CFA一級內(nèi)容：CFA歷年考試模擬題(一)

1、CFA 級內(nèi)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, an

2、d fellow members.2. Practice and encourage others to practice in a professional and ethical manner that will reflect credit 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 d

3、epe 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.'professioiStan dard: Maintain kno wledge of and comply with all applicable laws, rules, and regulati ons (in clud ing AIM

4、R Code of Ethics and Stan dards of Professi onal Con duct) of any gover nment, gover nment age ncy, regulatory organi zation, licensing agency, or professional association governing the membersComplianee: Members can acquire and maintain knowledge about applicable laws, rules, and regulations by:Ma

5、in tai ning curre nt files on applicable statutes, rules, and regulati ons.Keep ing in formed.-Reviewi ng writte n complia nee procedures on a regular basis.B. : Don't break or help others break the law.Stan dard: Not knowin gly participate or assist in any violatio n of such laws, rules, or reg

6、ulati ons.Complia 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 m

7、embers have reas on able grounds to believe that aclient' s or employee ' s activities are illegal or unethical, the members should dissociate from these activities andurge their firm to attempt to persuade the perpetrator to cease such activity.2-11.: Stan dards of Professi onal Con duct: I

8、I. Relati on ships with and Resp on sibilities to the Professi onA.: Use of Professi onal Desig natio nll(A.1)AIMR members may refere nee their membership only in a dig ni fied and judicious manner. The use of thereference may be accompa nied by an accurate expla natio n of the requireme nts that ha

9、ve bee n met to obta in membership in these orga ni zati ons.II(A.2)Those who have earned the right to use the Chartered Finan cial An alyst desig nati on may use the marksnd judicic“ Chartered Financial Analyst or “ CFA and are encouraged to do so, but only in a proper, dignified, amanner. The use

10、of the desig nati on may be accompa nied by an accurate expla nati on of the requireme nts that havebeen met to obtain the right to use the designation.II(A.3)Can didates in the CFA Program, as defi ned in the AIMR Bylaws, may reference their participati on in the CFA Program, but the reference must

11、 clearly state that an in dividual is a can didate in the CFA Program and cannot imply that the can didate has achieved any type of partial desig nati on.B. : Professi onal Misc on ductMembers shall not en gage in any professi onal con duct in volvi ng dish on esty, fraud, deceit, or misreprese ntat

12、io n or commit any act that reflects adversely on their hon esty, trustworth in ess, or professi onal compete nee.II(B.2)Members and can didates shall not en gage in any con duct or commit any act that compromises the in tegrity of the CFA desig nati on or the in tegrity or validity of the exam in a

13、ti ons leadi ng to the award of the right to use the CFA desig natio n.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 t

14、hat they are of good character and eligible to work in the in vestme nt in dustry.C. : Prohibiti on aga inst PlagiarismStandard: Members shall not copy or use, in substantially the same form as the original, material prepared by ano ther without ack no wledgi ng and ide ntify ing the n ame of the au

15、thor, publisher, or source of such material. Members may use, without ack no wledgme nt, factual in formati on published by recog ni zed finan cial and statistical report ing services or similar sources.Complia nee:1. Maintain copies of materials that were relied on in preparing the research report.

16、2. Attribute quotati ons (and project ions, tables, statistics, models, and methodologies) used other tha n recognized financial and statistical reporting services.3. Attribute paraphrases and summaries of material prepared by others.2-III.: Stan dards of Professi onal Con duct: III. Relati on ships

17、 and Resp on sibilities to the EmployerA.: Inform your Employer of the Code and Stan dardsMembers shall inform their employer in writi ng, through their direct supervisor, that they are obligated tocomply with the Code and Stan dards and are subject to discipli nary sanctions for violati ons thereof

18、.HI(A.2)Members shall deliver a copy of the Code and Stan dards to their employer if the employer does not have acopy.Complia nee: Members should no tify their supervisor in writ ing of the Code and Stan dards and the member ' sresp on sibility to follow them. The member should also suggest that

19、 the employers adopt the Code and Stan dardsand dissem in ate it throughout the firm. If the employer has publicly ack no wledged, in writi ng, that they haveadopted AIMR ' s Code and Standards as part of the firm' s policies then the member need not give the formnotification as required by

