For Q9 D is not the right answer …i selected d which was wrong Q9)Which of the following statements regarding research reports is/are CORRECT according to the Standards of Practice Handbook? I. Members should outline known limitations of their analysis. II. Reports should be supported by background and supporting information, and this information should be available to interested parties. III. Members must include all relevant factors in research reports. a.I and III. b.I and II. c.II and III. d.I, II, and III.
It vould be c
anybody tried these questions what was ur scores??? search for CFA Institute Code and Standards self test …49 questions
I just did… got a 88%
Nice - well done.
cfaboston28 Wrote: ------------------------------------------------------- > 4-C > > 5-C (As he is not a Supervisor) I just gave the exam the ans for 5 is i,ii and iii
docmash80 Wrote: ------------------------------------------------------- > cfa website self test > > search for CFA Institute Code and Standards self > test …49 questions just posted the ones which i > got wrong …silly mistakes …no answer key is > provided think its a silly question, but… where can i find those? members area / PD program? dont u need a member password?
i got 78% 
pico, http://www.cfainstitute.org/memresources/pdprogram/ser.html CFA Centre CFA Institute Code of Ethics and Standards of Professional Conduct From the Standards of Practice Handbook Ninth Edition 5.0 PD credits / 5.0 SER credits Take self-test <==== CLICK here
I ended up with a 94% Here are the ones I got wrong When a corporate issuer, seeking to increase their visibility with potential investors, hires an analyst to write research on their company, the analyst must do all of the following EXCEPT: A. Allow the company that paid for the report to review the analysis and recommendations. B. Engage in thorough, independent and unbiased analysis of the company. C.Strictly limit the type of compensation received by the company so that the compensation is not based on the content or recommendation contained in the report. D. Disclose in the report that the analyst is being paid by the company to write the report. Which of the following statements regarding research reports is/are CORRECT according to the Standards of Practice Handbook? I. Members should outline known limitations of their analysis. II. Reports should be supported by background and supporting information, and this information should be available to interested parties. III. Members must include all relevant factors in research reports. A. I and II. B. II and III. C. I, II, and III. D. I and III. Gaines, a financial analyst for Skinner Investment Counseling, is told by the investor relations representative for Firebird Avionics, a major aircraft parts manufacturer, that the firm is in the final stages of building a new fuel efficient jet engine. This information is divulged by Firebird at the most recent quarterly conference call for analysts. Gaines uses this information along with other information he obtained from the company and distributed to the public in a research report that includes a “buy” recommendation for Firebird stock. Which of the following statements is CORRECT: A. Gaines’ actions did not violate the Code and Standards. B. Gaines violated the Code and Standards because he used material nonpublic information. C. Gaines violated the Code and Standards because he has a material misrepresentation in his report. D. Gaines violated the Code and Standards because he failed to separate opinion from fact.
A A I got the third wrong too. I assume it is A too
I got the foll wrong Phoung has a number of investment management clients. He gives discount from his standard investment management fee rate to clients who have US$25 million or more in their accounts. He also provides personalized service to these clients, regularly checking in with them by phone to discuss new investment opportunities. Phoung: Has not violated the Code and Standards as long as his increased level of service to some clients has not disadvantaged other clients and he has disclosed his different levels of service to all his clients. Has not violated the Code and Standards since the level of investment management fees charged to clients are not addressed by the Code and Standards. Has violated the Code and Standards by personally discussing investment opportunities with only larger clients. Has violated the Code and Standards by not treating all his clients fairly with respect to his investment management fees. Vidovich received a year-end gift of a set of new golf clubs from a client who was delighted by the performance of her portfolio, managed by Vidovich. Vidovich may do all of the following EXCEPT: Accept the gift and disclose its receipt to his employer. Decline the gift. Accept the gift and donate it to charity. Accept the gift, keeping the matter confidential Which of the following is LEAST LIKELY to be considered a “material” piece of information regarding a company: A former CFO of the company predicting long-term decline in the company’s stock. Loss of a customer representing a significant portion of a company’s gross sales. A government report of economic trends affecting a company. Changes in company management. Which of the following statements regarding supervisory responsibility is/are CORRECT under the Code and Standards: I. CFA Institute members exercise reasonable supervision by establishing and implementing written compliance procedures. II. Once compliance procedures are established, CFA Institute members must take reasonable steps to ensure that they are disseminated and enforced. III. Misconduct by a member’s subordinate automatically results in a violation of the Code and Standards by the member for failing to properly supervise the employee. I, II, and III. II and III. I only. I and II. As part of his responsibilities as a research analyst, Gonzalez, along with several other analysts, takes a tour of the corporate headquarters and meets with management of a large electronics company in Asia. The company pays for the travel and accommodations of all the analysts participating in the 2-day tour and hosts a dinner, a golf tournament, and a sightseeing excursion for them as part of the trip. Under these circumstances, Gonzalez: May attend the dinner and participate in the golf-tournament and sight-seeing excursion because Gonzalez considers these modest “perks” acceptable in the normal course of business. May accept the reimbursement for the travel and accommodations because the firm paid for all the analysts and did not show favoritism to Gonzalez. May attend the dinner and participate in the golf tournament and sight-seeing but not accept reimbursement for travel and accommodations. Should not accept reimbursement for his travel and accommodation expenses and should not attend the dinner or participate in the golf tournament as doing so may impinge on Gonzalez’s independence and objectivity.
