CFA一级历年模拟考试(2015-2019)：2018_Level_I_Mock_Exam_PM-Session_(with_Solutions)_removed.docx

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1、2018LevelIMockExamPMTheafternoonsessionofthe2018LevelICharteredFinancialAnalystMockExaminationhas120questions.Tbestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18Ethicala

2、ndProfessionalStandards2719-33Quant22.534-=45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome18111-115Derivatives7.5116-120AlternativeInvestments7.5Total:180Byaccessingthismockexam,youagreetothefollowingtermsofuse:1hismockexa

3、misprovidedtocurrentlyregisteredCFAcandidates.CandidatesmayviewandprinttheexamforpersonalCXampreparationonly,efollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaclion;accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,

4、emailingrdistributingand/orreprintingthemockexamforanypurpose2017CFAInstitute.Allrightsresenred.2018Levelimockexampm1WhichofthefollowingisleastlikelyarequirementoftheGIPSstandards?Firmsarerequiredto:Ahavetheirperformancerecordsverifiedbyanindependentthirdparty.Bincludealldiscretionary,fee-payingport

5、foliosinatleastonecomposite.CpresentaminimumoffiveyearsofannualinvestmentperformancecompliantwithGIPSstandards.Aiscorrectbecauseitisarccominendationbutnotarequirementtlatfrmsobtainindependentthird-partyverificationtoc!eumGlPScompliacaFiimsarerequiredtoincludealldiscretionary;fee-payingPCrtfCiiOSinat

6、IeastonecompositeTheymustalsopresentaminimuinoffiveyearsofannualinvestmentperformancecompliantWithGlPSstandard*Bisincorrectbecauseitisarequirement.CisincorrectbecauseitisarequirementGlobalInvestmentPerformanceStandards(GIPS)1.OSa2Incaseswhereapplicablelocallawsgoverningcalculationandpresentationofin

7、vestmentperformanceconflictwiththeGIPSstandards,firmsare:AunabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.BrequiredtocalculateandmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.Crequiredtocomplywithlocalregulationsandmakefulldiscloseoftheconflicttoclai

8、mGIPScompliance.CiscorrectbecauseincaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandardsfirmsarerequiredtocomplywithlocalregulationsandmakefulldiscloseOrtheconflictinthecompliantpresentationAisincorrectbecauseisanotarequirementfororobstac

9、letoGlPScomplianceincaseswherelocallawsConflictwithGlPSstandardsBisincorrectbecauseisanotHrequirementfororobstacletoGIPScomplianceincaseswherelocalLawsConflictwithGlPSStandardSGlobalInvestmentPerTormanceStandards(GIPS)1.OScSection4.A,223VishalChandarana,anunemployedresearchanalyst,recentlyregistered

10、fortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountry.ChandaranapostsonasocialmediabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidn,taskhimaboutbeingfiredfromhisformeremployer.Whi

11、chCFAInstituteCodeofEthicsorStandardsofProfessionalConductdidChandaranaleastlikelyxdolate?AMisconductBLoyaltytoEmployers(ReferencetotheCFAProgramCiscorrectbecausethereisnoevidenceChandaranaVioIatedStandaidVH(WithregardtohisbeingaCFAcandidateSpecificallyChandaranadoesnotoverstatehiscompetecyorimplyhe

12、WillachieveSUPeriorperformanceasaresultfhisCFAdesignation.Itdoesappear;however;ChandaranadidnotactWithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemployerSrVPUuiIienthusViQhitingStandardI(B)-Piofessionalism(Ntisconduct)andStandardIVW-DutytoEmployers(Loyalt0.Aisincorrectbecauseitappear

13、sChandaranadidnotactwithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemploye?sreputationviolatingStandard1(-FYofessionalisinMisconduct).BisincorrectbecauseitappearsChanda,anadidnotactforthebenefitOfhiseiiiployerwhenhehidinformationthatcouldpotentiallyharmhisnewemployedSreputationviolat

14、ingStandardIV（八）-DUlytnEmployers(Loyally).GuidanceforStandardsI-Vn1.OSbStandardr11（三）-ReferencetoCFAInstitutetheCFADesignationandtheCFAfrogram,Standard1(-Misconduct,StandardIV（八）-Loyalty1MirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession.Thestockrealizedasignificant

15、gaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsofPracticeHandbook,Grafton,sleastappropriateactionistoallocatetheexecutionprices:Aacrosstheparticipatingclientaccountsatthesameexecutionprice.B

16、acrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.(onafirst-in,first-outbasisWithconsiderationofbundlingordersforefficiency.BiscorrectbecauseaccordingtoStanda,ci11IE)bestpracticesincludeallocatingprorataonthebasisofCrderSiZenotaccountSiZeAllclientsparticipatingintheblocktradeshouldreceivethes