CFA特许金融分析师《CFA一级》模拟试卷二（含答案）

CFA特许金融分析师《CFA一级》模拟试卷二（含答案）[单选题]1.1-1Whichofthefollowingper（江南博哥）sonnelisnotresponsibleforenforcementoftheCodeandStandards?A.TheCFAInstituteBoardofGovernorsB.ProfessionalConductStaffC.TheDisciplinaryReviewCommittee参考答案：B参考解析：Answer:BProfessionalConductStaff（职业行为调查工作人员）是在CFAInstituteDesignatedOfficer（CFA协会指定官员）指导下进行职业行为调查工作的。选项B描述错误，符合题意，为正确选项。对于选项A和C，theDisciplinaryReviewCommittee（纪律审查委员会）和theCFAInstituteBoardofGovernors（CFA协会治理委员会）共同负责执行CodeandStandards。因此，该选项描述正确，不符合题意，为错误选项。[单选题]2.1-2Whichofthefollowingstatementsismostaccurateregardingaprofession’sCodeofEthics?CodeofEthics:A.ensuresthatallthemembersofthisprofessionactethicallyallthetimes.B.containstheprinciplesandcommunicatestheexpectedbehaviorofthisprofession’smembers.C.communicatesthepartsofthelawthat’sappliedinthisprofession.参考答案：B参考解析：Answer:BCodeofEthics包含了一系列的原则，原则规定了专业人士义务性和禁止性的行为，传达了专业人士应有的道德行为。因此，正确选项为B。对于选项A，CodeofEthics并不能确保所有专业人士在所有时间都是道德的行为。因此，该选项错误。对于选项C，CodeofEthics不是专业人士适用的部分法律。因此，该选项错误。[单选题]3.1-3Whichofthefollowingstatementsaboutmemberswithsupervisoryresponsibilityisleastaccurate?A.MemberswithsupervisoryresponsibilityarenotrelievediftheydelegatetheirsupervisorydutiestoothermembersoftheCFAInstitutewithoutinstructingthemethods.B.Ifthesupervisormakesareasonableefforttodetectviolations,butfailstodetectaviolationthatoccurs,shecomplieswiththeCFAStandard.C.Ifnoeffortismadetodetectandpreventviolations,thesupervisorisnotinviolationoftheCFAStandardifnoviolationsbyhersubordinateshaveoccurred.参考答案：C参考解析：Answer:CStandardIV(C)ResponsibilitiesofSupervisors要求如果主管没有积极去监督下属的工作，预防下属会发生的错误，即使下属没有犯错，主管也违反了行为准则的要求。选项C描述错误，符合题意，为正确选项。对于选项A，StandardIV(C)ResponsibilitiesofSupervisors说明如果主管在不指明方法的情况下让下属代理工作，下属出现问题主管要负相应的管理责任。因此，该选项描述正确，不符合题意，为错误选项。对于选项B，StandardIV(C)ResponsibilitiesofSupervisors要求如果主管已经尽职尽责地把该做地都做到了，仍有下属暗地违反规定，此时主管不违反此准则。因此，该选项描述正确，不符合题意，为错误选项。[单选题]4.1-4TocomplywiththeStandardonperformancepresentation,whichofthefollowingpracticeisleastlikelyrecommended?A.Usechartsandgraphsinareportwithoutstatingtheirsources.B.Includeterminatedaccountsfromhistoricalperformance.C.Makesuretheperformancepresentationisfair,accurate,andcomplete.参考答案：A参考解析：可以使用图表和图片向客户进行业绩展示，但是引用的他人的图表和图片必须写明出处，否则将违反StandardI(C)Misrepresentation。选项A描述错误，不符合题意，为正确选项。对于选项B，在业绩展示时，在历史的业绩记录中需包含已终止的帐户，符合StandardIII(D)PerformancePresentation。因此，该选项描述正确，不符合题意，为错误选项。对于选项C，业绩展示必须确保是公平、准确和完整的。因此，该选项描述正确，不符合题意，为错误选项。[单选题]5.1-5TerryWilson,CFA,chiefcomplianceofficeratAcarpsBrokers,discovershiscolleagueOmarRobinson,aresearchanalystandCFAInstituteMember,immediatelypurchasesacompany’ssharesforhisownaccountbeforehereleasesa"buy"recommendation.BecauseAcarpsdoesnothaveanypersonaltradingpoliciessofar,Robinsondefendsforhimselfthathehasdonenothingwrong.WhomostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.OnlyWilson.B.OnlyRobinson.C.BothWilsonandRobinson.参考答案：C参考解析：Wilson作为主管，有责任防止他的下属在购买建议发布之前进行交易，也有责任为公司建立相应的合规制度，Wilson违反了IV(C)ResponsibilitiesofSupervisors。Robinson在发布购买建议前直接给自己买入了股票，没有给予公司客户足够的优先交易权，违反了VI(B)PriorityofTransactions，因此，正确选项为C。