CFA一級內容：CFA歷年考試模擬題

1、CFA級內容：CFA歷年考試模擬題（一）一、Ethical and Professional Standards1.: Code of EthicsA.: State the four comp onents of the Code of Ethics.Members of AIMR shall:1. Act with in tegrity, compete nee, dig ni ty, and in an ethical manner whe n deali ng with the public,clie nts, prospects, employers, employees, and

2、fellow members.2. Practice and encourage others to practice in a professional and ethicalmanner that will reflectcredit on members and their professi on.3. Strive to maintain and improve their compete nee and the compete nee of others in the professi on.4. Use reas on able care and exercise in depe

3、ndent professi onal judgme nt.to launch Stan dards of Practice2-1.: Stan dards of Professi onal Con duct: I. Fun dame ntal Resp on sibilitiesA.: Know the laws and rules.Standard: Maintain knowledge of and comply with all applicable laws, rules, and regulations(includingAIMR s Code of Ethics and Stan

4、 dards of Professi onal Con duct) of any gover nment, gover nment age ncy, regulatory orga nizati on, lice nsing age ncy, or professi onal associati on gover ning the membersprofessi onal activities.Complianee: Members can acquire and maintain knowledge about applicable laws, rules, and regulations

5、by:Maintaining curre nt files on applicablestatutes, rules, andregulati ons.Keep ing in formed.Reviewi ng written complia nee procedures on a regular basis.B.: Dont break or help others break the law.Standard: Not knowingly participate or assist in any violationof such laws, rules, or regulations.Co

6、mplia nee: When members suspect a clie nt or a colleague of pla nning or en gagi ng in ongoing illegal activities,members should take the followi ng actions:Con sult coun sel to determ ine if the con duct is, in fact, illegal.Disassociate from any illegal or un ethical activity. When members have re

7、as on able grounds tobelieve that a client s or employee s activities are illegal or unethical,the members should dissociatefrom these activities and urge their firm to attempt to persuade the perpetrator to cease such activity.2-11.: Stan dards of Professi onal Con duct: II. Relati on ships with an

8、d Resp on sibilities to theProfessi onA.: Use of Professi onal Desig natio nIIAIMR members may refere nee their membership only in a dig ni fied and judicious manner. The use of the reference maybe accompa nied by an accurate expla nati on of the requireme nts that have bee n met to obta in membersh

9、ip in these orga ni zations.IIThose who have earned the right to use the Chartered FinancialAnalyst designationmay use the marks“Chartered Financial Analyst ” or “CFA and are encouraged to do so, but only in a proper, dignified, and judicious manner. Theuse of the designation may be accompanied by a

10、n accurate explanation of the requirements that have been met to obtain the rightto use the designation.IICan didates in the CFA Program, as defi ned in the AIMR Bylaws, may reference their participati on inthe CFA Program, but the reference must clearly state that an in dividualis a can didate in t

11、he CFA Programand cannot imply that the can didate has achieved any type of partial desig nati on.B.: Professi onal Misc on ductIIMembers shall not en gage in any professi onal con duct in volvi ng dish on esty, fraud, deceit, ormisreprese ntati on or commit any act that reflects adversely on their

12、hon esty, trustworth in ess, or professi onal compete nee.IIMembers and can didates shall not en gage in any con duct or commit any act that compromises the in tegrity of theCFAdesig nati on or the in tegrity or validity of the exam in ati ons leadi ng to the award of the right to use the CFA desig

13、nati on.Complia nee:1. Make clear that dish on est pers onal behavior reflects poorly on the professi on.2. Adopt a code of ethics to which every employee must subscribe.3. Con duct backgro und checks on pote ntial employees to en sure that they are of good character and eligible to work inthe inves

14、tment industry.C.: Prohibiti on aga inst PlagiarismStandard: Members shall not copy or use, in substantially the same form as the original, materialprepared by ano ther without ack no wledgi ng and ide ntify ing the n ame of the author, publisher, or sourceof such material. Members may use, without

