CFA一级考试重点：Due Diligence and Reasonable basis
CFA一考试重点：Due Diligence and Reasonable basis
CFA一级考试重点：Due Diligence and Reasonable basis关于CFA一级重点，罗列一个关于Due Diligence and Reasonable basis试题A model expert developed a model. He gathered lots of historical data, which shows unilateral bull market, that is, only upward trend. If he made investment suggestions based on these historical data, is he in violation of the Code and Standards?A. NoB. Yes, because he should combine more of other theories to make decision.C. Yes, because he should also simulate more of the downward trend.Solution: CThe model expert violated the Code and Standards V(A) Diligence and Reasonable Basis by making investment suggestions based only on historical data which shows only upward trend. The proper way to avoid violating Standards is to simulate more of the downward trend also.各位考生，2015年CFA备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，高顿网校开通了全免费的CFA题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。
cfa一级2024年考纲
cfa一级2024年考纲摘要：1.CFA一级2024年考纲简介2.考试科目及权重分布3.考纲变动及影响4.应对策略和建议正文：随着CFA（特许金融分析师）考试的逐年更新，为了让考生更好地备战2024年的考试，我们整理了一份CFA一级2024年考纲解析。
本文将为大家介绍CFA一级2024年考纲的整体情况、考试科目及权重分布、考纲变动及应对策略等方面的内容，帮助考生把握考试重点，提高备考效率。
一、CFA一级2024年考纲简介CFA一级考试是全球金融领域最具权威性的资格认证考试之一，旨在测试考生对投资工具、公司金融、经济学、财务报表分析等知识的掌握程度。
2024年CFA一级考纲在保持原有考试特点的基础上，进行了适度更新，以反映金融领域的最新发展。
二、考试科目及权重分布CFA一级2024年考试涵盖以下十个科目：1.职业伦理（Ethics and Professional Standards）：权重为15%2.经济学（Economics）：权重为10%3.财务报表分析（Financial Statements Analysis）：权重为10%4.公司金融（Corporate Finance）：权重为10%5.投资工具（Investment Vehicles）：权重为15%6.资产估值（Valuation）：权重为10%7.权益投资（Equity Investments）：权重为10%8.固定收益投资（Fixed Income Investments）：权重为10%9.衍生品（Derivatives）：权重为5%10.另类投资（Alternative Investments）：权重为5%三、考纲变动及影响相较于2023年考纲，2024年CFA一级考纲在以下方面有所变动：1.职业伦理：部分考纲内容进行了更新，以反映行业最新发展。
2.经济学：对部分概念和模型进行了修订，使考试更加贴近实际。
3.财务报表分析：引入了新的分析方法和案例，提高考试的实用性。
CFA考试一级章节练习题精选0331-21(附详解)
CFA考试一级章节练习题精选0331-21（附详解）1、Brendan Witt, CFA, is a sell-side analyst within a research team covering companiesin the technology sector.The team reaches a consensus to recommend sellinga mining company after long time debating.Witt does not agree with theteam's investment conclusion and believes the mining company is a potential targetof takeover.According to the Standards of Professional Conduct relating todiligence and reasonable basis, which of the following statements is most accurate?Witt must:【单选题】A.decline to be identified with the report.B.dissociate from the report because it does not reflect his opinion.C.ensure the consensus opinion has a reasonable and adequate basis and is independentand objective to keep her name on the report.正确答案:C答案解析:个人观点与集体观点不同时，也可以在报告上署名，只要确信参与写这个报告的其他人都做到了勤勉尽责和独立客观即可。
CFA一级自编题150道
Carly Group. However, Yuan had a different thought. He believed the Carly bond price was overvalued. Which of the following action is the most appropriate to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct, Yuan should: A. make these calls with prominent disclose. B. follow his supervisor’s request, because of the chain of command. C. deny his supervisor’s request.
道德（20 道题）
1，Which of the following is most likely part of the CFA Institute Standards of Professional Conduct, Standard I–Professionalism? Members and candidates: A. must understand and comply with all applicable laws. B. must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants. C. must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.
