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【单选】 Preston Partners is an investment management firm that adopted the Code and Standards as part of its policy manual. Gerald Smithson, CFA, has recently added the stock of Utah Biochemical Company and Norgood PLC to all his client's investment portfolios. Shortly afterwards Utah Biochemical and Norgood announced a merger that increased the share price of both companies. Smithson contends he saw the president of Utah Biochemical dining with the chairman of Norgood, but did not overhear their conversation. Smithson researched both companies extensively and determined that each company was a good investment. He put in a block trade for shares in each company. Preston's policies were not clear in this area as he allocated the shares by starting with his largest client accounts and working down to the small accounts. Some of Smithson's clients were very conservative personal trust accounts, others were pension funds who had aggressive investment objectives. Which standard was NOT broken?
A. Standard IV(C)--Responsibilities of Supervisors.
B. Standard V(A)--Diligence and Reasonable Basis.
C. Standard III(C)-- Suitability.
【单选】With regard to Standard VII(B)—Reference to CFA Institute, the CFA Designation, and the CFA Program:
A. both Montpier and Taylor are in compliance.
B. only Taylor is in compliance.
C. neither Montpier nor Taylor is in compliance.
【单选】 Scott Andrews, CFA, is a stockbroker selling an oversubscribed stock issue. Which of the following best describes Andrews' actions regarding this sale? Andrews:
A. can offer this security on a prorated basis to all clients for which the security is appropriate.
B. cannot offer an oversubscribed issue of stock to any clients.
C. can only offer this security to clients for which it is appropriate on a first come first serve basis.
【单选】 Travis Brown is a partner in a money management firm. He recently attended a seminar and learned about a quantitative model presented by Dixon. Upon returning to his office, Brown began testing the model and making a few minor alterations. He showed the model to his partners who were impressed and decided to promote the model as proof of the firm's value added. In the firm's next newsletter, Brown included a discussion of the model, the results, and financial data on several stocks selected by the model. These factual data were taken from Standard and Poor's publication. According to the CFA Institute Standards of Professional Conduct, which of the following actions is Brown required to take?
A. Brown must credit Dixon, no need to credit S&P.
B. Brown must credit S&P, no need to credit Dixon.
C. Brown must credit both Dixon and S&P.
【单选】 All of the following situations violate Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, EXCEPT:
A. Barney Latrell, when introducing himself to a prospective client, says, "I completed my CFA in 1995, which required passing three six-hour examinations over a three year period."
B. John Cabell has satisfied all the requirements imposed by CFA Institute for the right to use the Chartered Financial Analyst designation. His business cards say: John Cabell, C.F.A.
C. Karen Wright received her CFA charter in 1980. In 2001, she stopped paying her annual CFA Institute dues. During her retirement speech in 2002, Wright said, "Although I am no longer an active CFA charterholder, I was awarded the right to use the CFA designation in 1980 and maintained active membership in CFA Institute for 20 years."
【单选】 Janet Olson, CFA, is an analyst at Quantech Associates. Olson attended a conference at which Brian Wright presented several proprietary computerized spreadsheets that he had developed to value high-tech stocks. While at the conference, Olson copied the spreadsheets without Wright’s knowledge. Later, Olson made several minor changes to Wright’s initial model. After testing the revised model, Olson was impressed with the results. As inputs for the model, she used factual materials supplied by Moody’s Investors Service, a recognized financial and statistical reporting service. Olson wrote a research report describing the revised model and its results and distributed the report to Quantech’s clients. According to CFA Institute Standards of Professional Conduct, which of the following actions is Olson required to take? Olson is:
A. required to seek authorization from Wright to copy the spreadsheets and acknowledge Wright for developing the initial model and Moody's Investors Service as the source of the data.
B. required to seek the authorization from Wright to copy the spreadsheets, acknowledge Wright for developing the initial model but is not required to acknowledge Moody's Investors Service as the source of the data.
C. required to acknowledge Moody's Investors Service as the source of the data but is not required to seek authorization from Wright to copy the spreadsheets or to acknowledge Wright for developing the initial model.
【单选】 Anderson, Baker and Chang all received their CFA charters and ordered new business cards. Their business cards are as follows: G. J. Anderson, CFA B. K. Baker, Chartered Financial Analyst M. S. Chang, C.F.A Which of the business cards use the CFA marks improperly?
