CFA一級(jí)內(nèi)容CFA歷年考試模擬題(一)

CFA一級(jí)內(nèi)容：CFA歷年考試模擬題（一）一、EthicalandProfessionalStandards1.:CodeofEthicsA.:StatethefourcomponentsoftheCodeofEthics.MembersofAIMRshall:Actwithintegrity,competence,dignity,andinanethicalmannerwhendealingwiththepublic,clients,prospects,employers,employees,andfellowmembers.Practiceandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonmembersandtheirprofession.Strivetomaintainandimprovetheircompetenceandthecompetenceofothersintheprofession.Usereasonablecareandexerciseindependentprofessionaljudgment.tolaunchStandardsofPractice2-I.:StandardsofProfessionalConduct:I.FundamentalResponsibilitiesA.:Knowthelawsandrules.Standard:Maintainknowledgeofandcomplywithallapplicablelaws,rules,andregulations(includingAIMRCodeofEthicsandStandardsofProfessionalConduct)ofanygovernment,governmentagency,regulatoryorganization,licensingagency,orprofessionalassociationgoverningthemembersCompliance:Memberscanacquireandmaintainknowledgeaboutapplicablelaws,rules,andregulationsby:·Maintainingcurrentfilesonapplicablestatutes,rules,andregulations.·Keepinginformed.·Reviewingwrittencomplianceproceduresonaregularbasis.

’’profession精選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.Theuseofthereferencemaybeaccompaniedbyanaccurateexplanationoftherequirementsthathavebeenmettoobtainmembershipintheseorganizations.II(A.2)ThosewhohaveearnedtherighttousetheCharteredFinancialAnalystdesignationmayusethemarks“CharteredFinancialAnalyst”or“CFA”andareencouragedtodoso,butonlyinaproper,dignified,andjudiciomanner.Theuseofthedesignationmaybeaccompaniedbyanaccurateexplanationoftherequirementsthathavebeenmettoobtaintherighttousethedesignation.II(A.3)CandidatesintheCFAProgram,asdefinedintheAIMRBylaws,mayreferencetheirparticipationintheCFAProgram,butthereferencemustclearlystatethatanindividualisacandidateintheCFAProgramandcannotimplythatthecandidatehasachievedanytypeofpartialdesignation.B.:ProfessionalMisconductII(B.1)精選Membersshallnotengageinanyprofessionalconductinvolvingdishonesty,fraud,deceit,ormisrepresentationorcommitanyactthatreflectsadverselyontheirhonesty,trustworthiness,orprofessionalcompetence.II(B.2)MembersandcandidatesshallnotengageinanyconductorcommitanyactthatcompromisestheintegrityoftheCFAdesignationortheintegrityorvalidityoftheexaminationsleadingtotheawardoftherighttousetheCFAdesignation.Compliance:Makeclearthatdishonestpersonalbehaviorreflectspoorlyontheprofession.Adoptacodeofethicstowhicheveryemployeemustsubscribe.Conductbackgroundchecksonpotentialemployeestoensurethattheyareofgoodcharacterandeligibletoworkintheinvestmentindustry.C.:ProhibitionagainstPlagiarismStandard:Membersshallnotcopyoruse,insubstantiallythesameformastheoriginal,materialpreparedbyanotherwithoutacknowledgingandidentifyingthenameoftheauthor,publisher,orsourceofsuchmaterial.Membersmayuse,withoutacknowledgment,factualinformationpublishedbyrecognizedfinancialandstatisticalreportingservicesorsimilarsources.Compliance:Maintaincopiesofmaterialsthatwerereliedoninpreparingtheresearchreport.Attributequotations(andprojections,tables,statistics,models,andmethodologies)usedotherthanrecognizedfinancialandstatisticalreportingservices.Attributeparaphrasesandsummariesofmaterialpreparedbyothers.2-III.:StandardsofProfessionalConduct:III.RelationshipsandResponsibilitiestotheEmployerA.:InformyourEmployeroftheCodeandStandardsIII(A.1)精選Membersshallinformtheiremployerinwriting,throughtheirdirectsupervisor,thattheyareobligatedtocomplywiththeCodeandStandardsandaresubjecttodisciplinarysanctionsforviolationsthereof.III(A.2)MembersshalldeliveracopyoftheCodeandStandardstotheiremployeriftheemployerdoesnothaveacopy.Compliance:MembersshouldnotifytheirsupervisorinwritingoftheCodeandStandardsandthemember’sresponsibilitytofollowthem.ThemembershouldalsosuggestthattheemployersadopttheCodeandStandardsanddisseminateitthroughoutthefirm.Iftheemployerhaspubliclyacknowledged,inwriting,thattheyhaveadoptedAIMR’sCodeandStandardsaspartofthefirm’spoliciesthenthememberneednotgivetheformnotificationasrequiredbyIII(A).B.:DutytoEmployerStandard:Membersshallnotundertakeanyindependentpracticethatcouldresultincompensationorotherbenefitincompetitionwiththeiremployerunlesstheyobtainwrittenconsentfromboththeiremployerandthepersonsorentitiesforwhomtheyundertakeindependentpractice.Compliance:1.Memberswhoplantoengageinindependentpracticeforcompensationshouldprovidewrittenstatementstotheiremployerdescribingthetypesofservicestheywillperform,theexpecteddurationoftheservices,andthecompensationtheywillreceive.Membersshouldalsodisclosetotheirprospectiveclientstheidentityoftheiremployer,thefactthattheyareperformingindependentlyoftheemployer,andwhattheiremployerwouldchargeforsimilarservices.Membersseekingnewemploymentshouldnotcontactexistingclientsorpotentialclientspriortoleavingtheiremployerortakerecords/filestotheirnewemployerwithoutthewrittenpermissionofthepreviousemployer.C.:DiscloseConflictsbetweenyouandyourEmployerIII(C.1):Membersshalldisclosetotheiremployerallmatters,includingbeneficialownershipofsecuritiesorotherinvestments,thatreasonablycouldbeexpectedtointerferewiththeirdutytotheiremployerorabilitytomakeunbiasedandobjectiverecommendations.III(C.2):精選Membersshallcomplywithanyprohibitionsonactivitiesimposedbytheiremployerifaconflictofinterestexists.Compliance:Membersshouldreporttotheiremployersanybeneficialinterestandanyspecialrelationships,likecorporatedirectorships,thatmayreasonablybeconsideredaconflictofinterestwiththeirresponsibilities.Membersshouldalsodiscussthesituationwiththeirfirm’scomplianceofficerbeforetakinganyactionleadtoaconflictofinterest.D.:DiscloseAdditionalCompensationfromOutsidetheFirmtoyourEmployerStandard:Membersshalldisclosetotheiremployerinwritingallmonetarycompensationorotherbenefitsthattheyreceivefortheirservicesthatareinadditiontocompensationorbenefitsconferredbyamember’semploCompliance:Membersshouldmakeanimmediatewrittenreporttotheiremployerspecifyinganycompensationorbenefitstheyreceiveorproposetoreceiveforservicesinadditiontowhattheiremployeristogivethem.Thiswrittenreportshouldstatethetermsofanyoralorwrittenagreement,theamountofcompensation,andthedurationoftheagreement.E.:ResponsibilitiesofSupervisorsStandard:Memberswithsupervisoryresponsibilities,authority,ortheabilitytoinfluencetheconductofothersshallexercisereasonablesupervisionoverthosesubjecttotheirsupervisionorauthoritytopreventanyviolationofapplicablestatutes,regulation,orprovisionsoftheCodeandStandards.Insodoing,membersareentitledtorelyonreasonableproceduresdesignedtodetectandpreventsuchviolations.Compliance:Thesupervisorandthecomplianceofficershould:Disseminatethecomplianceprocedures.Updatetheproceduresasnecessary.Educatethestaffandissueperiodicreminders.4.Incorporateaprofessionalconductevaluationintotheemployee’sperformancereview.5.Reviewemployeeactionstoensurecomplianceandidentifyviolators,initiatingproceduresonceaviolationhasoccurred.Asupervisorshouldrespondpromptlytotheviolationbyconductingathoroughinvestigation,andplacinglimitationsonthewrongdoeruntiltheinvestigationiscomplete.2-IV.:StandardsofProfessionalConduct:IV.RelationshipswithandResponsibilitiestoClientsandProspects精選A.:TheInvestmentProcessIV(A.1)ReasonableBasisandRepresentations