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【单选】 Dwight Dawson, a CFA charterholder and portfolio manager at Ascott Investments, was recently appointed to the investments committee at Brightwood College. He will receive no compensation from Brightwood for serving on this committee. Another person at Ascott manages part of Brightwood’s endowment. Dawson does not inform Ascott’s compliance office of his involvement with Brightwood, because he does not believe doing so is necessary. Brenda Hamilton, a CFA candidate, also works for Ascott as an investment analyst. Procedures established at Ascott prohibit personal trading in securities analyzed or recommended by Ascott. One of these securities is Horizon, a telecommunications firm. Hamilton buys 10 shares of Horizon for her infant son’s trust account. She believes that reporting this purchase to Ascott’s compliance officer is unnecessary because the amount of the transaction is small and is not for her own personal account. Did Dawson or Hamilton’s actions violate CFA Institute Standards of Professional Conduct?
A. Dawson: Yes, Hamilton: Yes.
B. Dawson: No, Hamilton: No.
C. Dawson: No, Hamilton: Yes.
【单选】 Jan Hirsh, CFA, is employed as manager of a college endowment fund. The college’s board of directors has recently voted to consider divesting from companies located in a country that has a poor civil rights record. Hirsh has personal investments in several firms in the country. Hirsh needs to:
A. do nothing since the board has not made a decision yet.
B. disclose her ownership in the stocks to both her supervisor and the board.
C. disclose her ownership in the stocks to her supervisor only.
【单选】 Bill Valley has been working for Advisors, Inc., for several years, and he just joined CFA Institute. Valley routinely writes research reports on Pharmaceutical firms. Valley has recently been asked to serve on the board of directors of an organization that promotes the search for a cure of a certain cancer. Serving on the board is an unpaid position without any direct benefits other than meeting new people and potential clients. To comply with Standard VI, Disclosure of Conflicts, Valley needs to:
A. do nothing.
B. both disclose the position on the board to his supervisor and describe his responsibilities on the board.
C. only disclose the position on the board to his supervisor.
【单选】 Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Burch Corporation. According to CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is most correct? Lambert would have to disclose that:
A. both of these choices require disclosure.
B. he has a material beneficial ownership of Burch Corporation through a family trust.
C. his wife owns 2,000 shares of Burch Corporation.
【单选】 Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research firm. All of the following are potential conflicts of interest EXCEPT:
A. Trobb's research firm has a large stake of ownership in Aneas Lumber.
B. Aneas hires Trobb as a consultant to analyze Aneas' financial statements.
C. Trobb's cousin repairs machines for Aneas.
【单选】 The following scenarios involve two analysts at Dupree Asset Management, a small New York-based company with about $150 million in assets under management. Dupree restricts personal trading of stocks analyzed, corporate directorships, trustee positions, and other special relationships that could reasonably be considered a conflict of interest with their responsibilities to their employer. Ray Bolt, CFA, is a senior investment analyst. Bolt was recently elected to the board of trustees of his alma mater, Midwest University, and was appointed as the chairman of the University's endowment committee. Midwest has more than $2 billion in its endowment. Bolt must travel from New York to Chicago eight times a year to attend meetings of the board of trustees and endowment committee. Bolt did not inform Dupree of his involvement with Midwest University. Wanda Delvecco, a candidate in the CFA Program, is a junior investment analyst. She recently wrote a research report on Aveco Communications and recommended the stock for Dupree's "buy" list. Delvecco bought 200 shares of Aveco stock for her personal account 12 months before she wrote her research report. Over the past 12 months, the stock's price has been in the $20-42 price range. Delvecco has not informed Dupree of her ownership of Aveco stock. According to CFA Institute Standards of Professional Conduct, which the following statements about Bolt and Delvecco's actions is CORRECT?
