6、An analyst receives a report from his research department that summarizes and interprets a recent speech from the chairman of the U.S. Federal Reserve. The summary says that the chairman thinks inflation is under control. Based upon this summary, the analyst says in his next newsletter that inflation is under control. This is a violation of:

A)   none of the Standards listed here.

B)   Standard V(B), Communication with Clients and Prospective Clients, only.

C)   Standard V(A), Diligence and Reasonable Basis, and Standard V(B), Communication with Clients and Prospective Clients.

D)   Standard V(A), Diligence and Reasonable Basis, only.

7、An analyst has found an investment with what appears to be a great return-to-risk ratio. The analyst double-checks the data for accuracy, keeps careful records, and is careful to not make any misrepresentations as he simultaneously sends an e-mail to all his clients with a “buy” recommendation. According to Standard V(A), Diligence and Reasonable Basis, the analyst has:

A)   fulfilled all obligations.

B)   violated the Standard if he does not verify whether the investment is appropriate for all the clients.

C)   violated the Standard by communicating the recommendation via e-mail.

D)   violated the Standard if he does not file a report with the SEC.

8、A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of:

A)   Standard III(C), Suitability.

B)   Standard V(B), Communication with Clients and Prospective Clients.

C)   none of the Standards listed here.

D)   Standard V(A), Diligence and Reasonable Basis.

9、The following scenarios refer to recommendations made by two analysts.

§       Jean King, CFA, is a quantitative analyst at Quantlogic, Inc. King uses computer-generated screens to differentiate value and growth stocks based on accounting numbers such as sales, cash flow, earnings, and book value. Based on her analysis of all domestically traded stocks in the U.S. over the past year, King concludes that value stocks as a class have underperformed growth stocks over that period. Using only this analysis, she recommends that account executives at Quantlogic sell all value stocks from the portfolios for which they have discretionary authority to trade and replace these stocks with growth stocks.

§       James Capelli, CFA, is a fundamental analyst at Wheaton Capital Management, which focuses on regional stocks. His analysis of Branson Wireless includes the investment's basic characteristics such as information about historical earnings, ownership of assets, outstanding contracts, and other business factors. In addition to conducting both a general industry analysis and a company financial analysis, Capelli interviews key executives at Branson. Based on his analysis, he concludes that the company's future prospects are strong and issues a "buy" recommendation.

According to CFA Institute Standards of Professional Conduct, did King and Capelli have a reasonable and adequate basis for making their recommendations?

A)   Both King and Capelli have a reasonable basis for their recommendations.

B)   Neither King nor Capelli has a reasonable basis for their recommendations.

C)   Capelli has a reasonable basis for his recommendation, but King does not.

D)   King has a reasonable basis for his recommendation, but Capelli does not.

10、A financial analyst and CFA Institute member sends a preliminary research report on a company to his supervisor. The supervisor approves the report, but then the analyst receives news that causes him to revise downward the earnings estimate of the company. The analyst resubmits the report to the supervisor with the new earnings estimate. The analyst soon finds out that the supervisor plans to release the first version of the report with the first earnings estimate without a reasonable and adequate basis. In response to this the analyst must:

A)   only insist that the first report be followed up by a revision.

B)   only take the issue up with regulatory authorities.

C)   insist that the supervisor change the earnings forecast or remove his (the analyst's) name from the report.

D)   both insist that a follow up report be issued and take up the issue with regulatory authorities.

答案和详解如下：

6、An analyst receives a report from his research department that summarizes and interprets a recent speech from the chairman of the U.S. Federal Reserve. The summary says that the chairman thinks inflation is under control. Based upon this summary, the analyst says in his next newsletter that inflation is under control. This is a violation of:

A)   none of the Standards listed here.

B)   Standard V(B), Communication with Clients and Prospective Clients, only.

C)   Standard V(A), Diligence and Reasonable Basis, and Standard V(B), Communication with Clients and Prospective Clients.

D)   Standard V(A), Diligence and Reasonable Basis, only.

