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: Morning Session The morning session of the 2009 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. Which of the following is a key characteristic of the Global Investment Performance Standards (GIPS)? The GIPS standards: A. rely on the integrity of input data. B. consist of required provisions for firms to follow to achieve best practice. C. must be applied with the goal of achieving excellenc
8、e in performance presentation. 2. According to the Standards of Practice Handbook, a member who is an investment manager is least likely to breach his duty to clients by: A. disclosing confidential client information to the CFA Institute Professional Conduct Program. B. using client brokerage to pur
9、chase goods or services that are used in the investment decision-making process. C. consistently supporting managements recommendations by voting with management on proxies related to non-routine governance issues. 3. Carla Scott, CFA, is a portfolio manager for a company that manages investment acc
10、ounts for wealthy individuals. Scott has no beneficial interest in any of the fee-paying accounts she manages, including her uncles account. When shares in initial public offerings (IPOs) become available, Scott first allocates shares to all her other clients for whom the investment is appropriate;
11、only if shares are still available does she purchase shares in her uncles account, if the issue is appropriate for him. Scott provides each of her clients with full disclosure of her allocation procedures and has received each clients verbal consent to her allocation procedures. According to the Sta
12、ndards of Practice Handbook, does Scotts method of allocating oversubscribed IPOs violate any CFA Institute Standards of Professional Conduct? A. No. B. Yes, because she has breached her duty to her uncle. C. Yes, because she has not precleared and reported her Uncles transactions. 【梦轩考资】 QQ10645484
13、2 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
14、 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. 4. Kim Li, CFA, is a portfolio manager for an investment advisory firm.
15、 Li delegates some of her supervisory duties to Janet Marshall, CFA, after educating Marshall on methods to prevent and detect violations of the firms compliance procedures. Despite these efforts, Li discovers that an employee reporting to Marshall may have violated the procedures. According to the
16、Standards of Practice Handbook, Lis least likely initial course of action must be to: A. suspend the employee. B. increase supervision of Marshall. C. initiate an investigation to determine the extent of the wrongdoing. 5. The Standards of Practice Handbook is least likely to require a member to dis
17、close which of the following to clients and prospective clients? A. Underwriting relationships. B. Service on a publicly-traded companys board of directors. C. Obligation to abide by CFA Institute Code of Ethics and Standards of Professional Conduct. 6. A CFA charterholder is the Fund Manager for a
18、non-profit organization. During a presentation regarding the restructuring of their investment portfolios asset allocation, the Head of the Finance Committee questions the manager. As part of his response, the manager states, “I am a CFA charterholder, I know what Im talking about, you should do wha
19、t I say”. According to the Standards of Practice Handbook, has the charterholder violated any of the CFA Institute Standards of Professional Conduct? A. No. B. Yes, Responsibilities as a CFA Institute Member. C. Yes, Communication with Clients and Prospective Clients. 【梦轩考资】 QQ106454842 专业提供CFA FRM全
20、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 disciplinary
21、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. A CFA candidate was responsible for developing presentations regarding New Vision
22、Asset Managers investment process and historical investment performance. When the candidate moved to another firm, he brought with him the presentation he developed for New Vision, changed the name of the company and presented it to a client of his new employer. The client asked the candidate if he
23、had New Visions permission to use their presentation. The candidate responded, “I created the presentation in my last month working there. It was, after my resignation, so its mine to use. Besides the investment performance is what I achieved for my clients at New Vision.” According to the Standards
24、 of Practice Handbook, the CFA candidate is least likely to have violated the CFA Institute Standards of Professional Conduct that relate to: A. Loyalty. B. Misrepresentation. C. Communication with Clients and Prospective Clients. 8. As the Managing Director of a commercial bank, a CFA charterholder
25、 sat in on a board meeting of a publicly listed company that the bank had lent a large sum of money. The purpose of the board meeting was to renegotiate the terms of the commercial loan due to the pending restructuring of the company. The next day all of the Managing Directors shares of the publicly
26、 listed company are sold on the stock exchange, the sell order having been given two days prior to the meeting. According to the Standards of Practice Handbook, the CFA charterholder was least likely in violation of which CFA Institute Standards of Professional Conduct? A. Disclosure of Conflicts. B
27、. Priority of Transactions. C. Material Nonpublic Information. 9. In order to comply with the GIPS Standards, a firm must initially show GIPS- compliant history for a minimum of: A. five years, or since inception if the firm has been in existence for less than five years. B. two years, or since ince
