CFA一级内容：CFA历年考试模拟题

.

CFA

一级内容 ：

CFA

历年考试模拟题（一）

一、

Ethical and Professional Standards

1.: Code of Ethics

A.: State the four components of the Code of Ethics.

Members of AIMR shall:

1. Act with integrity, competence, dignity, and in an ethical manner when dealing with the public,

clients, prospects, employers, employees, and fellow members.

2.

Practice

and encourage others to practice in a professional and ethical

manner that will

reflect

credit on members and their profession.

3. Strive to maintain and improve their competence and the competence of others in the profession.

4. Use reasonable care and exercise independent professional judgment.

to launch Standards of Practice

2-I.: Standards of Professional Conduct: I. Fundamental Responsibilities

A.: Know the laws and rules.

Standard:

Maintain

knowledge

of

and

comply

with

all

applicable

laws,

rules,

and

regulations

(including

AIMR

’

s Code of Ethics and Standards of Professional Conduct) of any government, government agency,

regulatory organization, licensing agency, or professional association governing the members

’

professional activities.

Compliance:

Members

can

acquire

and

maintain

knowledge

about

applicable

laws,

rules,

and

regulations

by:

·

Maintaining current files on applicable statutes, rules, and regulations.

·

Keeping informed.

.

.

·

Reviewing written compliance procedures on a regular basis.

B.: Don't break or help others break the law.

Standard: Not knowingly participate or assist in any violation

of such

laws, rules,

or

regulations.

Compliance: When members suspect a client or a colleague of planning or engaging in ongoing illegal

activities, members should take the following actions:

·

Consult counsel to determine if the conduct is, in fact, illegal.

·

Disassociate

from

any

illegal

or

unethical

activity.

When

members

have

reasonable

grounds

to

believe

that a client

’

s or employee

’

s activities are illegal or unethical, the members should dissociate from

these activities and urge their firm to attempt to persuade the perpetrator to cease such activity.

2-II.: Standards of Professional Conduct: II. Relationships with and Responsibilities to the

Profession

A.: Use of Professional Designation

II(A.1)

AIMR members may reference their membership only in a dignified and judicious manner. The use of

the reference may be accompanied by an accurate explanation of the requirements that have been met to

obtain membership in these organizations.

II(A.2)

Those

who

have

earned

the

right

to

use

the

Chartered

Financial

Analyst

designation

may

use

the

marks

“

Chartered Financial Analyst

”

or

“

CFA

”

and are encouraged to do so, but only in a proper, dignified, and

judicious manner. The use of the designation may be accompanied by an accurate explanation of the

requirements that have been met to obtain the right to use the designation.

II(A.3)

Candidates in the CFA Program, as defined in the AIMR Bylaws, may reference their participation in

the

CFA

Program,

but

the

reference

must

clearly

state

that

an

individual

is

a

candidate

in

the

CFA

Program

and cannot imply that the candidate has achieved any type of partial designation.

B.: Professional Misconduct

.

.

II(B.1)

Members shall not engage in any professional conduct involving dishonesty, fraud, deceit, or

misrepresentation or commit any act that reflects adversely on their honesty, trustworthiness, or

professional competence.

II(B.2)

Members

and

candidates

shall

not

engage

in

any

conduct

or

commit

any

act

that

compromises

the

integrity

of

the

CFA

designation

or

the

integrity

or

validity

of

the

examinations

leading

to

the

award

of

the

right

to use the CFA designation.

Compliance:

1. Make clear that dishonest personal behavior reflects poorly on the profession.

2. Adopt a code of ethics to which every employee must subscribe.

3. Conduct background checks on potential employees to ensure that they are of good character and

eligible to work in the investment industry.

C.: Prohibition against Plagiarism

Standard: Members shall not copy or use, in substantially the same form as the original, material

prepared by another without acknowledging and identifying the name of the author, publisher, or source

of such material. Members may use, without acknowledgment, factual information published by recognized

financial and statistical reporting services or similar sources.

Compliance:

1. Maintain copies of materials that were relied on in preparing the research report.

2.

Attribute

quotations

(and

projections,

tables,

statistics,

models,

and

methodologies)

used

other

than recognized financial and statistical reporting services.

3. Attribute paraphrases and summaries of material prepared by others.

2-III.: Standards of Professional Conduct: III. Relationships and Responsibilities to the Employer

.

.

A.: Inform your Employer of the Code and Standards

III(A.1)

Members shall inform their employer in writing, through their direct supervisor, that they are

obligated

to

comply

with

the

Code

and

Standards

and

are

subject

to

disciplinary

sanctions

for

violations

thereof.

III(A.2)

Members shall deliver a copy of the Code and Standards to their employer if the employer does not

have a copy.

Compliance: Members should notify their supervisor in writing of the Code and Standards and the

member

’

s

responsibility

to

follow

them.

The

member

should

also

suggest

that

the

employers

adopt

the

Code

and

Standards

and

disseminate

it

throughout

the

firm.

If

the

employer

has

publicly

acknowledged,

in

writing,

that they have adopted AIMR

’

s Code and Standards as part of the firm

’

s policies then the member need not

give the formal written notification as required by III(A).

