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

2018LevelIMockExamPMTheafternoonsessionofthe2018Level1CharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18EthicalandProfessionalStandards2719-33Quant22634-45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome181U-115Derivatives7.5116-120AlternativeInvestments7.5TotaL:180Byaccessingthismockexam,youagreetothefbllo¼ingtermsofuse:IhiSmcxrkexamisproridedtocurrentlyregisteredCFAcandidates.CandidatesmayviewandprinttheexamforpersonalexampreparationOnly.befollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailingrdistributingand/orreprintingthemockexamforanypurpose©2017CFAInstitute.Allrightsreserved.2018Levelimockexampm1WhichofthefollowingisleastlikelyarequirementoftheGIPSstandards?Firmsarerequiredto:Ahavetheirperformancerecordsverifiedbyanindependentthirdparty.Bincludealldiscretionary,fee-payingportfoliosinatleastonecomposite.CpresentaminimumoffiveyearsofannualinvestmentperformancecompliantwithGIPSstandards.2IncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:AunabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.BrequiredtocalculateandmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.CrequiredtocomplywithlocalregulationsandmakefulldiscloseoftheconflicttoclaimGlPScompliance.3VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountty.ChandaranapostsonasocialmediabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidn,taskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteCodeofEthicsorStandardsofProfessionalConductdidChandaranaleastlikelyviolate?AMisconductBLoyaltytoEmployers(ReferencetotheCFAProgramIMirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession,"11estockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsofPracticeHandbOok,Graftonsleastappropriateactionistoallocatetheexecutionprices：Aacrosstheparticipatingclientaccountsatthesameexecutionprice.Bacrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.Conafirst-in,first-outbasiswithconsiderationofbundlingordersforefficiency.5LawrenceHall,CFA,andNancyBishop,CFA,beganajointresearchreportonStamperCorporation.BishopvisitedStamper,scorporateheadquartersforseveraldaysandmetwithallcompanyofficers.Priortothecompletionofthereport,Bishopwasreassignedtoanotherproject.HallutilizedhisandBishopsresearchtowritethereportbutdidnotincludeBishop,snameonthereportbecausehedidnotagreewithandchangedBishopsconclusionincludedinthefinalreport.AccordingtotheCFAInstituteStanda*dsCfPracticeHandbook,didHallmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?ANdBYes,withrespecttomisrepresentation.CYes,withrespecttodiligenceandreasonablebasis.6RebeccaWongisenrolledtotaketheLevelICFAexamination.HerfriendWilliamLeungpurchasedLevelIstudymaterialsfromawelkknownCFAreviewprogramthepreviousyear.Leungmadeaphotocopyofthepreviousyear'scopyrightedmaterialsandsoldittoWongtohelpherstudy.WhomostlikelyviolatedtheCFAInstituteCodeofEthicsoranyStandardsofProfessionalConduct?ABothviolated.BNeitherviolated.(OnlyLeungviolated.7WhichofthefollowinggroupsismostlikelyresponsibleformaintainingoversightandresponsibilityfortheProfessionalConductProgram(PCP)?ACFAInstituteBoardofGovernorsBDisciplinaryReviewCommittee(ProfessionalConductDivision8Whencanaparty,nonmemberorfirm,mostlikelyclaimcompliancewiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?Oncetheyhave：AensuredthattheircodeandethicsmeetstheprinciplesoftheCodeandStandards.BnotifiedtheCFAInstituteoftheirclaim.(verifiedtheirclaimofcompliancewiththeCFAInstitute.9Jean-LucSchlumberger,CFA,isanindependentresearchanalystprovidingequityresearchoncompanieslistedonexchangesinemergingmarkets.HeoftenincorporatesstatisticaldataheobtainsfromthewebsitesoftheWorldBankandthecentralbanksofvariouscountriesintothebodyOfhisresearchreports.Whilenotindicatedwithinthereports,wheneverhisclientsaskwherehegetshisinformationheinformsthemtheinformationisinthepublicdomainbuthedoesn'tkeephisownrecords.Whentheclientsaskforthespecificwebsiteaddressesheprovidestheinformation.WhichStandardhasSchlumbergerleastEkelyviolated?ARecordRetentionBMisrepresentation(PerformancePresen