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1、Questions1*18RelatetoEthiCS.2Questions1932RelatetoQuantitativeanalysis8Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis18Questions77-88RelatetoEquityinvestment32Questions8994RelatetoDerivatives36Questions95106RelatetoFixed-incomeAnalysis38Questions107110RelatetoAlterna
2、tiveInvestments42Questions111120RelatetoPortfolioManagement43Questions118RelatetoEthics1Correctanswer:A.Membersandcandidatesmustself-discloseontheannualProfessionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubje
3、ctofawrittencomplaint.CFALevelICodeofEthicsandStandardsofProfessionalConduct02Correctanswer:B.SellingstockshortisamanagementstrategyanddoesnotnecessarilyviolateanyaspectoftheStandardsofProfessionalConduct.CFALevelIGuidanceforStandardsIV11StandardII(B)-MarketManipulation3.Correctanswer:C.Kozniakdoesn
4、otappeartohaveviolatedanyCFAInstituteStandardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedWithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuystheprop
5、ertyforherownportfolioandthensellsthepropertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DisclosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidn
6、ottakeplaceuntilsixmonthsafterherpurchase,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIII（八）-Loyalty,Prudence,andCarewitheitherclient.CFALevelIGuidanceforStandardsI-VI,StandardHI（八）-LoyaltytPrudence,andCare、StandardVl（八）-Disc
7、IosureofConflicts2/454.Correctanswer:B.Theportfoliomanagerreceivedpermissiontousehisinvestmentperformancehistoryfromhisprioremployer.Thememberviolatedhisnon-solicitationagreementbyindicatinghisavailabilitytonewclientsonseveralsocialmediasitesaccessiblebyclientsofhisformeremployer.Thisactionisaviolat
8、ionofStandardIV（八）-Loyaltybecausehedidnotactforthebenefitofhisformeremployer.Inthiscase,themembermaycausehatohisformeremployerifhismessagesresultinclientsmovingtohisnewbusinessfromhisformeremployer.ThememberalsoviolatedStandardIV（八）bytakinghisemployersproperty,thetradingsoftware.CFALevelIGuidancefor
9、StandardsIV11StandardIV（八）-Loyalty5.Correctanswer:A.Theanalysthasconductedthoroughresearchthatindicatesthecompanyfalsifieditsfinancialresults,andsheshouldrequestthecompanyaddressthisissuepubliclyasrecommendedbyStandardII（八）-MaterialNonpublicInformation.Ifamemberorcandidatedeterminesthatinformationis
10、material,thememberorcandidateshouldmakereasonableeffortstoachievepublicdisseminationoftheinformation.Thiseffortusuallyentailsencouragingtheissuercompanytomaketheinformationpublic.Ifpublicdisseminationisnotpossible,thememberorcandidatemustcommunicatetheinfonationonlytothedesignatedsupervisoryandcompl
11、iancepersonnelwithinthemembersorcandidatesfirmandmustnottakeinvestmentactiononthebasisoftheinformation.CFALevelIGuidanceforStandardsI-VI,StandardIl（八）-MateriaINonpublicInformation6.Correctanswer:B.Themembermisrepresentedthereturnsshecouldrealisticallyachievefbrherclients,violatingStandardI(C)-Misrep
12、resentation,whichprohibitsmembersandcandidatesfromguaranteeing3/45clientsanyspecificreturnonvolatileinvestments.CFALevelIGuidanceforStandardsI-VIInStandardI(C)-Misrepresentation7.Correctanswer:A.MiffitthasnotviolatedStandardIII(E)-PreservationofConfidentiality,whichinvolvesinformationaboutfoncr,curr
13、ent,andprospectiveclients.CFALevelIGuidanceforStandardsI-VI,StandardII（八）-MaterialNonpublicInformation,StandardII(B)-MarketManipulation,Standard111(E)-PreservationofConfidentiality8.Correctanswer:B.UnderStandardIV(C)-Responsibi1ityofSupervisors,amembershouldexercisereasonablesupervisionbyestablishin
14、gandimplementingcomplianceproceduresinplacepriortothepossibilityofanyviolationoccurring,whichhasnotbeendoneinthiscase.CFALevelIGuidanceforStandardsI-ViinStandardIv(C)-ResponsibilitiesofSupervisors9.Correctanswer:C.TheGlPSstandardsstatethatfinsmustmakeeveryreasonableefforttoprovideacompliantpresentat
15、iontoallprospectiveclients.Aslongasaprospectiveclienthasreceivedacompliantpresentationwithintheprevious12months,thefirmhasmetthisrequirement.【tisaGIPSrecommendation,notarequirement,thatallclientsreceiveacompliantpresentationonanannualbasis.CFALevelIGlobalInvestmentPerformanceStandards(GIPS),rGIPSReq
16、uirement0.A.9,GIPSRecommendation0.B.44/4510.Correctanswer:A.Theutilityisnotasuitableinvestmentforafundthatonlyinvestsincompanieswithgoodenvironmentalrecords.Continuingtoholdthisinvestment,therefore,wasaviolationofStandardIlI(C)-SuitabiIity.CFALevelIGuidanceforStandardsI-VI,Standard1(B)-IndependenceandObjectivity,StandardIlI(C)-Suit
