CFA考试一级章节练习题精选0331-43(附详解)

1、CFA考试一级章节练习题精选 0331-43附详解）1、To comply with the Global Investment Performance Standards (GAPS?), whichof the following accounts a firm claiming compliance should include whenbuilding a composite for performance? 【单选题】A. non -fee-paying accounts.B. terminated accounts.C. non-discretionary accounts.正确答

2、案 :B答案解析 :不真实付费（不付费也不承担管理责任）和非自由决断（不是由基金经理进行投资决策）的组合都不加入投资管理人的业绩表现，但是即使是终止的账户也要公布其历史表现。1、 Ileana Inkster, CFA, was recently offered a senior management position within the trust departmentat a regional bank. The department is new, but the bank has plans to expand it significantly over thenext few mo

3、nths. Inkster has been told she will be expected to help grow the client base of the trustdepartment. She is informed that the trust department plans to conduct educational seminars andpursue the attendees as new clients. Inkster notices that recent seminar advertisements prepared bythe bank's m

4、arketing department do not mention investment products will be for sale at the seminar.The adsindicate attendees can "learn how to immediately add $100,000 to their net worth." Whatshould Inkster most likely do to avoid violating any CFA InstituteStandards of Professional Conduct? 【单选题】A.

5、Decline to accept the new positionB. Accept the position and inform senior management of inadequate compliance proceduresC. Accept the position and revise the marketing material正确答案 :A答案解析 :The prospective supervisor's first step should be to not take the position. Accepting the position withina

6、dequate procedures in place or improper marketing material would leave Inkster at risk of incurringa violation of Standard IV(C)-Responsibilities of Supervisors. She could agree to be hired as aninterim consultant with the bank in order to implement adequate procedures before taking on anysupervisor

7、y role.CFA Level I "Guidance for Standards I -VII"Standard IV(C)-Responsibilities of Supervisors 1、 Monique Gretta, CFA, is a research analyst at East West Investment Bank. Previously, Gretta worked at a mutual fund management company and has a's clients. This practice has helong -stan

8、ding client relationship with the managers of the funds and their institutional investors. Gretta often provides fund managers, who work for Grettaformer employer, with draft copies of her research before disseminating the information to all of the bankseveral errors in her reports, and she believes

9、 it is beneficial to the bank's clients, even though they are not aware of this practice. Regarding heGretta least likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct because: 【单选题】A. her report is a draft.B. this practice benefits all clients.C. the long -stan

10、ding client relationships are not disclosed.正确答案 :C答案解析 :72CFA Institute Standards 2012 Modular Level I, Vol. 1, pp. 71Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.C is correct because the analyst doe

11、s not violate any of the Standards of Professional Conduct by having long-standing client relationships and generally is not required to disclose such relationships. However, the analyst is not treating all clients fairly as required by Standard III (B) Fair Dealing when disseminating investment rec

12、ommendations; disclosure of the relationship with long -standing clients is not the issue. The analyst has advantaged some clients over others by providing advance information, and all clients do not have a fair opportunity to act on the information within the draft report. Members and candidates单选题

13、】may differentiate their services to clients, but different levels of service must not disadvantage or negatively affect clients.1、 For periods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all:A. fee -paying discretionary accounts.B. fee- a

14、nd non -fee -paying discretionary accounts.C. fee- and non -fee -paying discretionary and non -discretionary accounts.正确答案 :C4答案解析 : “ Global Investment Performance Standards (GIPS),” CFA Institute62012 Modular Level I, Vol. 1, p. 184Study Session 2-4-aDescribe the key features of the GIPS standards

15、 and the fundamentals of compliance.C is correctbecause for periods beginning on or after 1 January 2011, total firm assets must include the aggregate fair value of all discretionary and non-discretionaryassets managed by the firm. This includes both fee -paying and non -fee-paying portfolios (0.A.1

16、3).1、 Miranda Grafton, CFA, purchased at varying prices during the trading session a large block of stock on behalf of specific accounts she managed. The stockrealized a significant gain in value before the close of the trading day, so Grafton reviewed her purchase prices to determine what prices sh

17、ould be assigned toeach specific account. According to the Standards of Practice Handbook, Grafton's most appropriate action is to allocate单eeOecution prices:A.by giving longer -term clients more favorable prices.B.to all clients within the block trade at the same execution price.C.on a weighted basis according to the size of the clientsaccounts.正确答案 :B答案解析 : “ Guidance for Standards-VIII ” , CFA Institute2010 Modular Level I, Vol. 1, pp. 53 -58Study Session 1 2 - aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code