新用戶掃碼下載
掃碼下載APP
及時接收最新考試資訊及
備考信息
"morality" exercise:Guidance for Standards I
學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試，夢想成真！
Questions 1:
Oni Erobo, CFA, the General Partner in a real estate development project, is responsible for completing the project within an 18-month period and within budget. Erobo will receive an equity stake of 20% in the project if it comes within budget. Concerned that project costs could escalate, the Limited Partners require Erobo to cap expenses at 15% above budget. Costs were within expectation up until the last month of construction when imported lighting fixture costs (accounting for roughly 5% of total costs) escalated by more than 50%. As a result, the overall return declined below the partners expected 35% ROI. Erobo did not inform the Limited Partners about the increased costs. Did Erobo most likely violate the CFA Code of Ethics and Standards of Professional Conduct?
A 、No.
B 、Yes, because returns are lower than expected by the Partners.
C 、Yes, because he did not disclose the increased costs to his Partners.
Questions 2:
Danielle Deschutes, CFA, is a portfolio manager who is part of a 10-person team that manages equity portfolios for institutional clients. A competing firm, South West Managers, asks Deschutes to interview for a position within its firm and to bring her performance history to the interview. Deschutes receives written permission from her current employer to bring the performance history of the stock portfolio with her. At the interview, she discloses that the performance numbers represent the work of her team and describes the role of each member. To bolster her credibility, Deschutes also provides the names of institutional clients and related assets constituting the portfolio. During her interview Deschutes most likely violated the CFA Institute Standards of Professional Conduct with regards to:
A 、the stock portfolio’s performance history.
B、 her contribution to the portfolio’s returns.
C 、providing details of the institutional clients.
View answer resolution
【Answer to question 1】A
【analysis】
A is correct because no violation took place. Erobo was not required to inform the Limited Partners about the increase in lighting fixture cost as the increase would not cause the overall project cost to escalate higher than the 15% budget variance contingency agreed within the partnership.
B is incorrect because Erobo did not make any promises regarding the return of the project.
C is incorrect because Erobo was not required to inform the Limited Partners regarding the increase in lighting fixture cost since the increase would not cause the overall project cost to escalate higher than the 15% budget variance agreed within the partnership allowing Erobo a 20% equity stake.
【Answer to question 2】C
【analysis】
C is correct because Deschutes most likely violated Standard III(E)–Preservation of Confidentiality by failing to preserve the confidentiality of client records when she disclosed specific details about clients in the equity portfolio.
A is incorrect because Standard III(D)–Performance Presentation does not prohibit showing past performance of funds managed at a prior firm as part of a performance track record as long as showing that record is accompanied by appropriate disclosures about where the performance took place and the person’s specific role in achieving that performance, which has been done in this case.
B is incorrect because the specific role the portfolio manager played in achieving the performance and the portion of the return that she was directly responsible for should be disclosed as required by Standard III(D)–Performance Presentation. Deschutes explains that the performance was a team effort and there is no indication she tried to exaggerate her role in obtaining the performance nor did she specifically state a return she was directly responsible for which would be difficult to determine as a member of a team.
成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。
學員討論（0）
推薦閱讀
新用戶掃碼下載
京公網安備 11010802044457號