对于选项A，Robinson在发布购买建议前直接给自己买入了股票，违反了VI(B)PriorityofTransactions。因此，该选项错误。对于选项B，Wilson作为主管，有责任防止他的下属在报告发布之前交易，也有责任为公司建立相应的合规制度，Wilson违反了IV(C)ResponsibilitiesofSupervisors。因此，该选项错误。[单选题]6.1-6JamesBlindandCarlLewis,bothCFA,areresearchingonabigChineseinvestmentprojectinAfrica.Theyhavestartedtheresearchtogetherbutinthemid-way,BlindhadtogobacktohiscountryforthefamilyemergencyandLewishascarriedtheresearchbyhimself.LewishasincorporatedBlind’sworktofinalizetheproject,buttheworkhasbeenpublishedwithoutBlind’snamebecauseheworkedforashortperiodonthisproject.DidLewisviolateanyoftheCFAInstituteStandardsofProfessionalConduct?A.Yes,withrespecttomisrepresentation.B.Yes,withrespecttoindependenceandobjectivity.C.No.参考答案：A参考解析：Answer:ALewis将Blind的工作成果纳入到最后的项目中，工作成果应该有Blind的付出和努力。虽然Blind只在项目中工作了很短的时间，但是使用了同事的工作成果，应该对Blind进行署名。没有对Blind进行署名，违反了StandardI(C)Misrepresentation，因此正确选项为A。对于选项B，Lewis的独立性和客观性没有受到影响，没有违反StandardI(B)IndependenceandObjectivity。因此，该选项错误。对于选项C，Lewis违反了StandardI(C)Misrepresentation。因此，该选项错误。[单选题]7.1-7Yuanappliedforpersonalbankruptcywhenhewasanundergraduatestudentbecausehecouldnotaffordexpensivemedicalbills.AsaCFAcharterholder,ifYuanacceptsanewjoboffer,shouldYuandisclosehispersonalbankruptcyrecordtothenewemployer?A.Yes,becausehehasaloyaltydutytotheemployer.B.Yes,becausehecannotomitpersonalbankruptcyrecordaccordingtoStandardI(C)Misrepresentation.C.No.参考答案：C参考解析：Answer:C因为付不起医药费导致的个人破产不需要披露给雇主，这并没有违反StandardI(D)Misconduct，因此正确选项为C。对于选项A和B，与职业无关的个人破产不需要披露给雇主和客户。因此，该选项错误。[单选题]8.1-8HarryBrown,CFA,isaportfoliomanagerspecializedintheenergyindustry.Brownmanagesalargeequityportfolio.Hehasheardfromsomerelativesthatsomebigoilcompaniesarefacingfinancialdifficultiesbutarenotsurewhetherthisispublicinformationornot.TheenergymarkethasnotbeenveryactiveinthepastmonthandBrownhesitatestoissueasellrecommendationtohisclients.ToavoidviolatinganyCFAInstituteStandardsofProfessionalConduct,Brownwouldmostlikely:A.takeonconsiderationwhathehasheardandissuethesellrecommendation.B.putmoreefforttoconfirmtheinformation.C.sharewhathehasheardasinformationwithhiscolleagues.参考答案：B参考解析：Answer:BBrown听到的一些大型石油公司遇到了财务困难这一消息，不确定是否是公开信息，消息来源是否可靠也有待验证。因此Brown应该尽职调查该消息的可靠性和公开性，确认消息是否是重大非公开信息，因此正确选项为B。对于选项A，不能确定消息的可靠性及公开性，就直接使用消息作为投资推荐依据，违反了StandardV(A)DiligenceandReasonableBasis。如果消息来源可靠且未公开，该消息就是重大非公开信息，如果使用则违反了StandardII(A)MaterialNonpublicInformation。因此，该选项错误。对于选项C，在不确定消息是否是重大非公开信息的情况下，不应跟同事分享。如果该消息是重大非公开信息，就违反了StandardII(A)MaterialNonpublicInformation。因此，该选项错误。[单选题]9.1-9EllenBing,CFA,worksforalargehedgefundandisresponsibleforresearchreports.Bingdiscussedwithherboyfriend,awell-knownanalyst,whetheritwasagoodtimetoinvestthestocksofemergingcountries.Herboyfriendshowedhersomequantitativemodelsandhisresearchreport.Afterthediscussion,herboyfriendsentherthereportandtoldherthatshecouldrefertothereport.Bingvalidatedthesoundnessoftheresearchanduseditwithslightchangesinherresearchwithoutacknowledgment.Binghasmostlikelyviolated:A.theCFAStandardsconcerningmisrepresentation.B.theCFAStandardsconcerningdiligenceandreasonablebasis.C.bothAandB.