CFA考试一级章节练习题精选0331-11(附详解)

1、CFA考试一级章节练习题精选 0331-11 （附详解）1、 Brendan Witt, CFA, is a sell-side analyst within a research team covering companiesin the technology sector.The team reaches a consensus to recommend sellinga mining company after long time debating.Witt does not agree with theteams investment conclusion and believes t

2、he mining company is a potential targetof takeover.According to the Standards of Professional Conduct relating todiligence and reasonable basis, which of the following statements is most accurate?Witt must: 【单选题】A. decline to be identified with the report.B. dissociate from the report because it doe

3、s not reflect his opinion.C. ensure the consensus opinion has a reasonable and adequate basis and is independentand objective to keep her name on the report.正确答案 :C答案解析 :个人观点与集体观点不同时，也可以在报告上署名，只要确信参与写这个报告的其他人都做到了勤勉尽责和独立客观即可。1、 While waiting in the business class lounge before boarding an airplane, B

4、ecca Msafari, CFA, an equity analyst, overhears a conversation by a group of 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 hears several staff names mentioned. Un

5、der what circumstances could Msafari most likely use this information when making an investment recommendation to her clients? She can use the information： 【单选题】A. if she does not breach the confidentiality of the names of the staff.B. if the discussed changes are unlikely to affect investor percept

6、ion of the bank.C. under no circumstances.正确答案 :B答案解析：To comply with the Code and Standards, a member or candidate cannot use material nonpublic information when making investment recommendations. The information overheard would not be considered material only if any public announcement of the staff

7、 removal would be unlikely to move the share price of the bank, nor would the regional expansion substantially impact the value of the bank.2014 CFA Level I Guidance for Standards I-VII, CFA InstituteStandard II(A)Investments requires its employees to invest in the1、Alex Burl is an investment adviso

8、r at Helpful Investments, a local investment advisoryfirm.Helpful samestocks which Helpful Investments recommends to its clients.Helpful Investmentsalso has established strict procedures determining when trades can be executed inits employees own portfolios to avoid any conflict of interests with it

9、s clients.This procedure is most likely in place to help Burl avoid violations of the Standardsof Professional Conduct relating to： 【单选题】A. only material non-public information.B. only priority of transactions.C. both independence and material non-public information.正确答案 :B答案解析 :个人交易应该在为客户交易和雇主交易之后，

10、公司规定员工个人交易的时间是为了避免员工在为客户交易前进行交易，从而避免了违反优先交易权操作方法，该题与重大的非公开信息无关。1、 Benefits of compliance with the CFA Institute Global Investment Performance Standards (GIPS?) least likely include:【单选题】A. strengthening of internal controls.B. participation in competitive bidding.C. elimination of in-depth due dilig

11、ence for investors.正确答案 :C” CFA Institute2011 Modular Level I, Vol. 1, pp. 1答案解析 : “ Introduction to the Global Investment Performance Standards (GIPS?), aExplain why the GIPS standards were created, what parties the GIPS standards apply to, and who is served by the standards.C is correct because co

12、mpliance with the GIPS standards does not eliminate the need for in-depth due diligence on the part of the investor.1、 Amanda Covington, CFA, works for McJan Investment Management. McJan employees must receive prior clearance of their personal investments inaccordance with McJans compliance procedur

13、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. Precleared transactions are approved only for that trading day. As indicated be

14、low, Covington received prior clearance.SecurityQuantityBrokerPrior ClearanceA100Easy T radeYesB150Easy T radeYesTwo days after she received p rior clearance, the p rice of Stock B decreased, so Covington decided to pu rchase 250 shares of Stock B only. In her decision topu rchase 250 shares of Stock B only, did Covington violate any CFA Institute Standards of Professional Conduct?【单选题】A. Yes, relating to diligence and reasonable basisB. NoC. Yes, relating to her empio yers comp licance p rocedures正确答案:C 答案解析：Prior-clearance processes guard a