1、 2017 Copyrighted by CFA Institute. All rights reserved. By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently- registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are s
2、trictly 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. 2017 Level I Mock Exam: Morning Ses
3、sion The morning session of the 2017 Level I Chartered Financial Analyst (CFA)Mock Examination has 120 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes (3 hours) for this session of the exam. Top
4、ic Minutes 1-18 Ethical and Professional Standards 27 19-32 Quantitative Methods 21 33-44 Economics 18 45-68 Financial Statement Analysis 36 69-76 Corporate Finance 12 77-88 Equity Investments 18 89-94 Derivative Investments 9 95-106 Fixed Income Investments 18 107-110 Alternative Investments 6 111-
5、120 Portfolio Management 15 Total: 180 2017 Copyrighted by CFA Institute. All rights reserved. By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently- registered CFA candidates. Candidates may view and print the exam for personal exam preparatio
6、n only. The 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 purpos
7、e. 1. In cases where applicable local laws governing calculation and presentation of investment performance conflict with the GIPS standards, firms are: A. required to comply with local regulations and make full disclosure of the conflict to claim GIPS compliance. B. unable to claim GIPS compliance
8、in cases where local regulations prohibit accurate calculation. C. required to calculate and maintain two sets of performance data in order to claim GIPS compliance. 2. Ross Nelson, CFA, manages accounts for high-net-worth clients, including his own familys account. He has no beneficial ownership in
9、 his familys account. Because Nelson is concerned about the appearance of improper behavior in managing his familys account, when his firm purchases a block of securities, Nelson allocates to his familys account only those shares that remain after his other client accounts have their orders filled.
10、The fee for managing his familys account is based on his firms normal fee structure. According to the Standards of Practice Handbook, Nelsons best course of action with regard to management of his familys account would be to: A. treat the account like other employee accounts of the firm. B. treat th
11、e account like other client accounts. C. remove himself from any direct involvement by transferring responsibility for this account to another investment professional in the firm. 3. Alexander Newton, CFA, is the chief compliance officer for Mills Investment Limited. Newton institutes a new policy r
12、equiring the pro rata distribution of new security issues to all established discretionary accounts for which the new issues are appropriate. The policy also provides for the exclusion of newly established discretionary accounts from the distribution until they have reached their one-month anniversa
13、ry date. This policy is disclosed to all existing and potential clients. Did Newton most likely violate any CFA Institute Standards of Professional Conduct? A. No, because the policy has been adequately disclosed to all existing and potential clients B. Yes C. No, because the allocation policy is no
14、t inequitable under the standards 4. According to the GIPS standards a verification report confirms all of the following except whether: A. specific composite presentations are accurate. B. processes and procedures are designed to calculate and present compliant performance results. C. a firm has co
15、mplied with all firm-wide composite construction requirements. 2017 Copyrighted by CFA Institute. All rights reserved. By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently- registered CFA candidates. Candidates may view and print the exam for
16、personal exam preparation only. The 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
17、mock exam for any purpose. 5. Justin Blake, CFA, a retired portfolio manager, owns 20,000 shares of a small public company that he would like to sell because he is worried about the companys prospects. He posts messages on several internet bulletin boards. The messages read, “This stock is going up
18、once the pending patents are released, so now is the time to buy. The stock is a buy at anything below $3. I have done some close research on these guys.“ According to the Standards of Practice Handbook, Blake most likely violated the Code and Standards associated with: A. Integrity of Capital Marke
19、ts, but not Conflicts of Interest. B. neither Integrity of Capital Markets nor Conflicts of Interest. C. Integrity of Capital Markets, and Conflicts of Interest. 6. Miranda Grafton, CFA, purchased a large block of stock at varying prices during the trading session. The stock realized a significant g
20、ain in value before the close of the trading day, so Grafton reviewed her purchase prices to determine what prices should be assigned to each specific account. According to the Standards of Practice Handbook, Graftons least appropriate action is to allocate the execution prices: A. across the partic
21、ipating client accounts at the same execution price. B. across the participating client accounts pro rata on the basis of account size. C. on a first-in, first-out basis with consideration of bundling orders for efficiency. 7. Which of the following least likely reflects the two primary principles o
22、f the CFA Institute Rules of Procedure for Professional Conduct? A. Fair process to the member and candidate B. Public disclosure of disciplinary sanctions C. Confidentiality of proceedings 8. Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not act
23、ively traded its account for at least a year and does not plan to resume active trading of the account. Peeks employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts but does not disclose his holdings in the investment club. Peeks actio
24、ns are least likely to be a violation of which of the CFA Institute Standards of Professional Conduct? A. Misrepresentation 2017年最新CFA一级二级考点汇总中文版（全）根据CFA最新考纲编写，比看notes还有效率扫码关注微信公众号：CFAer，回复【资料】即可免费获取全套资源！此活动永久有效！资料会常年实时更新！绝对全面！CFA全套资源获取方式【CFA万人微信群】需要加入我们CFA全球考友微信群的请添加CFA菌菌的微信号：imcfaer，备注需要加哪些群或直接扫下方
25、CFA菌菌二维码即可所有人均先加入CFA全球考友总群再根据您的需求加入其他分群（2017年12月，2018年6打卡签到监督群，一级、二级、三级分群、上海、武汉、北京、成都、南京、杭州、广州深圳、香港、海外等分群）！备考资料、学霸考经、考试资讯免费共享！交流、答疑、互助应有尽有！快来加入我们吧！有困难的话可以随时咨询我哦！除CFA资料外赠金融技能视频包 2017 Copyrighted by CFA Institute. All rights reserved. By accessing this mock exam, you agree to the following terms of us
