2018年CFA一级官方mock（上册）

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2018 Level I Mock Exam AM T he morning session of the 2018 Level I Chartered Financial Analyst ® Mock Examination has 120 questions. To best simulate the exam day experience, candidates are advised to allocate an average of one and a half minutes per question for a total of 180 minutes (3 hours) for this session of the exam. Questions Topic Minutes 1–18 Ethical and Professional Standards 27 19–33 Quant 22.5 34–45 Econ 18 46–69 Financial Reporting and Analysis 36 70–78 Corporate Finance 13.5 79–86 Portfolio Management 12 87–98 Equity 18 99–110 Fixed Income 18 111–115 Derivatives 7.5 116–120 Alternative Investments 7.5 Total: 180 By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently registered CFA candidates. Candidates may view and print the exam for personal exam prepara- tion only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose © 2017 CFA Institute. All rights reserved.

2 2018 Level I Mock Exam AM 2018 LEVEL I MOCK EXAM AM 1 Andrew Smith, CFA, works for Granite, a commercial bank that also has a sizeable sell side research division. Smith is presenting financing solutions to a potential business client, Dynamic Materials Corp. As part of his presentation, Smith mentions that Granite will initiate research coverage on Dynamic. Is Smith’s arrangement most likely appropriate with regards to the CFA Standards? A Yes. B No, because Smith cannot offer to provide research coverage on a company if they become a corporate finance client. C No, because Granite cannot provide research coverage on a corporate finance client as this constitutes a violation of research independence. 2 During an on-site company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc., discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely cannot use the information because: A it relates to a tender offer. B it was overheard and might be considered unreliable. C she does not have a reasonable and adequate basis for taking investment action. 3 Which of the following is not included in the nine major provisions of the Global Investment Performance Standards (GIPS)? A Input Data, Calculation Methodology, and Real Estate B Fundamentals of Compliance, Composite Construction, and Disclosure C Calculation Methodology, Composite Construction, and Alternative Assets 4 Which of the following least likely reflects the two primary principles of the CFA Institute Rules of Procedure for Proceedings Related to Professional Conduct? A Confidentiality of proceedings B Public disclosure of disciplinary sanctions C Fair process to the member and candidate 5 In order to achieve compliance with GIPS Standards, it is recommended that firms: A adopt the broadest, most meaningful definition of the firm. B provide existing clients a compliant presentation applicable to their portfo- lio, at a minimum of a bi-annual basis. C define the firm by including all geographical offices operating under the same firm name. 6 Which of the following is not a component of the CFA Institute Code of Ethics? A Promote financial integrity and seek to prevent and punish abuses in the financial markets. B Place the integrity of the investment profession and the interests of clients above their own personal interests. C Practice and encourage others to practice in a professional and ethical man- ner that will reflect credit on themselves and the profession.

3 2018 Level I Mock Exam AM 7 Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Sato issued a Request for Proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a good friend of Sato, introduces him to repre- sentatives from Capital Investments, who submitted a proposal. Sato selected Capital as a manager based on the firm’s excellent performance record. Shortly after the selection, Peters, who had outstanding performance as an equity man- ager with another firm, accepted a lucrative job with Capital. Which of the CFA charterholders violated the CFA Institute Standards of Professional Conduct? A Both violated Standards. B Peters violated Standards. C Neither violated Standards. 8 Umi Grabbo, CFA, is a highly regarded portfolio manager for Atlantic Advisors, a mid-sized mutual fund firm investing in domestic securities. She has watched the hedge fund boom and on numerous occasions suggested that her firm cre- ate such a fund. Senior management has refused to commit resources to hedge funds. Attracted by potential higher fees associated with hedge funds, Grabbo and several other employees begin development of their own hedge fund to invest in international securities. Grabbo and her colleagues are careful to work on the fund development only on their own time. Because Atlantic management thinks hedge funds are a fad, she does not inform her supervisor about the hedge fund creation. According to the Standards of Practice Handbook , Grabbo should most likely address which of the Standards immediately? A Disclosure of Conflicts B Priority of Transactions C Additional Compensation Arrangements 9 Reiko Kimisaki, CFA, is an investment advisor for a national social security fund in a frontier market with a very limited and illiquid capital market. The labor force is young with an investment time horizon of 25 to 30 years. She has been asked to suggest ways to increase the investment return of the overall portfolio. After careful assessment of the fund’s previous investment history and available asset classes, she considers investment in private equity. What is Kimisaki’s low- est priority to avoid any Code of Ethics and Standards of Professional Conduct violations prior to making this investment recommendation? A Assess the risk tolerance of the fund. B Analyze the expected returns of private equity in the market. C Determine if the Investment Policy Statement allows for alternative investments. 10 The Global Investment Performance Standards (GIPS) were developed for the benefit of: A prospective clients. B regulators. C broker/dealers. 11 Mariam Musa, CFA, head of compliance at Dunfield Brokers, questions her colleague Omar Kassim, a CFA candidate and a research analyst, about his pur- chase of shares in a company for his own account immediately before he pub- lishes a “buy” recommendation. He defends his actions by stating he has done nothing wrong because Dunfield does not have any personal trading policies in place. The CFA Institute Code of Ethics and Standards of Professional Conduct were most likely violated by: A only Musa.

4 2018 Level I Mock Exam AM B only Kassim. C both Musa and Kassim. 12 Oliver Opdyke, CFA, works for an independent research organization that does not manage any client money. In the course of his analysis of Red Ribbon Mining he hears rumors that the president of Red Ribbon, Richard Leisberg, has recently been diagnosed with late stage Alzheimer’s disease, a fact not publicly known. The final stage of Alzheimer’s is when individuals lose the ability to respond to their environment, the ability to speak, and, ultimately, the ability to control movement. Leisberg is the charismatic founder of Red Ribbon, and under his leadership the company grew to become one of the largest in the industry. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Opdyke is to: A immediately publish a sell recommendation for Red Ribbon Mining. B confirm the president’s diagnosis before publishing his research report. C encourage Red Ribbon Mining management to disclose the president’s med- ical condition. 13 Based on his superior return history, Vijay Gupta, CFA, is interviewed by the First Faithful Church to manage the church’s voluntary retirement plan’s equity portfolio. Each church staff member chooses whether to opt in or out of the retirement plan according to his or her own investment objectives. The plan trustees tell Gupta that stocks of companies involved in the sale of alcohol, tobacco, gambling, or firearms are not acceptable investments given the objec- tives and constraints of the portfolio. Gupta tells the trustees he cannot reason- ably execute his strategy with these restrictions and that all his other accounts hold shares of companies involved in these businesses because he believes they have the highest alpha. By agreeing to manage the account according to the trustees’ wishes, does Gupta violate the CFA Institute Standards of Professional Conduct? A No. B Yes, because the manager was hired based upon his previous investment strategy. C Yes, because the restrictions provided by the Trustees are not in the best interest of the members. 14 Edo Ronde, CFA, an analyst for a hedge fund, One World Investments, is attending a key industry conference for the microelectronics industry. At lunch in a restaurant adjacent to the conference venue, Ronde sits next to a table of conference attendees and is able to read their nametags. Ronde realizes the group includes the president of a publicly traded company in the microelectron- ics industry, Fulda Manufacturing, a company Ronde follows. Ronde overhears the president complain about a production delay problem Fulda’s factories are experiencing. The president mentions that the delay will reduce Fulda earnings more than 20% during the next year if not solved. Ronde relays this information to the portfolio manager he reports to at One World explaining that in a recent research report he recommended Fulda as a buy. The manager asks Ronde to write up a negative report on Fulda so the fund can sell the stock. According to the CFA Institute Code of Ethics and Standards of Professional Conduct Ronde should least likely : A revise his research report. B leave his research report as it is. C request the portfolio manager not act on the information.

