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

1.VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountry.ChandaranapostsonabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidnotaskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteStandardsofProfessionalConductdidChandaranaleastlikelyviolate?A.LoyaltytoEmployersB.ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgramC.MisconductAnswer=BThereisnoevidenceChandaranaviolatedStandardVII(B)-ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgramwithregardtohisbeingaCFAcandidate.Specifically,ChandaranadoesnotoverstatehiscompetencyorimplyhewillachievesuperiorperformanceasaresultofhisCFAdesignation.Itdoesappearthowever,Chandaranadidnotactwithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemployer'sreputation,thusviolatingStandardI(D)-MisconductandStandardIV（八）-LoyaIty.CFALevelIuGuidanceforStandardsI-Vll,'StandardVII(B)-ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgram,StandardI(D)-ProfessionaIism,StandardIV（八）-DutytoEmployers2.DavidDonniganenrolledtotaketheLevelIlCFAexaminationinthecurrentyear,buthedidnottaketheexam.DonniganadvisedhisemployerthathepassedLevelII.Subsequently,heregisteredtotaketheLevelIlexamthenextyear.WhichCFAInstituteStandardsofProfessionalConductdidDonniganleastlikelyviolate?Thestandardrelatedto:A.referencingcandidacyintheCFAProgram.B.dutytoemployer.C.professionalmisconduct.Answer=ABecauseheregisteredtotaketheexaminthenextyear,DonniganstillqualifiestostateheisacandidateintheCFAProgram.Hewouldnot,however,beauthorizedtoreferencethatheisaLevelIIIcandidateand,ifasked,wouldneedtospecifiythatheisaLevelIlcandidate.CFALevelIuGuidanceforStandardsI-Vll,"CFAInstituteStandardI(D)1StandardIV（八）3.IanO'Sullivan,CFA1istheownerandsoleemployeeoftwocompanies,apublicrelationsfirmandafinancialresearchfirm.ThepublicrelationsfirmenteredintoacontractwithMalloryEnterprisestoprovidepublicrelationsservices,withOrSuIIivanreceiving40,000sharesofMallorystockinpaymentforhisservices.Overthenext10days,thepublicrelationsfirmissuedseveralpressreleasesthatdiscussedMallory,sexcellentgrowthprospects.O,Sullivan,throughhisfinancialresearchfirm,alsopublishedaresearchreportrecommendingMallorystockasa"buy."AccordingtotheCFAInstituteStandardsofProfessionalConduct,O'SullivanismostlikelyrequiredtodisclosehisownershipofMallorystockin:A.thepressreleasesonly.B.theresearchreportoniy.C.boththepressreleaseandtheresearchreport.Answer=CMembersshoulddiscloseallmattersthatreasonablycouldbeexpectedtoimpairthemember'sobjectivityasoutlinedinStandardI(B)1andStandardVI（八）.CFALevelIuGuidanceforStandardsI-Vll,"CFAInstituteStandardI(B),StandardVI（八）4.JamesWoods,CFA,isaportfoliomanageratABCSecurities.Woodshasreasonablegroundstobelievehiscolleague,SandraClarke,aCFALevelIlcandidate,isengagedinunethicaltradingactivitiesthatmayalsobeinviolationoflocalsecuritieslaws.WoodsisnotClarke'ssupen/isor,andheractivitiesdonotimpactWoodsoranyoftheportfoliosforwhichheisresponsible.BasedontheCodeandStandards,therecommendedcourseofactionisforWoodsto:A.reportSandraClarketoABC'stradingsupervisororcompliancedepartment.B.nottakeanyactionbecauseheisnotdirectlyinvolved.C.reportSandraClarketotheappropriategovernmentalorregulatoryorganization.Answer=AUnderStandard1（八）insituationswhereamemberorcandidateisawareofemployerengagementinunethicalorillegalactivity,itisrecommendedthattheyattempttostopthebehaviorbybringingittotheattentionofasupervisororthefirm'scompliancedepartment.CFALevelI''GuidanceforStandardsI-Vll,"CFAInstituteStandardI（八）5.AfterafirmpresentsaminimumrequirednumberofyearsofGIPS-compliantperformance,thefirmmustpresentanadditionalyearOfperformanceeachyear,buildinguptoaminimumof:A.10yearsofGIPS-CompIiantperformance.B.15yearsofGIPS-CompIiantperformance.C.5yearsofGIPS-CompIiantperformance.Answer=AAfterafirmpresentsaminimumoffiveyearsofGIPS-CompIiantperformance,thefirmmustpresentanadditionalyearofperformanceeachyear,buildingptoaminimumof10yearsofGIPS-compliantperformance.CFALevelI,'TheGIPSStandards；*CFAInstituteSection:HistoricalPerformanceRecordMadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanager.Inhernewposition,Smithisrequiredtosupervisethreeportloliomanagers.Smithasksforacopyofherfirm'swrittensupervisorypoliciesandproceduresbutisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStandardsofPracticeHandbook,Smith'smostappropriatecourseofactionwouldbeto:A.declinetoacceptsupervisoryresponsibilityuntilherfirmadoptsprocedurestoallowhertoadequatelyexercisesuchresponsibility.B.requiretheemployeesshesupervisestoadopttheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.C.requireherfirmtoadopttheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.Answer=AAccordingtoguidanceforStandard(IV(C),ifamembercannotfulf