2025年CFA一级伦理与职业准则试卷（含答案）

2025年CFA一级伦理与职业准则试卷（含答案）考试时间：______分钟总分：______分姓名：______试卷内容1.Ananalystatabrokeragefirmiscoveringthetechnologysector.Thefirm'sprimebrokerageclientisalargetechnologycompany,clientX.Aspartofheranalysis,AnalystAattendsaproductlauncheventforclientX'snewproduct.Duringtheevent,shelearnsnon-public,materialinformationaboutakeyfeatureoftheproductthatisexpectedtosignificantlyoutperformcompetitors.AnalystAimmediatelysharesthisinformationwithherfriend,whoownsasubstantialamountofclientX'sstockandisnotaclientofthebrokeragefirm.Whichofthefollowingactions,iftakenbyAnalystA,wouldmostlikelybeconsideredabreachofStandardII(A)–FairDealingatthetimethenon-publicinformationwaslearned?A.Informinghersupervisorabouttheinformationreceivedandtheplantoshareitwithherfriend.B.Waitinguntilafterthemarketclosestosharetheinformationwithherfriend,astradinginclientX'sstockwillnotbeoccurring.C.Sharingtheinformationwithherfriend,butdisclosingthattheinformationisnon-publicandbasedonaneventsheattended.D.Sharingtheinformationwithherfriend,butensuringherfriendunderstandsthattheinformationcomesfromapersonalsourceandshouldnotberelieduponfortradingdecisions.2.AninvestmentmanagerisconsideringincludingthestockofCompanyYinaportfoliorecommendationtoaclient.Themanagerowns500sharesofCompanyY,whichrepresentslessthan1%ofthemanager'stotalpersonalequityportfolio.However,themanager'sspouseowns2,000sharesofCompanyY,whichisasignificantportionofthespouse'spersonalinvestmentportfolio.CompanyYisnotaclientoftheinvestmentmanager'sfirm.Whichofthefollowingactions,iftakenbythemanager,wouldmostlikelyrequiredisclosureintheclientrecommendationform?A.Disclosingonlythemanager'sownholdingof500sharesofCompanyY.B.Disclosingthatthemanager'sspouseholdsasignificantnumberofsharesinCompanyY.C.Disclosingthemanager'srecommendationtopurchaseCompanyYstock,butnotmentioningthespouse'sholding.D.Notdisclosinganyownershipinterest,asthemanager'sholding(500shares)islessthan1%ofthetotalportfolio.3.AnassociateispreparingaresearchreportonCompanyZ.Theassociate'scousinworksintheaccountingdepartmentofCompanyZandrecentlymentionedtotheassociatethatCompanyZ'sfinancialperformanceintheupcomingquarterisexpectedtobeslightlybetterthanpreviouslyreported.Thisinformationhasnotbeenpubliclydisclosed.Theassociateincludesthisinformation,alongwithotherpubliclyavailabledata,intheresearchreport,attributingtheanalysistothefirm'sresearchteam.Whichofthefollowingactions,iftakenbytheassociate,wouldbemostconsistentwithStandardIII(A)–DiligenceandReasonableBasis?A.Citingthecousin'scommentasaprimarysourceforthepositiveoutlookinthereport.B.Includingthecousin'scommentinthereportasan"unconfirmedindustryrumor"butalsonotingthelackofpublicinformation.C.Relyingsolelyonpubliclyavailableinformationandavoidinganymentionofthecousin'scomment.D.Presentingthecousin'scommentasoneofseveralfactorssupportingthepositiveoutlook,whileemphasizingtheneedforfurtherpublicconfirmation.4.Aportfoliomanagerisresponsibleformanagingaclient'sportfoliothatincludessignificantinvestmentsinseveralpharmaceuticalcompanies.Theportfoliomanagerlearnsthatoneofthecompanies,ClientXPharma,isunderinvestigationbyregulatoryauthoritiesforpotentialmarketingpracticesthatmayviolateantitrustlaws.Theinvestigationisongoing,andnodefinitivefindingshavebeenreleasedtothepublic.ClientXPharmaisalsoamajorclientoftheportfoliomanager'sfirm,providingsignificantrevenuesthroughbrokeragecommissionsandadvisoryfees.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostappropriateregardingthepotentialregulatoryfindings?A.SellingallholdingsinClientXPharmaimmediatelytoavoidanypotentialnegativeimpactontheportfolio.B.ContinuingtoholdtheClientXPharmastockwithoutinformingtheclient,astheinvestigationisnotyetcomplete.C.Informingtheclientabouttheongoinginvestigationandthepotentialrisks,whilemaintainingthecurrentportfolioallocation.D.Disclosingtheinvestigationtotheclientbutassuringthemthatthefirm'slegaldepartmentbelievesthecompanywillbeexonerated.5.Anemployeeataninvestmentbankworksonthetradingdesk.Theemployeereceivesanunsolicitedgiftfromabrokeratacompetitorfirmduringaindustryconference.Thegiftisahigh-qualitypenset,valuedat$75.Whichofthefollowingactions,iftakenbytheemployee,wouldbemostconsistentwithStandardI(D)–GiftsandHospitality?A.Acceptingthegiftandusingitforpersonalpurposes,asthevalueisrelativelylow($75).B.Acceptingthegiftandreturningittothecompetitorfirmthenextday,asagestureofgoodwill.C.Acceptingthegiftandimmediatelydonatingittoacharity,andinformingthecompetitorfirmofthedonation.D.Decliningthegiftonthespot,citingthefirm'sstrictpolicyonacceptinggiftsfromcompetitors.6.Afinancialadvisorismeetingwithapotentialclientforthefirsttime.Duringthemeeting,theadvisormentionsthattheyspecializeinhelpingclientsinvestin"high-growth"stocksandoftenachieve"unparalleledreturns."Theadvisordoesnotprovideanyspecificexamplesofreturnsorthelevelofriskinvolved.WhichofthefollowingstatementsmadebytheadvisorwouldbemostconcerningregardingStandardIII(B)–Misrepresentation?A."Mystrategyfocusesoncompanieswithstrongearningsgrowth,butit'simportanttounderstandthathighergrowthoftencomeswithhighervolatility."B."Whilepastperformanceisnotindicativeoffutureresults,Ihavehelpedclientsachieveaverageannualreturnsof15%overthepastfiveyears."C."Icustomizemyrecommendationsbasedoneachclient'sindividualgoalsandrisktolerance,andIalwaysemphasizetheimportanceofdiversification."D."Iuseacombinationoffundamentalandtechnicalanalysistoidentifyhigh-growthopportunities,andIbelievemyapproachsetsmeapartfromotheradvisors."7.Anassetmanagerispreparingtodistributeaquarterlynewslettertoitsclients.Thenewsletterincludesarticlesonmarkettrends,investmentinsights,andasectionfeaturingtheperformanceofoneofthefirm'sactivelymanagedfunds.Thefundhasdeliveredstrongperformanceinthepastquarter,butthemanagerknowsthatitslong-termtrackrecordisaveragecomparedtoitspeers.Whichofthefollowingactions,iftakenbythemanager,wouldbemostconsistentwithStandardIII(B)–Misrepresentation?A.Includingonlyarticlesthathighlightpositivemarkettrendsandomittinganyanalysisofmarketrisks.B.Featuringthestrongquarterlyperformanceofthefundprominentlyinthenewsletter,whileprovidingabalanceddiscussionofitslong-termaverageperformanceandriskmetrics.C.Includingagraphthatvisuallyexaggeratesthefund'srecentperformancecomparedtoitspeers.D.Highlightingthefund'sperformanceinrelationtoabenchmarkthatthefundisnotactuallybenchmarkedagainst.8.Aninvestmentanalystiscoveringtheretailsector.Theanalyst'sfirmisconsideringenteringintoastrategicpartnershipwithalargeretailcompany,ClientR.Aspartoftheduediligenceprocess,theanalystisgivennon-publicinformationaboutClientR'supcomingstoreopeninglocationsandproductlaunches.Theanalyst'ssiblingworksasamarketingmanageratClientRandisprivytosimilarnon-publicinformation.Whichofthefollowingactions,iftakenbythesibling,wouldbemostlikelyaviolationofStandardI(A)–Misconduct?A.Sharingnon-publicinformationaboutClientR'sproductlauncheswiththeanalyst,butnotmentioningthestoreopeninglocations.B.Informingtheanalystthatthenon-publicinformationcomesfromasiblingwhoworksatClientR.C.Disclosingthesibling'semploymentatClientRandaskingtheanalysttoavoidusinganynon-publicinformationreceivedfromthesibling.D.Sharingboththenon-publicstoreopeninglocationsandproductlaunchinformationwiththeanalyst,withoutanyattempttoconcealthesibling'ssourceoftheinformation.9.Aportfoliomanagerismanagingaportfolioofbondsforaclient.TheportfolioincludesbondsissuedbyClientXCorp,acompanyinfinancialdistress.TheportfoliomanagerhasreceivedarecommendationfromacreditratingagencysuggestingapotentialdowngradeofClientXCorp'sbonds.Themanagerisalsoawarethatthefirm'slegaldepartmentisconcernedaboutpotentiallitigationfromClientXCorprelatedtocontractualdisputes.Whichofthefollowingactions,iftakenbythemanager,wouldbemostappropriateinfulfillingthedutiesoutlinedinStandardIII(A)–DiligenceandReasonableBasis?A.ContinuingtoholdtheClientXCorpbondswithoutinformingtheclient,asthemanagerbelievesthecompanywillresolveitsissues.B.InformingtheclientaboutthepotentialrisksassociatedwiththeClientXCorpbonds,includingthecreditratingagency'srecommendationandthelegaldisputes,anddiscussingpotentialportfolioadjustments.C.SellingtheClientXCorpbondsimmediatelyandinvestingtheproceedsinbondsissuedbycompanieswithstablecreditratings,withoutinformingtheclient.D.ProvidingtheclientwithadetailedanalysisofClientXCorp'sfinancialsituationbutwithholdingtheinformationaboutthelegaldisputes,asthemanagerbelievesitmaycauseunnecessaryconcern.10.Aninvestmentofficerisconsideringofferinganewinvestmentproducttothefirm'sclients.Theproductinvolvescomplexderivativesandhasahighdegreeofcounterpartyrisk.Theofficerisawarethatthefirm'scurrentpolicylimitstheexposuretosuchproductsforclientswithamoderaterisktolerance.However,theofficerbelievesthatthepotentialreturnsjustifytherisks,andthefirmcouldpotentiallyearnhigherfeesbyofferingtheproduct.Whichofthefollowingactions,iftakenbytheofficer,wouldbemostconsistentwiththespiritofStandardI(C)–Misconduct?A.Presentingtheproducttothefirm'sresearchdepartmentforreviewandcommentbeforeofferingittoclients.B.Developingadetailedriskdisclosuredocumentfortheproductthatclearlyexplainsthepotentialriskstoclients.C.Offeringtheproductonlytoclientswhohaveahighrisktolerance,asdeterminedbythefirm'sriskassessmentquestionnaire.D.Justifyingtheofferingoftheproducttothefirm'scompliancedepartmentbyemphasizingthepotentialforhighreturnsandarguingthattherisksaremanageable.11.AnanalystispreparingaresearchreportonCompanyS.Thereportisbasedonpubliclyavailableinformation,includingcompanyfilings,industrydata,andnewsarticles.However,theanalystnoticethatakeypieceofdatausedinthereport,amarketsharestatistic,appearstobeoutdated.Theanalystconfirmswiththecompany'sinvestorrelationsdepartmentthatthestatisticisindeedoutdatedandhasbeenupdatedonthecompany'swebsite.Whichofthefollowingactions,iftakenbytheanalyst,wouldbemostconsistentwithStandardIII(A)–DiligenceandReasonableBasis?A.Failingtoupdatethemarketsharestatisticinthereport,astheanalystbelievestheoutdatedfigureisnotmaterial.B.Updatingthemarketsharestatisticinthereportwithanoteindicatingthatthedatawasbasedonthemostrecentavailableinformationatthetimeofpublication.C.Includingtheoutdatedmarketsharestatisticinthereportbutprovidingafootnotestatingthatthecompanyhasupdatedthefigure.D.Notincludingthemarketsharestatisticinthereportatall,astheanalystdeemsitunreliable.12.Aportfoliomanagerisresponsibleforaclient'sportfoliothatincludesseveralinternationalinvestments.Theportfoliomanagerlearnsthatanewtaxlawhasbeenenactedinoneofthecountrieswheretheclienthassignificantinvestments.Thelawwillnegativelyimpacttheafter-taxreturnsoftheinvestmentsinthatcountry.