Q1.An analyst is told by his supervisor that when he feels he should write a buy recommendation he is free to do so, and when he feels he should write a sell recommendation he should check with the supervisor first. This practice is:

A)  congruent with Standard V(A), Diligence and Reasonable Basis.

B)  in violation of Standard V(A), Diligence and Reasonable Basis.

C)  in violation of Standard I(B), Independence and Objectivity.

Q2.Luis Rodriguez, CFA, is an analyst at XYZ Investments. He covers a company that is located in a region that is not easily accessible. The company invites analysts for their annual analyst meeting and pays for the transportation to the remote location. Rodriguez is:

A)  allowed to accept the payment for transportation because the trip was all business and was out of the way.

B)  allowed to accept the payment for transportation as long as it does not exceed $100.

C)  not allowed to accept the payment for transportation because this is a considered a “perk” and may influence his independent judgment.

Q3.In order to comply with the CFA Institute Standards, an analyst should:

A)  use outside research only after verifying its accuracy.

B) use only his own research in making investment recommendations, because anything else would violate Standard I(B), Independence and Objectivity.

C)  use only his company's research when making investment recommendations and use outside research for reports and analysis on stocks.

Q4.All of the following would be permitted according to the CFA Institute Standards of Professional Conduct EXCEPT:

A)  token gifts received from clients.

B)  use of an issuer’s corporate aircraft when commercial transportation is not available.

C)  air transportation paid by a corporate issuer for travel to a major metropolitan airport.

Q5.Which of the following gifts to employees from clients does NOT need to be reported to the employee’s employer?

A)  An inexpensive golf shirt.

B)  An expensive case of wine.

C)  A ski-vacation.

答案和详解如下：

Q1.An analyst is told by his supervisor that when he feels he should write a buy recommendation he is free to do so, and when he feels he should write a sell recommendation he should check with the supervisor first. This practice is:

A)  congruent with Standard V(A), Diligence and Reasonable Basis.

B)  in violation of Standard V(A), Diligence and Reasonable Basis.

C)  in violation of Standard I(B), Independence and Objectivity.

 Correct answer is C)

The policy dictated by the supervisor would infringe upon the analyst’s independence and objectivity . It would probably discourage the analyst from making sell recommendations and, furthermore, present the opportunity for the supervisor to try and change the analyst’s mind.

Q2.Luis Rodriguez, CFA, is an analyst at XYZ Investments. He covers a company that is located in a region that is not easily accessible. The company invites analysts for their annual analyst meeting and pays for the transportation to the remote location. Rodriguez is:

A)  allowed to accept the payment for transportation because the trip was all business and was out of the way.

B)  allowed to accept the payment for transportation as long as it does not exceed $100.

C)  not allowed to accept the payment for transportation because this is a considered a “perk” and may influence his independent judgment.

 Correct answer is A)

Standard I(B) Independence and Objectivity. Analysts should pay for their own travel accommodations if the location is accessible by normal means. In this situation payment is acceptable because the location is out of the way and the purpose of the trip is all business.

Q3.In order to comply with the CFA Institute Standards, an analyst should:

A)  use outside research only after verifying its accuracy.

B) use only his own research in making investment recommendations, because anything else would violate Standard I(B), Independence and Objectivity.

C)  use only his company's research when making investment recommendations and use outside research for reports and analysis on stocks.

 Correct answer is A)

Standard I(B), Independence and Objectivity: the analyst is allowed to use outside research only after an insightful review. There are no restrictions regarding the exclusive use of outside information or in-house information.

Q4.All of the following would be permitted according to the CFA Institute Standards of Professional Conduct EXCEPT:

A)  token gifts received from clients.

B)  use of an issuer’s corporate aircraft when commercial transportation is not available.

C)  air transportation paid by a corporate issuer for travel to a major metropolitan airport.

 Correct answer is C)

In order to maintain independence and objectivity, members and candidates should restrict special reimbursement arrangements concerning commercial transportation and hotel charges. Use of corporate aircraft is permitted when commercial transportation is not available.

Q5.Which of the following gifts to employees from clients does NOT need to be reported to the employee’s employer?

A)  An inexpensive golf shirt.

B)  An expensive case of wine.

C)  A ski-vacation.

 Correct answer is A)

According to Standard I(B), Independence and Objectivity, token gifts are allowed.

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