentasthisactivitycouldpossiblyinterferewithherresponsibilitiesatAtlantichsettingupahedgefundGrabboWaSnotactingforthebenefitofheremployeeSheshouldhaveinformedAtlanticthatshewantedtoorganizethehedgefundandcoraetoso
15、memutualagreementonhowthiswouldoccurBisincrectasthehedgefundWiiItradeininternationalsecuritieswhileAtlantictradesindomesticsecuritiessoitisunlikelytheirinvestmentswillconflictwitheachotherAdditionallypoliciesandproceduresneededtoaddressStandardVl(B)-HicrityofTransactionswillberequiredinIhCfuturebutU
16、rCnotneededatthepresentIimaasthefundisnottrading.CisincorrectasthehedgefundWiiIlikelyprovideGrabboadditionalcompensationinthefutureStandardIV(1hulcurrentlysheisnotFeceivingadditionalcompensationasthefundisstillindevelopmentThisWiUhowever;needtobeaddressedinthefutureGuidanceforStandardsI-V111.OSaStan
17、dardIV(K)-AdditionalCompensationArrangements;StandardrI()-XsclosureofConflict、StandardVl(I$-fticrityofTransactions9ReikoKimisaki,CFA,isaninvestmentadvisorforanationalsocialsecurityfundinafrontiermarketwithaverylimitedandilliquidcapitalmarket.Ihelaborforceisyoungwithaninvestmenttimehorizonof25to30yea
18、rs.Shehasbeenaskedtosuggestwaystoincreasetheinvestmentreturnoftheoverallportfolio.Aftercarefulassessmentofthefundspreviousinvestmenthistoryandavailableassetclasses,sheconsidersinvestmentinprivateequity.WhatisKimisakislowestprioritytoavoidanyCodeofEthicsandStandardsofProfessionalConductviolationsprio
19、rtomakingthisinvestmentrecommendation?AAssesstherisktoleranceofthefund.BAnalyzetheexpectedreturnsofprivateequityinthemarket.CDetermineiftheInvestmentPolicyStatementallowsforalternativeinvestments.Biscorrectbecausepriortoundertakinganalysiswithregardtoexpectedreturnsanadvisormustdeterminesuitabilityo
20、faninvestmentclassdeludingwhetheritfitswithintheclientsrisktoleranceandifitisanallowableassetclassaspertheclienfsInvestmentPolicyStatementOnlyoncethesefeetorshavebeendeterminedshouldsheproceedifappropriatetoanalyzeexpectedreturnstodetermineaparticularhvestmentrecommendatiortisincorrectbecauseassessi
21、ngriskofaclientisakeyroleindeterraininginvestentsuitabilityCisincorrectbecausebeforeintroducinganewassetCIaS5itmustbedeterminedifthatassetclassisanallowableassetclassasdefinedbytheInvestmentPolicyStatementGuidanceforStandards1-V111.OScStandardIn(O-SUitabiiity10TheGlobalInvestmentPerformanceStandards
22、(GIPS)weredevelopedforthebenefitof：Aprospectiveclients.Bregulators.Cbroker/dealers.iscorrectTheGIPSstandardsbenefittwomaingroups:investmentmanagementftmsandprospectiveclientsGIPSpresentationsallowprospectiveclientstoknowthatthetrackrecordOfaprospectiveGIPScompliantfundmanageriscompleteandfairlyprese
23、ntedBisincorrectbecausetheGlPSstandardsbenefittwomaingroups:investmentman-agemeritfrmsandprospectiveclientsWhiletheymaybenefitregulatorsinsupenrisingDiarketinginfomalioRtheGIPSstanda,dserenotdevelopedwithregulatorsinmind.CisincorrectbecausetheGlPSstandardsbenefittwomaingroups:investmentmanagementfrm
24、sandprospectiveclientsOnlyftmsmanagingmoneycanclaimGIPScomplianceIntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)LOSaSectionHl11MariamMusa,CFA,headofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalyst,abouthispurchaseofsharesinacompanyforhisownacco
25、untimmediatelybeforehepublishesa“buy”recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddoesnothaveanypersonaltradingpoliciesinplace.TheCFAInstituteCodeofEthicsandStandardsofProfessionalConductweremostlikelyviolatedby:AonlyMusa.BonlyKassim.CbothMusaandKassim.Ciscorrectbec
26、ausebothMusaandKassimviolatedtheStandardsofProfessionalConductMusariolatedStandard1V(O-ResponsibilitiesOfSupervisorsbynotensuringthatpolicieswereinplaceIopreventviolations(JflhCCodeandStandardsGnthiscaseStanda*dVI-PriorityofTransactions)bysomeonesubjecttohersupervisionAstheheadofCOInPIianCeMsaSUPerv
27、iSedKassimandmustmeethersuperrisoryresponsibilitiesoutlinedintheStandardsofProfessionalConductKassimVioIatedStandardVlttJ-RiarityofTransactionsinthathedidnotgivesufficientprioritytoDunfieldsclientsbeforetradingonhisrecommendatioaAisincorrectbecauseKassimalsoviolatedtheStandards(PriOrityofTransaction
28、s)inthathedidnotgivesufficientprioritytoDUnfieIdsclientsbeforetradingonhisrecomOiendation.BisinccaectbecauseMusaalsoviolatedtheStandards(ResponsibilitiesofSuperviscrbynotensuringthatpolicieswereinplacetopreventvidationsoftheCodeandStandardsGnthiscaseStandardVI(B)-Riaitycf1iansactionbysomeonesubjectt
29、ohersupervisionGuidanceForSlandards1-V111.OSbStanda,dIV(O-Responsibilities(/SupervisoryStandardVl(R-BiorilyofTransactions12OliverOpdyke,CFA,worksforanindependentresearchorganizationthatdoesnotmanageanyclientmoney.InthecourseofhisanalysisofRedRibbonMininghehearsrumorsthatthepresidentofRedRibbon,Richa
30、rdLeisberg,hasrecentlybeendiagnosedwithlatestageAlzheimer,sdiseaseafactnotpubliclyknown.ThefinalstageofAlzheimersiswhenindividualslosetheabilitytorespondtotheirenvironment,theabilitytospeak,and,ultimately,theabilitytocontrolmovement.LeisbergisthecharismaticfounderofRedRibbon,andunderhisleadershipthe
31、companygrewtobecomeoneofthelargestintheindustry.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,themostappropriateactionforOpdykeisto:AimmediatelypublishasellrecommendationforRedRibbonMining.Bconfirmthepresidentsdiagnosisbeforepublishinghisresearchreport.(encourageRedRibbonMi
32、ningmanagementtodisclosethepresident,smedicalcondition.Ciscorrectbecausemembersandcandidatesoldmakereasonable(ffartstoachievepublicdisseminationofinformationthatismaterialandnonpubliqasrequiredbyStandard11（八）-MaterialNonpublicInformationThisdTortusuallyentailsencouragingtheissuercompanytomaketheinformationpublicInthiscaseifthediagnosisisfactandnot,umoi;thenthisinformationismaterialandshouldbedisclosedisincoectbecausemembersandcandidatesshouldmakereasonableeffortstoac
