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1、2018LevelIMockExamAMThemorningsessionofthe2018LevelICharteredFinancialAnalystMockExaminationhas120questions.Ibbestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-1819-3334-4
2、546-6970-7879-8687-9899-lW111-115116-120EthicalandProfessionalStandards27Quant22.5Econ18FinancialReportingandAnalysis36CorporateFinance13.5PortfolioManagement12Equity18FixedIncome18Derivatives7.5AlternativeInvestmentsZ5Total:180Byaccessingthismockexam,youagreetothefollowingtermsofuse:IhiSmockexamisp
3、roridedtocurrentlyregisteredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly,efollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emai
4、lingrdistributingand/orreprintingthemockexamforanypurpose2017CFAInstitute.Allrightsreserved.2018Levelimockexamam1AndrewSmith,CFA,worksforGranite,acommercialbankthatalsohasasizeablesellsideresearchdivision.Smithispresentingfinancingsolutionstoapotentialbusinessclient,DynamicMaterialsCorp.Aspartofhisp
5、resentation,SmithmentionsthatGranitewillinitiateresearchcoverageonDynamic.IsSmithsarrangementmostbkelyappropriatewithregardstotheCFAStandards?AYes.BNo,becauseSmithcannotoffertoprovideresearchcoverageonacompanyiftheybecomeacorporatefinanceclient.CNo,becauseGranitecannotprovideresearchcoverageonacorpo
6、ratefinanceclientasthisconstitutesaviolationofresearchindependence,-UAiscorrectbecauseunderStandardImembersandcandidatesmustprotecttheirindependenceandobjectivityAgreeingtoPn)Videobjectiveresearchcoverageofacompanydoesnotconstituteaiolationofthisstandaidprovidedtheanalystwritingthereportisfreetocome
7、upwiththeirownindependentconclusion.SmithcanagreetoprovideresearchcoveragebutcannotcommitGranitdsresearchdepartmenttoprovidingafavorablerecommendationBisincorrectbecauseprovidingresearchcoverageinthissituationdoesnotnsti-tulcaviolationoftheCodeandStandardsasInngastheindependenceofIhisresearchisnotco
8、mpromisedCisincorrectbecauseprovidingresearchcoverageinthissituationdoesnotnsti-tulcaviolationoftheCodeandStandardsasInngastheindependenceofIhisresearchisnotcompromisedGuidanceforStandardsI-VU1.OSbStandardI(E&-IndependenceandObjectivity2Duringanon-sitecompanyvisit,MarshaWard,CFA,accidentallyoverhear
9、dtheChiefExecutiveOfficer(CEO)ofStargazerrlnc.,discussingthecompanytenderoffertopurchaseDynamicaEnterprises,aretailerofStargazerproducts.AccordingtotheCFAInstituteStandardsofProfessionalConduct,Wardmost11kelycannotusetheinformationbecause:Aitrelatestoatenderoffer.Bitwasoverheardandmightbeconsideredu
10、nreliable.(shedoesnothaveareasonableandadequatebasisfortakinginvestmentaction.AiscorrectbecausetradingontheinformationisrestrictedasitrelatestoatenderdTkitisclearlymaterial,nonpublicinformationStandard11（八）1BisincorrectbecausetheinformationcouldbeconsideredtocomefromareliablesourcebecauseIfcomesfrom
11、seniormanagement,isnonpubliandshouldnotbeusedsinceitconcernsatenderffeCisincorrectbecausetheinfoationismatealandisnonpubliesothatitshouldnotbeusedasthebasisirtakinginvestmentaction.Thereissimplynotenoughinformationprovidedtodetermineifthe*eistreasonableandadequatebasisforinvestmentaction.Guidancefor
12、StandardsI-V111.OSaStandard11()-MaterialNonpubliciformation3WhichofthefollowingisnotincludedintheninemajorprovisionsoftheGlobalInvestmentPerformanceStandards(GlPS)?AInputData,CalculationMethodology,andRealEstateBFundamentalsofCompliance,CompositeConstruction,andDisclosure(CalculationMethodology,Comp
13、ositeConstruction,andAlternativeAssetsCiscorrectbecauseAlternativeAssetsisnotamongtheninemajorprovisionsorsectionsoftheGlObalInvestmentPerformanceStandardswhichinclude:FndamentalsdCompliancyInputDatCalculationMethodology,CompositeConstrucliorDisclosureP*esentationandReportinaRealEstatefivateEquityan
14、dWrapFee/SeparatelyManagedAccount(SM)PortfoliosAisincorrectbecausetheseareincludedintheninemajorprovisionsf,theGlPSBisincorrectbecausetheseareincludedintheninemajorprovisionsoftheGIPSGlobalInvestmentPerformanceStandards(GIPS)LOSd4WhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAI
15、nstituteRulesofProcedureforProceedingsRelatedtoProfessionalConduct?AConfidentialityofproceedingsBPublicdisclosureofdisciplinarysanctions(FairprocesstothememberandcandidateBisco11ectbecausethetwoprinciplesoftheRulesofRocedureforProceedingsRelatedtoProfessionalConductareconAdentialityofproceedingsandf
16、airprocesstothemem-berandcandidateAisincorrectbecausethetwoprinciplesoftheRulesofFYccedureforProceedingsRelatedtoProfessionalConductareconfidentialityofproceedingsandfairProCeSStothememberandcandidateCisincorrectbecausethetwoprinciplesoftheRulesofProcedureforP(eedingsRelatedtoProfessionalConductareconfidentialityofpro
