1、注册金融分析师一级(下午)-3 及答案解析(总分：120.00，做题时间：90 分钟)一、BAfternoon Sessi(总题数：120，分数：120.00)1.Michael Jackson, CFA, works for a Privately Offered Fund Company as a portfolio manager. The firm purchases investment research about IT industry from a third-party independent research institution which the firm deter
2、mines has a sound research basis and continuous reliability. Jackson communicates information from the third-party research to his retail and institutional clients but does not disclose the source. Jackson has most likely violated the Standards of Professional Conduct relating to:A. the Standards re
3、garding disclosure of conflicts.B. the Standards regarding misrepresentation.C. the Standards regarding diligence and reasonable basis.（分数：1.00）A.B.C.2.As CFA members, when they dealing with the investment service for his or her clients and employer, which of the following statements is most accurat
4、e according to the Standards of Professional Conduct relating to loyalty, prudence and care?A. CFA members must place their clients and employers interests before their own clients interests.B. CFA members must place their employers interests before their own interests.C. CFA members must place thei
5、r clients interests before their employers or their own interests.（分数：1.00）A.B.C.3.Ralph Salley, CFA, is a portfolio manager at a mutual fund company. According to the Standards of Professional Conduct relating to diligence and reasonable basis, which of the following statements is most accurate?A.
6、CFA members may not rely solely on third-party research to make investment decisions.B. CFA members may rely on others in their firm to determine whether thirdparty research has a sound basis and continuous reliability.C. CFA members may not rely on others in their firm to determine whether third-pa
7、rty research has a sound basis and continuously reliability.（分数：1.00）A.B.C.4.Kate Wilson, CFA, is a portfolio manager for wealthy individuals in a large international investment company. Which of Wilsons following statements is among the recommended procedures in compliance with the Standards of Pro
8、fessional Conduct relating to performance presentation?A. When the company presents its performance, it should use uniform format for both retail and institutional clients.B. When the company presents its historical performance, terminated accounts should be excluded.C. Rather than a single represen
9、tative account, the company presents performance of the weighted composite of portfolios with similar investment strategy, objective, or mandate.（分数：1.00）A.B.C.5.Dominic Morris, CFA, works for a small regional securities firm. According to the Standards of Professional Conduct relating to additional
10、 compensation arrangements, which of the following is most accurate?A. Morris must not accept compensation for work that competes with his firms interests.B. Morris must not accept compensation for work that competes with his firms interests without written consent from his firm.C. Morris must not a
11、ccept compensation for work that competes with his firms interests without written consent from all parties involved.（分数：1.00）A.B.C.6.Theresa Green, CFA, manages the portfolio of Ian Knowlden, a client of Tisbury Investments. Green knows that Knowlden is preparing to sell a large position in the Fra
12、nklin Industries, a relatively small inactively-traded stock listing in a local exchange. Green places a sell order for Franklin Industries in his own account before the Knowldens order is placed. Green has most likely violated the Standard(s) of Professional Conduct relating to:A. only material non
13、public information.B. only priority of transactions.C. both material nonpublic informationand priority of transactions.（分数：1.00）A.B.C.7.Roger Smith is a retail broker for TNT Securities, a small regional broker firm. As a CFA member, according to the Code of Ethics and Standards of Professional Con
14、duct relating to knowledge of the law, he is most likely required to:A. report violations of the Code of Ethics and Standards of Professional Conduct to appropriate regulatory organization.B. dissociate from any activity that is believed to be illegal or unethical.C. report violations of the Code of
15、 Ethics and Standards of Professional Conduct to CFA Institute.（分数：1.00）A.B.C.8.According to the Standards of Professional Conduct relating to record retention, if local regulatory guidance is in place and requires at least 5 years of maintenances, CFA members should keep records for at least:A. 5 y
16、ears.B. 7 years.C. 10 years.（分数：1.00）A.B.C.9.Bill Gates, CFA, is a securities analyst covering transportation industry in a local broker. According to the Code of Ethics and Standards of Professional Conduct, which of the following recommended procedures to prevent violations of the Standards of Pro
17、fessional Conduct relating to priority of transactions is NOT accurate?A. Prohibit personal trading in the brokers recommended stock list.B. Fully disclose to investors the brokers policies regarding personal investing.C. Restrict investment personnel to participate on private placements.（分数：1.00）A.
