《CFA一级历年模拟考试(2015-2019)：2018_Level_I_Mock_Exam_PM-Session_(with_Solutions)_removed.docx》由会员分享，可在线阅读，更多相关《CFA一级历年模拟考试(2015-2019)：2018_Level_I_Mock_Exam_PM-Session_(with_Solutions)_removed.docx（68页珍藏版）》请在课桌文档上搜索。
1、2018LevelIMockExamPMTheafternoonsessionofthe2018LevelICharteredFinancialAnalystMockExaminationhas120questions.Tbestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18Ethicala
2、ndProfessionalStandards2719-33Quant22.534-=45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome18111-115Derivatives7.5116-120AlternativeInvestments7.5Total:180Byaccessingthismockexam,youagreetothefollowingtermsofuse:1hismockexa
3、misprovidedtocurrentlyregisteredCFAcandidates.CandidatesmayviewandprinttheexamforpersonalCXampreparationonly,efollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaclion;accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,
4、emailingrdistributingand/orreprintingthemockexamforanypurpose2017CFAInstitute.Allrightsresenred.2018Levelimockexampm1WhichofthefollowingisleastlikelyarequirementoftheGIPSstandards?Firmsarerequiredto:Ahavetheirperformancerecordsverifiedbyanindependentthirdparty.Bincludealldiscretionary,fee-payingport
5、foliosinatleastonecomposite.CpresentaminimumoffiveyearsofannualinvestmentperformancecompliantwithGIPSstandards.Aiscorrectbecauseitisarccominendationbutnotarequirementtlatfrmsobtainindependentthird-partyverificationtoc!eumGlPScompliacaFiimsarerequiredtoincludealldiscretionary;fee-payingPCrtfCiiOSinat
6、IeastonecompositeTheymustalsopresentaminimuinoffiveyearsofannualinvestmentperformancecompliantWithGlPSstandard*Bisincorrectbecauseitisarequirement.CisincorrectbecauseitisarequirementGlobalInvestmentPerformanceStandards(GIPS)1.OSa2Incaseswhereapplicablelocallawsgoverningcalculationandpresentationofin
7、vestmentperformanceconflictwiththeGIPSstandards,firmsare:AunabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.BrequiredtocalculateandmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.Crequiredtocomplywithlocalregulationsandmakefulldiscloseoftheconflicttoclai
8、mGIPScompliance.CiscorrectbecauseincaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandardsfirmsarerequiredtocomplywithlocalregulationsandmakefulldiscloseOrtheconflictinthecompliantpresentationAisincorrectbecauseisanotarequirementfororobstac
9、letoGlPScomplianceincaseswherelocallawsConflictwithGlPSstandardsBisincorrectbecauseisanotHrequirementfororobstacletoGIPScomplianceincaseswherelocalLawsConflictwithGlPSStandardSGlobalInvestmentPerTormanceStandards(GIPS)1.OScSection4.A,223VishalChandarana,anunemployedresearchanalyst,recentlyregistered
10、fortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountry.ChandaranapostsonasocialmediabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidn,taskhimaboutbeingfiredfromhisformeremployer.Whi
11、chCFAInstituteCodeofEthicsorStandardsofProfessionalConductdidChandaranaleastlikelyxdolate?AMisconductBLoyaltytoEmployers(ReferencetotheCFAProgramCiscorrectbecausethereisnoevidenceChandaranaVioIatedStandaidVH(WithregardtohisbeingaCFAcandidateSpecificallyChandaranadoesnotoverstatehiscompetecyorimplyhe
12、WillachieveSUPeriorperformanceasaresultfhisCFAdesignation.Itdoesappear;however;ChandaranadidnotactWithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemployerSrVPUuiIienthusViQhitingStandardI(B)-Piofessionalism(Ntisconduct)andStandardIVW-DutytoEmployers(Loyalt0.Aisincorrectbecauseitappear
13、sChandaranadidnotactwithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemploye?sreputationviolatingStandard1(-FYofessionalisinMisconduct).BisincorrectbecauseitappearsChanda,anadidnotactforthebenefitOfhiseiiiployerwhenhehidinformationthatcouldpotentiallyharmhisnewemployedSreputationviolat
