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1、The2020LEVEL11TestExam2sessionofthe2020LevelChalteredFinancialAnalystxMockExaminationhas60questionsbestsimulatetheexamdayexpeiencQcandidatesareadvisedtoallocateanaverageof18minrtesperitemseteicequestQuestionsPnS)ftralotalOfI80Minute(3k5s)fcrthSeSSionOfthelTOPlC?XfHft1-6Ethics187-10QuantitativeMethod
2、s1211-16Economics1817-20FinancialRepoHi11gandAnalysis1221-24ColpcrateFinance1225-30Equity1831-34Equity1235-40FixedIncome1841-46FixedIncome1847-521853-56PoltfoEoM11Pagement1257-60PoltfolioM11Pagemerit12Total180andmultiple令业来旬Ior%钓投Add/上海市松花2539号复旦科技园1号楼,2号楼（20入！Tel/Web/EthicsTHEFOLLoWlNGINFORMATIONRE
3、LATESTOQUESTIONS1-6KyraJohnson.CFA,wasrecentlyhiredbySedgwickInvestmentManagement(Sedgwick)asitsnewchiefexecutiveofficer.SedgwicksparentcompanyownsseveralsubsidiariesinthefinancialservicesindustyAlthoughtherearerrentlynooutstandingcom-pIianceissues.Sedgwickseloyeeshaveahistoryofunethicalbeiavioranda
4、lwaysseemtobeondiebrinkofadditionalviolations.SedgwicksboardofdirectorshastaskedJohnsonwithbringingthefirmspoliciesandproceduresintoconIiancewiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.ShortlyafterJohnsonwashired,thefallowingauomceentappearedillamajorfinancialnewspaper:Theboadof
5、dhectorsofSedgwickInvestmentManagementispleasedtoannomcethehiringofMs.KyraJohnson,CFAasthecoaynewcliefexecutiveofficer.ShehasdemonstratedtheabilitytoSuccessfiillycompletearigorousandmprehesivestudyprogramdemandedbytheCFAdesignation.ThecredibilityofherCFAcha11erai)dtheskillstleCFAProgramcultivatesare
6、keyassetsMs.JohnsonbringstoSedgwick.AsaCFAcha11erholder.Ms.Johnsonhasseriorqualitiestomanageourclients*investmentsai)dguidetheinvestmentprocess.WearethrilledtohaveMs.KyraJohnson.CFAasamemberoftleSedgwickInvestmentManagementteam.OueofthefusttilingsJoIuisoudidafterarrivingatthefinwastomeetwithCoreyTao
7、,CFA.thefirmschiefcomplianceocer.Taohadbeenwitl(liefinonlyafewmonths.HetoldJohnsontlepreviousviolationshadpiimarilyrelatedtoequityresearch,equitytrading,adclientconfidentiality.AfterreviewingtheSiinunaryofviolationsai(liefin,sexistinghandbook.JolmsonadTaodecidedtosubmitdiefollowingrecommendationsreg
8、ardingthefirn,shadeallocationproceduresforblocktradestoIlieboardofdirectorsforapproval:Recommendation1:Allaccountsparticipatinginablockwadeshouldreceivethesameexecutionpriceandpaythesamenunissionrate.Recommeudation2:Orderswillbeexecutedouafirst-in.fi*st-outbasis,withconsiderationgiventobundlingorder
9、sforefficiency.EMiiiiigthemeetingTaoalsomentionedtoJohnsonthattheColuPanyhandbookfailstoaddressanareawherehehassomencemsandsuggestedthefollowingpolicyaddition,breakingitdownintothreepoints:Point1:Tradersaeprohibitedfromengagingincommunicationwithbrokersordealerstlatwouldartificiallycauseastocksprice
10、toriseorfall.Point2:Researchanalystsarenotallowedtocommunicateunrealisticexpecta-tionsregardingacompanysresultsthatmayaffectthemarketpriceofastock.Point3:Portfoliomanagersarenotallowedtoenterintoanagreementtopro-motethestockofanypubliclylistedcompanySeveraldaysaftereirmeeting.TaobringstoJohnsonsatte
11、ntionthedetailsofaphonecallhereceived.Heexplainedthataveryupsetclientcalledtolodgeacomplaint.TlieclienthadreceivedapromotionalletterinthemailfromacompanycalledSedgeFinofferingavaietyoffinancialservices.TaoexplainedtotheclientdiefirmwasunawareoftleletteradthatSedgeFinwasanewsubsidiaryofSedgwickInvest
12、mentManagementsparentcompany.AftersomeCheCking,TaoIeaniedtleletterUirgetedSedgwicksclients,botldomesticandiiiteniational.TaoreassuredtheclienttlathisonlycontractwaswitlSedgwickandabsolutelynoinvestmentinformationhadbeenprovidedtoSedgeFin.TaolaterreceivedacallfromanewsreporterWhOrequestedaninterview.
