注册金融分析师一级(上午)-2及答案解析.doc

1、注册金融分析师一级(上午)-2 及答案解析(总分：120.00，做题时间：90 分钟)一、BMorning Session(总题数：120，分数：120.00)1.Jane Mattock, CFA, senior vice president and head of the research department of H&V, Inc., a regional brokerage firm. In preparation for a long business trip, Mattock delegates his authority to Deion Miller, CFA. Which

2、 of the following is most accurate to comply with the Professional Conduct Standards?A. Mattock is required to advise his supervisor and his compliance department, in writing, of the delegation of his supervisory duties.B. Mattock still has supervisory responsibility and must instruct Miller about m

3、ethods to prevent and detect violations of applicable laws, rules, regulations, and the CFA Institute Code of Ethics and Standards of Professional Conduct.C. Miller still has supervisory responsibility but need not instruct a charterholder like Miller about methods to prevent and detect violations o

4、f applicable laws, rules, regulations, and the CFA Institute Code of Ethics and Standards of Professional Conduct.（分数：1.00）A.B.C.2.According to the Professional Conduct Standards relating to responsibility of supervisors, supervisors are NOT required to:A. take steps to prevent persons acting under

5、their supervision from violating Jaws, rules, regulations, firm policies, or the Code of Ethics and Professional Conduct Standards.B. contain the firms compliance procedures in a clearly written and accessible manual that is tailored to the firms operations.C. exercise supervisory responsibility to

6、employees who are not CFA Institute members.（分数：1.00）A.B.C.3.Jagdish Teja, CFA, is a buy-side analyst covering the furniture industry in a large investment management firm. She is invited to attend a conference call meeting with the top executives of a large furniture manufacturing company and four

7、buy-side analysts. During the meeting, the CEO mentions that they have just calculated the companys earnings for the past quarter and they have unexpectedly and significantly dropped. The CFO adds that this drop will not be released to the public until next week. According to the Standards of Practi

8、ce Handbook, Tejas most appropriate initial course of action would be to:A. encourage the company to make the information public as soon as possible.B. disclose the information to her firms compliance department personnel.C. disclose the information to five equally important sell-side analysts so th

9、at the information is distributed in an equitable manner.（分数：1.00）A.B.C.4.Lynn Moody is an investment officer at the Lester Trust Company (LTC). If a current or former client of LTC has not permitted the disclosure of confidential information and disclosure of clients confidential information does n

10、ot conflict with local law, which of the following statements is most accurate? According to the Professional Conduct Standards, a member will breach his duties by disclosing confidential client information that relates to:A. an individual client who ended the client relationship with LTC ten years

11、ago.B. illegal activities on the part of an individual who is a current client of LTC.C. information requested by the CFA Institute Professional Conduct Program during the course of an investigation into that members conduct by designed officer.（分数：1.00）A.B.C.5.Kristen Chandler, CFA, is an investmen

12、t consultant in the Tokyo office of Dalton Securities, a major global investment consultant firm. Chandler is preparing to leave Dalton Securities to join a competing company. There is no non-compete agreement between Chandler and Dalton Securities. According to the Professional Conduct Standards,Ch

13、andler may:A. take a list of her own clients from Dalton Securities.B. solicit clients of Dalton Securities after leaving but not take any record from Dalton Securities.C. not contact clients of Dalton Securities for a period of 5 year after leaving.（分数：1.00）A.B.C.6.Tom Stafford, CFA, is a part of t

14、eam within Appleton Investment Management (AIM) responsible for managing a pool of assets for Open Air Bank. AIM is recognized as a specialist in identifying investment opportunities in small-capitalization stocks. The firms assets have grown rapidly in recent years, and to enhance liquidity, senior

15、 management recently made the decision to lift the maximum permissible market-cap ceiling from $ 500 million to $2 billion. At the same time, management changed the group responsible for selecting stocks to be added to the firms “approved“ list from individual portfolio managers to a committee consi

16、sting of the firms chief investment officer and four senior portfolio managers. Has Stafford violated the Professional Conduct Standards relating to communication with clients and prospective clients if he doesnt notify his clients about the changes in the:（分数：1.00）A.B.C.7.Lynn Hampton, CFA, is a we

17、ll-respected private wealth manager in her community with a diversified client base. The local government decides to construct a large factory manufacturing chemical raw materials near her community, which results in a demonstration protesting the decision. She is arrested and convinced of her condu

