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1、2019LevelIMockExamAMhcmorningsessionofthe2019LevelICharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minules(3hours)(orthissessionoftheexam.QuestionsTopicMinutes1-20Ethicaland
2、ProfessionalStandards3021-32QUanl1833-44Econ1845-62FinancialReportingandAnalysis2763-74CorporateFinance1875-81PortfolioManagement10.582-94Equity19.595-10711xcdIncome19.5IOH-II4DerivativesIoS115-120AlternativeInvestments9Total:180Byarretingthismockexam,yuagreetnthefnllwngtermsofw:Thhmockexamisprovide
3、dtncurrentlyregisteredCfAcandidates.Candidatesmayviewandprinttheexamforpersonalexamprepantiononly.ThefollowingACtiYitiCSarcStrictiyprohibitedandmayresulttndisciplinaryand/orlegalaction：accessingorpermittingaccessbyanyoneotherthancurrently-regirteredCFAcandidates;copying,postingtoanywebs(e.emailing,d
4、stnbutngand/orrepnnungthemockexamforanypurposeB201XCFAInshhitf.Allrightsrfserwd.2019LEVELIMOCKEXAMAM1WhCwolikelydetermineswhetheraViolntinnoftheCFAInstituteCCdPandStandardsortestingpolicieshasoccurredandwhatsanctionshouldbeimposed?The:AProfessionalConductStaffandtheDisciplinaryReviewCommitteeBProfes
5、sionalConductStaffCDisciplinaryReviewCommitteeAiscorrect.BoththeProfessionalConductStaffandtheDisciplinaryReviewCommitteeareresponsiblefordeterminingwhetheraViolattonoftheCodeandStandardsortestingpolicieshasoccurredandifsowhatsanctionshouldbeimposed.Followingtheirinvestigation,tpProfMsionaIConductSt
6、affmayCOndudPth?inquiryWlthnodKdpHnarysanction,issueacautionaryletter,orcontinueproceedingstodisciplinethememberorcandidatewhichincludethechargesandaproposedsanction.Ifthatproposalisrejectedbythememberorcandidate,thematterisreferredtoapanelcomposedofDRCMembers-TheanestaskistodetermineWhetheraviolati
7、onOftheCodeandStandardsortestingpoliciesoccurredd11dKsowhatsanctionshouldbeImposed.Bisincorrect.BoththeProfessionalConductStaffandtheDisciplinaryReviewCommitteeareresponsiblefordeterminingwhetheraviolationOftheCodeandStandardsortestingpolideshasoccuedandifsowhatsanctionshouldbeimposed.Cisincorrect.B
8、oththeProfessionalConductStaffandtheDisciplinaryReviewCommitteeareresponsiblefordeterminingwhetheraviolationOftheCodeandStandardsortestingpolideshasoccurredandifsowhatsanctionshouldbeimposed.CodeofEthicsandStandardsofProfessicxidlConduct1.OS诵2HollyBaker,CFAisCKPIeUningtheCFInstituteCodeofEthicstoacl
9、ient.WhichofthefollowingstatementscouldBakermaketomostlikelyreflectdisciplinarysanctionstheCFAInstitutemayimpose?Sanctionsinclude:Afinesforviolations.Brevocationofmembership.Cbanishmentfromtheindustry.BiscorrectastheCFAInstitutemayrevokemembershipforviolationsoftheInstituteCodeofEthics.AisIncorrectb
10、ecauseCFAInsttuteBylawsdonotincludefinesasasanction.CBincorrectasCFAInstitutedocsnothavetheauthoritytobananindividualfromthebusinessanddoesnotalwaysapplysanctionstoeveryVtolationofItsCode.CodeofEthksandStandardsofProfessionalConductLOSa3WilliamWong,CFAfisanequityanalystwithHayswickSecurities.Basedon
11、hisfundamentalanalysis,Wongconcludesthatthestockofacompanyhefollows,Nolveclnc.fissubstantiallyundervaluedandwillexperiencealargepriceincrease.Hedelaysrevisinghisrecommendationonthestockfromholdtobuytoallowisbrothertobuysharesatthecurrentprice.WongisleastlikelytohaveviolatedtheCFAinstituteStandardsof
12、ProfessionalConductrelatedto:Adutytoclients.Breasonablebasis.Cpriorityoftransactions.BiscorrectbecausethereisnothingtosuggestthatWgdoesnothaveareasonablebasisforhisconclusionrelatedoNokecStandardV（八）).Aisincorrectbecausebydelayingtherevisionofhisrecommendatisothathisbrothercanbuysharesatalowerpriceh
