BT学院-2017年12月CFA一级模拟考试试卷(AM)

12017年12月CFA一级模拟考试试卷1.TheGlobalInvestmentPerformanceStandardsleastlikelyrequire:A.non-fee-payingportfoliostobeexcludedinthereturnsofappropriatecomposites.B.compositestobedefinedaccordingtosimilarinvestmentobjectivesand/orstrategies.C.nondiscretionaryportfoliostobeincludedincomposites.【答案】C【解析】composite的构建必须包括fee-paying和discretionaryportfolios，non-discretionaryportfolios不能放，non-fee-paying可放可不放。【考点】GIPS【相关知识点】CompositeconstructionAllactual,fee-paying,discretionaryportfoliosmustbeincludedinatleastonecomposite.Althoughnon-fee-payingdiscretionaryportfoliosmaybeincludedinacomposite(withappropriatedisclosure),non-discretionaryportfoliosmustnotbeincludedinafirm’scomposites.Firmsmustnotlinkperformanceofsimulatedormodelportfolioswithactualperformance.2.Aresearchanalystisfacingamoraldilemmaanddecidestouseanethicaldecision-makingframework.Afterlookingatthefactsathandandidentifyingthesituationalinfluences,hestillcannotmakeadecisiononthebestcourseofaction.Hisleastappropriatenextstepisto:A.asksomeoneelsetogiveguidance.B.determinewhatadditionalinformationisneeded.C.decide,act,monitor,andreflect.【答案】C【解析】当信息不足，决策者不能做决定时候，寻求他人指导或者看是否还需要其它信息，而不是直接依信息做决定。【考点】GIPS【相关知识点】CodeofEthicsEthicaldecision-makingframeworksIdentify:Relevantfacts,stakeholdersanddutiesowed,ethicalprinciples,conflictsofinterest.Consider:Situationalinfluences,additionalguidance,alternativeactions.DecideandactReflect:Wastheoutcomeasanticipated?Whyorwhynot?3.Thebeliefthatone'sethicalstandardsareaboveaverageismostlikelyareflectionofwhichofthefollowing2behavioralbiases?A.Short-termfocusB.SituationalinfluenceC.Overconfidence【答案】C【解析】Situationalinfluence指的是环境的影响，题干中认为自己的道德水平高于平均，是过分自信的体现。【考点】EthicsandTrustintheInvestmentProfession【相关知识点】StandardsofprofessionalconductI.ProfessionalismA.KnowledgeofthelawB.IndependenceandobjectivityC.MisrepresentationD.MisconductII.IntegrityofcapitalmarketsA.Materialnonpublicinformation;B.MarketmanipulationIII.DutyToClientsA.Loyalty,prudenceandcareB.FairdealingC.SuitabilityD.PerformancepresentationE.PreservationofconfidentialityIV.DutyToemployersA.LoyaltytoemployersB.AdditionalcompensationarrangementsC.ResponsibilityofsupervisorsV.InvestmentA.DiligenceandreasonablebasisB.CommunicationwithclientsC.RecordretentionVI.ConflictsofinterestA.DisclosureofconflictsB.PriorityoftransactionC.ReferralfeesVII.ResponsibilityasmembersA.ConductasmembersandcandidatesB.ReferencetoCFAinstitute,designation4.AndrewSmith,CFA,worksforGranite,acommercialbankthatalsohasasizablesell-sideresearchdivision.Smithispresentingfinancingsolutionstoapotentialbusinessclient,DynamicMaterialsCorp.Aspartofhispresentation,SmithmentionsthatGranitewillinitiateresearchcoverageonDynamic.IsSmith'sarrangementmostlikelyappropriatewithregardtotheCodeandStandards?A.No,becauseGranitecannotprovideresearchcoverageonacorporatefinanceclientbecauseitconstitutesaviolationofresearchindependence3B.No,becauseSmithcannotoffertoprovideresearchcoverageonacompanyifitbecomesacorporatefinanceclientC.Yes【答案】C【解析】准则I(B)独立客观性，指的是CFA会员要保持独立客观性，不受威逼利诱，但是可以在投研部门在写D公司的研究报告期间，承揽融资咨询业务，投研部门不能受Smith的威逼利诱，要客观出具报告。【考点】GuidanceforStandardsI-VII5.AlexanderNewton,CFA,isthechiefcomplianceofficerforMillsInvestmentLimited.Newtoninstitutesanewpolicyrequiringtheproratadistributionofnewsecurityissuestoallestablisheddiscretionaryaccountsforwhichthenewissuesareappropriate.Thepolicyalsoprovidesfortheexclusionofnewlyestablisheddiscretionaryaccountsfromthedistributionuntiltheyhavereachedtheirone-monthanniversarydate.Thispolicyisdisclosedtoallexistingandpotentialclients.DidNewtonmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.YesB.No,becausethepolicyhasbeenadequatelydisclosedtoallexistingandpotentialclientsC.No,becausetheallocationpolicyisnotinequitableunderthestandards【答案】A【解析】准则III(B)公平，指的是公平对待每一位客户，对于discretionaryaccounts（基金经理可支配的账户）在交易分配时要公平对待，要提前披露分配政策。题干中按照开户时间，不足一年的客户被disadvantage，没有公平对待，注意陷阱在于提前披露了这样的分配政策，混淆视听，本质还是没有公平对待每一位客户。【考点】GuidanceforStandardsI-VII6.NicholasBennett,CFA,isatraderatastockexchange.AnothertraderapproachedBennettontheflooroftheexchangeandverballyharassedhimaboutapoorlyexecutedtrade.Inresponse,Bennettpushedthetraderandknockedhimtotheground.Afterinvestigatingtheincident,theexchangeclearedBennettfromanywrongdoing.WhichofthefollowingbestdescribesBennett'sconductinrelationtotheCFAInstituteCodeofEthicsorStandardsofProfessionalConduct?Bennett:A.violatedboththestandardrelatingtoprofessionalismandintegrityofcapitalmarkets.B.didnotviolateanyoftheCodeofEthicsorStandardsofProfessionalConduct.C.violatedthestandardrelatingtoprofessionalism.【答案】C【解析】排除法，明显没有违法对资本市场的责任，没有涉及内幕交易及市场操纵，但是打架有丢丢影响作为一名CFA高风亮节的专业形象。【考点】CodeofEthics【相关知识点】MembersofCFAInstitute(“MembersandCandidates”)must:4•Actwithintegrity,competence,diligence,respect,andinanethicalmannerwiththepublic,clients,prospectiveclients,employers,employees,colleaguesintheinvestmentprofession,andotherparticipantsintheglobalcapitalmarkets.•Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.•Usereasonab