13、TaoisoneofseveralpeopleatthefirmautlorizedtospeakWithtlepress.TliereporterwasinterestedinwritingapieceaboutJohnsonadthecircumstancesbdidherjoiningthefirm.TheyscheduledatiueforthecallandTaoforwardedtothereporteracopyoftl)eboardspressrelease.Priortotheinterview.JohnsontoldTaotoaddressthereportersquest
14、ionstthfillybutnottoprovideanydetails.Wlienaskedduringtleinterviewabouttleftfshistoyofunethicalbehavior.Taoresponded.ktOneofMs.JohnsonsfirstactswastostrengthenthefifsCodeofEtlics.adaltlouglIherehadbeenafewpriorincidencesofquestionableconduct,theywereexaggeratediutlepressandhappenimostinvestmentfirms
15、.Shortlyafterthepressinterview,JolmsonstoppedbyTao,sofficetotifyhimslewouldbeunavailableoverthenextseveraldays.SheexplainedtlatfortlelastseveralyearsshehastauglttheethicsportionsoftheCFAProgramexam,atalltlreelevels,forai)examprepcourseofferedbythelocalsociety.Shetoldhiuslehadalwaysenjoyedteachingand
16、isnicelycompensatedforthisworkbuttypicallydonatesherpaytoCFAhstitteResearchFowidation.Sheplannedtodonateherconensationagainthisyear.TliisistlefirsttimeTaohasIieardaboutherteaching,andheconuueiited.*Yburealizeyoumigl11beiviolationof(lieStandaidIV(B):AdditionalCompensation.Vrangements.1.Whichstatement
17、iuSedgwicksiingaunouncementisInoSilikelyaninectreferencetotheCFAProgxamortheCFAdesignation?Thestatementreferencing:A.theskillstheprogramltivates.B.thedemandsoftheStUdyprogramfortleCFAdesiguation.C.herabilitytomanageivesttnentsandguidetleprocess.2.Aretherecommendationssubmittedtotheboardofdirectorsmo
18、stlikelycon-sistentwiththeCFAInstituteRecommendedProceduresforCompliancewithStandard11I(B):FairDealing?A.YesB.NowithregardtoRecommendation1C.NowithregardtoRecoiuiueiidation23.Wliennside*ii)gtheflreepointsofTaosnewpolicyasawhole,whichCFAbstitteStandardOfProfessionalConductishemostlikelyaddressing?A.S
19、taiidaidVI:ConflictofInterestB.Staiidaid11:IntegrityofCapitalMaiketsC.StandardV:InvestmentAnalysis,Reconuneiidations.adActions4.DidaviolationoftheCFAInstituteStandadsOfProfessionalConductmostlikelyoccurasaresultoftheSedgeFinpromotionalletter?A.NoB.Yes.withregardtoStandardVI:ConflictsOfInterestC.Yes.
20、witlregardtoStaiidaidIV:DutiestoEmployers5.WliohasmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductregardingdienewspeinterview?A.TaoB.JohnsonC.BothTaoandJohnson6.InadditiontobeinginviolationofStandardIV(B):AdditionalConensationArrangements,whichotherCFAInstituteStandardsOfProfessionalC
21、onducthasJohnsonmostlikelyviolated?A.StandardV（八）:LoyaltyB.Standard11I（八）:Loyalty.Pnidence.andCareC.BothStandardIV（八）:LoyaltyandStandard11I（八）:Loyalty.Prudence,andCareQUantitativeMethodsTHEFOLLOWINGINFORMATIONRELATESTOQUESTIONS7-10CarlosMai血，arecent护adualeofthefinancialPrO包amatawell-knownUniVU氏ithas
22、justbeenbyJubilaci6nSL,aMadrid-basedfnIDSPeC呻龙SretirementplanningHehasbeenaskedtodevelopamachinetltohelpeachclienttooneoffn画Sfivesategicinvestmentportfolios.Tobuildthetrainingsetwith50definearatelytestedforinainnet.2Impaiimentlossescannotbereversedeveniffairvaluelaterincreases.3Impairmentlossesexceedingthegdwillvalueareallocatedpro-rat