5 2018 Level I Mock Exam AM 15 What is the theory that best describes the process by which financial analysts combine material public information and nonmaterial nonpublic information as a basis for investment recommendations even if those conclusions would have been material inside information had they been communicated directly to the analyst by the company? A Mosaic theory B Economic theory C Probability theory 16 Ken Kawasaki, CFA, shares a building with a number of other professionals who are also involved in the investment management business. Kawasaki makes arrangements with several of these professionals, including accountants and lawyers, to refer clients to each other. An informal score is kept on the expec- tation the referrals will equal out over time, eliminating the need for any cash payments. Kawasaki never mentions this arrangement to clients or prospective clients. Does Kawasaki's agreement with the other building occupants most likely violate any CFA Institute Standards of Professional Conduct? A No. B Yes, related to referral fees. C Yes, related to communication with clients. 17 Meshack Bradovic, CFA, was recently hired as a credit analyst at a credit rating agency whose major clients include publicly listed companies on the local stock exchange. One of the clients is currently preparing to issue a new bond to finance a major factory project. Analysts are speculating that without the new factory the company will not survive the onslaught of competition from increasing imports; therefore, the company is counting on an upgraded credit rating to enhance the subscription level of the issue. Bradovic’s research sug- gests that the creditworthiness of the company has severely deteriorated over the last year due to negative operating cash flows. Without conducting exten- sive research, Bradovic’s boss puts pressure on him to upgrade the credit rating to an investment grade rating. Bradovic reports this to the firm’s compliance department where he is encouraged to follow his boss’s advice. What course of action is most appropriate for Bradovic to prevent any violation of the CFA Institute Code or Standards? A Quit his position with the firm B Upgrade the rating but note his objections in writing C Disassociate with the credit rating report, the bond issue and the client 18 Manuel Tacqueria, CFA, is a sole proprietor investment adviser managing accounts for a diversified group of clients. Tacqueria obtains his investment research through a subscription service with Alpha Services, a large financial services organization. Tacqueria notes that the research reports are sound because they are extremely detailed and comprehensive. As a result, Tacqueria feels comfortable relying solely upon this research when making recommenda- tions to clients. Tacqueria should most likely do which of the following in order to conform to the CFA Institute Code of Ethics and Standards of Professional Conduct? A Utilize additional sources of third-party research B Undertake and add his own research to the existing reports C Conduct additional due diligence on Alpha Services

6 2018 Level I Mock Exam AM 19 A financial contract offers to pay €1,200 per month for five years with the first payment made immediately. Assuming an annual discount rate of 6.5%, com- pounded monthly the present value of the contract is closest to: A €63,731. B €61,330. C €61,663. 20 The following table shows the discrete uniform probability distribution of gross profits from the purchase of an option: Profit Cumulative Distribution Function $0 0.2 $1 0.4 $2 0.6 $3 0.8 $4 1.0 The probability of a profit greater than or equal to $1 and less than or equal to $4 is closest to: A 0.4. B 0.6. C 0.8. 21 The minimum rate of return an investor must receive in order to accept an investment is best described as the: A internal rate of return. B required rate of return. C expected return. 22 Investor A and Investor B invest in a fund for two years: Year 1 Year 2 Fund Return Positive Negative Portfolio Money-Weighted Rate of Return Investor A 7.5% Investor B 8.2% Given the information in the table, which of the following is least likely to be an explanation for the difference between the two money-weighted rates of return? A Investor A increased the investment in the fund at the end of year 1 whereas investor B did not make any additions or withdrawals. B Investor B decreased the investment in the fund at the end of year 1 whereas investor A did not make any additions or withdrawals. C The investors invested different amounts at inception and afterward did not make any additions or withdrawals. 23 All else held constant, the width of a confidence interval for a population mean is most likely to be smaller if the sample size is: A larger and the degree of confidence is lower. B larger and the degree of confidence is higher. C smaller and the degree of confidence is lower.

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