15、ack no wledgme nt, factual in formati on published by recog ni zedfinancial and statistical reporting services or similar sources.Complia nee:1. Maintain copies of materials that were relied on in preparing the research report.2. Attributequotations(and projections,tables, statistics, models, and me

16、thodologies) used otherthan recognized financial and statistical reporting services.3. Attribute paraphrases and summaries of material prepared by others.2-111.: Stan dards of Professi onal Con duct: III. Relati on ships and Resp on sibilities to the EmployerA. : Inform your Employer of the Code and

17、 Stan dardsIIIMembers shall inform their employer in writ ing, through their direct supervisor, that they areobligated to comply with the Code and Standards and are subject to disciplinarysanctions for violationsthereof.IIIMembers shall deliver a copy of the Code and Stan dards to their employer if

18、the employer does nothave a copy.Complianee: Members should notify their supervisor in writing of the Code and Standards and themembe s respon sibility to follow them. The member should also suggest that the employers adopt theCode and Stan dards and dissem in ate it throughout the firm. If the empl

19、oyer has publicly ack no wledged,in writing, that they have adopted AIMR s Code and Standards as part of the firm s policies then themember need not give the formal written notification as required by III(A).B. : Duty to EmployerStan dard: Members shall not un dertake any in depe ndent practice that

20、 could result in compe nsati onor other ben efit in competiti on with their employer uni ess they obta in writte n consent from both theiremployer and the pers ons or en tities for whom they un dertake in depe ndent practice.Complia nee:1. Members who plan to engage in independent practice for compe

21、nsation should provide writtenstateme nts to their employer describ ing the types of services they will perform, the expected durati onof the services, and the compe nsati on they will receive.2. Members should also disclose to their prospective clients the identity of their employer, thefact that t

22、hey are perform ing in depe nden tly of the employer, and what their employer would charge for similar services.3. Members seek ing new employme nt should not con tact existi ng clie nts or pote ntial clie nts priorto leav ing their employer or take records/files to their new employer without the wr

23、itten permissi onof the previous employer.C. : Disclose Con flicts betwee n you and your EmployerIII:Members shall disclose to their employer all matters, including beneficial ownership of securitiesor other in vestme nts, that reas on ably could be expected to in terfere with their duty to their em

24、ployeror ability to make un biased and objective recomme ndati ons.III:Members shall comply with any prohibitions on activities imposed by their employer if a conflictof in terest exists.Complia nee: Members should report to their employers any ben eficial in terest and any specialrelati on ships, l

25、ike corporate directorships, that may reas on ably be con sidered a con flict of in terestwith their responsibilities. Members should also discuss the situation with their firm s complianeeofficer before tak ing any action that could lead to a con flict of in terest.D. : Disclose Additi onal Compe n

26、sati on from Outside the Firm to your EmployerStandard: Members shall disclose to their employer in writing all monetary compensation or otherben efitsthat they receive for their services that are in additi on to compe nsati on or ben efitscon ferredby a member s employer.Complia nee: Members should

27、 make an immediate writte n report to their employer specify ing anycompe nsati on or ben efits they receive or propose to receive for services in additi on to what their employer is to give them. Thiswritten report should state the terms of any oral or written agreement, the amount of compe nsati o

28、n, and the durati on of theagreeme nt.E. : Resp on sibilities of SupervisorsStan dard: Members with supervisory resp on sibilities, authority, or the ability to in flue nee thecon duct of others shall exercise reas on able supervisi on over those subject to their supervisi on orauthority to prevent

29、any violation of applicable statutes, regulation, or provisions of the Code andStan dards. In so doing, members are en titled to rely on reas on able procedures desig ned to detect and preve nt such violati ons.Complia nee: The supervisor and the complia nee officer should:1. Dissem in ate the compl

30、ia nee procedures.2. Update the procedures as n ecessary.3. Educate the staff and issue periodic remin ders.4. In corporate a professi onal con duct evaluati on into the employee s performa nee review.5. Review employee actions to en sure complia nee and ide ntify violators, in itiati ng procedures