参考答案：A参考解析：Answer:ABing使用男朋友的研究报告完成自己的工作，在对男朋友的报告可靠性进行验证后，稍微修改后在自己的报告中引用，并且未注明资料来源，构成抄袭行为，违反了StandardI(C)Misrepresentation因此正确选项为A。对于选项B，Bing对于男朋友的研究报告进行了仔细的检查，验证了报告的可靠性，做到了勤勉尽责，没有违反StandardV(A)DiligenceandReasonableBasis。因此，该选项错误。对于选项C，Bing抄袭了男朋友的报告，违反了StandardI(C)Misrepresentation。因此，该选项错误。[单选题]10.1-10WhichofthefollowingstatementsmostlikelyviolateStandardIII(E)PreservationofConfidentiality?A.Aftertheexam,aCFAcandidatepoststheexamquestiononhisFacebook.B.ACFAcharterholderleakstheconfidentialinformationabouthisemployertothecompetitor.C.ACFAmemberemailshisclient’sphonenumberandaddresstoathirdpartywithoutpermission参考答案：C参考解析：Answer:CStandardIII(E)PreservationofConfidentiality要求对客户的信息保密，未经客户允许，将客户的电话和地址泄露给第三方机构，违反了StandardIII(E)PreservationofConfidentiality，因此正确选项为C。对于选项A，考生泄露了考试的信息，违反了StandardVII(A)ConductasParticipantsinCFAInstitutePrograms。因此，该选项错误。对于选项B，CFA持证人把雇主的信息泄露给竞争对手，违反了StandardIV(A)Loyalty。因此，该选项错误。[单选题]11.1-11Whichofthefollowingstatementsisleastlikelycorrect?WhenamemberadherestotheCodesandStandards,he/she:A.isfreetoactonpublicandnonmaterialnonpublicinformation.B.canactonmaterialnonpublicinformationprovidedbyexperts.C.shouldhaveacceptablebehaviorofcommunitymembers.参考答案：B参考解析：Answer:B专家提供的重大非公开信息不可以使用，如果使用，则违反了StandardII(A)MaterialNonpublicInformation。选项B描述错误，符合题意，为正确选项。对于选项A，根据Mosaictheory，可以使用公开信息和非重大非公开信息，不违反StandardII(A)MaterialNonpublicInformation。因此，该选项描述正确，不符合题意，为错误选项。对于选项C，StandardsofConduct提供了成员需要遵守的最低可接受行为。因此，作为CFA会员，遵守协会的CodesandStandards，就要遵守成员的可接受行为。因此，该选项描述正确，不符合题意，为错误选项。[单选题]12.1-12Peter,CFA,worksatBridgewaterCompanyasasenioranalyst.Herecentlyfollowsahigh-techcompany,Ray-Tech,whichheisanalyzingandpreparingaresearchreport.Beforevisitingthiscompany’sheadquarters,Peterfoundthatthedestinationisveryfarawayfromhiscityandisnoteasilyaccessible.TheCEOofRay-Techofferstopayforalltransportation,andalsoarrangesafancyspaforfree.IfPeteracceptstheoffer,he:A.willnotviolatetheCodeandStandardsaslongashedisclosesthearrangementtohisclients.B.willnotviolatetheCodeandStandardssincethisofferisnecessaryforhiswork.C.willviolatetheCodeandStandardsunlesshedeclinestoreceivethespaarrangementanddisclosesthetransportationarrangement.参考答案：C参考解析：Answer:CStandardI(B)IndependenceandObjectivity要求会员和候选人工作中需保持独立客观。当Peter所去调研的公司所在地非常偏远，只要能证明其分析的独立客观，他可以接受调研公司的一般商旅招待和安排，但应该进行披露。同时，超出一般商旅招待标准的安排，例如afancyspaforfree，如果Peter接受，则他的独立客观性就很有可能受到影响。因此，如果Peter接受了spa安排，则违反了StandardI(B)IndependenceandObjectivity，因此正确选项为C。对于选项A，接受超过一般商旅招待标准的spa安排很可能会影响Peter的独立客观性。因此，该选项错误。对于选项B，去公司调研是工作需要，但是要避免独立客观性受到影响。因此，该选项错误。[单选题]13.1-13LorainePen,CFA,worksforBullInvest,oneofthemostfamousinvestmentfundsinWallStreet.ITengineersinBullInvesthavedevelopedaprogram,thusalltheanalystsarerequiredtouseittopublishinvestmentrecommendations.LastweekendPenwasworkingonareportatthecoffeeshop,shehadnointernetaccesstohercompany’sanalystprogramandhadtouseanexternallinkageinstead.Withoutvalidatingthequalityandsourceoftheexternallinkage,Penwouldleastlikelyviolate：A.StandardV(B)CommunicationwithClientsandProspectiveClients.B.StandardI(D)Misconduct.C.StandardV(A)DiligenceandReasonableBasis.