CFA一级道德高频错题精选
CFA一级道德高频错题精选CFA一级道德高频错题精选精选问答1题干Sheila Schleif, CFA, is an equity analyst at an investment banking division of MokaraFinancial Group, a full-service financial group. Schleif uses a multifactor computer model to make stock recommendations for all clients of Mokara.Schleif discovers the model contains an error. If the error were corrected, her most recent buy recommendation communicated to all clients would change to a sell.Schleif corrects the error, changing the buy to a sell recommendation, and then simultaneously distributes via e-mail the revision to all investment banking clients who received the initial recommendation.A week later, Schleif sells the same shares she held in her personal portfolio. Concerning her actions,Schleif most likely violated which of the following CFA Institute Standards ofProfessional Conduct?A.Priority of TransactionsB.Diligence and Reasonable BasisC.Fair Dealing答案解析Correct Answer: CThe analyst violated Standards III(B): Fair Dealing by selectively distributing the revised recommendation only to investment banking clients despite being responsible for making investment recommendations to all group clients.Schleifshould distribute the change in recommendation to all clients who received the initial recommendation, not just those within the investment banking division of the group.解题思路这道题是数量与组合两个学科的结合。
CFA一级知识点总结最全
Chartered Financial AnalystCFA 一级考试知识点总结StanhopeCFA一级知识点总结Ethics 部分Objective of codes and standard：永远是为了maintain public trust in1.Financial market2.Investment profession6个code of ethics1.Code 1—ethics and pertinent d personsa.2.Code 2---primacy of client’s interesta.Integrity with investment professionb.客户利益高于自身利益3.Code 3---reasonable and independenta.必须注意reasonable careb.必须exercise independent professional judgment---必须独立判断！4.Code 4---ethical culture in the professiona.不但自己要practice，而且要鼓励别人practice—不仅仅是自己一个人去做，要所有人共同去做5.Code 5---ethnical culture in the capital market!a.促进整个capital market的integrity，推广其相关法规---增强公众对资本市场的trust！b.Capital market是基于i.Fairly pricing of risky assets；ii.Investors‘ confidence6.有关competence—能力---competence7个standard of professional conduct1.Standard 1---professionalism---knowledge of lawa.不需要成为法律专家，但是必须understand和comply with applicable law；b.当两个law发生conflict，则要遵守更加严格的法律！c.Knowingly---know or should knowd.必须attempt to stop the violation，如果不能stop，then must dissociatefrom the violation！必须从其中分离出去!i.Remove name from the written report;ii.Ask for a different assignmente.并不要求向有关部门report！（do not require）f.向CFA 进行书面报告report--encouraged to so2. Standard 1 ---professionalism---integrity of capital marketa.Bias from client or other groups—listed company，controlling shareholder！b.Bias from sell side analystc.Buyer side client—d.Issuer paid report---只能接受flat fee for their worke.3.Standard 1 ---professionalism---misinterpretation—不能误导客户，不能剽窃其他人的研究成果4.Standard 1 ---professionalism---misconduct---5.Standard 2---integrity of capital marketa.不能使用非公开信息！---material nonpublic information---b.mosaic theory---conclusion from analysis of public and non-material nonpublicinformation6.standard 3—duties to clientsa.Loyalty, prudence and care---i.如何定义客户？---考虑最终受益人！---雇佣我们的人未必就是我们的客户，要考虑最终受益人！ii.Soft dollar---when a manager uses client brokerage to purchase research report to benefit the investment manager---比如，作为基金公司，使用证券公司的席位进行交易，肯定会支付一定的费用，这些费用来自客户，所以基金公司只能用这些soft dollar为客户服务！b.Fair dealing---i.对所有客户要公平客观ii.个别的客户要求，可以征收premium的费用之后，是可以做的！条件是，其他的分析都已经公布给其他客户了iii.More critical when changes recommendationiv.Investment action---taking investment action based on research recommendationv.Prorated the allocationc.Suitabilityi.了解客户的经验，风险和回报目标ii.要有书面目标—至少一年进行更新！iii.是否和客户的书面目标相符合？iv.是否符合客户的整个total portfolio的投资目标？v.必须理解其投资组合的constraints，只能进行符合其书面目标的投资推荐！1.Investment policy statement—IPS---risk tolerance，returnrequirement， investment2.Constraint---time horizon, liquidity needs, tax concerns, legaland regulatory factors, unique circumstancesd.Performance presentationi.这里有performance presentation的规定，同时在GIPS里面也有类似规定！其区别是1.一个是自愿的---GIPS，一个是必需的；2.一个是针对公司—firm wide，一个是针对个人member和candidate3.GIPS要求公司to use accurate input data and approvedcalculation method, to prevent the performance record inaccordance with a prescribed formate.Preservation of confidentiality---必须保密---可以不保密的情况i.违法行为ii.法律要求进行披露iii.Client或者prospective client同意披露iv.以现行法律为准v.CFA进行investigate固定收益债券，金融衍生品和alternative investment 部分Nonrefundable bond是指不能通过发行新的债券还旧债Sinking fund provisions---偿债基金条款---为了保护投资者，规定经过一段时间后，每年偿还一定金额的本金。
CFA一、二级练习题精选及答案0516-10
CFA一、二级练习题精选及答案0516-10CFA Level I1.Alan Quanta, CFA, provides credit rating analysis of high-yield bonds using external credit ratings as a foundation. At the end of the last quarter, Quanta's firm, North Investment Bank, held a large position in the bonds of Veyron Corporation, a real estate company with all of its land holdings in a country recently downgraded by several credit rating agencies. The downgrades made Veyron bonds extremely difficult to sell because the bond price has dropped every day since the downgrades. Quanta has been asked by his supervisor to contact institutional clients of the firm to convince them that Veyron bonds are still an attractive purchase, especially at these lower prices. Quanta does not consider the Veyron bonds a buy at this price level. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Quanta is toA. obey his supervisor's request.B. ignore his supervisor's request.C. promote the bonds with appropriate disclosures.Correct answer: B"Guidance for Standards I–VII," CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard I (B) Independence and Objectivity, GuidanceStudy Session 1-2-bDistinguish between conduct that conforms to the CFA Institute Code of Ethics and Standards of Professional Conduct and conduct that violates the Code and Standards.B is correct. Quanta should refuse to promote the bonds, which he does not rate as a buy, because his opinion of the Veyron bonds must not be affected by internal pressure or compensation. If Quanta followed the request from his supervisor, he would be in violation of Standard I (B) Independence and Objectivity. Quanta must refuse to promote Veyron bonds until they are an attractive purchase based on fundamental analysis and market pricingCFA Level II1-6：The government of a developing countrypublished a Request for Proposal (RFP) for the development of policies toimprove the business conduct of its capital markets licensees with the hope ofimproving confidence levels among investors.Kingfisher Financial Development Partnersresponded with a detailed proposal including the following justifications forwhy the firm should win the tender.Justification1:With a team of three CFAcharterholders, Kingfisher is more qualified than our competitors to designpolicies to uphold and enhance capital market integrity. Justification2:Each team member must annually