1、注册金融分析师一级(上午)-1 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.Michael Allen, CFA, works for an investment management company and manages portfolios for a variety of retail and institutional clients for his firm, including his wealthy uncle, all of whom pay a management fee for hi
2、s services. Lawrence Brown, an analyst at a brokerage firm has recommended Allen a high yield hedge fund based on its historical performance. Allen purchases a large block of this hedge fund and allocates proportionately to all client portfolios, including his uncles portfolio. Has Allen most likely
3、 violated the Standards of Professional Conduct?A. No.B. Yes, relating to suitability.C. Yes, relating to fair dealing.（分数：1.00）A.B.C.2.Amanda Janney, CFA, is employed as a fixed-income portfolio manager for Collins Asset Management Inc. (CAM), a large international capital management firm. Janney s
4、igned a non-compete agreement with CAM when she joined CAM. The agreement strictly restricts Janney from contacting CAMs clients for five years after leaving CAM. Janney leaves CAM and immediately sets up another competing firm herself where Janney uses the knowledge and experience she learns at CAM
5、. In her first week at her new firm, Janney uses public internet searching to find some of her former clients and recommends her new firm to them. Janney has most likely violated the Standards of Professional Conduct by:A. violating his non-compete agreement signed with CAM.B. using public internet
6、searching to find some of her former clients at her new firm.C. using the knowledge and experience she learns at CAM.（分数：1.00）A.B.C.3.With respect to the Standards of Professional Conduct relating to priority of transaction, which of the following prerequisites is least accurate when conflicts betwe
7、en the clients interests and an investment professionals personal interests occur?A. The client is not disadvantaged by the trade taken for the investment professional.B. The investment professional doesn t enter into personal transaction that run counter to current clients holdings.C. The investmen
8、t professional complies with applicable regulatory requirements.（分数：1.00）A.B.C.4.Geoff Whitman, CFA, is a portfolio manager for Adam Trust Company, managers many accounts of high-net-worth individual clients. Carol Cochran, One of Whitmans clients, proposes to Whitman that “any year that my portfoli
9、o achieves at least 20 percent return before tax, you and your family can fly to Monaco at my expense and use my condominium during the second week of January. “ Whitman tells his supervisor about the term of the agreement and asks Cochran to send a similar email to Whitmans supervisor. The supervis
10、or replies with an email to Whitman and Cochran approving the agreement. Has Whitman most likely violated the Standards?A. No.B. Yes, relating to independence and objectivity.C. Yes, relating to additional compensation arrangement.（分数：1.00）A.B.C.5.Cindy Grant, CFA, a research analyst for a Canadian
11、brokerage firm, has specialized in the Canadian mining industry for the past 10 years. Grant developed an analytical model for equity valuation of companies in mining sector while at Jefferson Investments Company (JLC). Grant leaves JLC and sets up a competing new firm. Grant takes her analytical mo
12、del and other supporting documentation with her to her new firm because she believes she created this analytical model by herself. Has Grant least likely violated the Standards of Professional Conduct?A. Yes, relating to record retention.B. Yes, relating to loyalty to employer.C. Yes, relating to di
13、ligence and reasonable basis.（分数：1.00）A.B.C.6.Wesley Whitcomb, CFA, participated as a CFA examination grader in 2012. Prior to participating in grading CFA examinations, Whitcomb was required to sign a CFA Institute Grader Agreement drafted by CFA Institute stating that graders are not to reveal or
14、discuss the exam materials with anyone except CFA Institute staff and other graders. Several weeks after the conclusion of the CFA exam grading, Whitcomb returns to his office and is having dinner with several colleagues some of who are the Level candidates in the CFA Program. One of the candidates
15、mentions that he is very disappointed about his examination this time and afraid of failing for the exam because he unintentionally made a calculation mistake when answering the first essay question of investment policy statement. Whitcomb responds by telling the candidate that he was a grader for t
16、he 2012 examination and that it would be unfortunate if the candidate did give wrong answer to that question because most candidates scored very well on that question. Did Whitcomb violate the Standards of Professional Conduct when he told the candidate that:（分数：1.00）A.B.C.7.Which of the following s
17、tatements is a requirement for compliance with the Standards of Professional Conduct relating to knowledge of the law?A. Dissociate from any violation of applicable laws, rules, or regulations.B. Report violations to the governmental orregulatory organizations.C. Seek the advice of compliance person
18、nel or legal counsel conceming legal requirements when in doubt about appropriate action to undertake.（分数：1.00）A.B.C.8.According to CFA Institute of Professional Conduct (the Standards), which of the following is NOT a recommendation procedure for compliance with the Standards relating to fair deali
19、ng?A. Limit the number of people involved.B. Maintain a list of clients and their holdings.C. Prolong the time frame between decision and dissemination.（分数：1.00）A.B.C.9.Brendan Witt, CFA, is a sell-side analyst within a research team covering companies in the technology sector. The team reaches a co
20、nsensus to recommend selling a mining company after long time debating. Witt does not agree with the teams investment conclusion and believes the mining company is a potential target of takeover. According to the Standards of Professional Conduct relating to diligence and reasonable basis, which of
21、the following statements is most accurate? Witt must:A. decline to be identified with the report.B. dissociate from the report because it does not reflect his opinion.C. ensure the consensus opinion has a reasonable and adequate basis and is independent and objective to keep her name on the report.（
22、分数：1.00）A.B.C.10.Which of the following is NOT a recommended procedure for complying with the Standards of Professional Conduct relating to priority of transactions?A. Limit participation in equity IPOs.B. Establish blackout or restricted periods.C. Disclose all personal securities holding to public
23、.（分数：1.00）A.B.C.11.Krista Blume, CFA, is a portfolio manager for pension plans at a large global investment management company. Blume is hired by the management of Advanced Automatic Company (AAC) to manage a pension plan for AACs employees. Blume must report performance results to the board and man
24、agement of AAC monthly. To which of the following is most likely Blumes loyalty to clients owned?A. Employees of AAC.B. Management of AAC.C. Board of directors of AAC.（分数：1.00）A.B.C.12.According to the Code of Ethics and Standards of Professional Conduct, which of the following is NOT among primary
25、principles that the Rules of Procedure for Proceedings Related to Professional Conduct are based on?A. Confidentiality of proceedings.B. Fair process to the member and candidate.C. Confidentiality of disciplinary sanctions.（分数：1.00）A.B.C.13.Etienne Gagne, CFA, is an independent research analyst cove
26、ring some unknown small companies and its shares are traded over-the-counter. Gagne is hired to write research report about these small companies who pay him for her service. Gagne issues research reports on these small companies to retail and institutional clients who also pay him for his research
27、report. Gagne doesn t disclose these small companies payment to her research clients. Has Gagne most likely violated the Standards of Professional Conduct?A. No.B. Yes, relating to refeITal fees.C. Yes, relating to conflicts of interests.（分数：1.00）A.B.C.14.With respect to the management of a fund to
28、an index or an expected mandate, which of the following statements is a recommended procedure for compliance with Standards of Professional Conduct relating to suitability?A. Formulate an investment policy statement for the client.B. Regularly compare client constraints with capital market expectati
29、ons to arrive at an appropriate asset allocation.C. Invest in a manner consistent with the stated mandates.（分数：1.00）A.B.C.15.Which of the following is NOT an example of the Standards of Professional Conduct relating to market manipulation?A. Disseminate material nonpublic information to public.B. Sp
30、read false rumors to induce trading by others.C. Secure a controlling position in afinancial instrument to exploit the price of a related derivative.（分数：1.00）A.B.C.16.Walter Fritz, CFA, is a director of research with Hilton Brokerage and supervises all the industrial analysts at Hilton. The industri
31、al analysts at Hilton are organized into teams according to research universe, and team leaders are responsible for the teams training and investment decision. According to the Standards of Professional Conduct relating to responsibility of supervisor, Fritz is least likely required to:A. delegate s
32、upervisory responsibility to the team leaders for any illegal or unethical actions.B. instruct team leaders about methods to prevent and detect violations of laws, regulations, firm policies and the Code of Ethics and Standards of Professional Conduct.C. make reasonable efforts to ensure that the pr
33、ocedures are monitored and enforced once compliance procedures are established.（分数：1.00）A.B.C.17.An analyst does research about verification. With respect to the verification process, a firms claim of compliance with the （分数：1.00）A.B.C.18.A 3-year old investment firm plans to adopt Global Investment
