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Free CFA-Level-I Exam Braindumps (page: 73)

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Which AIMR standard states that members must inform employers of their duty to comply with the Code and Standards and must deliver a copy to their employers?

  1. IX
  2. IV
  3. III A
  4. II A

Answer(s): C

Explanation:

Standard III (A) Obligation to Inform Employer of Code and Standards states: Members shall: "(1) Inform their employer in writing, through their direct supervisor, that they are obligated to comply with the Code and Standards and are subject to disciplinary sanctions for violations thereof, and (2) Deliver a copy of the Code and Standards to their employer if the employer does not have a copy."



Access or covered persons are discussed in detail under which of the following standards?

  1. Prohibition against Plagiarism
  2. Responsibilities of Supervisors
  3. None of these answers
  4. Priority of Transactions
  5. Fundamental Responsibilities
  6. Professional Misconduct
  7. Disclosure of Conflicts to Employer
  8. Professional Misconduct

Answer(s): D

Explanation:

Access or covered persons are dealt with under the compliance procedures of Standard IV (B.4), Priority of Transactions.



When formulating an investment policy for a client, which of the following falls under the category "client identification?"

  1. risk tolerance
  2. time horizon
  3. expected cash flows
  4. the existence of separate beneficiaries
  5. none of these answers

Answer(s): D

Explanation:

"Client identification" requires that the existence of separate beneficiaries be considered. Risk tolerance is considered under "investor objectives." Time horizon is considered under "investor constraints."



Hercules Poirot has just received the AIMR letter, informing him that he has passed the Level III exam in the CFA program. He changes his resume to reflect this information. The header now says, "Hercules Poirot, CFA," the "CFA" written in a smaller font. With respect to Standard II (A) - Use of Professional Designation - if Hercules circulates this resume, he will:

  1. have violated Standard II (A). He cannot use the CFA designation till AIMR informs him that he has earned the charter.
  2. have violated Standard II (A). He cannot put the CFA designation on his business card immediately after his name.
  3. have violated Standard II (A). He cannot claim to be a CFA till he obtains the final diploma from AIMR.
  4. not have violated Standard II (A).

Answer(s): A

Explanation:

A candidate earns a CFA charter only after he has passed all 3 exams and has accumulated sufficient professional experience to satisfy the requirements of the program. Till the ICFA Board approves his candidacy, Hercules cannot use the designation, "CFA."






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