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【单选】After determining Durand’s risk and return objectives, liquidity needs, tax considerations, and unique circumstances, Smyth has decided that he must reduce Durand’s holdings of Comax shares. He has several other clients, whom he met through Muller, who also have significant holdings in Comax. Smyth has also decided to reduce his own holdings in Comax since his term as a director of Comax will be up in June. He does not plan to seek reappointment but as a member of the audit committee he is privy to information about a tender offer. Smyth realizes this is a complex situation. Which of the following Standards would be least likely to help Smyth decide what actions with respect to selling shares of Comax would be in compliance with the CFA Institute Standards of Practice?
A. Standard III(B), Fair Dealing.
B. Standard III(C), Suitability.
C. Standard VI(A), Disclosure of Conflicts.
【单选】Smyth would like to continue to direct brokerage from Durand’s portfolio to his sister’s brokerage firm. In order to continue the arrangement and comply with the CFA Institute Soft Dollar Standards, which of the following disclosures are required?
A. Smyth must clearly disclose, with specificity and in “plain language,” its policies with respect to all Soft Dollar Arrangements.
B. Smyth must clearly disclose that his duty as the investment manager is to continue to seek to obtain best execution.
C. Smyth must disclose that directed brokerage arrangements that require the investment manager to commit a certain percentage of brokerage might affect his ability to seek to obtain best execution.
【单选】Which of the following best describes Smyth’s compliance with the CFA Institute Soft Dollar Standards in his use of client brokerage?
A. Purchase of research reports and attending the conference are allowable uses of client brokerage.
B. Purchase of research reports is an allowable use of client brokerage.
C. Purchase of both research reports and carpeting are allowable uses of client brokerage.
【单选】With regard to Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program:
A. Montpier is in compliance, and Taylor is in compliance.
B. neither Montpier nor Taylor is in compliance.
C. Montpier is not in compliance, and Taylor is in compliance.
【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】In order to keep her CFA Institute membership status Tonis must:
A. enroll in the next scheduled CFA exam.
B. file a professional conduct statement every year.
C. avoid two or more public censures within any 12 consecutive months.
【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. I passed Level II of the CFA Program in 2003.
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】 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】 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】 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】 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】 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 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.
C. 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.
【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 cannot put the initials "CFA" on his business card.
B. Yes, because he uses CFA as a noun.
C. No, because his CFA Institute membership indicates that he is indeed trustworthy.
【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, Chartered Financial Analyst.
C. Robert Hopkins, C.F.A.
【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. Passing each exam in no more than two tries.
C. paying membership dues to CFA Institute on an annual basis.
【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. Yes, she has used the letters "CFA" in an undignified manner.
B. Yes, because she uses "CFA" as a noun.
C. No, as long as she does not indicate she currently has the designation.
【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. Both Lim and Bland violated the Standard.
B. Lim violated the Standard, but Bland did not.
C. Bland violated the Standard, but Lim did not.
【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】 Which of the following actions would be a violation of the Standard VII(A), Conduct as Members and Candidates in the CFA Program?
A. Misrepresenting information on the Professional Conduct Statement.
B. Exaggerating the implications of holding the CFA designation.
C. Failure to submit a Professional Conduct Statement and pay annual dues.
【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】 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】 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】 Joe James, CAIA, CPA, is a CFA Level II candidate living in Boston. In the course of his accounting practice, James often refers clients to a local law firm specializing in estate planning. James does not violate client confidentiality and does not receive compensation for the referral. However, the law firm often gives James tickets to the theater and major sporting events.Which of the following statements regarding disclosure is CORRECT? James:
A. need not disclose the benefits received for referring clients because no compensation is received.
B. need not disclose the benefits received for referring clients because the clients were developed in the course of his accounting practice.
C. must disclose the benefits received for referring clients to the law firm.

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