13、ehasviolatedtheCFAInstituteStandardsrelatingtodutytoclientsSUnddrdH（八）.SUnddrdVKB).CisIncorrectbecausebydelayingterevisionofhisrecommendatisothathisbrothercanbuysharesatalowerpricehehasviolatedtheCFAInstituteStandardsrelatingtopriorttyoftrans4ctisStandardIIKA),StandardVl(B)LGuidanceforStandardsI-Vll
14、1.oSaStandardIII（八）-LoyaIty,Prudence,andCare,StandardVl(B)-PriorityofTransactions,StandardV（八）-DhgcneMndReasonableBd4HuiChen,CFA1developsmarketingmaterialsforaninvestmentfundhefoundedthreeyearsAgeThrmaterialshcwthe3-yrar,2-yrar.and1yrarreturnsforthefund.HcincludesaftnotethatstatesinsmallprintPastper
15、formancedoesnotguaranteefuturereturns.*HedoesnotclaimcompliancewithGlPSinthedisclosuresorfootnotes.Hcalsoincludesaseparatesheetshowingthemostrecentsemi-annualandquarterlyreturns,whichnotesthattheyhavebeenneitherauditednorverified.HasChenmostlikelyviolatedanyCFAInstituteStandardsofPrufrssiunalConduct
16、?ANdBYes,becauseheincludedunauditedandunverifiedresults.CYes,becausehedidnotadheretotheGlobalInvestmentPerformancestandards.AisccxrectbecausetheStandardsrequirememberstomakereasonableeffortstomakesureperfcxmanceInformationisfairtaccurate,andcomplete.TheStandardsdonotrequirecompliancewithGlobalInvest
17、mentPerformanceStandards(GIPS),auditing,orverificationrequirementsStandardHI(D).DisincorrectbecauseteStandardsdonotrequirethatresultsbauditedorveriedunlessclaimingCOmPfanCewithGIPS.CisInconectbecausetheStandardsdonotrequirecompliancewithGPS.GuidanceforStandardsI-Vll1.OSa5CharlieMancinilCFA,istheMana
18、gingDirectorforBusinessDevelopmentatSVFinancial(SVT)1alargeUS-basedmutualfundorganization.Mancinihasbeenunderpressurerecentlytoincreaserevenues.InordertosecurebusinessfromalargehedgefundmanagerbasedinAsia,Mancinirecentlyapprovedexibletermsforthefundsclientagreement.Tballowfortimezonedifferences,thea
19、greementpermitsthehedgefundtotradeinallofSVFsmutualfundssixhoursafterthecloseofUSmarkets,whichisprohibitedbyUSregulators.DidManciniviolateanyCFAInstituteStandardsofProfessionalConduct?ANo.BYes,withregardtoarDealing.CYes,withregardtoFairDealingandMaterialNonpublirInformation.Ciscorrectbecauseclientss
20、houldbetreatedfairlyandImpartiallyStandardIII(B).Inaddition,theflexibletradingtermsallowthehedgefundmanagertoenrichthemselvesandIsaviolationofStandardI（八）,concerningtradingonmaterialnonpublicInformation.ThiskalsoaconflictofinterpstStandard（八）-DiscIosurpofConflicts.AIsIncorrectbecauseviolationsofseve
21、ralStandardshaveoccurred.BIsIncorrectbecauseaviolationOftheFairDealingstandardhasoccurred.juidareforStandardsI-Vll1.OSaStandafdII（八）-MateriaINonpublkInformation,StandardIII(B)-FairDealing,StandardI（八）-DisdosureofConflicts6RicardoTorres,CFA,isawell-respectedtelecommunicationsanalystforPcgasusAdvisers
22、.Hcisknownforhisthoroughanalysis*includinginterviewswithsuppliers,customers,andcompetitors.Torreshasastrongfollowing,andhisresearchreportscanoftenmateriallyaffectthemarket.Asaresult,PegasuslimitsthelilributiunofhisreportsIPegauclients.AfterIuMiigmarketsharetoPegasusforovertwoyears,MarcoRodrigo,aCFAc
23、andidate,reportsTorrestothelocalsecuritiesregulatoronsuspicionofusinginsiderinformationtomakesharerecommendations.WhatCFAInstituteStandardofProfessionalConducthasRodrigomostlikelyviolated?AMisconductBMaterialNonpublicInformationCMarketManipulationAIscorrect.RodrigohaslikelyviolatedStandardI(D)-MIsco
24、nductbybehavingInanunprofessionalmannerthatreflectsadverselyonhisprofessionalIntegritybyreportingTCrrPStotheregulatorWhPnthprpisnoapparentPVidAnCeTOnPSkUangmaterIalno-publlcInformation.TorresIsawell-respectedanalystknownforhisin-depth,thoroughanalysisusingamosaicprocess.ItappearsRodngoonlyreportedTo