A. Delvecco violated the Standards, but Bolt did not.
B. Both Bolt and Delvecco violated the Standards.
C. Neither Bolt nor Delvecco violated the Standards.
【单选】 Ryan Brown, CFA, is an analyst with a large insurance company. His personal portfolio includes a significant investment in QRS common stock that his firm does not currently follow. The director of the research department asked Brown to analyze QRS and write a report about its investment potential. Based on CFA Institute Standards of Professional Conduct, Brown is required to:
A. disclose the ownership of the stock to his employer and in the report.
B. sell his shares of QRS before completing the report.
C. decline to write the report without specific approval of his supervisor.
【单选】 Abner Flome, CFA, is writing a research report on Paulsen Group, an investment advisory firm. Flome’s brother-in-law holds shares of Paulsen stock. Flome has recently interviewed for a position with Paulsen and expects a second interview. According to the Standards, Flome’s most appropriate action is to disclose in the research report:
A. his brother-in-law’s holding of Paulsen stock and that he is being considered for a job at Paulsen.
B. that he is being considered for a job at Paulsen.
C. his brother-in-law’s holding of Paulsen stock.
【单选】Lee Hurst, CFA, is an equity research analyst who has recently left a large firm to start independent practice. He is able to re-create several of his previous recommendation reports from memory, based on sources obtained at his previous employer. He publishes the reports and obtains several new clients. Hurst is most likely:
A. in violation of Standard V(C) “Record Retention.”
B. not in violation of any Standard.
C. in violation of Standard V(A) "Diligent and Reasonable Basis."
【单选】 According to CFA Institute Standards of Professional Conduct, members should do all of the following to meet the compliance procedures for having a reasonable basis for recommendations, EXCEPT:
A. analyze the client's investment needs.
B. analyze the investment's basic characteristics before recommending a specific investment to a broad client group.
C. distribute a detailed, written research report to clients with each recommendation.
【单选】 Nicole Wise, CFA, is an analyst at Chicago Securities. She attends a meeting with management of one of the companies that she covers. During the meeting, management expresses great optimism about the company’s recent acquisition of a new business. Wise is excited about these prospects and issues a research report that states that the company is about to achieve significant success with the new acquisition. Wise has:
A. violated CFA Institute Standards of Professional Conduct because she misrepresented the optimism by turning it to certainty.
B. violated CFA Institute Standards of Professional Conduct because she did not check the accuracy of the statements that management made.
C. not violated CFA Institute Standards of Professional Conduct because she had reasonable reason to believe that the statements in her report were true.
【单选】 Roger Halpert, CFA, prepares a company research report in which he recommends a strong "buy." He has been careful to ensure that his report complies with the CFA Institute Standard on research reports. According to CFA Institute Standards of Professional Conduct, which of the following statements about how Halpert can communicate the report is most correct?
A. Halpert can transmit his report by computer on the Internet.
B. Halpert can make his report in person.
C. Halpert can make his report in person, by telephone, or by computer on the Internet.
【单选】 Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. It is Hatfield’s opinion that interest rates will fall in the near future. Based upon this, Hatfield begins increasing the bond allocation of each portfolio. In order to comply with Standard V(B), Communication with Clients and Prospective Clients, the analyst needs to:
A. inform the clients of the change and tell them it is based upon an opinion and not a fact.
B. make sure that the change is identical for both clients.
C. perform both of these functions.
【单选】 In the preparation of a research report, a CFA Institute member may emphasize certain matters, touch briefly on others, and omit some altogether:
A. provided that the analyst has a reasonable basis for his or her actions.
B. provided that the analyst both has a reasonable basis and is unconstrained by the Mosaic theory.
C. under no circumstances.
【单选】 Joni Black, CFA, works for a portfolio management firm. Black is a partner of the firm and is primarily responsible for managing several large pension plans. Black has just finished a research report in which she recommends Zeta Corporation as a “Strong Buy.” Her rating is based on solid management in a growing and expanding industry. She just handed the report to the marketing department of the firm for immediate dissemination. Upon returning to her desk she notices a news flash by CNN reporting that management for Zeta Corporation is retiring. Black wishes she did not recommend Zeta Corporation as a “Strong Buy,” but believes the corporation is still a good investment regardless of the management. What course of action for Black is best? Black:
A. may send out the report as written as long as a follow up is disseminated within a reasonable amount of time reflecting the changes in management.
