Test Prep CFA® Level I Chartered Financial Analyst CFA® LEVEL 1 Exam Questions in PDF

Free Test Prep CFA® LEVEL 1 Dumps Questions (page: 23)

Jackson, an analyst, decides not to change a recommendation from buy to sell because she wants to sell her holdings first. Is there a standards violation?

  1. No
  2. Yes, Standard IV (A.2), Research Reports
  3. Yes, Standard III (B), Duty to Clients and Prospects
  4. Yes, Standard IV (B.4), Priority of Transactions

Answer(s): D

Explanation:

Jackson violated Standard IV (B.4) - Priority of Transactions Jackson has decided that she did not want to wait until all her clients have had the opportunity to sell first. Thus, her decision not to change her recommendation until she accomplished her own financial aims will result in losses to her clients if the value of the holding subsequently declines.



Standard III includes rules on which of the following?

  1. Professional Misconduct
  2. All of these answers
  3. Prohibition against Plagiarism
  4. Obligation to Inform Employer of Code and Standards
  5. Use of Professional Designation
  6. None of these answers

Answer(s): D

Explanation:

Standard III deals with Obligation to Inform Employer of Code and Standard, Duty to Employer, Disclosure of Conflicts to Employer, Disclosure of Additional Compensation Arrangements and Responsibilities of Supervisors.



Standard II includes rules on which of the following?

  1. Professional Misconduct
  2. Prohibition against Plagiarism
  3. All of these answers
  4. Use of Professional Designation

Answer(s): C

Explanation:

Standard II - Relationships with and Responsibilities to the Profession - includes rules on the use of Professional Designation, Professional Misconduct and Prohibition against Plagiarism.



Standard III (C) deals with conflicts of interest of a member with ________.

  1. colleagues at the same firm
  2. the employer
  3. none of these answers
  4. the client
  5. other investment professionals
  6. the investing public

Answer(s): B

Explanation:

Standard III (C) deals with conflicts of interest in any actions or decisions of a member and focuses on responsibility to the employer. By complying with employer guidelines, members allow their employers to avoid potentially embarrassing and costly violations.



Which of the following AIMR Standards states that the financial analyst must exercise diligence and thoroughness in making investment recommendations or taking investment actions?

  1. III B
  2. IV A.1
  3. I
  4. None of these answers

Answer(s): B

Explanation:

Standard IV (A.1) - Reasonable Basis and Representations states: "Members shall exercise diligence and thoroughness in making investment recommendations or in taking investment actions."



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