31、oncea violati onhas occurred. A supervisor should resp ond promptly to the violati onby con duct ing a thoroughinvestigation, and placing limitations on the wrongdoer until the investigation is complete.2-IV.: Stan dards of Professi onal Con duct: IV. Relati on ships with and Resp on sibilities to C

32、lie ntsand ProspectsA.: The In vestme nt ProcessIV Reas on able Basis and Represe ntatio ns. Members shall:a. Exercise diligenee and thoroughness in making investment recommendations or in taking investment actions.b. Have a reas on able and adequate basis, supported by appropriate research and in v

33、estigati on, forsuch recomme ndati ons or actions.c. Make reas on able and dilige nt efforts to avoid any materialmisreprese ntati onin any research reportor in vestme nt recomme ndati on.d. Maintain appropriate records to support the reas on able ness of such recomme ndati ons or actions.Complia ne

34、e:1. Analyze the investment s basic characteristics (records must show the characteristics of thein vestme nt and the basis for the recomme ndati on).2.Analy ze the needs of the portfolio (ineludes the client totalportfolio).3. Maintain files to support in vestme nt recomme ndatio ns.s n eeds, as we

35、ll as the n eeds of theIV Research Reports. Members shall:a. Use reas on able judgme nt regard ing the in clusi on or exclusi on of releva nt factors in researchreports.b. Disti nguish betwee n facts and opinions in research reports.c. In dicate the basic characteristics of the in vestme nt in volve

36、d whe n prepari ng for publicdistribution a research report that is not directly related to a specific portfolio or client.Complia nee: Members should con sider in cludi ng the followi ng in formatio n in research reports:1. Expected annual rates of retur n, calculated on a total retur n basis.2. An

37、nual in come expectatio ns.3. Current rate of return or yield.4. The degree of un certa inty associated with the cash flows, and other risk factors.5. The investment s marketability or liquidity.IV In depe ndence and Objectivity. Members shall use reas on able care and judgme nt to achieve andmainta

38、in independence and objectivity in making investment recommendations or taking investmentComplia nee:1. Protect integrity of opinions. Reports should reflect the analyst s unbiased opinion.2. Disclose all corporate relati on ships ., directorships, un derwrit ing arra ngeme nts or acting asa market

39、maker).3. Disclose pers onal hold ings and ben eficial own erships.4. Create a restricted list.5. Restrict special cost arra ngeme nts. Members should pay for their commercial tran sportati on and hotel charges.6. Limit gifts (US$100 is the maximum acceptable value for a gift or gratuity).7. Restric

40、t in vestme nts (strict limits should be imposed on private placeme nts).actions.8. Review procedures (supervise the pers onal in vestme nt activities of the employees).B.: In teract ions with Clie nts and ProspectsIV Fiduciary Duties: In relationshipswith clients,members shall use particular care i

41、n determiningapplicable fiduciary duty and shall comply with such duty as to those pers ons and in terests to whom the duty is owed. Membersmust act for the ben efit of their clie nts and place their clie ntsin terestsbeforetheir own.Complia nee:1. Follow all applicable rules and laws.2. Establish t

42、he in vestme nt objectives of the clie nt.3. Diversify.4. Deal fairly with all clients with respect to investment actions.5. Disclose all possible con flicts of in terest.6. Disclose compe nsatio n arran geme nts.7. Preserve the con fide ntiality of clie nt in formatio n.8. Maintain loyalty to the p

43、lan beneficiaries.IV Portfolio In vestme nt Recomme ndati ons and Actions: Members shall:a. Make a reas on able inquiry into a clie nts finan cial situatio n, in vestme nt experie nee, andin vestme nt objectives prior to making any in vestme nt recomme ndatio ns and shall update this in formati onas

44、 n ecessary, but no less freque ntly tha n annu ally, to allow the members to adjust their in vestme nt recomme ndati ons toreflect cha nged circumsta nces.b. Con sider the appropriate ness and suitability of in vestme nt recomme ndati ons or actions for each portfolio orclient (including the needs

45、and circumstances of the portfolio or client, the basic characteristics of the in vestme nt in volved,and the basic characteristics of the total portfolio).c. Dist in guish betwee n facts and opinions in prese nti ng recomme ndati ons.d. Disclose to clie nts and prospects the basic format and gen er