B. should report the new information to her immediate supervisor so that they can determine whether or not the marketing department should send out the report as written.
C. should revise the recommendation based on this new information.
【单选】 Rhonda Meyer, CFA, is preparing a research report on Moon Ventures, Inc. In the course of her research she learns the following: Moon had its credit rating downgraded by a prominent rating agency 3 years ago due to sales pressure in the industry. The rating was restored 3 months later when the pressure resolved. Moon’s insider trading has been substantial over the last 3 months. Holdings of Moon shares by officers, directors, and key employees were reduced by 50% during that period. In Meyer’s detailed report making a buy recommendation for Moon, both the credit rating downgrade and the insider trading were omitted from the report. Meyer has:
A. violated the Code and Standards by not including the insider trading information and by not including the credit rating downgrade in her report.
B. violated the Code and Standards by not including the insider trading information in her report.
C. not violated the Code and Standards in her report.
【单选】 Janet Coleman, a CFA Institute member, is an analyst at a regional brokerage firm. She is preparing a research report on Standard Power and Light. Due to deregulation, utility companies face increased competition. During the past year, three of the five utility companies in her region have cut their dividends by 50%, on average, to provide more internal funds for investment purposes. In a discussion with Standard's chief executive officer, Coleman learned that Standard expects to have a record amount of capital expenditures during the next year. Although Standard subsequently issued a press release about its capital expenditure plans, it did not make any public statements about a change in dividend policy. Coleman reasons that the management of Standard will be under pressure to cut its dividends within the next year to remain competitive. Coleman issues a research report in which she states: "We expect Standard Power and Light will experience an initial decrease of $3 a share in its stock price when it cuts its dividend from $2 to $1 a share by the second quarter. We expect that Standard will strengthen its competitive position by using more internally generated funds to finance its investment opportunities. If investors buy the stock now at around $50 a share, their total return should be at least 20% on the stock." Based on CFA Institute Standards of Professional Conduct, which of the following statements about Coleman's actions is CORRECT?
A. Coleman violated the Standards because she failed to separate opinion from fact in her research report.
B. Coleman violated the Standards because she used material inside information.
C. Coleman did not violate the Standards.
【单选】 Robert Hamilton, a CFA candidate, is preparing a research report on Pets-R-Us for public distribution. Hamilton's preliminary report contains unfavorable earnings forecasts for the next four quarters. As part of his analysis, Hamilton met with Linda Brisson, the president of Pets-R-Us, and asked her to review the preliminary report for factual inaccuracies. Brisson revised Hamilton's earnings forecasts so that the quarterly earnings showed an upward trend and resulted in positive earnings by the fourth quarter. Hamilton included the revised earnings figures in his report without further review. Although the final report included the basic characteristics of Pets-R-Us, it emphasized certain areas such as projected quarterly earnings but only briefly touched on others. According to CFA Institute Standards of Professional Conduct on research reports, Hamilton:
A. violated the Standard because he did not thoroughly review and analyze any information provided by Brisson.
B. violated the Standard because the report did not give similar attention to all areas but instead emphasized quarterly earnings at the expense of other areas.
C. did not violate the Standard.
【单选】 Bertrand Greene, CFA, is preparing a report on Blanding, Inc. Blanding's earnings have increased in each of the last six years by an average of 11.8%. Based on his analysis, Greene projects that Blanding's earnings will increase by 12.5% in each of the next two years. Greene will violate the Code and Standards if he states:
A. "Blanding's earnings have been compounding at approximately 11.8% annually."
B. "Blanding's earnings will grow at 12.5% annually in each of the next two years."
C. "I expect Blanding's earnings growth to increase to 12.5% annually in the next two years."
【单选】 Susan Tigra, CFA, is a portfolio co-manager for the Sandia Energy pension fund. Sandra Bulow, a research analyst under Tigra’s supervision, creates a new trading model and immediately begins to trade. Susan stops Bulow from trading, but notes that the firm has no guidelines for testing new models. Tigra should most likely:
A. encourage her firm to develop detailed, written guidance that establishes minimum levels of testing for all computer-based models as recommended by Standard V(A) "Diligence and Reasonable Basis."