参考答案：A参考解析：Answer:A公司要求使用公司的数据和程序来建立模型，如果使用外部程序，应先由主管批准。Pen使用来自外部来源的程序，没有通知和获取主管的同意，也没有验证外部程序的来源和质量。题目不涉及与客户沟通的问题，没有违反StandardV(B)CommunicationwithClientsandProspectiveClients。选项A描述错误，符合题意，为正确选项。对于选项B，Pen没有验证外部程序的来源和质量，缺乏勤勉，违反了StandardI(D)Misconduct。因此，该选项描述正确，不符合题意，为错误选项。对于选项C，Pen没有验证外部程序的来源和质量，缺乏勤勉，因此违反了StandardV(A)DiligenceandReasonableBasis。因此，该选项描述正确，不符合题意，为错误选项。[单选题]14.1-14WilderMercer,CFA,anassetmanageratInvechinvestmentcompany,managestheaccountsforseveralhigh-net-valueclients.Hepurchasesasset-backedsecurities(ABS)forseveralclients.Merceristoobusywithtransactionstoallocatethetradesimmediately.Afewdayslater,whenMercercheckstheABStoallocatethetrades,henotesthatsomeoftheABShassignificantlydroppedinpricewhilesomehaveincreased.AccordingtotheStandardsofPracticeHandbook,Mercer’smostappropriateactionwhenallocatingthetradesisto:A.allocatetheprofitabletradestolong-termclientsandthelosingtradestootherclients.B.allocatethetradesinasystematicapproachsuchaspro-rataonthebasisofsuitableordersize.C.allocatethetradeonabasisaccordingtothesizeoftheclients’accountsandspreadthemostprofitabletradetotheaccountwiththelargestsize.参考答案：B参考解析：根据StandardIII(B)FairDealing，在进行交易分配时，Mercer应该有公平系统的方法,比如根据申购金额按照prorata进行分配，因此正确选项为B。对于选项A，将盈利的交易分配给长期客户，损失的交易分配给其他客户，损害了其他客户的利益，违反了StandardIII(B)FairDealing。因此，该选项错误。对于选项C，按照账户资产规模分配交易，将最盈利的交易分配给最大的客户，损害了小客户的利益，违反了StandardIII(B)FairDealing。因此，该选项错误。[单选题]15.1-15Steven,oneofCFALevelIIIcandidates,iscurrentlyworkingatTomorrowSecurities,asanequityanalyst.Heisfollowingahigh-techcorporation.Sincetheheadquarterofthecorporationisveryremoteandnopublictransportationisavailable,theCEOofthehigh-techcorporationprovidesStevenwithcommercialprivateaircraftandbusiness-relatedaccommodationsothatStevencangettheretostarttheduediligenceworkconveniently.ConsideringalltheexpensesincurredduringthetripcanbecoveredbySteven’semployer,heasksalltherelatedconsumptionreceiptstoincreasethetripexpenses.DoesStevenviolatetheStandardI(D)Misconduct?A.No,sincehedoesnotviolatehiscompany’spolicy.B.Yes,becausethetripexpensesarenotenoughtocompromisehisreputation.C.Yes,becausehisreputationhasbeencompromised.参考答案：C[单选题]16.1-16Sam,CFA,isasell-sideindustryanalyst.Sinceone-thirdofhispackageisbasedontheperformanceofhiscompany’sinvestmentbankingdivision,herecentlywritesapositiveresearchreportaboutCiciusCorporationwithoutthoroughanalysisandduediligence,justbecausetheinvestmentbankingdivisionisprovidinganunderwrittenofferingservicetoCiciusCorporation.Whenissuinghisreport,SamleastlikelyviolatestheCFAInstituteStandardrelatedto:A.loyalty.B.disclosureofconflicts.C.independenceandobjectivity.参考答案：A参考解析：Answer:A职业行为准则要求，分析师在做研究报告的分析时应该独立客观。此外，会员及候选人在进行研究分析推荐时应该优先考虑客户利益，任何和客户造成潜在利益冲突的事件需要披露。因为Sam研究的Cicius公司也是Sam所在公司的机构客户，因此Sam在无深入分析、尽职调查的前提下，就给出了一个对Cicius公司利好的研究结论，违反了StandardI(B)IndependenceandObjectivity、VI(A)DisclosureofConflicts及III(A)Loyalty,Prudence,andCare。