一级cfa题库下载_真题——才聪考研--考研网上

1. Which of the following statements about the CFA Institute's Professional Conduct Program (PCP) is least accurate

A． Possible sanctions include condemnation by a member's peers or suspension of a candidate's participation in the CFA Program.

B． If the Designated Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.

C． Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Preservation of Confidentiality.

答案：B。Members can accept or reject a disciplinary sanction proposed by the Designated Officer. If the member rejects the sanction, the matter is referred to a hearing by a panel of CFA Institute members. The other statements are accurate.

2. Robert Miguel, CFA, is a portfolio manager for a large investment advisory firm. In appreciation of his impressive portfolio returns last quarter, one of his clients, Kevin Goodman, has invited Miguel and his wife to be his guests at his luxury suite for a major league baseball playoff game. Miguel, a baseball fan, accepts the invitation and attends the game. The next day at work, Miguel doesn't mention to his supervisor that he attended the game as a guest of the client. According to the Standard concerning independence and objectivity and the Standard on knowledge of the law, Miguel's actions are in violation of."

A． both of these Standards.

B． neither of these Standards.

C． only one of these Standards.

答案：A。According to Standard I (B) Independence and Objectivity, members and candidates may accept gifts from clients but must disclose them to their employers. Because Miguel did not disclose the gift to his employer, he has violated Standard I (B). In addition, Standard I(A) Knowledge of the Law states that members and candidates are not to commit any act that they know or should know violates the Code and Standards. Miguel is a CFA charterholder and should know that his actions violate Standard I (B). Thus, by violating Standard I (B), Miguel also has violated Standard I (A).

3. Ann Smith, CFA, calls Bill Jones, CFA, and tells him that her research shows that Biokem Company is underpriced and that earnings per share will exceed $3.00 this year. Jones had never heard of Biokem before her call but knows that Smith is widely considered to be the best analyst in her sector. Smith's research has been released publicly, and Smith tells Jones he's "welcome to it." After their conversation, Jones arranges a conference call with his firm's portfolio managers and announces that Biokem is underpriced and will likely earn over $3.00 per share this year. During the call with the portfolio managers, Jones does not reference his conversation with Smith. According to the Standards that concern misrepresentation and diligence and reasonable basis, Jones violated:

答案：A。Jones violated Standard I(C) Misrepresentation when he used the work of others without acknowledgment, which is plagiarism. It did not matter that Smith gave Jones the information verbally or that she said he was "welcome to it." Jones used another's work without crediting the source, which constitutes plagiarism. Jones also violated Standard V (A) Diligence and Reasonable Basis

because he did not have a reasonable and adequate basis for his recommendation.

4. Doug Watson, CFA, serves in a sales position at Sommerset Brokerage, a registered investment adviser. As part of his employment, he is expected to entertain clients. Frequently at these client outings, Watson drinks excessively. On one occasion, after dropping off a client, Watson was cited by local police for misdemeanor public intoxication. According to the Standard on knowledge of the law and the Standard on misconduct, Watson is in violation of:

答案：B。Watson's excessive drinking is unfortunate but we have no evidence that it has affected his work, professional integrity, judgment, or reputation. His arrest for public intoxication occurred while he was away from work. If he commits an act involving fraud

or dishonesty, he would violate the Standard on misconduct.

5. Kevin Richards is a performance analyst for Reliable Advisors, a retail investment advisory and consulting firm. Richards, who is a Level I CFA candidate, was hired-as part of the firm's efforts to attract CFA candidates into critical areas of the firm, such as performance measurement and attribution. Richards' supervisor instructs him to reference the firm's compliance with GIPS in marketing materials to attract more clients. For Richards' reference to the firm's GIPS compliance to be accurate, Reliable is least likelyrequired to:

A． apply GIPS compliance firm wide and not only to the specific asset classes mentioned in the marketing materials.

B． claim compliance with GIPS only if it has a compliant performance history of five years or more.

C． include all discretionary fee-paying accounts in composites based on their investment objectives and/or strategies.

答案：B。GIPS require a firm to show a GIPS-compliant history for a minimum of five years, or since inception of the firm or the composite if in existence for less than five years. If Reliable has been in business for less than five years, it may still claim compliance with GIPS on a since-inception basis, provided the firm follows all other aspects of compliance. The other choices are requirements for a firm to claim compliance with GIPS.

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