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

Free Test Prep CFA® LEVEL 1 Real Questions (page: 42)

Which of the following can be found in Standard II?

  1. Members shall not knowingly participate or assist in any violation of laws, rules, or regulations.
  2. Members shall not participate in any professional conduct involving dishonesty, fraud, deceit, etc.
  3. Members shall deliver a copy of the Code to their employer.
  4. Members shall not misrepresent investment performance.
  5. Members shall exercise diligence and thoroughness in making investment recommendations or in taking investment actions.

Answer(s): B

Explanation:

Standard II states that members shall: "Not participate in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act that reflects adversely on their honesty, trustworthiness or professional competence."



To fulfill the basic provisions of Standard IV (B.2), a member should ________.

  1. stay free of all conflicts of interest
  2. develop an investment policy statement for each client
  3. discuss the proxy voting policy with management
  4. disclose to clients, all additional compensation agreements
  5. disclose all soft dollar arrangements

Answer(s): B

Explanation:

In formulating an investment policy for the client, the member should take into consideration client identification, investor objectives, and investor constraints.



Each of the following is true regarding Standard II (A), except:

  1. You may not state that you have completed Level I, II, or III until you have received the CFA designation.
  2. This standard relates to oral statements.
  3. All of these answers.
  4. This standard relates to business cards and letterheads.
  5. You must be registered for the next CFA exam in order to call yourself a candidate.
  6. There is no designation for someone who has passed Level I, II, or III.

Answer(s): A

Explanation:

Standard II (A) relates to the responsibility of AIMR members and candidates to use their professional designation properly and in a non-misleading manner. A person must be registered to take the next scheduled CFA exam to be a "candidate" in the CFA program. There is no designation for someone who has passed Level I, II, or III of the CFA exam. Candidates may state, however, that they have completed Level I, II, or III.
The standard applies to all related explanations or descriptions of the CFA designation, including letterheads and business cards, resumes, directory listings, printed advertising, brochures and oral statements to clients and prospects.



Portfolios

  1. can be switched from one composite to another at any time at the discretion of the investment manager.
  2. can never be switched from one composite to another, so managers must ensure they consult their clients and make appropriate choices.
  3. must not be switched from one composite to another unless documented changes in client guidelines make switching appropriate.
  4. can only be switched from one composite to another at the end of a performance period and only if documented changes in client guidelines make switching appropriate.

Answer(s): C

Explanation:

Portfolios must not be switched from one composite to another unless documented changes in client guidelines make switching appropriate. This is a requirement for creation and maintenance of composites.



An AIMR member has violated one of the AIMR code of ethics standards. However, according to the laws of the country governing his behavior, he has done nothing wrong. Then,

  1. AIMR can take disciplinary action against her.
  2. AIMR cannot take disciplinary action against her.
  3. there is no violation of the code since local laws were adhered to.
  4. none of these answers.

Answer(s): A

Explanation:

A member must always abide by the AIMR code, unless the local laws in any given case are stricter, in which case, the stricter standard applies. Standard I. Hence, every violation of the code of ethics is always subject to disciplinary action.



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