B. encourage her firm to develop detailed, written guidance that establishes minimum levels of testing for all computer-based models as required by Standard III(C) "Suitability."
C. report Bulow to the firm’s compliance department for violation of Standard V(A) "Diligence and Reasonable Basis."
【单选】 Wes Smith, CFA, works for Advisors, Inc. In order to remain in compliance with Standard V(A), Diligence and Reasonable Basis, Smith may recommend a security in which of the following situations?
A. Smith reads a favorable review of the security in a widely read periodical.
B. Advisors' research department recommends a stock.
C. For either of the reasons listed here.
【单选】 Several years ago, Hilton and Ross, a full service investment firm, managed the initial public offering of eCom, Inc. Now, eCom wants Hilton and Ross to underwrite its secondary public offering. A senior manager at Hilton and Ross asks Brent Whitman, CFA, one of its equity analysts, to write a favorable research report on eCom to help make the underwriting a success. Whitman conducts a thorough analysis of eCom and concludes that the company has serious problems that do not suggest a favorable financial outlook. Nevertheless, Whitman writes a favorable report because he is fearful of losing his job. Hilton and Ross publicly distribute a report that only contains a buy recommendation and a brief description of the basic characteristics of eCom. Whitman has violated:
A. Standard V(A) Diligence and Reasonable Basis only.
B. Both Standard I(B) Independence and Objectivity and Standard V(A) Diligence and Reasonable Basis.
C. Standard I(B) Independence and Objectivity, only.
【单选】 Susan Plumb is the supervisor of her firm’s research department. Her firm has been seeking the mandate to underwrite Wings Industries’ proposed secondary stock offering. Without mentioning that the firm is seeking the mandate, she asks Jack Dawson to analyze Wings common stock and prepare a research report. After reasonable effort, Dawson produces a favorable report on Wings stock. After reviewing the report, Plumb then adds a footnote describing the underwriting relationship with Wings and disseminates the report to the firm’s clients. According to CFA Institute Standards of Professional Conduct, these actions are:
A. a violation of Standard V(A), Diligence and Reasonable Basis.
B. a violation of Standard VI(A), Disclosure of Conflicts.
C. not a violation of any Standard.
【单选】 In the process of recommending an investment, in order to comply with Standard V(A), Diligence and Reasonable Basis, a CFA Institute member must:
A. have a reasonable and adequate basis for the recommendation.
B. do both of these.
C. support a recommendation with appropriate research and investigation.
【单选】 Todd Gable, CFA, was attending a noon luncheon when he overheard two software executives talking about a common vendor, Datagen, about how wonderful they thought the company was, and about a rumor that a major brokerage firm was preparing to issue a strong buy recommendation on the stock. Gable returned to the office, checked a couple of online sources, and then placed an order to purchase Datagen in all of his discretionary portfolios. The orders were filled within an hour. Three days later, a brokerage house issued a strong buy recommendation and Datagen’s share price went up 20%. Gable then proceeded to gather data on the stock and prepared a report that he dated the day before the stock purchase. Gable has:
A. violated the Standards by not having a reasonable basis for making the purchase of Datagen.
B. violated the Standards by using the recommendation of another brokerage firm in his report.
C. violated the Standards by improper use of inside information.
【单选】 Bill Fox, CFA, has been preparing a research report on New London Wire and Cable, one of his major investment clients. He had completed much of his analysis and had planned on having his report typed and bound today. Unfortunately, his briefcase was stolen while he ate breakfast, and he lost all his notes and working papers. The lost materials included his notes from management interviews, conversations with suppliers and competitors, dates of company visits, and his computer diskette containing much of his quantitative analysis. Fox's client needs this report tomorrow. In a panic, Fox called New London's vice president of finance and was faxed a copy of the company's most recent financial projections. Fox remembered that his own analysis showed that management's estimates were too high. He did not remember the exact amount, so he revised New London's figures downward 10%. Fox also incorporated some charts and graphs on New London from a research report he had received last week from a small regional research firm and used some information from a Standard & Poor's reference work. With the help of his secretary, a Xerox machine, and some creative word processing, Fox got the report done in time for the evening Fedex pick up. On the way home from the office that night, Fox wondered if he had violated any CFA Institute Standards of Professional Conduct. Fox has:
A. violated none of the Standards.
B. violated the requirement to have a reasonable basis for a recommendation, the prohibition against plagiarism, and the requirement to maintain appropriate records.
