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

2018LevelIMockExamAMThemorningsessionofthe2018LevelICharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18EthicalandProfessionalStandards2719-33Quant22534-45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome18111-115Derivatives7.5116-120AlternativeInvestments7.5Total;180Byaccessingthismockexam,youagreetothefollowingtermsofuse：IhismockexamisprovidedtocurrentlyregisteredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly,efollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose©2017CFAInstitute.Allrightsreserved.2018Levelimockexamam1AndrewSmith,CFA,worksforGranite,acommercialbankthatalsohasasizeablesellsideresearchdivision.Smithispresentingfinancingsolutionstoapotentialbusinessclient,DynamicMaterialsCorp.Aspartofhispresentation,SmithmentionsthatGranitewillinitiateresearchcoverageonDynamic.IsSmithsarrangementmostlikelyappropriatewithregardstotheCFAStandards?AYesBNo,becauseSmithcannotoffertoprovideresearchcoverageonacompanyiftheybecomeacorporatefinanceclient.CNo,becauseGranitecannotprovideresearchcoverageonacorporatefinanceclientasthisconstitutesaviolationofresearchindependence.2DuringanOn-Sitecompanyvisit,MarshaWard,CFA,accidentallyoverheardtheChiefExecutiveOfficer(CEO)ofStargazer,Inc.,discussingthecompany'stenderoffertopurchaseDynamicaEnterprises,aretailerofStargazerproducts.AccordingtotheCFAInstituteStandardsofProfessionalConduct,Wardmostlikelycannotusetheinformationbecause:Aitrelatestoatenderoffer.Bitwasoverheardandmightbeconsideredunreliable.Cshedoesnothaveareasonableandadequatebasisfortakinginvestmentaction.3WhichofthefollowingisnotincludedintheninemajorprovisionsoftheGlobalInvestmentPerformanceStandards(GIPS)?AInputData,CalculationMethodology,andRealEstateBFundamentalsofCompliance,CompositeConstruction,andDisclosureCCalculationMethodology,CompositeConstruction,andAlternativeAssetsIWhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProceedingsRelatedtoProfessionalConduct?AConfidentialityofproceedingsBPublicdisclosureofdisciplinarysanctionsCFairprocesstothememberandcandidate5InordertoachievecompliancewithGIPSStandards,itisrecommendedthatfirms:Aadoptthebroadest,mostmeaningfuldefinitionofthefirm.Bprovideexistingclientsacompliantpresentationapplicabletotheirportfolio,ataminimumofabi-annualbasis.Csamefirmname.6WhichofthefollowingisnotacomponentoftheCFAInstituteCodeofEthics?APromotefinancialintegrityandseektopreventandpunishabusesinthefinancialmarkets.BPlacetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.CPracticeandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.7JiroSato,CFA,deputytreasurerforMayCollege,managestheStudentScholarshipTrust.SatoissuedaRequestforProposal(RFP)fordomesticequitymanagers.PamelaPeters,CFA,agoodfriendofSato,introduceshimtorepresentativesfromCapitalInvestments,whosubmittedaproposal.SatoselectedCapitalasamanagerbasedonthefirmsexcellentperformancerecord.Shortlyaftertheselection,Peters,whohadoutstandingperformanceasanequitymanagerwithanotherfirm,acceptedalucrativejobwithCapital.WhichoftheCFAcharterholdersviolatedtheCFAInstituteStandardsofProfessionalConduct?ABothviolatedStandards.BPetersviolatedStandards.CNeitherviolatedStandards.8UmiGrabbo,CFA,isahighlyregardedportfoliomanagerforAtlanticAdvisors,amid-sizedmutualfundfirminvestingindomesticsecurities.Shehaswatchedthehedgefundboomandonnumerousoccasionssuggestedthatherfirmcreatesuchafund.Seniormanagementhasrefusedtocommitresourcestohedgefunds.Attractedbypotentialhigherfeesassociatedwithhedgefunds,Grabboandseveralotheremployeesbegindevelopmentoftheirownhedgefundtoinvestininternationalsecurities.Grabboandhercolleaguesarecarefultoworkonthefunddevelopmentonlyontheirowntime.BecauseAtlanticmanagementthinkshedgefundsareafad,shedoesnotinformhersupervisoraboutthehedgefundcreation.AccordingtotheStandardsfPracticeHandbook,GrabboshouldmostlikelyaddresswhichoftheStandardsimmediately?ADisclosureofConflictsBPriorityofTransactions(AdditionalCompensationArrangements9ReikoKimisaki,CFA,isaninvestmentadvisorforanationalsocialsecurityfundinafrontiermarketwithaverylimitedandilliquidcapitalmarket.Thelaborforceisyoungwithaninvestmenttimehorizonof25to30years.Shehasbeenaskedtosuggestwaystoincreasetheinvestmentreturnoftheoverallportfolio.Aftercarefulassessmentofthefund,spreviousinvestmenthistoryrandavailab