25、rrestoharmhisreputationinordertorecapturethemarketsharehehaslostoverthelasttwoyears.ThereIsnoevidenceTonesmanipulatedthemarketthroughhisresearch.TheresearchIsusedforthebenefitofthePegaSUSclients.AlthoughthepublicmayconsiderTorres*reportstobematerialbecauseofthefactthattheirreleasecanmovethemarket,It
26、doesnotmeanthereportmustbemadeavailabletothepublicpriortothereleaseofthereporttoPegasusclients.BisincorrectbecausethereisnoevidenceTorresmanipulatedthemarketthroughhisresearch.TeresearchKusedforthebeetofthePegasusdtents.CisInCOCreCtbecausewhilethepubkmayconsiderTorresreportstobematerialduetothefactt
27、hatteirreleasecanmovethemarketItdoesnotmeanthereportmustbeEadPavailabktotepublicpriortoterepasofthereporttoPPgaSUSclientsGuidanceforStandardsI-Vll1.OSaStandardI(D)-Misconduct,StandardIKAb-MatefiaINpublkInformation,SUndardll(B-Marke(MaNpubtinn7AlbertNyakcndarCFAwasdrivingtoaclientsofficewherehewasexp
28、ectedtocloseamulti*million-dollardealwhenhewaspulledoverbyatrafficpolicemanalthoughhedidnotbelievehehadviohtedanytrafficlaws.WhenNyakendarealizedthepolicemanplannedtowronglytickethimforspeeding,heofferedtobuyhim“lunch”sothathecouldquicklygettohisclientsoffice.Thelunchwouldcostsignificantlymorethanth
29、eticketThealternativewastogotothepolicestationandhieacomphintofbeingwronglyaccusedthatwouldalsoinvolvegoingtocourtthenextdaytopresenthiscase.DidNyakendamostlikelyviolatetheCFACodeofEthics?A.BNo,becausehewaswronglyaccusedCNo,becausethecostoflunchismorethantheticket.2019年CFAFPM飞速更新中，微信AShanIel988同步网校进
30、度，Uin家】【Ga源】均22阮.欢迎垂道AKcorrectbecauseNyakendawaseffectivelytryingtobribethepolicemansothatheWOUldnotIssueaspeedingticket.ThisactionviolatestheCodeofEthics.DespitefeelinghewaswrongJyaccused.ItIsonlyhisopinion,andmaynotbebasedonfactorInacourtOHdw.NyakendahasaresponsibilitytoactwithIntegrityandinanethi
31、calasrequiredbytheCodeofEthic.BisincorrectbecauseNyakendadoesnothavetheauthoritytodeterminewhetherhewaswrglyaccused.Thatishisopinion,notbasedonfactorinacourtoflaw.Hemustobeythelawso(thecountrywithinwhkhheresidesandworksandactwithintegrityandInaethkalmanner.CIsIncorrectbecausehemustobeythelawso(theco
32、untrywithinwhichheresidesandworksanddoesnothavetheJuNsdictIonaIpowertodeterminewhetherhispun-IshmenfIsjust.NyakendamustactWlthintegrityandinanetkalmanner.GuidanceforStAndarchI-VllIoSab8FranCrSCaNdendavCFA,andGraceRuUbingwaworkinthesamedepartmentforNewAgeManagerswithRutabingwareportingtoNdcnda.Ndenda
33、learnsthatRutabinguareceivedaNoticeofEnquiryfromtheProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenhesatfortheCbAexaminJune.AsRutabingwassupervisor.NdUndaisafraidthebehavioro(RutabingwawillbeSeenasaviolationoftheCFACodeandStandards.DoesNdendamostlikelyhavecauseforconc
34、ern?AYes.BNo,becauseherresponsibilitiesdonotapply.CNo,notuntilRutabtngwaisfoundguiltyofcheating.BiscorrectbecauseaSUPerViSOfsresponsibilitiesrelatetodetectingandpreventingviolationsbyanyonesubjecttotheirSUPerViSiOnorauthorityregardingactivitiestheysuperviseNdendahadnowayofdetectingand/orpreventingRu
35、tabingwafromcheatingduringtheCFAexam,ifinfactthatiswhathedidaneventshedidnotattendAisincorrectbecauseNdendadoesnothavesupenrisryresponsibilityforRutahingwawhenhetakeshisCFAexa11lCisincorrectbecausesupervisorresponsibilityinthiscasedoesnotapply,asRutabingwawasnotunderthesupervisionf,Ndendawhenhetookt
36、heCFAexam.GUidanCCforStandardsI-V111.OSabStandardIV(0-ResponsibilitiesofSupervisors9OniErobo,CFA,theGeneralPartnerinarealestatedevelopmentproject,isresponsibleforcompletingtheprojectwithinan18-monthperiodandwithinbudgetErobowillreceiveanequitystakeof20%intheprojectifitcomeswithinbudget.Concernedthat
