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. 2009 Level I Mock Exam: Afternoon Session The afternoon session of the 2009 Level I Chartered
3、 Financial 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 Standard
4、s 27 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】 QQ10
5、6454842 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 res
6、ult 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. LEVEL I MOCK EXAM AFTERNOON Questions 1 through 18 relate to Ethi
7、cal and Professional Standards. 1. According to the Standards of Practice Handbook, which of the following statements about fair dealing is least accurate? The Standard related to fair dealing: A. states that members should treat all clients equally. B. imposes a duty with respect to both clients an
8、d prospective clients. C. pertains to both investment recommendations and investment actions. 2. An asset manager, a CFA charterholder, manages small-cap portfolios for institutional clients. The manager is convinced, given the deteriorating economic conditions, that as a group, small-cap equities w
9、ill underperform during the next 12-24 months. To preserve her clients wealth, the manager sells small-cap equities that she considers most vulnerable to price declines. After considerable research, the manager buys large-cap equities that she believes are better positioned to weather the expected e
10、conomic downturn. The manager provides complete disclosure of these trades to her clients after the purchase. Has the manager violated any CFA Institute Standards of Professional Conduct? A. No. B. Yes, relating to suitability. C. Yes, relating to misconduct. 3. According to the Standards of Practic
11、e Handbook, a supervisor establishing procedures to eliminate conflicts of interest relating to personal trading would least likely recommend requiring: A. a ban on employee investments. B. disclosures of beneficial ownerships. C. duplicate confirmations of employee transactions. 【梦轩考资】 QQ106454842
12、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
13、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. 4. David Sandridge earned the right to use the CFA designation in Septemb
14、er 1968. Sandridge recently retired from the investment management profession. As he is retired, Sandridge no longer attends CFA Institute society meetings and has stopped paying his CFA Institute dues. According to the Standards of Practice Handbook, how should Sandridge refer to his affiliation wi
15、th the CFA Program? A. David Sandridge, CFA. B. David Sandridge, CFA (retired). C. “I was awarded the CFA charter in 1968.” 5. A CFA Candidate, who is an investment bank equity analyst writes a research report on an oil company recommending a buy. After reviewing the report and not seeing any disclo
16、sures a pension fund manager asks the analyst if the investment bank is currently undertaking any corporate finance activity with this oil company. The analyst states that the investment bank is presently not working with the oil company but has done so in the past. The analyst does not mention or i
17、nclude in the research report, that she is related to the majority shareholder of the investment bank and that she owns shares in the oil company. According to the Standards of Practice Handbook, the analyst is least likely to have violated the CFA Institute Standards of Professional Conduct that re
18、lates to: A. Disclosure of Conflicts. B. Independence and Objectivity. C. Additional Compensation Arrangements. 6. According to the Standards of Practice Handbook, members are least likely required to disclose to clients their: A. service as directors. B. firms market-making activities. C. responsib
19、ilities as CFA charterholders. 【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 print the exam for personal exam preparation only. The following acti
20、vities 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. 7. According to the Sta
21、ndards of Practice Handbook, a member with supervisory responsibilities violates the CFA Institute Standards of Professional Conduct if the member fails to: A. prevent violations of the law. B. prevent violations of the CFA Code and Standards. C. establish and implement written compliance procedures
22、. 8. For the past decade, Rachel Pederson, CFA, has managed the account of Olga Stefansson and in that time developed a close relationship with her client. Stefansson has a beach house in the Bahamas which she offers to Pederson and her family free use of for two weeks as a reward for the excellent
23、returns generated in her account. Pederson is so busy at work she does not tell anyone where she is going for vacation. When accepting Stefanssons offer, Pederson least likely violates the CFA Institute Standard relating to: A. Loyalty to Employer. B. Disclosure of Conflicts. C. Independence and Obj
24、ectivity. 9. A CFA charterholder owns an asset management firm with offices downtown. To minimize rent expenses, each year the charterholder ships the previous years research records to a nearby warehouse. There, the reports are digitized and stored in both electronic and hard-copy forms. After five
25、 years, all paper copies are destroyed and only electronic copies are retained. Are the charterholders record- retention procedures in compliance with the CFA Institute Standards of Practice? A. No. B. Yes, because he is only required to retain hard copies for five years. C. Yes, because he still re
26、tains electronic copies of the original documents. 【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 print the exam for personal exam preparation only
27、. 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 purpose. 10.