选项A描述错误，符合题意，为正确选项。对于选项B，Sam违反了StandardVI(A)DisclosureofConflicts。因此，该选项描述正确，不符合题意，为错误选项。对于选项C，Sam违反了StandardI(B)IndependenceandObjectivity。因此，该选项描述正确，不符合题意，为错误选项。[单选题]17.1-17RichardHamilton,CFA,isaninvestmentconsultantofArcticSecurities.Hamiltonplanstoprovidestrategicplanningconsultingservicestosomesmallcompaniesinhisowntimeoutsidetheoffice.Hepostshisplanningonhistwitteraccountandcontactswithsomeprospectiveclients.Also,heprovideshisemployerrelatedinformation.Aweeklater,Hamiltonbeginstohelpseveralcompaniestogrowtheirbusiness.DoesHamiltonmostlikelyviolatetheCFAInstituteStandardsofPractice?A.No.B.Yes,withregardtocommunicationwithclientsandprospectiveclients.C.Yes,withregardtoloyalty.参考答案：C参考解析：Hamilton不仅应该通知雇主他将兼职为潜在客户提供的服务，并将相应的薪酬一并告知雇主。在未获得雇主的许可的情况下，不应该为客户提供服务。Hamilton违反了StandardIV(A)Loyalty，因此正确选项为C。对于选项A，Hamilton违反了StandardIV(A)Loyalty。因此，该选项错误。对于选项B，题目不涉及Hamilton在与客户和潜在客户沟通的过程中，有不当陈述或者重大事项的隐瞒，因此Hamilton没有违反了StandardV(B)CommunicationwithClientsandProspectiveClients。因此，该选项错误。[单选题]18.1-18NellyAstell,CFA,worksforForestInvestmentasaconsultantspecializinginretirementplanningandinvestment.ShesubscribestoresearchservicesfromAnstice,afamousfinancialorganization.Astellnotesthatallofthesereportsarecomprehensiveanddetailed,soshethinksthesereportsaresoundandcomfortablyrelysolelyonthemwhenprovidingclientswithadvisoryservicesandinvestmentrecommendations.WhichofthefollowingCFAInstituteStandardsofProfessionalConductdoesAstellmostlikelyviolate?A.DiligenceandReasonableBasisB.Loyalty,Prudence,andCareC.FairDealing参考答案：A参考解析：向客户做出的投资建议应该有合理和勤勉的依据，并且在使用第三方研究报告时，必须勤勉尽职，确定研究报告的来源和质量，Astell单一依赖Anstice公司的研究报告，没有对报告的可靠性进行检查，违反了StandardV(A)DiligenceandReasonableBasis，因此正确选项为A。对于选项B，在对客户做推荐的时候，单一依赖Anstice公司的研究报告，没有确定报告的来源和质量，更为直接违反StandardV(A)DiligenceandReasonableBasis。因此，该选项错误。对于选项C，题目不涉及不同客户被歧视对待，因此没有StandardIII(B)FairDealing。因此，该选项错误。[单选题]19.1-19AllenMendal,CFA,worksforanassetmanagementfirm.Mendaliswell-knownintheinvestmentindustrybecauseofhishugenetworkandsociallife.RecentlyMendalhearsthattheChinesestartupBingbingisabouttogopublic.Afteradeepanalysis,MendaldrawshisconclusionandinvitesseveralclientsandsomeofhiscolleaguesforlunchtodiscussthetradingstrategyofBingbing.Rightafterthelunch,Mendalgoesbacktotheofficeandexecutesallhisclients’ordersandhisfamilies’orderaswell.MendalhasmostlikelyviolatedtheCFAStandardsrelatedto:A.diligenceandreasonablebasis.B.fairdealing.C.disclosureofconflicts.参考答案：B参考解析：Answer:BMendal在得出投资结论后，先邀请一些客户和同事共进午餐，讨论Bingbing的交易策略。午饭后，Mendal回到办公室，执行所有客户和家人的交易。在午餐时，提前和一部分客户讨论交易策略，没有将结论同时发布给客户，违反了StandardIII(B)FairDealing。因此，正确选项为B。对于选项A，从题目中未能看出Mendal得出的结论没有合理的依据，不违反StandardV(A)DiligenceandReasonableBasis。因此，该选项错误。对于选项C，题目中没有利益冲突需要披露，不违反StandardVI(A)DisclosureofConflicts。因此，该选项错误。