CFA一级经典习题和解析答案（共180道题）-金程CFA

CFA一级经典习题和解析答案（共180道题）

考试动态 | 2020-10-12

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Q：

1. Jack Steyn, CFA, recently became the head of the trading desk at a large investment management firm that specializes in domestic equities. While reviewing the firm's trading operations, he notices clients give discretion to the manager to select brokers on the basis of their overall services to the management firm. Despite the client directive, Steyn would most likely violate Standard III(A): Loyalty, Prudence, and Care if he pays soft commissions for which of the following services from the brokers?

A. Database services for offshore investments.

B. Equity research reports.

C. Investment conference attendance.

答案：

1. Correct Answer: A

Standard III(A): Loyalty, Prudence, and Care stipulates that the client owns the brokerage. Therefore, members and candidates are required to use client brokerage only to the benefit of the clients (soft commissions policy). Because the firm specializes in domestic equities, an offshore investment database service would not benefit the clients.

Q2：

1. Jorge Lopez, CFA, is responsible for proxy voting on behalf of his bank's asset management clients. Lopez recently performed a cost–benefit analysis that showed the proxy-voting policies might not benefit the bank's clients. As a result, Lopez immediately changes the proxy-voting policies and procedures without informing anyone. Lopez now votes client proxies on the side of management on all issues, with the exception of major mergers in which a significant impact on the stock price is expected. Lopez least likely violated the CFA Institute Standards of Professional Conduct in regard to:

A. cost–benefit analysis.

B. voting with management.

C. proxy-voting policy disclosures.

答案：

1. Correct Answer: A

Performing a cost–benefit analysis showing that voting all proxies might not benefit the client and concluding that voting proxies may not be necessary in all instances is not a violation of Standard III(A): Loyalty, Prudence, and Care. However, even though voting proxies may not be necessary in all instances, part of a member's or candidate's duty of loyalty under Standard III(A) includes voting proxies in an informed and responsible manner, which is not being done when Lopez automatically votes with management on the majority of issues. In addition, members and candidates should disclose to clients their proxy-voting policies, including any changes to that policy, as required by Standard III(A), which has not been done.

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Q3：

1. Wayne RUBY, a CFA Charterholder, is a director of brokerage department of a large investment bank who established a strict compliance system regarding investment process. Someone told him that a member of his team, Max CHANG, trading with material nonpublic information. Did Wayne comply with the CFA Institute Code of Ethics and Standards of Professional Conduct?

A. It depends on whether Wayne makes reasonable efforts to prevent and detect violations.

B. It depends on whether Wayne adopts the material nonpublic information.

C. Wayne does not violate any standards since he has already established a strict compliance system.

答案：

1. Correct Answer: A

According to Standard IV (C) Responsibilities of Supervisors, supervisors should make reasonable efforts to prevent and detect violations by ensuring the establishment of effective compliance systems. Members or candidates should implement education and training programs and establish incentives for employees. In this case, Wayne should not only established compliance system but also implement it during his daily supervision.

Q4：

1. Sam Michael, a sell-side analyst, has been asked to write a research report on the stock of XYZ Company. As well as some other clients, his parents also own $30,000 in XYZ stock of which the actual beneficiary is Sam himself. To comply with Codes and Standards, Sam would most likely:

A. not disclose his parents’ stock ownership in XYZ stock and write the report.

B. not disclose his parents’ stock ownership in XYZ because it is his parents account.

C. disclose his parents’ stock ownership to his employer and in the report or ask the employer to assign another analyst to finish the report.

答案：

1. Correct Answer: C

The personal stock ownership in the target company will jeopardize the analyst’s independence and objectivity. Though the account holding XYZ shares is Sam’s parents account, however the beneficial owner in fact is Sam. It would create a conflict of interest if Sam does not disclose the relationship and writes the report.》》》更多CFA习题点我咨询

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