37、projectcostscouldescalate,theLimitedPartnersrequireErobotocapexpensesat15%abovebudget.Costswerewithinexpectationupuntilthelastmonthofconstructionwhenimportedlightingfixturecosts(accountingforroughly5%oftotalcosts)escalatedbymorethan50%.Asaresult,theoverallreturndeclinedbelowthepartnersexpected35%RoL
38、ErobodidnotinformtheLimitedPartnersabouttheincreasedcosts.DidErobomostlikelyviolatetheCFACodeofEthicsandStandardsofProfessionalConduct?ANo.BYes,becausereturnsarelowerthanexpectedbythePartners,(Yes,becausehedidnotdisclosetheincreasedcoststohisPartners.AiscrectbecausenoviolationtookPIaCeErobowasnotreq
39、uiredtoinformtheLimitedPaixnersabouttheincreaseinlightingfixture8stastheincreasewouldnotcausetheoverallprojectOOSttoescalatehigherthanthe15%budgetvariancecontingencyagreedwithinthePartnerShiRBisincorrectbecauseErobodidnotmakeanypromisesregardingthereturnoftheprojectCisincorrectbecauseErobowasnotrequ
40、iredtoilformtheLimitedPartnersregardingtheincreaseinIighlingfixturestsinceIheincreasewouldnotcausetheoverallprojectcosttoescalatehigherthanthe15%budgetvaiianceagreedwithinthepartnershipallowingEroboa20%equitystake.GuidanceforStandardsI-V11StandardKO-MisrepresentationLOSAb10DanielleDeschutes,CFA,isap
41、ortfoliomanagerwhoispartofa10-personteamthatmanagesequityportfoliosforinstitutionalclients.Acompetingfirm,SouthWestManagers,asksDeschutestointerviewforapositionwithinitsfirmandtobringherperformancehistorytotheinterview.Deschutesreceiveswrittenpermissionfromhercurrentemployertobringtheperformancehist
42、oryofthestockportfoliowithher.Attheinterview,shedisclosesthattheperformancenumbersrepresenttheworkofherteamanddescribestheroleofeachmember.Tobolsterhercredibility,Deschutesalsoprovidesthenamesofinstitutionalclientsandrelatedassetsconstitutingtheportfolio.DuringherinterviewDeschutesmostlikelyviolated
43、theCFAInstituteStandardsofProfessionalConductwithregardsto：Athestockportfoliosperformancehistory.Bhercontributiontotheportfoliosreturns.Cprovidingdetailsoftheinstitutionalclients.CiscorrectbecauseDeschutesmostlikelyviolatedStandardlH(-PresenrationofConfidentialitybyfailingtoPreSerVetheconfidentialit
44、yofclientrecordswhenshedisclosedspecificdetailsaboutclientsintheequitypotfoliAisincorrectbecauseStandardI11(D)-PerfOTiancePresentationdoesnotprohibitshowingpastperlranceoffundsmanagedatapriorGfasPartOfHperformancetrackrecordasIDngasshowingthatrecordisaccompaniedbyappropriatedisclosuresaboutwherethep
45、erf,mancetookplaceandthePerSoHsspecifcroleinachievingthatperformancewhichhasbeendoneinthiscaseBisincoectbecausethespecificroletheportfoliomanagerplayedinachievingtheperformanceandthepolionofthereturnthatewasdirectlyresponsiblefiouldbedisclosedasrequiredbyStandard11I(1-PertoimancePreSentationDeschute
46、sexplednsthattheperfj11nancewasaIeanlffortandthereisnoindicationshetriedtoexaggeateherroleinobtainingtheperfcrmancenordidshespecificallystatearet1111shewasdirectlyresponsibleforwhichwouldbedifficulttodetermineasamemberofateam.GuidanceforStandardsI-Vn1.OSb11SheilaSchleif,CFA1isanequityanalystataninve
47、stmentbankingdivisionofMokaraFinancialGroup,afullservicefinancialgroup.SchleifusesamultifactorcomputermodeltomakestockrecommendationsforallclientsofMokara.Schleifdiscoversthatthemodelcontainsanerror.Iftheerrorwerecorrected,hermostrecentbuyrecommendationcommunicatedtoallclientswouldchangetoasell.Schl
48、eifcorrectstheerror,changingthebuytoasellrecommendation,andthensimultaneouslydistributesviae-mailtherevisiontoallinvestmentbankingclientswhoreceivedtheinitialrecommendation,Aweeklater,Schleifsellsthesamesharessheheldinherpersonalportfolio.Concerningheractions,SchleifmostlikelyviolatedwhichofthefollowingCFAInstituteStandardsofProfessionalConduct?AFairDealingBPriorityofTransactions(DiligenceandReasonableBasisAiscectbecausetheanalystviolatedStandardHI-FairDealin
