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: Afternoon S
3、ession The afternoon 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.
4、 Topic 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
5、111-120 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 prepar
6、ation 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 pu
7、rpose. 1. Richard Cardinal, CFA, is the founder of Volcano Capital Research, an investment management firm whose sole activity is short selling. Cardinal seeks out companies whose stocks have had large price increases. Cardinal also pays several lobbying firms to update him immediately on any legisl
8、ative or regulatory changes that may impact his target companies. Cardinal sells short those target companies he estimates are near the peak of their sales and earnings and that his sources identify as facing legal or regulatory challenges. Immediately after he sells a stock, Cardinal conducts a pub
9、lic relations campaign to disclose all of the negative information he has gathered on the company, even if the information is not yet public. Which of Cardinals actions is least likely to be in violation of the CFA Institute Standards of Professional Conduct? A. Selling stock short B. Trading on inf
10、ormation from lobbyists C. Disclosing information about target companies Answer = A Selling stock short is a management strategy and does not necessarily violate any aspect of the Standards of Professional Conduct. CFA Level I “Guidance for Standards IVII“ Standard II(B)Market Manipulation 2. Beth K
11、ozniak, a CFA candidate, is an independent licensed real estate broker and a well-known property investor. She is currently brokering the sale of a commercial property on behalf of a client in financial distress. If the clients building is not sold within 30 days, he will lose the building to the ba
12、nk. A year earlier, another client of Kozniaks had expressed interest in purchasing this same property. However, she is unable to contact this client, and she has not discovered any other potential buyers. Given her distressed clients limited time frame, Kozniak purchases the property herself and fo
13、rgoes any sales commission. Six months later, she sells the property for a nice profit to the client who had earlier expressed interest in the property. Has Kozniak most likely violated the CFA Institute Standards of Professional Conduct? A. Yes, she did not disclose her potential conflicts of inter
14、est to either client B. Yes, she profited on the real estate to the detriment of her financially stressed client C. No Answer = C 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
15、或直接扫下方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
16、 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 other
17、than currently-registered CFA candidates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose. Kozniak does not appear to have violated any CFA Institute Standards of Professional Conduct. Because she is known in the market for investing and broker
18、ing property and both parties have worked with Kozniak in the past, both parties would know of her interests. In addition, in both cases, she acts for her own account as a primary investor, not as a broker. She buys the property for her own portfolio and then sells the property from her own portfoli
19、o. Therefore, Kozniak did not violate Standard VI(A)Disclosure of Conflicts. When she purchased the property for her portfolio, she saved her client from losing the building to the bank and did not charge a sales commission. Because the sale of the property to her other client did not take place unt
20、il six months after her purchase, and she was unable to contact the client who had earlier expressed interest prior to her purchase, she cannot be accused of violating Standard III(A)Loyalty, Prudence, and Care with either client. CFA Level I “Guidance for Standards IVII“ Standard III(A)Loyalty, Pru
21、dence, and Care, Standard VI(A)Disclosure of Conflicts 3. Which of the following statements concerning the Global Investment Performance Standards (GIPS) is most likely correct? A. The Standards eliminate the need for in-depth due diligence by investors. B. Compliance with the Standards enhances the
22、 credibility of investment management firms. C. Clients or prospective clients benefit from the Standards because the historical track record of compliant firms is accurate and precise. Answer = B Compliance with the GIPS standards enhances the credibility of investment management firms. CFA Level I
23、 “Introduction to the Global Investment Performance Standards (GIPS),” CFA Institute Who Benefits from Compliance? 4. Monique Gretta, CFA, is a research analyst at East West Investment Bank. Previously, Gretta worked at a mutual fund management company and has a long-standing client relationship wit
24、h the managers of the funds and their institutional investors. Gretta often provides fund managers, who work for Grettas former employer, with draft copies of her research before disseminating the information to all of the banks clients. This practice has helped Gretta avoid several errors in her re
25、ports, and she believes it is beneficial to the banks clients, even though they are not aware of this practice. Regarding her research, Gretta least likely violated the CFA Institute Standards of Professional Conduct because: A. the long-standing client relationships are not disclosed. 2017 Copyrigh
26、ted 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 strictly prohib
27、ited 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. B. this practice benefits all clients. C. her rep
28、ort is a draft. Answer = A The analyst does not violate any of the Standards of Professional Conduct by having long-standing client relationships and generally is not required to disclose such relationships. However, the analyst is not treating all clients fairly as required by Standard III(B)Fair D
29、ealing when disseminating investment recommendations; disclosure of the relationship with long-standing clients is not the issue. The analyst has advantaged some clients over others by providing advance information, and all clients do not have a fair opportunity to act on the information within the
30、draft report. Members and candidates may differentiate their services to clients, but different levels of service must not disadvantage or negatively affect clients. CFA Level I “Guidance for Standards IVII“ Standard III(B)Fair Dealing 5. Belen Zapata, CFA, is the owner of Kawah Investments. Kawah p
31、romises investors returns of up to 12% per year and claims to achieve these returns by investing in non-investment-grade bonds and other fixed-income instruments. Over the next 12 months, bond market yields reach unprecedented lows and Zapata finds it impossible to achieve the returns she expected.
