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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:180RichardCardinal,CFA,isth
3、efounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopaysseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregulatorychangesthatmayimpacthistargetcompanies.Cardinalsellsshorttho
4、setargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock.Cardinalconductsapublicrelationscampaigntodiscloseallofthenegativeinformationhehasgatheredonthecompany,eveniftheinformationisnotyetpublic.Whicho
5、fCardinalsactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?A.SellingstockshortB.TradingoninformationfromlobbyistsC.Disclosinginformationabouttargetcompanies2.BethKozniakzaCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrent
6、lybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclientsbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKozniak,shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyo
7、therpotentialbuyers.Givenherdistressedclientslimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduc
8、t?A.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientB.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientCNo3.WhichofthefollowingstatementsconcerningtheGlobalInvestmentPerformanceStandards(GIPS)ismostlikelycorrect?A.TheStandardseliminatetheneedforin-depthdued
9、iligencebyinvestors.B.CompliancewiththeStandardsenhancesthecredibilityofinvestmentmanagementfirms.C.ClientsorprospectiveclientsbenefitfromtheStandardsbecausethehistoricaltrackrecordofcompliantfirmsisaccurateandprecise.4.MoniqueGrettazCFA,isaresearchanalystatEastWestInvestmentBank.Previously,Grettawo
10、rkedatamutualfundmanagementcompanyandhasalong-standingclientrelationshipwiththemanagersofthefundsandtheirinstitutionalinvestors.Grettaoftenprovidesfundmanagers,whoworkforGrettasformeremployer,withdraftcopiesofherresearchbeforedisseminatingtheinformationtoallofthebanksclients.ThispracticehashelpedGre
11、ttaavoidseveralerrorsinherreports,andshebelievesitisbeneficialtothebank,sclients,eventhoughtheyarenotawareofthispractice.Regardingherresearch,GrettaleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecause:A.thelong-standingclientrelationshipsarenotdisclosed.B.thispracticebenefitsallcl
12、ients.Cherreportisadraft.5.BelenZapatazCFA,istheownerofKawahInvestments.Kawahpromisesinvestorsreturnsofupto12%peryearandclaimstoachievethesereturnsbyinvestinginnon-investment-gradebondsandotherfixed-incomeinstruments.Overthenext12months,bondmarketyieldsreachunprecedentedlowsandZapatafindsitimpossibl
13、etoachievethereturnssheexpected.NoinvestmentsareevermadebyKawah,andclientsarecompletelypaidbackalloftheiroriginalinvestment.ZapatamostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecauseofthe:A.investmentmandate.B.returnofcapital.C.promisedreturns.6.Acentralbankfinesacommercialbankitsu
14、pervisesfornotfollowingstatutoryregulationsregardingnonperformingloanprovisionsonthreelargeloansasaresultofthebanksloanprovisioningpolicy.LouisMarieBuffet,CFAzsitsontheboardofdirectorsofthecommercialbankasanon-eecutivedirector,representingminorityshareholders.Healsochairsthebanksinternalauditcommitt
15、eethatdeterminestheloanprovisioningpolicyofthebank.MercyGatabakifCFAzisthebanksexternalauditorandfollowsinternationalauditingstandardswherebysheteststheloanportfoliobyrandomlyselectingloanstocheckforcomplianceinallaspectsofcentralbankregulations.WhichcharterholderismostlikelyinviolationoftheCodeandS
16、tandards?A.GatabakiB.BuffetCBoth7.SergioMorales,CFA,believeshehasfoundevidencethathissupervisorisengagedinfraudulentactivityinvolvingaclientsaccount.WhenMoralesconfrontshissupervisor,heistoldtheclientisfullyawareoftheissue.Laterthatday.Moralescontactstheclientandafterdisclosingthefraudulentactivity,heistoldbytheclienttomindhisownbusiness.Followingtherequirementsoflo
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