20、III(A).B. : Duty to EmployerStan dard: Members shall not un dertake any in depe ndent practice that could result in compe nsati on or otherben efit i n competitio n with their employer uni ess they obta in writte n consent from both their employer and thepers ons or en tities for whom they un dertak

21、e in depe ndent practice.Complia nee:1. Members who pla n to en gage in in depe ndent practice for compe nsati on should provide writte n stateme ntsto their employer describing the types of services they will perform, the expected duration of the services, and the compe nsati on they will receive.2

22、. Members should also disclose to their prospective clients the identity of their employer, the fact that they areperform 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

23、 ntial clie nts prior to leavi ngtheir employer or take records/files to their new employer without the written permissi on of the previous employer.C. : Disclose Con flicts betwee n you and your EmployerIII(C.I):Members shall disclose to their employer all matters, including beneficial ownership of

24、 securities or otherin vestme nts, that reas on ably could be expected to in terfere with their duty to their employer or ability to makeun biased and objective recomme ndati ons.Members shall comply with any prohibitons on activities imposed by their employer if a conflict of interestexists.Complia

25、 nee: Members should report to their employers any ben eficial in terest and any special relatio nships,like corporate directorships, that may reas on ably be con sidered a con flict of in terest with their resp on sibilities.Members should also discuss the situation with their firm' s compliane

26、e officer before taking any actionlead to a con flict of in terest.D. : Disclose Additi onal Compe nsati on from Outside the Firm to your EmployerStan dard: Members shall disclose to their employer in writ ing all mon etary compe nsati on or other ben efits thatthey receive for their services that a

27、re in additi on to compe nsati onor ben efits con ferred by a member' s emplcComplia nee: Members should 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 giveth

28、em. This written report should state the terms of any oral or written agreement, the amount of compensation, and the duratio n of the agreeme nt.E. : Resp on sibilities of SupervisorsStan dard: Members with supervisory resp on sibilities, authority, or the ability to in flue nee the con duct of othe

29、rsshall exercise reas on able supervisi on over those subject to their supervisi on or authority to preve nt any violatio n of applicable statutes, regulati on, or provisi ons of the Code and Stan dards. In so doing, members are en titled to rely on reas on able procedures desig ned to detect and pr

30、eve nt such violatio ns.Complia nee: The supervisor and the complia nee officer should:1. Dissem in ate the complia 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 p

31、erforma nee review.5. Review employee actions to en sure complia nee and ide ntify violators, in itiati ng procedures once a violati onhas occurred. A supervisor should resp ond promptly to the violati on by con duct ing a thorough in vestigati on, and placing limitations on the wrongdoer until the

32、investigation is complete.2-IV.: Stan dards of Professi onal Con duct: IV. Relati on ships with and Resp on sibilities to Clie nts and Prospects精選A.: The In vestme nt ProcessIV(A.1) Reas on able Basis and Represe ntati ons. Members shall:a. Exercise dilige nee and thorough ness in making in vestme n

33、t recomme ndati ons or in tak ing in vestme nt actions.b. Have a reas on able and adequate basis, supported by appropriate research and in vestigati on, for such recomme ndati ons or acti ons.c. Make reas on able and dilige nt efforts to avoid any material misreprese ntati on in any research report

34、or 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 nee:1. Analyze the investment' s basic characteristics (records must show the characteristics of the investment a ndthe basis for the recomme ndati on).2

35、. Analyze the needs of the portfolio (includes the client' s needs, as well as the needs of the total portfolio).3. Maintain files to support in vestme nt recomme ndatio ns.IV(A.2) Research Reports. Members shall:a. Use reas on able judgme nt regard ing the in clusi on or exclusi on of releva nt

36、 factors in research reports.b. Disti nguish betwee n facts and opinions in research reports.c. Indicate the basic characteristics of the investment involved when preparing for public distribution a research report that is not directly related to a specific portfolio or clie nt.Complia nee: Members

37、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. Annual in come expectatio ns.3. Current rate of retur n or yield.4. The degree of uncertainty associated with the cash flows, and other risk facto

38、rs.5. The investment ' s marketability or liquidity.IV(A.3) In depe ndence and Objectivity. Members shall use reas on able care and judgme nt to achieve and mai nta in in depe ndence and objectivity in maki ng in vestme nt recomme ndatio ns or tak ing in vestme nt actions.Complia nee:1. Protect

