CFA考试一级章节练习题精选0330-11(附详解)

1、CFA考试一级章节练习题精选0330-11 （附详解）1、 Michael Allen, CFA, works for an investment management company and managesportfolios for a variety of retail and institutional clients for his firm,includinghis wealthy uncle, all of whom pay a management fee for his services.LawrenceBrown, an analyst at a brokerage fir

2、m has recommended Allen a highyield hedgefund based on its historical performance.Allen purchases a large block of thishedge fund and allocates proportionatelyto all client portfolios,including hisuncle's portfolio.Has Allen most likely violated the Standards of ProfessionalConduct? 【单选题】A.No.B.

3、Yes, relating to suitability.C.Yes, relating to fair dealing.正确答案 :B答案解析 :因为 Allen 的叔叔也是他的客户，所以 Allen 需要公平地对待所有客户，包括他的叔叔。题目中，按比例（proportionately ）分配并没有违反公平对待的行为标准。但是，不根据客户的投资目标和限制而盲目给所有的客户进行购买，违反了合适性原则。2、 Gardner Knight, CFA, is a product development specialist at an investment bank. Knight is respo

4、nsible for creating and marketing collateralized debtobligations (CDOs) consisting of residential mortgage bonds. In the marketing brochure for his most recent CDO, Knight provided a list of the mortgage bondsthat the CDO was created from. The brochure also statesan independent third party, the coll

5、ateral manager, had sole authority over the selection of allmortgage bonds used as collateral in the CDO.” However, Knight met with the collateral manager and helped her select the bonds for the CDO. Knight is leastlikely to be in violation of which of the following CFA Institute Standards of Profes

6、sional Conduct? 【单选题】6A.SuitabilityB.Conflicts of InterestC.Client Communication正确答案 :A答案解析 :CFA Institute Standards2012 Modular Level I, Vol. 1, pp. 78, 116-117, 123- 125Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Sta

7、ndards.A is correct because there is no indication the investment is unsuitable for investors and in violation of Standard III (C) Suitability.3、 Sherry Buckner, CFA manages equity accounts for government entities whose portfolios are conservative and risk averse. Since the objective of her clientsi

8、s to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly-traded, leveraged derivative product which shebelieves has the potential for high returns. To make her investment decision, Buckner relies upon comprehensive research from an investment bank

9、 that hasa solid reputation for top quality research. After her review of that research, Buckner positions her accounts so that each has a 10% allocation to thederivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative for her

10、 clients?单选题】A.No.B.Yes, related to Suitability.C.Yes, related to Loyalty, Prudence and Care.正确答案 :B答案解析："Guidance for Standards I -VII CFA Institute" 2011 Modular Level I, Vol. 1, pp. 78 -81Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct

11、that violates the Code and Standards.B is correct as Buckner is in violation of Standard III (C) since she did not consider issues such as the limited liquidity or any po tential leverage of this new p roduct when she invested a substantial p ercentage of her client's p ortfolios in these instru

12、ments.4、Amanda Covington, CFA, works for McJan Investment Management. McJan empioyees must receive prior clearance of their personal investments in accordance with McJan's comp liance p rocedures. To obtain p rior clearance, McJan empio yees must p rovide a written request identifying the securi

13、ty, the quantity of the security to be pu rchased, and the name of the broker through which the transaction will be made. P recleared transactions are app roved onlyfor that trading day. As indicated below, Covington received p rior clearance.SecurityQuantityBrokerPrior ClearanceA100Easy T radeYesB1

14、50Easy 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. NoB.

15、Yes, relating to diligence and reasonable basisC. Yes, relating to her employer's compliance procedures正确答案 :C答案解析 :Prior -clearance processes guard against potential and actual conflicts of interest; members are required to abide by their employer's compliance procedures (Standard VI (B).20

16、14 CFA Level I "Guidance for Standards I -VII," CFA InstituteStandard V(A), Standard VI(B) 5、 Helen Hawke, CFA, a verifier of the GAPS? standards.With respect to theGlobal Investment Performance Standards (the GAPS? Standards), which of thefollowing statements is least accurate? The GAPS? Standards: 【单选题】A. are ethical standards for investment performance presentation to ensure fairrepresentation and full disclosure of investment pe