18、ct, and immediately released. After she pays a fine, she returns to work. She is most likely violated the Professional Conduct Standards?A. No.B. Yes, relating to misconduct.C. Yes, relating to knowledge of the law.（分数：1.00）A.B.C.8.Sarah Wang, CFA, is a vice president in Dragon Securities, an intern

19、ational brokerage firm. She has determined that Dragon has established adequate compliance program designed to detect and prevent violations of applicable laws, rules, regulations, and the Code of Ethics and Professional Conduct Standards. Given that a compliance program is in place, which of the fo

20、llowing actions is least likely included in the list of recommended compliance procedures according to the Standards of Practice Handbook?A. Continually educate personnel regarding the compliance procedures.B. Test employees on their knowledge and understanding of the compliance procedure.C. take ne

21、cessary steps to enforce the procedures once a violation has occurred.（分数：1.00）A.B.C.9.Eleanor Preston, CFA, is a financial planner for high-net-worth individual clients in a local bank. Preston has been under pressure from his supervisor to sell a new bond which has a fixed rate of interest 6% guar

22、anteed by the corporate issuer. Preston sends an e-mail to all her clients, which includes a copy of the prospectus with a message. The subject line reads, “New Fixed Rate Interest Bond of 6%, safe and guaranteed rate of return“. Has Ellis most likely violated the Professional Conduct Standards?A. Y

23、es, only by misrepresenting the characteristic of the bond.B. Yes, only by failing to provide full detail about the characteristic of the bond.C. Yes, both by misrepresenting the characteristic of the bond and failing to provide full detail about the characteristic of the bond.（分数：1.00）A.B.C.10.Acco

24、rding to the Professional Conduct Standards relating to referral fees, any compensation, consideration, or benefit paid to members for the recommendation of products or services are required to be disclosed:A. only to current and potential clients, as appropriate.B. only to their employer and curren

25、t clients, as appropriate.C. to both current and potential clients and their employer, as appropriate.（分数：1.00）A.B.C.11.Which statement is NOT a recommendation procedure for compliance with the Professional Conduct Standards relating to fair dealing? Member should:A. develop and document tradealloca

26、tion procedures.B. ensure all clients receive the same level of service.C. publish guidelines for pre-dissemination behavior.（分数：1.00）A.B.C.12.According to the Standards of Practice Handbook, which of the following is most directly responsible for enforcement of the Code of Ethics and Professional C

27、onduct Standards?A. CFA Institute Disciplinary Review Committee.B. CFA Institute member volunteers affiliated with disciplinary Review Committee.C. CFA Institute Designated Officer.（分数：1.00）A.B.C.13.Tom Wayne, CFA, is the investment manager of the Franklin City Employee Pension Plan. Wayne is a volu

28、nteer of CFA Institute and helps write CFA examination questions. Introduction materials of Franklin state: “Tom Wayne holds the CFA designation and has been appointed to assist in writing CFA examination questions. The honor puts him in the top tier of CFA charter holders. “ Has Wayne violated the

29、Professional Conduct Standards?A. No.B. Yes, relating to preservation of confidentiality.C. Yes, relating to conduct as members and candidates in the CFA program.（分数：1.00）A.B.C.14.When the securities laws of a members country of residence are stricter than those of a country where the member does bu

30、siness but less strict than the Professional Conduct Standards, the member is required to adhere to:A. the Professional Conduct Standards.B. the laws of the country where the member does business.C. the stricter of the laws of the country and the laws of the country where the member does business.（分

31、数：1.00）A.B.C.15.According to the Professional Conduct Standards relating to loyalty, prudence and care, an accurate list of requirements to members and candidates with respect to a members duties to clients would NOT include:A. acting with reasonable care and excise prudent judgment.B. complying wit

32、h the Global Investment Performance Standards ( （分数：1.00）A.B.C.16.Which of the following statements about the Global Investment Performance Standards () is NOT accurate? The （分数：1.00）A.B.C.17.Helen Hawke, CFA, a verifier of the standards. With respect to the Global Investment Performance Standards (

33、the Standards), which of the following statements is least accurate? The Standards:A. are ethical standards for investment performance presentation to ensure fair representation and full disclosure of investment performance.B. will ensure full disclosure and fair representation if minimum requiremen

34、ts of the （分数：1.00）A.B.C.18.Josephine Walsh, CFA, a verifier of the standards, made the following statements:(1)A firm claiming compliance with the standards must include terminated composites on the firms list of composites descriptions for at least seven years after the composite termination date.

