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2015 Level I Mock Exam AM questions.pdf
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CFA 考试mock
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2015 Level I Mock Exam
AM Questions
Page 1
1. Vishal Chandarana, an unemployed research analyst, recently registered for the CFA Level I exam.
After two months of intense interviewing, he accepts a job with a stock brokerage company in a
different region of the country. Chandarana posts on a blog how being a CFA candidate really
helped him get a job. He also notes how relieved he was when his new employer did not ask him
about being fired from his former employer. Which CFA Institute Standards of Professional Conduct
did Chandarana least likely violate?
A. Loyalty to Employers
B. Reference to CFA Institute, the CFA Designation, and the CFA Program
C. Misconduct
2. David Donnigan enrolled to take the Level II CFA examination in the current year, but he did not take
the exam. Donnigan advised his employer that he passed Level II. Subsequently, he registered to
take the Level II exam the next year. Which CFA Institute Standards of Professional Conduct did
Donnigan least likely violate? The standard related to:
A. referencing candidacy in the CFA Program.
B. duty to employer.
C. professional misconduct.
3. Ian O'Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a
financial research firm. The public relations firm entered into a contract with Mallory Enterprises to
provide public relations services, with O'Sullivan receiving 40,000 shares of Mallory stock in payment
for his services. Over the next 10 days, the public relations firm issued several press releases that
discussed Mallory's excellent growth prospects. O'Sullivan, through his financial research firm, also
published a research report recommending Mallory stock as a "buy." According to the CFA Institute
Standards of Professional Conduct, O'Sullivan is most likely required to disclose his ownership of
Mallory stock in:
A. the press releases only.
B. the research report only.
C. both the press release and the research report.
4. James Woods, CFA, is a portfolio manager at ABC Securities. Woods has reasonable grounds to
believe his colleague, Sandra Clarke, a CFA Level II candidate, is engaged in unethical trading
activities that may also be in violation of local securities laws. Woods is not Clarke's supervisor, and
her activities do not impact Woods or any of the portfolios for which he is responsible. Based on the
Code and Standards, the recommended course of action is for Woods to:
A. report Sandra Clarke to ABC's trading supervisor or compliance department.
B. not take any action because he is not directly involved.
C. report Sandra Clarke to the appropriate governmental or regulatory organization.
5. After a firm presents a minimum required number of years of GIPS- compliant performance, the firm
must present an additional year of performance each year, building up to a minimum of:
A. 10 years of GIPS-compliant performance.
B. 15 years of GIPS-compliant performance.
2015 Level I Mock Exam
AM Questions
Page 2
C. 5 years of GIPS-compliant performance.
6. Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position, Smith
is required to supervise three portfolio managers. Smith asks for a copy of her firm's written
supervisory policies and procedures but is advised that no such policies are required by regulatory
standards in the country where Smith works. According to the Standards of PracticeHandbook,
Smith's most appropriate course of action would be to:
A. decline to accept supervisory responsibility until her firm adopts procedures to allow her to
adequately exercise such responsibility.
B. require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards of
Professional Conduct.
C. require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.
7. Nicholas Bennett, CFA, is a trader at a stock exchange. Another trader approached Bennett on the
floor of the exchange and verbally harassed him about a poorly executed trade. In response,
Bennett pushed the trader and knocked him to the ground. After investigating the incident, the
exchange cleared Bennett from any wrongdoing. Which of the following best describes Bennett's
conduct in relation to the CFA Institute Code of Ethics or Standards of Professional Conduct?
Bennett:
A. violated the standard relating to professionalism.
B. did not violate any of the Code of Ethics or Standards of Professional Conduct.
C. violated both the standard relating to professionalism and integrity of capital markets.
8. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on
material nonpublic information is least likely to be prevented by establishing:
A. personal trading limitations.
B. selective disclosure.
C. firewalls.
9. During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executive
officer of Stargazer, Inc. discussing the company's tender offer to purchase Dynamica Enterprises, a
retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct,
Ward most likely cannot use the information because:
A. it was overheard and might be considered unreliable.
B. she does not have a reasonable and adequate basis for taking investment action.
C. it relates to a tender offer.
10. According to the Global Investment Performance Standards (GIPS), firms must do all of the following
except:
A. adhere to certain calculation methodologies and make specific disclosures along with their
performance.
B. provide investors with a comprehensive view of their performance only in terms of returns.
2015 Level I Mock Exam
AM Questions
Page 3
C. comply with all requirements of the GIPS standards, such as updates, guidance statements, and
clarifications.
11. Adira Badawi, CFA, who owns a research and consulting company, is an independent board
member of a leading cement manufacturer in a small local market. Because of Badawi's expertise in
the cement industry, a foreign cement manufacturer looking to enter the local market has hired him
to undertake a feasibility study. Under what circumstances can Badawi most likely undertake the
assignment without violating the CFA Institute Code of Ethics and Standards of Professional
Conduct?
A. He makes full disclosure to both companies.
B. He signs confidentiality agreements with both companies.
C. He receives written permission from the local company.
12. Which of the following is not a component of the CFA Institute Code of Ethics?
A. Promote financial integrity and seek to prevent and punish abuses in the financial markets.
B. Practice and encourage others to practice in a professional and ethical manner that will reflect
credit on themselves and the profession.