renewhis or her commitment to abide by the CFA Institute Code of Ethics and Standardsof Professional Conduct.Justification 3:In addition, every team member passed the CFAexams on the first try.Later, Kingfisher was notified that it wonthe tender. Kingfisher's team consists of team leader Khalid Juma, CFA, and histwo associates, Vimal Bachu, CFA, and Anila Patel, CFA. Kingfisher and thegovernment agree the first step to improve market integrity is to create anindustrywide Code of Conduct based on the CFA Institute Code of Ethics andStandards of Professional Conduct. Although the Code and Standards are notadopted in full, the decision is made to concentrate on four main areas:Professionalism, Capital Market Integrity, Duties to Clients, and InvestmentRecommendations.The Kingfisher team subsequently drafts thefollowing policy statements:Levelsof ProfessionalismFinancial services professionals must actin a professional manner at all times to help protect the integrity of thecountry's capital markets. As such, financial services professionals mustensure they meet, at a minimum, three major requirements. Professionals must:(1) disclose all conflicts of interest; (2) selectively differentiate servicesto clients; and (3) outline all manager compensationarrangements for clients.CapitolMarket IntegrityFinancial services professionals mustprotect the integrity of the capital markets by ensuring that any insiderinformation obtained is managed in such a way as to prevent the generalinvesting public from being disadvantaged. In addition, no financial servicesprofessional can knowingly participate in any activity devised to misleadinvestors or distort any price-setting mechanism.Dutiesto ClientsClients' interests must come before thoseof the financial services firm and/or its staff. To ensure clients' interestsare protected,all portfolios must be invested according to each client'sinvestment plan and must be well diversified across all asset classesavailable. Furthermore, fund managers must annually review client needs andobjectives and rebalance portfolios if required.InvestmentRecommendationsAll investment recommendations should bemade after extensive research undertaken by or on behalf of the firm. Inaddition, each research report must:Requirement 1:be reviewed by peers as soon as practical to ensure that adequate basisand due diligence policies,were followed;Requirement 2:be assessed to determine the quality of the recommendation over time;andRequirement 3:name only those team members who took part in the research and agreedwith the recommendation.The Kingfisher team and the governmentcommittee meet to agree on the draft Code. Members of the government committeesuggest an additional policy "Each financial services firm must have acompliance supervisor to ensure that:Task 1:systemsare in place to detect violations of laws, rules, regulations, firm policies,and the industrywide Code ofConduct and to enforce investment-relatedcompliance policies;Task 2:the firm has adequate documented compliancepolicies and procedures; it trains all personnel on the same and makes sure thepolicies and procedures are followed; andTask 3: inadequateprocedures are identified and recommendations to correct inadequate proceduresare submitted to senior management forapproval and implementation."Question1Which of Kingfisher's statements in the RFPregarding its qualifications most likely violates the CFA Institute Code ofEthics and Standards of Professional Conduct?A.Justification 1B.Justification 2C.Justification 3Question2Regarding the proposed policy statementrelating to Levels of Professionalism, which requirement least Likely reflectsany of the CFA Institute Code of Ethics and Standards of Professional Conduct?A.Conflicts of interestB.Differentiation of servicespensation arrangementsQuestion3Do any of Kingfisher's proposed policystatements related to Capital Market Integrity most likely violate any CFAInstitute Code of Ethics and Standards of Professional Conduct?A.No.B.Yes, regarding marketmanipulation.C.Yes, regarding materialnonpublic information.Question4Which of Kingfisher's proposed requirementsto ensure Duties to Clients is least appropriate to prevent violations of CFAInstitute Code of Ethics and Standards of Professional Conduct? The requirementcalling for a(n):A.periodic review.B.investment plan.C.well-diversified portfolio.Question5Which of Kingfisher's proposed requirementsregarding investment recommendations is most appropriate to prevent violationsof CFA Institute Standard V (A) Diligence and Reasonable Basis?A.Requirement 1B.Requirement 2C.Requirement 3Question6Which of the following governmentcommittee-suggested tasks would least likely conform to CFA Institute StandardIV (C) Responsibilities of Supervisors?A.Task 1B.Task 2C.Task 31. Correct answer：ACFA Institute Guidance for Standards I-VII2013 Modular Level IL Vol. 1, Reading 2,Section Standard VII (B) Reference to CFA Institute, the CFA Designation, andthe CFA Program, GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFAInstitute Code of Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.A is correct because it is a violation ofStandard VII (B) Reference to the CFA Institute, the CFA Designation, and theCFA Program to imply that the competencies of a CFA charterholder are superiorto those of others not holding the designation. R is not a violation, however,to factually state that charterholders must annually renew their commitment toabide by the CFA Institute Code of Ethics and Standards of ProfessionalConduct or that each of the team memberspassed all three CFA exams in their first try.2. Correct answer：BCFA Institute Guidance for Standards I-VII2013 Modular Level II, Vol. 1, Reading 2,Sections Standard III(B) Fair Dealing, Guidance; Standard IV (B) AdditionalCompensation Arrangements, Guidance; StandardVI (A) Disclosure of Conflicts,Guidance Study Session 1-2-a Demonstrate a thorough knowledge of the CFAInstitute Code of Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.B is correct because Standard III(B) FairDealing accommodates the differentiation of services to clients as long as suchservices are not offered selectively. The different service levels should bedisclosed to clients and prospective clients and should be available toeveryone. A requirement to disclose all conflicts of interest would not violateStandard VI (A) Disclosure of Conflicts, nor would the outline of all compensationarrangements violate Standard IV (B) Additional Compensation Arrangements.3. Correct answer：ACFA Institute Guidance for Standards I-VII2013 Modular Level II Vol. 1. Reading 2,Sections Standard II (A) Material Nonpublic Information. Guidance; Standard II(B) Market Manipulation, GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFAInstitute Code of Ethics and Standards of Professional Conduct by interpretingthe Code and