14、ingStandardIV（八）-DUlytnEmployers(Loyally).GuidanceforStandardsI-Vn1.OSbStandardr11（三）-ReferencetoCFAInstitutetheCFADesignationandtheCFAfrogram,Standard1(-Misconduct,StandardIV（八）-Loyalty1MirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession.Thestockrealizedasignificant
15、gaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsofPracticeHandbook,Grafton,sleastappropriateactionistoallocatetheexecutionprices:Aacrosstheparticipatingclientaccountsatthesameexecutionprice.B
16、acrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.(onafirst-in,first-outbasisWithconsiderationofbundlingordersforefficiency.BiscorrectbecauseaccordingtoStanda,ci11IE)bestpracticesincludeallocatingprorataonthebasisofCrderSiZenotaccountSiZeAllclientsparticipatingintheblocktradeshouldr
17、eceivethesameexecutionpriceandbechargedthesamecommissionAisincorrectbecauseaccordingtoStandardIK疝clientsparticipatingintheblocktradeshouldreceivethesameexecutionpriceandbechargedthesamecommissionCisincorrectbecausethisisoneofthereccwnmendedprocedurestofollowforcompliancewithStandard1H(K.5LawrenceHal
18、l,CFA,andNancyBishop,CFA,beganajointresearchreportonStamperCorporation.BishopvisitedStamperscorporateheadquartersforseveraldaysandmetwithallcompanyofficers.Priortothecompletionofthereport,Bishopwasreassignedtoanotherproject.HallutilizedhisandBishoprsresearchtowritethereportbutdidnotincludeBishopsnam
19、eonthereportbecausehedidnotagreewithandchangedBishopsconclusionincludedinthefinalreport.AccordingtotheCFAInstituteStandardsofPraCtiCeHandbook,didHallmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?ANo.BYes,withrespecttomisrepresentation.CYes,withrespecttodiligenceandreasonablebasis.is
20、correctbecausemembersareincompliancewithStandardV（八）-DiligenceandReasonableBasisiftheyrelyontheresearchofanotherpartywhoexerciseddiligenceandthoroughnessBecauseBishopsopiniondidnotagreewiththefinalreport,disassociatingherSdmthereportisonewaytohandlethisdfffa,encebetweentheanalystsBisincorrectbecause
21、HalIdidnotmakeanymisrepresentation.CisincorrectbecauseHallisalbwedtorelyonathirdpartywhoexerciseddiligenceandthoroughnessGuidanceforStandardsI-Vll1.OSaStandardV（八）-DiIenceandReasonableBasis6RebeccaWongisenrolledtotaketheLevelICFAexamination.HerfriendWilliamLeungpurchasedLevelIstudymaterialsfromawell
22、-knownCFAreviewprogramthepreviousyear.Leungmadeaphotocopyofthepreviousyear,scopyrightedmaterialsandsoldittoWongtohelpherstudy.WhomostlikelyviolatedtheCFAInstituteCodeofEthicsoranyStandardsofProfessionalConduct?ABothviolated.BNeitherviolated.(OnlyLeungviolated.Aiscorrectbecausephotocopyingcopyrighted
23、materiaLregardlessoftheyearofpubli-CatiORIsaviolationoftheCFAInstituteStandaidsStandardI（八）ascopyrightedmaterialsareprotectedbylaw.Candidatesandmembersmustcomplywithallapplicablelaws,rulesandregulationsandmustnotknowinglyparticipatejfi5sistinaviolationoflaws.Bisincectasphotocopyingpyightedmaterial,r
24、egardlessoftheyearofpublicationisariolationoftheCFAInstituteStandards.Cisincorrectasphotocopyingcopyrightedmaterialregardlessoftheyearofpubli-CatiORisaVioIationoftheCFAInstituteStandards.7WhichofthefollowinggroupsismostlikelyresponsibleformaintainingoversightandresponsibilityfortheProfessionalConduc
25、tProgram(PCP)?ACFAInstituteBoardofGovernorsBDisciplinaryReviewCommittee(ProfessionalConductDivisionAiscorrectAllCFAInstitutemembersandcandidatesenrolledintheCFAPtogramarcrequiredtocomplywiththeCodeandStandardsTheCFAInstituteBoardofGovernorsmaintainsoversightandresponsibilityf-MarketManipulationBisincorrectasitappearsareasonableanddiligentrfimancePr