[单选题]20.1-20ScottBrand,aperformanceanalystatWoodyGlobalInvestment,stumblesacrossaseriesofdataerrorsintheperformancereportwrittenbyhiscolleague,Parsons.BrandfindstherearesomesignificantdiscrepanciesbetweenthereportedreturnandthefactualreturnofportfolioswhicharemanagedbyMike,anassetmanager,whoisParsons’goodfriend.BrandtellsParsonsabouttheerror,butParsonsinsiststhatalltheinputdatainthereportiscorrect.ThereporthasbeencompletedbyParsonsindependentlyandBrandhasnosupervisoryresponsibilityonParsons.Iftheerrorindeedoccurs,whatshouldBranddotocomplywiththeCFAInstituteStandardsofProfessionalConduct?A.ReportParsonstotheappropriategovernmentalorregulatoryorganization.B.NotifyParsons’simmediatesupervisorofthediscovery.C.Keepquietsinceheisnotinvolvedinthereport.参考答案：B参考解析：Answer:B根据题目信息，Parsons的报告出现数据错误，违反StandardI(C)Misrepresentation，对于这样的违规行为，Brand应该向Parsons的上级或者合规部门汇报，而不能保持沉默,因此正确选项为B。对于选项A，准则不要求必须向政府或监管部门举报。因此，该选项错误。对于选项C，Brand应该向Parsons的上级或者合规部门汇报，而不能保持沉默。因此，该选项错误。[单选题]21.1-21WhichofthefollowingstatementbestdescribesaverificationincompliancewithGIPS？A.FirmisrequiredtoperformverificationtocomplywiththeGIPSstandards.B.Independentthirdpartythatperformsverificationcanensureanyspecificcompositepresentationisaccurate.C.Verificationreportneedstobeissuedonafirm-widebasis.参考答案：C参考解析：一家公司如果声称遵守GIPS，可以自愿聘请独立第三方机构进行验证，而且验证应该是针对整个公司的，不只是针对某一特定投资组合，因此正确选项为C。对于选项A，公司可以自愿聘请独立第三方机构进行验证，不是强制要求。因此，该选项错误。对于选项B，对公司进行验证的独立第三方机构不能确保该公司任何特定投资组合业绩展示的准确性。因此，该选项错误。[单选题]22.1-22NickJohnsonworksatCameronSecuritiesasananalyst.Oneofhisfriends,KellyJones,knowslittleabouttheinvestmentindustry.JoneswouldliketomakesomeinvestmentssoshecontactsJohnson,JohnsontellsJonesthatsheonlyneedstobuythestocksthatJohnsonrecommendstoherbecauseallhisclientshavebenefitedfromhisrecommendationsforthelasttwoyears.JohnsonalsopromisesJonesthatshewillreceivethesamerecommendationatthesametimeashiswealthiestclient.WhichofthefollowingstandardsdoesJohnsonleastlikelyviolate?A.SuitabilityB.FairdealingC.Loyalty,PrudenceandCare参考答案：B参考解析：在为客户推荐投资产品时，首先应该确认该推荐是否符合客户的自身情况，Johnson对Jones承诺她将获得与其他客户一样的推荐，显然在推荐之前没有考虑Jones的个人情况，因此违反了Suitability这条细则的要求。同时只要违反了Suitability这条细则，意味着同时违反了Loyalty,PrudenceandCare这条细则的要求。本题中不涉及对于Fairdealing这条细则的违反。选项B描述错误，符合题意，为正确选项。对于选项A，Johnson对Jones承诺她将获得与其他客户一样的推荐，显然在推荐之前没有考虑Jones的个人情况，违反了Suitability这条细则的要求。因此，该选项描述正确，不符合题意，为错误选项。对于选项C，只要违反了Suitability这条细则，意味着同时违反了Loyalty,PrudenceandCare这条细则的要求。因此，该选项描述正确，不符合题意，为错误选项。[单选题]23.1-23FrankJackson,CFA,managesaportfolioforCarlWhite,ahighnetworthclient.Whiteholdsawelldiversifiedportfolioonthebasisofcapitalappreciationanddoesnotrequiremuchincomefromtheportfolio.Recently,White’ssisterAlinaalsobecomesJackson’sclient.SinceWhiteandAlinabothhaveasimilarlifestyleandareaboutthesameage,JacksonisplanningtoinvestAlina’sportfolioinasimilarwaytoWhite’s.Whichofthefollowingstatementsismostlikelycorrect?A.JacksonviolatedtheCodeandStandardsbyfailingtoestablishAlina’sobjectivesandconstraintsbeforetakinginvestmentaction.B.JacksonviolatedtheCodeandStandardsbyknowinglycreatingaconflictofinterestsbetweenAlina’sandJames’sportfolios.C.JacksonviolatedtheCodeandStandardsbylackingareasonableandadequatebasisforAlina’sassetallocation.参考答案：A参考解析：因为Alina和James有着相似的生活方式和年龄，Jackson就认为他们投资组合应该类似，没有对Alina的投资目标、风险承受能力以及过往的投资经历等做出全面了解，违反了StandardIII(C)Suitability，因此正确选项为A。