CFA一级历年模拟考试(2015-2019)：2018_Level_I_Mock_Exam_PM-Session_(with_Solutions)_removed.docx

2018LevelIMockExamPMTheafternoonsessionofthe2018LevelICharteredFinancialAnalystMockExaminationhas120questions.Tbestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18EthicalandProfessionalStandards2719-33Quant22.534-=45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome18111-115Derivatives7.5116-120AlternativeInvestments7.5Total:180Byaccessingthismockexam,youagreetothefollowingtermsofuse:1hismockexamisprovidedtocurrentlyregisteredCFAcandidates.CandidatesmayviewandprinttheexamforpersonalCXampreparationonly,efollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaclion;accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailingrdistributingand/orreprintingthemockexamforanypurpose©2017CFAInstitute.Allrightsresenred.2018Levelimockexampm1WhichofthefollowingisleastlikelyarequirementoftheGIPSstandards?Firmsarerequiredto:Ahavetheirperformancerecordsverifiedbyanindependentthirdparty.Bincludealldiscretionary,fee-payingportfoliosinatleastonecomposite.CpresentaminimumoffiveyearsofannualinvestmentperformancecompliantwithGIPSstandards.Aiscorrectbecauseitisarccominendationbutnotarequirementtlatfrmsobtainindependentthird-partyverificationtoc!eumGlPScompliacaFiimsarerequiredtoincludealldiscretionary;fee-payingPCrtfCiiOSinatIeastonecompositeTheymustalsopresentaminimuinoffiveyearsofannualinvestmentperformancecompliantWithGlPSstandard*Bisincorrectbecauseitisarequirement.CisincorrectbecauseitisarequirementGlobalInvestmentPerformanceStandards(GIPS)1.OSa2IncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:AunabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.BrequiredtocalculateandmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.CrequiredtocomplywithlocalregulationsandmakefulldiscloseoftheconflicttoclaimGIPScompliance.CiscorrectbecauseincaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandardsfirmsarerequiredtocomplywithlocalregulationsandmakefulldiscloseOrtheconflictinthecompliantpresentationAisincorrectbecauseisanotarequirementfororobstacletoGlPScomplianceincaseswherelocallawsConflictwithGlPSstandardsBisincorrectbecauseisanotHrequirementfororobstacletoGIPScomplianceincaseswherelocalLawsConflictwithGlPSStandardSGlobalInvestmentPerTormanceStandards(GIPS)1.OScSection4.A,223VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountry.ChandaranapostsonasocialmediabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidn,taskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteCodeofEthicsorStandardsofProfessionalConductdidChandaranaleastlikelyxdolate?AMisconductBLoyaltytoEmployers(ReferencetotheCFAProgramCiscorrectbecausethereisnoevidenceChandaranaVioIatedStandai'dVH(WithregardtohisbeingaCFAcandidateSpecificallyChandaranadoesnotoverstatehiscompetecyorimplyheWillachieveSUPeriorperformanceasaresultfhisCFAdesignation.Itdoesappear;however;ChandaranadidnotactWithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemployerSrVPUuiIienthusViQhitingStandardI(B)-Pi'ofessionalism(Ntisconduct)andStandardIVW-DutytoEmployer's(Loyalt0.AisincorrectbecauseitappearsChandaranadidnotactwithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemploye?sreputationviolatingStandard1(©-FYofessionalisin<Misconduct).BisincorrectbecauseitappearsChanda,anadidnotactforthebenefitOfhiseiiiployerwhenhehidinformationthatcouldpotentiallyharmhisnewemployedSreputationviolatingStandardIV（八）-DUlytnEmployers(Loyally).GuidanceforStandardsI-Vn1.OSbStandardr11（三）-ReferencetoCFAInstitutetheCFADesignationandtheCFAfrogram,Standard1(®-Misconduct,StandardIV（八）-Loyalty1MirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession.Thestockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsofPracticeHandbook,Grafton,sleastappropriateactionistoallocatetheexecutionprices:Aacrosstheparticipatingclientaccountsatthesameexecutionprice.Bacrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.(onafirst-in,first-outbasisWithconsiderationofbundlingordersforefficiency.BiscorrectbecauseaccordingtoStanda,ci11IE)bestpracticesincludeallocatingprorataonthebasisofCrderSiZenotaccountSiZeAllclientsparticipatingintheblocktradeshouldreceivethes