...2008 CFA Level 1 － Mock Exam 1 （AM）模考试题 Q1-5 Question 1 Accepting an incentive offered by a client to a portfolio manager, such as a free vacation or a cash bonus, to reward good performance in a future period is: A) a violation of the Standards. B) not a violation of the Standards as long as client confidentiality is maintained. C) a violation of the Standards unless the manager gets written consent from her employer. D) not a violation of the Standards as long as the manager informs her employer that she intends to accept the incentive. Question 2 Charmaine Townsend, CFA, has been managing a growth portfolio for her clients using a screening process that identifies companies that have high earnings growth rates. Townsend has decided that, because of a volatile economy, she is going to adopt a value strategy using a screening process that identifies companies that have low price-earnings multiples. Townsend will violate the Code and Standards if she makes this change in her investment process without: A) notifying her supervisor before she makes the change. B) getting written permission from her clients in advance of the change. C) promptly notifying her clients of the change. D) getting prompt written acknowledgment of the change from her clients within a reasonable time after the change was made. Question 3 Phoenix Investments has been in business for three years and is striving to be GIPS compliant. It...
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...T B EO C N E T : AL F O TN S Peae rfc A o th po rm b u te rga G n rl d i o pe aainpoes e ea a v e n rp rt c o rcs C Al e1 xm -h b gn ig f ln ra F e l ea te einn o a o g o d v C Al e2 xm - a w y h r F e l ea h l a tee v f C Al e3 xm -h l t l F e l ea tea mi v s e O h r sflno te ueu if Tp fr a dd ts iso cn iae Atr od f wr e 1 4 1 0 2 2 5 5 6 6 7 1 8 9 9 7 Guide for the CFA exam by TimePrep PREFACE Welcome to the world of the CFA program! Since you're reading this, it is likely that you are a CFA candidate, or you are considering becoming one. Either way, we hope that you will find this book helpful. The general idea behind this book is to offer CFA candidates useful advice, written by other CFA candidates and charter holders. There are several segments of the book and we recommend going through them all since it is not a heavy read, and it may prove useful for your preparation. The book starts with general information about the CFA program – the basics of the program, benefits of attending it, the complexity of the program in whole etc. In the second chapter we will provide you with some general advice in preparation – how to organize your time, what strategy elements to use, how to find time for studying and also an overview of the various prep tools that can help you. The following three chapters of the book are each related to one of the levels of the CFA Exam – here you can read various useful information regarding study materials, types of questions that appear...
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...Global Perspectives on Investment Management LEARNING FROM THE LEADERS Conversation with a Money Master BILL MILLER, CFA with FRED H. SPEECE, JR., CFA Bill Miller, CFA, is chairman and chief investment officer at Legg Mason Capital Management, Inc., and was named ‘‘The Greatest Money Manager of the 1990s’’ by Money magazine. In this question and answer session, Fred H. Speece, Jr., CFA, interviews Bill Miller about his insights into portfolio management in general and value investing in particular. Continuing a tradition of lifelong learning a cfa institute publication Conversation with a Money Master BILL MILLER, CFA Bill Miller, CFA, is chairman and chief investment officer at Legg Mason Capital Management, Inc., and was named ‘‘The Greatest Money Manager of the 1990s’’ by Money magazine. In this question and answer session, Fred H. Speece, Jr., CFA, interviews Bill Miller about his insights into portfolio management in general and value investing in particular. Speece: You have an impressive long-term track record as a portfolio manager. Given today’s very efficient and sophisticated market, do we still have room for stock picking? Miller: When we discuss market efficiency, we run into a semantic issue about what exactly is meant by the term ‘‘market efficiency.’’ At Legg Mason, we believe that the markets are pragmatically efficient, which means that they are extremely competitive and usually beat most active managers. For example, fewer than 35 percent of...
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...Mobile: +88 (0)1914011656, +88 (0)1672704403 E-mail: jahid_107@rocketmail.com PERSONAL PROFILE A self-inspired, determined to success and hard working individual who can work confidently under pressure and complete tasks in a systematic and accountable way. Excellent interpersonal skills with proven ability of working on own initiative and as an enthusiastic team player. Very keen to apply and develop knowledge, seeking part time job to enrich professional experience in marketing and finance. CAREER ASPIRATIONS Developing into a qualified individual in the chosen field especially in marketing and finance arena. Being an effective and efficient role player in a professional challenging business environment. EDUCATIONAL BACKDROP Chartered Financial Analyst (CFA) Candidate of Level 2 of the CFA program. Faculty of Business Studies, University of Dhaka, Dhaka Bachelors of Business Administration (Marketing) 4th Year, 2nd Semester. June 2015 2011 – 2014 GPA 3.50 (Expected) Group Tasks: Ethical Responsibilities of pharmaceutical industry: June 2011 I, as a part of my group, made an appointment at `ACME GROUP` with a view to knowing about the ethical responsibilities especially to consumers and employees. Business Environment: Our group also went to ‘PIZZA HUT’ in order to concern about the business environment as it has significantly become an important measure of an organization’s success. Notre Dame College, Motijheel, Dhaka Higher Secondary Certificate (HSC) Business Studies...
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...The following 18 questions relate to Ethical and Professional Standards. (27 minutes) 1. York Investment Advisers, which has publicly 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...
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...2012 Level II Mock Exam: Afternoon Session The afternoon session of the 2012 Level II Chartered Financial Analyst (CFA®) Mock Examination has 60 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 18 minutes per item set (vignette and 6 multiple choice questions) for a total of 180 minutes (3 hours) for this session of the exam. 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 preparation 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 and copying, posting to any website, e-mailing, distributing, and/or reprinting the mock exam for any purpose. Marcus Pinto Case Scenario A struggling asset management company recently hired Marcus Pinto, CFA, as chief operating officer (COO). Pinto’s first responsibility is to recommend to the Board of Directors how they can lower costs while still retaining the firm’s client base and how to increase assets under management. Pinto analyzes the firm, its clients’ needs, and general market conditions before presenting his findings to the Board of Directors. At the presentation, he makes the following statements: Statement 1: “If the company adopts the CFA Institute Standards of Professional Conduct, the...
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...Background: Originally from Ghana, I moved to the US, alone, at the age of 18. I completed my Associate’s degree in Nursing, and then eventually completed my Bachelor’s degree in Liberal Studies. I have about six years of experience working as a nurse. I decided to pursue the MBA in order to help me transition to investment finance, which I find more challenging and satisfying. Personality assessments: For the most part, the various assessments confirmed strengths and weaknesses that I was already aware of. My career anchor was pure challenge. This confirms one of the many reasons why I left my previous job. In my previous job, I felt like I was doing the same things day in day out without even thinking about it. Though I felt that I performed relatively unchallenging tasks, I still felt drained of energy by the end of each working day. And that did not give me any satisfaction, despite receiving praise from my managers. I turned down opportunities to move into management because I knew that my managers spent a lot of time buried in compliance-type paperwork. My DISC assessment showed that I am mostly steady and conscientious. In particular, the comments about my basic characteristics were eerily accurate (I feel like they got the information from the NSA). I will like to share those comments in the quote below: Kobina can be motivated through teamwork. He likes to know he is a valued team member. He can be open, patient and tolerant of differences. His natural quality of...
