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1、2017LevelIMockExam:MorningSessionThemorningsessionofthe2017LevelICharteredFinancialAnalyst(CFA)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthissessionoftheeam.TopicMinutes1-18Ethicalan
2、dProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:1801.Incaseswhereapplicablelocall
3、awsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:A.requiredtocomplywithlocalregulationsandmakefulldisclosureoftheconflicttoclaimGIPScompliance.B.unabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.C.requiredtocalculatea
4、ndmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.2.RossNelson,CFA,managesaccountsforhigh-net-worthclients,includinghisownfamilysaccount.Hehasnobeneficialownershipinhisfamily,saccount.BecauseNelsonisconcernedabouttheappearanceofimproperbehaviorinmanaginghisfamily,saccount,whenhisfirmpur
5、chasesablockofsecurities,Nelsonallocatestohisfamilysaccountonlythosesharesthatremainafterhisotherclientaccountshavetheirordersfilled.Thefeeformanaginghisfamilysaccountisbasedonhisfirmsnormalfeestructure.AccordingtotheStandardsofPracticeHandbook,Nelsonsbestcourseofactionwithregardtomanagementofhisfam
6、ilysaccountwouldbeto:A.treattheaccountlikeotheremployeeaccountsofthefirm.B.treattheaccountlikeotherclientaccounts.C.removehimselffromanydirectinvolvementbytransferringresponsibilityforthisaccounttoanotherinvestmentprofessionalinthefirm.3.AlexanderNewton,CFA,isthechiefcomplianceofficerforMillsInvestm
7、entLimited.Newtoninstitutesanewpolicyrequiringtheproratadistributionofnewsecurityissuestoallestablisheddiscretionaryaccountsforwhichthenewissuesareappropriate.Thepolicyalsoprovidesfortheexclusionofnewlyestablisheddiscretionaryaccountsfromthedistributionuntiltheyhavereachedtheirone-monthanniversaryda
8、te.Thispolicyisdisclosedtoallexistingandpotentialclients.DidNewtonmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.No,becausethepolicyhasbeenadequatelydisclosedtoallexistingandpotentialclientsB.YesC.No,becausetheallocationpolicyisnotinequitableunderthestandards4.AccordingtotheGIPSsta
9、ndardsaverificationreportconfirmsallofthefollowingexceptwhether:A.specificcompositepresentationsareaccurate.B.processesandproceduresaredesignedtocalculateandpresentcompliantperformanceresults.C.afirmhascompliedwithallfirm-widecompositeconstructionrequirements.5.JustinBlake,CFA,aretiredportfoliomanag
10、er,owns20,000sharesofasmallpubliccompanythathewouldliketosellbecauseheisworriedaboutthecompanysprospects.Hepostsmessagesonseveralinternetbulletinboards.Themessagesread,Thisstockisgoinguponcethependingpatentsarereleased,sonowisthetimetobuy.Thestockisabuyatanythingbelow$3.1havedonesomecloseresearchont
11、heseguys.AccordingtotheStandardsofPracticeHandbook,BlakemostlikelyviolatedtheCodeandStandardsassociatedwith:A.IntegrityofCapitalMarkets,butnotConflictsofInterest.B.neitherIntegrityofCapitalMarketsnorConflictsofInterest.C.IntegrityofCapitalMarkets,andConflictsofInterest.6.MirandaGrafton,CFA,purchased
12、alargeblockofstockatvaryingpricesduringthetradingsession.Thestockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsOfPracticeHandbook,Graftonsleastappropriateactionistoalloc
13、atetheexecutionprices:A.acrosstheparticipatingclientaccountsatthesameexecutionprice.B.acrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.C.onafirst-inzfirst-outbasiswithconsiderationofbundlingordersforefficiency.7.WhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAI
14、nstituteRulesofProcedureforProfessionalConduct?A.FairprocesstothememberandcandidateB.PublicdisclosureofdisciplinarysanctionsC.Confidentialityofproceedings8.Severalyearsago,LeoPeek,CFA,co-foundedaninvestmentclub.Theclubisfullyinvestedbuthasnotactivelytradeditsaccountforatleastayearanddoesnotplantores
15、umeactivetradingoftheaccount.Peeksemployerrequiresanannualdisclosureofemployeestockownership.Peekdisclosesallofhispersonaltradingaccountsbutdoesnotdisclosehisholdingsintheinvestmentclub.PeeksactionsareleastlikelytobeaviolationofwhichoftheCFAInstituteStandardsofProfessionalConduct?A.Misrepresentation
16、B.TransactionpriorityC.Conflictsofinterest9.MadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanager.Inhernewposition.Smithisrequiredtosupervisethreeportfoliomanagers.SmithasksforacopyofherfirmswrittensupervisorypoliciesandproceduresbutisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStanda
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