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【单选】 With respect to the constraints portion of an investor’s investment policy statement, issues relating to on-going expenses, emergency reserves, alterations in on-going expenses, and transactions costs are all examples of:
A. time horizon issues.
B. liquidity issues.
C. unique circumstances.
【单选】 Focusing on asset-by-asset characteristics is an example of asset:
A. assimilation.
B. integration.
C. segregation.
【单选】 Heather Jones graduated from a prestigious Ivy League college in May, recently passed Level I of the CFA exam, and just landed her first professional job as a junior portfolio manager working with CFA charterholders for the Fortress mutual fund company. She works in a group setting comprised of a lead portfolio manager and one or more co- or junior portfolio managers who together make the investment management decisions for a single mutual fund. Jones has observed the following behavior during the committee meetings where the portfolio managers discuss which investments should be a part of the portfolio: analyst A always sides with and follows the lead of analyst B, analyst C tends to have a different opinion from the group view but fears being ostracized therefore he rarely voices his opinion, manager D is very aggressive and shoots down the opinions of others if they contradict his own and also likes to argue with people. Jones is starting to wonder whether or not she made the right decision by taking the job and has had several thoughts about the behavior at the meetings. Which of the following of her thoughts is least reflective of how financial decisions are typically made in a group setting?
A. “These people are displaying irrational behavior which is typical of group settings!”
B. “Decisions made at this level are made by professionals with similar backgrounds, the committee should be functioning in a more efficient and effective manner with little discord among the members!”
C. “Their individual behavioral biases have become exacerbated in the group setting!”
【单选】 An investor selling winning securities too soon and holding losing positions too long is an example of:
A. representativeness.
B. overconfidence.
C. the disposition effect.
【单选】 Steve Perlewitz, a retirement plan specialist for Mercantile Asset Advisors (MAA), is discussing the behavioral characteristics of individual investors in defined contribution retirement plans in an effort to educate MAA’s sales team as they sell MAA’s services. In his presentation, Perlewitz makes the following comments: Comment 1: An investor whose decisions are impacted by mental accounting are likely to hold on to losing investments too long, and sell winning investments too soon. Comment 2: Since mental accounting tends to guide investors toward more conservative asset classes, the portfolio of an investor impacted by mental accounting will tend to be more conservative than that of an investor who is not, assuming similar return objectives. Comment 3: The 1/n diversification methodology used by many DC plan participants is an example of naïve diversification. Comment 4: If a defined contribution plan investor has an appropriate allocation in their retirement plan, the same allocation should also apply to their other investment accounts. After listening to Perlewitz’s presentation, sales team leader Vicki Bruning would be CORRECT to agree with:
A. Comments 1, 2, and 4 only.
B. Comment 3 only.
C. Comments 2 and 3 only.
【单选】 When an investor stays with the default investor option and default contribution rate in a company retirement plan this is an example of:
A. conditional naïve diversification.
B. status quo bias.
C. familiarity.
【单选】 The tendency for individuals to identify outcomes as gains or losses in the editing phase of decision making would most likely be an example of:
A. combination.
B. codification.
C. simplification.
【单选】 June Carter passed Level III of the CFA examination in June but will not complete her work experience requirement until August of next year. Carter can state on her resume that she:
A. passed Levels I, II, and III of the CFA examination.
B. will be a CFA charterholder in August of next year as long as she is on track to complete her work experience.
C. is a CFA in waiting.
【单选】Mary Montpier, CFA, is an equity analyst located in the Malaysia office of World Class Advisers. The firm provides investment advice and financial-planning services globally to institutional and retail clients. The Malaysia office was opened last year to provide additional international investment opportunities for U.S. clients. Montpier covers small-cap stocks in the region. Montpier’s supervisor, Rick Reynolds, CFA, works in New York. Jim Taylor is an analyst in New York who works at World Class Broker-Dealer, a sister company of World Class Advisers. Taylor covers health-care and biotech stocks for the firm. Taylor recently completed Level I of the CFA examination and is registered for the Level II examination next year. Taylor works for John James, CFA. Through her interaction with other analysts in Malaysia, Montpier learns that the use of material, nonpublic information is common practice in analyst research reports and recommendations, and is not prohibited by law in Malaysia. Montpier has acquired material, nonpublic information on the research pipeline of Circuit Secrets, a Malaysian semiconductor company. The nonpublic information makes the company seem like a fine investment. After extensive research through traditional means, Circuit Secrets appeared to be fully valued relative to its growth potential – until Montpier found the nonpublic information. In preparation for a client meeting, James asks Taylor to prepare a research report on attractive companies in the health-care industry. Since Taylor is busy preparing for company conference calls, James tells him to “throw something together.” To meet James’ request, Taylor obtains reports on Immune Health Care and Remedy Corp., two companies that he likes, but has not researched in depth. Taylor takes the original reports, which were prepared by a small brokerage firm in the Netherlands, adds some general industry information, incorporates World Class’s proprietary earnings-growth model, and submits “strong buy” recommendations to James for the stocks. Although written procedures require James to review all analyst reports prior to release, time constraints consistently prevent him from reviewing the reports prior to distribution. Montpier is proud of her CFA charter. In fact, she often boasts that she is one of the elite members of the CFA Institute that passed all three exams consecutively without failing. Taylor is also proud of the CFA program. He told his friends and family the CFA designation is globally recognized in the field of investment management and research. Furthermore, Taylor states that he believes the program will enhance his portfolio management skills and further his career development. In her free time, Montpier has begun consultation for members of a local investment club. The club is in the process of developing an appropriate compensation package for her services, which to date have included financial-planning activities and investment research. Montpier informs the investment club that she has a full-time job at World Class Advisers, which offers similar services. The investment club gave Montpier written permission to consult for them despite her full-time work. To gain insight on biotech stocks, Taylor registers for an upcoming asthma study conducted by Breakthrough Corp., through which he and others will be the subject of testing for the efficacy of several new drugs. On his application, longtime asthma sufferer Taylor indicates that he has the appropriate medical condition for the study and signs a confidentiality agreement. During the study, a researcher shows Taylor a spreadsheet detailing the progress of Breakthrough’s research pipeline. Two of the new drugs on which Breakthrough is awaiting regulatory approval have serious negative side effects in patient testing. This information confirms suspicions Taylor had developed after extensive research and conversations with company executives regarding nonmaterial, nonpublic information, though he was not certain about the names of the drugs until he saw the spreadsheet. At the conclusion of the study, Taylor releases a report detailing the drugs’ side effects and recommends that clients “sell” Breakthrough Corp. Over the next two weeks, Breakthrough releases information that the drugs in question have been held up by a regulatory agency pending additional investigation. The stock plunges more than 30 percent on the news. Which of the following is a violation of the Code and Standards?
A. Taylor sends out a resume referring to himself as a Level II CFA candidate and indicating his intention to take the Level II test in June.
B. Reynolds approves Montpier’s report on Circuit Secrets immediately, but tells his traders to wait a week before buying the stock themselves.
C. James has dinner with Taylor and promises to provide Taylor with three weeks off in May to study for the CFA exam and offer some test-taking tips.
【单选】 Lucy Ackert and Chris Brown prepared the following information to be included in the promotional materials of their employer, Lofton Securities. Lucy Ackert is one of five CFAs at Lofton Securities. She satisfied all requirements for the CFA designation in 1998. Chris Brown holds a CFA Level I designation, which he passed in 2001. He is registered to take the next scheduled Level II examination. Are the promotional materials prepared by Ackert and Brown fully consistent with the Standards of Professional Conduct?
A. Ackert: Yes. Brown: No.
B. Ackert: No. Brown: No.
C. Ackert: No. Brown: Yes.
【单选】 Nichole Zeller and Randy Toffler have both passed Level II of the CFA Exam Program and have registered for Level III. Zeller circulates a resume stating that she is a candidate for the CFA designation and has passed Level II of the CFA program. Toffler circulates a resume stating that he is a CFA II. Which of the following statements is CORRECT?
