CFA考试一级章节练习题精选0330-7(附详解)

1、CFA考试一级章节练习题精选 0330-7 （附详解）1、Preeta Singh, a CFA Candidate, is an asset manager employed by a fund management company managing very large segregated pension funds. In her sparetime outside of working hours, Singh likes to provide management-consulting services to small companies to help grow their b

2、usinesses, focusing on strategicplanning. Singh is paid for the consulting services and has alsoprovided her employer information about these outside activities. Does Singh most likelyviolate the CFA Code of Ethics with regard to Duties to Employers?单选题】A.No.B.Yes, with regard to loyalty.C.Yes, with

3、 regard to additional compensation arrangements.正确答案 :A答案解析 : “ Guidance for Standards-VIII, ” CFA Institute2011 Modular Level I, Vol. 1, pp. 90 -91, 99Study Session 1 2 -bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.A is correc

4、t because Singh does not violate any Standard relating to Duties to Employers. She conducts unrelated non -competitive services to clients outsideof business hours and thus does not deprive her employer of the advantage of her skills and abilities, nor is there any indication she divulges confidenti

5、alinformation or otherwise causes harm to her employer. She has informed her employers about her outside activities.2、 Diana Fairbanks, CFA is married to an auditor who is employed at a large accounting firm. When her husband mentions a computer firm he audits will5receive a qualified opinion she th

6、inks nothing of it. Later that week when she reviews a new client account she notices there are substantial holdings of this computer firm. When she does a thorough Internet search for news on the company, she does not find anything about its most recent audit or any otherviolating the CFA Institute

7、adverse information. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoidStandards of Professional Conduct? 【单选题】A. Take no investment action.B. Complete a thorough and diligent analysis of the company and then sell the stock.C. Sell the stock immed

8、iately as she has a reasonable basis for taking this investment action.正确答案 :A答案解析 :"Guidance for Standards I -VII CFA Institute" 2011 Modular Level I, Vol. 1, pp. 49 -52Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards

9、 of Professional Conduct.A is correct as the information concerning the qualified opinion is non -public and if it is material she would be in violation of Standard II(A) if she took investment action based on the information. She should also make reasonable efforts to achieve public dissemination o

10、f the information.3、 Rajesh Sekar, CFA, is a successful hedge fund manager and uses fundamentaland technical statistical models to select stocks for his fund.When Bill单选题】Mandeville,a client asks him about the indicators underlying his models, Sekar tellsMandeville that his method is confidential bu

11、t is proven to provide future returnssimilar to its strong past performance.Sekar has most likely violated theStandards of Professional Conduct:A. only relating to performance presentation.B. only relating to communication with clients and prospective clients.C. both relating to performance presenta

12、tion and communication with clientsand prospective clients.正确答案 :C答案解析：CFA会员不能说明或者暗示其有能力获得与过去相类似的业绩，否则违反了CFA协会的业绩披露行为标准。另外，Sekar 在与客户及潜在客户沟通时没有区分事实和观点，对于复杂的统计分析，会员必须清楚地区分事实和统计结果，并且要确认已知的分析的限制，同时Sekar 没有告诉客户其选择证券的基本流程与方法，所以也违反了与客户及潜在客户沟通的行为标准。4、 Miranda Grafton, CFA, purchased at varying prices durin

13、g 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 should be assigned toeach specific account. According to the St

14、andards of Practice Handbook, Grafton's most appropriate action is to allocatetheeOecution 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

15、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 and Standards to situations involvingissues of professional integrity.Me

16、mbers have a responsibility to deal with all clients fairly according to Standard III (B). All clients participating in the block trade should receive the sameexecution price and be charged the same commission.5、While waiting in the business class lounge before boarding an airplane, Becca Msafari, C

17、FA, an equity analyst, overhears a conversation by a group of senior managers, including members of the Board, from a large publicly listed bank. The managers discuss staff changes necessary to accommodate their regional expansion plans. Msafari heard several staff names mentioned. Under what circum

18、stances could Msafari most likely use this information when making an investment recommendation to her clients? 【单选题】A. Under no circumstances.B. If she does not breach the confidentiality of names of staff.C. If the discussed changes are unlikely to affect the public perception of the bank.正确答案 :C答案解析 : “ Guidance for Standards-VIII ” , CFA Institute 2010 Modular Level I, Vol. 1, pp. 36 - 39Study Session 1 2 - a, bDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues o