CFA職業(yè)道德與專業(yè)行為標(biāo)準(zhǔn)（CFA Ethical and Professional Standards）向來是CFA一級和CFA二級考試的重點(diǎn)之一（CFA一級的比重達(dá)15%）。
在CFA考試中，涉及到職業(yè)道德與專業(yè)行為標(biāo)準(zhǔn)的考題往往最先出現(xiàn)。迅速并準(zhǔn)確解答這部分考題，不僅有助于從考試開始就建立起信心，也能提高通過考試的機(jī)率。
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CFA道德規(guī)范和專業(yè)行為準(zhǔn)則練習(xí)題＂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.
cfa練習(xí)題
【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.
cfa練習(xí)題
【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.
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