.Membersshall:a.Exercisediligenceandthoroughnessinmakinginvestmentrecommendationsorintakinginvestmentactions.b.Haveareasonableandadequatebasis,supportedbyappropriateresearchandinvestigation,forsuchrecommendationsoractions.c.Makereasonableanddiligenteffortstoavoidanymaterialmisrepresentationinanyresearchreportorinvestmentrecommendation.d.Maintainappropriaterecordstosupportthereasonablenessofsuchrecommendationsoractions.Compliance:1.Analyzetheinvestment’sbasiccharacteristics(recordsmustshowthecharacteristicsoftheinvestmentandthebasisfortherecommendation).2.Analyzetheneedsoftheportfolio(includestheclient’sneeds,aswellastheneedsofthetotalportfolio).Maintainfilestosupportinvestmentrecommendations.IV(A.2)ResearchReports.Membersshall:a.Usereasonablejudgmentregardingtheinclusionorexclusionofrelevantfactorsinresearchreports.b.Distinguishbetweenfactsandopinionsinresearchreports.c.Indicatethebasiccharacteristicsoftheinvestmentinvolvedwhenpreparingforpublicdistributionaresearchreportthatisnotdirectlyrelatedtoaspecificportfolioorclient.Compliance:Membersshouldconsiderincludingthefollowinginformationinresearchreports:Expectedannualratesofreturn,calculatedonatotalreturnbasis.Annualincomeexpectations.Currentrateofreturnoryield.精選Thedegreeofuncertaintyassociatedwiththecashflows,andotherriskfactors.Theinvestment’smarketabilityorliquidity.IV(A.3)IndependenceandObjectivity.Membersshallusereasonablecareandjudgmenttoachieveandmaintainindependenceandobjectivityinmakinginvestmentrecommendationsortakinginvestmentactions.Compliance:1.Protectintegrityofopinions.Reportsshouldreflecttheanalyst’sunbiasedopinion.Discloseallcorporaterelationships(i.e.,directorships,underwritingarrangementsoractingasamarketmaker).Disclosepersonalholdingsandbeneficialownerships.Createarestrictedlist.Restrictspecialcostarrangements.Membersshouldpayfortheircommercialtransportationandhotelcharges.Limitgifts(US$100isthemaximumacceptablevalueforagiftorgratuity).Restrictinvestments(strictlimitsshouldbeimposedonprivateplacements).Reviewprocedures(supervisethepersonalinvestmentactivitiesoftheemployees).B.:InteractionswithClientsandProspectsIV(B.1)FiduciaryDuties:Inrelationshipswithclients,membersshalluseparticularcareindeterminingapplicablefiduciarydutyandshallcomplywithsuchdutyastothosepersonsandintereststowhomthedutyisowed.Membersmustactforthebenefitoftheirclientsandplacetheirclients'interestsbeforetheirown.Compliance:Followallapplicablerulesandlaws.Establishtheinvestmentobjectivesoftheclient.Diversify.精選Dealfairlywithallclientswithrespecttoinvestmentactions.Discloseallpossibleconflictsofinterest.Disclosecompensationarrangements.Preservetheconfidentialityofclientinformation.Maintainloyaltytotheplanbeneficiaries.IV(B.2)PortfolioInvestmentRecommendationsandActions:Membersshall:a.Makeareasonableinquiryintoaclient'sfinancialsituation,investmentexperience,andinvestmentobjectivespriortomakinganyinvestmentrecommendationsandshallupdatethisinformationasnecessary,butnolessfrequentlythanannually,toallowthememberstoadjusttheirinvestmentrecommendationstoreflectchangedcircumstances.b.Considertheappropriatenessandsuitabilityofinvestmentrecommendationsoractionsforeachportfolioorclient(includingtheneedsandcircumstancesoftheportfolioorclient,thebasiccharacteristicsoftheinvestmentinvolved,andthebasiccharacteristicsofthetotalportfolio).c.Distinguishbetweenfactsandopinionsinpresentingrecommendations.d.Disclosetoclientsandprospectsthebasicformatandgeneralprinciplesoftheinvestmentprocessesbywhichsecuritiesareselectedandportfoliosareconstructedandshallpromptlydisclosetoclientsandprospectsanychangesthatmightsignificantlyaffectthoseprocesses.Compliance:Knowbasicnatureofyourclient;knowobjectivesandconstraints.IV(B.3)FairDealing:Membersshalldealfairlyandobjectivelywithallclientsandprospectswhendisseminatinginvestmentrecommendations,disseminatingmaterialchangesinpriorinvestmentrecommendations,andtakinginvestmentaction.Compliance:Limitthenumberofpeopleprivytorecommendationsandchanges.Shortenthetimeframebetweeninitiationanddissemination.Publishpersonnelguidelinesforpre-dissemination.