A. Anderson and Chang.
B. Baker and Chang.
C. Chang.
【单选】 John Johnson, portfolio manager at Sunshine Investments, has passed all three levels of the CFA® Program and has completed his work experience requirements. He expects to receive his charter in the near future. He includes the following statement in his firm’s brochure: “Johnson has passed all three levels of the exam and has completed the required work experience for the CFA Charter. He is eligible for the CFA Charter and expects to receive the charter in the near future. Over the years, he has demonstrated a superior performance and his CFA Charter will be rightfully awarded.” Johnson has:
A. violated CFA Institute Standards of Professional Conduct because he advertised the CFA Charter before actually obtaining it.
B. not violated CFA Institute Standards of Professional Conduct because he met all disclosure requirements.
C. violated CFA Institute Standards of Professional Conduct because he implied superior performance that would be linked to the CFA Charter.
【单选】 Which of the following statements is a violation of Standard VII(B) if it is included on a CFA charterholder’s resume?
A. Both of these are violations of Standard VII(B).
B. My earning the CFA designation indicates my superior ability.
C. My earning the CFA designation indicates my desire to maintain high standards.
【单选】 During 2004 Nancy Arnold received an undergraduate business degree with a management major and completed all requirements for the CFA designation imposed by CFA Institute. She is applying for employment at several brokerage firms. Her resume states, “I was awarded the CFA degree in 2004 by CFA Institute.” Her resume also states that she graduated “with honors” and majored in finance. Her grade point average was 3.48 but “with honors” requires a 3.50 grade point average. Which of the following statements about Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, and Standard I(C), Misrepresentation, is CORRECT? Arnold:
A. violated both Standard VII(B) and Standard I(C).
B. violated Standard I(C) but she did not violate Standard VII(B).
C. did not violate either Standard VII(B) or Standard I(C).
【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: Yes.
C. Ackert: No. Brown: No.
【单选】 When Wes Smith first joined Advisors, Inc., he was excited that all the analysts at the firm had the CFA designation. In letters to prospective clients, he states that this ensures that Advisors can provide better service than their competitors. With respect to Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, this is:
A. a violation because he mentions the CFA designation in the letter.
B. a violation because he cannot guarantee better service.
C. a violation for both mentioning the CFA designation and saying the firm can guarantee better service.
【单选】 Ralph Lim and Susan Bland have both passed Level I of the CFA Program. Both are currently enrolled to sit for Level II. Lim's business card reads, "Ralph Lim, CFA Level I." Bland's resume states, "Level II Candidate in the CFA Program." According to CFA Institute Standards of Professional Conduct involving use of the professional designation:
A. Lim violated the Standard, but Bland did not.
B. Both Lim and Bland violated the Standard.
C. Bland violated the Standard, but Lim did not.
【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 Zeller has violated the Code of Standards.
B. Both Zeller and Toffler have violated the Code of Standards.
C. Only Toffler has violated the Code of Standards.
【单选】 Robert Hopkins has earned the right to use the CFA designation and wants to indicate this on his business card. According to CFA Institute Standards of Professional Conduct, which of the following is the proper use of the professional designation on his business card?
A. Robert Hopkins, cfa.
B. Robert Hopkins, C.F.A.
C. Robert Hopkins, Chartered Financial Analyst.
【单选】 All of the following statements in promotion of your services are in violation of CFA Institute Standards of Practice handbook EXCEPT:
A. I passed Level II of the CFA Program in 2003.
B. I guarantee under my management that you will receive returns in excess of the market index average.
C. based upon my research, you will achieve a 20% compound annual rate of return on small cap stocks over the next 5 years.
【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. Yes, because she incorrectly refers to the CFA exam.
B. Yes, because saying she passed exams on the first try is not appropriate.
C. No, because it is a statement of fact.
【单选】 Julie Stades retired several years ago and relinquished her membership in CFA Institute. She had the CFA designation up until then. She has decided to go back to work and puts the following statement on her resume: “I earned the CFA designation 10 years ago.” Is this a violation of Standard VII(B)?
A. No, as long as she does not indicate she currently has the designation.
B. Yes, she has used the letters "CFA" in an undignified manner.
C. Yes, because she uses "CFA" as a noun.
【单选】 A broker and CFA charterholder has been arrested for the crime of murder. Which, if any, of the following could result in the member being summarily suspended from using the CFA designation?
A. Either being convicted or pleading guilty to the crime.
B. He is acquitted of the crime, but he is barred from continuing to work in the investment industry.
C. Both of the results listed here.
【单选】 Which of the following actions would be a violation of the Standard VII(A), Conduct as Members and Candidates in the CFA Program?
A. Exaggerating the implications of holding the CFA designation.
B. Failure to submit a Professional Conduct Statement and pay annual dues.
C. Misrepresenting information on the Professional Conduct Statement.
【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. Both Beckworth and her assistant are in violation of Standard VII(A).