26、e: This mock exam is provided to currently- registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone other than c
27、urrently-registered CFA candidates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose. B. Transaction priority C. Conflicts of interest 9. Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position, Smith is requi
28、red to supervise three portfolio managers. Smith asks for a copy of her firms 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 Practice Handbook, Smiths most appropria
29、te course of action would be to: A. require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct. B. decline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibility. C. require the employees she
30、 supervises to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct. 10. When Jefferson Piedmont, CFA, joined Branch Investing, Branch began using a quantitative stock selection model Piedmont had developed on his own personal time prior to his employment with Branch. One yea
31、r later when Piedmont left Branch Investing, he found the original copy of the model he had developed in a file at his home and presented it to his new employer, which immediately began using the model. According to the Standards of Practice Handbook, did Piedmont most likely violate any CFA Institu
32、te Standards of Professional Conduct? A. No B. Yes, because he misappropriated property now belonging to Branch C. Yes, because he failed to inform his new employer the model was the same one used by his previous employer 11. Reiko Kimisaki, CFA, is an investment adviser for a national social securi
33、ty fund in a frontier market with a very limited and illiquid capital market. The labor force is young and has an investment time horizon of 25 to 30 years. Kimisaki has been asked to suggest ways to increase the investment return of the overall portfolio. After careful assessment of the funds previ
34、ous investment history, and available asset classes, she considers investment in private equity. What is Kimisakis lowest priority to avoid any Code and Standards violations prior to making this investment recommendation? A. Assess the risk tolerance of the fund. B. Analyze the expected returns of p
35、rivate equity in the market. 2017 Copyrighted by CFA Institute. All rights reserved. By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently- registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. Th
36、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. C. Dete
37、rmine whether the investment policy statement allows for alternative investments. 12. Rebecca Wong is enrolled to take the Level I CFA exam. 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 years
38、 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. Neither violated. B. Both violated. C. Only Leung violated. 13. According to the Global Investment Performance Standards (GIPS), firms
39、must do all of the following except: A. provide investors with a comprehensive view of their performance only in terms of returns. B. adhere to certain calculation methodologies and make specific disclosures along with their performance. C. comply with all requirements of the GIPS standards, such as
40、 updates, guidance statements, and clarifications. 14. For firms to claim compliance with the GIPS standards they most likely must: A. increase the consistency and quality of the firms compliant presentations. B. take responsibility for their claim of compliance and maintaining that compliance. C. h
41、ire an independent third party to test a sample of their composites. 15. While waiting in the business class lounge before boarding an airplane, Becca Msafari, CFA, an equity analyst, overhears a conversation by a group of senior managers, including members of the board, from a large publicly listed
42、 bank. The managers discuss staff changes necessary to accommodate their regional expansion plans. Msafari hears several staff names mentioned. Under what circumstances could Msafari most likely use this information when making an investment recommendation to her clients? She can use the information
43、: A. under no circumstances. B. if she does not breach the confidentiality of the names of the staff. C. if the discussed changes are unlikely to affect investor perception of the bank. 2017 Copyrighted by CFA Institute. All rights reserved. By accessing this mock exam, you agree to the following te
44、rms of use: This mock exam is provided to currently- registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone oth
45、er than currently-registered CFA candidates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose. 16. Fundamental Asset Managers claims compliance with the CFA Institute Global Investment Performance Standards (GIPS) and manages both discretionary
46、and non-discretionary accounts. When constructing a single composite for Fundamental, Juma Dzuya includes all discretionary, fee-paying accounts with both value and growth strategies. Does the composite constructed by Dzuya most likely meet the criteria of the GIPS standards? A. No, because of non-s
47、imilar investment strategies B. No, because non-discretionary accounts are not included C. Yes 17. Charlie Mancini, CFA, is the Managing Director for Business Development at SV Financial, (SVF), a large U.S.-based mutual fund organization. Mancini has been under pressure recently to increase revenue
48、s. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved flexible terms for the funds client agreement. To allow for time zone differences, the agreement permits the hedge fund to trade in all of SVFs mutual funds six hours after the close of U.S. marke
49、ts, which is prohibited by U.S. regulators. Did Mancini violate any CFA Institute Standards of Professional Conduct? A. No B. Yes, with regard to Fair Dealing and Material Nonpublic Information C. Yes, with regard to Fair Dealing 18. In order to achieve compliance with GIPS Standards, it is recommended that firms: A. define the firm by including all geographical offices operating under the same firm name. B. provide existing clients a compliant presentation applicable to their portfolio, at a minimum of a bi-annual basis. C. adopt the broadest, most meaningful