精選Simultaneousdissemination.Establishrulesaboutemployeetradingactivities.Establishproceduresfordeterminingmaterialchanges.Maintainalistofclientsandtheirholdings.Developtradeallocationprocedures.Makesureoneaccountisnotbeingusedtobailoutotheraccounts.10.Ifthefirmoffersdifferinglevelsofservice,thisfactshouldbedisclosedtoallclients.IV(B.4)PriorityofTransactions:Clientsandemployersshallhavepriorityovertransactionsinsecuritiesorotherinvestmentsofwhichamemberisthebeneficialownersothatsuchpersonaltransactionsdonotoperateadverselytotheirclients'oremployer'sinterests.Ifmembersmakearecommendationregardingthepurchaseorsaleofasecurityorotherinvestment,theyshallgivetheirclientsandemployeradequateopportunitytoactontherecommendationbeforeactingontheirownbehalf.Compliance:Definepersonaltransactions.Definecoveredinvestments.Limitthenumberofaccesspersons.“FireWalls”shouldbebuilttopreventtheflowofinformationfromonegroupordepartmenttoothergroupswithinthefirm.Defineprohibitedtransactions.ThetextspecificallymentionsequitybasedIPOs.Establishreportingproceduresandprior-clearancerequirements.Ensurethatprocedureswillbeenforcedandestablishdisciplinaryprocedures.IV(B.5)PreservationofConfidentiality:Membersshallpreservetheconfidentialityofinformationcommunicatedbyclients,prospects,oremployersconcerningmatterswithinthescopeoftheclient-member,prospect-member,oremployer-memberrelationshipunlessthememberreceivesinformationconcerningillegalactivitiesonthepartoftheclient,prospect,oremployer.精選Compliance:Thesimplestandmosteffectivewaytocomplyistoavoiddiscussinganyinformationreceivedfromaclientexcepttocolleaguesworkingonthesameproject.IV(B.6)ProhibitionagainstMisrepresentation:Membersshallnotmakeanystatements,orallyorinwritingthatmisrepresent:a.theservicesthattheyortheirfirmsarecapableofperforming.b.theirqualificationsorthequalificationsoftheirfirm.c.themember'sacademicorprofessionalcredentials.Membersshallnotmakeorimply,orallyorinwriting,anyassurancesorguaranteesregardinganyinvestmentexcepttocommunicateaccurateinformationregardingthetermsoftheinvestmentinstrumentandtheissuer'sobligationsundertheinstrument.Compliance:Firmscanprovideguidancetoemployeeswhomakewrittenororalpresentationstoclientsorprospectsbyprovidingawrittenlistofthefirm’savailableservicesandadescriptionofthefirmIV(B.7)DisclosureofConflictstoClientsandProspects:Membersshalldisclosetotheirclientsandprospectsallmatters,includingbeneficialownershipofsecuritiesorotherinvestments,thatreasonablycouldbeexpectedtoimpairthemember'sabilitytomakeunbiasedandobjectiverecommendations.Compliance:Membersshouldreporttotheiremployers,clients,andprospectsanymaterialbeneficialinteresttheymayhaveinsecurities,corporatedirectorships,orotherspecialrelationshipstheymayhavewiththecompaniestheyarerecommending.Membersshouldmakethedisclosuresbeforetheymakeanyrecommendationsortakeanyinvestmentactionsregardingtheseinvestments.IV(B.8)DisclosureofReferralFees:Membersshalldisclosetoclientsandprospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersfortherecommendationofanyservicestotheclientorprospect.Compliance:Discloseallagreementsinwritingtoanyclientorprospectwhohasbeenreferred.Describeinthedisclosurethenatureoftheconsiderationandtheestimateddollarvalueoftheconsideration.Consultasupervisorandlegalcounselconcerninganyprospectivearrangementregardingreferralfees.