CFA一级历年模拟考试(2015-2019)：2019_Mock_Exam_A_－_Morning_Session.docx

2019LevelIMockExamAMThemorningsessionofthe2019Level1CharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandhalfminutesperquestionfortotalof180minutes(3hours)forthissessionoftheexam.QUPgtiOngTopkMinUtZ1-20EthicalandProfessionalStandards3021-32Quant1833-44Econ】845-62FinancialReportingandAnalysis2763-74CorporateFinance1875-81PortfolioManagement10.582-94Equity19.595-107FixedIncome25108-114DrriYaHVrS10.5Iu20AlternativeIiiwstmenU9Total：ISOByaccessingthismockexam,youagreetothefollowingtermsofuse：ThismockexambprovidedtoUiieiillyIt跃SuKedCFA<andLte>Candidatetuyview«uidptitildieedfupelwlrxanpteparii-tk>nonly.Thefoilowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalacton:accessingorpermittingaccessbyanvoneotherthancurrently-registeredCFAcandidates；copying,postingtnanyUrPhdteemailing,distributingand'nrrt*printingthpmockPKamforanyPUrpn"C2018CFAInstitute.Allrightsreserved.2019LEVELIMOCKEXAMAM1WhomostlikelydetermineswhetheraviolationoftheCFAInstituteCoded11dStaddidortestingPUliCiCIZSoccurredandWhdlanctiunShUIlIdbeimposed?The:AProfessionalConductStaffandtheDisciplinaryReviewCommitteeBProfessionalConductStaffCDisciplinaryReviewCommittee2HollyBaker,CFAisexplainingtheCFAInstituteCodeofEthicstoaclient.WhichofthefollowingstatementscouldBakermaketomostlikelyreflectdisciplinarysanctionstheCFAInstitutemayimpose?Sanctionsinclude:Afinesforviolations.BrevocationofmembershipCbanishmentfromtheindustry3WilliamWong,CFA,isanequityanalystwithHayswickSecurities.Basedonhisfundamentalanalysis>Wongconcludesthatthestockofacompanyhefol-IcwsrNolveclnc.fissubstantiallyundervaluedandwillexperiencealargepriceincrease.Hcdelaysrevisinghisrecommendationonthestockfrom“hold"to*buy"toallowhisbrothertobuysharesatthecurrentprice.WongisleastlikelytohaveviolatedtheCFAInstituteStandardsofProfessionalConductrelatedto:Adutytoclients.Breasonablebasis.Cpriorityoftransactions.4HuiChentCFA,developsmarketingmaterialsforaninvestmentfundhefoundedthreeyearsago.Thematcriahshowthe3year,2year,and1yearreturnsforthefund.Heincludesafootnotethatstatesinsmallprint,'Pastperformancedoesnotguaranteefuturereturns.*HedoesnotclaimcompliancewithGIpSinthedisclosuresorfootnotes.HealsoincludesaseparatesheetShoWingthemostrecentsemi-annualandquarterlyreturns,WhiChnotesthattheyhavebeenneitherauditednorverified.HasChenRoSZlikelyviolatedanyCFAInstituteStandardsofProfessionalConduct?ANdBYes,becauseheincludedun-auditedandunverifiedresults.CYes,becausehedidnotadheretotheGlobalInvestmentPerformancestandards.5CharlieMancini,CFA,istheManagingDirectorforBusinessDevelopmentatSVFinancial(SVF),alargeUS-basedmutualfundorganization.Mancinihasbeenunderpressurerecentlytoincreaserevenues.InordertosecurebusinessfromalargehedgefundmanagerbasedinAsia,ManCinirecentlyapprovedflexibletermsforthefundsclientagreement.Toallowfortimezonedifferences,theagreementpermitsthehedgefundtotradeinallofSVFsmutualfundssixhoursafterthecloseofUSmarkets,whichisprohibitedbyUSregulators.DidManciniviolateanyCFAInstituteStandardsofProfessionalConduct?ANo.BYes,withregardtoairDealing.CYesywithregardtoFairDeaIingandMaterialNonpublicInformation.6RicaidoTorres,CFA,isawell-respectedtelecommunicationsanalystforPegasusAdvisers.Heisknownforhisthoroughanalysis,includinginterviewswithsuppliers,customers,andcompetitors.Torreshasastrongfollowing,andhisresearchreportsrancftnmateriallyaffectthemarket.ASasulf,PfgaSUSlimitsthedistributionofhisreportstoPegasusclients.AfterlosingmarketsharetoPegasusforovertwoyears,MarcoRodrigotaCFAcandidate,reportsTorrestothelocalsecuritiesregulatoronsuspicionofusinginsiderinformationtnmakesharerrcmfnrndatins.WhatCFAIn&titutrStandardofPrnfrssianalConducthasRodrigomostIikdyviolated?AMisconductr.L.201呼CFAFRMKS®Jl中，4SAJhMn<1985BMaterialNonPUHiCInformation同蚌j喇凿ji«仁核】220.欢速喻(MarketManipulation7AlbertNyakcndalCFA,wasdrivingtoaclientsofficewherehewasexpectedtotlusranulli-11ilUun*dllardealwhenhewasPUhdUVrlby4tra(11cpoliceunalthoughhedidnotbelievehehadviolatedanytrafficlaws.WhenNyakendarealizedthepolicemanplannedtowronglytickethimforspeeding,heofferedtobuyhim*knch"sothathecouldquicklygrttohisclientsoffice.ThelunchwouldcutignificatlymoreIhallUlrticket.Tlc,allrrnalivrWaAIogoIu【hepoliceMatinnandfileacomplaintofbringwmnglyaccusedthatwnldalsoinvolvegoingtocourtthenextdaytopresenthiscase.DidNyakendamostlikelyviolatetheCFACodeofEthicsIYes.BNo,becausehewaswronglyaccused.(No,becausethecostoflunchismorethantheticket.8FraiKescaNdendalCA,AndGraceRutabingwaworkintheHmCdcpart11w<forNewAgeManagerswithRutabingwareportingtoNdenda.NdendalearnsthatRUtabingWareceivedaNoticeofEnquiryfromtheProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenhesatfortheCAexaminJuneAsRiItabingWSssupervisor,NdendaisafrtdthebehaviorofRutabingwawillbe