A. Only Toffler has violated the Code of Standards.
B. Only Zeller has violated the Code of Standards.
C. Both Zeller and Toffler have violated the Code of Standards.
【单选】 A CFA Institute member puts the following statement on her resume: “I passed each level of the CFA exam on the first try.” Is this a violation of Standard VII(B)?
A. No, because it is a statement of fact.
B. Yes, because she incorrectly refers to the CFA exam.
C. Yes, because saying she passed exams on the first try is not appropriate.
【单选】 A bank trust department has three portfolio managers (Diane Cole, Tomas Bermudez, and Anthony Ring), who have been awarded the right to use the CFA designation, and one other employee (Diane Takao) who has registered for the Level III CFA exam. The bank wants to include information about these individuals in a brochure. According to CFA Institute Standards of Professional Conduct, which of the following is the most appropriate use the designation in the brochure?
A. Diane Takao passed Level II of the CFA examination and is currently enrolled to take Level III.
B. Diane Cole is one of three CFAs in our trust department.
C. Anthony Ring is a Chartered Financial Analyst who has had 10 years of experience as a portfolio manager.
【单选】 Judy Albert and Bob Tye, who recently started their own investment advisory business, plan to take the Level III CFA examination next year. Albert's business card reads, "Judy Albert, CFA Candidate." Tye has not put anything about the CFA on his business card. However, the firm's promotional materials describe the CFA requirements and indicate that Tye participates in the CFA program and has completed Levels I and II. According to CFA Institute Standards of Professional Conduct:
A. Both Albert and Tye have violated the Standards.
B. Albert has violated the Standards but Tye has not.
C. Neither Albert nor Tye has violated the Standards.
【单选】 Lindsay Gordon is a CFA Level II candidate living in San Francisco. Gordon’s best friend, Steve Haney, also a Level II candidate, is living in Munich. Because of the time difference between Munich and San Francisco, Gordon suggests that Haney call Gordon during the Munich exam lunch break to discuss the morning exam. Haney makes the call on exam day.Which of the following statements regarding Gordon and Haney is CORRECT?
A. Both Gordon and Haney are in violation of Standard VII(A).
B. Gordon is in violation of Standard VII(A), but Haney is not in violation.
C. Neither Gordon nor Haney is in violation of Standard VII(A).
【单选】 Ron Vasquez is registered to sit for the CFA Level II exam. Unfortunately, Vasquez has failed the exam the past two years. In his frustration, Vasquez posted the following comment on a popular internet bulletin board: “I believe that CFA Institute is intentionally limiting the number of charterholders in order to increase its cash flow by continuing to fail candidates. Just look at the pass rates.”Which of the following statements regarding Vasquez’s conduct is CORRECT? Vasquez is:
A. in violation of Standard VII(A), Conduct as Members and Candidates in the CFA Program, but not in violation of Standard I(D), Misconduct.
B. in violation of both Standard I(D), Misconduct and Standard VII(A), Conduct as Members and Candidates in the CFA Program.
C. not in violation of Standard I(D), Misconduct or Standard VII(A), Conduct as Members and Candidates in the CFA Program.
【单选】 For the past 5 years, Karen Beckworth, CFA, has served as a proctor for the CFA exam. Beckworth tells her assistant, a CFA Level III candidate, that she normally receives the examinations on the Thursday before the exam. Given the low pass rate at Level III, Beckworth asks her assistant if he would like an advance copy of the next exam. Beckworth’s assistant declines the offer. Beckworth’s assistant has been very vocal about expressing his opinions about the low pass rate. The assistant claims, “there are too many charterholders and CFA Institute is deliberately failing candidates because the prestige of the CFA charter is becoming diluted.” With regard to Standard VII(A) Conduct as Members and Candidates in the CFA Program, which of the following statements concerning Beckworth’s and her assistant’s behavior is most accurate?