cpk can u ans those questions.Thanks
smeet Wrote: ------------------------------------------------------- > I got the foll wrong > > Phoung has a number of investment management > clients. He gives discount from his standard > investment management fee rate to clients who have > US$25 million or more in their accounts. He also > provides personalized service to these clients, > regularly checking in with them by phone to > discuss new investment opportunities. Phoung: > Has not violated the Code and Standards as long as > his increased level of service to some clients has > not disadvantaged other clients and he has > disclosed his different levels of service to all > his clients. > Has not violated the Code and Standards since the > level of investment management fees charged to > clients are not addressed by the Code and > Standards. > Has violated the Code and Standards by personally > discussing investment opportunities with only > larger clients. > Has violated the Code and Standards by not > treating all his clients fairly with respect to > his investment management fees. > > Ans: > Has not violated the Code and Standards as long as > his increased level of service to some clients has > not disadvantaged other clients and he has > disclosed his different levels of service to all > his clients. > > > Vidovich received a year-end gift of a set of new > golf clubs from a client who was delighted by the > performance of her portfolio, managed by Vidovich. > Vidovich may do all of the following EXCEPT: > Accept the gift and disclose its receipt to his > employer. > Decline the gift. > Accept the gift and donate it to charity. > Accept the gift, keeping the matter confidential > > Ans: Accept the gift, keeping the matter confidential > > Which of the following is LEAST LIKELY to be > considered a “material” piece of information > regarding a company: > A former CFO of the company predicting long-term > decline in the company’s stock. > Loss of a customer representing a significant > portion of a company’s gross sales. > A government report of economic trends affecting a > company. > Changes in company management. > > Ans: A former CFO of the company predicting long-term > decline in the company’s stock. > Which of the following statements regarding > supervisory responsibility is/are CORRECT under > the Code and Standards: > > I. CFA Institute members exercise reasonable > supervision by establishing and implementing > written compliance procedures. > II. Once compliance procedures are > established, CFA Institute members must take > reasonable steps to ensure that they are > disseminated and enforced. > III. Misconduct by a member’s subordinate > automatically results in a violation of the Code > and Standards by the member for failing to > properly supervise the employee. > I, II, and III. > II and III. > I only. > I and II. > Ans: I and II > > As part of his responsibilities as a research > analyst, Gonzalez, along with several other > analysts, takes a tour of the corporate > headquarters and meets with management of a large > electronics company in Asia. The company pays for > the travel and accommodations of all the analysts > participating in the 2-day tour and hosts a > dinner, a golf tournament, and a sightseeing > excursion for them as part of the trip. Under > these circumstances, Gonzalez: > May attend the dinner and participate in the > golf-tournament and sight-seeing excursion because > Gonzalez considers these modest “perks” acceptable > in the normal course of business. > May accept the reimbursement for the travel and > accommodations because the firm paid for all the > analysts and did not show favoritism to Gonzalez. > May attend the dinner and participate in the golf > tournament and sight-seeing but not accept > reimbursement for travel and accommodations. > Should not accept reimbursement for his travel and > accommodation expenses and should not attend the > dinner or participate in the golf tournament as > doing so may impinge on Gonzalez’s independence > and objectivity. Ans: Should not accept reimbursement for his travel and > accommodation expenses and should not attend the > dinner or participate in the golf tournament as > doing so may impinge on Gonzalez’s independence > and objectivity.