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...CFA Level I June 2010 - Mock Exam Questions 1. Which of the following least likely violates Standard VII (B): Reference to CFA Institute, the CFA Designation and the CFA Program? A. Joe Smith, C.F.A. B. Joe Smith, CFA C. Joe Smith, Chartered Financial Analyst Answer: C According to Standard VII (B), an analyst must not exaggerate the meaning or implications of membership of CFA Institute, holding the CFA designation, or candidacy in the CFA Program. A member cannot use a bold or larger font for the letters CFA. 2. Which of the following is least likely a characteristic of GIPS? A. The investment management firm must define the entity that claims compliance. B. All fee-paying discretionary portfolios are required to be included in composites defined according to a similar strategy or investment objective. C. After presenting 5 years of compliant history, a firm must add annual performance each year going forward up to a maximum of 10 years. Answer: C A firm is initially required to present at least five years of compliant history and must add annual performance each year going forward up to 10 years at a minimum. 3. A rock band plans to visit 15 cities all over the world in one year. They will visit 3 of these 15 cities in January. The number of possible combinations of venues for January is closest to: A. 455 B. 2,730 C. 45 Answer: A The order in which the three cities are visited during January is not important so we use the combinations formula. © Élan Guides...
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...* Common Core Skills followed by Choice The core material in the first two years provides the building blocks for more specialised study. As they enter third year, some students may choose to do quantitative finance, depending on the area that interests them. Core courses help students make an informed choice and staff act as student advisers. * Quantitative Finance This stream was introduced in response to the demand from merchant banks, investment managers and other financial organisations for graduates able to use analytical and numerical techniques to price financial derivatives and to manage portfolio risks. The BCom and BBusSc (Quantitative Finance) degrees cover much of the material included in the actuarial stream but courses specific to life insurance and pension schemes are replaced by additional finance and risk management courses. At the most simplistic level, quantitative finance is concerned with shorter time horizons than actuarial science. The nature of the risks being considered is different with a focus on volatility of investment markets. * Actuarial Science The BCom and BBusSc (Actuarial Science) degrees focus on producing qualified actuaries. Most actuaries in South Africa are employed either by insurance companies or as consultants managing company pension schemes, although increasing numbers are now working in investments, short-term and health insurance. Actuaries have an important role in these institutions and are widely respected...
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...CFA INSTITUTE RESEARCH CHALLENGE OFFICIAL RULES 2017 1 RULE 1: INTRODUCTION AND GENERAL PROVISIONS .................................................................................................. 3 1.1 CONFLICTS OF INTEREST.................................................................................................................................................. 3 1.2 PLAGIARISM .................................................................................................................................................................... 3 1.3 THIRD PARTY INTELLECTUAL PROPERTY RIGHTS............................................................................................................... 4 1.4 USE OF REPORTS ............................................................................................................................................................ 5 RULE 2: TEAMS ..................................................................................................................................................................... 5 2.1 TEAM COMPOSITION ........................................................................................................................................................ 5 2.2 TEAM MEMBER REQUIREMENTS ....................................................................................................................................... 5 2.3 TEAM MEMBER INELIGIBILITY .......................................
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...fund about ten years after obtaining my MBA. The Top School academic experience can build on my public accounting training and my multi-cultural and multi-lingual background to prepare me for work first as an equity analyst in the mutual fund industry and ultimately as a portfolio manager specializing in Asian Pacific equities. As a CPA and staff accountant with Big 4 for the past two and a half years, I have developed a solid foundation in teamwork, analytical, and problem-solving skills. As a bilingual associate of the Asia-Pacific Business Group, I specialize in auditing the financial statements of in-bound Asian businesses. However, while Big 4 provides expansive career opportunities in public accounting, I have reached a plateau in developing the analytical and management skills necessary to achieve my ultimate career goal of money management. In public accounting, we measure and examine financial transactions of the past. In contrast, money managers examine the current attributes of securities and attempt to predict their future performance...