A. Beckworth is in violation of Standard VII(A), but her assistant is not in violation.
B. Both Beckworth and her assistant are in violation of Standard VII(A).
C. Neither Beckworth nor her assistant is in violation of Standard VII(A).
【单选】 While on a business trip, John Hayes, CFA, found a notebook that had apparently been left in the waiting area of an airport. Hayes opened the notebook and read the title: Confidential: Level II CFA Examination. Before returning the notebook to CFA Institute, he made a copy and gave it to Linda Sacket, one of his firm's analysts, who was a candidate for Level II of the CFA examination. Hayes reasoned that CFA Institute would not use these questions and that Sacket would benefit from reviewing these questions. Sacket read the questions and guideline answers before taking the Level II examination. According to the CFA Institute Standards of Professional Conduct:
A. Hayes violated the Standards, but Sacket did not.
B. Sacket violated the Standards, but Hayes did not.
C. both Hayes and Sacket violated the Standards.
【单选】 Stephanie Orange, Level II CFA candidate, posts blogs for her exam study group three days after the exam to vent her frustrations over the exam. However, to avoid disclosing what was actually on the exam, she only discusses topic areas she thought would be on the exam that were not. She writes "...the topics selected were unnecessarily obscure. Important items like FCF, DDM, and Residual Income were ignored completely..." Orange is most likely:
A. not in violation as the information was only about what was NOT on the exam.
B. in violation of Standard VII(A) "Conduct as Members and Candidates in the CFA Program" for providing confidential information about the exam.
C. not in violation as the information about the actual exam contents was posted after the conclusion of the exam.
【单选】 Stephanie Irons, Level II CFA candidate, regularly posts in Internet chat rooms dedicated to candidates studying for the Level II exam. Throughout the season, she and other candidates discuss curriculum content in great detail. Three days after the exam, she returns to the site and vents her frustrations over complicated exam questions by posting questions she remembers on the site, and asking others for their responses and reasoning. Other candidates follow suit and post the questions they remember. Within a week, Irons and her fellow candidates are able to reconstruct about 85% of the exam from their collective memory. Finding the exercise cathartic, she is then able to return to her job and personal life and wait for her results. Irons and her fellow candidates are most likely:
A. in violation of Standard VII(A) "Conduct as Members and Candidates in the CFA Program" for discussing curriculum content in a public forum prior to the exam.
B. not in violation as the information about the actual exam contents was posted after the conclusion of the exam.
C. in violation of Standard VII(A) "Conduct as Members and Candidates in the CFA Program" for providing confidential information about the exam.
【单选】 Brian Bellow, a CFA Institute member, is a portfolio manager for Progressive Trust Company. Several friends asked Bellow to review their investment portfolios. On his own time, Bellow examined their portfolios and made several recommendations. He received no monetary compensation from his friends for his investment advice and provided no future investment counsel to them. According to CFA Institute Standards of Professional Conduct, did Bellow violate his duty to Progressive Trust?
A. Yes, because he undertook an independent practice that could result in compensation or other benefit to him.
B. No, because Bellow received no monetary compensation for his services.
C. No, because Bellow provided no ongoing investment advice.
【单选】Which of the following is least accurate regarding the promotional announcement of Patel passing the Level III exam?
A. The promotional announcement uses the letters “CFA” as a noun and hence is an improper use of the designation.
B. The announcement violates the Code of Ethics because it implies that obtaining a CFA charter leads to superior performance.
C. The fact that a promotional announcement was made violates the restrictions on misrepresenting the meaning of the CFA designation.
【单选】 Jason Reynolds meets Jack Parker, CFA, at a social engagement and asks for some "hot stock tips." Parker declines, but sets up an appointment to review Reynolds’ risk and return objectives and financial constraints. At the conclusion of their appointment, Parker recommends three securities he has thoroughly researched: ACK, D-Wing, and Ophus-Littbinger. Parker is least likely:
A. in violation of Standard III(A) "Loyalty, Prudence, and Care" for failing to consider the three securities in the context of the whole portfolio.
B. in violation of Standard III(A) "Loyalty, Prudence, and Care" for failing to make a reasonable inquiry into the client’s investment experience.