B. Neither Beckworth nor her assistant is in violation of Standard VII(A).
C. Beckworth is in violation of Standard VII(A), but her assistant is not in violation.
【单选】 A CFA charterholder coaches a fellow employee as that colleague studies for the CFA exams. The charterholder tells the colleague all that she remembers from her exams and how they were constructed. This is:
A. not a violation of the standards.
B. a violation of Standard I(D) concerning professional misconduct.
C. a violation of Standard VII(B) concerning use of the designation.
【单选】 All of the following are violations of Standard VII(A), Conduct as Members and Candidates in the CFA Program, EXCEPT:
A. disregarding the rules related to the administration of the CFA examination.
B. improperly using the CFA Designation to further professional goals.
C. expressing opinions in disagreement with CFA Institute advocacy positions.
【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】 Wes Smith, CFA, refers many of his clients to Bill Towers, CPA, for accounting services. In return, Towers performs routine services for Smith, such as his tax returns, for no charge. Towers has just become a member of CFA Institute. With this development, Towers must:
A. reveal to the prospects referred by Smith that he performs services for Smith, along with the estimated value of those services.
B. only reveal to the prospects referred by Smith that he performs services for Smith.
C. discontinue his services for Smith.
【单选】 Toni Florence, CFA, CAIA, leases office space to her best friend, Tom Rigs. Florence is an independent investment advisor specializing in high net worth clients and Rigs is a licensed real estate broker. In lieu of paying rent, Rigs refers his real estate clients to Florence, but only with the clients’ permission. For clients referred by Rigs, Florence:
A. need not disclose the referral fee if Rigs discloses the lease arrangement to the clients first.
B. must disclose the terms of the lease arrangement.
C. need not disclose the terms of the lease arrangement because Rigs obtained the clients’ permission for the referral.
【单选】 Gordon McKinney, CFA, works in the trust department of a bank. The bank's trust account holds a large block of a particular company. McKinney learns that this company is going to buy back one million shares at a 15% premium to the market price on a first-come-first-served basis. McKinney immediately tells his mother-in-law to tender her shares but waits until the end of the day to tender the trust's shares. McKinney has most likely violated:
A. Standard VI(B), Priority of Transactions.
B. Standard IV(A), Loyalty to Employer.
C. Standard II(A), Material Nonpublic Information.
【单选】 An analyst, who is a CFA Institute member, manages a high-grade bond mutual fund. This is his only professional responsibility. When the analyst comes across a speculative stock investment that he feels is a good investment for his personal portfolio, the analyst:
A. is in violation of Standard IV(A), Loyalty to Employer, by spending time analyzing stocks when he should only analyze bonds.
B. must notify his supervisor about the stock according to Standard VI(B), Priority of Transactions, to see if it is appropriate for the portfolio that he manages.
C. may invest in the stock because the analyst would not purchase the stock for the bond portfolio he manages.
【单选】 The following scenarios refer to two analysts who are employed at Global Securities, a large brokerage firm. Paula Linstrom, CFA, is instructed by her supervisor to write a research report on Delta Enterprises. Delta's stock is widely held by institutional and individual investors. Although Linstrom does not own any of Delta's stocks, she believes that one of her friends may own 10 shares of Delta. The stock currently sells for $25 per share. Linstrom does not believe that informing her employer about her friend's possible ownership of Delta shares is necessary. Hershel Wadel, a member of CFA Institute, is asked by his supervisor to write a research report on Gamma Company. Wadel's wife inherited 500 shares of Gamma Company from her father when he died five years ago. Gamma stock currently sells for $35 per share. Wadel does not believe that informing his employer about his wife's ownership of Gamma shares is necessary. According to CFA Institute Standards of Professional Conduct, which the following statements about Linstrom and Wadel's conduct is most accurate?
A. Neither of these analysts must disclose a potential conflict of interest.
B. Both of these analysts must disclose a potential conflict of interest.
C. Only one of these analysts must disclose a potential conflict of interest.
【单选】 Laura Field, CFA, is a portfolio manager for Valley Investments. Valley owns a significant position in Datatronics, a local company. Most portfolios managed by Valley on behalf of its clients also include Datatronics stock. Field meets with a prospect and discusses potential equities the firm might place in her portfolio, including Datatronics. Field does not mention Valley’s position in Datatronics. Field has:
A. not violated the Code and Standards.
B. violated the Code and Standards only if Datatronics stock is placed in the prospect’s portfolio.
C. violated the Code and Standards by not disclosing the firm’s position in Datatronics.

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