2016年6月二级百题课程预测

1、唯一专业提供 CFA FRM 全程+讲义 专业·领先·增值金程教育Catalog1.Ethics.3Case 1: Sobhani .Case 2: Trend wise .Case 3: Kostecka .Case 4: KingFisher.3812162.Quantitative .29Case 1: Eduardo DeMolay Case Scenario .Case 2: Gary Hansen .Case 3: Paul Charlent Case Scenario .补充问题：.293337423.Economic.52Case 1: Tremblay .

2、Case 2: Barton Wilson.Case 3: AnaKonda.Case 4: Anderson Brothers Case Scenario.Case 5: Sagara .52566065704.Financial Reporting and Analysis.90Case 1: Bianca Puglisi Case Scenario.Case 2: Luhvul Cooperage Case Scenario .Case 3: Eagle Aerospace Case Scenario.Case 4: Turner .Case 5: AdOre. . .Case 6: R

3、hine.Case 7: London Star Refuse Company Case Scenario.Case 8: Treadway.Case 9: Ready Power .Case 10: Stanley Bostwick.90971031091141191241291351405.Corporate Finance .173Case 1: Aubrey Yacht Manufacturers Case Scenario.Case 2: England Case Scenario .Case 3: National Plastics .1731801866.Equity .211C

4、ase 1: Western Investments Analytics Case Scenario .Case 2: Mendosa .Case 3: TCC.Case 4: Angela Green.Case 5: GreenSnacks .2112162212272321-407专业来自 101%的投入唯一专业提供 CFAFRM 全程+讲义 专业·领先·增值金程教育Case 6: Metev.补充问题：.2372427.Alternative investment .257Case 1: Martha Brady .Case 2: Horizon Yield .Cas

5、e 3: Shoshone.Case 4: Julian Fuentes.2572612652688.Fixed Income .283Case 1: Katrina Black Case Scenario.Case 2: Susan Evermore Case Scenario .Case 3: Betty Tatton Case Scenario.Case 4: Samuel & Sons Case Scenario.Case 5: Campbell Fixed income Analytics Case Scenario .Case 6: Jon Stevenson, CFA .

6、2832882942973043099.Derivatives .324Case 1: Merinar .Case 2: Ryan Parisi Case Scenario.Case 3: Meredith Whitney Case Scenario .Case 4: Huang.Case 5: Meredith Gale Case Scenario .Case 6: Moyle.Case 7: Erich Reichmann .32432933333834234735210.Portfolio.369Case 1: James Stephenson Case Scenario .Case 2

7、: Thornhurst Investments Case Scenario.Case 3: Shah .Case 4: Pearl Asset Management .Case 5: Millennium Investments and Richie Shepard .Case 6: Tamara Ogle .3693733773813853882-407专业来自 101%的投入唯一专业提供 CFAFRM 全程+讲义 专业·领先·增值金程教育1.EthicsCase 1: SobhaniBetter Investments, founded by Ardy Sobhani

8、, CFA, five years ago, is an investment adviserserving mostly middle-income clients along with several high-net worth clients. Sobhani initially worked alone, but because of rapid growth, better has expanded to 20 employees today. Better continues to add new clients and recently hired a junior analy

9、st, ShigeruMiyagawa.Miyagawa is registered for Level I of the CFA exams. He recently learned that Sobhani hasbeen an instructor with a CFA exam prep program for many years so he asks Sobhani if he can provide any tips on the exam. Sobhani responds, "Our prep course providers looked at the curri

10、culum readings and based on this analysis we do not think you should worry about exotic over-the-counter (OTC) derivatives being tested. Instead focus on the corebody of knowledge. CFA Institute has a heavier weighting on equities and fixed-income analysis, and I am sure the exam will always have a

11、similar emphasis." Miyagawa replies, "When I took the practice exam it seemed to have more weight on alternativeinvestments."Joli Poundston, a longtime client of Better, is in her late 60's and in poor health. She plansto retire in two years and insisted that Sobhani sell all of h

12、er stock holdings during a market low point last year. Poundston then insisted Sobhani invest her assets only in bonds and cash to preserve her capital and reduce her risk exposure. After watching the stock market increase recently, Poundston calls Sobhani to request some equity exposurein her portf

13、olio. Sobhani drafts a note to Poundston telling her "there is no better time to invest in the stock market than right now. With stocks approaching all-time highs it is foolish not to own stocks and miss out on an opportuto reap the rewards of a growing market. I recommend that you invest at le

14、ast 60% of your assets in stocks to take advantage of what is, in my opinion, a rising market environment for the next couple ofyears. "The next day Sobhani is surprised to see a securities industry regulator appear at his office.The regulator indicates a complaint has been received about Bette

15、r and asks to see all client investment records so an initial assessment of the issue can be made. Sobhani makes available those client files kept on site covering the past seven years, as required by local legal statutes. For files older than seven years, he refers the regulator to the clients'

16、 brokers. Sobhani asks Miyagawa to respond to any other requests from the regulator andto make careful notes on any comments or recommendations the regulator has3-407专业来自 101%的投入唯一专业提供 CFAFRM 全程+讲义 专业·领先·增值金程教育concerning compliance issues. The firm's compliance policies and procedures

17、werefinalized at the firm's inception and Sobhani plans to use what he learns from this visit to reflect in these documents any regulatory changes over the past five years.In a meeting with Spencer Purce, a prospective client who recently sold his business forover $100 million, Sobhani learns Pu