C. not in violation.
【单选】 The following information involves two research analysts at a brokerage firm. Erik Bagenot, CFA, is preparing a research report on Global Enterprises, Inc. In preparing the report, he uses materials from many sources. For example, he uses factual information published by Standard & Poor's Corporation without acknowledging the source. He also uses excerpts from a research report prepared by another analyst. Bagenot makes only a slight change in wording for these excerpts, but acknowledges the source. Sally Wain, who is currently enrolled in the CFA program, is preparing a research report on Manson Telecommunications. She attends a conference in which several investment experts provide their views about the future prospects of this company. Wain cites several quotations from these investment experts in her report without specific reference. According to CFA Institute Standards of Professional Conduct involving prohibition against plagiarism, which of the following statements is CORRECT?
A. Wain violated the Standards, but Bagenot did not.
B. Both Bagenot and Wain violated the Standards.
C. Bagenot violated the Standards, but Wain did not.
【单选】After she received the Notice of Inquiry from the Designated Officer, Liu had fully cooperated with the investigation into her actions during the CFA Exam. If a covered person receives a Notice of Inquiry about an alleged violation of the CFA Institute Code and Standards and fails to cooperate fully with the investigation, which of the following sanctions do the Rules of Procedure permit the Designated Officer to impose?
A. Private Censure.
B. Summary Suspension.
C. 1-year Timed Suspension.
【单选】Liu requested a Hearing Panel to appeal the Designated Officer's proposed sanction. The Hearing Panel was convened by telephone and Hearing Panel members heard testimony from Liu and Yamasaki. Liu admitted that she had reviewed her notes, recognized her error and expressed remorse and a commitment to avoid violations of the Code and Standards in the future. After deliberating in private, the Hearing Panel determined that Liu had violated the Code and Standards and upheld the Designated Officer's proposed sanction. Subsequently, Liu requested a Review Panel, based on the premise that she was under extreme stress during the exam or she would never had attempted to cheat by reviewing her notes. A Review Panel has the authority to issue all of the following decisions with respect to sanctions by Hearing Panels EXCEPT:
A. refer the matter back for further review.
B. reverse the Hearing Panel's determination that a candidate or member violated the Code and Standards.
C. reverse the Hearing Panel's determination that a candidate or member violated the Code and Standards.
【单选】After conducting an investigation into Liu's actions, including reviewing proctor reports, speaking with proctors, and reviewing Liu's notes, the Designated Officer notified Liu that she was proposing the following sanction: voiding of exam results and a permanent expulsion from participation in the CFA program. Liu is devastated and determines to appeal the proposed sanction. Which of the following best describes the option open to Liu to appeal the Designated Officer's proposed sanction?
A. Liu may admit wrongdoing and enter into a stipulation agreement with the Designated Officer for a lesser sanction.
B. Liu may request a Hearing Panel.
C. Liu may request a Review Panel.
【单选】Several weeks after the exam, Liu received a letter from the Designated Officer of the CFA Institute's Professional Conduct Program concerning Liu's use of notes during the exam. When a proctor (complaining party) informs the CFA Institute Professional Conduct Program of a potential violation of the Code and Standards during the examination, the CFA Institute's Rules of Procedure permit the Designated Officer to do all of the following EXCEPT:
A. disclose the name, address and phone number of the proctor (complaining party) to the candidate regardless of the complaining party's wishes.
B. disclose the name, address and phone number of the proctor (complaining party) to the candidate regardless of the complaining party's wishes.
C. disclose the name, address and phone number of the proctor (complaining party) to the candidate regardless of the complaining party's wishes.
【单选】 The objective of achieving a 10% annual rate of return is an example of a(n):
A. required return objective.
B. absolute risk objective.
C. relative return objective.
【单选】 Gemini Investment Management Company (GIMC) assumes markets will remain at equilibrium indefinitely. GIMC defines security analysis as the examination of factors affecting the value of individual securities. GIMC defines asset allocation as the examination of factors affecting the optimal allocation of assets to the market portfolio and to the risk-free asset. Given GIMC’s assumption that markets are at equilibrium indefinitely, indicate whether GIMC should place significant or insignificant emphasis on security selection and asset allocation.
A. Insignificant emphasis on security selection only.
B. Insignificant emphasis on asset allocation only.
C. Insignificant emphasis on both.

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