Cfa Mock 2

In: Business and Management

Submitted By kathychen818
Words 8927
Pages 36
Question 1–18 19–32 33–44 45–78 79–84 85–120

Sample Examination Structure Topic Ethical and Professional Standards Quantitative Analysis Economic Analysis Financial Statement Analysis and Corporate Finance Portfolio Management Asset Valuation Total

Percent 15 12 10 28 5 30 100

Minutes 27 21 18 51 9 54 180

QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS AND ARE ALLOCATED 27 MINUTES. 1. According to the CFA Institute Standards of Practice Handbook, insider trading is least likely to be prevented by establishing: Select exactly 1 answer(s) from the following: A . fire walls. B watch lists, C. selective disclosure. 2. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes that the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price. According to the Standards of Practice Handbook, Wong is least likely to have violated the CFA Institute Standards of Professional Conduct that relate to: Select exactly 1 answer(s) from the following: A. duty to clients. B. reasonable b asis. C. duty to his employer. 3. During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc., discussing the company’s pending tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products According to the Standards of Practice Handbook, Ward may not use the information to take investment action because: Select exactly 1 answer(s) from the following: A. the information relates to a tender offer. B. acting on the information would breach a duty to both the CEO and Stargazer.

C. she does not have a reasonable and adequate basis for taking…...

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... CFA 1. i. Mental accounting is best illustrated by Statement #3. Sampson’s requirement that his income needs be met via interest income and stock dividends is an example of mental accounting. Mental accounting holds that investors segregate funds into mental accounts (e.g., dividends and capital gains), maintain a set of separate mental accounts, and do not combine outcomes; a loss in one account is treated separately from a loss in another account. Mental accounting leads to an investor preference for dividends over capital gains and to an inability or failure to consider total return. ii. Overconfidence (illusion of control) is best illustrated by Statement #6. Sampson’s desire to select investments that are inconsistent with his overall strategy indicates overconfidence. Overconfident individuals often exhibit risk-seeking behavior. People are also more confident in the validity of their conclusions than is justified by their success rate. Causes of overconfidence include the illusion of control, self-enhancement tendencies, insensitivity to predictive accuracy, and misconceptions of chance processes. iii. Reference dependence is best illustrated by Statement #5. Sampson’s desire to retain poor performing investments and to take quick profits on successful investments suggests reference dependence. Reference dependence holds that investment decisions are critically dependent on the decision-maker’s reference point. In this case, the reference point is......

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Cfa Mock a CFA charterholder, members of her team manipulated the valuation model to increase the newly public company's stock price. She and all of the analysts on the team purchased shares of the oversubscribed IPO for their personal accounts and then purchased the remainder of the firm's allocation of shares for appropriate client accounts, a practice which is permitted by local securities laws. The analyst: A. did not violate the Standard I(A) Knowledge of the Law. B. violated Standard 1(A) Knowledge of the Law by purchasing the shares of the IPO but not by allowing the report to be published. C. violated Standard I(A) Knowledge of the Law both by allowing the report to be published and by purchasing the shares of the IPO. 2. Green Investments utilizes the CFA Institute Standards of Professional Conduct as their standards for ethical practice. For purposes of compliance, which of the following is least likely a violation of Green Investments' policies? A. One of Green Investments' marketing brochures states that several of the firm's portfolio managers passed all three levels of the CFA exam on their first attempts. B. At a meeting with potential clients, chief investment officer Bill Ray, CFA, states that he is among an "elite group of the most qualified investment professionals who have earned the right to use the CFA designation." C. In interviewing a prospective employee, a portfolio manager at the firm says that the position could be financially rewarding because "CFA......

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Cfa Mock3

...adopted the CFA Institute. Standards of Professional Conduct, has recently published a new marketing brochure highlighting the accomplishments of its investment professionals. Which of the following statements made in York's marketing brochure is a violation of Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program? A. Roger Langley, Chartered Financial Analyst, has been a portfolio manager with York for ten years and passed all three levels of the CFA examinations on his first attempts. B. Langley is one of three CFAs on staff with York. We expect that two more of our staff members will earn the right to use the designation in the future. C. Paul Yeng has retired from the firm after 25 years of service. Yeng was awarded the CFA charter in 1988. Much of the firm's past successes can be attributed to Yeng's efforts as an analyst and portfolio manager. 2. Hedge Funds Unlimited, a global hedge fund, has publicly acknowledged in writing that it has adopted the CFA Institute Code and Standards as its policies. Which of the following is least likely a violation of the firm's policies? A. An analyst at the firm working overseas uses material nonpublic information as allowed by local law to make investment decisions for discretionary client accounts. B. A junior analyst at the firm uses a subscription to his local newspaper and the opinions of his friends and colleagues to make investment recommendations for discretionary client accounts. C. A CFA......

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