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CFA CFA I Exam Questions
CFA Level I Chartered Financial Analyst (Page 20 )

Updated On: 17-Feb-2026
Page 20 of 793
PDF with 3960 Questions

When formulating an investment policy for a client, all of the following fall under "investor constraints," except ________.

  1. liquidity needs
  2. regulatory and legal circumstances
  3. risk tolerance
  4. tax considerations
  5. expected cash flows
  6. investable funds
  7. investor preferences, circumstances and unique needs
  8. none of these answers

Answer(s): C

Explanation:

Risk tolerance is considered under "investor objectives."



Which of the following can be found in Standard I?

  1. Members shall deliver a copy of the Code to their employer.
  2. Members shall not participate in any professional conduct involving dishonesty, fraud, deceit, etc.
  3. Members shall not knowingly participate or assist in any violation of laws, rules or regulations.
  4. Members shall exercise diligence and thoroughness in making investment recommendations or in taking investment actions.
  5. Members shall not misrepresent investment performance.

Answer(s): C

Explanation:

Standard I states that members shall: "A. Maintain knowledge of and comply with all applicable laws of any governing agency or professional association governing the member's professional activities, and B. Not knowingly participate or assist in any violation of laws, rules or regulations."



AIMR Standard ________ prohibits plagiarism.

  1. I (D)
  2. IV (A)
  3. None of these answers
  4. II (C)
  5. III (B)

Answer(s): D

Explanation:

Standard II (C) - Prohibition against Plagiarism states: "Members shall not copy or use, in substantially the same form as the original, material prepared by another without acknowledging and identifying the name of the author, publisher, or source of such material. Members may use, without acknowledgment, factual information published by recognized financial and statistical reporting services or similar sources."



Fiduciaries are obligated to vote proxies:

  1. none of these answers.
  2. on an "as needed" basis, depending on the issue at hand.
  3. only when there is a nonroutine governance issue.
  4. only when there is a change in firm capitalization.
  5. in an informed and responsible manner.
  6. only when management requests the fiduciary to vote, in writing.

Answer(s): E

Explanation:

As part of a fiduciary's duty of loyalty, they are obligated to vote proxies in an informed and responsible manner.
A fiduciary who fails to vote, casts a vote without considering the impact of the question or votes blindly with management on nongovernance issues may violate this duty of loyalty.



Standard III (E) is ________.

  1. Obligation to Inform Employer of Code and Standards
  2. Duty to Employer
  3. Responsibilities of Supervisors
  4. Disclosure of Conflicts to Employer
  5. None of these answers
  6. Disclosure of Additional Compensation Arrangements

Answer(s): C

Explanation:

Standard III (A) deals with the Obligation to Inform Employer of Code and Standards. Standard III (B) deals with the Duty to Employer. Standard III (C) deals with Disclosure of Conflicts to Employer. Standard III (D) deals with Disclosure of Additional Compensation Arrangements. Standard III (E) deals with Responsibilities of Supervisors.






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