Standards to specific situations.A is correct because Kingfisher's proposedgeneral principles related to Capital Market Integrity properly address in principleStandard II (A) Material Nonpublic Information and Standard II(8) MarketManipulation.Standard II (A) does not disallow thepossession of insider information but does disallow using the information totake unfair advantage of the general investing public. Standard II (B) requiresthe prohibition of: (1)market manipulation, that is, dissemination of false ormisleading information: and (2) transactions that deceive or would be likely tomislead market participants by distorting the price-setting mechanism offinancial instruments.4. Correct answer：C"Guidance for Standards I-VII".CFA Institute2013 Modular Level II Vol. 1, Reading 2,Section Standard III (A) Developing the Client's PortfolioStudy Session 1-2-bRecommend practices and procedures designedto prevent violations of the Code of Ethics and Standards of ProfessionalConduct.C is correct because Standard III (A)Loyalty, Prudence and Care requires a client's portfolio to be managed byinvestment guidelines agreed with the client. Some clients' investmentobjectives may not allow for a diversified portfolio across all asset classesavailable. "Therefore, to do so may violate this Standard."5. Correct answer：BCFA Institute Guidance for Standards I-VII2013 Modular Level II Vol. 1, Reading 2,Section Standard V (A) Diligence and Reasonable Basis, GuidanceStudy Session 1-2-bviolations of the CFA Institute Code of Ethics and Standards ofProfessional Conduct.B is correct because it is recommended todevelop and use measurable criteria for assessing the quality of research tohelp comply with Standard V (A) Diligence and Reasonable Basis. Therefore, the researchrecommendations need to be assessed to determine their validity over time. Didthe process and the analyst's view lead to the right recommendation? That is,did clients have the potential to benefit from the recommendation? Ifrecommendations consistently over time prove to be wrong. perhaps the researchprocesses need to be changed-or the analysts themselves!6.Correct answer：ACFA Institute Guidance for Standards 1-VII2013 Modular level II, Vol. 1, Reading 2,Section Standard IV (C) Responsibilities of Supervisors, GuidanceStudy Session 1-2-bviolations of the CFA Institute Code of Ethics and Standards ofProfessional ConductA is correct because Task 1 is insufficientin that Standard IV(C) Responsibilities of Supervisors requires supervisors toenforce non-investment-related policies as well as investment-related policies.。
CFA一级知识点总结最全
CFA 一级知识点总结Ethics 部分Objective of codes and standard ：永远是为了maintain public trust in1. Financial market2. Investment profession6个code of ethics1. Code 1—ethics and pertinent d persons2. Code 2---primacy of client’s interesta. Integrity with investment professionb. 客户利益高于自身利益3. Code 3---reasonable and independenta. 必须注意reasonable careb. 必须exercise independent professional judgment---必须独立判断！4. Code 4---ethical culture in the professiona. 不但自己要practice ， 而且要鼓励别人practice —不仅仅是自己一个人去做， 要所有人共同去做5. Code 5---ethnical culture in the capital market!a. 促进整个capital market 的integrity ，推广其相关法规---增强公众对资本市场的trust ！b. Capital market 是基于i. Fairly pricing of risky assets ；ii. Investors ‘ confidence6. 有关competence —能力---competence7个standard of professional conduct1. Standard 1---professionalism---knowledge of lawa. 不需要成为法律专家， 但是必须understand 和comply with applicable law ；b. 当两个law 发生conflict ，则要遵守更加严格的法律！c. Knowingly---know or should knowd. 必须attempt to stop the violation ， 如果不能stop ， then must dissociate from the violation ！必须从其中分离出去!i. Remove name from the written report;乐享科技CFA 一级考试知识点总结Stanhopeii.Ask for a different assignmente.并不要求向有关部门report！（do not require）f.向CFA 进行书面报告report--encouraged to so2. Standard 1 ---professionalism---integrity of capital marketa.Bias from client or other groups—listed company，controllingshareholder！b.Bias from sell side analystc.Buyer side client—d.Issuer paid report---只能接受flat fee for their work3.Standard 1 ---professionalism---misinterpretation—不能误导客户，不能剽窃其他人的研究成果4.Standard 1 ---professionalism---misconduct---5.Standard 2---integrity of capital marketa.不能使用非公开信息！---material nonpublic information---b.mosaic theory---conclusion from analysis of public and non-materialnonpublic information6.standard 3—duties to clientsa.Loyalty, prudence and care---i.如何定义客户？---考虑最终受益人！---雇佣我们的人未必就是我们的客户，要考虑最终受益人！ii.Soft dollar---when a manager uses client brokerage to purchase research report to benefit the investment manager---比如，作为基金公司，使用证券公司的席位进行交易，肯定会支付一定的费用，这些费用来自客户，所以基金公司只能用这些softdollar为客户服务！b.Fair dealing---i.对所有客户要公平客观ii.个别的客户要求，可以征收premium的费用之后，是可以做的！条件是，其他的分析都已经公布给其他客户了iii.More critical when changes recommendationiv.Investment action---taking investment action based on research recommendationv.Prorated the allocationc.Suitabilityi.了解客户的经验，风险和回报目标ii.要有书面目标—至少一年进行更新！iii.是否和客户的书面目标相符合？iv.是否符合客户的整个total portfolio的投资目标？v.必须理解其投资组合的constraints，只能进行符合其书面目标的投资推荐！1.Investment policy statement—IPS---risk tolerance，returnrequirement， investment2.Constraint---time horizon, liquidity needs, tax concerns, legaland regulatory factors, unique circumstancesd.Performance presentationi.这里有performance presentation的规定，同时在GIPS里面也有类似规定！其区别是1.一个是自愿的---GIPS，一个是必需的；2.一个是针对公司—firm wide，一个是针对个人member和candidate3.GIPS要求公司to use accurate input data and approvedcalculation method, to prevent the performance record inaccordance with a prescribed formate.Preservation of confidentiality---必须保密---可以不保密的情况i.违法行为ii.法律要求进行披露iii.Client或者prospective client同意披露iv.以现行法律为准v.CFA进行investigate固定收益债券，金融衍生品和alternative investment 部分Nonrefundable bond是指不能通过发行新的债券还旧债Sinking fund provisions---偿债基金条款---为了保护投资者，规定经过一段时间后，每年偿还一定金额的本金。
CFA重点知识梳理(AB通过一级测验)
CFA重点知识梳理(AB通过一级测验)————————————————————————————————作者：————————————————————————————————日期：Ethic重点知识梳理一、前言部分（一）相关AMC Asset Manager Code of professional conduct（二）The code of ethics1.以高风亮节出现在所有人面前（integrity、competence、diligence、respect）2.把职业道德和客户利益凌驾于自身利益之上。
3.投资建议有理有据有节4.感化他人5.维护市场6.提高专业能力二、条款易混条款：条款区别Misrepresentation Professionaliam条款之下，包括所有不正当陈述，重点是吹牛、遗漏、剽窃Performance presentation Loyal to client条款之下，重点是对客户的业绩披露Communicate with clients and prospective 投资行为条款之下，重点是跟客户交流时分清事实和观点Fair dealing 客户内部之间的公平Priority of transaction 客户、自己、雇主之间的优先顺序Additional compensation arrangement 对雇主忠诚的条款下面，重点是给雇主批露客户给的奖励等Disclosure of conflict 其他相关冲突的披露I professionalismI（A）Knowledge of law1.知道相关法律2.遵守更严格法律3.不能“理应”知道还犯法4.怀疑犯法——咨询——上报主管——上报监管部门——脱离5.如果咨询错误，依然不能免责I（B）Independence and objectivity不能受到威逼利诱1.上市公司：不能接受会影响客观独立性的礼物，只要在别人眼中认为会影响就不行（如gift、favor、Job referral 、invitation to lavish function）不能接受奢侈的旅行安排、可以接受commercial、common 的差旅安排一般的小纪念品可以接受2.客户：要disclose给其他客户及雇主，并收到雇主的书面同意才可以收，如果仅仅告诉雇主但没有得到同意就收礼物，违反了IV（B）additional compensation arrangement既没告诉也没得到书面同意违反IV（B）、I（B）、V（A）3.Outside manager ：不能收礼物，要选择物美价廉的，尤其是管理能力强的4.Issuer-paid research可以接受flat fee 任何与结论相关的bonus不能收5.M&A、IBD及buyside：不能受到此三方的压力，可以考虑放入restricted list上面，只陈述事实不发表评论。
