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

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1、2018LevelIMockExamPMTheafternoonsessionofthe2018Level1CharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18Ethical

2、andProfessionalStandards2719-33Quant22634-45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome181U-115Derivatives7.5116-120AlternativeInvestments7.5TotaL:180Byaccessingthismockexam,youagreetothefblloingtermsofuse:IhiSmcxrkexami

3、sproridedtocurrentlyregisteredCFAcandidates.CandidatesmayviewandprinttheexamforpersonalexampreparationOnly.befollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,e

4、mailingrdistributingand/orreprintingthemockexamforanypurpose2017CFAInstitute.Allrightsreserved.2018Levelimockexampm1WhichofthefollowingisleastlikelyarequirementoftheGIPSstandards?Firmsarerequiredto:Ahavetheirperformancerecordsverifiedbyanindependentthirdparty.Bincludealldiscretionary,fee-payingportf

5、oliosinatleastonecomposite.CpresentaminimumoffiveyearsofannualinvestmentperformancecompliantwithGIPSstandards.2IncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:AunabletoclaimGIPScomplianceincaseswherelocalregulationsprohib

6、itaccuratecalculation.BrequiredtocalculateandmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.CrequiredtocomplywithlocalregulationsandmakefulldiscloseoftheconflicttoclaimGlPScompliance.3VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofint

7、enseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountty.ChandaranapostsonasocialmediabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidn,taskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteCodeofEthicsorStandardsof

8、ProfessionalConductdidChandaranaleastlikelyviolate?AMisconductBLoyaltytoEmployers(ReferencetotheCFAProgramIMirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession,11estockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodet

9、erminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsofPracticeHandbOok,Graftonsleastappropriateactionistoallocatetheexecutionprices：Aacrosstheparticipatingclientaccountsatthesameexecutionprice.Bacrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.Conafirst-in,f

10、irst-outbasiswithconsiderationofbundlingordersforefficiency.5LawrenceHall,CFA,andNancyBishop,CFA,beganajointresearchreportonStamperCorporation.BishopvisitedStamper,scorporateheadquartersforseveraldaysandmetwithallcompanyofficers.Priortothecompletionofthereport,Bishopwasreassignedtoanotherproject.Hal

11、lutilizedhisandBishopsresearchtowritethereportbutdidnotincludeBishop,snameonthereportbecausehedidnotagreewithandchangedBishopsconclusionincludedinthefinalreport.AccordingtotheCFAInstituteStanda*dsCfPracticeHandbook,didHallmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?ANdBYes,withres

12、pecttomisrepresentation.CYes,withrespecttodiligenceandreasonablebasis.6RebeccaWongisenrolledtotaketheLevelICFAexamination.HerfriendWilliamLeungpurchasedLevelIstudymaterialsfromawelkknownCFAreviewprogramthepreviousyear.LeungmadeaphotocopyofthepreviousyearscopyrightedmaterialsandsoldittoWongtohelphers

13、tudy.WhomostlikelyviolatedtheCFAInstituteCodeofEthicsoranyStandardsofProfessionalConduct?ABothviolated.BNeitherviolated.(OnlyLeungviolated.7WhichofthefollowinggroupsismostlikelyresponsibleformaintainingoversightandresponsibilityfortheProfessionalConductProgram(PCP)?ACFAInstituteBoardofGovernorsBDisc

14、iplinaryReviewCommittee(ProfessionalConductDivision8Whencanaparty,nonmemberorfirm,mostlikelyclaimcompliancewiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?Oncetheyhave：AensuredthattheircodeandethicsmeetstheprinciplesoftheCodeandStandards.BnotifiedtheCFAInstituteoftheirclaim.(verifie

15、dtheirclaimofcompliancewiththeCFAInstitute.9Jean-LucSchlumberger,CFA,isanindependentresearchanalystprovidingequityresearchoncompanieslistedonexchangesinemergingmarkets.HeoftenincorporatesstatisticaldataheobtainsfromthewebsitesoftheWorldBankandthecentralbanksofvariouscountriesintothebodyOfhisresearch

16、reports.Whilenotindicatedwithinthereports,wheneverhisclientsaskwherehegetshisinformationheinformsthemtheinformationisinthepublicdomainbuthedoesntkeephisownrecords.Whentheclientsaskforthespecificwebsiteaddressesheprovidestheinformation.WhichStandardhasSchlumbergerleastEkelyviolated?ARecordRetentionBMisrepresentation(PerformancePresen