Level II– 模考二
Questions 1-6 relate to Ethics ......................................................................................................... 2 Questions 7-12 relate to Quantitative ............................................................................................ 6 Questions 13-18 relate to Financial Reporting Analysis .............................................................. 9 Questions 19-24 relate to Corporate Finance ............................................................................. 14 Questions 25-30 relate to Equity .................................................................................................. 17 Questions 31-36 relate to Fixed Income ...................................................................................... 21 Questions 37-42 relate to Derivatives .......................................................................................... 24 Questions 43-48 relate to Alternatives ......................................................................................... 26 Questions 49-54 relate to Portfolio Management ....................................................................... 29 Questions 55-60 relate to Portfolio Management ....................................................................... 32
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Level II– 模考二
Questions 1-6 relate to Ethics Lucas Thorpe Case Scenario 1. Correct answer: B
B is correct. Okada is least likely to investigate CFA Institute Standard III: Duties to Clients. When trading in Savanna shares, Thorpe likely displayed loyalty, prudence, and care by putting the interests of his clients before his own, as required under Standard III: Duties to Clients. Thorpe, however, likely violated Standard II: Integrity of Capital Markets when he traded on information that could be considered material and non-public. Despite insider trading being legal in Thorpe’s jurisdiction, as a CFA candidate, he is required under Standard I: Professionalism to uphold the stricter standard, which in this case is the CFA Institute Code and Standards. By violating Standard II: Integrity of Capital Markets, he has likely violated Standard I: Professionalism.
A is incorrect because despite insider trading not being against the law in Thorpe’s jurisdiction, as a CFA candidate, he is required to uphold the CFA Institute Code of Ethics and Standards of Professional Conduct. Because insider trading is a violation of the Standards, he likely violated Standard I: Professionalism by not upholding the stricter CFA Institute Standards. In this case, Standard II: Integrity of Capital Markets is stricter than the laws of Thorpe’s jurisdiction. C is incorrect because Thorpe likely violated Standard II: Integrity of Capital Markets in that he traded on information that could be considered material, because a lower earnings forecast would likely negatively affect the share price if it were known to the public. The earnings warning was not yet available to the public, so by trading in advance of the notice, Thorpe likely traded on material non-public insider information. Even though insider trading is not illegal in Thorpe’s market, he has an obligation to follow the stricter standard—the CFA Institute Code and Standards.
2. Correct answer: A
A is correct. It is not necessary for Thorpe to revise the information he submitted to support his claim. Any information provided to the Professional Conduct Program as evidence in an investigation of a member’s or candidate’s professional conduct is kept in the strictest confidence. Therefore, a member or candidate under investigation who submits confidential client information to the PCP is not in violation of Standard III (E): Preservation of Confidentiality.
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Level II– 模考二
B and C are incorrect because any information submitted to the Professional Conduct Program as evidence in an investigation of a member or candidate’s professional conduct is kept in the strictest confidence.
3. Correct answer: A
A is correct. Thorpe did not violate CFA Institute Standard I: Professionalism. Thorpe was unlikely to be influenced by the gift baskets when making the investment decision, because his primary interest was to protect his clients and himself and the share price was anticipated to fall after the earnings warning was publicly released. Standard I (B): Independence and Objectivity prohibits the acceptance of gifts that would jeopardize a member’s or candidate’s independence and objectivity. In addition, because the gift baskets’ total value was USD600 and they were being shared among six people, Thorpe was in compliance with the firm’s gift policy of not accepting a gift valued at more than USD100. Standard I(D): Misconduct requires Thorpe to comply with his firm’s policies so as to not reflect adversely on his professional reputation and integrity. Thorpe most likely did not violate any CFA Institute Standard I: Professionalism provisions when accepting the gift baskets on behalf of his colleagues.
B is incorrect because even though the gift baskets’ total value was USD600, they were shared among six people; therefore, Thorpe was in compliance with the firm’s policy of not accepting a gift valued at more than USD100 per gift. Standard I(D): Misconduct requires Thorpe to comply with his firm’s policies so as to not reflect adversely on his professional reputation and integrity. C is incorrect because Thorpe was unlikely to be influenced by the gift baskets when making the investment decision because his primary interest was to protect his clients and himself and the share price was anticipated to fall after the earnings warning was publicly released. Standard I(B): Independence and Objectivity prohibits the acceptance of gifts that would jeopardize a member’s or candidate’s independence and objectivity.
4. Correct answer: B
B is correct. Thorpe’s use of industry experts who are former consultants of competitors of Savanna puts him at risk of violating Standard II: Integrity of Capital Markets. Even though the experts are former consultants, they still may be in possession of pertinent confidential information that is
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