18、B.C.10.Which of the following statements most accurately describes the best execution when a portfolio manager services his or her clients?A. The portfolio manager chooses the broker providing the lowest commission in order to obtain a higher net return.B. The portfolio manager maximizes the value o
19、f the clients portfolio within its investment policy statement.C. The portfolio manager obtains the best investment research through soft dollar arrangement.（分数：1.00）A.B.C.11.Giselle Holt is a staff of the Professional Conduct Program of CFA Institute. In order to be compliance with the Code of Ethi
20、cs and Standards of Professional Conduct, Holt is most directly responsible for which of the following activities :A. conducting investigations on CFA members or candidates who may have violated the Code of Ethics and Standards of Professional Conduct.B. conducting hearing panel relating to proposed
21、 sanctions on CFA members or candidates.C. updating the code of ethics and the professional conduct annually to ensure they are effective.（分数：1.00）A.B.C.12.David Beckham, CFA, is a portfolio manager at a hedge fund company. David has an arrangement with a close friend who is an investment consultant
22、 whereby he refers clients who need investment advice to the friend, who in turn refers clients to Beckham. Beckham believes there is no referral fees involved, and he does not disclose this arrangement to his existing or prospective clients. Has Beckham most likely violated the Standards?A. No.B.
23、Yes, only by failing to disclose the arrangement to his prospective clients.C. Yes, both by failing to disclose the arrangement to his existing clients and to his prospective clients.（分数：1.00）A.B.C.13.James Martin, CFA, is a portfolio manager in charge of several mutual funds with Global First Inves
24、tments. Martin receives an oversubscribed initial public offering (IPO) and allocates it proportionately to his largest clients. Martin discloses this arrangement to all of his clients and obtains their written consent. Has Martin most likely violated the Standards of Professional Conduct?A. No.B. Y
25、es, relating to fair dealing.C. Yes, relating to diligence and reasonable basis.（分数：1.00）A.B.C.14.Sarah Connor, CFA, is a financial analyst employed by Johnson Investment Counselors. According to the Code of Ethics and Standards of Professional Conduct, which of the following Staterments is NOT amon
26、g the recommended procedures in compliance with the Standards of Professional Conduct relating to independence and objectivity? Johnson Investrnent Counselors:A. prohibits the acceptance of gifts.B. protects the integrity of opinions.C. restricts special cost arrangements.（分数：1.00）A.B.C.15.Cristiano
27、 Ronaldo, CFA, is a mutual fund portfolio manager at Bengal International Investment. The fund is focused on the global financial services sector. According to the Standards of Professional Conduct relating to Duties to Employers, which of the following statements is most accurate? If Ronaldo leaves
28、 Bengal Intemational Investment to join Jason Investment Management Corporation, a competitor of Bengal, all of his research records:A. can be recreated at Jason from his memory, provided no records are taken from Bengal.B. are the property of Bengal and cannot be taken without Bengals permission.C.
29、 may be taken to Jason,provided he is the sole author of the research.（分数：1.00）A.B.C.16.According to the Global Investment Performance Standards ( （分数：1.00）A.B.C.17.Verification of compliance with the Global Investment Performance Standards ( ):A. may be performed on a single composite.B. is require
30、d for a firm to claim （分数：1.00）A.B.C.18.Rivoli Capital Management Company wants to claim compliance with Global Investment Performance Standards ( ), which of the following statements is most accurate?A. Rivolis input data should be consistent in order to establish full, fair and comparable investme
31、nt performance presentations.B. Rivoli must have an independent third party verification report for the entire firm.C. Rivoli must perform periodic internal （分数：1.00）A.B.C.19.Thomas Edison, CFA, is an investment consultant in the London office of Dalton Securities and forecasts next years performanc
32、e of securities market. According to Chebyshevs inequality, the minimum proportion of observations falling within 3 standard deviations of the mean is closest to:A. 50%B. 89%C. 94%（分数：1.00）A.B.C.20.Carmelo Anthony, CFA, is a mining analyst for East Bank Securities. Anthony estimates the following in
33、formation about a mining company he covers:Conditions ProbabilityP(Ratings upgrade) 0.60P(Company issues new debt) 0.50P(Ratings upgrade, given the company issue new debt)0.84Using the total probability rule, given the company does not issue new debt, the probability of a rating upgrade is closest t
34、o:A. 0.24B. 0.34C. 0.36（分数：1.00）A.B.C.21.Jack Smith, CFA, manages the Heaven Foundation Portfolio and does research about yield calculation. Which of the following yields considers an annualized rate of return that accounts for the impact of interest on interest for different frequencies of compound
35、ing?A. Holding period yield.B. Effective annual yield.C. Money market yield.（分数：1.00）A.B.C.22.Lee Pickett, CFA. a well-known and respected analyst, follows the computer industry and does research about types of measurement scales. Pickett categorizes a group of stocks into quartiles based on histori
36、cal rate of returns. Picketts approach is most consistent with which type of the following measurement scales?A. Nominal.B. Ratio.C. Ordinal.（分数：1.00）A.B.C.23.Alan Mulally, CFA, is a securities analyst covering IT industry. Mulally finds that 10% of companies he follows filed for bankruptcy. Mulally
37、 then conducts a bankruptcy scoring test on all companies and finds that:70% of companies passed the test, and75% of companies passed the test, given they did not file for bankruptcy.Using Bayes formula, given it passed the test, the probability a company filed for bankruptcy is closest to:A. 3.33%B
38、 3.57%C. 8.33%（分数：1.00）A.B.C.24.Roland Carlson, CFA, is a quantitative analyst in a regional securities firm. Because the p-value is exactly the same as the specified significance level, Carlson rejects a null hypothesis. The probability Carlson made a Type error is:A. less than the probability Car
39、lson made a Type error.B. equal to the probability Carlson made a Type error.C. greater than the probability Carlson made a Type error.（分数：1.00）A.B.C.25.Gus Hayden, CFA, has developed a mutual fund selection product based on historical information from 2000-2010 period and performs a hypothesis test
40、 about performances of different styles. In order to minimize the probability of both Type and Type error, Hayden should increase the:A. the power of a test.B. level of significance.C. sample size.（分数：1.00）A.B.C.26.Gary Michael, CFA, the portfolio manager of several aggressive-growth mutual funds. M
41、ichael opened a new account on 1 January 2010 with 850 000 and presented the following information:（分数：1.00）A.B.C.27.Gary McDermott runs a two-person investment management firm. McDermott invests a stock by an equal amount of money into a family account each year for four years as follows:McDermotts
42、 average cost per share is closest to:A. 17.04B. 17.64C. （分数：1.00）A.B.C.28.George Soros, CFA, is a private lender in a local bank. Soros will lend money at a stated annual rate of 10% and compounded continuously. The principal and interest are paid at the end of the loan term. If Soros will lend （分数
43、1.00）A.B.C.29.Evelyn Mastakis, CFA, is a quantitative analyst in a local securities firm and does research about the difference between ordinary annuity and annuitydue. If both have the same number of payments, payment amount, and frequency of payments and are discounted at the same positive rate,
44、the present value of the ordinary annuity is:A. greater than the present value of the annuity due.B. less than the present value of the annuity due.C. equal to the present value of the annuity due.（分数：1.00）A.B.C.30.Peter Lynch, CFA, uses technical analyses for TNT Industry in his holdings. Lynch fou
45、nd that TNT Industry has experienced a series of white candles on a candlestick chart accompanied by sharply declining trading volume. It most likely indicates that:A. TNT Industrys price increase is near an end.B. The up trend of TNT Industry will last a relatively long time.C. An increasing number
46、 of investors are selling TNT Industry at higher prices.（分数：1.00）A.B.C.31.Evelyn Mastakis, CFA, manages a portfolio with $2000000 for a high-networth client. The client needs to withdraw $100000 for a charity in one year without invading principal. Mastakis gathers the following information about th
47、ree possible allocations of assets.Allocation 1Allocation 2Allocation 3Expected annual return 13% 8% 26%Standard deviation of retums9% 4.5% 14%According to Roys safety-first criterion, which of the following allocations Mastakis should choose?A. Allocation 1.B. Allocation 2.C. Allocation 3.（分数：1.00）
48、A.B.C.32.Roger Clement, CFA, is a public fund manager at Morgan Capital and does research about z-value. The first step for Clement in the process of standardizing a random variable from a given normal distribution to obtain the zvalue is:A. to subtract the population mean from the observation obtai
49、ned.B. to multiple the observation obtained by the reliability factor assumed.C. to divide the population mean by the standard deviation.（分数：1.00）A.B.C.33.Paul Ostrowski, CFA, is a well-known economist working of local government and does research about unemployment. Which of the following types of unemployment are included in the natural unemployment rate?A. Structural and cyclical.B. Cyclical and frictional.C. Frictional and structural.（分数：1.00）A.B.C.34.Michael Papis, CFA, does research about fiscal policy. According to the tools of fiscal policy, ad
