Bài tập Ethical and Professional Standards CFA (Môn Tiêu chuẩn và đạo đức nghề nghiệp CFA) kèm đáp án

Bài tập Ethical and Professional Standards CFA kiểm tra hiểu biết của bạn về việc phát huy phẩm chất, năng lực của nhà đầu tư trong thực tiễn hàng ngày. Đây là một môn học được Viện CFA đánh giá rất cao, được xuất hiện xuyên suốt cả 3 Level. Hãy cùng TACA tìm hiểu những bài tập của môn học này nhé!

Môn Ethical and Professional Standards CFA (Tiêu chuẩn và đạo đức nghề nghiệp) được Viện CFA chia tỷ trọng trong các level như sau:

Xem thêm: Ethical and Professional Standards CFA (Môn Tiêu chuẩn đạo đức và nghề nghiệp CFA)

1. Bài tập Ethical and Professional Standards CFA Level 1

Question 1: Which of the following statements most likely reflects one of the six components of the CFA Code of Ethics? Candidates must: 

1. place the integrity of the investment profession above their own interests. 
2. promote the viability of the global capital markets for their employer’s benefit. 
3. ignore unprofessional conduct displayed by others within the profession.

Question 2: A profession is most likely described as a group of people that: 

1. has a common level of basic knowledge about a particular subject. 
2. monitors its members based on an agreed-on code of ethics. 
3. puts the interests of its members first.

Question 3: Most societies would least likely consider ethical principles to include: 

1. justice. 
2. duplicity. 
3. diligence.

Question 4: Tibor Figeczky, CFA, is an equity trader at Global Investment Bank (GB). Figeczky traded the bank’s investment portfolio profitably for the past three years and earned significant bonuses for his efforts. Subsequently, internal auditors of GB formally accused Figeczky of exceeding his trading authority and engaging in unauthorized trades. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Figeczky should most likely 

1. disclose the complaint to CFA Institute. 
2. refuse further bonuses until the issue is resolved. 
3. request a temporary suspension of his CFA Institute membership.

Question 5: Lisa Hajak, CFA, specialized in research on real estate companies at Cornerstone Country Bank for the past twenty years. Hajak recently started her own investment research firm, Hajak Investment Advisory. One of her former clients at Cornerstone asks Hajak to update a research report she wrote on a real estate company when she was at Cornerstone. Hajak updates the report, which she had copied to her personal computer without the bank’s knowledge, and replaces references to the bank with her new firm, Hajak Investment Advisory. Hajak also incorporates the conclusions of a real estate study conducted by the Realtors Association that appeared in the Wall Street Journal. She references the Journal as her source in her report. She provides the revised report free of charge along with a cover letter for the bank’s client to become a client of her firm. Concerning the reissued research report, Hajak least likely violated the CFA Institute Standards of Professional Conduct because she: 

1. solicited the bank’s client. 
2. did not obtain consent to use the bank report. 
3. did not cite the actual source of the real estate study.

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2. Bài tập Ethical and Professional Standards CFA Level 2

Question 1: According to the Code of Ethics, which of the following statements is NOT correct? CFA Institute members are required to:

1. comply with the CFA Institute Global Investment Performance Standards.
2. use reasonable care and exercise independent professional judgment.
3. maintain and improve their competence and strive to maintain the competence of others in the profession.

Question 2: According to the CFA Institute Code of Ethics, CFA Institute members shall:

1. preserve the confidentiality of information communicated by clients, prospects, or employers concerning investment matters.
2. act with integrity, competence, diligence, respect, and in an ethical manner when dealing with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.
3. maintain knowledge and comply with all applicable laws, rules and regulations.

Question 3: The Code of Ethics does NOT explicitly say that a CFA Institute member shall do which of the following?

1. Exercise independent professional judgment.
2. Actively lobby for new laws to protect the public.
3. Act with integrity.

Question 4: Which of the following is a component of the Code of Ethics?

1. Practice and encourage others to practice in a professional and ethical manner that will reect credit on members and their profession.
2. Members and candidates must not engage in conduct that compromises the integrity of the CFA designation or the security of the CFA examinations.
3. Transactions for clients and employers have priority over transactions in which a member or candidate is the benecial owner.

Question 5: All of the following are components of the Code of Ethics EXCEPT:

1. demonstrating diligence, independence, and thoroughness when preparing investment reports
2. using reasonable care and exercising independent professional judgment.
3. striving to maintain and improve their competence and the competence of others in the profession.

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3. Bài tập Ethical and Professional Standards CFA Level 3

3.1. Bài tập trắc nghiệm

Question 1: Allen Parsons, a CFA candidate, suspects a colleague at his firm of engaging in an illegal activity. Which of the following statements about procedures for compliance involving Standard I(A), Knowledge of the Law is not correct? Parsons:

1. is required to report this legal violation to the appropriate governmental or regulatory organizations.
2. should urge his rm to attempt to persuade the perpetrator to cease such conduct.
3. should consult counsel to determine whether the conduct is, in fact, illegal.

