《CFA一级历年模拟考试(2015-2019)：2018_Level_I_Mock_Exam_AM_-Session_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_AM_-Session_removed.docx（25页珍藏版）》请在课桌文档上搜索。
1、2018LevelIMockExamAMThemorningsessionofthe2018LevelICharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18Ethicalan
2、dProfessionalStandards2719-33Quant22534-45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome18111-115Derivatives7.5116-120AlternativeInvestments7.5Total;180Byaccessingthismockexam,youagreetothefollowingtermsofuse：Ihismockexamis
3、providedtocurrentlyregisteredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly,efollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,ema
4、iling,distributingand/orreprintingthemockexamforanypurpose2017CFAInstitute.Allrightsreserved.2018Levelimockexamam1AndrewSmith,CFA,worksforGranite,acommercialbankthatalsohasasizeablesellsideresearchdivision.Smithispresentingfinancingsolutionstoapotentialbusinessclient,DynamicMaterialsCorp.Aspartofhis
5、presentation,SmithmentionsthatGranitewillinitiateresearchcoverageonDynamic.IsSmithsarrangementmostlikelyappropriatewithregardstotheCFAStandards?AYesBNo,becauseSmithcannotoffertoprovideresearchcoverageonacompanyiftheybecomeacorporatefinanceclient.CNo,becauseGranitecannotprovideresearchcoverageonacorp
6、oratefinanceclientasthisconstitutesaviolationofresearchindependence.2DuringanOn-Sitecompanyvisit,MarshaWard,CFA,accidentallyoverheardtheChiefExecutiveOfficer(CEO)ofStargazer,Inc.,discussingthecompanystenderoffertopurchaseDynamicaEnterprises,aretailerofStargazerproducts.AccordingtotheCFAInstituteStan
7、dardsofProfessionalConduct,Wardmostlikelycannotusetheinformationbecause:Aitrelatestoatenderoffer.Bitwasoverheardandmightbeconsideredunreliable.Cshedoesnothaveareasonableandadequatebasisfortakinginvestmentaction.3WhichofthefollowingisnotincludedintheninemajorprovisionsoftheGlobalInvestmentPerformance
8、Standards(GIPS)?AInputData,CalculationMethodology,andRealEstateBFundamentalsofCompliance,CompositeConstruction,andDisclosureCCalculationMethodology,CompositeConstruction,andAlternativeAssetsIWhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProceedingsR
9、elatedtoProfessionalConduct?AConfidentialityofproceedingsBPublicdisclosureofdisciplinarysanctionsCFairprocesstothememberandcandidate5InordertoachievecompliancewithGIPSStandards,itisrecommendedthatfirms:Aadoptthebroadest,mostmeaningfuldefinitionofthefirm.Bprovideexistingclientsacompliantpresentationa
10、pplicabletotheirportfolio,ataminimumofabi-annualbasis.Csamefirmname.6WhichofthefollowingisnotacomponentoftheCFAInstituteCodeofEthics?APromotefinancialintegrityandseektopreventandpunishabusesinthefinancialmarkets.BPlacetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonal
11、interests.CPracticeandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.7JiroSato,CFA,deputytreasurerforMayCollege,managestheStudentScholarshipTrust.SatoissuedaRequestforProposal(RFP)fordomesticequitymanagers.PamelaPeters,CFA,agoodfriendofSato,
12、introduceshimtorepresentativesfromCapitalInvestments,whosubmittedaproposal.SatoselectedCapitalasamanagerbasedonthefirmsexcellentperformancerecord.Shortlyaftertheselection,Peters,whohadoutstandingperformanceasanequitymanagerwithanotherfirm,acceptedalucrativejobwithCapital.WhichoftheCFAcharterholdersv
13、iolatedtheCFAInstituteStandardsofProfessionalConduct?ABothviolatedStandards.BPetersviolatedStandards.CNeitherviolatedStandards.8UmiGrabbo,CFA,isahighlyregardedportfoliomanagerforAtlanticAdvisors,amid-sizedmutualfundfirminvestingindomesticsecurities.Shehaswatchedthehedgefundboomandonnumerousoccasions