精選2-V.:StandardsofProfessionalConduct:V.RelationshipswithandResponsibilitiestotheInvestingPublicA.:ProhibitionagainstUseofMaterialNonpublicInformationStandard:Memberswhopossessmaterialnonpublicinformationrelatedtothevalueofasecurityshallnottradeorcauseotherstotradeinthatsecurityifsuchtradingwouldbreachadutyoriftheinformationwasmisappropriatedorrelatestoatenderoffer.Ifmembersreceivematerialnonpublicinformationinconfidence,theyshallnotbreachthatconfidencebytradingorcausingotherstotradeinsecuritiestowhichsuchinformationrelates.Membersshallmakereasonableeffortstoachievepublicdisseminationofmaterialnonpublicinformationdisclosedinbreachofaduty.Compliance:Firewalls,minimumelementsare:Controloverinterdepartmentalcommunications.Reviewemployeetradingagainstrestrictedlists.Restrictproprietarytradingwhilethefirmisinpossessionofmaterialnonpublicinformation.Additionalprocedures:Restrictpersonalandproprietaryemployeetrading.Placesecuritiesonarestrictedlistwhenthefirmhasmaterialnonpublicinformation.Disseminatematerialnonpublicinformationonlytothosewithaneedtoknow.Designateasupervisorwhodecideswhentradingisappropriate.B.:PerformancepresentationStandard:Membersshallnotmakeanystatements,orallyorinwriting,thatmisrepresenttheinvestmentperformancethattheyortheirfirmshaveaccomplishedorcanreasonablybeexpectedtoachieve.Ifmemberscommunicateindividualorfirmperformanceinformationdirectlyorindirectlytoclientsorprospectiveclients,orinamannerintendedtobereceivedbyclientsorprospectiveclients,membersshallmakeeveryreasonableefforttoassurethatsuchperformanceinformationisafair,accurate,andcompletepresentationofsuchperformance.精選Compliance:Misrepresentationabouttheinvestmentperformanceofthefirmcanbeavoidedifthemembermaintainsdataaboutthefirm’sinvestmentperformanceinwrittenform.Investmentaccountsshouldbecombinedintocompositesbyinvestmentclassandriskgroups.3:StandardsofPracticeHandbookDemonstrateathoroughknowledgeoftheStandardsofProfessionalConductbyrecognizingandapplyingtheStandardstospecificsituations.Thisisanapplicationofmanydifferentethicsconceptstodifferentscenarios.Afterhavinglearnedtheethicsmaterialinearlierlearningoutcomesyouwillbeabletoapplytheseconceptstovariousscenariosasyoutakethequizzes.DistinguishbetweenconductthatconformstotheCodeandtheStandardsandconductthatviolatestheCodeandtheStandards.Thisrequireslookingatdifferentscenariosandpossiblyapplyingseveralethicsconceptstoeachscenario.Afteryoulearnandunderstandtheethicsconceptsyouwillbeabletoapplythemtospecificsituationsthroughthequizzes.AIMRPerformancePresentationStandardsHandbooka:ExplainthegoalsoftheAIMR-PPSStandards.TheStandardshavebeendesignedtomeetthefollowinggoals:·Toachievegreateruniformityandcomparabilityamongperformancepresentations.·Toimprovetheserviceofferedtoinvestmentmanagementclients.·Toenhancetheprofessionalismoftheindustry.·Tobolsterthenotionofself-regulation.Note:ThePresentationStandardsareintendedprimarilytobeperformancepresentationstandards,notperformancemeasurementstandards.PortionsoftheAIMR-PPSarerequiredwhilesomearerecommended.AIMRstronglyencouragestheadoptionofbothrequiredandrecommendedcomponentsoftheStandards.Also,performancepresentationsmayhavetoprovidemorethantheminimumrequirementsoftheAIMR-PPStomeetthefullintentoftheStandards.b:IdentifythepartiesaffectedbytheAIMR-PPSstandards.精選·Firms.ThePPSStandardsarevoluntary.ThePPSarewidelyrecognizedasfairandac