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

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1、2019LevelIMockExamPMIhcafternoonsessionofthe2019LevelICharteredFinancialAnalystMockExaminationhas12Uquestions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofOneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-19Ethical

2、andPiufrs&iuiidlSUtid4Inh28.520-31Quant1832-43Econ18卅6】HnancialReportingandAnalysis2762-73CorporateRnance1874-80PortfolioManagement10.581-93Equity19.594-106HxedIncome19.5107-113Derivatives10.5IM120AlternativeInvestments10.5Total:IAOByaccessingthismockexam,youagreetothefollowingtrmsofuse：Hismockexami

3、sprovidedtocurrentlyIegisteredCFAcandidates.Candidatesmayviewandprimtheexamforpersonalexamprepjrationonly.ThefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryAnd/orlegalaction：accessingorpermittingaccessbyanyoneotherthancurrentIy-registeredCFAcandidates：copying,postingtoanywebsite,e

4、mailing,distributingand/orrrprintngthemocexamfunt,whenhisrmpurchasesablockofsecurities*Nelsonallocatestohisfamilysaccountonlythosesharesthatremainafterhisotherclientaccountshavetheirordersfilled.Thefeeformanaginghisfamilysaccountisbasedonhisfirmsnormalfeestructure.AccordingtotheStandardsyPracticeHan

5、dbook、Nelsonsbestcourseofactionwithregardtomanagementofhisfamilysaccountwouldbeto:AtreattheaccountlikeOtherclientaccounts.Btreattheaccountlikeotheremployeeaccountsofthefirm.Cremovehimselffromanydirertinvolvementbytransferringresponsibilityforthisaccounttoanotherinvestmentprofessionalinthefirm.3Sever

6、alyearsago,LeoPeek,CFA1co-foundedaninvestmentclubTheclubisfullyinvestedbuthasnotactivelytradeditsaccountforatleastayearanddoesnotplantoresumeactivetradingoftheaccount.Peeksemployerrequiresanannualdisclosureofemployeestockownership.Peekdisclosesallofhispersonaltradingaccounts,butdoesnotdisclosehishol

7、dingsintheinvestmeritclub.PeeksactionsareleastlikelytobeaviolationofwhichoftheCFAInstituteStandardsofProfessionalConduct?AMisrepresentationBTransactionpriorityCConflictsofinterest4MadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanager.Inhernewposition,Smithisrequiredtosupervisethreeportfoliom

8、anagers.Smithasksforacopyofherfirmswrittensupervisorypoliciesandprocedures,butisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStandardsofPracticeHandbook,SmithsmostappropriatecourseOfactionwouldbeto:ArequireherfirmtoadopttheCFAInstituteCodeofEthic

9、sandStandardsofProfessionalConduct.RrequirethePmPlnyPPqShPsuperviseetnadepttheCFAInstitiitpCodeCfEthicsandStandardsofProfessionalConduct.Cdeclinetoacceptsupervisoryresponsibilityuntilherfirmadoptsprocedurestoallowhertoadequatelyexercisesuchresponsibility.5MarcDavidsontCFA,worksasatrustspecialistforI

10、ntegrityFinancial.Onhisowntime,DovidsonstartsaparttimeconsultingbusinessprovidingadvicetoTrusteesforafeeHeconductsthisbusine&sonhisowntime.DavidsonaskshisassistanttocompilealistofIntegritysclientsandtheircontactinformation.Ihefollowingmonth,DavidsonisofferedasimilarroleatIntegrityslargestcompetitor,

11、LegacyTrustServices,Inc.AfterhebeginsWOrkingatLegacy,hisnewmanagerarrangesforhimtomeetwithanumberofprospectiveclients,manyofwhomareclientsofIntegrity.AftermeetingwithDavidson,anumberofformerIntegrityclientsdecidetotransfertheirbusinesstoLegacy.DidDavidscnlactionviolatetheCadeandStandards?ANo.BYes,Da

12、vidsonsparttimeconsultingbusinessisaviolationoftheStandards.(Yes,bothDavidsonsparttimeconsuhingbusinessandhismeetingswithIntegrityclientsareaviolationoftheStandards.6LeeChu1aCFAcandidate,developsanewquantitativesecurityselectionmodelexclusivelythroughback-testingontheQiineseequitymarket.ChUkaskedtor

13、eviewmarketingmaterialsincludinganoverviewoftheconceptualframeworkforhismodel,providingback-testedperformanceresults,andlistingthetopholdings.ChudirectsthemarketinggrouptoremovethedescriptionofhismodelduetoconcernscompetitorsmayattemptIoreplicatehisinvel11)enlphilosophy.Healsoinstructsthemarketinggr

14、ouptoremovethelistCfthetopholdingsbecauseitshowsthatthetopholdingrepresents30percentoftheback-testedmodel.WhiChofthefollowingactionsisleastlikelytoresultinaviolationoftheCodeandStandards?ChUs:Auseofback-testedresultsincommunicationwithprospectiveclients.Bfailuretoadequatelydescribetheinvestmentprocesstoprospectiveclients.(failuretodisclosethatthetopholdingrepresentssuchAlargeallocationinthemodel.7BobWhiteisanewCFAcharterholderandheisupdatinghisresumeandcompanybiography(bio)toreflectthisaccomplishment.Inhis