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1、2017LevelIMockExam:AfternoonSessionTheafternoonsessionofthe2017LevelICharteredFinancialAnalyst(CFA*)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.TopicMinutes1-18Eth
2、icalandProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:1801.RichardCardinal,CFA,is
3、thefounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopaysseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregulatorychangesthatmayimpacthistargetcompanies.Cardinalsellsshortt
4、hosetargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock.Cardinalconductsapublicrelationscampaigntodiscloseallofthenegativeinformationhehasgatheredonthecompany,eveniftheinformationisnotyetpublic.Whic
5、hofCardinalsactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?A.SellingstockshortB.TradingoninformationfromlobbyistsC.DisclosinginformationabouttargetcompaniesAnswer=ASellingstockshortisamanagementstrategyanddoesnotnecessarilyviolateanyaspectoftheStandardsofProfessio
6、nalConduct.CFALevelIGuidanceforStandardsI-V,StandardII(B)-MarketManipulation2.BethKozniak,aCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclientsbuildingisnotsoldwithin30d
7、ays,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKozniakshadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclientslimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalesc
8、ommission.SixmonthsIaterzshesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientB.Yes,sheprofitedontherealestatetothedetrimen
9、tofherfinanciallystressedclientCNoAnswer=CKozniakdoesnotappeartohaveviolatedanyCFAInstituteStandardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedwithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherow
10、naccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepropertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DiscIosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescomm
11、ission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchase,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedOfviolatingStandardIII（八）-LoyaItyzPrudence,andCarewitheitherclient.CFALevelIuGuidanceforStandardsl-VISta
12、ndardIII（八）-LoyaIty,Prudence,andCare,StandardVl（八）-DiscIosureofConflicts3.WhichofthefollowingstatementsconcerningtheGlobalInvestmentPerformanceStandards(GIPS)ismostlikelycorrect?A.TheStandardseliminatetheneedforin-depthduediligencebyinvestors.B.CompliancewiththeStandardsenhancesthecredibilityofinves
13、tmentmanagementfirms.C.ClientsorprospectiveclientsbenefitfromtheStandardsbecausethehistoricaltrackrecordofcompliantfirmsisaccurateandprecise.Answer=BCompliancewiththeGIPSstandardsenhancesthecredibilityofinvestmentmanagementfirms.CFALevelIintroductiontotheGlobalInvestmentPerformanceStandards(GIPS)/CF
14、AInstituteWhoBenefitsfromCompliance?4.MoniqueGrettazCFA,isaresearchanalystatEastWestInvestmentBank.Previously,Grettaworkedatamutualfundmanagementcompanyandhasalong-standingclientrelationshipwiththemanagersofthefundsandtheirinstitutionalinvestors.Grettaoftenprovidesfundmanagers,whoworkforGrettasforme
15、remployer,withdraftcopiesofherresearchbeforedisseminatingtheinformationtoallofthebank,sclients.ThispracticehashelpedGrettaavoidseveralerrorsinherreports,andshebelievesitisbeneficialtothebank,sclients,eventhoughtheyarenotawareofthispractice.Regardingherresearch,GrettaleastlikelyviolatedtheCFAInstitut
16、eStandardsofProfessionalConductbecause:A.thelong-standingclientrelationshipsarenotdisclosed.B.thispracticebenefitsallclients.C.herreportisadraft.Answer=ATheanalystdoesnotviolateanyoftheStandardsofProfessionalConductbyhavinglong-standingclientrelationshipsandgenerallyisnotrequiredtodisclosesuchrelationships.However,theanalystisnottreatingallclientsfairlya
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