CFA一級內(nèi)容：CFA歷年考試模擬題

.一級內(nèi)容：CFA歷年考試模擬題（一）一、EthicalandProfessionalStandards1.:CodeofEthicsA.:StatethefourcomponentsoftheCodeofEthics.MembersofAIMRshall:1.Actwithintegrity,competence,dignity,andinanethicalmannerwhendealingwiththepublic,clients,prospects,employers,employees,andfellowmembers.2.Practiceandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonmembersandtheirprofession.3.Strivetomaintainandimprovetheircompetenceandthecompetenceofothersintheprofession.4.Usereasonablecareandexerciseindependentprofessionaljudgment.tolaunchStandardsofPractice2-I.:StandardsofProfessionalConduct:I.FundamentalResponsibilitiesA.:Knowthelawsandrules.Standard:Maintainknowledgeofandcomplywithallapplicablelaws,rules,andregulations(includingAIMRsCodeofEthicsandStandardsofProfessionalConduct)ofanygovernment,governmentagency,regulatoryorganization,licensingagency,orprofessionalassociationgoverningthemembers’professionalactivities.Compliance:Memberscanacquireandmaintainknowledgeaboutapplicablelaws,rules,andregulationsby:·Maintainingcurrentfilesonapplicablestatutes,rules,andregulations.·Keepinginformed...·Reviewingwrittencomplianceproceduresonaregularbasis.B.:Don'tbreakorhelpothersbreakthelaw.Standard:Notknowinglyparticipateorassistinanyviolationofsuchlaws,rules,orregulations.Compliance:Whenmemberssuspectaclientoracolleagueofplanningorengaginginongoingillegalactivities,membersshouldtakethefollowingactions:·Consultcounseltodetermineiftheconductis,infact,illegal.·Disassociatefromanyillegalorunethicalactivity.Whenmembershavereasonablegroundstobelievethataclientsoremployeesactivitiesareillegalorunethical,themembersshoulddissociatefromtheseactivitiesandurgetheirfirmtoattempttopersuadetheperpetratortoceasesuchactivity.2-II.:StandardsofProfessionalConduct:II.RelationshipswithandResponsibilitiestotheProfessionA.:UseofProfessionalDesignationII(A.1)AIMRmembersmayreferencetheirmembershiponlyinadignifiedandjudiciousmanner.Theuseofthereferencemaybeaccompaniedbyanaccurateexplanationoftherequirementsthathavebeenmettoobtainmembershipintheseorganizations.II(A.2)ThosewhohaveearnedtherighttousetheCharteredFinancialAnalystdesignationmayusethemarksCharteredFinancialAnalystorCFAandareencouragedtodoso,butonlyinaproper,dignified,andjudiciousmanner.Theuseofthedesignationmaybeaccompaniedbyanaccurateexplanationoftherequirementsthathavebeenmettoobtaintherighttousethedesignation.II(A.3)CandidatesintheCFAProgram,asdefinedintheAIMRBylaws,mayreferencetheirparticipationintheCFAProgram,butthereferencemustclearlystatethatanindividualisacandidateintheCFAProgramandcannotimplythatthecandidatehasachievedanytypeofpartialdesignation.B.:ProfessionalMisconduct..II(B.1)Membersshallnotengageinanyprofessionalconductinvolvingdishonesty,fraud,deceit,ormisrepresentationorcommitanyactthatreflectsadverselyontheirhonesty,trustworthiness,orprofessionalcompetence.II(B.2)MembersandcandidatesshallnotengageinanyconductorcommitanyactthatcompromisestheintegrityoftheCFAdesignationortheintegrityorvalidityoftheexaminationsleadingtotheawardoftherighttousetheCFAdesignation.Compliance:1.Makeclearthatdishonestpersonalbehaviorreflectspoorlyontheprofession.2.Adoptacodeofethicstowhicheveryemployeemustsubscribe.3.Conductbackgroundchecksonpotentialemployeestoensurethattheyareofgoodcharacterandeligibletoworkintheinvestmentindustry.C.:ProhibitionagainstPlagiarismStandard:Membersshallnotcopyoruse,insubstantiallythesameformastheoriginal,materialpreparedbyanotherwithoutacknowledgingandidentifyingthenameoftheauthor,publisher,orsourceofsuchmaterial.Membersmayuse,withoutacknowledgment,factualinformationpublishedbyrecognizedfinancialandstatisticalreportingservicesorsimilarsources.Compliance:1.Maintaincopiesofmaterialsthatwerereliedoninpreparingtheresearchreport.2.Attributequotations(andprojections,tables,statistics,models,andmethodologies)usedotherthanrecognizedfinancialandstatisticalreportingservices.3.Attributeparaphrasesandsummariesofmaterialpreparedbyothers.2-III.:StandardsofProfessionalConduct:III.RelationshipsandResponsibilitiestotheEmployer..A.:InformyourEmployeroftheCodeandStandardsIII(A.1)Membersshallinformtheiremployerinwriting,throughtheirdirectsupervisor,thattheyareobligatedtocomplywiththeCodeandStandardsandaresubjecttodisciplinarysanctionsforviolationsthereof.III(A.2)MembersshalldeliveracopyoftheCodeandStandardstotheiremployeriftheemployerdoesnothaveacopy.Compliance:MembersshouldnotifytheirsupervisorinwritingoftheCodeandStandardsandthemembersresponsibilitytofollowthem.ThemembershouldalsosuggestthattheemployersadopttheCodeandStandardsanddisseminateitthroughoutthefirm.Iftheemployerhaspubliclyacknowledged,inwriting,thattheyhaveadoptedAIMRsCodeandStandardsaspartofthefirmspoliciesthenthememberneednotgivetheformalwrittennotificationasrequiredbyIII(A).B.:DutytoEmployerStandard:Membersshallnotundertakeanyindependentpracticethatcouldresultincompensationorotherbenefitincompetitionwiththeiremployerunlesstheyobtainwrittenconsentfromboththeiremployerandthepersonsorentitiesforwhomtheyundertakeindependentpractice.Compliance:1.Memberswhoplantoengageinindependentpracticeforcompensationshouldprovidewrittenstatementstotheiremployerdescribingthetypesofservicestheywillperform,theexpecteddurationoftheservices,andthecompensationtheywillreceive.2.Membersshouldalsodisclosetotheirprospectiveclientstheidentityoftheiremployer,thefactthattheyareperformingindependentlyoftheemployer,andwhattheiremployerwouldchargeforsimilarservices.3.Membersseekingnewemploymentshouldnotcontactexistingclientsorpotentialclientspriortoleavingtheiremployerortakerecords/filestotheirnewemployerwithoutthewrittenpermissionofthepreviousemployer.C.:DiscloseConflictsbetweenyouandyourEmployer..III(C.1):Membersshalldisclosetotheiremployerallmatters,includingbeneficialownershipofsecuritiesorotherinvestments,thatreasonablycouldbeexpectedtointerferewiththeirdutytotheiremployerorabilitytomakeunbiasedandobjectiverecommendations.III(C.2):Membersshallcomplywithanyprohibitionsonactivitiesimposedbytheiremployerifaconflictofinterestexists.Compliance:Membersshouldreporttotheiremployersanybeneficialinterestandanyspecialrelationships,likecorporatedirectorships,thatmayreasonablybeconsideredaconflictofinterestwiththeirresponsibilities.Membersshouldalsodiscussthesituationwiththeirfirmscomplianceofficerbeforetakinganyactionthatcouldleadtoaconflictofinterest.D.:DiscloseAdditionalCompensationfromOutsidetheFirmtoyourEmployerStandard:Membersshalldisclosetotheiremployerinwritingallmonetarycompensationorotherbenefitsthattheyreceivefortheirservicesthatareinadditiontocompensationorbenefitsconferredbyamembersemployer.Compliance:Membersshouldmakeanimmediatewrittenreporttotheiremployerspecifyinganycompensationorbenefitstheyreceiveorproposetoreceiveforservicesinadditiontowhattheiremployeristogivethem.Thiswrittenreportshouldstatethetermsofanyoralorwrittenagreement,theamountofcompensation,andthedurationoftheagreement.E.:ResponsibilitiesofSupervisorsStandard:Memberswithsupervisoryresponsibilities,authority,ortheabilitytoinfluencetheconductofothersshallexercisereasonablesupervisionoverthosesubjecttotheirsupervisionorauthoritytopreventanyviolationofapplicablestatutes,regulation,orprovisionsoftheCodeandStandards.Insodoing,membersareentitledtorelyonreasonableproceduresdesignedtodetectandpreventsuchviolations.Compliance:Thesupervisorandthecomplianceofficershould:1.Disseminatethecomplianceprocedures...2.Updatetheproceduresasnecessary.3.Educatethestaffandissueperiodicreminders.4.Incorporateaprofessionalconductevaluationintotheemployeesperformancereview.5.Reviewemployeeactionstoensurecomplianceandidentifyviolators,initiatingproceduresonceaviolationhasoccurred.Asupervisorshouldrespondpromptlytotheviolationbyconductingathoroughinvestigation,andplacinglimitationsonthewrongdoeruntiltheinvestigationiscomplete.2-IV.:StandardsofProfessionalConduct:IV.RelationshipswithandResponsibilitiestoClientsandProspectsA.:TheInvestmentProcessIV(A.1)ReasonableBasisandRepresentations.Membersshall:a.Exercisediligenceandthoroughnessinmakinginvestmentrecommendationsorintakinginvestmentactions.b.Haveareasonableandadequatebasis,supportedbyappropriateresearchandinvestigation,forsuchrecommendationsoractions.c.Makereasonableanddiligenteffortstoavoidanymaterialmisrepresentationinanyresearchreportorinvestmentrecommendation.d.Maintainappropriaterecordstosupportthereasonablenessofsuchrecommendationsoractions.Compliance:1.Analyzetheinvestmentsbasiccharacteristics(recordsmustshowthecharacteristicsoftheinvestmentandthebasisfortherecommendation).2.Analyzetheneedsoftheportfolio(includestheclientsneeds,aswellastheneedsofthetotalportfolio).3.Maintainfilestosupportinvestmentrecommendations.IV(A.2)ResearchReports.Membersshall:..a.Usereasonablejudgmentregardingtheinclusionorexclusionofrelevantfactorsinresearchreports.b.Distinguishbetweenfactsandopinionsinresearchreports.c.Indicatethebasiccharacteristicsoftheinvestmentinvolvedwhenpreparingforpublicdistributionaresearchreportthatisnotdirectlyrelatedtoaspecificportfolioorclient.Compliance:Membersshouldconsiderincludingthefollowinginformationinresearchreports:1.Expectedannualratesofreturn,calculatedonatotalreturnbasis.2.Annualincomeexpectations.3.Currentrateofreturnoryield.4.Thedegreeofuncertaintyassociatedwiththecashflows,andotherriskfactors.5.Theinvestmentsmarketabilityorliquidity.IV(A.3)IndependenceandObjectivity.Membersshallusereasonablecareandjudgmenttoachieveandmaintainindependenceandobjectivityinmakinginvestmentrecommendationsortakinginvestmentactions.Compliance:1.Protectintegrityofopinions.Reportsshouldreflecttheanalystsunbiasedopinion.2.Discloseallcorporaterelationships(i.e.,directorships,underwritingarrangementsoractingasamarketmaker).3.Disclosepersonalholdingsandbeneficialownerships.4.Createarestrictedlist.5.Restrictspecialcostarrangements.Membersshouldpayfortheircommercialtransportationandhotelcharges.6.Limitgifts(US$100isthemaximumacceptablevalueforagiftorgratuity).7.Restrictinvestments(strictlimitsshouldbeimposedonprivateplacements)...8.Reviewprocedures(supervisethepersonalinvestmentactivitiesoftheemployees).B.:InteractionswithClientsandProspectsIV(B.1)FiduciaryDuties:Inrelationshipswithclients,membersshalluseparticularcareindeterminingapplicablefiduciarydutyandshallcomplywithsuchdutyastothosepersonsandintereststowhomthedutyisowed.Membersmustactforthebenefitoftheirclientsandplacetheirclients'interestsbeforetheirown.Compliance:1.Followallapplicablerulesandlaws.2.Establishtheinvestmentobjectivesoftheclient.3.Diversify.4.Dealfairlywithallclientswithrespecttoinvestmentactions.5.Discloseallpossibleconflictsofinterest.6.Disclosecompensationarrangements.7.Preservetheconfidentialityofclientinformation.8.