CFA LEVEL1 道德部分要点整理
LOS1.a: Describe the structure of the CFA Institute Professional Conduct Program and the process of the enforcement of the Code and Standards.Several circumstances prompt an inquiry:1) self-disclosure by members or candidates on annual Professional Conduct Statement of involvement in civil litigation or a criminal investigation, or that the member or candidate is the subject of a written complaint.2) written complaints about a member or candidate's professional conduct that are received by the Professional Conduct Staff.3) Evidence of misconduct by a member or candidate that the Professional Conduct staff received through public sources4) A report by a CFA exam proctor of a possible violation during the examinationOnce an inquiry begins, may 1) request (in writing) an explanation from the subject member or candidate, & may:2) interview the subject member or candidate; 3) interview the complainant or other third parties; 4) collect documents and records relevant to the investigation.Possible decision of Designated Officer: 1) no disciplinary sanctions are appropriate, 2) to issue a cautionary letter 3) to discipline the member or candidate=> subject member or candidate can accept or reject the sanction, if reject, the matter will be referred to a panel of CFA institute members for a hearing. Sanctions imposed may include condemnation by the members' peers or suspension of candidates' continued participation in the CFA Program.LOS1.b: State the six components of the Code of Ethics and the seven standards of Professional Conduct.Code of Ethics1) Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.2) Place the integrity of the investment profession and the interests of clients above their own interests.3) Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities4) Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.5) Promote the integrity of, and uphold the rules governing capital markets6) Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.The Standards of Professional Conduct1) Professionalism2) Integrity of Capital Markets3) Duties to Clients4) Duties to Employers5) Investment Analysis, Recommendations, and Actions6) Conflicts of Interest7) Responsibilities as a CFA Institute Member of CFA candidateLOS1. c: Explain the ethical responsibilities required by the Code and Standards, including the sub-sections of each Standard.Professionalism:1) knowledge of the Law: Conflict? => comply with the more strict law2) independence and objectivity: use reasonable care and exercise independent professional judgment, no offer, solicit, accept any gift, benefit, compensation or consideration3) misrepresentation4) misconduct (dishonesty, fraud, deceit, commit )Integrity of capital markets1) Material Nonpublic Information2) Market Manipulation: distort prices or artificially inflate trading volume with the intent to mislead market participants.Duties to clients1) Loyalty, prudence, and care.2) Fair dealing3) Suitability: i) advisory: [1]inquiry into clients' investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment action and must reassess and update this info regularly. [2] determine the suitability of investment to clients' financial situation and consistent with written objectives, mandates, and constraints [3] judge the suitability of investment in the context of clients' total portfolio. ii) managing portfolio to a specific mandate, strategy, or style4) Performance presentation: investment performance info must be fair, accurate and complete5) Preservation of Confidentiality unless: illegal activities on the part of client; disclosure is required by law; or client permits disclosure.Duties to employers1) Loyalty2) Additional compensation arrangements (gifts, benefits, compensation, or consideration that competes with employer3) Responsibilities of supervisorsInvestment analysis, recommendations, and actions1) diligence and reasonable basis (e.g. research)2) communication with clients and prospective clients: disclosure to clients the basic format and general principles of investment processes; identification of important factors for investment analyses; distinguish between fact and opinion in the presentation of investment analysis and recommendations3) Record retentionConflicts of interest1) disclosure of conflicts2) Priority of Transactions3) Referral feesResponsibilities as a CFA institute member or candidate1) Conduct as members & candidates in the CFA program2) Reference to CFA instituteSummary from examples:Professionalism1) Regular procedures for an employee when finds some misconducts or violations: report to supervisor, if not solved => seek independent legal opinion, if not solved => dissociate from the misconducts anyway.2) Comply with more strict laws or regulations of country of origin and country in which business is conducted.No requirement under standards to report violations to governmental authorities but may be required to report in some circumstances or by laws in others.Only reliance on legal department doesn't absolve a member or candidate from the requirement to comply with the law or regulation, one should report the situation to supervisor and seek an independent legal opinion to decide whether the regulator should be notified or not.Independence and Objectivity1) Aware of any possible bribe any corruption from an interested party to members/candidates that should act independently and objectively by themselves.2) Better to avoid appearance of any conflict of interest, but analysts can make own judgments on acceptance travel and accommodation pay based on requirement that their objectivity and independence are not impinged or compromised. Such payments from clients not necessarily violations.3) Members should be sensitive to the public perception and avoid any perception of likely conflict of interest even though there's no.Modest gifts (token items only) are permitted, allocation of shares in oversubscribed IPOs to personal accounts is NOT permitted. Do not let investment process be influenced by external resources. Gifts must be disclosed to employer in any case, either prior to acceptance if possible, or subsequently.Restrict employee investments in equity IPOs and private placements, require pre-approval of IPO purchases.The reason for both disclosure and permission requirements of gifts is that the employer must ensure that employee does not give advantage to the client giving or offering additional compensation, to the detriment of other clients.