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: Afternoon Session The afternoon session of the 2010 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. Questions 1 through 18 relate to Ethical and Professional Standar
7、ds. 1. Alexander Newton, CFA, is the chief compliance officer for Mills Investment Limited. Newton institutes a new policy requiring 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 d
8、istribution of new issues to newly established discretionary accounts where appropriate after their one-month anniversary date. This policy is disclosed to all existing and potential clients. Did Newton violate any CFA Institute Standards of Professional Conduct? A. No. B. Yes, because the distribut
9、ion policy should treat all discretionary accounts equally. C. Yes, because disclosure of inequitable allocation methods does not fulfill the duty for fair and equitable trade allocation procedures. 2. When Jefferson Piedmont, CFA, joined Branch Investing, Branch began using a quantitative stock sel
10、ection model Piedmont had developed on his own personal time prior to his employment with Branch. One year later when Piedmont left the firm, he found the original copy of the model he had developed in a file at his home and presented it to his new employer, who immediately began using the model. Ac
11、cording to the Standards of Practice Handbook, did Piedmont violate any CFA Institute 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 em
12、ployer. 3. Lawrence Hall, CFA, and Nancy Bishop, CFA, began a joint research report on Stamper Corporation. Bishop visited Stampers corporate headquarters for several days and met with all company officers. Prior to the completion of the report, Bishop was reassigned to another project. Hall utilize
13、d his and Bishops research to write the report but did not include Bishops name on the report, because she did not agree with Halls conclusion included in the final report. According to the CFA Institute Standards of Practice Handbook, did Hall violate any CFA Institute Standards of Professional Con
14、duct? A. No. B. Yes, with respect to misrepresentation. C. Yes, with respect to diligence and 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 the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates m
15、ay 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, emailing, dist
16、ributing and/or reprinting the mock exam for any purpose. 4. According to the Global Investment Performance Standards (GIPS), which of the following is not a part of the verification process? Testing whether the: A. firm has complied with all the composite construction requirements. B. verification
17、is undertaken by the compliance department in the absence of a third party. C. firms processes and procedures are designed to calculate results in compliance with GIPS standards. 5. Umi Grabbo, CFA, is a highly regarded portfolio manager for Atlantic Advisors (AA), a mid-sized mutual fund firm inves
18、ting in domestic securities. She has watched the hedge fund boom and on numerous occasions suggested her firm create such a fund. Senior management has refused to commit resources to the area. Attracted by potential higher fees associated with hedge funds, Grabbo and several other employees organize
19、 a hedge fund to invest in international securities. Grabbo is careful to work on the fund development only on her own time. Because AA management thinks hedge funds are a fad, she does not inform her supervisor about the hedge fund creation. According to the Standards of Practice Handbook, Grabbo s
20、hould most likely address which of the Standards immediately? A. Disclosure of Conflicts. B. Priority of Transactions. C. Additional Compensation Arrangements. 6. David Donnigan enrolled to take the Level II CFA examination in the current year, however he did not take the exam. Donnigan advised his
21、employer he passed Level II. Subsequently, he registered to take the Level II exam the next year. Which CFA Institute Standard of Professional Conduct did Donnigan least likely violate? A. Duty to employer. B. Professional misconduct. C. Referencing Candidacy in the CFA Program. 7. Jeffrey Jones pas
22、sed the Level I CFA examination in 1997 and the Level II examination in 2009. He is not currently enrolled for the Level III examination. According to the CFA Institute Standards of Professional Conduct, which of the following is the most appropriate way for Jones to refer to his participation in th
23、e CFA Program? A. Jeffrey Jones, CFA (expected 2011). B. Candidate in the CFA Institute CFA Program. C. Passed Level II of the CFA examination in 2009. 【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
24、-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; copying
25、, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose. 8. Rebecca Wong is enrolled to take the Level I CFA examination. Her friend William Leung had purchased Level I study materials from a well-known CFA review program the previous year. Leung made a photo
26、copy of the previous years copyrighted materials and sold it to Wong to help her study. Who violated the CFA Institute Code of Ethics or any Standards of Professional Conduct? A. Both violated. B. Neither violated. C. Only Leung violated. 9. Nicholas Bennett, CFA, is a trader at a stock exchange. An
27、other trader approached Bennett on the floor of the exchange and verbally harassed him about a poorly executed trade. Bennett in response pushed the trader and knocked him to the ground. The exchange, after investigation, cleared Bennett from any wrongdoing. Which of the following best describes Ben
28、netts conduct in relation to the CFA Institute Code of Ethics or Standards of Professional Conduct? Bennett: A. did not violate any Code or Standard. B. violated the Professional Misconduct Standard. C. violated both Misconduct and Integrity of Capital Markets Standards. 10. Albert Nyakenda, CFA, wa
29、s driving to a clients office where he was expected to close a multi-million dollar deal, when he was pulled over by a traffic policeman When Nyakenda, realized the policeman planned to wrongly ticket him for speeding, he offered to buy him “lunch” so that he could quickly get to his clients office.
