终于考完了, 先感谢网上个论坛的无数好心人贡献的各种资料, 包括Notes(book版 5本), videos(视频16CD) 和电子版LOS and testbank. 实在是收益量多, 所以真心感谢!! 谁说现在没有活雷锋, 处处都是活雷锋啊!!!!!!!!!!

先抢鲜部分回忆吧. 然后在说说复习的心得体会. 可能没时间一次写完, 会分几次, 敬请见谅.

题目有些记得不全, 有些记得的也只能说个大概的意思. 文字的typo or mistake, 请海涵!

Part I:

1)Which one is least likely to be true? The GIPS was created to?

个人选的是 “ …..provides a industry-wide performance presentation standard ….” 之类的选项. 觉得关键字industry-wide 错了, 应该是firm-wide.

2) Some analyst compile了一些public的信息,再加上他从suppiler, customers等收集到的piece information 然后得到结论某stock要涨, 于是乎he bought some shares from several accounts. 后来他在某场合overhear到一些material nonpublic的确切要涨的信息, 然后he bought some additional shares for his clients.

我选的答案是: initial purchasing violates “Fair dealing” but not “material nonpublic”, because he got his conclusion based on Mosaic theory. However he violates “Fair dealing” because he only bought it from several accounts. It doesn’t say he bought it from the accounts for which it is appropriate”

The additional purchasing violates “material nonpublic” because his trading is based on some material nonpublic information that he overheard.

3) According to code and standards, a firm should maintain records for a minimum:

A) 5-years B)7 years C) 10 years D) 15 years

The answer is “7 years”, not 5 years. 5 years is the minimum requirement for the performance presentation set by GIPS.

4) Some analyst is working for a firm. The firm will announce a “buy” recommendation for some stock. The analyst’s father is also a client with the firm. What is the correct trading priority order from highest to lowest?

The correct answer is “The other firm’s clients and his father’s accounts (the same level) , then his employer’s account, then his own account.

5) For a GIPS compliance firm, when there is some conflicts between local laws and GIPS standards, which one is correct?

The answer is “comply with the local laws, but need to disclose the conflicts in the report”

6) Which one is least likely to be true? An analyst can not disclose a former client’s information unless:

A) the client has decease

B) required by CFI institute

C) required by law

D) include some illegal activity

The answer is A)

7) Some one, CFA is working in a investment firm. He is managing a small cap fund. Recently, small cap’s performance is not good. He found some other big cap stocks which have some growth potential. Then he sold some portion of the fund and bought some shares of the big cap stocks. Later it proved that the big cap stocks he added soared in price. He has violate:

问是否违反了suitability 和 communication with client

我选得是两者都违反了. Because since the clients bought the small cap fund based on their objects and some constraints, the different investment strategy might not suit for them even though it can bring some benefit to the clients, for example violate the risk tolerance or some other constraint.

Also he has violated “communication with clients” since he did NOT tell his clients the important change before he took the action.

8) search for a good brokerage for the client in order to get :

A) miminum transaction cost

B) best price

C) lowest commission

D) best execution

The answer is D)

9) Some one is going to leave his employer to work for a charitable organization. He has submitted his resignation. Before he left the firm, he hand-write a list of the name for some wealthy clients that he think they will be probable to contribution to the charitable organization. 后半部分不太记得了. 反正考了2个点.

前半部分显然violate the loyalty to employer.

10) Which one is not a part of the eight major section of GIPS standards?

A) input data

B) alternative xxx

C) private equity

D) fundamental of compliance

The answer is B)

11) Some one, CFA present the performance based on pre-tax return and gross of annual fees, but he disclose and fully explained this to his clients in the report. He:

A) not violate

B) violate, because annual fee should be excluded

C) violate, should report based on after-tax

D) violate, must comply with GIPS presentation standards

个人选得答案是A.  As long as he has fully explain and disclose the details to the clients, it is OK. Compliance with GIPS is recommended, not required.

12) Some one is working for a firm in some city, where flooding often happens. So he 销毁了 all paper documents and downloaded the records to his working computer. Also he uploads the records to some reliable server 1000 miles away. And the server will keep the records for at least x years.

显然违反了 “preservation of confidentiality”, 另外还有一个考点不记得了.

1)Which one is least likely to be true? The GIPS was created to?

个人选的是 “ …..provides a industry-wide performance presentation standard ….” 之类的选项. 觉得关键字industry-wide 错了, 应该是firm-wide.

A) miminum transaction cost

B) best price

C) lowest commission

D) best execution

The answer is D) 这个我选B

显然违反了 “preservation of confidentiality”, 另外还有一个考点不记得了. 这个我选不违反 因为他保留了资料在电脑~~

LZ再接再厉啊 继续回忆哈 现在喜欢对答案 我考前也很有把握 考完很多不确定 他考的也太细了点  简直是在背书~~~~~

8) search for a good brokerage for the client in order to get :

A) miminum transaction cost

B) best price

C) lowest commission

D) best execution

这个我选的A，想着是要降低成本的，才有SOFT DOLLAR什么的，不知道应该是什么，看看觉得好象其它也对的样子

为什么好多题目我一点都没印象，难不成我真的考试时在梦游？

8) search for a good brokerage for the client in order to get :

A) miminum transaction cost

B) best price

C) lowest commission

D) best execution

The answer is D)

这个题楼主记错选项顺序了呵呵，北京的卷 B) best execution 所以选B。

还有这个题

B) alternative xxx

C) private equity

D) fundamental of compliance

The answer is B)

B这个选项内容应该是Fixed Income吧，所以选B。

要不可能卷子不一样？

发重了

[此贴子已经被作者于2008-12-8 10:48:35编辑过]

不记得 handbook里面怎么写，但是道理上来讲应该不是best price而是best execution.

coz best price is hard to define and varies with time, but best execution include to obtain the best price at a time point or execute according to the client's instruction.

[/QUOTE]

这个题目我记得问题没有涉及到Fair Dealing啊，只是问前后两次操作有没有违反material nonpublic information的相关规定，不会是我看错题了吧？我是上海的~

具体地址不太记得了. 我是在人大金融论坛cfa版的帖子的指引下去download的. 虽然是2007年的, 但90%的内容是一样的, 所以觉得非常有益. 尤其在自己复习完第一遍后, 第二遍看完video, 对很多问题都觉得茅塞顿开.

你可以去人大金融论坛去看看,  应该能找到.

严重同意,好像不仅连顺序不一样,连有些选项都串改,CFA考试真是缜密啊!建议大家以后提供答案的时候把自己的版本号先标出来.这样方便沟通!

我觉得是prior transaction因为在那一节里专门讲过这个问题

你们都太NB了，我自己完全回想不起来，不过看到还是有印象。

看来每个考场的试题并不完全一致，这也是不是暗示，每个考点的通过率也是略有不同的？

另外，问一个问题，通过率是通过的人数/参加考试的人数？ 还是通过的人数/报名参加考试的人数，包括当天没来考试的？