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【单选】 Cynthia Abbott, a CFA charterholder, is preparing a research report on Boswell Company for her employer, Capital Asset Management. Bob Carter, president of Boswell, invites Abbott and several other analysts to visit his company and offers to pay her transportation and lodging. Abbott declines Carter’s offer but, while visiting the company, accepts a gift from Carter valued at $75. Abbott fails to disclose the gift to her supervisor at Capital when she returns. In the course of the company visit, Abbott overhears a conversation between Carter and his chief financial officer that the company’s earnings per share (EPS) are expected to be $1.10 for the next quarter. Abbott was surprised that this EPS is substantially above her initial earnings estimate of $0.70 per share. Without further investigation, Abbott decides to include the $1.10 EPS in her research report on Boswell. Using the high EPS positively affects her recommendation of Boswell.Which of the following statements about whether Abbott violated Standard V(A), Diligence and Reasonable Basis and Standard I(B), Independence and Objectivity is CORRECT? Abbott:
A. violated Standard V(A) but she did not violate Standard I(B).
B. did not violate Standard V(A) but she violated Standard I(B).
C. violated both Standard V(A) and Standard I(B).
【单选】 Steven Wade, CFA, writes an investment newsletter focusing on high-tech companies, which he distributes by e-mail to paid subscribers. Wade does not gather any information about his clients’ needs and circumstances. Wade has developed several complex valuation models that serve as the basis for his recommendations. Each month, his newsletter contains a list of “buy” and “sell” recommendations. He states that his recommendations are suitable for all types of portfolios and clients. Because of their proprietary nature, Wade does not disclose, except in general terms, the nature of his valuation models. He conducted numerous statistical tests of these models and they appear to have worked well in the past. In his newsletter, Wade claims that subscribers who follow his recommendations can expect to earn superior returns because of the past success of his models. Wade violated all of the following CFA Institute Standards of Professional Conduct EXCEPT:
A. Standard I(C), Misrepresentation.
B. Standard V(B), Communication with Clients and Prospective Clients.
C. Standard III(B), Fair Dealing.
【单选】 Ken James has been an independent financial advisor for 15 years. He received his CFA Charter in 1993, but did not feel it helped his business, so he let his dues lapse this year. He still has several hundred business cards with the CFA designation printed on them. His promotional materials state that he received his CFA designation in 1993. James:
A. must cease distributing the cards with the CFA designation, but can continue to use the existing promotional materials.
B. can continue to use the existing promotional materials, and can use the cards until his supply runs out—his new cards cannot have the designation.
C. must cease distributing the cards with the CFA designation and the existing promotional materials.
【单选】 Jack Harris, a CFA candidate, is a telecommunications analyst at Hasten Securities. Based upon his analysis of Midwest Telecom, he changes his recommendation of the company’s common stock from “hold” to “sell.” Before disseminating his recommendation and the reason for the change to Hasten’s clients, Harris informs several portfolio managers at Hasten, whom he knows personally own Midwest stock, of the changed recommendation. Several days later, Hasten communicates the change in investment recommendation on Midwest to clients known to have bought Midwest and those who currently hold the stock. Jane White, CFA, is a broker at Hasten Securities. One of her clients places a buy order contrary to the current recommendation on Midwest. After advising her client of the recommendation, she executes the transaction. According to Standard III(B), Fair Dealing, which of the following statements about Harris and White’s actions is CORRECT?
A. Both Harris and White violated Standard III(B).
B. Harris violated Standard III(B), but White did not violate Standard III(B).
C. Neither Harris nor White violated Standard III(B).
【单选】 Albert Long, CFA, manages portfolios of high net worth individuals for HKB Corp. Alice Thurmont, one of his close friends, heads a local charity for homeless children that depends on donations to operate. Because donations have declined during the past year, the charity is experiencing financial difficulty. Thurmont asks Long to give her a partial list of his clients so that she can contact them to make tax-deductible donations. Because Long knows that the charity provides much benefit to the community, he provides Thurmont with the requested list. Betty Short, CFA, also works for HKB Corp. She receives a letter from CFA Institute's Professional Conduct Program (PCP) requesting that she provide information about one of HKB’s clients who is being investigated. Short complies with the request despite the confidential nature of the information requested by the PCP. Based on Standard III(E), Preservation of Confidentiality, which of the following statements about Long and Short’s actions is CORRECT?
A. Short violated Standard III(E) but Long did not violate Standard III(E).
B. Both Long and Short violated Standard III(E).
C. Long violated Standard III(E) but Short did not violate Standard III(E).
【单选】Caroline Turner, an analyst for Lansing Asset Management, just completed an investment report in which she recommends changing a “buy” to a “sell” for Gallup Company. Her supervisor at Lansing approves of the change in recommendation. Turner wonders about whether she needs to disseminate this investment recommendation to Lansing’s clients and if so, how to distribute this information. According to CFA Institute Standards of Professional Conduct, Turner is:
A. not required to disseminate the change of recommendation from a buy to a sell because the change is not material.
B. required to design an equitable system to disseminate the change in a prior investment recommendation.
C. required to disseminate the change in a prior investment recommendation to all clients and customers on a uniform basis.