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...students are permitted to use these materials for personal study and research only. Use of these materials for any other purposes, including copying or resale, without express permission of the copyright owner, may infringe copyright. The copyright owner may take action against you for infringement. BFF5270: Tutorial Questions Topic 1 – 1A: Introduction to Funds Management 1B: Chartered Financial Analyst (CFA) Ethics Submission due: 2.00pm on the day of the lecture in Teaching Week 2 Note: Tutorial questions are sourced from SPH-BKM = BFF5270: Funds Management, CFASPH = CFA Standards of Practice Handbook and other sources mentioned in the question itself. Students’ work that is copied from solutions or another student(s) or shared and submitted as your own constitutes cheating and/or plagiarism and will not earn any marks. Please be aware that BFF5270 teaching staff can use text-matching software such as Turnitin to check for plagiarism. 2 Question 1 Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA– CREF) is a Fortune 100 financial services organisation in the US. It is the leading retirement provider for people who work in the academic, research, medical and cultural fields. TIAA–CREF serves 3.9 million active and retired employees participating at more than 15,000 institutions. Visit TIAA–CREF web site and provide a brief discussion on five basics of long-term investing in your own words. Question 2 (this...
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...2016 Level I Mock Exam: Afternoon Session The afternoon session of the 2016 Level I Chartered Financial Analyst (CFA®) Mock Examination has 120 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes (3 hours) for this session of the exam. Topic Minutes 1-18 Ethical and Professional Standards 27 19-32 Quantitative Methods 21 33-44 Economics 18 45-68 Financial Statement Analysis 36 69-76 Corporate Finance 12 77-88 Equity Investments 18 89-94 Derivative Investments 9 95-106 Fixed Income Investments 18 107-110 Alternative Investments 6 111-120 Portfolio Management 15 Total: 180 By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currentlyregistered CFA candidates. Candidates may view and print the exam for personal exam preparation 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. © 2016 Copyrighted by CFA Institute. All rights reserved. 1. Richard Cardinal, CFA, is the founder of Volcano Capital Research, an investment management firm whose sole activity is short selling...
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...my multi-cultural and multi-lingual background to prepare me for work first as an equity analyst in the mutual fund industry and ultimately as a portfolio manager specializing in Asian Pacific equities. As a CPA and staff accountant with Big 6 for the past two and a half years, I have developed a solid foundation in teamwork, analytical, and problem-solving skills. As a bilingual associate of the Asia-Pacific Business Group, I specialize in auditing the financial statements of in-bound Asian businesses. However, while Big 6 provides expansive career opportunities in public accounting, I have reached a plateau in developing the analytical and management skills necessary to achieve my ultimate career goal of money management. In public accounting, we measure and examine financial transactions of the past. In contrast, money managers examine the current attributes of securities and attempt to predict their future performance; unfortunately, this forward-looking focus is absent in public accounting. Unable to delve into financial areas beyond accounting and limited in obtaining more challenging analytical experiences, I am also constrained by the...
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...A Treasurer's Guide to Money Market Funds 2012 The World Behind Fitch’s MMF Ratings by Charlotte Quiniou, CFA, Director in Fitch Ratings Fund and Asset Manager Rating Group Fitch money market fund (MMF) rating is far more than just a stamp on a fund. Its value for investors comes from the depth and breadth of the underpinning rating analysis and process. A key component of a Fitch MMF rating is also the regular, independent surveillance performed by Fitch’s analysts, which supports ongoing dialogue with fund managers, so that systematic mechanical reactions are avoided. To better serve investors, Fitch provides information on rated MMFs and developments in the money market industry, notably based on MMF surveillance information, through freely available periodic publications and online tools. A Disciplined procedures ensure consistency Fitch conducts analysis and assigns ratings on MMFs following a consistent, disciplined process that is applied globally. The diagram in Figure 1 provides a summary view of the major steps followed by Fitch when assigning or reviewing a MMF rating. At the start of the rating process, each MMF is assigned to a group of two analysts: the primary (or lead) analyst, and the secondary (or back-up) analyst. Analysts are responsible for leading the analysis and formulating a rating recommendation. The primary analyst is typically responsible for the continuous surveillance of the rating, once it has been assigned, and maintaining the...
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