* An analyst performing sensitivity analysis for a security does not use only scenarios consistent with recent trends and historical norms. => This is a good thing and not a violation. Misrepresentation (or give false impressions) -- foundation in the investment profession include oral or electronic communications- guaranteeing investment performance- plagiarism (reports, forecasts, models, ideas, charts, graphs, spreadsheet models)- knowingly omitting information that could affect an investment decision (e.g. pretend to be independent analyst but indeed employed by target company)Models and analysis developed by firm can be used without attribution. A report written by another analyst employed by the firm cannot be released as another analyst's work.procedures for compliance: - qualifications accurately presented; - materials recorded with sources cited; - establish procedures of verifying marketing claims of third parties whose info the firm provides to clients.* Description of bank CD as "guaranteed" is not a violation.* Even word-by-word definition of terms found online should cite sources* Cite both directly and indirectly referred sources or cite directly reference obtained from origin. Misconduct ( 关乎个人品行的)Any act reflects adversely on professional reputation, integrity or competence. e.g.: excessive drinking before investment decision.Integrity of Capital Markets (inside information)Material Nonpublic information: if affect the value of investment, cannot act or cause others to act on the info. Selectively disclosing info by corporations creates the potential for insider-trading violations.Info is "material" if its disclosure would impact the price of a security or if reasonable investors would want the information before making an investment decision. Ambiguous info, as far as its likely effect on price, may not be considered material.- Guidance -- Mosaic Theory: There is no violation when a perceptive analyst reaches an investment conclusion about a corporation or event through an analysis of public information together with items of nonmaterial nonpublic info (e.g. market opinion of products)- monitor and restrict proprietary trading while a firm is in possession of material nonpublic information. Prohibition of all proprietary trading may be inappropriate because it may send a signal to the market. In these cases, firms should take the contra side of only unsolicited customer trades. ?* Trading stocks based on nonpublic info provided by someone who has power to influence the stock price is a violation. ** priority of transactions by front-running client tradeMarket manipulation (distort prices or artificially inflate trading volume with intent to mislead market participants)- distorting price-setting mechanism- securing a controlling position to manipulate the price- spreading rumors* Formal liquidity on a market is determined by the obligations set on market makers, but the actual liquidity of a market is better estimated by the actual trading volume and bid-ask spreads. liquidity pumping strategy must be disclosed.Duties to clients- loyalty, prudence and care to beneficiaries be represented.fair deal, best price and execution for clientscompliance: Submit to clients, at least quarterly, itemized statements showing all securities in custody and all debits, credits, and transactions.- fair dealing (fairly is not equally, different service levels shall be disclosed, individual and institutional clients treated fairly, cannot take advantage of position in industry to disadvantage clients, e.g. IPO)do not discriminate against any clientA reason of minimum lot size to deviate from a strict pro rata allocation to client is not violation of fair dealingSuitabilityclient information gathering: needs, circumstances, risk tolerance, use of leverage or not, consistent to stated mandateswritten in IPS(investment policy statement)focus characteristics of client's entire portfolio and give thorough explanations of investment recommendation to clientsPerformance Presentation- members must make detailed information available on request and indicate that the presentation has offered limited info- considering the sophistication of audience to whom the presentation is addressed; presenting performance of weighted composite of similar portfolios rather than a single account.- terminated accounts; all appropriate disclosures to fully explain results: model results, gross or net of fees, etc.)- maintaining data & records used to calculate the performance being presented.- the source of historical performance should be fully disclosed.Preservation of Confidentiality - do not divulge- avoid disclosing info received from a client except to authorized co-workers who are also working for the client.* Check with compliance department and outside counsel to determine whether applicable securities regulations require reporting client's financial records if find any suspicious corruption, embezzlement of client* If find client violating law, report to supervisor and try to end this illegal activity; if fail, seek legal advice about any disclosure should be made to legal or regulatory authorities and dissociate from any continuing associationDuties to EmployersLoyalty- Always place clients' interest above employers' but consider the effects of their actions on firm integrity and sustainability- Not required that employee puts employer interest ahead of family and other personal obligations; it's expected that employer and employees discuss such matters and balance these obligations and work obligations.- Independent practice for compensation is allowed if a notification is provided to the employer fully describing all aspects of the services, including compensation, duration, and the nature of the activities and if the employer consents to all terms of the proposed independent practice before it begins.- must continue to act in employer's best interest until resignation is effective. violations: misappropriation of trade secrets; misuse of confidential info; soliciting employer's clients prior to leaving; self-dealing; misappropriation of client list (once an employee leaves a firm, the simple knowledge of names and existence of former clients is generally not confidential, there's no prohibition on the use of experience or knowledge gained while with a former employer)?- employee vs. independent contractor: still have a duty to abide by the agreement* Taking any employer records, even those the member or candidate prepared, violates standard * The Code and Standards do not prohibit former employees from contacting clients of their previous firm, absent a non-compete agreement.* Employee-led buyout of employer's business is not violation. Employer can decide how to respond to any buyout offer. If such a buyout takes place, clients should be informed of the nature of the changes in a timely manner.