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1、2018LevelIMockExamAMThemorningsessionofthe2018LevelICharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18Ethicalan
2、dProfessionalStandards2719-33Quant22534-45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome18111-115Derivatives7.5116-120AlternativeInvestments7.5Total;180Byaccessingthismockexam,youagreetothefollowingtermsofuse：Ihismockexamis
3、providedtocurrentlyregisteredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly,efollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,ema
4、iling,distributingand/orreprintingthemockexamforanypurpose2017CFAInstitute.Allrightsreserved.2018Levelimockexamam1AndrewSmith,CFA,worksforGranite,acommercialbankthatalsohasasizeablesellsideresearchdivision.Smithispresentingfinancingsolutionstoapotentialbusinessclient,DynamicMaterialsCorp.Aspartofhis
5、presentation,SmithmentionsthatGranitewillinitiateresearchcoverageonDynamic.IsSmithsarrangementmostlikelyappropriatewithregardstotheCFAStandards?AYesBNo,becauseSmithcannotoffertoprovideresearchcoverageonacompanyiftheybecomeacorporatefinanceclient.CNo,becauseGranitecannotprovideresearchcoverageonacorp
6、oratefinanceclientasthisconstitutesaviolationofresearchindependence.2DuringanOn-Sitecompanyvisit,MarshaWard,CFA,accidentallyoverheardtheChiefExecutiveOfficer(CEO)ofStargazer,Inc.,discussingthecompanystenderoffertopurchaseDynamicaEnterprises,aretailerofStargazerproducts.AccordingtotheCFAInstituteStan
7、dardsofProfessionalConduct,Wardmostlikelycannotusetheinformationbecause:Aitrelatestoatenderoffer.Bitwasoverheardandmightbeconsideredunreliable.Cshedoesnothaveareasonableandadequatebasisfortakinginvestmentaction.3WhichofthefollowingisnotincludedintheninemajorprovisionsoftheGlobalInvestmentPerformance
8、Standards(GIPS)?AInputData,CalculationMethodology,andRealEstateBFundamentalsofCompliance,CompositeConstruction,andDisclosureCCalculationMethodology,CompositeConstruction,andAlternativeAssetsIWhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProceedingsR
9、elatedtoProfessionalConduct?AConfidentialityofproceedingsBPublicdisclosureofdisciplinarysanctionsCFairprocesstothememberandcandidate5InordertoachievecompliancewithGIPSStandards,itisrecommendedthatfirms:Aadoptthebroadest,mostmeaningfuldefinitionofthefirm.Bprovideexistingclientsacompliantpresentationa
10、pplicabletotheirportfolio,ataminimumofabi-annualbasis.Csamefirmname.6WhichofthefollowingisnotacomponentoftheCFAInstituteCodeofEthics?APromotefinancialintegrityandseektopreventandpunishabusesinthefinancialmarkets.BPlacetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonal
11、interests.CPracticeandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.7JiroSato,CFA,deputytreasurerforMayCollege,managestheStudentScholarshipTrust.SatoissuedaRequestforProposal(RFP)fordomesticequitymanagers.PamelaPeters,CFA,agoodfriendofSato,
12、introduceshimtorepresentativesfromCapitalInvestments,whosubmittedaproposal.SatoselectedCapitalasamanagerbasedonthefirmsexcellentperformancerecord.Shortlyaftertheselection,Peters,whohadoutstandingperformanceasanequitymanagerwithanotherfirm,acceptedalucrativejobwithCapital.WhichoftheCFAcharterholdersv
13、iolatedtheCFAInstituteStandardsofProfessionalConduct?ABothviolatedStandards.BPetersviolatedStandards.CNeitherviolatedStandards.8UmiGrabbo,CFA,isahighlyregardedportfoliomanagerforAtlanticAdvisors,amid-sizedmutualfundfirminvestingindomesticsecurities.Shehaswatchedthehedgefundboomandonnumerousoccasions
14、suggestedthatherfirmcreatesuchafund.Seniormanagementhasrefusedtocommitresourcestohedgefunds.Attractedbypotentialhigherfeesassociatedwithhedgefunds,Grabboandseveralotheremployeesbegindevelopmentoftheirownhedgefundtoinvestininternationalsecurities.Grabboandhercolleaguesarecarefultoworkonthefunddevelop
15、mentonlyontheirowntime.BecauseAtlanticmanagementthinkshedgefundsareafad,shedoesnotinformhersupervisoraboutthehedgefundcreation.AccordingtotheStandardsfPracticeHandbook,GrabboshouldmostlikelyaddresswhichoftheStandardsimmediately?ADisclosureofConflictsBPriorityofTransactions(AdditionalCompensationArra
16、ngements9ReikoKimisaki,CFA,isaninvestmentadvisorforanationalsocialsecurityfundinafrontiermarketwithaverylimitedandilliquidcapitalmarket.Thelaborforceisyoungwithaninvestmenttimehorizonof25to30years.Shehasbeenaskedtosuggestwaystoincreasetheinvestmentreturnoftheoverallportfolio.Aftercarefulassessmentofthefund,spreviousinvestmenthistoryrandavailab