28、 After work each day, Shinichi Takada, CFA, runs a popular internet blog where he comments on micro-cap stocks. The blog includes a bio of Takada with his education and employment history. He receives no compensation for the blog. On the blog, Takada recommends purchases and sales of stocks based up
29、on astrology. When blogging, Takada least likely violates CFA Institute Standard relating to: A. Fair Dealing. B. Duty to Employer. C. Diligence and Reasonable Basis. 11. A CFA charterholder agreed in writing with his former employer not to solicit former clients for a period of one year after his t
30、ermination. After he left his former employer, he consulted with a lawyer about whether the agreement was legally enforceable. The lawyer advised the charterholder that it was doubtful that the agreement could be enforced, so the charterholder sent a marketing brochure about his new firm to his form
31、er clients. According to the Standards of Practice Handbook, which of the following statements is most accurate with respect to the charterholders conduct? A. The Standards do not apply to the charterholders conduct. B. The Standards require the charterholder to comply with the agreement with his fo
32、rmer employer. C. Because the charterholder relied upon the opinion of legal counsel, he did not violate the Standards. 12. A CFA charterholder is asked to review her firms soft dollar practices. As part of the review, she notes that her firm has failed to disclose the practices to the firms clients
33、 in writing as required by law. The charterholder quickly prepares and distributes the appropriate disclosures. She does not report the firms violation to the appropriate regulatory authority. According to the Standards of Practice Handbook, by not reporting the violation to the regulatory authority
34、, has the charterholder violated any CFA Institute Standards of Professional Conduct? A. No. B. Yes, because she failed to act in the best interest of her employer. C. Yes, because she is required to report legal violations to the appropriate authority. 【梦轩考资】 QQ106454842 专业提供CFA FRM全程高清视频+讲义By acce
35、ssing 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 legal ac
36、tion: 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. Romar Brockman, CFA, is a sell-side analyst. Approximately half of Brockmans compensation comes
37、from his firms investment-banking division. Brockman is asked to write a report about Anacortes Concrete (AC), an investment-banking client. Despite his concerns about a slowdown in concrete demand, Brockman issues a very positive report on AC. When issuing his report, Brockman least likely violates
38、 the CFA Institute Standard relating to: A. Loyalty to Employer. B. Disclosure of Conflicts. C. Loyalty, Prudence, and Care. 14. Eric Pantoja is enrolled as a candidate in the CFA examination program. He works as an assistant for Chehalis Investments (CI). Pantoja sees CIs purchase list and purchase
39、s several of the recommended stocks. Pantoja least likely violates the CFA Institute Standard relating to: A. Loyalty to Employer. B. Priority of Transactions. C. Diligence and Reasonable Care. 15. Fred Brubacher, CFA, is an analyst at Van City Bank (VCB). Brubacher receives compensation for referra
40、ls to the banks brokerage and personal financial- planning divisions. His recent referrals are long-time clients from his previous employer, and Brubacher does not mention VCBs referral arrangement. Does Brubacher violate any CFA Institute Standards? A. No. B. Yes, with respect to misrepresentation.
41、 C. Yes, with respect to conflicts of interest. 【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 print the exam for personal exam preparation only. T
42、he 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. 16. A
43、CFA charterholder has decided to revise her firms written compliance manual. She checks with counsel regarding changes to applicable laws, rules, and regulations. She incorporates these changes as well as changes to the Code and Standards in the new version and distributes copies to her staff along
44、with a memorandum. The memorandum states that the updated manual includes compliance procedures designed to meet industry standards, regulatory requirements, requirements of the Code and Standards, and circumstances of the firm. According to the Standards of Practice Handbook, did the charterholder
45、violate any Standard of Professional Conduct? A. No. B. Yes, because compliance procedures may not be designed to meet industry standards. C. Yes, because compliance procedures should not be altered to meet the circumstances of the firm. 17. A CFA charterholder runs a small investment management fir
46、m. The firm subscribes to a service from a large investment research firm that provides research reports that can be repackaged as in-house research by smaller firms. The firm distributes these reports to clients with specific references as to their source and author. According to the Standards of P
47、ractice Handbook, has the charterholder violated the Standard related to misrepresentation? A. No. B. Yes, because she distributed plagiarized material. C. Yes, because she misrepresented her firms services. 18. Firms claiming compliance with the GIPS Standards are least likely to be required to: A.
48、 undertake a verification process. B. provide a composite list and description to any prospective client on request. C. document their policies and procedures used in establishing and maintaining compliance. 【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 print the exam for personal exam preparation only. The
