CFA一级例题

CFA一级例题（一）答案

1、A stated objective of the CFA Institute's Global Investment Performance Standards

(GIPS) is to:

A. encourage individual investment companies to develop the Code of Ethics internally.

B. foster superior investment performance and return among CFA Institute members.

C. promote the notion of self-regulation.

D. support the standards developed internationally by top-performing investment

companies.

(key: C, the objectives of GIPS are most commonly tested topics in the examination)

2、Jack, CFA, is head of the equities research department for ABC Asset Management. Jack sent a memo to all equity analysts stating that, in the future, their involvement in ABC's investment banking transactions as well as the number

and quality of their research report would be rewarded in ABC's annual performance evaluation of each analyst. The memo asked the analysts to provide detailed information regarding their participation in the origination, execution, and follow-up for each transaction. According to the CFA Institute Standards of Practice Handbook, Jack:

A. did not violate any AIMR Standards.

B. violated only CFA Institute's Standard relating to misrepresentation.

C. violated only CFA Institute's Standard relating to responsibilities of supervisors.

D. violated CFA Institute's Standards relating to both misrepresentation and disclosure of compensation arrangements.

(key:C,why? The key is that the staff conduct the investment banking and research, which are in conflict in nature, therefore the supervisors should be responsible for the existence of the conflict of interest)

3、Under the Prudent Man Rule, trustees need nm set the proper balance of proprieties between:

A. principal protection and current income.

B. the interest of trustees and the interests of beneficiaries.

C. expected income and probable safety of capital.

D. the interest of current beneficiaries and the interest of the remainderman and secondary beneficiaries.

(Key: B, the fiduciary should balance the interest between the beneficiaries, and there is no duty to the sponsor under any circumstances)

4、The CFA Institute Standards of Practice Handbook is least likely to require a member or member's firm to disclose which of the following to clients and prospective clients?

A. Market-making activities.

B. Underwriting relationships.

C. Service as directors of a company's board.

D. Obligation to abide by CFA Institute's Code of Ethics and Standards of Professional Conduct.

(Key: D, Generally speaking, MCC should disclose the conflict of interest to clients and prospects, including underwriting position, corporate finance relationship, directorship, and financial and other pressure)

5、7. According to the CFA Institute Standards of Practice handbook, insider

trading is the least likely to be prevented by establishing:

A. fire walls.

B. watch list.

C. restricted list.

D: selective disclosure.

(Key: D)