CFA职业道德与专业行为标准（CFA Ethical and Professional Standards）向来是CFA一级和CFA二级考试的重点之一（CFA一级的比重达15%）。
在CFA考试中，涉及到职业道德与专业行为标准的考题往往最先出现。迅速并准确解答这部分考题，不仅有助于从考试开始就建立起信心，也能提高通过考试的机率。
CFA道德规范和专业行为准则练习题＂Morality＂Exercise:GIPS
Questions 1:
Which of the following situations most likely helps to explain why the GIPS standards were created?
A、Firms only including top performing funds to represent their performance history.
B、Asset managers including the performance of all portfolios including those
no longer managed in their performance history.
C、Consistency amongst fund managers when making investment performance presentations.
【Answer to question 1】A
【analysis】
A is correct.The GIPS standards were created to help prevent misleading practices such as Representative Accounts,whereby firms select top-performing portfolios to represent the firm’s overall investment results for a specific mandate.
B is incorrect.By including all portfolios a manager no longer manages,any Survivorship Bias is eliminated.Survivorship Bias is a misleading practice that the GIPS standards aim to eliminate.
C is incorrect because.By having consistent reporting styles for performance measurement between asset managers,valid comparisons are easier for the client and potential client to obtain.This was one of the objectives of the GIPS standards.
Questions 2:
Which of the following statements does not accurately represent the objectives of Global Investment Performance Standards(GIPS)?The GIPS standards:
A、ensure consistent,accurate investment performance data in areas of reporting,records,marketing,and presentations.
B、obtain global acceptance of calculation and presentation standards in a fair,comparable format with full disclosure.
C、promote fair competition amongst investment management firms in all markets requiring common fee structures.
【Answer to question 2】C
【analysis】
C is correct.One of the objectives of the GIPS standards is to promote fair competition among investment management firms in all markets;however,this does not require unnecessary entry barriers or hurdles for new firms such as common fee structures.
A is incorrect because the GIPS standards do ensure consistent,accurate investment performance data in areas of reporting,records,marketing,and presentations.
B is incorrect because the GIPS standards do obtain global acceptance of calculation and presentation standards in a fair,comparable format with full disclosure.
写评论