* Contractor: current employer has first right to act on contractor's work* Full-time employee serving as mayor does not conflict with employer's business interest, as long as the time commitment does not preclude performing his expected job functions well, there's no violation.Additional Compensation Arrangements- Written consent from employer includes e-mail communication. details including any performance incentives should be verified by the offering party.Responsibilities of Supervisors- prevent employees from violating; detect violations; enforce firm policies regarding investment or non-investing behaviors equally- If there is violation, respond promptly and conduct a thorough investigation while placing limitations on the wrongdoer's activities.* supervise reasonably and adequately the actions accountable to supervisors. e.g. disemmination of unpublished changes in recommendationInvestment Analysis, Recommendations, and Actions1) Diligence and Reasonable Basis-depends on the investment philosophy adhered to , members' and candidates' roles in the investment decision-making process, and the resources and support provided by employers=> degree of diligence, thoroughness of research, and the proper level of investigation required.-Reasonable basis: [1] a firm's financial results, operating history, and business cycle stage [2]fees and historical results for a mutual funds [3]limitations of any quantitative models used [4]a determination of whether peer group comparisons for valuation are appropriate.- using secondary or third-party research, criteria: [1]review assumptions used [2]analysis rigorous? [3]timely? [4]objectivity and independence of the recommendations- quantitative research: able to explain the basic nature of quantitative research and how it is used to make investment decisions. consider scenarios outside those typically used to assess downside risk and the time horizon of the data used for model evaluation to ensure both positive and negative cycle results have been considered.- external advisor: [2]adequate compliance and internal controls? [2]present returns info correct [3]do not deviate from stated strategies- group research and decision making: member who does not agree with view of group, not necessarily decline to be identified with the report.* Bad outcome of recommendation does not mean there has necessarily been a violation, as long as the member performs reasonable due diligence and discloses investment risk adequately.2) communication with clients- disclose to clients the basic format and general principle of investment processes; identifying important factors in investment; distinguish between fact and opinion in the presentation of investment analysis and recommendations- maintain records of communication and be able to supply additional info if requested- member should notify clients immediately of changes in the firm's investment process, not notify only in annual reports3) record retentionrecords are property of firm, if no regulatory standards, CFAI recommends at least 7-year holding period.Conflicts of interest1) disclosure of conflicts -- actual ownership of shares recommended; member's compensation/bonus structure which can potentially create incentives to take actions that produce immediate gains for the member with little or no concern for long-term returns for the client; give the employer enough information to judge the impact of the conflict. Take reasonable steps to avoid conflicts and report them promptly if occur.* purchase for own account?2) Priority of transactions- investment transactions for clients and employer have priority over investment transactions in which a member or candidate is the beneficial owner. Note that family member accounts that are client accounts should be treated just like any client account; they should not be disadvantaged.- no "front running", blackout period requirement, severity depends on the size of the firm and the type of security- disclosure of policies: when requested, members must fully disclose to investors their firm's personal trading policies.3) Referral fees -- inform employers, clients and prospects, allow them to evaluate the full cost of the services as well as any potential partiality.*This standard is meant to address instances where the investment advice provided by a member appears to be objective and independent but in fact is influenced by an unseen referral arrangement.* compensation/bonus by employer for finding new clients/business or acquiring new assets need not be disclosed to clients. -- this is obvious. But if the new assets are managed in "proprietary product offerings" e.g. an in-house mutual fund, then investors buying this asset will benefit the firm. Should disclose.Responsibilities as a CFAI member or candidate- Conduct as a CFAI member or candidate: The standard is intended to cover conduct such as cheating on the CFA exam or otherwise violating rules of CFAI or the CFA program. It is not intended to prevent anyone from expressing any opinion or beliefs concerning CFAI or the CFA program.- Reference to CFAI, the CFA Designations, and the CFA program. Must not misrepresent or exaggerate the meaning or implications.--For members: must sign PCS(personal conduct statement) annually, pay CFAI membership dues annually-- It is not permitted claiming superior ability because completing the program in 3 years-- CFA marks: used as adj or after charterholder's name, not nouns, in written or oralExercise Summary:[1] Gifts from clients are acceptable, but must be disclosed to employers. Compensation from issuer (of securities)/ issuer-paid research is allowed as long as the analysis is thorough, independent, unbiased, and has a reasonable and adequate basis for its conclusions, and the compensation from the issuer must be disclosed.[2] Must cite the sources of the info they use in analysis, unless the info is factual data (as opposed to analysis or opinion) from a recognized financial or statistical reporting service. The U.S, Treasury is one example of a recognized source of factual data.[3] Member or candidate who believes an unsolicited trade is unsuitable for the client can either decline to carry it out or ask the client to provide a statement that suitability is not a consideration for this trade. When managing the fund to an index or stated mandate, the manager is responsible for ensuring that potential investments are consistent with the fund's mandate. Suitability for individuals would be a concern for an advisor who recommends the fund to clients, but not for the manager of the fund.[4] Members and candidates are required to cooperate with PCP investigations into their own conduct and encouraged(not required) to cooperate with PCP investigations into the conduct of others. Any client info shared with PCP will be kept in strict confidence, for former and current clients, same treatment![5] Loyalty: act for the benefit of employer and not deprive the employer of their skills. Though volunteer position, receiving compensation in the form of a free car parking space, the performing work is similar to services provided by employer, still need to disclose details to employer and get written permission.