对于选项B，Jackson为Alina和James进行类似的投资并不涉及两人之间的利益冲突。因此，该选项错误。对于选项C，Jackson没有对Alina的投资目标、风险承受能力以及过往的投资经历等做出全面了解，违反了StandardIII(C)Suitability。因此，该选项错误。[单选题]24.1-24EvanThompson,CFA,managesportfoliosforseveralhighnetworthclients,includingKenClark.ClarkrecentlytoldThompsonthatIRSisinvestigatinghimfortaxevasionrelatedtohisbusiness,ClarkElectronics(CE).Afterknowingabouttheinvestigation,Thompsoninformsaformercolleagueatalocalinvestmentbankatonce,sothattheycanwithdrawtheirrecommendationforCEtogopublic.Whichofthefollowingismostlikelyaccurate?A.ThompsonviolatedtheCodeandStandardsbyfailingtonoticethetaxevasionandrelaytotheproperauthorities.B.ThompsonviolatedtheCodeandStandardsbyfailingtopreservetheconfidentialityofclientinformation.C.ThompsoncompliedwiththeCodeandStandardsbecausetheinformationhetransmittedisabouthisclient’sillegalactivities.参考答案：B参考解析：StandardIII(E)PreservationofConfidentiality要求对客户的信息保密，在法律允许的情况下，可以把客户的违法信息披露给监管机构或执法机构，但无论何种情况都不能披露给其它第三方机构。Thompson把客户的违法信息披露给投行违反了StandardIII(E)PreservationofConfidentiality，因此正确选项为B。对于选项A，是否可以把违法信息披露给相关监管机构或执法机构取决于当地法律是否允许，在没有相关信息的情况下，无法判断Thompson是否违反了StandardIII(E)PreservationofConfidentiality。因此，该选项错误。对于选项C，Thompson把客户的违法信息披露给投行违反了StandardIII(E)PreservationofConfidentiality。因此，该选项错误。[单选题]25.1-25JackXuisaninvestmentanalystandtheboyfriendofLaraLi,theCEOofKSACorporation.Duringadinnerconversation,XufindsoutthatKSACorporationislikelytoloseabigclientintheChinesemarket.Liinformshimthatthisinformationhasnotbeenpublishedyet.XuadviseshisclientstoreducetheirpositionsinKSAinvestment.XuhasmostlikelyviolatedtheCFAStandardsrelatedto:A.independenceandobjectivity.B.materialnonpublicinformation.C.preservationofconfidentiality.参考答案：B参考解析：KSA公司可能会在中国市场失去一个大客户，消息来源是KSA公司的CEO，且对KSA公司股价产生影响，属于重大信息。且该信息还没有公布，因此属于重大非公开信息。Xu使用重大非公开信息，建议客户减仓KSA公司股票，违反了StandardII(A)MaterialNonpublicInformation，因此正确选项为B。对于选项A，Xu的独立性和客观性没有受到影响，因此不违反StandardI(B)IndependenceandObjectivity。因此，该选项错误。对于选项C，Xu没有泄露客户的机密信息，不违反StandardIII(E)PreservationofConfidentiality。因此，该选项错误。[单选题]26.1-26EdgarWilson,CFA,enjoyssurfinginaninternetchatroomwheremanyindustryexpertswouldexchangetheirinvestmentopinions.Fromthechatroomhereceivesnewsaboutanexcitingnewenergy-savingtechnologybeingdevelopedbyafirminJapanthathasthepotentialtocutdownthecosts.Thefirmhasnotannouncedanyinformationaboutthenewtechnologytothepublic.AccordingtotheCodeandStandards,thisinformationis:A.bothmaterialandnonpublic,andWilsonmaytradeonitanywhereexceptinJapan.B.bothmaterialandnonpublic,andWilsonmaynottradeonitanywhereintheworld.C.publicduetoitsreleaseinthechatroomandWilsonmaytradeontheinformation.参考答案：B参考解析：关于日本企业研发的成本控制技术的信息会对股价会造成影响，且该信息还没有公布，因此属于重大非公开信息。根据StandardII(A)MaterialNonpublicInformation，不得利用此类信息交易，因此正确选项为B。对于选项A，根据StandardI(A)KnowledgeoftheLaw，CFA会员或考生要遵守更严格的规定，所以对于重大非公开信息，无论当地是否有相关规定，都不能利用其进行交易。因此，该选项错误。对于选项C，在聊天室发布的信息不是公开信息，而且该信息会对股价造成影响，属于重大非公开信息。根据StandardII(A)MaterialNonpublicInformation，CFA会员或考生不得利用重大非公开信息交易。因此，该选项错误。