B.: Duty to Employer

Standard: Members shall not undertake any independent practice that could result in compensation

or other benefit in competition with their employer unless they obtain written consent from both their

employer and the persons or entities for whom they undertake independent practice.

Compliance:

1. Members who plan to engage in independent practice for compensation should provide written

statements to their employer describing the types of services they will perform, the expected duration

of the services, and the compensation they will receive.

2. Members should also disclose to their prospective clients the identity of their employer, the

fact that they are performing independently of the employer, and what their employer would charge for

similar services.

3. Members seeking new employment should not contact existing clients or potential clients prior

to leaving their employer or take records/files to their new employer without the written permission

of the previous employer.

C.: Disclose Conflicts between you and your Employer

.

.

III(C.1):

Members shall disclose to their employer all matters, including beneficial ownership of securities

or other investments, that reasonably could be expected to interfere with their duty to their employer

or ability to make unbiased and objective recommendations.

III(C.2):

Members shall comply with any prohibitions on activities imposed by their employer if a conflict

of interest exists.

Compliance: Members should report to their employers any beneficial interest and any special

relationships, like corporate directorships, that may reasonably be considered a conflict of interest

with their responsibilities. Members should also discuss the situation with their firm

’

s compliance

officer before taking any action that could lead to a conflict of interest.

D.: Disclose Additional Compensation from Outside the Firm to your Employer

Standard: Members shall disclose to their employer in writing all monetary compensation or other

benefits

that

they

receive

for

their

services

that

are

in

addition

to

compensation

or

benefits

conferred

by a member

’

s employer.

Compliance: Members should make an immediate written report to their employer specifying any

compensation

or

benefits

they

receive

or

propose

to

receive

for

services

in

addition

to

what

their

employer

is

to

give

them.

This

written

report

should

state

the

terms

of

any

oral

or

written

agreement,

the

amount

of compensation, and the duration of the agreement.

E.: Responsibilities of Supervisors

Standard: Members with supervisory responsibilities, authority, or the ability to influence the

conduct of others shall exercise reasonable supervision over those subject to their supervision or

authority to prevent any violation of applicable statutes, regulation, or provisions of the Code and

Standards. In so doing, members are entitled to rely on reasonable procedures designed to detect and

prevent such violations.

Compliance: The supervisor and the compliance officer should:

1. Disseminate the compliance procedures.

.

.

2. Update the procedures as necessary.

3. Educate the staff and issue periodic reminders.

4. Incorporate a professional conduct evaluation into the employee

’

s performance review.

5. Review employee actions to ensure compliance and identify violators, initiating procedures once

a

violation

has

occurred.

A

supervisor

should

respond

promptly

to

the

violation

by

conducting

a

thorough

investigation, and placing limitations on the wrongdoer until the investigation is complete.

2-IV.: Standards of Professional Conduct: IV. Relationships with and Responsibilities to Clients

and Prospects

A.: The Investment Process

IV(A.1) Reasonable Basis and Representations. Members shall:

a.

Exercise

diligence

and

thoroughness

in

making

investment

recommendations

or

in

taking

investment

actions.

b. Have a reasonable and adequate basis, supported by appropriate research and investigation, for

such recommendations or actions.

c.

Make

reasonable

and

diligent

efforts

to

avoid

any

material

misrepresentation

in

any

research

report

or investment recommendation.

d. Maintain appropriate records to support the reasonableness of such recommendations or actions.

Compliance:

1. Analyze the investment

’

s basic characteristics (records must show the characteristics of the

investment and the basis for the recommendation).

2.

Analyze

the

needs

of

the

portfolio

(includes

the

client

’

s

needs,

as

well

as

the

needs

of

the

total

portfolio).

3. Maintain files to support investment recommendations.

IV(A.2) Research Reports. Members shall:

.

.

a. Use reasonable judgment regarding the inclusion or exclusion of relevant factors in research

reports.

b. Distinguish between facts and opinions in research reports.

c. Indicate the basic characteristics of the investment involved when preparing for public

distribution a research report that is not directly related to a specific portfolio or client.

Compliance: Members should consider including the following information in research reports:

1. Expected annual rates of return, calculated on a total return basis.

2. Annual income expectations.

3. Current rate of return or yield.

4. The degree of uncertainty associated with the cash flows, and other risk factors.

5. The investment

’

s marketability or liquidity.

IV(A.3)

Independence

and

Objectivity.

Members

shall

use

reasonable

care

and

judgment

to

achieve

and

maintain

independence

and

objectivity

in

making

investment

recommendations

or

taking

investment

actions.

Compliance:

1. Protect integrity of opinions. Reports should reflect the analyst

’

s unbiased opinion.

2. Disclose all corporate relationships (i.e., directorships, underwriting arrangements or acting

as a market maker).

3. Disclose personal holdings and beneficial ownerships.

4. Create a restricted list.

5. Restrict special cost arrangements. Members should pay for their commercial transportation and

hotel charges.

6. Limit gifts (US$$100 is the maximum acceptable value for a gift or gratuity).

7. Restrict investments (strict limits should be imposed on private placements).

.