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Sample Examination for 2001 Candidates
2000, Association for Investment Management and Research 1
Sample Examination for 2001 Candidates
CFA® Level I
120 Questions
3 Hours
AIMR has developed this sample examination to help candidates practice for the Level I
examination. This 120-question sample examination represents a three-hour section (onehalf
the regular exam time). To simulate realistic exam-day conditions, candidates should
set aside a block of three hours in which to take the sample examination. Doing so will
allow 1½ minutes, on average, for each question. Candidates also should simulate other
examination conditions such as using an AIMR approved calculator and not referring to any
reference materials.
The sample examination is intended only to give candidates practice at answering questions
that are similar in style to those that will appear on the 2001 CFA Level I examination.
None of these sample questions will appear on that examination. Candidates should not
rely on the sample exam as their only means of preparing for the 2001 CFA Level I
examination. Careful study of the readings listed in the 2001 CFA Level I Study Guide is
essential to being well prepared.
If you detect any irregularities with the guideline answers to sample questions, please
submit those irregularities by fax to Sample Exam Comments at 804.951.5299.
Corrections will be printed in the Candidate Bulletin and posted on the AIMR website. No
individual replies will be given.
Sample Examination Structure
Question Topic Percent Minutes
1–18 Ethical and Professional Standards 15 27
19–36 Quantitative Analysis 15 27
37–50 Economic Analysis 12 21
51–80 Financial Accounting and Statement Analysis 25 45
81–108 Asset Valuation 23 42
109–120 Portfolio Management and Analysis of
Alternative Investments
10 18
Total 100 180
2 2000, Association for Investment Management and Research
QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL
STANDARDS AND ARE ALLOCATED 27 MINUTES.
1. The AIMR Code of Ethics specifically addresses all of the following EXCEPT:
A. competence.
B. integrity and dignity.
C. independent judgment.
D. importance of contractual obligations.
2. According to the AIMR Code of Ethics, members must practice, and encourage others to
practice, in a professional and ethical manner that will:
A. reflect credit on members and their profession.
B. add value for clients, prospects, employers, and employees.
C. maintain the excellent reputation of AIMR and its members.
D. encourage talented and ethical individuals to enter the investments profession.
3. George Moses, CFA, analyzes Technicorp for a brokerage company. Extensive study has
led Moses to rate Technicorp as a “hold,” largely because of increasing competition in the
industry. At a recent AIMR Society meeting, Moses discussed Technicorp’s prospects with
two other analysts. Although the other analysts did not give a reason, both said that
Technicorp was about to experience rapid earnings growth. Given the circumstances in
which he issued the “buy” recommendation, Moses:
A. complied with the AIMR Standards of Professional Conduct.
B. violated the AIMR Standards because he copied the opinions of others.
C. violated the AIMR Standards because he did not seek approval of the change from his
supervisor.
D. violated the AIMR Standards because he did not have a reasonable and adequate basis
for his recommendation.
4. An AIMR member resides in Country A, where securities laws are more strict than the
AIMR Standards of Professional Conduct, and does all of his business in Country B, where
securities laws are less strict than the AIMR Standards. The laws of Country A apply to the
member’s professional conduct, but those laws state that conduct is governed by the laws of
the locality in which business is conducted. According to the AIMR 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. AIMR Standards of Professional Conduct.
D. a basic standard of competence and diligence.
2000, Association for Investment Management and Research 3
5. Wilfred Clark, CFA, accumulated several items of nonpublic information through contacts
with computer companies. Although none of the information is “material” individually,
Clark concluded, by combining the nonpublic information, that one of the companies will
have unexpectedly high earnings in the coming year. According to the AIMR Standards of
Practice Handbook, Clark:
A. may not use the nonpublic information.
B. may use the nonpublic information to make investment recommendations and decisions
at any time.
C. must make reasonable efforts to achieve immediate public dissemination of the
nonpublic information.
D. may use the nonpublic information only after gaining approval from a supervisory
analyst attesting to its nonmateriality.
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