1、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 strictly prohibited and may result in disciplinary and/or l
2、egal 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. 2010 Level I Mock Exam: Morning Session The morning session of the 2010 Level I Chartered Fin
3、ancial Analyst 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. Questions Topic Minutes 1-18 Ethical and Professional Standards 27
4、 19-32 Quantitative Methods 21 33-44 Economics 18 45-68 Financial Statement Analysis 36 69-78 Corporate Finance 15 79-90 Equity Investments 18 91-96 Derivative Investments 9 97-108 Fixed Income Investments 18 109-114 Alternative Investments 9 115-120 Portfolio Management 9 Total: 180 【梦轩考资】 QQ106454
5、842 专业提供CFA FRM全程高清视频+讲义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 strictly prohibited and may result
6、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. Questions 1 through 18 relate to Ethical and Professional Standards.
7、1. 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. fire-walls. B. watch lists. C. selective disclosure. 2. William Wong, CFA, is an equity analyst with Hayswick Securiti
8、es. Based on his fundamental analysis, Wong concludes the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price.
9、Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to: A. duty to clients. B. reasonable basis. C. priority of transactions. 3. During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc.
10、 discussing the companys tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely can not use the information because: A. it relates to a tender offer. B. it was overheard and might be consider
11、ed unreliable. C. she does not have a reasonable and adequate basis for taking investment action. 【梦轩考资】 QQ106454842 专业提供CFA FRM全程高清视频+讲义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 pr
12、int 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 currently-registered CFA candidates; copying, posting to any website, emailing, distributing and/o
13、r reprinting the mock exam for any purpose. 4. Ian OSullivan, 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 OSullivan r
14、eceiving 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 Mallorys excellent growth prospects. OSullivan, through his financial research firm, also published a research report recommending Mallor
15、y stock as a “buy.” According to the CFA Institute Standards of Professional Conduct, OSullivan is most likely required to disclose his ownership of Mallory stock in the: A. press releases only. B. research report only. C. both the press release and the research report. 5. Jefferson Piedmont, CFA, a
16、 portfolio manager for Park Investments, plans to manage the portfolios of several family members in exchange for a percentage of each portfolios profits. As his family members have extensive portfolios requiring substantial attention, they have requested that Piedmont provide the services outside h
17、is 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, did Piedmont violate any CFA Institute Standards of Professional Conduct? A. Conflicts of I
18、nterest B. Additional Compensation. C. Both Additional Compensation and Conflicts of Interest. 6. The eight major provisions of the Global Investment Performance Standards (GIPS) include all of the following except: A. Input Data, Calculation Methodology, and Real Estate. B. Fundamentals of Complian
19、ce, Composite Construction, and Disclosures. C. Calculation Methodology, Composite Construction, and Alternative Assets. 【梦轩考资】 QQ106454842 专业提供CFA FRM全程高清视频+讲义By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Can
20、didates 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 currently-registered CFA candidates; copying, posting to any website, email
21、ing, distributing and/or reprinting the mock exam for any purpose. 7. Hui Chen, CFA, develops marketing materials for an investment fund he founded three years ago. The materials show the 3-, 2- and 1-year returns for the fund. He includes a footnote that states in small print “Past performance does
22、 not guarantee future returns.” He also includes a separate sheet showing the most recent semi-annual and quarterly returns, which notes they have been neither audited nor verified. Has Chen most likely violated any CFA Institute Standards of Professional Conduct? A. No. B. Yes, because he included
23、un-audited and unverified results. C. Yes, because he did not adhere to the global investment performance standards. 8. 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 recentl
24、y to increase revenues. 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 th
25、e close of U.S. markets. Did Mancini violate any CFA Institute Standards of Professional Conduct? A. No. B. Yes, with regard to Fair Dealing. C. Yes, with regard to Fair Dealing and Material Nonpublic Information. 9. Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment advisor. Dunder rec
26、ently 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, towards the markets close. Dunder finds this tradin
27、g activity unusual and speaks to Chetch who explains that the trading activity was completed at the clients 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 Dun
28、der violate any CFA Institute Standards of Professional Conduct? A. No. B. Yes, because he failed to reasonably supervise Chetch. C. Yes, because he did not report his findings to regulatory authorities. 【梦轩考资】 QQ106454842 专业提供CFA FRM全程高清视频+讲义By accessing this mock exam, you agree to the following t
29、erms 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
30、er than currently-registered CFA candidates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose. 10. Ross Nelson, CFA, manages accounts for high net worth clients including his own familys account. He has no beneficial ownership in his familys acc
31、ount. 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. The fee for mana
32、ging 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 client accounts. B. arrange for the account to be transfer
33、red to another firm. C. transfer the account to another investment manager in his firm. 11. Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the accoun
34、t. 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 actions are least likely to be a violation of which of the CFA Institute Standards of Professional Conduc
35、t? A. Misrepresentation. B. Transaction priority. C. Conflicts of interest. 12. 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 firms written supervisory policies and pr
36、ocedures, 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 appropriate course of action would be to: A. require her firm to adopt the CFA Institute Code of Ethics and Standards of
37、Professional Conduct. B. require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct. C. decline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibility. 【梦轩考资】 QQ106454842
38、专业提供CFA FRM全程高清视频+讲义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 strictly prohibited and may result in d
39、isciplinary 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. 13. Darden Crux, CFA, a portfolio manager at SWIFT Asset Management Ltd.,
40、 (SWIFT) calls a friend to join him for dinner. The friend, a financial analyst at Cyber Kinetics (CK) declines the invitation and explains she is performing due diligence on Orca Electronics, a company CK is about to acquire. After the phone call, Crux searches the Internet for any news of the acqu
41、isition but finds nothing. Upon verifying Orca is on SWIFTs approved stock list, Crux purchases Orcas common stock and call options for selective SWIFT clients. Two weeks later, CK announces its intention to acquire Orca. The next day, Crux sells all of the Orca securities, giving the fund a profit
42、of $3 million. What action should Crux most likely take to avoid violating any CFA Institute Standards of Professional Conduct? A. Refuse to trade based on the information. B. Purchase the stock and call options for all clients. C. Trade only after analyzing the stock diligently and thoroughly. 14.
43、Justin Blake, CFA, a retired portfolio manager owns 20,000 shares of a small public company that he would like to sell. He posts messages on several Internet bulletin boards. The messages read, “This stock is going up once the pending patents are released so now is the time to buy. You would be craz
44、y to sell anything below $3 in a few months from now. 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 Standard or Standards associated with: A. Integrity of Capital Markets and Co
45、nflicts of Interest. B. Integrity of Capital Markets, but not Conflicts of Interest. C. Neither Integrity of Capital Markets nor Conflicts of Interest. 15. The Global Investment Performance Standards (GIPS) least likely requires: A. non-discretionary portfolios to be included in composites. B. non f
46、ee-paying portfolios to be excluded in the returns of appropriate composites. C. composites to be defined according to similar investment objectives and/or strategies. 【梦轩考资】 QQ106454842 专业提供CFA FRM全程高清视频+讲义By accessing this mock exam, you agree to the following terms of use: This mock exam is provi
47、ded 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 currently-registered CFA can
48、didates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose. 16. Amanda Covington, CFA, works for McJan Investment Management. McJan employees must receive prior clearance of their personal investments in accordance with McJans compliance procedur
49、es. To obtain prior clearance, McJan employees must provide a written request identifying the security, the quantity of the security to be purchased, and the name of the broker through which the transaction will be made. Pre cleared transactions are approved only for that trading day. As indicated below, Covington received prior clearance. Security Q
