Question： Mariam Musa, CFA, head of compliance at Dunfield Brokers, questions her colleague Omar Kassim, a CFA candidate and a research analyst, about his purchase of shares in a company for his own account immediately before he publishes a "buy" recommendation. He defends his actions by stating he has done nothing wrong because Dunfield does not have any personal trading policies in place.  The CFA Institute Standards of Professional Conduct were most likely violated by:  A. only Kassim.  B. both Musa and Kassim.  C. only Musa.  Answer = B  Both Musa and Kassim violated the Standards of Professional Conduct. Musa violated Standard IV(C)–Responsibilities of Supervisors by not ensuring policies were in place to prevent violations of the Standards of Professional Conduct (in this case, Standard VI(B)–Priority of Transactions) by someone subject to her supervision. As the head of compliance, Musa supervised Kassim and must meet her supervisory responsibilities outlined in the Standards of Professional Conduct. Kassim violated Standard VI(B)–Priority of Transactions because he did not give sufficient priority to Dunfield's clients before trading on his recommendation. CFA Level I "Guidance for Standards I–VII" Standard IV(C)–Responsibilities of Supervisors, Standard VI(B)–Priority of Transactions     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA一级权益复习策略 这可能是目前zui快通过CFA、FRM双证的捷径了

Question： Jan Loots, CFA, quit his job as a portfolio manager at an investment firm with whom he had a nonsolicitation agreement he signed several years ago. Loots received permission to take his investment performance history with him and also took a copy of the firm's software-trading platform.

Question： Which of the following statements concerning the objectives of market regulation is least accurate?  Regulators:  A. set standards to ensure that all agents acting in the market are skilled.  B. ensure systems are in place to prevent fraud.  C. promote fair and orderly markets.    Answer = A  Regulators help solve agency problems by setting minimum standards of competence, not skill, for  agents and by defining and enforcing minimum standards of practice.  CFA Level I  "Market Organization and Structure," Larry Harris  Section 10   CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 要进投行？是不是必须要考CFA！？ CFA一级权益复习策略 CFA考试难吗？适合哪些人考？    

管你选择什么英语培训机构，首先一点，一定要体验课程。上一堂课才知道好不好啊!最好是上个几堂课，换一两个老师上着看看，这样才能了解到整个学校的师资情况。要知道，很多学校的体验公开课的老师和真正给你上课的老师会有一些区别的。等到真的报名上课的那天，才发现给自己上课的老师不好，那岂不很惨? 二、算算课时数 课时数量的核算我们在了解课程的时候，不要只看表象上的有几个月时间，一定要核算每周能真正上课的课时。有的学校会告诉你，你可以随时来上课，我们可以想一下，那么多学员，真的可以随时上课吗?别人的成本怎么处理。有的学校是每天都会排一些课在那里，也许根本就不是你所培训的人来说，更多地关注的是培训所能够给自己带来的实际效果有哪些？这些人往往参加培训想要上课的那个级别，或则是一些花里胡哨的课。例如就像我们买一个相机，厂家告诉它有什么什么的功能，试问我们的消费者，有很多功能你用过吗?你买这个相机究竟要它做什么? 成人英语培训事关英语掌握的实际效果，是多数学员报考英语培训班最关系的问题，只有能够真正提升自己英语知识和能力的培训课程才能够带来实际的效果，丰富成人的英语生活。

Question： An industry experiencing slow growth, high prices, and volumes insufficient to achieve economies of scale is most likely in the:  A. shakeout stage.  B. mature stage.  C. embryonic stage.    Answer = C  An embryonic industry is one that is just beginning to develop and is characterized by slow growth, high prices, volumes not yet sufficient to achieve meaningful economies of scale, developing distribution channels, and low brand loyalty because there is low customer awareness of the industry’s product.   CFA Level I “Introduction to Industry and Company Analysis,” Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O’Reilly Section 5.1.5.1 CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？ CFA一级大三可以考吗？一级的含金量有多高?  

want to trade. By allowing their clients to trade when they want to trade, dealers provide liquidity to them.   CFA Level I “Market Organization and Structure,” Larry Harris Sections 4.1, 4.2   CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： FRM和CFA有什么不同，哪个容易找工作？ CFA一般都是什么程度的人在考？ CFA二级考试复习要注意什么？  

Question： During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executive officer of Stargazer, Inc. discussing the company's tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional

the risk-free asset relative to the  portfolio's beta, which is a measure of systematic risk.  CFA Level I  "Portfolio Risk and Return: Part II," Vijay Singal  Section 4.3.2      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA一级权益复习策略 CFA考试难吗？适合哪些人考？ 2016年6月CFA报名开始及具体报名流程（第一阶段截止至9月23日）    

培训班五花八门的，关于如何选择合适的共同英语培训班成了问题?现在的英语培训以使我们能够随时随地的学习，提高学习效率。 另外最好可以根据自己的实际英语水平评估学习等级，然后量身定做合适的课程，并且根据自己的水平来给安排作业上课。全程录音，随时回顾课程内容加强学习效果，免费的发音讲座训练发音，纯正发音，说出纯正流利的英语。师资的选择也应该有所区别。老师是否有相关的教学资质，是否有足够的教学经验，都是衡量培训班教学效果很好的条件。教师有自己独特的风格，专业知识必须过硬，讲课可以讲清楚，对待学生要有足够的耐心。 还有就是根据自己的年龄阶段，根据自己的爱好，学习需求等各方面的因素来选择适合自己年龄的公共英语培训班，我们在学习公共英语的时候就要不断求学，还要注意每一个阶段下来进行的复习巩固和检测，从中找出弊端和优点，好的继续坚持，不适宜的要及时纠正，形成一个好的学习方法，那样无论你在哪个学校学习中都会有进步。 对于怎样选择合适的公共英语考试培训班的问题，在上面的文章中也给出了大家所需的答案。相信大家在意识到了这些后，对于日后的学习也就可以少了很多的困扰，还有就是在平时注意一下学习的技能和情景对话的方法，提升自己的英语水平。  

Question： Based on historical returns, a portfolio has a Sharpe ratio of 2.0. If the mean return to the portfolio is 20%, and the mean return to a risk-free asset is 4%, the standard deviation of return on the portfolio is closest to: A. 12%. B. 8%. C. 10%. Answer = B CFA Level I "Statistical