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1、2018LevelIMockExamPMTheafternoonsessionofthe2018Level1CharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18Ethical
2、andProfessionalStandards2719-33Quant22634-45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome181U-115Derivatives7.5116-120AlternativeInvestments7.5TotaL:180Byaccessingthismockexam,youagreetothefblloingtermsofuse:IhiSmcxrkexami
3、sproridedtocurrentlyregisteredCFAcandidates.CandidatesmayviewandprinttheexamforpersonalexampreparationOnly.befollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,e
4、mailingrdistributingand/orreprintingthemockexamforanypurpose2017CFAInstitute.Allrightsreserved.2018Levelimockexampm1WhichofthefollowingisleastlikelyarequirementoftheGIPSstandards?Firmsarerequiredto:Ahavetheirperformancerecordsverifiedbyanindependentthirdparty.Bincludealldiscretionary,fee-payingportf
5、oliosinatleastonecomposite.CpresentaminimumoffiveyearsofannualinvestmentperformancecompliantwithGIPSstandards.2IncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:AunabletoclaimGIPScomplianceincaseswherelocalregulationsprohib
6、itaccuratecalculation.BrequiredtocalculateandmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.CrequiredtocomplywithlocalregulationsandmakefulldiscloseoftheconflicttoclaimGlPScompliance.3VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofint
7、enseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountty.ChandaranapostsonasocialmediabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidn,taskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteCodeofEthicsorStandardsof
8、ProfessionalConductdidChandaranaleastlikelyviolate?AMisconductBLoyaltytoEmployers(ReferencetotheCFAProgramIMirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession,11estockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodet
9、erminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsofPracticeHandbOok,Graftonsleastappropriateactionistoallocatetheexecutionprices：Aacrosstheparticipatingclientaccountsatthesameexecutionprice.Bacrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.Conafirst-in,f
10、irst-outbasiswithconsiderationofbundlingordersforefficiency.5LawrenceHall,CFA,andNancyBishop,CFA,beganajointresearchreportonStamperCorporation.BishopvisitedStamper,scorporateheadquartersforseveraldaysandmetwithallcompanyofficers.Priortothecompletionofthereport,Bishopwasreassignedtoanotherproject.Hal
11、lutilizedhisandBishopsresearchtowritethereportbutdidnotincludeBishop,snameonthereportbecausehedidnotagreewithandchangedBishopsconclusionincludedinthefinalreport.AccordingtotheCFAInstituteStanda*dsCfPracticeHandbook,didHallmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?ANdBYes,withres
12、pecttomisrepresentation.CYes,withrespecttodiligenceandreasonablebasis.6RebeccaWongisenrolledtotaketheLevelICFAexamination.HerfriendWilliamLeungpurchasedLevelIstudymaterialsfromawelkknownCFAreviewprogramthepreviousyear.LeungmadeaphotocopyofthepreviousyearscopyrightedmaterialsandsoldittoWongtohelphers
13、tudy.WhomostlikelyviolatedtheCFAInstituteCodeofEthicsoranyStandardsofProfessionalConduct?ABothviolated.BNeitherviolated.(OnlyLeungviolated.7WhichofthefollowinggroupsismostlikelyresponsibleformaintainingoversightandresponsibilityfortheProfessionalConductProgram(PCP)?ACFAInstituteBoardofGovernorsBDisc
14、iplinaryReviewCommittee(ProfessionalConductDivision8Whencanaparty,nonmemberorfirm,mostlikelyclaimcompliancewiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?Oncetheyhave：AensuredthattheircodeandethicsmeetstheprinciplesoftheCodeandStandards.BnotifiedtheCFAInstituteoftheirclaim.(verifie
15、dtheirclaimofcompliancewiththeCFAInstitute.9Jean-LucSchlumberger,CFA,isanindependentresearchanalystprovidingequityresearchoncompanieslistedonexchangesinemergingmarkets.HeoftenincorporatesstatisticaldataheobtainsfromthewebsitesoftheWorldBankandthecentralbanksofvariouscountriesintothebodyOfhisresearch
16、reports.Whilenotindicatedwithinthereports,wheneverhisclientsaskwherehegetshisinformationheinformsthemtheinformationisinthepublicdomainbuthedoesntkeephisownrecords.Whentheclientsaskforthespecificwebsiteaddressesheprovidestheinformation.WhichStandardhasSchlumbergerleastEkelyviolated?ARecordRetentionBMisrepresentation(PerformancePresen
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