C. violated the requirement to have a reasonable basis for a recommendation and the prohibition against plagiarism.
【单选】 Peggy Green, CFA, is a research analyst following Brown Co. All the information she has gathered suggests the stock should be rated a weak "hold." During a recent lunch, Green overheard another analyst say that the stock should be rated a "buy." Green returns to her office and issues a "buy" recommendation. Green:
A. has violated CFA Institute Standards of Professional Conduct because she did not have a reasonable and adequate basis for making this recommendation.
B. violated CFA Institute Standards of Professional Conduct because she did not seek approval of the change from her firm's compliance director.
C. has violated CFA Institute Standards of Professional Conduct because she failed to distinguish between fact and opinion.
【单选】 The following scenarios refer to recommendations made by two analysts. Jean King, CFA, is a quantitative analyst at Quantlogic, Inc. King uses computer-generated screens to differentiate value and growth stocks based on accounting numbers such as sales, cash flow, earnings, and book value. Based on her analysis of all domestically traded stocks in the U.S. over the past year, King concludes that value stocks as a class have underperformed growth stocks over that period. Using only this analysis, she recommends that account executives at Quantlogic sell all value stocks from the portfolios for which they have discretionary authority to trade and replace these stocks with growth stocks. James Capelli, CFA, is a fundamental analyst at Wheaton Capital Management, which focuses on regional stocks. His analysis of Branson Wireless includes the investment's basic characteristics such as information about historical earnings, ownership of assets, outstanding contracts, and other business factors. In addition to conducting both a general industry analysis and a company financial analysis, Capelli interviews key executives at Branson. Based on his analysis, he concludes that the company's future prospects are strong and issues a "buy" recommendation. According to CFA Institute Standards of Professional Conduct, did King and Capelli have a reasonable and adequate basis for making their recommendations?
A. Both King and Capelli have a reasonable basis for their recommendations.
B. King has a reasonable basis for his recommendation, but Capelli does not.
C. Capelli has a reasonable basis for his recommendation, but King does not.
【单选】 A financial analyst and CFA Institute member sends a preliminary research report on a company to his supervisor. The supervisor approves the report, but then the analyst receives news that causes him to revise downward the earnings estimate of the company. The analyst resubmits the report to the supervisor with the new earnings estimate. The analyst soon finds out that the supervisor plans to release the first version of the report with the first earnings estimate without a reasonable and adequate basis. In response to this the analyst must:
A. both insist that a follow up report be issued and take up the issue with regulatory authorities.
B. insist that the supervisor change the earnings forecast or remove his (the analyst's) name from the report.
C. only insist that the first report be followed up by a revision.
【单选】 Don Wilson and Nadine Chavis, both CFA charterholders, are investment advisors at Uptown Securities. Wilson recommends that one of his clients buy Alpha Company based on research conducted by Uptown. Chavis recommends that one of her clients sell Alpha Company based on research conducted by another brokerage firm for general distribution. Both recommendations are consistent with each client's investment objectives and within the context of their entire portfolios. Neither Wilson nor Chavis has reason to suspect that any information contained in the research reports from these two sources is inaccurate or inadequately supported. According to Standard V(A) Diligence and Reasonable Basis, do Wilson and Chavis have a reasonable basis for making their investment recommendations?
A. Both of these advisors have a reasonable basis for their recommendations.
B. Only one of these advisors has a reasonable basis for his or her recommendation.
C. Neither of these advisors has a reasonable basis for their recommendations.

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