14、suggestedthatherfirmcreatesuchafund.Seniormanagementhasrefusedtocommitresourcestohedgefunds.Attractedbypotentialhigherfeesassociatedwithhedgefunds,Grabboandseveralotheremployeesbegindevelopmentoftheirownhedgefundtoinvestininternationalsecurities.Grabboandhercolleaguesarecarefultoworkonthefunddevelop
15、mentonlyontheirowntime.BecauseAtlanticmanagementthinkshedgefundsareafad,shedoesnotinformhersupervisoraboutthehedgefundcreation.AccordingtotheStandardsfPracticeHandbook,GrabboshouldmostlikelyaddresswhichoftheStandardsimmediately?ADisclosureofConflictsBPriorityofTransactions(AdditionalCompensationArra
16、ngements9ReikoKimisaki,CFA,isaninvestmentadvisorforanationalsocialsecurityfundinafrontiermarketwithaverylimitedandilliquidcapitalmarket.Thelaborforceisyoungwithaninvestmenttimehorizonof25to30years.Shehasbeenaskedtosuggestwaystoincreasetheinvestmentreturnoftheoverallportfolio.Aftercarefulassessmentof
17、thefund,spreviousinvestmenthistoryrandavailableassetclasses,sheconsidersinvestmentinprivateequity.WhatisKimisaki,slowestprioritytoavoidanyCodeofEthicsandStandardsofProfessionalConductviolationspriortomakingthisinvestmentrecommendation?AAssesstherisktoleranceofthefund.BAnalyzetheexpectedreturnsofpriv
18、ateequityinthemarket.CDetermineiftheInvestmentPolicyStatementallowsforalternativeinvestments.10TheGlobalInvestmentPerformanceStandards(GIPS)weredevelopedforthebenefitof:Aprospectiveclients.Bregulators.Cbroker/dealers.11MariamMusa,CFA,headofcomplianceatDunHeldBrokers,questionshercolleagueOmarKassim,a
19、CFAcandidateandaresearchanalyst,abouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesa“buy”recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddoesnothaveanypersonaltradingpoliciesinplace.TheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct
20、weremostlikelyviolatedby:AonlyMusa.BonlyKassim.CbothMusaandKassim.12OliverOpdyke,CFA,worksforanindependentresearchorganizationthatdoesnotmanageanyclientmoney.InthecourseofhisanalysisofRedRibbonMininghehearsrumorsthatthepresidentofRedRibbon,RichardLeisberg,hasrecentlybeendiagnosedwithlatestageAlzheim
21、er,sdisease,afactnotpubliclyknown.ThefinalstageofAlzheimer*siswhenindividualslosetheabilitytorespondtotheirenvironment,theabilitytospeak,and,ultimately,theabilitytocontrolmovement.LeisbergisthecharismaticfounderofRedRibbon,andunderhisleadershipthecompanygrewtobecomeoneofthelargestintheindustry.Accor
22、dingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,themostappropriateactionforOpdykeisto:AimmediatelypublishasellrecommendationforRedRibbonMining.Bconfirmthepresidentsdiagnosisbeforepublishinghisresearchreport.IencourageRedRibbonMiningmanagementtodisclosethepresidentmedicalcondition.
23、13Basedonhissuperiorreturnhistory,VijayGUPta,CFA,isinterviewedbytheFirstFaithfulChurchtomanagethechurch,svoluntaryretirementplansequityportfolio.Eachchurchstaffmemberchseswhethertooptinoroutoftheretirementplanaccordingtohisorherowninvestmentobjectives.TheplantrusteestellGuptathatstocksofcompaniesinv
24、olvedinthesaleOfalcohol,tobacco,gambling,orfirearmsarenotacceptableinvestmentsgiventheobjectivesandconstraintsoftheportfolio.Guptatellsthetrusteeshecannotreasonablyexecutehisstrategywiththeserestrictionsandthatallhisotheraccountsholdsharesofcompaniesinvolvedinthesebusinessesbecausehebelievestheyhave
25、thehighestalpha.Byagreeingtomanagetheaccountaccordingtothetrustees*wishes,doesGuptaviolatetheCFAInstituteStandardsofProfessionalConduct?ANo.BYes,becausethemanagerwashiredbaseduponhispreviousinvestmentstrategy.(Yes,becausetherestrictionsprovidedbytheTrusteesarenotinthebestinterestofthemembers.14EdoRo
