2018CFA一级_Level_I_Mock_Exam_PM-Session_(with_Solutions)

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2018 Level I Mock Exam PM

he afternoon session of the 2018 Level I Chartered Financial Analyst

Mock

Examination has 120 questions. To best simulate the exam day experience, candidates

are advised to allocate an average of one and a half minutes per question for a total

of 180 minutes (3 hours) for this session of the exam.

Questions Topic Minutes

1–18 Ethical and Professional Standards 27

19–33 Quant 22.5

34–45 Econ 18

46–69 Financial Reporting and Analysis 36

70–78 Corporate Finance 13.5

79–86 Portfolio Management 12

87–98 Equity 18

99–110 Fixed Income 18

111–115 Derivatives 7.5

116–120 Alternative Investments 7.5

Total: 180

By accessing this mock exam, you agree to the following terms of use: is mock exam is provided to

currently registered CFA candidates. Candidates may view and print the exam for personal exam prepara-

tion only. e following activities are strictly prohibited and may result in disciplinary and/or legal action:

accessing or permitting access by anyone other than currently- registered CFA candidates; copying, posting

to any website, emailing, distributing and/or reprinting the mock exam for any purpose

2 2018 Level I Mock Exam PM

2018 LEVEL I MOCK EXAM PM

1 Which of the following is least likely a requirement of the GIPS standards?

Firms are required to:

A have their performance records veried by an independent third party.

B include all discretionary, fee- paying portfolios in at least one composite.

C present a minimum of ve years of annual investment performance compli-

ant with GIPS standards.

A is correct because it is a recommendation but not a requirement that rms obtain inde-

pendent third- party verication to claim GIPS compliance. Firms are required to include

all discretionary, fee- paying portfolios in at least one composite. They must also present a

minimum of ve years of annual investment performance compliant with GIPS standards.

B is incorrect because it is a requirement.

C is incorrect because it is a requirement.

Global Investment Performance Standards (GIPS)

LOS a

2 In cases where applicable local laws governing calculation and presentation of

investment performance conict with the GIPS standards, rms are:

A unable to claim GIPS compliance in cases where local regulations prohibit

accurate calculation.

B required to calculate and maintain two sets of performance data in order to

claim GIPS compliance.

C required to comply with local regulations and make full disclose of the con-

ict to claim GIPS compliance.

C is correct because in cases where applicable local laws governing calculation and

presentation of investment performance conict with the GIPS standards, rms are

required to comply with local regulations and make full disclose of the conict in the

compliant presentation.

A is incorrect because is a not a requirement for or obstacle to GIPS compliance in

cases where local laws conict with GIPS standards.

B is incorrect because is a not a requirement for or obstacle to GIPS compliance in

cases where local laws conict with GIPS standards.

Global Investment Performance Standards (GIPS)

LOS c

Section 4.A.22

3 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 dierent region of the country.

Chandarana posts on a social media blog how being a CFA candidate really

helped him get a job. He also notes how relieved he was when his new employer

32018 Level I Mock Exam PM

didn’t ask him about being red from his former employer. Which CFA

Institute Code of Ethics or Standards of Professional Conduct did Chandarana

least likely violate?

A Misconduct

B Loyalty to Employers

C Reference to the CFA Program

C is correct because there is no evidence Chandarana violated StandardVII(B) with regard

to his being a CFA candidate. Specically, Chandarana does not overstate his competency

or imply he will achieve superior performance as a result of his CFA designation. It does

appear, however, Chandarana did not act with integrity when he hid information that

could potentially harm his new employer’s reputation, thus violating StandardI(D)–

Professionalism (Misconduct) and StandardIV(A)–Duty to Employers (Loyalty).

A is incorrect because it appears Chandarana did not act with integrity when he

hid information that could potentially harm his new employer’s reputation violating

StandardI(D)–Professionalism (Misconduct).

B is incorrect because it appears Chandarana did not act for the benet of his employer

when he hid information that could potentially harm his new employer’s reputation

violating StandardIV(A)–Duty to Employers (Loyalty).

Guidance for Standards I–VII

LOS b

StandardVII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program, StandardI(D)–

Misconduct, StandardIV(A)–Loyalty

4 Miranda Grafton, CFA, purchased a large block of stock at varying prices

during the trading session. e stock realized a signicant gain in value before

the close of the trading day, so Grafton reviewed her purchase prices to deter-

mine what prices should be assigned to each specic account. According to the

Standards of Practice Handbook, Grafton’s least appropriate action is to allocate

the execution prices:

A across the participating client accounts at the same execution price.

B across the participating client accounts pro rata on the basis of account size.

C on a rst- in, rst- out basis with consideration of bundling orders for

eciency.

B is correct because according to StandardIII(B) best practices include allocating pro

rata on the basis of order size, not account size. All clients participating in the block

trade should receive the same execution price and be charged the same commission.

