CFA一级历年模拟考试(2015-2019)：2018_Level_I_Mock_Exam_AM_-Session_removed.docx

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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.Aftercarefulassessmentofthefund,spreviousinvestmenthistoryrandavailab