CFA考试一级证书练习题

models the fund uses to manage its investors’ assets. Glass reads several high-level

mathematical publications and blogs to stay informed on current developments.

One blog, run by Expert CFA, presents some intriguing research that may benefit

one of CityCenter’s current models. Glass is under pressure from firm executives

to improve the model’s predictive abilities, and he incorporates the factors

discussed in the online research. The updated output recommends several new

investments to the fund’s portfolio managers.

Comment: “Expert CFA” has violated Standard VII(B) by using the

CFA designation inappropriately. As with any research report,

authorship of online comments must include the charterholder’s full

are CFA Institute members or candidates in the CFA Program and, therefore, are

subject to the CFA Institute Code of Ethics and Standards of Professional Conduct.

1. Smith, a research analyst with a brokerage firm, decides to change his

recommendation for the common stock of Green Company, Inc., from a

“buy” to a “sell.” He mails this change in investment advice to all the firm’s

clients on Wednesday. The day after the mailing, a client calls with a buy

order for 500 shares of Green Company. In this circumstance, Smith should:

A. Accept the order.

A. A client may direct a manager to use that client’s brokerage

C. Client brokerage commissions may be directed to pay for the

3. Jamison is a junior research analyst with Howard & Howard, a brokerage