[6] Regarding duties to employers, additional compensation arrangement based on performance goals for portfolio managers is allowed, but need consent from employers[7] Regarding supervisory duties, supervisors should enforce investment-related and non-investment related policies equally.[8] Communication with clients should cover all positive and negative sides, or it's a violation[9] Members and candidates may trade for their own accounts as long as they do not disadvantage clients, benefit personally from client trades, or violate any regulation that apply.Investment firms can voluntarily follow GIPS in presentation of historical investment results to prospective clients. Avoid misrepresentation of performance: representative accounts, survivorship bias, varying time periodsGIPS apply to investment management firms and are intended to serve prospective and existing clients of investment firms. - more easily to compare among investment firms and have confidence in reported performance.- Explain the construction and purpose of composites of performance reporting* composite: a grouping of individual discretionary portfolios representing a similar investment strategy, objective, or mandate.* A composite must include all portfolios (current and past) that the firm has managed in accordance with this particular strategy.- Explain the requirements for verification* performed by a third party, on a firm-wide basis: 1) comply with all GIPS requirements for composite construction on a firm-wide basis? 2) process and procedures are established to present performance in accordance with the calculation methodology, data requirements, in the format required by GIPS?* Verified firms should include the following disclosure language: "[Name of firm] has been verified for the periods [dates] by [name of verifier]. A copy of the verification report is available upon request."- Describe the key features of the GIPS standards and the fundamentals of compliance.* GIPS objectives: global acceptance of calculation and presentation with full disclosure; ensure consistent, accurate investment performance data; to promote fair competition among investment management firms without unnecessary entry barriers for new firms; promote global "self regulation".* include a minimum of five years or since firm or composite inception. the firm must add annual performance each year going forward up to a minimum of ten years.* Follow the local laws for cases in which a local or country-specific law or regulation conflicts with GIPS, but disclose the conflicts.* Fundamentals of compliance contain both requirements and recommendations -- if firm changes its organization, historical composite results cannot be changed.-- once GIPS requirements have been met, the following compliance statement must be used: "[Name of firm] has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS)."- Describe the scope of the GIPS standards with respect to an investment firm's definition and historical performance record* The definition of firm must be the corporation, subsidiary or division that is held out to clients as a business entity. Geographic locations and their clients, if under same company name.* noncompliant performance - if no presentation of it after 2001, specify and the ways in which does not comply with- Explain how the GIPS standards are implemented in countries with existing standards for performance reporting and describe the appropriate response when the GIPS standards and local regulations conflict.* Country Version of GIPS (CVG) => as compliance with GIPS prior to 2006; continue GIPS for at least 10 yrs* conflicts? => must follow the applicable country-specific regulations but must also disclose the nature of conflicts with GIPS- Describe the nine major sections of GIPS[1] fundamentals of compliance[2]input data[3]calculation methodology: for portfolio returns, composite returns => uniformity in methods. [4]composite construction: asset-weighted average [5]disclosure: info to understand the raw numbers. [6]presentation and reporting: other firm-specific info not specifically required by GIPS should be included when appropriate [7]Real estate investment: e.g. land, buildings, etc. regardless of the level of control; whether the asset is producing revenue or there is leverage involved in the investment.[8]Private equity (include all investment in companies that are not publicly traded: vc investment, ownership of a previously public company that has been taken private, mezzanine financing, limited partnership shares, fund-of-fund investment): valued according to GIPS Private Equity Valuation Principles unless the investment is an open-end or evergreen fund (which must follow GIPS) [9]Wrap fee/Separately Managed Account(SMA) portfolios Exercise summary:[1] A composite includes all fee-paying, discretionary portfolios based on similar strategy, objective, or mandate; total firm assets include total market value of discretionary and non-discretionary assets, including fee-paying and non-fee-paying accounts.[2] Verification is intended to give additional confidence to clients in the firm's claim to comply with GIPS. GIPS recommends firms to verify but not required. If firm seeks third-party verification, must be issued for/with respect to whole firm[3] No partial compliance different with "noncompliant performance before compliance period"[4] The definition of a firm for GIPS-compliance performance presentation should include ALL geographical offices marketed under the same name brand. All these offices and the brand is a "firm", single branch (regional or whatever) cannot be defined as a firm.[5] A firm that claims to comply with GIPS but incurs conflicts with country laws must abide by country laws but disclose the nature of conflicts with GIPS, then this firm can still claim it's complying with GIPS.。
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CFA 一级考试重点：Due Diligence and Reasonable basis
关于CFA 一级重点，罗列一个关于Due Diligence and Reasonable basis 试题
A model expert developed a model. He gathered lots of historical data, which shows unilateral bull market, that is, only upward trend. If he made investment suggestions based on these historical data, is he in violation of the Code and Standards?
A. No
B. Yes, because he should combine more of other theories to make decision.
C. Yes, because he should also simulate more of the downward trend.
Solution: C
The model expert violated the Code and Standards V(A) Diligence and Reasonable Basis by
making investment suggestions based only on historical data which shows only upward trend. The proper way to avoid violating Standards is to simulate more of the downward trend also.
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