26、nde,CFA,ananalystforahedgefund,OneWorldInvestments,isattendingakeyindustryconferenceforthemicroelectronicsindustry.Atlunchinarestaurantadjacenttotheconferencevenue,Rondesitsnexttoatableofconferenceattendeesandisabletoreadtheirnametags.Ronderealizesthegroupincludesthepresidentofapubliclytradedcompany
27、inthemicroelectronicsindustry,FuldaManufacturing,acompanyRondefollows.RondeoverhearsthepresidentcomplainaboutaproductiondelayproblemFulda,sfactoriesareexperiencing,fhepresidentmentionsthatthedelaywillreduceFuldaearningsmorethan20%duringthenextyearifnotsolved.Ronderelaysthisinformationtotheportfoliom
28、anagerhereportstoatOneWorldexplainingthatinarecentresearchreportherecommendedFuldaasabuy.ThemanagerasksRondetowriteupanegativereportonFuldasothefundcansellthestock.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConductRondeshouldleastlikely:Arevisehisresearchreport.Bleavehisresearch
29、reportasitis.(requesttheportfoliomanagernotactontheinformation.15Whatisthetheorythatbestdescribestheprocessbywhichfinancialanalystscombinematerialpublicinformationandnonmaterialnonpublicinformationasabasisforinvestmentrecommendationsevenifthoseconclusionswouldhavebeenmaterialinsideinformationhadthey
30、beencommunicateddirectlytotheanalystbythecompany?AMosaictheoryBEconomictheoryCProbabilitytheory16KenKawasaki,CFA,sharesabuildingWithanumberofotherprofessionalswhoarealsoinvolvedintheinvestmentmanagementbusiness.Kawasakimakesarrangementswithseveraloftheseprofessionals,includingaccountantsandlawyers,t
31、oreferclientstoeachother.Aninformalscoreiskeptontheexpectationthereferralswillequaloutovertime,eliminatingtheneedforanycashpayments.Kawasakinevermentionsthisarrangementtoclientsorprospectiveclients.DoesKawasakisagreementwiththeotherbuildingoccupantsmostlikelyviolateanyCFAInstituteStandardsofProfessi
32、onalConduct?ANo.BYes,relatedtoreferralfees.(Yes,relatedtocommunicationwithclients.17MeshackBradovic,CFA,wasrecentlyhiredasacreditanalystatacreditratingagencywhosemajorclientsincludepubliclylistedcompaniesonthelocalstockexchange.Oneoftheclientsiscurrentlypreparingtoissueanewbondtofinanceamajorfactory
33、project.Analystsarespeculatingthatwithoutthenewfactorythecompanywillnotsurvivetheonslaughtofcompetitionfromincreasingimports;therefore,thecompanyiscountingonanupgradedcreditratingtoenhancethesubscriptionleveloftheissue.Bradovic1Sresearchsuggeststhatthecreditworthinessofthecompanyhasseverelydeteriora
34、tedoverthelastyearduetonegativeoperatingcashflows.Withoutconductingextensiveresearch,Bradovicsbossputspressureonhimtoupgradethecreditratingtoaninvestmentgraderating.Bradovicreportsthistothefirmscompliancedepartmentwhereheisencouragedtofollowhisbosssadvice.WhatcourseofactionismostappropriateforBradov
35、ictopreventanyviolationoftheCFAInstituteCodeorStandards?AQuithispositionwiththefirmBUpgradetheratingbutnotehisobjectionsinwritingCDisassociatewiththecreditratingreport,thebondissueandtheclient18ManuelTacqueria,CFA,isasoleproprietorinvestmentadvisermanagingaccountsforadiversifiedgroupofclients.Tacque
36、riaobtainshisinvestmentresearchthroughasubscriptionservicewithAlphaServices,alargefinancialservicesorganization.Tacquerianotesthattheresearchreportsaresoundbecausetheyareextremelydetailedandcomprehensive.Asaresult,Tacqueriafeelscomfortablerelyingsolelyuponthisresearchwhenmakingrecommendationstoclien
37、ts.TacqueriashouldmostlikelydowhichofthefollowinginordertoconformtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?AUtilizeadditionalsourcesofthird-partyresearchBUndertakeandaddhisownresearchtotheexistingreportsIConductadditionalduediligenceonAlphaServices19Afinancialcontractofferstopay
38、1,200permonthforfiveyearswiththefirstpaymentmadeimmediately.Assuminganannualdiscountrateof6.5%,compoundedmonthlythepresentvalueofthecontractisclosestto:63,731.B61,330.C61,663.20Thefollowingtableshowsthediscreteuniformprobabilitydistributionofgrossprofitsfromthepurchaseofanoption:ProfitCumulativeDist
39、ributionFunction$00.2$10.4$20.6$30.8$4LoTheprobabilityofaprofitgreaterthanorequalto$1andlessthanorequalto$4isclosestto:A0.4.B0.6.C0.&21Theminimumrateofreturnaninvestormustreceiveinordertoacceptaninvestmentisbestdescribedasthe:AinternalrateOfreturn.Brequiredrateofreturn.Cexpectedreturn.22InvestorAand
40、InvestorBinvestinafundfortwoyears:Year1Year2FundReturnPositiveNegativePoilfolioMoney-WeightedRateofReturnInvestorA7.5%InvestorB8.2%Giventheinformationinthetable,whichofthefollowingisleastlikelytobeanexplanationforthedifferencebetweenthetwomoney-weightedratesofreturn?AInvestorAincreasedtheinvestmenti
41、nthefundattheendofyear1whereasinvestorBdidnotmakeanyadditionsorwithdrawals.BInvestorBdecreasedtheinvestmentinthefundattheendofyear1whereasinvestorAdidnotmakeanyadditionsorwithdrawals.CTheinvestorsinvesteddifferentamountsatinceptionandafterwarddidnotmakeanyadditionsorwithdrawals.23A11elseheldconstant
42、,thewidthofaconfidenceintervalforapopulationmeanismostlikelytobesmallerifthesamplesizeis:Alargerandthedegreeofconfidenceislower.Blargerandthedegreeofconfidenceishigher.Csmallerandthedegreeofconfidenceislower.24Atwo-tailedtestofthenullhypothesisthatthemeanofadistributionisequalto4.00hasap-valueof0.05
43、67.Usinga5%levelofsignificance(ie,=0.05),thebestconclusionisto:Afailtorejectthenullhypothesis.Bincreasethelevelofsignificanceto5.67%.Crejectthenullhypothesis.25Apricerangeinwhichsellingissufficienttostoptheriseinpriceisbestdescribedas:Achangeinpolarity.Bresistance.Csupport.26Aportfoliomanagerwouldli
44、ketocalculatethecompoundrateofreturnonaninvestment.Whichofthefollowingmeanreturnswillhemost11kelyuse?AGeometricBHarmonicCArithmetic27Aportfoliomanagerestimatestheprobabilitiesofthefollowingeventsforamutualfund:EventA:thefundwillearnareturnOf5%.EventB:thefundwillearnareturnbelow5%.Theleastappropriate
45、descriptionoftheeventsisthattheyare:Adependent.Bmutuallyexclusive.(exhaustive.28Theeffectiveannualyield(EAY)foraninvestmentis8.0%.Itsbondequivalentyieldisclosestto:A8.%.B7.85%.C8.16%29WithBayes,formula,itispossibletoupdatetheprobabilityforaneventgivensomenewinformation.Whichofthefollowingmostaccurat
46、elyrepresentsBayes,formula?AP(EventInformation)=BP(EventInformation)=CP(EventInformation)=PViifarmationP(PfBmatior/P(11fimation7Eventz、P(Event)尸(informationEvent)PinformationEvent-P(Event)P(Tnformation)30Ananalystcollectsdatarelatingtofivecommonlyusedmeasuresofleverageandinterestcoverageforarandomly
47、chosensampleof300firms.Thedatacomesfromthosefirms,fiscalyear2012annualreports.Thesedataarebestcharacterizedas：Atime-seriesdata.Bcross-sectionaldata.Clongitudinaldata.31Overafour-yearperiod,aportfoliohasreturnsof10%,-2%,18%,and-12%.Thegeometricmeanreturnacrosstheperiodisclosestto:A3.5%.B8.l%.C2.9%.32
48、Anequallyweightedportfolioiscomposedoffourstocks.Ananalystknowsthemeanandvarianceforeachofthefourstocks.Inordertoestimatetheportfoliomeanandvariance,theanalystwillrequirethestocks*:Askewness.Bpairwisecorrelations.Ckurtosis.33TwoeventsAandBareindependentiftheprobabilityOfoccurrenceofA:AequalstheproductoftheindividualprobabilitiesofoccurrenceofAandB.Bisr
