CFA考试一级章节练习题精选0330-11（附详解）
1、Michael Allen, CFA, works for an investment management company and managesportfolios for a variety of retail and institutional clients for his firm, includinghis wealthy uncle, all of whom pay a management fee for his rvices.LawrenceBrown, an analyst at a brokerage firm has recommended Allen a high yield hedgefund bad on its historical performance.Allen purchas a large block of thishedge fund and allocates proportionately to all client portfolios, including hisuncle's portfolio.Has Allen most likely violated the Standards of ProfessionalConduct?【单选题】
A.No.
B.Yes, relating to suitability.
烦恼的反义词
C.Yes, relating to fair dealing.
正确答案:B
答案解析:因为Allen的叔叔也是他的客户，所以Allen需要公平地对待所有客户，包括他的叔叔。题目中，按比例（proportionately）分配并没有违反公平对待的行为标准。但是，不根据客户的投资目标和限制而盲目给所有的客户进行购买，违反了合适性原则。
世界十大航空公司2、Gardner Knight, CFA, is a product development specialist at an investment bank. Knight is responsible for creating and marketing collateralized debt obligations (CDOs) consisting of residential mortgage bonds. In the marketing brochure for his most recent CDO, Knight provided a list of the mortgage bonds that the CDO was created from. The brochure also states “an independent third party, the collateral manager, had sole authority over the lection of all mortgage bonds ud as collateral in the CDO.” However, Knight met with the collateral manager and helped her lect the bonds for the CDO. Knight is least likely to be in violation of which of the following CFA Institute Standards of Professional Conduct?【单选题】
A.Suitability
B.Conflicts of Interest
C.Client Communication
正确答案:A
答案解析:CFA Institute Standards
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2012 Modular Level I, Vol. 1, pp. 78, 116–117, 123–125
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
A is correct becau there is no indication the investment is unsuitable for investors and in violation of Standard III (C) Suitability.
3、Sherry Buckner, CFA manages equity accounts for government entities who portfolios are conrvative and risk aver. Since the objective of her clients is to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly-traded, leveraged derivative product which she believes has the potential for high returns. To make her investment decision, Buckner relies upon comprehensive rearch from an investment bank that has a solid reputation for top quality rearch. After her review of that rearch, Buckner positions her accounts so that each has a 10% allocation to the derivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative for her clients?【单选题】
母婴海报
A.No.
什么是素质B.Yes, related to Suitability.
C.Yes, related to Loyalty, Prudence and Care.
正确答案:B
有关战争的诗句答案解析:"Guidance for Standards I-VII CFA Institute"
2011 Modular Level I, Vol. 1, pp. 78-81
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
B is correct as Buckner is in violation of Standard III (C) since she did not consider issues such as the limited liquidity or any potential leverage of this new product when she invested a substantial percentage of her client's portfolios in the instruments.
4、Amanda Covington, CFA, works for McJan Investment Management. McJan employees must receive prior clearance of their personal investments in accordance with McJan's compliance procedures. To obtain prior clearance, McJan employees must provide a written request identifying the curity, the quan
tity of the curity to be purchad, and the name of the broker through which the transaction will be made. Precleared transactions are approved only for that trading day. As indicated below, Covington received prior clearance.
Two days after she received prior clearance, the price of Stock B decread, so Covington decided to purcha 250 shares of Stock B only. In her decision to purcha 250 shares of Stock B only, did Covington violate any CFA Institute Standards of Professional Conduct?【单选题】
A.No
B.Yes, relating to diligence and reasonable basis
C.Yes, relating to her employer's compliance procedures
正确答案:C
答案解析:Prior-clearance process guard against potential and actual conflicts of interest; members are required to abide by their employer's compliance procedures (Standard VI (B)).
2014 CFA Level I
五笔打字法口诀
"Guidance for Standards I-VII," CFA Institute
残暴不仁Standard V(A), Standard VI(B)
5、Helen Hawke, CFA, a verifier of the GAPS? standards.With respect to theGlobal Investment Performance Standards (the GAPS? Standards), which of thefollowing statements is least accurate? The GAPS? Standards:【单选题】