[单选题]27.1-27KenSelby,CFA,keepsacloseconnectionwithsomeprofessionalswhoarealsoinvolvedintheinvestmentmanagementbusiness.Selbymakesarrangementswithseveraloftheseprofessionals,includingaccountantsandlawyers,toreferclientstoeachother.Thereisacommitmentthatthereferralswillcanceloutandtherearenocashpayments.Selbynevermentionsthisarrangementtohisclientsorprospectiveclients.DoesSelbymostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.No.B.Yes,relatedtoreferralfees.C.Yes,relatedtocommunicationwithclients.参考答案：B参考解析：StandardVI(C)ReferralFees要求披露任何形式的介绍费。即使该介绍费是由于相互介绍客户而抵消，不存在现金收付，但也应该向客户进行披露，因此正确选项为B。对于选项A，Ken未向客户披露介绍费，违反了StandardVI(C)ReferralFees。因此，该选项错误。对于选项C，StandardV(B)CommunicationwithClientsandProspectiveClients更侧重于在跟客户沟通的过程中，向客户披露投资过程中的基本形式、原则、重大变化、风险等因素。因此，该选项错误。[单选题]28.1-28JeremyAniston,CFA,passedprospectiveclientshisbrand-newbusinesscardprintedbytheAdministrationOfficeofhisfirmthatindicatesJeremyisaPh.D.Infact,heistakingadoctorateprogramatastateuniversitybuthasnotreceivedaPh.D.degreeyet.AnistoninformedtheAdministrationOfficeofthiserrorwhenhefirstsawit.Anistonhas:A.violatedtheCFAStandards.B.notviolatedtheCFAStandardsbecausehehasinformedhisfirmofthemistakewhenhefirstsawit.C.notviolatedtheCFAStandardsbecausehedidnotpreparethemarketingmaterialsormisrepresenthisqualificationstohisfirm.参考答案：A参考解析：尽管Aniston在发现自己名片上被错误地印上了Ph.D后第一时间告知了公司的行政部，但他并未向客户澄清相关事实，因此违反了StandardI(C)Misrepresentation与StandardV(B)CommunicationwithClientsandProspectiveClients,因此正确选项为A。对于选项B，虽然Aniston第一次看到错误通知了公司，但是他未向客户澄清事实，违反了StandardI(C)Misrepresentation与StandardV(B)CommunicationwithClientsandProspectiveClients。因此，该选项错误。对于选项C，虽然营销材料不是Aniston准备的，但是Aniston使用名片后未向客户澄清事实，违反了StandardI(C)Misrepresentation与StandardV(B)CommunicationwithClientsandProspectiveClients。因此，该选项错误。[单选题]29.1-29Atwo-yearfinancialproductGammageneratesanannualyieldof6.33%.Giventhethree-monthT-billrateis3.51%andproductGamma’smaturityriskpremium,liquiditypremiumandinflationpremiumare0.75%,1.02%and0.82%,respectively,whatisthedefaultriskpremiumofproductGamma?A.0.23%B.1.05%C.0.98%参考答案：B参考解析：Answer:B该题主要考点为利率的构成。利率的构成如下：Interestrate=Realriskfreeinterestrate+Inflationpremium+Defaultriskpremium+Liquiditypremium+Maturitypremium其中，Realriskfreeinterestrate+Inflationpremium=Nominalriskfreeinterestrate三个月的短期国库券收益率为名义无风险收益率（nominalriskfreeinterestrate），所以Defaultriskpremium=6.33%-3.51%-0.75%-1.02%=1.05%，因此正确选项为B。对于选项A，国库券收益率3.51%已包含通货膨胀溢价（inflationpremium），无需重复扣减0.82%。因此，该选项错误。选项C计算错误。[单选题]30.1-30Supposetheannualreturnsonanassetarepresentedasfollows:Ifthetargetreturnis4%,whichofthefollowingstatementsismostaccurate?A.Thetargetsemideviationiscalculatedasthesquarerootoftheaveragesquareddeviationsfromthetarget.B.Thetargetsemideviationisameasureofdownsideriskofaportfoliooranasset.C.Thetargetsemideviationisclosestto4.20%.参考答案：B参考解析：该题主要考点为目标半标准差的计算及解释。目标半标准差可用于度量某个组合或资产的下行风险（downsiderisk）。因此，正确答案为B。对于选项A，计算目标半标准差时只包含低于目标值（target）的观测值。因此，该选项错误。对于选项C，。因此，该选项错误。[单选题]31.1-31Gu,CFA,isanalyzingthepriceofstockA.Shecollecteddailypricesof6monthsandfoundthatthepricesarelo