35、(2)A firm claiming compliance with standards is prohibited from stating that the calculation methodology used in composite presentations is also in accordance with the standards.Is she correct with respect to the:（分数：1.00）A.B.C.19.Which of the following is least accurate to describe the assumption o

36、f technical anajysis?A. Markets are efficient and rational.B. Markets are influenced by irrational and rational investors.C. Trends and patterns tend to repeat themselves and therefore predictable.（分数：1.00）A.B.C.20.An analyst does research about holding period return and gathers the following inform

37、ation about two securities.SecurityBeginning-of-Period Price End-of-Period Dividend End-of-Period Price1 $123 $1.95 $1179 $56 $1.02 $53The holding period of return of Security 1 is:A. less than the holding period of return of Security 2.B. the same as the holding period of return of Security 2.C. gr

38、eat than the holding period of retum of Security 2.（分数：1.00）A.B.C.21.An analyst does research about compounding rate of return and gathers the following information.BankStated Annual RateFrequency of Compounding1 3.45% Quarterly2 3.21% ContinuousThe effective annual rate for Bank 2 is:A. less than t

39、he effective annual rate for Bank 1.B. the same as the effective annual rate for Bank 1.C. greater than the effective annual rate for Bank 1.（分数：1.00）A.B.C.22.An analyst does research about continuously compounded retum and gathers the following information about a security:YearReturn1 11%2 -13%3 16

40、%The security continuously compounded return over the three-year holding period is closest to:A. 12.0%B. 14.0%C. 15.0%（分数：1.00）A.B.C.23.An analyst does research about covariance. If the standard deviation of returns of an asset is 0.8367%, the covariance of the assets returns with themselves (in uni

41、t of percent squared) is closest to:A. 0.70B. 0.91C. 1.00（分数：1.00）A.B.C.24.If no other unbiased estimator of the same parameter has a sampling distribution with smaller variance, the estimator can be best described as:A. efficiency.B. unbiasedness.C. consistency.（分数：1.00）A.B.C.25.An analyst does res

42、earch about hypothesis testing and conducts a significance test to determine if the relationship between two variables is real or the result of chance. His null hypothesis is that the population correlation coefficient is equal to zero and his alternative hypothesis is that the population correlatio

43、n coefficient is different from zero. He develops the following information:Value of the test statistic 1.7081Critical value at the 0.05 significance level1.96Critical value at the 0.01 significance level2.58The analyst conducts a:A. one-tailed test and can reject his null hypothesis.B. two-tailed t

44、est and can reject his null hypothesis.C. two-tailed test and can not reject his null hypothesis.（分数：1.00）A.B.C.26.An analyst does research about joint probability and gathers the following information about a stocks dividend:Event 1Probability of a dividend change 0.8Event 2Probability of a dividen

45、d increase0.5The joint probability that both events will occur is closest to:A. 0.40B. 0.50C. 0.80（分数：1.00）A.B.C.27.An analyst does research about opportunity cost and gathers the following information about three fixed income products available for the public:Fixed Income ProductInterest Rate1 3.3%

46、2 4.4%3 6.6%If each fixed income product has the same maturity and default risk, the opportunity cost of investing in product 2 is closest to:A. 0.0%B. 1.1%C. 2.2%（分数：1.00）A.B.C.28.An analyst does research about compounding rate of return. An investor makes the following beginning-of-quarter deposit

47、 into an account with an initial balance of $0.QuarterAmount1 $250002 $150003 $100004 $5000If the account earns a stated rate of return 8% per year compounded quarterly, the value of this account at the end of Quarter 4 is closest to:A. $57336B. $58483C. $69972（分数：1.00）A.B.C.29.An analyst does resea

48、rch about covariance and gathers the following joint probability function for the return of two securities.Security 1 Return=10%Security 1 Return=15%Security 2 Return=6% 0.0 0.4Security 2 Return=12%0.6 0.0The covariance of returns between the two securities is closest to:A. -4.8B. -7.2C. -8.4（分数：1.0

49、0）A.B.C.30.An analyst does research about bank discount yield and gathers the following information about a U. S Treasury bill:Face value ￥100000Maturity 330daysBank discount yield0.62%The present value of the U. S Treasury bill is closest to:A. $99324B. $99432C. $99439（分数：1.00）A.B.C.31.An analyst does research about common probability. A return distribution has a mean of 1.8% and a variance of 2.25. If returns are normally distributed, the probability of observing a return value less than -1.2% is closest to:A. 1.0%B. 2.5%C. 5%（分数：1.00）A.B.C.32.All else being equal, specif