The correct answer was C)

The analyst should verify that the research department has interpreted the chairman’s speech correctly. The analyst must make it clear that the statement concerning inflation is only an opinion. No one knows if that is true or not at any point in time. Based upon the given information, we cannot say that the analyst is violating only one standard. The analyst may also be violating plagiarism in accordance with Standard I(C), Misrepresentation. Hence, the answer citing the two standards and not limiting violations to just those two standards is the best answer.

7、An analyst has found an investment with what appears to be a great return-to-risk ratio. The analyst double-checks the data for accuracy, keeps careful records, and is careful to not make any misrepresentations as he simultaneously sends an e-mail to all his clients with a “buy” recommendation. According to Standard V(A), Diligence and Reasonable Basis, the analyst has:

A)   fulfilled all obligations.

B)   violated the Standard if he does not verify whether the investment is appropriate for all the clients.

C)   violated the Standard by communicating the recommendation via e-mail.

D)   violated the Standard if he does not file a report with the SEC.

The correct answer was A)

If the analyst had been an investment manager, it would have been inappropriate for him to make a blanket recommendation for all of his clients without considering the unique needs of each. However, the analyst is merely stating that given the qualities of the investment, it is an attractive buy. He has kept adequate records, and made fair disclosure of his rating decision.

8、A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of:

A)   Standard III(C), Suitability.

B)   Standard V(B), Communication with Clients and Prospective Clients.

C)   none of the Standards listed here.

D)   Standard V(A), Diligence and Reasonable Basis.

The correct answer was C)    

The money manager has done his duty. He has warned the client of the risk and made no explicit promises concerning what he can and cannot do.

9、The following scenarios refer to recommendations made by two analysts.

§       Jean King, CFA, is a quantitative analyst at Quantlogic, Inc. King uses computer-generated screens to differentiate value and growth stocks based on accounting numbers such as sales, cash flow, earnings, and book value. Based on her analysis of all domestically traded stocks in the U.S. over the past year, King concludes that value stocks as a class have underperformed growth stocks over that period. Using only this analysis, she recommends that account executives at Quantlogic sell all value stocks from the portfolios for which they have discretionary authority to trade and replace these stocks with growth stocks.

§       James Capelli, CFA, is a fundamental analyst at Wheaton Capital Management, which focuses on regional stocks. His analysis of Branson Wireless includes the investment's basic characteristics such as information about historical earnings, ownership of assets, outstanding contracts, and other business factors. In addition to conducting both a general industry analysis and a company financial analysis, Capelli interviews key executives at Branson. Based on his analysis, he concludes that the company's future prospects are strong and issues a "buy" recommendation.

According to CFA Institute Standards of Professional Conduct, did King and Capelli have a reasonable and adequate basis for making their recommendations?

A)   Both King and Capelli have a reasonable basis for their recommendations.

B)   Neither King nor Capelli has a reasonable basis for their recommendations.

C)   Capelli has a reasonable basis for his recommendation, but King does not.

D)   King has a reasonable basis for his recommendation, but Capelli does not.

The correct answer was C)

Capelli appears to have exercised diligence and thoroughness in making his recommendation. King's recommendation is not based on thorough quantitative work because the period used in her study is only one year. Also, her recommendation does not consider the client's specific needs and circumstances.

10、A financial analyst and CFA Institute member sends a preliminary research report on a company to his supervisor. The supervisor approves the report, but then the analyst receives news that causes him to revise downward the earnings estimate of the company. The analyst resubmits the report to the supervisor with the new earnings estimate. The analyst soon finds out that the supervisor plans to release the first version of the report with the first earnings estimate without a reasonable and adequate basis. In response to this the analyst must:

A)   only insist that the first report be followed up by a revision.

B)   only take the issue up with regulatory authorities.

C)   insist that the supervisor change the earnings forecast or remove his (the analyst's) name from the report.

D)   both insist that a follow up report be issued and take up the issue with regulatory authorities.

The correct answer was C)

According to Standard V(A), Diligence and Reasonable Basis, the analyst must exercise diligence, independence, and thoroughness when performing investment analysis, making a recommendation, or taking investment action. The analyst should document the difference in opinion including any request to remove his or her name from the report.