18、rce plans to quit working. Purce asks for ideas on howto invest his sale proceeds to build wealth within a trust structure, so that he can pass capital on to his twin sons, who are 19 year-old students. Sobhani tells Purce: "Considering your objectives specifically, I looked at infrastructure p

19、rojects in developing countries for clients interested in diversifying their portfolios with long-duration projects, consistent cash flow, high operating margins, and a positive correlation to inflation. These types of investments require large upfront cash injections, patience and the ability to ac

20、cept a long cash out period. But, there are several benefits to this type of investment that I think are important for you, including diversification, exposure to rapidly growing economies, and returns, which are currently in the 8-12% range, based on my review of similarinvestments."Sobhani ad

21、vises two clients to diversify their portfolios into real estate. He refers them to alicensed attorney who specializes in real estate investments. Sobhani is paid a referral fee by the attorney, which he fully discloses once a client makes an investment. The attorneyoffered both clients the opportut

22、o invest in a loan secured by mortgages on threecommercial warehouses. One of the clients buys into the lucrative deal, but Sobhanirecommends the other client defer his investment because of liquidity constraints. But, when the liquidity issues are finally resolved, the investment is no longer avail

23、able.Reviewing the firm's bank account, Sobhani notices several unauthorized credit cardpayments for thousands of dollars. Janis Wilder, Sobhani'sal assistant, confesses toobtaining a credit card in Sobhani's name and using this card to fund heral travels.Local law requires investment ad

24、visors to inform their regulators of any employee theft.But, because Wilder is Sobhani's cousin, he verbally reprimands her; "From now on I willhold the checkbook and if you ever do something like this again I will report you to the regulators."1.When discussing the CFA examination, di

25、d either Sobhani or Miyagawa violate StandardVIIResponsibilities as a CFA Institute Member or CFA Candidate? Yes, Sobhani violated the Standard.Yes, both Sobhani and Miyagawa violated the Standard.No.A.B.C.4-407专业来自 101%的投入唯一专业提供 CFAFRM 全程+讲义 专业·领先·增值金程教育Solution: C.The information disclos

26、ed about the exams by either Sobhani or Miyagawa is not CFA Program information so they are not in violation of Standard VII. Sobhani'sinformation was based upon his analysis of the readings and is his opinion, and Miyagawareferenced the practice exam, which does not reflect content in the actua

27、l CFA exam.2.Which of Sobhani's statements to Poundston least likely violates the CFA InstituteStandards of Professional Conduct? His statement regarding:Investment timing.A.B.C.Asslocation.The market forecast.Solution: C.The market environment forecast is stated as an opinion, not fact, and as

28、such is not a violation of Standard V (B)-Communication with Clients and Prospective Clients. But, Sobhani's asset allocation recommendation, a 60% equity allocation is risky and does not relate to the long-term objectives and circumstances of Poundston, so, is in violation of Standard III(C)-Su

29、itability. A high equity allocation for a sick and elderly client who plans to retire soon is not a suitable recommendation, especially to a cl ent who is risk averse and seeking preservation of capital. Finally, Sobhani has violated Standard V (A)-Diligence and Reasonable Basis because his recommen

30、dation that Poundston invest a large percentage ofher assets in equities in an already highly priced market does not appear to be based on anyevidence or analysis.3.With regard to his actions related to the regulatory visit, Sobhani most likely violated theCFA Institute Standards of Professional Con

31、duct concerning which of the following? Compliance policies and procedures.Junior analyst regulatory interaction.Client record storage.A.B.C.Solution: A.Standard IV(C)-Responsibilities of Supervisors has been violated. As to it requires membersand candidates with supervisory responsibility to unders

32、tand what constitutes an adequate compliance system for their firms and to make reasonable efforts to see that appropriatecompliance procedures are established, documented, communicated to coverednel,and followed. "Adequate" procedures are those designed to meet industry standards,regulato

33、ryrequirements,the requirementsof the Codeand Standards,and the5-407专业来自 101%的投入唯一专业提供 CFAFRM 全程+讲义 专业·领先·增值金程教育circumstances of the firm. Once compliance procedures are established, the supervisor mustalso make reasonable efforts to ensure that the procedures are monitored and enforced. B

34、ynot updating his compliance policies and procedures since founding his company, Sobhani has violated this standard.4.Sobhani's advice to Purce with regards to a potential investment is most consistent withthe CFA Institute Standards of Professional Conduct concerning which of the following? Per

35、formance PresentationDiligence and Reasonable BasisSuitabilityA.B.C.Solution: A.Sobhani has only stated historical returns for these types of investments based on researchof other similar investments. In addition, he has not promised a specific return. Thus Sobhani is not in violation of Standard II

36、I (D)-Performance Presentation. But, Sobhani is in violation of Standard III (A)-Loyalty, Prudence, and Care because he is required to identify the actualclient, which in this case would be Purce and the trust beneficiaries, the twins. From theinformation provided, there is no evidence that Sobhani

37、knows or has considered the twin'sinvestmentobjectivesand constraintsand thus is alsoin violationof StandardIII(C)-Suitability.5.Concerning his advice related to real estate investments, did Sobhani most likely violatethe CFA Institute Standards of Professional Conduct? Yes, with regard to Fair

38、Dealing.Yes, with regard to Referral Fees.No.A.B.C.Solution: B.Standard VI(C)-Referral Fees requires Members and Candidates to disclose to their employer, clients, and prospective clients, as appropriate, any compensation, consideration, or benefit received from or paid to others for the recommendation of