39、integrity of opinions. Reports should reflect the analyst' s unbiased opinion.2. Disclose all corporate relati on ships (i.e., directorships, un derwriti ng arra ngeme nts or acting as a market maker).3. Disclose pers onal hold ings and ben eficial own erships.4. Create a restricted list.5. Rest

40、rict 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. Restrict in vestme nts (strict limits should be imposed on private placeme nts).8. Review procedures (supervi

41、se the pers onal in vestme nt activities of the employees).B.: In teract ions with Clie nts and ProspectsIV(B.1) Fiduciary Duties: In relatio nships with clie nts, members shall use particular care in determ ining applicable fiduciary duty and shall comply with such duty as to those pers ons and in

42、terests to whom the duty is owed. Members must act for the ben efit of their clie nts and place their clie nts' in terests before their own.Complia nee:1. Follow all applicable rules and laws.2. Establish the in vestme nt objectives of the clie nt.3. Diversify.4. Deal fairly with all clients wit

43、h 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 plan beneficiaries.IV(B.2) Portfolio In vestme nt Recomme ndati ons and Acti ons: Members s

44、hall:a. Make a reas on able inquiry into a clie nt's finan cial situatio n, in vestme nt experie nee, and in vestme nt objectives prior to making any investment recommendations and shall update this information as necessary, but no less freque ntly tha n annu ally, to allow the members to adjust

45、 their in vestme nt recomme ndatio ns to reflect cha nged circumsta nces.b. Consider the appropriateness and suitability of investment recommendations or actions for each portfolio or client (including the needs and circumstances of the portfolio or client, the basic characteristics of the investmen

46、tinvolved, 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 eral prin ciples of the in vestme nt processes by which securities are selected and portfolio

47、s are con structed and shall promptly disclose to clie nts and prospects any cha nges that might sig ni fica ntly affect those processes.Complia nee: Know basic n ature of your clie nt; know objectives and con stra in ts.IV(B.3) Fair Dealing: Members shall deal fairly and objectively with all client

48、s and prospects when dissem in at ing in vestme nt recomme ndati ons, dissem in ati ng material cha nges in prior in vestme nt recomme ndati ons, and tak ing in vestme nt action.Complia nee:1. Limit the number of people privy to recommendations and changes.2. Shorten the time frame between initiatio

49、n 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 cha nges.7. Maintain a list of clie nts and their holdi ngs.8. Develop trade alloca

50、tio n procedures.9. Make sure one acco unt is not being used to bail out other acco un ts.1O.lf the firm offers differi ng levels of service, this fact should be disclosed to all clie nts.IV(B.4) Priority of Tran sact ions: Clie nts and employers shall have priority over tran sact ions in securities

51、 or other in vestme nts of which a member is the ben eficial owner so that such pers onal tran sact ions do not operate adversely to their clie nts' or employer's in terests. If members make a recomme ndati on regard ing the purchase or sale of a security or other in vestme nt, they shall gi

52、ve their clie nts and employer adequate opport unity to act on the recomme ndati on before acti ng 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 be built to prevent the flow of information

53、from onegroup 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 forced and establish discipli nary procedu

54、res.IV(B.5) 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 on ship uni ess the member receives

55、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 n received from a clie nt except to colleagues work ing on the same project.IV(B.6) Prohibition against Mis

56、representation: Members shall not make any statements, orally or in writing that 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 member's academic or professi onal crede ntials.Members shall not

57、make or imply, orally or in writing, any assurances or guarantees regarding any investment except to com muni cate accurate in formatio n regard ing the terms of the in vestme nt in strume nt and the issuer's obligati ons un der the in strume nt.Complia nee: Firms can provide guida nee to employ

58、ees who make writte n or oral prese ntati ons to clie nts or prospects by providing a written list of the firm' s available services and a description of the firmIV(B.7) Disclosure of Conflicts to Clients and Prospects: Members shall disclose to their clients and prospects all matters, in cludi ng ben eficial own ership of securities or other in vestme nts, that reas on ably could be expected to impair the member's ability to make un biased and objective recomme ndati ons.Complia nee: Members should report to their employers, clie nts, and prospects any material ben eficial in tere