A CFA Institute member resides in Country A, where securities laws are more strict than CFA Institute Standards of Professional Conduct, and does all of his business in Country B, where securities laws are less strict than CFA Institute Standards. The laws of Country a state that  professional conduct is governed by the laws of the locality in which business is conducted.  According to the Standards of Practice Handbook, the member has a duty to adhere to:   A. the laws of country A   B. the laws of Country B   C. a basic standard of competence and diligence   D. CFA Institute Standards of professional conduct   【答案】 D When the applicable law states that the law of the locality where the business is conducted governs and that law is less strict than the Code and Standards the member must adhere to the Code and Standards.    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                    查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

What are the mean and standard deviation of a standard normal distribution   【答案】 B The standard normal distribution(unit normal distribution) has a mean of zero and a standard deviation of one.    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

A portfolio of non-dividend-paying common stocks earned a geometric mean return of 5 percent  between 1 January 1996 and 31 December 2002. The arithmetic mean return for the same period  was 6 percent. If the market value of the portfolio at the beginning of 1996 was $100,000, the  market value of the portfolio at the end of 2002 was closest to:   A.$135,000   B.$140,710   C.$142,000   D.$150363 【答案】 B There are seven annual periods between 1 January 1996 and 31 December 2002  CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Melanie Warren, CFA, manages the Beckman Company,'s pension fund, which substantially  outperformed its benchmark last year. John Beckman is extremely pleased with the fund's performance and offered Warren and three of her friends an all-expenses-paid trip to the world Cup with accommodations at a nearby five-star resort. Prior to her trip, Warren described the details of  the entire trip to her supervisor in writing. She subsequently completed the trip. According to the  Standards of Practice Handbook, has Warren violated any CFA Institute Standards of Professional  Conduct?   A. No   B. Yes, because she cannot accept gifts valued at over US$100 from clients   C. Yes, because accepting the gift will compromise her independence and objectivity   D. Yes, because she is not allowed to enter into additional compensation arrangements   【答案】 A Warren informed her supervisor in writing of the gift as required by the Standards.    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                    查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Jenkins Investment Advisors has been in existence since 1 January 1993, and has maintained composites. since the inception of the firm. Jenkins has not been compliant with the Global. Investment Performance Standards(GIPS), but wants to achieve compliance as of January 2006. For each of the firms composite presentations, the minimum number of GlPS-compliant years that Jenkins must present is closest to: A 1 B5 C10 D13   【答案】 B A firm must initially show GIPS-compliant history for a minimum of five years, or since inception if the firm has been in existence for less than five years.    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                    查看折扣    更多精彩： CFA书籍丨CFA考试之后，这7本书值得一读 零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式 CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

CFA一级 其他投资   Please choose a strategy that could exploit pricing discrepancies between assets of issuing companies? 　　A. Event-driven strategies. 　　B. Macro strategies. 　　C. Relative value strategies.     Solution一级: C

CFA一级 数量分析   For a credit card, it charges 15% compounded monthly. Its effective annual rate is closet to: 　　A. 15.78%. 　　B. 18.85%. 　　C. 16.08%.   Solution一级: C

CFA一级 衍生品   Which of the following statements describe the exchange-traded derivatives is the most accurate? 　　A. They are illiquid. 　　B. They are standardized contracts. 　　C. They have significant default risk.   Solution一级: B

CFA一级 组合管理   Which of the following is the advantage of diversification compared to investing in a single security? 　　A. It decreases the volatility of returns. 　　B. It increases the probability of high returns. 　　C. It increases the expected rate of return.   Solution一级: A

CFA一级 经济学   Markets for produced goods that are primarily sold to customersare best described as: 　　A. capital markets. 　　B. intermediate goods markets. 　　C. services and finished markets.   Solution：C 　　Markets for produced goods such as cars, clothing, and liquor thatare sold primarily to customers are considered as finished一级 and servicesmarkets.