For the second question, why shouldnt he disclose the gift? Which of the following statements regarding > supervisory responsibility is/are CORRECT under > the Code and Standards: Isnt the supervisor responsible if a subordinate violates a standard?
not if he has taken adequate protections to detect violations etc. etc. quoting the standards If a member or candidate has adopted reasonable procedures and taken steps to institute an effective compliance program, then the member or candidate may not be in violation of Standard IV© if they do not detect violations that occur despite these efforts. CP
I did not understand these two either Vidovich received a year-end gift of a set of new > golf clubs from a client who was delighted by the > performance of her portfolio, managed by Vidovich. > Vidovich may do all of the following EXCEPT: > Accept the gift and disclose its receipt to his > employer. > Decline the gift. > Accept the gift and donate it to charity. > Accept the gift, keeping the matter confidential > > Ans: Accept the gift, keeping the matter confidential > > Which of the following is LEAST LIKELY to be > considered a “material” piece of information > regarding a company: > A former CFO of the company predicting long-term > decline in the company’s stock. > Loss of a customer representing a significant > portion of a company’s gross sales. > A government report of economic trends affecting a > company. > Changes in company management. > > Ans: A former CFO of the company predicting long-term > decline in the company’s stock.
The first question is a double negative question. You can do all of the following EXCEPT. So he can disregard the gift. Take the gift, disclose it to employer. Take the gift and donate it to charity. He cannot TAKE THE GIFT AND DO NOTHING ABOUT IT. 2nd question too: Which is LEAST LIKELY a Material piece of info.? Govt talking of economic trends for the co, loss of customer, change in co. management are material.
yes, it is all A. I put A in. they are all right. I got 92% right. here is what I got wrong. McFiggen, an analyst, has written a report for Braveheart Investment Research, recommending investors purchase the securities of a new printing services company. McFiggen owns a significant portion of the company’s stock and Braveheart is a large customer of the company. At the bottom of the research report, in a footnote, McFiggen makes the following disclosure, “The author of this report may or may not have a financial stake in the company and Braveheart Investment Research may have outside business relationship with the company that is the subject of this report.?Which of the following statements is CORRECT: A. The disclosure is adequate because it alerts readers to the conflicts of interests of McFiggen and his employer with respect to the printing company. B. The disclosure related to McFiggen’s conflict of interest is adequate but the disclosure related to Braveheart’s conflict of interest is inadequate. C. The disclosure related to Braveheart’s conflict of interest is adequate but the disclosure related to McFiggen’s conflict of interest is inadequate. D. The disclosure is inadequate as it is not made in a prominent manner and with sufficient specificity to effectively communicate the conflict of interest to clients and prospective clients. 2. As part of his responsibilities as a research analyst, Gonzalez, along with several other analysts, takes a tour of the corporate headquarters and meets with management of a large electronics company in Asia. The company pays for the travel and accommodations of all the analysts participating in the 2-day tour and hosts a dinner, a golf tournament, and a sightseeing excursion for them as part of the trip. Under these circumstances, Gonzalez: A. May attend the dinner and participate in the golf-tournament and sight-seeing excursion because Gonzalez considers these modest “perks?acceptable in the normal course of business. B. Should not accept reimbursement for his travel and accommodation expenses and should not attend the dinner or participate in the golf tournament as doing so may impinge on Gonzalez’s independence and objectivity. C. May attend the dinner and participate in the golf tournament and sight-seeing but not accept reimbursement for travel and accommodations. D. May accept the reimbursement for the travel and accommodations because the firm paid for all the analysts and did not show favoritism to Gonzalez. CP: If you got right on them, could you please tell me what the right answers are?
excuse the mess can anyone please post the answer to these, please Q26 Gaines, a financial analyst for Skinner Investment Counseling, is told by the investor relations representative for Firebird Avionics, a major aircraft parts manufacturer, that the firm is in the final stages of building a new fuel efficient jet engine. This information is divulged by Firebird at the most recent quarterly conference call for analysts. Gaines uses this information along with other information he obtained from the company and distributed to the public in a research report that includes a “buy” recommendation for Firebird stock. Which of the following statements is CORRECT: Gaines’ actions did not violate the Code and Standards. Gaines violated the Code and Standards because he has a material misrepresentation in his report. Gaines violated the Code and Standards because he used material nonpublic information. Gaines violated the Code and Standards because he failed to separate opinion from fact. 0 out of 1 ________________________________________ Question 9 of 49 Which of the following statements regarding supervisory responsibility is/are CORRECT under the Code and Standards: I. CFA Institute members exercise reasonable supervision by establishing and implementing written compliance procedures. II. Once compliance procedures are established, CFA Institute members must take reasonable steps to ensure that they are disseminated and enforced. III. Misconduct by a member’s subordinate automatically results in a violation of the Code and Standards by the member for failing to properly supervise the employee. I, II, and III. I only. II and III. I and II. 0 out of 1 Question 28 of 49 Which one of these four statements CONFLICTS with the recommended procedures for compliance once a supervisor learns that a subordinate has violated the law? The supervisor should place limits on the employee’s activities. The supervisor may conclude the investigation and discontinue increased monitoring once the employee states that the misconduct will not recur. The supervisor must promptly initiate an investigation to ascertain the extent of the wrongdoing. The supervisor should increase monitoring of the employee’s activities. 