2017年12月CFA一级百题预测
1.ETHICS
2.QUANTITATIVE
3.ECONOMICS
4.FINANCIAL STATEMENT ANALYSIS
5.CORPORATE FINANCE
6.EQUITY
7.FIXED INCOME
8.DERIVATIVES
9.ALTERNATIVE INVESTMENTS
10.PORTFOLIO
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1.Ethics
1.1.Ethics and Trust in the Investment Profession(NEW)
1.1.1.重要知识点
1.1.1.1.Definition:
Ethics
采购合同⏹The guiding beliefs or ideals characterizing a society or societal group.
Ethical conduct
⏹Behavior that follows moral principles and balances lf-interest with both the
direct and the indirect conquences of the behavior on others.
Code of ethics
⏹Specific communities or societal groups in which we live and work sometimes
codify their beliefs about obligatory and forbidden conduct in a written t of
principles,often called a code of ethics.
⏹Serves as a general guide for how community members should act.
Standards
⏹Some communities will also expand on their codes of ethics and adopt explicit
rules or standards that identify specific behaviors required of community
members.
⏹Serve as benchmarks for the minimally acceptable behavior of community
台州美食members and can help clarify the code of ethics.
1.1.1.
2.Challenges to ethical conduct
Overconfidence can lead to faulty decision making.
Situational influences have a very powerful and often unrecognized effect on our thinking and behavior.
⏹External factors,such as environmental or cultural elements,that shapes our
thinking,decision making,and behavior.
⏹Factors:Money,Promotions,Prestige,Loyalty to employer and colleagues,a
strong compliance culture.
1.1.1.3.Trust
Trust is the very foundation of the financial markets.
Reasons:
⏹The nature of the client relationship
⏹Differences in knowledge and access to information
⏹The nature of investment products and rvices
1.1.1.4.Effects of ethical&unethical behavior
Effects of ethical behavior:
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⏹Lead to broader participation in the markets
⏹Protection of clients’interests
⏹More opportunities for investment professionals and their firms
⏹Lead to higher levels of success and profitability
⏹Enjoy lower relative costs
Effects of unethical behavior:
⏹Erodes and can even destroy trust
◆Diminished trust in financial markets can reduce growth in the
investment industry and tarnish the reputation of firms and individualsin
the industry,even if they did not participate in the unethical behavior. 1.1.1.5.legal and ethical conduct are not always the same.
Many types of conduct are both legal and ethical,but some conduct may be one and not the other.
The law is not always the best mechanism to reduce unethical behavior.
⏹Laws typically follow market practices.
爱情的意义⏹Regulators’respons typically take significant time,during which the
problematic practice may continue or even grow.
⏹A new law may be vague,conflicting,and/or too narrow in scope.
⏹Laws vary across countries or jurisdictions,allowing questionable practices to
move to places that lack laws relevant to the questionable practice.
⏹Laws are also subject to interpretation and compliance by market
participants,who may choo to interpret the law in the most advantageous
way possible or delay compliance until a later date.
Ethical conduct goes beyond what is legally required and encompass what different societal groups or communities,including professional associations,
consider to be ethically correct behavior.
1.1.1.6.Framework for ethical decision making
Steps are as follows:好词好句积累大全
⏹Identify:Relevant facts,stakeholders and duties owed,ethical principles,
conflicts of interest;
⏹Consider:Situational influences,additional guidance,alternative actions;
⏹Decide and act;
⏹Reflect:Was the outcome as anticipated?Why or why not?
1.1.
2.基础题
Q-1.Which of the following is NOT the accurate about Standards of conduct?
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A.The role of Standards of conduct rves as benchmark for the minimally acceptable behavior
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required of members of a group
B.Standards of conduct are general guide regrading proper conduct by members of group
C.Standards of conduct expand on their code of ethics
Solution:B.
The role of Standards of conduct rves as benchmark for the minimally acceptable behavior required of members of a group.Standards of conduct expand on their code of ethics.
Q-2.Which of the following is NOT a profession bad on?
A.Specialized knowledge and skills
B.Earn a living
C.Service to others
Solution:B.
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A profession is the ultimate evolution of an occupation,resulting from the efforts of members practicing the occupation at a high level and creating a t of ethics and standards of conduct for the entire group.Bad on specialized knowledge and skills;Bad on rvice to others;Practiced by members who share and agree to adhere to a common code of ethics.
Q-3.Which of the following is NOT a factor of situationalinfluences?
A.Prestige
B.Loyalty to employer
C.Internal factors
Solution:C.
The factors of situational influences include Money;Promotions;Prestige;Loyalty to employer and colleagues;A strong compliance culture.
Q-4.Which is the first step of decision-making framework?
A.Consider
B.Identify
C.Reflect
Solution:B.
Ethical Decision-Making Framework:1)Identify:Relevant facts,stakeholders and duties owed,
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1.2.1.1.The process for the enforcement of the code and standards ：
The process for the enforcement of the Code and Standards:
No disciplinary sanction Violation occurred Issue cautionary
letter Reject
Accept 1.2.1.2.Primary principles:
Fairness of the process to members and candidates. Confidentiality of the proceedings.
1.2.1.3.
The CFA Institute board of governors maintains oversight and responsibility for the Professional Conduct Program (PCP).1.2.1.4.
PCP and Disciplinary Review Committee (DRC)and responsible for enforcement ofthe Code and Standards.1.2.1.5.How to detect
Self-disclosure
Written complaints
Public sources CFA exam proctor
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1.2.1.6.The designated officer may decide That no disciplinary sanctions are appropriate.
Toissue a cautionary letter.
Todiscipline the member or candidate.
Inquiry is initiated
T he matter is referred to a
hearing by a panel of CFA
Institutemembers.End
Written explanation from members/candidates
Investigation
Interview the member/candidates Collecting documents and records Propo a disciplinary sanction ethical principles,conflicts of interest;2)Consider:Situational influences,additional guidance,alternative actions;3)Decide and act;4)Reflect:Was the outcome as anticipated?Why or wh
y not?
1.2.
The Process for the Enforcement of the Code and Standards 1.2.1.重要知识点