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:1.Limitthenumberofpeopleprivytorecommendationsandchanges.2.Shortenthetimeframebetweeninitiationanddissemination.3.Publishpersonnelguidelinesforpre-dissemination.4.Simultaneousdissemination.5.Establishrulesaboutemployeetradingactivities.6.Establishproceduresfordeterminingmaterialchanges.7.Maintainalistofclientsandtheirholdings.8.Developtradeallocationprocedures.9.Makesureoneaccountisnotbeingusedtobailoutotheraccounts.10.Ifthefirmoffersdifferinglevelsofservice,thisfactshouldbedisclosedtoallclients.IV(B.4)PriorityofTransactions:Clientsandemployersshallhavepriorityovertransactionsinsecuritiesorotherinvestmentsofwhichamemberisthebeneficialownersothatsuchpersonaltransactionsdonotoperateadverselytotheirclients'oremployer'sinterests.Ifmembersmakearecommendationregardingthepurchaseorsaleofasecurityorotherinvestment,theyshallgivetheirclientsandemployeradequateopportunitytoactontherecommendationbeforeactingontheirownbehalf.Compliance:..1.Definepersonaltransactions.2.Definecoveredinvestments.3.Limitthenumberofaccesspersons.FireWallsshouldbebuilttopreventtheflowofinformationfromonegroupordepartmenttoothergroupswithinthefirm.4.Defineprohibitedtransactions.ThetextspecificallymentionsequitybasedIPOs.5.Establishreportingproceduresandprior-clearancerequirements.6.Ensurethatprocedureswillbeenforcedandestablishdisciplinaryprocedures.IV(B.5)PreservationofConfidentiality:Membersshallpreservetheconfidentialityofinformationcommunicatedbyclients,prospects,oremployersconcerningmatterswithinthescopeoftheclient-member,prospect-member,oremployer-memberrelationshipunlessthememberreceivesinformationconcerningillegalactivitiesonthepartoftheclient,prospect,oremployer.Compliance:Thesimplestandmosteffectivewaytocomplyistoavoiddiscussinganyinformationreceivedfromaclientexcepttocolleaguesworkingonthesameproject.IV(B.6)ProhibitionagainstMisrepresentation:Membersshallnotmakeanystatements,orallyorinwritingthatmisrepresent:a.theservicesthattheyortheirfirmsarecapableofperforming.b.theirqualificationsorthequalificationsoftheirfirm.c.themember'sacademicorprofessionalcredentials.Membersshallnotmakeorimply,orallyorinwriting,anyassurancesorguaranteesregardinganyinvestmentexcepttocommunicateaccurateinformationregardingthetermsoftheinvestmentinstrumentandtheissuer'sobligationsundertheinstrument.Compliance:Firmscanprovideguidancetoemployeeswhomakewrittenororalpresentationstoclientsorprospectsbyprovidingawrittenlistofthefirmsavailableservicesandadescriptionofthefirmsqualifications...IV(B.7)DisclosureofConflictstoClientsandProspects:Membersshalldisclosetotheirclientsandprospectsallmatters,includingbeneficialownershipofsecuritiesorotherinvestments,thatreasonablycouldbeexpectedtoimpairthemember'sabilitytomakeunbiasedandobjectiverecommendations.Compliance:Membersshouldreporttotheiremployers,clients,andprospectsanymaterialbeneficialinteresttheymayhaveinsecurities,corporatedirectorships,orotherspecialrelationshipstheymayhavewiththecompaniestheyarerecommending.Membersshouldmakethedisclosuresbeforetheymakeanyrecommendationsortakeanyinvestmentactionsregardingtheseinvestments.IV(B.8)DisclosureofReferralFees:Membersshalldisclosetoclientsandprospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersfortherecommendationofanyservicestotheclientorprospect.Compliance:1.Discloseallagreementsinwritingtoanyclientorprospectwhohasbeenreferred.2.Describeinthedisclosurethenatureoftheconsiderationandtheestimateddollarvalueoftheconsideration.3.Consultasupervisorandlegalcounselconcerninganyprospectivearrangementregardingreferralfees.2-V.:StandardsofProfessionalConduct:V.RelationshipswithandResponsibilitiestotheInvestingPublicA.:ProhibitionagainstUseofMaterialNonpublicInformationStandard:Memberswhopossessmaterialnonpublicinformationrelatedtothevalueofasecurityshallnottradeorcauseotherstotradeinthatsecurityifsuchtradingwouldbreachadutyoriftheinformationwasmisappropriatedorrelatestoatenderoffer.Ifmembersreceivematerialnonpublicinformationinconfidence,theyshallnotbreachthatconfidencebytradingorcausingotherstotradeinsecuritiestowhichsuchinformationrelates.Membersshallmakereasonableeffortstoachievepublicdisseminationofmaterialnonpublicinformationdisclosedinbreachofaduty.Compliance:Firewalls,minimumelementsare:1.Controloverinterdepartmentalcommunications...2.Reviewemployeetradingagainstrestrictedlists.3.Restrictproprietarytradingwhilethefirmisinpossessionofmaterialnonpublicinformation.Additionalprocedures:1.Restrictpersonalandproprietaryemployeetrading.2.Placesecuritiesonarestrictedlistwhenthefirmhasmaterialnonpublicinformation.3.Disseminatematerialnonpublicinformationonlytothosewithaneedtoknow.4.Designateasupervisorwhodecideswhentradingisappropriate.B.:PerformancepresentationStandard:1.Membersshallnotmakeanystatements,orallyorinwriting,thatmisrepresenttheinvestmentperformancethattheyortheirfirmshaveaccomplishedorcanreasonablybeexpectedtoachieve.2.Ifmemberscommunicateindividualorfirmperformanceinformationdirectlyorindirectlytoclientsorprospectiveclients,orinamannerintendedtobereceivedbyclientsorprospectiveclients,membersshallmakeeveryreasonableefforttoassurethatsuchperformanceinformationisafair,accurate,andcompletepresentationofsuchperformance.Compliance:Misrepresentationabouttheinvestmentperformanceofthefirmcanbeavoidedifthemembermaintainsdataaboutthefirmsinvestmentperformanceinwrittenform.Investmentaccountsshouldbecombinedintocompositesbyinvestmentclassandriskgroups.3:StandardsofPracticeHandbooka:DemonstrateathoroughknowledgeoftheStandardsofProfessionalConductbyrecognizingandapplyingtheStandardstospecificsituations.Thisisanapplicationofmanydifferentethicsconceptstodifferentscenarios.Afterhavinglearnedtheethicsmaterialinearlierlearningoutcomesyouwillbeabletoapplytheseconceptstovariousscenariosasyoutakethequizzes...b:DistinguishbetweenconductthatconformstotheCodeandtheStandardsandconductthatviolatestheCodeandtheStandards.Thisrequireslookingatdifferentscenariosandpossiblyapplyingseveralethicsconceptstoeachscenario.Afteryoulearnandunderstandtheethicsconceptsyouwillbeabletoapplythemtospecificsituationsthroughthequizzes.4:AIMRPerformancePresentationStandardsHandbooka:ExplainthegoalsoftheAIMR-PPSStandards.TheStandardshavebeendesignedtomeetthefollowinggoals:·Toachievegreateruniformityandcomparabilityamongperformancepresentations.·Toimprovetheserviceofferedtoinvestmentmanagementclients.·Toenhancetheprofessionalismoftheindustry.·Tobolsterthenotionofself-regulation.Note:ThePresentationStandardsareintendedprimarilytobeperformancepresentationstandards,notperformancemeasurementstandards.PortionsoftheAIMR-PPSarerequiredwhilesomearerecommended.AIMRstronglyencouragestheadoptionofbothrequiredandrecommendedcomponentsoftheStandards.Also,performancepresentationsmayhavetoprovidemorethantheminimumrequirementsoftheAIMR-PPStomeetthefullintentoftheStandards.b:IdentifythepartiesaffectedbytheAIMR-PPSstandards.·Firms.ThePPSStandardsarevolun