0 out of 1 ________________________________________ Question 30 of 49 Which of the following statements clearly CONFLICTS with the recommended procedures for compliance presented in the Standards of Practice Handbook? Prior approval must be obtained for the personal investment trans¬actions of all employees. Personal transactions include transactions in securities owned by the employee and members of his or her immediate family and transactions involving securities in which the employee has a beneficial interest. Investment recommendations may be changed by an analyst without prior approval of a supervisory analyst. For confidentiality reasons, personal transactions should not be compared to those of clients or the employer unless requested by regulatory organizations. 0 out of 1 Question 43 of 49 Which of the following is LEAST LIKELY to be an example of misrepresentation: Plagiarizing the work of another analyst in writing a research report. Guaranteeing a specific rate of return on the equity securities of a public company. Claiming to have earned an academic degree or professional designation that has not yet been awarded. Omitting relevant facts from a research report. 0 out of 1 ________________________________________ Question 48 of 49 Which of the following statements regarding research reports is/are CORRECT according to the Standards of Practice Handbook? I. Members should outline known limitations of their analysis. II. Reports should be supported by background and supporting information, and this information should be available to interested parties. III. Members must include all relevant factors in research reports. I and II. I and III. II and III. I, II, and III. 0 out of 1 Question 32 of 49 Which of the following is LEAST LIKELY to assist a Member in meeting their obligations with regard to presenting investment performance under the Code and Standards: Presenting the performance of the weighted composite of similar portfolios. Making disclosures that explain the performance results being reported. Presenting the performance of a new investment strategy by applying the strategy to historical performance data. Complying with the Global Investment Performance Standards (GIPS). 0 out of 1 Question 42 of 49 All of the following statements about a CFA Institute members’ record keeping responsibilities are true EXCEPT: In the absence of regulatory guidance, records should be kept for at least seven years. Only records relating to investment recommendations and actions must be kept. Records can be maintained either in hard copy or electronic form. Records created by an employee as part of her professional activities are generally the property of the employer. 0 out of 1 ________________________________________ Question 44 of 49 Powell is a research analyst with Rossington & Collins a brokerage and investment banking firm. R&C’s mergers and acquisitions department has represented Wilkenson Company in all its investment banking deals. Two of R&C’s senior officers are directors of several Wilkenson subsidiaries. Powell has been asked to write a research report on Wilkenson. What is Powell’s BEST course of action? Powell may write the report if she discloses in the report the officer’s special relationships with the company and the fact that Rossington & Collins has served as Wilkinson’s investment banker. Powell should not write the report because the officers are insiders of the company. Powell may write a factual report but must refrain from expressing any opinions because of the special relationship between the two companies. Powell may write the report and ask the officers to review it. 0 out of 1 ________________________________________ Question 45 of 49 As part of his responsibilities as a research analyst, Gonzalez, along with several other analysts, takes a tour of the corporate headquarters and meets with management of a large electronics company in Asia. The company pays for the travel and accommodations of all the analysts participating in the 2-day tour and hosts a dinner, a golf tournament, and a sightseeing excursion for them as part of the trip. Under these circumstances, Gonzalez: May accept the reimbursement for the travel and accommodations because the firm paid for all the analysts and did not show favoritism to Gonzalez. Should not accept reimbursement for his travel and accommodation expenses and should not attend the dinner or participate in the golf tournament as doing so may impinge on Gonzalez’s independence and objectivity. May attend the dinner and participate in the golf tournament and sight-seeing but not accept reimbursement for travel and accommodations. May attend the dinner and participate in the golf-tournament and sight-seeing excursion because Gonzalez considers these modest “perks” acceptable in the normal course of business. Q46 Sheramy, a portfolio manager for Woodbridge Investment handles the account of Zamborino, a client of the firm. Zamborino offers to pay Sheramy a $100,000 bonus over and above her compensation from Woodbridge Investments if Sheramy achieves an 18 percent annual return for Zamborino’s account. Sheramy: Cannot accept this offer because it will interfere with her independence and ability to be objective regarding investment decisions and recommendations. Can accept this offer and disclose the bonus to her employer only if she actually achieves the performance target and receives the gift. Cannot accept this offer because it is outside of her primary employment relationship with Woodbridge Investments. Can accept this offer as long as she discloses the arrangement to her employer. 0 out of 1 gracias, i know some of them have been answered already