CFA一级内容：CFA历年考试模拟题

..>CFA一级内容：CFA历年考试模拟题〔一〕一、EthicalandProfessionalStandards1.:CodeofEthicsA.:StatethefourcomponentsoftheCodeofEthics.MembersofAIMRshall:1.Actwithintegrity,competence,dignity,andinanethicalmannerwhendealingwiththepublic,clients,prospects,employers,employees,andfellowmembers.2.Practiceandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonmembersandtheirprofession.3.Strivetomaintainandimprovetheircompetenceandthecompetenceofothersintheprofession.4.Usereasonablecareande*erciseindependentprofessionaljudgment.tolaunchStandardsofPractice2-I.:StandardsofProfessionalConduct:I.FundamentalResponsibilitiesA.:Knowthelawsandrules.Standard:Maintainknowledgeofandcomplywithallapplicablelaws,rules,andregulations(includingAIMR’sCodeofEthicsandStandardsofProfessionalConduct)ofanygovernment,governmentagency,regulatoryorganization,licensingagency,orprofessionalassociationgoverningthemembers’professionalactivities.Compliance:Memberscanacquireandmaintainknowledgeaboutapplicablelaws,rules,andregulationsby:·Maintainingcurrentfilesonapplicablestatutes,rules,andregulations.·Keepinginformed.·Reviewingwrittencomplianceproceduresonaregularbasis.B.:Don'tbreakorhelpothersbreakthelaw.Standard:Notknowinglyparticipateorassistinanyviolationofsuchlaws,rules,orregulations.Compliance:Whenmemberssuspectaclientoracolleagueofplanningorengaginginongoingillegalactivities,membersshouldtakethefollowingactions:·Consultcounseltodetermineiftheconductis,infact,illegal.·Disassociatefromanyillegalorunethicalactivity.Whenmembershavereasonablegroundstobelievethataclient’soremployee’sactivitiesareillegalorunethical,themembersshoulddissociatefromtheseactivitiesandurgetheirfirmtoattempttopersuadetheperpetratortoceasesuchactivity.2-II.:StandardsofProfessionalConduct:II.RelationshipswithandResponsibilitiestotheProfessionA.:UseofProfessionalDesignationII(A.1)AIMRmembersmayreferencetheirmembershiponlyinadignifiedandjudiciousmanner.Theuseofthereferencemaybeaccompaniedbyanaccuratee*planationoftherequirementsthathavebeenmettoobtainmembershipintheseorganizations.II(A.2)ThosewhohaveearnedtherighttousetheCharteredFinancialAnalystdesignationmayusethemarks"CharteredFinancialAnalyst〞or"CFA〞andareencouragedtodoso,butonlyinaproper,dignified,andjudiciousmanner.Theuseofthedesignationmaybeaccompaniedbyanaccuratee*planationoftherequirementsthathavebeenmettoobtaintherighttousethedesignation.II(A.3)CandidatesintheCFAProgram,asdefinedintheAIMRBylaws,mayreferencetheirparticipationintheCFAProgram,butthereferencemustclearlystatethatanindividualisacandidateintheCFAProgramandcannotimplythatthecandidatehasachievedanytypeofpartialdesignation.B.:ProfessionalMisconductII(B.1)Membersshallnotengageinanyprofessionalconductinvolvingdishonesty,fraud,deceit,ormisrepresentationorcommitanyactthatreflectsadverselyontheirhonesty,trustworthiness,orprofessionalcompetence.II(B.2)MembersandcandidatesshallnotengageinanyconductorcommitanyactthatcompromisestheintegrityoftheCFAdesignationortheintegrityorvalidityofthee*aminationsleadingtotheawardoftherighttousetheCFAdesignation.Compliance:1.Makeclearthatdishonestpersonalbehaviorreflectspoorlyontheprofession.2.Adoptacodeofethicstowhicheveryemployeemustsubscribe.3.Conductbackgroundchecksonpotentialemployeestoensurethattheyareofgoodcharacterandeligibletoworkintheinvestmentindustry.C.:ProhibitionagainstPlagiarismStandard:Membersshallnotcopyoruse,insubstantiallythesameformastheoriginal,materialpreparedbyanotherwithoutacknowledgingandidentifyingthenameoftheauthor,publisher,orsourceofsuchmaterial.Membersmayuse,withoutacknowledgment,factualinformationpublishedbyrecognizedfinancialandstatisticalreportingservicesorsimilarsources.Compliance:1.Maintaincopiesofmaterialsthatwerereliedoninpreparingtheresearchreport.2.Attributequotations