2009年11月（CFA）模拟题 – 2009 Level I Mock Exam: Morning Session ANSWERS AND REFERENCES

2009 Level I Mock Exam: Morning Session
ANSWERS AND REFERENCES

Questions 1 through 18 relate to Ethical and Professional Standards.

1. Which of the following is a key characteristic of the Global Investment
Performance Standards (GIPS)? The GIPS standards:

A. rely on the integrity of input data.
B. consist of required provisions for firms to follow to achieve best practice.
C. must be applied with the goal of achieving excellence in performance
presentation.

Answer: A

Global Investment Performance Standards (GIPS)
2009 Modular Level I, Volume 1, pp. 129-130
Study Session 1-4-a
Describe the key characteristics of the GIPS standards and the fundamentals of
compliance.

A key characteristic of the Standards is that the Standards rely on the integrity of
input data. The accuracy of input data is critical to the accuracy of the
performance presentation.

2. According to the Standards of Practice Handbook, a member who is an
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investment manager is least likely to breach his duty to clients by:

A. disclosing confidential client information to the CFA Institute Professional
Conduct Program.
B. using client brokerage to purchase goods or services that are used in the
investment decision-making process.
C. consistently supporting management’s recommendations by voting with
management on proxies related to non-routine governance issues.

Answer: B

3. Carla Scott, CFA, is a portfolio manager for a company that manages investment
accounts for wealthy individuals. Scott has no beneficial interest in any of the
fee-paying accounts she manages, including her uncle’s account. When shares in
initial public offerings (IPOs) become available, Scott first allocates shares to all
her other clients for whom the investment is appropriate; only if shares are still
available does she purchase shares in her uncle’s account, if the issue is
appropriate for him. Scott provides each of her clients with full disclosure of her
allocation procedures and has received each client’s verbal consent to her
allocation procedures. According to the Standards of Practice Handbook, does