32、No investments are ever made by Kawah, and clients are completely paid back all of their original investment. Zapata most likely violated the CFA Institute Standards of Professional Conduct because of the: A. investment mandate. B. return of capital. C. promised returns. Answer = C The member misrep
33、resented the returns she could realistically achieve for her clients, violating Standard I(C)Misrepresentation, which prohibits members and candidates from guaranteeing clients any specific return on volatile investments. CFA Level I “Guidance for Standards IVII“ Standard I(C)Misrepresentation 2017
34、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 strictl
35、y 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. 6. A central bank fines a commercial bank
36、 it supervises for not following statutory regulations regarding nonperforming loan provisions on three large loans as a result of the banks loan provisioning policy. Louis Marie Buffet, CFA, sits on the board of directors of the commercial bank as a non-executive director, representing minority sha
37、reholders. He also chairs the banks internal audit committee that determines the loan provisioning policy of the bank. Mercy Gatabaki, CFA, is the banks external auditor and follows international auditing standards whereby she tests the loan portfolio by randomly selecting loans to check for complia
38、nce in all aspects of central bank regulations. Which charterholder is most likely in violation of the Code and Standards? A. Gatabaki B. Buffet C. Both Answer = B Buffet sat on the audit committee that determined the banks provisioning policies that were contrary to the statutory regulations of the
39、 central bank. As a result, he most likely violated Standard IProfessionalism by not abiding by regulations of a regulatory body. Gatabaki did not violate Standard I - Professionalism because it is not apparent she knowingly facilitated the incorrect provisioning policy. CFA Level I “Guidance for St
40、andards I-VII,“ CFA Institute Standard I(A) 7. Sergio Morales, CFA, believes he has found evidence that his supervisor is engaged in fraudulent activity involving a clients account. When Morales confronts his supervisor, he is told the client is fully aware of the issue. Later that day, Morales cont
41、acts the client and after disclosing the fraudulent activity, he is told by the client to mind his own business. Following the requirements of local law, Morales provides all of his evidence, along with copies of the clients most recent account statements, to a government whistleblower program. Has
42、Morales most likely violated the CFA Institute Standards of Professional Conduct? A. Yes, concerning Duties to Employers B. Yes, concerning Preservation of Confidentiality C. No Answer = C Because Morales believes his supervisor and potentially the client are engaged in fraudulent activity and follo
43、wing the requirements of local law, he has not violated Standard III(E)Preservation of Confidentiality or Standard (V)Duties to Employers. 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 curre
44、ntly- 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 candidates; co
45、pying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose. CFA Level I “Guidance for Standards IVII“ Standard III(E) Preservation of Confidentiality, Standard (IV) Duties to Employers, Standard (V) Duties to Employers 8. According the GIPS standards, for p
46、eriods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all: A. fee- and non-fee-paying discretionary and non-discretionary accounts. B. fee-paying discretionary accounts. C. fee- and non-fee-paying discretionary accounts. Answer = A For period
47、s beginning on or after 1 January 2011, total firm assets must include the aggregate fair value of all discretionary and non-discretionary assets managed by the firm. This includes both fee-paying and non-fee-paying portfolios. CFA Level I “Global Investment Performance Standards (GIPS)“ GIPS Requir
48、ement 0.A.13 9. While at a bar in the financial district after work, Ellen Miffitt, CFA, overhears several employees of a competitor discuss how they will manipulate down the price of a thinly traded micro-cap stocks price over the next few days. Miffitts clients have large positions of this stock,
49、so when she arrives at work the next day, she immediately sells all of these holdings. Because she had determined the micro-cap stock was suitable for all of her accounts at its previously higher price, Miffitt buys back her clients original exposure at the end of the week at the new, lower price. Which CFA Institute Standards of Professional Conduct did Miffitt least likely violate? A. Material Nonpublic Information B. Preservation of Confidentiality C. Market Manipulation Answer = B Miffitt has not violated Standard III (E)Preservation of C