Question 2: An analyst has been writing research reports on a company for many years. As part of the analyst’s continuing research efforts, the analyst allows the firm to fly him to the firm’s headquarters and put him up in the guest quarters the company has for all corporate visitors. According to Standard I(B): Independence and Objectivity, this is:

1. a violation, no matter the circumstances.
2. a violation if the headquarters are within a reasonable driving distance from the analyst’s home.
3. not a violation under any circumstances.

Question 3: An analyst, who is a CFA charterholder, is working in a foreign country. Which of the following statements is correct? The analyst is:

1. governed by CFA Institute’s Code and Standards.
2. governed by the laws and standards of the country in which he is living and working.
3. covered by the strictest of the following laws and rules: his own country’s, the foreign country’s or CFA Institute’s Code and Standards.

Question 4: Deloris Johnson, CFA, observed that her supervisor has violated a federal securities regulation. Johnson discussed the matter with her company’s compliance department but they have taken no action. According to the CFA Institute Code and Standards of Professional Conduct, Johnson is required to:

1. dissociate from the supervisor’s activity.
2. report the violation to securities regulators.
3. confront the supervisor and attempt to stop the violation.

Question 5: Benito Salvatore, CFA, is licensed in the established country of Oldworld but has clients and makes investments in the emerging country of Newworld. The regulations of Oldworld prohibit licensed investment professionals from taking gifts or gratuities in any amount from vendors or persons connected with potential investments. The laws of Newworld are silent on this issue. Unsolicited, Salvatore is offered a vase worth U.S. $75 by a Newworld trust company and a bronze statue worth U.S. $200 by a Newworld company that Salvatore is considering as a potential investment. Salvatore is:

1. permitted to accept both gifts.
2. permitted to accept the vase but not the statue.
3. not permitted to accept either gift.

3.2. Bài tập tự luận

Stone Mountain Asset Management Case Scenario

Ben Chipwell, senior portfolio manager of Stone Mountain Asset Management (SMAM), prepares to present SMAM’s performance to prospective clients. The following exhibit shows the firm’s performance with subsequent disclosure notes: 

Exhibit 1

Stone Mountain Asset Management 

US Mid-Cap Value Equity Composite 

Notes 1. 

1. SMAM has prepared this report in compliance with the Global Investment Performance Standards (GIPS). A qualified third party has independently verified the US Mid-Cap Value Equity Composite to be GIPS compliant. The verification report was issued for the composite only and omitted SMAM. The report states that SMAM complied with all composite construction requirements for the US Mid-Cap Value Equity Composite. It calculates and presents a performance in compliance with GIPS standards. 
2. The firm is defined as an independent investment manager that invests exclusively in US large-cap, US midcap, and US small-cap equity securities for US resident clients. A complete list and description of all the firm’s composites, valuing portfolios, and calculating performance is available upon request. The firm uses time-weighted rates of return. Subperiod rates of return are geometrically linked. Cash equivalent instruments are included in rate-of-return calculations. Returns are calculated quarterly. 
3. The US Mid-Cap Value Composite invests in US mid-cap value equity securities. The composite consists of all fee-paying and non-fee-paying discretionary accounts. It includes companies with a minimum market cap of $0.5 billion, lower price-to-book ratios, and lower forecasted growth values relative to others in the mid-cap space. Each portfolio position is selected after in-depth analysis. Non discretionary portfolios are not included in any composite. The composite benchmark is the Russell Mid Cap Value Index consisting of 564 stocks with a market cap of stocks ranging from $0.5 billion to $19 billion with lower P/Es and P/B ratios than other midcap stocks. 
4. Gross-of-fees returns are reduced by any trading expenses incurred during the period but before investment management fees, and trading expenses include custodial fees. All clients pay investment management a flat fee of 1% on the month-end account value plus a 10-basis-

point performance fee whenever the composite return exceeds the benchmark return by 100 basis points. 

1. Internal dispersion is the asset-weighted standard deviation of the annual gross returns of the portfolios included in SMAM’s US Mid-Cap Value Equity Composite. 

Jim Briggs, the chief executive officer of SMAM, asks about using other internal dispersion measures that clients can easily understand. Chipwell responds that the high/low range is not used because of certain disadvantages. Briggs also wants to know about the requirement under GIPS standards for presenting the composite’s variability. 

Later talking to newly hired analysts, Chipwell explains the firm’s time-weighted return calculations methodology. He explains that SMAM uses the following two ways: 

1. asset weighting the individual portfolio returns using beginning-of-period values; or 
2. using a method that reflects both beginning-of-period values and external cash flows.

He shares the following information with the analysts and asks them to calculate the time-weighted return of a composite of 3 portfolios using the two ways. 

Exhibit 2 

Note: Weighted cash flows reflect two-decimal-place precision in the weighting factors. 

1. Based on the Notes, identify the items included in the SMAM performance report that do not comply with GIPS standards. Justify your response.
2. Describe an advantage and a disadvantage of using the high/low range. State the requirement under the GIPS standards for presenting the variability of the composite returns. Justify your response with one reason. 
3. Calculate the April composite return by 
4. Asset-weighting the individual portfolio returns using beginning-of-period values. 
5. Asset-weighting the individual portfolio returns using a method that reflects both beginning-of-period values and external cash flows.

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