【单选】 Brendan Duval works as a research analyst for Toby Securities. Duval recommends changing a recommendation from “sell” to “buy” on Dalton Company. His firm, which manages several mutual funds, may be interested in buying Dalton’s stock. He also manages the retirement account that his parents established with Toby. Duval wants to buy shares of Dalton’s stock because it is an appropriate investment for his parent’s retirement account and obtains approval from his employer to do so. Duval is also thinking about personally investing in Dalton stock. According to CFA Institute Standards of Professional Conduct, which of the following best describes the priority of transactions? Duval should give:
A. Toby's clients and his parent's account equal priority, followed by his employer, and then his personal account.
B. priority to Toby's clients and his employer concurrently, followed by his parent's retirement account, and finally his personal account.
C. priority of transactions to Toby's clients, followed by his employer, then his parent's retirement account, and finally his personal account.
【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 S&P, no need to credit Dixon.
B. Brown must credit both Dixon and S&P.
C. Brown must credit Dixon, no need to credit S&P.
【单选】 While visiting the CSI Company, Mark Ramsey, CFA, overheard management make comments that were not public information, but were not really meaningful by themselves. However, when this information is combined with his own analysis and other outside sources, Ramsey decides to change his recommendation on CSI from buy to sell. According to CFA Institute Standards of Professional Conduct, Ramsey should:
A. issue his sell report because the facts are nonmaterial, but maintain a file of the facts and documents leading to this conclusion.
B. report these events to his immediate supervisor and legal counsel, since they have become material in combination with his analysis.
C. not issue his report until these comments are made public.
【单选】 Sallie Reid, CFA, is asked by her boss, also a CFA charterholder, to use a research report of a competing firm, change a few details, sign it and send it to a large client. He says their firm’s researchers will draw the same conclusions but haven’t gotten to them yet. If she complies, she is doing all of the following EXCEPT:
A. complying with CFA Institute standards because she cannot disobey her boss.
B. obeying her boss, a CFA charterholder, but violating several of the CFA Institute Code and Standards.
C. violating CFA Institute standards dealing with plagiarism.
【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 III(C)-- Suitability.
C. Standard V(A)--Diligence and Reasonable Basis.
【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. cannot offer an oversubscribed issue of stock to any clients.
B. can offer this security on a prorated basis to all clients for which the security is appropriate.
C. can only offer this security to clients for which it is appropriate on a first come first serve basis.
【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 desire to maintain high standards.
C. My earning the CFA designation indicates my superior ability.
【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 Standard I(C) but she did not violate Standard VII(B).
B. violated both Standard VII(B) and Standard I(C).
C. did not violate either Standard VII(B) or Standard I(C).
【单选】 All of the following are required for a CFA Institute member to maintain his or her active status EXCEPT:
A. remit a completed Professional Conduct Statement on an annual basis.
B. paying membership dues to CFA Institute on an annual basis.
C. Passing each exam in no more than two tries.
【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】 Jake Miles, CFA, includes the following phrase on his business card: “Jake Miles is your trusted local CFA.” Is this a violation of Standard VII(B)?
A. Yes, because he uses CFA as a noun.
B. Yes, because he cannot put the initials "CFA" on his business card.
C. No, because his CFA Institute membership indicates that he is indeed trustworthy.
【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 guarantee under my management that you will receive returns in excess of the market index average.
B. based upon my research, you will achieve a 20% compound annual rate of return on small cap stocks over the next 5 years.
C. I passed Level II of the CFA Program in 2003.
【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 cannot guarantee better service.
B. a violation because he mentions the CFA designation in the letter.
C. a violation for both mentioning the CFA designation and saying the firm can guarantee better service.
【单选】 Ted Willis received his CFA designation in 1998 and was employed as an investment counselor until 2003. During the past several years, Willis has been out of work because of a serious illness. He also failed to pay his annual CFA Institute dues during the current year. Willis has now recovered and accepted a position with an investment advisory firm. His new business card says, “Ted Willis, CFA.” As part of his job with his new firm, Willis uses PowerPoint® to make presentations to groups of prospective clients. He obtained some of these PowerPoint® slides from web sites, but removed the copyright notice before showing the slides to prospective clients. 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 most accurate? Willis:
A. violated Standard VII(B) but he did not violate Standard I(C).
B. violated both Standard VII(B) and Standard I(C).
C. did not violate either Standard VII(B) or Standard I(C).
【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. No, because it is a statement of fact.
C. Yes, because saying she passed exams on the first try is not appropriate.
【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. violated CFA Institute Standards of Professional Conduct because he implied superior performance that would be linked to the CFA Charter.
C. not violated CFA Institute Standards of Professional Conduct because he met all disclosure requirements.
【单选】 An analyst has not paid his CFA Institute dues for several years but has filed a professional conduct statement annually. Which of the following statements is CORRECT regarding his status with CFA Institute? The analyst:
A. is no longer an active member.
B. cannot refer to ever having been a member.
C. is still an active member.
【单选】 All of the following situations violate Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, EXCEPT:
A. 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."
B. 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."
C. 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.
【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. Chang.
C. Baker and Chang.
【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 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.
B. 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.
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】 Which of the following is an appropriate statement for a Level II CFA candidate to make?
A. I am a Level II CFA.
B. I passed the Level I CFA exam last year.
C. I am a Level I CFA charterholder.
【单选】When using the CFA designation, which of the following is appropriate?
A. Jones CFA's, Inc.
B. "I am a CFA."
C. "I am a CFA charterholder."

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