C. Place the integrity of the investment profession and the interests of clients above your own
personal interests.
13. According to the Global Investment Performance Standards (GIPS), which of the following is not a
part of the verification process? Testing whether the:
A. firm has complied with all the composite construction requirements.
B. verification is undertaken by the compliance department in the absence of a third party.
C. firm's processes and procedures are designed to calculate results in compliance with GIPS
standards.
14. Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Sato
issued a request for proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a good
friend of Sato, introduces him to representatives from Capital Investments, which submitted a
proposal. Sato selected Capital as a manager based on the firm's excellent performance record.
Shortly after the selection, Peters, who had outstanding performance as an equity manager with
another firm, accepted a lucrative job with Capital. Which of the CFA charterholders violated the
CFA Institute Standards of Professional Conduct?
A. Both
B. Neither
C. Peters
2015 Level I Mock Exam
AM Questions
Page 4
15. Claire Jones, CFA, is an analyst following natural gas companies in the United States. At an industry
energy conference, the chief financial officer of Alpine Energy states that the company is interested
in making strategic acquisitions. At a separate event, Alpine's head of exploration commented that
he is bullish on natural gas production prospects within northeastern Pennsylvania. Jones is aware
that Alpine currently has very little exposure to this region. She also knows another company in her
universe, Pure Energy, Inc. is based in northeastern Pennsylvania and controls significant assets in
the area. Pure Energy is highly leveraged, and Jones believes it will need to raise additional capital
or partner with another firm to move to the production phase with their assets. Jones attempts to
contact Alpine's chief executive officer with an unrelated question and is told he is unavailable
because he is on a business trip to northeastern Pennsylvania. Jones updates her research on Pure
Energy and then recommends the stock to Lisa Wong, CFA, a portfolio manager, who purchases
significant positions in client accounts. The following week, Pure Energy announces it has entered
into an agreement to be purchased by Alpine for a significant premium. Has either Jones or Wong
most likely violated standards with regard to the integrity of capital markets?
A. Yes, Jones' recommendation is based on insider information
B. No
C. Yes, both Jones and Wong have acted on insider information
16. Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment adviser. Dunder recently assigned
one of his portfolio managers, Doug Chetch, to manage several accounts that primarily invest in
thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock trades for these
accounts on the last day of the month, toward the market's close. Dunder finds this trading activity
unusual and speaks to Chetch, who explains that the trading activity was completed at the client's
request. Dunder does not investigate further. Six months later, regulatory authorities sanction BT for
manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder
violate any CFA Institute Standards of Professional Conduct?
A. Yes, because he failed to reasonably supervise Chetch.
B. Yes, because he did not report his findings to regulatory authorities.
C. No.
17. The Global Investment Performance Standards least likely require:
A. nondiscretionary portfolios to be included in composites.
B. non-fee-paying portfolios to be excluded in the returns of appropriate composites.
C. composites to be defined according to similar investment objectives and/or strategies.
18. Jefferson Piedmont, CFA, a portfolio manager for Park Investments, plans to manage the portfolios
of several family members in exchange for a percentage of each portfolio's profits. Because his
family members have extensive portfolios requiring substantial attention, they have requested that
Piedmont provide the services outside of his employment with Park. Piedmont notifies his employer
in writing of his prospective outside employment. Two weeks later, Piedmont begins managing the
family members' portfolios. By managing these portfolios, which of the following CFA Institute
Standards of Professional Conduct has Piedmont violated?
A. Conflicts of Interest
B. Additional Compensation
C. Both Additional Compensation and Conflicts of Interest
2015 Level I Mock Exam
AM Questions
Page 5
19. Monte Carlo simulation is best described as:
A. a restrictive form of scenario analysis.
B. providing a distribution of possible solutions to complex functions.
C. an approach to backtest data.
20. The belief that trends and patterns tend to repeat themselves and are, therefore, somewhat
predictable best describes:
A. arbitrage pricing theory.
B. technical analysis.
C. weak-form efficiency.
21. Which of the following most accurately describes a distribution that is more peaked than normal?
A. Mesokurtotic
B. Platykurtotic
C. Leptokurtotic
22. Using the following sample results drawn as 25 paired observations from their underlying
distributions, test whether the mean returns of the two portfolios differ from each other at the 1%
level of statistical significance. Assume the underlying distributions of returns for each portfolio are
normal and that their population variances are not known.
Portfolio 1
Portfolio 2
Difference
Mean return
17.00
21.25
4.25
Standard
deviation
15.50
15.75
6.25
t-statistic for 24 degrees of freedom and at the 1% level of statistical significance = 2.807
Null hypothesis (H
0
): Mean difference of returns = 0
Based on the paired comparisons test of the two portfolios, the most appropriate conclusion is that H
0
should be:
A. accepted because the computed test statistic is less than 2.807.
B. rejected because the computed test statistic exceeds 2.807.
C. accepted because the computed test statistic exceeds 2.807.
23. The null hypothesis is most likely to be rejected when the p-value of the test statistic:
A. exceeds a specified level of significance.
B. is negative.
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