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1、2013LevelIMockExam:MorningSession®Themorningsessionofthe2013LevelICharteredFinancialAnalyst(CFA)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthi
2、ssessionoftheexam.QuestionsTopicMinutes1–18EthicalandProfessionalStandards2719–32QuantitativeMethods2133–44Economics1845–68FinancialStatementAnalysis3669–78CorporateFinance1579–90EquityInvestments1891–96DerivativeInvestments997–108FixedIncomeInvestments18109–
3、114AlternativeInvestments9115–120PortfolioManagement9Total:180Questions1through18relatetoEthicalandProfessionalStandards.1.BaileyWatson,CFAmanages25emergingmarketpensionfunds.Herecentlyhadtheopportunitytobuy100,000sharesinapubliclylistedcompanywhoseprospectsa
4、reconsidered“aboveindustrynorm”bymostanalysts.Thecompany’ssharesrarelytradebecausemostmanagerstakea“buyandhold”strategybecauseofthecompany’ssmallfreefloat.Beforeplacingtheorderwithhisdealer,Watsonallocatedthesharestobepurchasedaccordingtotheweightedvalueofeac
5、hofhisclients’portfolios.Whenitcametimetoexecutethetrades,thedealerwasonlyabletopurchase50,000shares.TopreventviolatingStandardIII(B)FairDealing,itwouldbemostappropriateforWatsontoreallocatethe50,000sharespurchasedby:A.reducingeachpensionfund’sallocationpropo
6、rtionately.B.distributingthemequallyamongstallthepensionfundportfolios.C.allocatingrandomlybutgivingfundsleftoutpriorityonthenextsimilartypetrade.2.DilshanKumar,CFA,isaworld-renownedmininganalystbasedinLondon.Recently,hereceivedaninvitationfromCerberusMining,
7、aLondonStockExchangelistedcompanywithheadquartersinJohannesburg,SouthAfrica.CerberusaskedKumartojoinagroupofprominentanalystsfromaroundtheworldonatourofitsminesinSouthAfrica,someofwhichareinremotelocations,noteasilyaccessible.Theinvitationalsoincludesanarrang
8、edwildlifesafaritoKruegerNationalParkfortheanalysts.Kumaracceptstheinvitation,planningtovisitotherminingcompanieshecoversinNamibiaandBotswanaafterthesafari.TopreventviolatinganyCFAInstitu