30、 The alternative was to go to the police station and file a complaint of being wrongly accused that would also involve going to court the next day to present his case. The lunch would cost significantly more than the ticket. Did Nyakenda violate the CFA Code of Ethics? A. Yes. B. No, because he was
31、wrongly accused. C. No, because the cost of lunch is more than the ticket. 【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 person
32、al 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 mock e
33、xam for any purpose. 11. Delaney OKeefe, a CFA candidate, is a portfolio manager at Bahati Management Company. The company is considering investing offshore for the first time, particularly in North America, on behalf of their clientele, whom are all high net worth individuals. OKeefe does not have
34、experience in offshore investments so she hires Mark Carlson, CFA of Carlson Consulting on the basis of his CFA Charter, to undertake due diligence exercises on the top ten portfolio managers in North America, ranked by Assets under Management (AUM). To avoid violating any Code and Standards, OKeefe
35、 should most likely undertake: A. a sampling of the suitability of North America for clients. B. a due diligence exercise on Mark Carlson and Carlson Consulting. C. the due diligence exercise on the top ten asset managers herself. 12. Reiko Kimisaki, CFA, is an investment advisor for a national soci
36、al security fund in a frontier market with a very limited and illiquid capital market and a very young labor force with an investment time horizon of 25 30 years. She has been asked to suggest ways to increase the investment return of the overall portfolio. After careful assessment of the Funds prev
37、ious investment history, and available asset classes, she considers investment in private equity. What is Kimisakis lowest priority to avoid any Code of Ethics and Standards of Professional Conduct violations prior to making this investment recommendation? A. Assess the risk tolerance of the Fund. B
38、. Analyze the expected returns of private equity in the market. C. Determine if the Investment Policy Statement allows for alternative investments. 13. While waiting in the business class lounge before boarding an airplane, Becca Msafari, CFA, an equity analyst, overhears a conversation by a group o
39、f senior managers, including members of the Board, from a large publicly listed bank. The managers discuss staff changes necessary to accommodate their regional expansion plans. Msafari heard several staff names mentioned. Under what circumstances could Msafari most likely use this information when
40、making an investment recommendation to her clients? A. Under no circumstances. B. If she does not breach the confidentiality of names of staff. C. If the discussed changes are unlikely to affect the public perception of the bank. 【梦轩考资】 QQ106454842 专业提供CFA FRM全程高清视频+讲义By accessing this mock exam, yo
41、u 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 action: accessing or permi
42、tting 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. 14. Norman Bosno,CFA acts as an outside portfolio manager to a Sovereign Wealth Fund. Raphel Palmeti, a Fund Official, appro
43、aches Bosno to interest him in investing in Starlite Construction Company. He tells Bosno if he approves a two million dollars investment in Starlite by the Fund Bosno will receive a “bonus” that will make him wealthy. Palmeti also adds if Bosnoviak decides not to invest, he will lose the Fund accou
44、nt. After doing a quick and simple analysis, Bosno determines the investment is too risky for the Fund. If Bosno agrees to make the investment what Standard is least likely to be violated? A. Loyalty, Prudence and Care B. Diligence and Reasonable Basis. C. Additional Compensation Arrangements. 15. F
45、rancesca Ndenda, CFA and Grace Rutabingwa work for New Age Managers where Rutabingwa reports to Ndenda on a daily basis, working in the same department. It has come to the attention of Ndenda that Rutabingwa received a Notice of Enquiry from the Professional Conduct Program at the CFA Institute rega
46、rding a potential cheating violation when he sat for the CFA exam in June. As Rutabingwas supervisor, Ndenda is afraid the behavior of Rutabingwa will be seen as a violation of the CFA Code and Standards. Does Ndenda have cause for concern? A. Yes. B. No, because her responsibilities do not apply. C
47、. No, not until Rutabingwa is found guilty of cheating. 16. Jean-Luc Schlumberger, CFA, is an independent research analyst providing equity research on companies listed on exchanges in emerging markets. He often incorporates statistical data he obtained from the web sites of the World Bank and the C
48、entral Banks of the various countries into the body of his research reports. While not indicated within the reports, whenever his clients ask where he gets his information he informs them the information is in the public domain, so he doesnt keep his own records. When the clients ask for the specifi
49、c web site addresses he provides the information. Which Standard has Schlumberger most likely violated? A. Misconduct. B. Record Retention. C. Misrepresentation. 【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 vie