28、ption if the firm has been in existence for less than two years. C. three years, or since inception if the firm has been in existence for less than three years. 【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
29、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 candidates
30、; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose. 10. Buta Singh, CFA, has a large extended family and manages the portfolios of several family members. Singh does not charge the family members a management fee, but receives a small percentage
31、 of each portfolios profits. Singh accepts a position as portfolio manager for Bhotmange Investments to manage high net worth accounts. Because the family portfolios are not customary or normal client relationships, Singh does not inform his new employer of his side activity. Singh is least likely t
32、o have violated which CFA Institute Standard of Professional Conduct? A. Loyalty. B. Preservation of Confidentiality. C. Additional Compensation Agreements. 11. A CFA Candidate purchased copyrighted CFA exam preparatory study guide from a publisher. Two weeks prior to the exam, the Candidate lost th
33、e study guide so he photocopied a copy that his friend had purchased. According to the Standards of Practice Handbook, did the CFA Candidate most likely violate the CFA Institute Standards of Professional Conduct? A. Yes. B. No, because he had purchased his own copy. C. No, because both had purchase
34、d their own copies. 12. Crandall Temasek, CFA, filed for personal bankruptcy two years ago after incurring large medical expenses. He was hired recently as a portfolio manager. According to the CFA Institute Standards, must Temasek disclose his bankruptcy filing to his new employer? A. No. B. Yes, b
35、ecause he has a duty of loyalty to his employer. C. Yes, because bankruptcy represents a potential conflict 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. Can
36、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
37、ing, distributing and/or reprinting the mock exam for any purpose. 13. Sallie Lewis, CFA, is a research analyst covering the mining industry. Along with other analysts, Lewis visits the primary mine of Gold Rush Mines (GR). During the visit, a major piece of equipment fails and Lewis overhears an un
38、identified employee state that production will be stalled for six months. Lewis immediately files a sell recommendation on GR without any additional research. Has Lewis violated any CFA Institute Standards? A. No. B. Yes, with respect to diligence and reasonable basis. C. Yes, with respect to materi
39、al nonpublic information. 14. Clive Bowers, CFA, is a portfolio manager at Burlington Advisors (BA). Bowers manages two mutual funds along with a number of individual accounts. All of the portfolios, including the mutual funds, have similar return objectives, risk tolerances, and tax constraints. Wh
40、en Bowers allocates shares from block trades he fills the mutual fund orders first and then allocates the remaining shares to the individual accounts based on their portfolio size. When allocating shares from block trades, does Bowers violate any CFA Institute Standards? A. No. B. Yes, with respect
41、to fair dealing. C. Yes, with respect to priority of transaction. 15. Narupa Rhasta, CFA, is manager of the fast-growing individual account division of a bank and treats all clients equally. When the banks research department issues a buy or sell recommendation on a security, she ensures that the re
42、commended action is implemented in all accounts. Do Rhastas investment actions violate any CFA Institute Standards? A. No. B. Yes, with respect to suitability. C. Yes, with respect to diligence and a reasonable basis. 【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 t
43、he 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 action: accessing or permitting access
44、 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. Jimmy Lee, CFA, is an investment banker in a country with strict confidentiality laws. He is working on an acquisition for Panda Min
45、ing Co. (PMC). While performing due diligence, Lee notices that PMC has a number of questionable offshore partnerships. He investigates the legality of the partnerships and finds evidence of illegal activity. According to the Standards of Professional Conduct, Lees best course of action would be to:
46、 A. alert CFA Institute. B. consult outside counsel. C. notify regulatory authorities. 17. Rene Whatcom, CFA, is an independent contractor who writes research reports for several investment publications. Whatcom refuses to sign contracts with exclusivity clauses. Whatcom sometimes revises work he su
47、bmits to one publication and sends slightly altered versions of the report to additional publications. Does Whatcom violate any CFA Institute Standards? A. No. B. Yes, with respect to loyalty. C. Yes, with respect to disclosure of conflicts. 18. Angus Draper, CFA, is a senior portfolio manager and m
48、ember of the investment committee at Tillahook Investments. Draper serves as a board member for several non-profit organizations. These commitments require eight workdays per month of Drapers time. Because he does not receive any form of compensation for these activities, Draper does not tell anyone at work about his board activities. Does Draper violate any CFA Institute Standards? A. No. B. Yes, with respect to conflict of interest. C. Yes, with respect to responsibilities of supervisors. 【梦轩考资
