CFA一级历年模拟考试(2015-2019)：2015_CFA_Level_1_Mock_Exam_morning_questions&answers_removed.docx

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1、1.VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountry.ChandaranapostsonabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemploy

2、erdidnotaskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteStandardsofProfessionalConductdidChandaranaleastlikelyviolate?A.LoyaltytoEmployersB.ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgramC.MisconductAnswer=BThereisnoevidenceChandaranaviolatedStandardVII(B)-ReferencetoCFAInstit

3、ute,theCFADesignation,andtheCFAProgramwithregardtohisbeingaCFAcandidate.Specifically,ChandaranadoesnotoverstatehiscompetencyorimplyhewillachievesuperiorperformanceasaresultofhisCFAdesignation.Itdoesappearthowever,Chandaranadidnotactwithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemplo

4、yersreputation,thusviolatingStandardI(D)-MisconductandStandardIV（八）-LoyaIty.CFALevelIuGuidanceforStandardsI-Vll,StandardVII(B)-ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgram,StandardI(D)-ProfessionaIism,StandardIV（八）-DutytoEmployers2.DavidDonniganenrolledtotaketheLevelIlCFAexaminationint

5、hecurrentyear,buthedidnottaketheexam.DonniganadvisedhisemployerthathepassedLevelII.Subsequently,heregisteredtotaketheLevelIlexamthenextyear.WhichCFAInstituteStandardsofProfessionalConductdidDonniganleastlikelyviolate?Thestandardrelatedto:A.referencingcandidacyintheCFAProgram.B.dutytoemployer.C.profe

6、ssionalmisconduct.Answer=ABecauseheregisteredtotaketheexaminthenextyear,DonniganstillqualifiestostateheisacandidateintheCFAProgram.Hewouldnot,however,beauthorizedtoreferencethatheisaLevelIIIcandidateand,ifasked,wouldneedtospecifiythatheisaLevelIlcandidate.CFALevelIuGuidanceforStandardsI-Vll,CFAInsti

7、tuteStandardI(D)1StandardIV（八）3.IanOSullivan,CFA1istheownerandsoleemployeeoftwocompanies,apublicrelationsfirmandafinancialresearchfirm.ThepublicrelationsfirmenteredintoacontractwithMalloryEnterprisestoprovidepublicrelationsservices,withOrSuIIivanreceiving40,000sharesofMallorystockinpaymentforhisserv

8、ices.Overthenext10days,thepublicrelationsfirmissuedseveralpressreleasesthatdiscussedMallory,sexcellentgrowthprospects.O,Sullivan,throughhisfinancialresearchfirm,alsopublishedaresearchreportrecommendingMallorystockasabuy.AccordingtotheCFAInstituteStandardsofProfessionalConduct,OSullivanismostlikelyre

9、quiredtodisclosehisownershipofMallorystockin:A.thepressreleasesonly.B.theresearchreportoniy.C.boththepressreleaseandtheresearchreport.Answer=CMembersshoulddiscloseallmattersthatreasonablycouldbeexpectedtoimpairthemembersobjectivityasoutlinedinStandardI(B)1andStandardVI（八）.CFALevelIuGuidanceforStanda

10、rdsI-Vll,CFAInstituteStandardI(B),StandardVI（八）4.JamesWoods,CFA,isaportfoliomanageratABCSecurities.Woodshasreasonablegroundstobelievehiscolleague,SandraClarke,aCFALevelIlcandidate,isengagedinunethicaltradingactivitiesthatmayalsobeinviolationoflocalsecuritieslaws.WoodsisnotClarkessupen/isor,andheract

11、ivitiesdonotimpactWoodsoranyoftheportfoliosforwhichheisresponsible.BasedontheCodeandStandards,therecommendedcourseofactionisforWoodsto:A.reportSandraClarketoABCstradingsupervisororcompliancedepartment.B.nottakeanyactionbecauseheisnotdirectlyinvolved.C.reportSandraClarketotheappropriategovernmentalor

12、regulatoryorganization.Answer=AUnderStandard1（八）insituationswhereamemberorcandidateisawareofemployerengagementinunethicalorillegalactivity,itisrecommendedthattheyattempttostopthebehaviorbybringingittotheattentionofasupervisororthefirmscompliancedepartment.CFALevelIGuidanceforStandardsI-Vll,CFAInstit

13、uteStandardI（八）5.AfterafirmpresentsaminimumrequirednumberofyearsofGIPS-compliantperformance,thefirmmustpresentanadditionalyearOfperformanceeachyear,buildinguptoaminimumof:A.10yearsofGIPS-CompIiantperformance.B.15yearsofGIPS-CompIiantperformance.C.5yearsofGIPS-CompIiantperformance.Answer=AAfterafirmp

14、resentsaminimumoffiveyearsofGIPS-CompIiantperformance,thefirmmustpresentanadditionalyearofperformanceeachyear,buildingptoaminimumof10yearsofGIPS-compliantperformance.CFALevelI,TheGIPSStandards；*CFAInstituteSection:HistoricalPerformanceRecordMadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanag

15、er.Inhernewposition,Smithisrequiredtosupervisethreeportloliomanagers.SmithasksforacopyofherfirmswrittensupervisorypoliciesandproceduresbutisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStandardsofPracticeHandbook,Smithsmostappropriatecourseofacti

16、onwouldbeto:A.declinetoacceptsupervisoryresponsibilityuntilherfirmadoptsprocedurestoallowhertoadequatelyexercisesuchresponsibility.B.requiretheemployeesshesupervisestoadopttheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.C.requireherfirmtoadopttheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.Answer=AAccordingtoguidanceforStandard(IV(C),ifamembercannotfulf