CFA一级历年模拟考试(2015-2019)：2019_Mock_Exam_A_－_Afternoon_Session.docx

2019LevelIMockExamPMIhcafternoonsessionofthe2019LevelICharteredFinancialAnalystMockExaminationhas12Uquestions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofOneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-19EthicalandPiufrs&iuiidlSUtid4Inh28.520-31Quant1832-43Econ18卅6】HnancialReportingandAnalysis2762-73CorporateRnance1874-80PortfolioManagement10.581-93Equity19.594-106HxedIncome19.5107-113Derivatives10.5IM120AlternativeInvestments10.5Total:IAOByaccessingthismockexam,youagreetothefollowingt«rmsofuse：HismockexamisprovidedtocurrentlyIegisteredCFAcandidates.Candidatesmayviewandprimtheexamforpersonalexamprepjrationonly.ThefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryAnd/orlegalaction：accessingorpermittingaccessbyanyoneotherthancurrentIy-registeredCFAcandidates：copying,postingtoanywebsite,emailing,distributingand/orrrprintngthemocexamf<x,anypurpose02018CFAInstitiite.Allright%reserved2019LEVELIMOCKEXAMPM1WhichofthefollowingleastlikelyformsthebasicstructureforenforcementoftheCFAJiislRuleProfrssiuiialConductProgram?ABylawsBRulesofProcedurpCBoardofGovernors2RossNelson.CFA.managesaccountsforhigh-net-worthclientsincludinghisownfamily'saccount.Hehasnobeneficialownershipinhisfamilysaccount.BecauseNelsonisconcernedabouttheappearanceofimproperbehaviorinmanaginghisfamily'saccx>unt,whenhisrmpurchasesablockofsecurities*Nelsonallocatestohisfamilysaccountonlythosesharesthatremainafterhisotherclientaccountshavetheirordersfilled.Thefeeformanaginghisfamily'saccountisbasedonhisfirmsnormalfeestructure.AccordingtotheStandardsyPracticeHandbook、Nelsonsbestcourseofactionwithregardtomanagementofhisfamilysaccountwouldbeto:AtreattheaccountlikeOtherclientaccounts.Btreattheaccountlikeotheremployeeaccountsofthefirm.Cremovehimselffromanydirertinvolvementbytransferringresponsibilityforthisaccounttoanotherinvestmentprofessionalinthefirm.3Severalyearsago,LeoPeek,CFA1co-foundedaninvestmentclubTheclubisfullyinvestedbuthasnotactivelytradeditsaccountforatleastayearanddoesnotplantoresumeactivetradingoftheaccount.Peeksemployerrequiresanannualdisclosureofemployeestockownership.Peekdisclosesallofhispersonaltradingaccounts,butdoesnotdisclosehisholdingsintheinvestmeritclub.PeeksactionsareleastlikelytobeaviolationofwhichoftheCFAInstituteStandardsofProfessionalConduct?AMisrepresentationBTransactionpriorityCConflictsofinterest4MadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanager.Inhernewposition,Smithisrequiredtosupervisethreeportfoliomanagers.Smithasksforacopyofherfirmswrittensupervisorypoliciesandprocedures,butisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStandardsofPracticeHandbook,SmithsmostappropriatecourseOfactionwouldbeto:ArequireherfirmtoadopttheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.RrequirethePmPlnyPPqShPsuperviseetnadepttheCFAInstitiitpCodeCfEthicsandStandardsofProfessionalConduct.Cdeclinetoacceptsupervisoryresponsibilityuntilherfirmadoptsprocedurestoallowhertoadequatelyexercisesuchresponsibility.5MarcDavidsontCFA,worksasatrustspecialistforIntegrityFinancial.Onhisowntime,DovidsonstartsaparttimeconsultingbusinessprovidingadvicetoTrusteesforafeeHeconductsthisbusine&sonhisowntime.DavidsonaskshisassistanttocompilealistofIntegrity'sclientsandtheircontactinformation.Ihefollowingmonth,DavidsonisofferedasimilarroleatIntegrity'slargestcompetitor,LegacyTrustServices,Inc.AfterhebeginsWOrkingatLegacy,hisnewmanagerarrangesforhimtomeetwithanumberofprospectiveclients,manyofwhomareclientsofIntegrity.AftermeetingwithDavidson,anumberofformerIntegrityclientsdecidetotransfertheirbusinesstoLegacy.DidDavidscnlactionviolatetheCadeandStandards?ANo.BYes,DavidsonsparttimeconsultingbusinessisaviolationoftheStandards.(Yes,bothDavidsonsparttimeconsuhingbusinessandhismeetingswithIntegrityclientsareaviolationoftheStandards.6LeeChu1aCFAcandidate,developsanewquantitativesecurityselectionmodelexclusivelythroughback-testingontheQiineseequitymarket.ChUkaskedtoreviewmarketingmaterialsincludinganoverviewoftheconceptualframeworkforhismodel,providingback-testedperformanceresults,andlistingthetopholdings.ChudirectsthemarketinggrouptoremovethedescriptionofhismodelduetoconcernscompetitorsmayattemptIoreplicatehisinvel11)enlphilosophy.HealsoinstructsthemarketinggrouptoremovethelistCfthetopholdingsbecauseitshowsthatthetopholdingrepresents30percentoftheback-testedmodel.WhiChofthefollowingactionsisleastlikelytoresultinaviolationoftheCodeandStandards?ChU's:Auseofback-testedresultsincommunicationwithprospectiveclients.Bfailuretoadequatelydescribetheinvestmentprocesstoprospectiveclients.(failuretodisclosethatthetopholdingrepresentssuchAlargeallocationinthemodel.7BobWhiteisanewCFAcharterholderandheisupdatinghisresumeandcompanybiography(bio)toreflectthisaccomplishment.Inhis