46、al prin ciples of the in vestme nt processes by whichsecurities are selected and portfolios are con structed and shall promptly disclose to clie nts and prospects any cha nges thatmight sig ni fica ntly affect those processes.Complia nee: Know basic n ature of your clie nt; know objectives and con s

47、tra in ts.IV Fair Dealing: Members shall deal fairly and objectively with all clients and prospects when dissem in ati ng in vestment recomme ndati ons, dissem in ati ng material cha nges in prior in vestme nt recomme ndati ons, and tak ing in vestme ntaction.Complia nee:1. Limit the number of peopl

48、e privy to recommendations and changes.2. Shorten the time frame between initiation and dissemination.3. Publish pers onnel guideli nes for pre-dissem in atio n.4. Simulta neous dissem in ati on.5. Establish rules about employee tradi ng activities.6. Establish procedures for determ ining material c

49、ha nges.7. Maintain a list of clie nts and their holdi ngs.8. Develop trade allocatio n procedures.9. Make sure one acco unt is not being used to bail out other acco un ts.the firm offers differing levels of service, this fact should be disclosed to all clients.IV Priority of Transactions:Clients an

50、d employers shall have priority over transactionsin securitiesor other in vestme nts of which a member is the ben eficial owner so that such pers onal tran sact ions donot operate adversely to their clie nts or employers in terests. If members make a recomme ndati onregarding the purchase or sale of

51、 a security or other investment,they shall give their clientsand employeradequate opport unity to act on the recomme ndati on before acting on their own behalf.Complia nee:1. Define pers onal tran sacti ons.2. Define covered in vestme nts.3. Limit the number of access persons.“ Fire Walls ” should b

52、e built to prevent the flow of informationfrom one group or departme nt to other groups with in the firm.4. Define prohibited tran sact ions. The text specifically men tio ns equity based IPOs.5. Establish report ing procedures and prior-cleara nee requireme nts.6. En sure that procedures will be en

53、 forced and establish discipli nary procedures.IV Preservati on of Con fide ntiality: Members shall preserve the con fide ntiality of in formatio ncom muni cated by clie nts, prospects, or employers concerning matters with in the scope of the clie nt-member, prospect-member,or employer-member relati

54、 on ship uni ess the member receives in formatio n concerning illegal activities on the part of the clie nt,prospect, or employer.Complia nee: The simplest and most effective way to comply is to avoid discuss ing any in formatio nreceived from a clie nt except to colleagues work ing on the same proj

55、ect.IV Prohibitionagainst Misrepresentation:Members shall not make any statements,orally or in writingthat misreprese nt:a. the services that they or their firms are capable of perform ing.b. their qualifications or the qualifications of their firm.c. the members academic or professi onal crede ntia

56、ls.Members shall not make or imply, orally or in writing, any assurances or guarantees regarding anyin vestme nt except to com muni cate accurate in formatio n regard ing the terms of the in vestme nt in strume nt and the issuersobligati ons un der the in strume nt.Complianee: Firms can provide guid

57、anee to employees who make writtenor oral presentations to clientsor prospects by providing a writtenlist of the firm s available services and a description of the firm squalificati ons.IV Disclosure of Conflicts to Clients and Prospects: Members shall disclose to their clients and prospects all mat

58、ters, in cludingben eficial own ership of securitiesor other in vestme nts, that reas on ablycould be expected to impair the members ability to make un biased and objective recomme ndati ons.Complianee: Members should report to their employers, clients,and prospects any materialbeneficialin terest t

59、hey may have in securities, corporate directorships, or other special relati on ships they mayhave with the compa nies they are recomme nding. Members should make the disclosures before they make any recomme ndations or take any in vestme nt acti ons regard ing these in vestme nts.IV Disclosure of R

60、eferral Fees: Members shall disclose to clie nts and prospects any con sideratio nor ben efit received by the member or delivered to others for the recomme ndati on of any services to the clie nt or prospect.Complia nee:1. Disclose all agreements in writing to any client or prospect who has been ref