34、 Performance Standards (). To claim compliance with the , the firm is initially required to present （分数：1.00）A.B.C.19.An analyst does research about the cumulative relative frequency and gathers the following frequencies from a sample of 90 observations:Return IntervalAbsolute Frequency-9% to -6% 3-
35、6% to -3% 6-3% to 0% 280% to 3% 343% to 6% 176% to 9% 2The cumulative relative frequency of returns less than 0% is closest to:A. 10%B. 41%C. 59%（分数：1.00）A.B.C.20.An analyst does research about confidence interval. The range of a confidence interval is most likely determined by the product of the re
36、liability factor and the:A. standard error.B. mean.C. degree of confidence.（分数：1.00）A.B.C.21.An analyst does research about net present value and gathers the following information about two real estate projects, each with a cash outlay of $950000:ProjectCash flow 1Cash flow 2Cash flow 31 0 $880000 $
37、8800002 0 0 $1880000If the cost of capital for both projects is 15%, the net present value (NPV) for Project 1 is:A. less than the NPV of Project 2.B. equal to the NPV of Project 2.C. greater than the NPV of Project 2.（分数：1.00）A.B.C.22.An analyst does research about Elliott Wave Theory. According to
38、 Elliott Wave Theory, markets follow wave pattems consisting of five impulse waves followed by:A. two corrective waves.B. three corrective waves.C. five corrective waves.（分数：1.00）A.B.C.23.An analyst does research about internal rate of return and gathers the information about several venture capital
39、 projects. If the analyst decreases the hurdle rate for a venture capital project, the projects internal rate of return most likely:A. decreases.B. remains the same.C. increases.（分数：1.00）A.B.C.24.An analyst does research about Bollinger Bands. With respect to technical anaIysis indicators, Bollinger
40、 Bands depict a set number of standard deviations from:A. average return.B. average price.C. average volume.（分数：1.00）A.B.C.25.A set of rules used to select a sample is most likely described as:A. sampling plan.B. sampling error.C. sample statistic.（分数：1.00）A.B.C.26.Which of the following statements
41、is most accurater? A set of events is mutually exclusive means:A. the events cover all possible outcomes.B. only one event can occur at a time.C. the sum of all the events probabilities equals one.（分数：1.00）A.B.C.27.An investor with $1500000 does research about Roys safety-first criterion and gathers
42、 the following information about three portfolios with normally distributed returns:Portfolio 1Portfolio 2Portfolio 3Expected annual return 16% 11% 8%Standard deviation of returns13% 8% 4%The investor would like to withdraw $90000 per year without invading principal. According to Roys safety-first c
43、riterion. which of the following portfolios is most appropriate?A. Portfolio 1.B. Portfolio 2.C. Portfolio 3.（分数：1.00）A.B.C.28.An analyst does research about investment return. If an investment earns 0.9% per month, the number of months it will take for the investment to triple in value is closest t
44、o:A. 13B. 77C. 123（分数：1.00）A.B.C.29.An analyst does research about the standardized value. A distribution of returns has a mean of 12% and a standard deviation of 4%. If the returns are normallydistributed, the standardized value (z-value) for a return of 10% is closest to:A. -0.1B. -0.5C. 0.5（分数：1.
45、00）A.B.C.30.An analyst does research about retirement plan. An individual retiring today requires an annual income of $12 million. Inflation is expected to be 3.5% per year for the first ten year, followed by 4.5% per year thereafter. The annual income requirement in 25 years from today for this ind
46、ividual is closest to:A. $31.22 million.B. $32.76 million.C. $36.07 million.（分数：1.00）A.B.C.31.With respect to a candlestick chart, the body of the candle is clear if the opening price was:A. less than the closing price.B. equal to the closing price.C. greater than the closing price.（分数：1.00）A.B.C.32
47、.An investor does research about net present value and gathers the information about two trust products with the same positive annual payments to investor. One is a 20-year ordinary annuity, and the other is a 10-year ordinary annuity. If the investor uses the same positive discount rate to analyze
48、both products, the present value of the lO-year ordinary annuity is:A. less than half the present value of the 20-year ordinary annuity.B. equal to half the present value of the 20-year ordinary annuity.C. greater than half the present value of the 20-year ordinary annuity.（分数：1.00）A.B.C.33.An analy
49、st does research about consumer surplus and producer surplus. When monopolies can use perfectly price discrimination, consumer surplus is:A. less than zero.B. equal to zero.C. greater than zero.（分数：1.00）A.B.C.34.An analyst does research about demand for labor. All else remaining the same, a firms demand curve for labor will least likely shift in response to a change in the:A. wage rate of labor.B. price of the firms output.C. marginal product of labor.（分数：1.00）A.B.C.35.An analyst does research about equilibrium quantity. As the quantity of a product supplied is lowe