(andprojections,tables,statistics,models,andmethodologies)usedotherthanrecognizedfinancialandstatisticalreportingservices.3.Attributeparaphrasesandsummariesofmaterialpreparedbyothers.2-III.:StandardsofProfessionalConduct:III.RelationshipsandResponsibilitiestotheEmployerA.:InformyourEmployeroftheCodeandStandardsIII(A.1)Membersshallinformtheiremployerinwriting,throughtheirdirectsupervisor,thattheyareobligatedtocomplywiththeCodeandStandardsandaresubjecttodisciplinarysanctionsforviolationsthereof.III(A.2)MembersshalldeliveracopyoftheCodeandStandardstotheiremployeriftheemployerdoesnothaveacopy.Compliance:MembersshouldnotifytheirsupervisorinwritingoftheCodeandStandardsandthemember’sresponsibilitytofollowthem.ThemembershouldalsosuggestthattheemployersadopttheCodeandStandardsanddisseminateitthroughoutthefirm.Iftheemployerhaspubliclyacknowledged,inwriting,thattheyhaveadoptedAIMR’sCodeandStandardsaspartofthefirm’spoliciesthenthememberneednotgivetheformalwrittennotificationasrequiredbyIII(A).B.:DutytoEmployerStandard:Membersshallnotundertakeanyindependentpracticethatcouldresultincompensationorotherbenefitincompetitionwiththeiremployerunlesstheyobtainwrittenconsentfromboththeiremployerandthepersonsorentitiesforwhomtheyundertakeindependentpractice.Compliance:1.Memberswhoplantoengageinindependentpracticeforcompensationshouldprovidewrittenstatementstotheiremployerdescribingthetypesofservicestheywillperform,thee*pecteddurationoftheservices,andthecompensationtheywillreceive.2.Membersshouldalsodisclosetotheirprospectiveclientstheidentityoftheiremployer,thefactthattheyareperformingindependentlyoftheemployer,andwhattheiremployerwouldchargeforsimilarservices.3.Membersseekingnewemploymentshouldnotcontacte*istingclientsorpotentialclientspriortoleavingtheiremployerortakerecords/filestotheirnewemployerwithoutthewrittenpermissionofthepreviousemployer.C.:DiscloseConflictsbetweenyouandyourEmployerIII(C.1):Membersshalldisclosetotheiremployerallmatters,includingbeneficialownershipofsecuritiesorotherinvestments,thatreasonablycouldbee*pectedtointerferewiththeirdutytotheiremployerorabilitytomakeunbiasedandobjectiverecommendations.III(C.2):Membersshallcomplywithanyprohibitionsonactivitiesimposedbytheiremployerifaconflictofintereste*ists.Compliance:Membersshouldreporttotheiremployersanybeneficialinterestandanyspecialrelationships,likecorporatedirectorships,thatmayreasonablybeconsideredaconflictofinterestwiththeirresponsibilities.Membersshouldalsodiscussthesituationwiththeirfirm’scomplianceofficerbeforetakinganyactionthatcouldleadtoaconflictofinterest.D.:DiscloseAdditionalCompensationfromOutsidetheFirmtoyourEmployerStandard:Membersshalldisclosetotheiremployerinwritingallmonetarycompensationorotherbenefitsthattheyreceivefortheirservicesthatareinadditiontocompensationorbenefitsconferredbyamember’semployer.Compliance:Membersshouldmakeanimmediatewrittenreporttotheiremployerspecifyinganycompensationorbenefitstheyreceiveorproposetoreceiveforservicesinadditiontowhattheiremployeristogivethem.Thiswrittenreportshouldstatethetermsofanyoralorwrittenagreement,theamountofcompensation,andthedurationoftheagreement.E.:ResponsibilitiesofSupervisorsStandard:Memberswithsupervisoryresponsibilities,authority,ortheabilitytoinfluencetheconductofothersshalle*ercisereasonablesupervisionoverthosesubjecttotheirsupervisionorauthoritytopreventanyviolationofapplicablestatutes,regulation,orprovisionsoftheCodeandStandards.Insodoing,membersareentitledtorelyonreasonableproceduresdesignedtodetectandpreventsuchviolations.Compliance:Thesupervisorandthecomplianceofficershould:1.Disseminatethecomplianceprocedures.2.Updatetheproceduresasnecessary.3.Educatethestaffandissueperiodicreminders.4.Incorporateaprofessionalconductevaluationintotheemployee’sperformancereview.5.Reviewemployeeactionstoensurecomplianceandidentifyviolators,initiatingproceduresonceaviolationhasoccurred.Asupervisorshouldrespondpromptlytotheviolationbyconductingathoroughinvestigation,andplacinglimitationsonthewrongdoeruntiltheinvestigationiscomplete.2-IV.:StandardsofProfessionalConduct:IV.RelationshipswithandResponsibilitiestoClientsandProspectsA.:TheInvestmentProcessIV(A.1)ReasonableBasisandRepresentations.Membersshall:a.E*ercisediligenceandthoroughnessinmakinginvestmentrecommendationsorintakinginvestmentactions.b.Haveareasonableandadequatebasis,supportedbyappropriateresearchandinvestigation,forsuchrecommendationsoractions.c.Makereasonableanddiligenteffortstoavoidanymaterialmisrepresentationinanyresearchreportorinvestmentrecommendation.d.Maintainappropriaterecordstosupportthereasonablenessofsuchrecommendationsoractions.Compliance:1.Analyzetheinvestment’sbasiccharacteristics(recordsmustshowthecharacteristicsoftheinvestmentandthebasisfortherecommendation).2.Analyzetheneedsoftheportfolio(includestheclient’sneeds,aswellastheneedsofthetotalportfolio).3.Maintainfilestosupportinvestmentrecommendations.IV(A.2)ResearchReports.Membersshall:a.Usereasonablejudgmentregardingtheinclusionore*clusionofrelevantfactorsinresearchreports.b.Distinguishbetweenfactsandopinionsinresearchreports.c.Indicatethebasiccharacteristicsoftheinvestmentinvolvedwhenpreparingforpublicdistributionaresearchreportthatisnotdirectlyrelatedtoaspecificportfolioorclient.Compliance:Membersshouldconsiderincludingthefollowinginformationinresearchreports:1.E*pectedannualratesofreturn,calculatedonatotalreturnbasis.2.Annualincomee*pectations.3.Currentrateofreturnoryield.4.Thedegreeofuncertaintyassociatedwiththecashflows,andotherriskfactors.5.Theinvestment’smarketabilityorliquidity.IV(A.3)IndependenceandObjectivity.Membersshallusereasonablecareandjudgmenttoachieveandmaintainindependenceandobjectivityinmakinginvestmentrecommendationsortakinginvestmentactions.Compliance:1.Protectintegrityofopinions.Reportsshouldreflecttheanalyst’sunbiasedopinion.2.Discloseallcorporaterelationships(i.e.,directorships,underwritingarrangementsoractingasamarketmaker).3.Disclosepersonalholdingsandbeneficialownerships.4.Createarestrictedlist.5.Restrictspecialcostarrangements.Membersshouldpayfortheircommercialtransportationandhotelcharges.6.Limitgifts(US$100isthema*imumacceptablevalueforagiftorgratuity).7.Restrictinvestments(strictlimitsshouldbeimposedonprivateplacements).8.Reviewprocedures(supervisethepersonalinvestmentactivitiesoftheemployees).B.:InteractionswithClientsandProspectsIV(B.1)FiduciaryDuties:Inrelationshipswithclients,membersshalluseparticularcareindeterminingapplicablefiduciarydutyandshallcomplywithsuchdutyastothosepersonsandintereststowhomthedutyisowed.Membersmustactforthebenefitoftheirclientsandplacetheirclients'interestsbeforetheirown.Compliance:1.Followallapplicablerulesandlaws.2.Establishtheinvestmentobjectivesoftheclient.3.Diversify.4.Dealfairlywithallclientswithrespecttoinvestmentactions.5.Discloseallpossibleconflictsofinterest.6.Disclosecompensationarrangements.7.Preservetheconfidentialityofclientinformation.8.Maintainloyaltytotheplanbeneficiaries.IV(B.2)PortfolioInvestmentRecommendationsandActions:Membersshall:a.Makeareasonableinquiryintoaclient'sfinancialsituation,investmente*perience,andinvestmentobjectivespriortomakinganyinvestmentrecommendationsandshallupdatethisinformationasnecessary,butnolessfrequentlythanannually,toallowthememberstoadjusttheirinvestmentrecommendationstoreflectchangedcircumstances.b.Considertheappropriatenessandsuitabilityofinvestmentrecommendationsoractionsforeachportfolioorclient(includingtheneedsandcircumstancesoftheportfolioorclient,thebasiccharacteristicsoftheinvestmentinvolved,andthebasiccharacteristicsofthetotalportfolio).c.Distinguishbetweenfactsandopinionsinpresentingrecommendations.d.Disclosetoclientsandprospectsthebasicformatandgeneralprinciplesoftheinvestmentprocessesbywhichsecuritiesareselectedandportfoliosareconstructedandshallpromptlydisclosetoclientsandprospectsanychangesthatmightsignificantlyaffectthoseprocesses.Compliance:Knowbasicnatureofyourclient;knowobjectivesandconstraints.IV(B.3)FairDealing:Membersshalldealfairlyandobjectivelywithallclientsandprospectswhendisseminatinginvestmentrecommendations,disseminatingmaterialchangesinpriorinvestmentrecommendations,andtakinginvestmentaction.Compliance:1.Limitthenumberofpeopleprivytorecommendationsandchanges.2.Shortenthetimeframebetweeninitiationanddissemination.3.Publishpersonnelguidelinesforpre-dissemination.4.Simultaneousdissemination.5.Establishrulesaboutemployeetradingactivities.6.Establishproceduresfordeterminingmaterialchanges.7.Maintainalistofclientsandtheirholdings.8.Developtradeallocationprocedures.9.Makesureoneaccountisnotbeingusedtobailoutotheraccounts.10.Ifthefirmoffersdifferinglevelsofservice,thisfactshouldbedisclosedtoallclients.IV(B.4)PriorityofTransactions:Clientsandemployersshallhavepriorityovertransactionsinsecuritiesorotherinvestmentsofwhichamemberisthebeneficialownersothatsuchpersonaltransactionsdonotoperateadverselytotheirclients'oremployer'sinterests.Ifmembersmakearecommendationregardingthepurchaseorsaleofasecurityorotherinvestment,theyshallgivetheirclientsandemployeradequateopportunitytoactontherecommendationbeforeactingontheirownbehalf.Compliance:1.Definepersonaltransactions.2.Definecoveredinvestments.3.Limitthenumberofaccesspersons."FireWalls〞shouldbebuilttopreventtheflowofinformationfromonegroupordepartmenttoothergroupswithinthefirm.4.Defineprohibitedtransactions.Thete*tspecificallymentionsequitybasedIPOs.5.Establishreportingproceduresandprior-clearancerequirements.6.Ensurethatprocedureswillbeenforcedandestablishdisciplinaryprocedures.IV(B.5)PreservationofConfidentiality:Membersshallpreservetheconfidentialityofinformationcommunicatedbyclients,prospects,oremployersconcerningmatterswithinthescopeoftheclient-member,prospect-member,oremployer-memberrelationshipunlessthememberreceivesinformationconcerningillegalactivitiesonthepartoftheclient,prospect,oremployer.Compliance:Thesimplestandmosteffectivewaytocomplyistoavoiddiscussinganyinformationreceivedfromacliente*cepttocolleaguesworkingonthesameproject.IV(B.6)ProhibitionagainstMisrepresentation:Membersshallnotmakeanystatements,orallyorinwritingthatmisrepresent:a.theservicesthattheyortheirfirmsarecapableofperforming.b.theirqualificationsorthequalificationsoftheirfirm.c.themember'sacademicorprofessionalcredentials.Membersshallnotmakeorimply,orallyorinwriting,anyassurancesorguaranteesregardinganyinvestmente*cepttocommunicateaccurateinformationregardingthetermsoftheinvestmentinstrumentandtheissuer'sobligationsundertheinstrument.Compliance:Firmscanprovideguidancetoemployeeswhomakewrittenororalpresentationstoclientsorprospectsbyprovidingawrittenlistofthefirm’savailableservicesandadescriptionofthefirm’squalifications.IV(B.7)DisclosureofConflictstoClientsandProspects:Membersshalldisclosetotheirclientsandprospectsallmatters,includingbeneficialownershipofsecuritiesorotherinvestments,thatreasonablycouldbee*pectedtoimpairthemember'sabilitytomakeunbiasedandobjectiverecommendations.Compliance:Membersshouldreporttotheiremployers,clients,andprospectsanymaterialbeneficialinteresttheymayhaveinsecurities,corporatedirectorships,orotherspecialrelationshipstheymayhavewiththecompaniestheyarerecommending.Membersshouldmakethedisclosuresbeforetheymakeanyrecommendationsortakeanyinvestmentactionsregardingtheseinvestments.IV(B.8)DisclosureofReferralFees:Membersshalldisclosetoclientsandprospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersfortherecommendationofanyservicestotheclientorprospect.Compliance:1.Discloseallagreementsinwritingtoanyclientorprospectwhohasbeenreferred.2.Describeinthedisclosurethenatureoftheconsiderationandtheestimateddollarvalueoftheconsideration.3.Consultasupervisorandlegalcounselconcerninganyprospectivearrangementregardingreferralfees.2-V.:StandardsofProfessionalConduct:V.RelationshipswithandResponsibilitiestotheInvestingPublicA.:ProhibitionagainstUseofMaterialNonpublicInformationStandard:Memberswhopossessmaterialnonpublicinformationrelatedtothevalueofasecurityshallnottradeorcauseotherstotradeinthatsecurityifsuchtradingwouldbreachadutyoriftheinformationwasmisappropriatedorrelatestoatenderoffer.Ifmembersreceivematerialnonpublicinformationinconfidence,theyshallnotbreachthatconfidencebytradingorcausingotherstotradeinsecuritiestowhichsuchinformationrelates.Membersshallmakereasonableeffortstoachievepublicdisseminationofmaterialnonpublicinformationdisclosedinbreachofaduty.Compliance:Firewalls,minimumelementsare:1.Controloverinterdepartmentalcommunications.2.Reviewemployeetradingagainstrestrictedlists.3.Restrictproprietarytradingwhilethefirmisinpossessionofmaterialnonpublicinformation.Additionalprocedures:1.Restrictpersonalandproprietaryemployeetrading.2.Placesecuritiesonarestrictedlistwhenthefirmhasmaterialnonpublicinformation.3.Disseminatematerialnonpublicinformationonlytothosewithaneedtoknow.4.Designateasupervisorwhodecideswhentradingisappropriate.B.:PerformancepresentationStandard:1.Membersshallnotmakeanystatements,orallyorinwriting,thatmisrepresenttheinvestmentperformancethattheyortheirfirmshaveaccomplishedorcanreasonablybee*pectedtoachieve.2.Ifmemberscommunicateindividualorfirmperformanceinformationdirectlyorindirectlytoclientsorprospectiveclients,orinamannerintendedtobereceivedbyclientsorprospectiveclients,membersshallmakeeveryreasonableefforttoassurethatsuchperformanceinformationisafair,accurate,andcompletepresentationofsuchperformance.Compliance:Misrepresentationabouttheinvestmentperformanceofthefirmcanbeavoidedifthemembermaintainsdataaboutthefirm’sinvestmentperformanceinwrittenform.Investmentaccountsshouldbecombinedintocompositesbyinvestmentclassandriskgroups.3:StandardsofPracticeHandbooka:DemonstrateathoroughknowledgeoftheStandardsofProfessionalConductbyrecognizingandapplyingtheStandardstospecificsituations.Thisisanapplicationofmanydifferentethicsconceptstodifferentscenarios.Afterhavinglearnedtheethicsmaterialinearlierlearningoutcomesyouwillbeabletoapplytheseconceptstovariousscenariosasyoutakethequizzes.b:DistinguishbetweenconductthatconformstotheCodeandtheStandardsandconductthatviolatestheCodeandtheStandards.Thisrequireslookingatdifferentscenariosandpossiblyapplyingseveralethicsconceptstoeachscenario.Afteryoulearnandunderstandtheethicsconceptsyouwillbeabletoapplythemtospecificsituationsthroughthequizzes.4:AIMRPerformancePresentationStandardsHandbooka:E*plainthegoalsoftheAIMR-PPSStandards.TheStandardshavebeendesignedtomeetthefollowinggoals:·Toachievegreateruniformityandcomparabilityamongperformancepresentations.·Toimprovetheserviceofferedtoinvestmentmanagementclients.·Toenhancetheprofessionalismoftheindustry.·Tobolsterthenotionofself-regulation.Note:ThePresentationStandardsareintendedprimarilytobeperformancepresentationstandards,notperformancemeasurementstandards.PortionsoftheAIMR-PPSarerequiredwhilesomearerecommended.AIMRstronglyencouragestheadoptionofbothrequiredandrecommendedcomponentsoftheStandards.Also,performancepresentationsmayhavetoprovidemorethantheminimumrequirementsoftheAIMR-PPStomeetthefullintentoftheStandards.b:IdentifythepartiesaffectedbytheAIMR-PPSstandards.·Firms.ThePPSStandardsarevoluntary.The