A is incorrect because according to StandardIII(B) all clients participating in the block

trade should receive the same execution price and be charged the same commission.

C is incorrect because this is one of the recommended procedures to follow for

compliance with StandardIII(B).

Guidance for Standards I–VII

LOS a

StandardIII(B)–Fair Dealing

4 2018 Level I Mock Exam PM

5 Lawrence Hall, CFA, and Nancy Bishop, CFA, began a joint research report

on Stamper Corporation. Bishop visited Stamper’s corporate headquarters for

several days and met with all company ocers. Prior to the completion of the

report, Bishop was reassigned to another project. Hall utilized his and Bishop’s

research to write the report but did not include Bishop’s name on the report

because he did not agree with and changed Bishop’s conclusion included in the

nal report. According to the CFA Institute Standards of Practice Handbook,

did Hall most likely violate any CFA Institute Standards of Professional

Conduct?

A No.

B Yes, with respect to misrepresentation.

C Yes, with respect to diligence and reasonable basis.

A is correct because members are in compliance with Standard V (A)–Diligence and

Reasonable Basis if they rely on the research of another party who exercised diligence

and thoroughness. Because Bishop’s opinion did not agree with the nal report, disas-

sociating her from the report is one way to handle this dierence between the analysts.

B is incorrect because Hall did not make any misrepresentation.

C is incorrect because Hall is allowed to rely on a third party who exercised diligence

and thoroughness.

Guidance for Standards I–VII

LOS a

StandardV(A)–Diligence and Reasonable Basis

6 Rebecca Wong is enrolled to take the Level I CFA examination. Her friend

William Leung purchased Level I study materials from a well- known CFA

review program the previous year. Leung made a photocopy of the previous

year’s copyrighted materials and sold it to Wong to help her study. Who most

likely violated the CFA Institute Code of Ethics or any Standards of Professional

Conduct?

A Both violated.

B Neither violated.

C Only Leung violated.

A is correct because photocopying copyrighted material, regardless of the year of publi-

cation, is a violation of the CFA Institute Standards [StandardI(A)] as copyrighted materials

are protected by law. Candidates and members must comply with all applicable laws,

rules, and regulations and must not knowingly participate or assist in a violation of laws.

B is incorrect as photocopying copyrighted material, regardless of the year of publi-

cation, is a violation of the CFA Institute Standards.

C is incorrect as photocopying copyrighted material, regardless of the year of publi-

cation, is a violation of the CFA Institute Standards.

Guidance for Standards I–VII

LOS a

StandardI(A)–Knowledge of the Law

52018 Level I Mock Exam PM

7 Which of the following groups is most likely responsible for maintaining over-

sight and responsibility for the Professional Conduct Program (PCP)?

A CFA Institute Board of Governors

B Disciplinary Review Committee

C Professional Conduct Division

A is correct. All CFA Institute members and candidates enrolled in the CFA Program are

required to comply with the Code and Standards. The CFA Institute Board of Governors

maintains oversight and responsibility for the Professional Conduct Program (PCP).

B is incorrect. The Disciplinary Review Committee (DRC) works in conjunction with

the PCP and is responsible for enforcement of the Code and Standards.

C is incorrect. The Professional Conduct Division works with the DRC to establish

and review professional conduct policies and is also responsible for enforcing testing

policies of other CFA Institute education programs as well as the professional conduct

of Certicate in Investment Performance Measurement (CIPM) certicants.

Code of Ethics and Standards of Professional Conduct

LOS a

8 When can a party, nonmember or rm, most likely claim compliance with the

CFA Institute Code of Ethics and Standards of Professional Conduct? Once they

have:

A ensured that their code and ethics meets the principles of the Code and

Standards.

B notied the CFA Institute of their claim.

C veried their claim of compliance with the CFA Institute.

A is correct. The Code and Standards apply to individual members of CFA Institute and

candidates in the CFA Program. CFA Institute does encourage rms to adopt the Code and

Standards, however, as part of their code of ethics. Those who claim compliance should

fully understand the requirements of each of the principles of the Code and Standard.

B is incorrect. CFA Institute welcomes public acknowledgement when appropriate

and encourages rms to notify the Institute of the adoption plans.

C is incorrect. CFA Institute does not verify claims of compliance with the Code of

Ethics and Standards of Professional Conduct.

Code of Ethics and Standards of Professional Conduct

LOS c

9 Jean- Luc Schlumberger, CFA, is an independent research analyst providing

equity research on companies listed on exchanges in emerging markets. He

often incorporates statistical data he obtains from the web sites of the World

Bank and the central banks of various countries into the body of his research

reports. While not indicated within the reports, whenever his clients ask

where he gets his information he informs them the information is in the public

domain but he doesn’t keep his own records. When the clients ask for the

specic web site addresses he provides the information. Which Standard has

Schlumberger least likely violated?

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