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostappropriateinfulfillingthedutiesoutlinedinStandardIII(B)–ObjectivityandIndependence?A.Ignoringthenewtaxlawandcontinuingtoholdtheinvestments,asthemanagerbelievesthelong-termprospectsoftheinvestmentsoutweightheshort-termimpactofthetaxchange.B.Informingtheclientaboutthenewtaxlawanditspotentialimpactontheportfolio,anddiscussingstrategiestomitigatethenegativeeffects.C.Sellingtheinvestmentsintheaffectedcountryimmediately,withoutinformingtheclient,asthemanagerbelievestheclientwouldbeupsetbythepotentialloss.D.Downplayingtheimpactofthenewtaxlawtotheclient,asthemanagerisconcernedabouttheclient'sreactiontopotentialportfoliodeclines.13.AnassociateintheresearchdepartmentisworkingonareportonCompanyT.Theassociate'ssignificantotherisashareholderofCompanyT,holdingarelativelysmallposition(lessthan1%ofthesignificantother'stotalportfolio).TheassociateisalsoawarethatCompanyTisaclientofthefirm,providingthefirmwithsignificantresearchrevenues.Whichofthefollowingactions,iftakenbytheassociate,wouldbemostappropriatetoensurecompliancewithStandardI(B)–ConflictsofInterest?A.RecusingherselffromworkingontheresearchreportforCompanyTtoavoidanypotentialconflictofinterest.B.Disclosinghersignificantother'sownershippositionandthefirm'sresearchrevenuesfromCompanyTinthereport'sdisclosuresection.C.Proceedingwiththeresearchreportasusual,butensuringthattheanalysisisobjectiveandbasedsolelyonpubliclyavailableinformation.D.Informinghersupervisoraboutthepotentialconflictofinterestandseekingguidanceonhowtoproceed.14.Afinancialadvisorismeetingwithaclientwhoisconsideringinvestinginanewcryptocurrency.Theclienthaslimitedknowledgeaboutcryptocurrenciesandisheavilyreliantontheadvisor'srecommendation.Theadvisorisawarethatcryptocurrenciesarehighlyvolatileandcarrysignificantrisks,buttheadvisorisoptimisticaboutthefutureofcryptocurrenciesandrecommendstheinvestmenttotheclient.Whichofthefollowingactions,iftakenbytheadvisor,wouldbemostconsistentwithStandardII(A)–FairDealing?A.Recommendingthecryptocurrencyinvestmentwithoutfullydisclosingtheassociatedrisksandthelackofregulatoryoversight.B.Recommendingthecryptocurrencyinvestmentandprovidingtheclientwitheducationalmaterialsaboutcryptocurrencies,butnotdiscussingthepotentialforsignificantlosses.C.Recommendingthecryptocurrencyinvestmentonlyafterensuringtheclienthasreadandunderstoodadetailedriskdisclosuredocument.D.Recommendingthecryptocurrencyinvestment,butwarningtheclientthatitshouldonlybeasmallportionoftheirportfolioduetoitshighriskandvolatility.15.Aninvestmentmanagerispreparingapresentationforapotentialclient.Thepresentationincludesinformationaboutthemanager'sinvestmentphilosophy,pastperformance,andfees.Themanagerknowsthatthefirm'sbestperformerinthepastwasadifferentmanagerwhoisnolongerwiththefirm.Themanagerdecidestoincludeagraphinthepresentationthatshowsthebestperformingmanager'sreturnsoverthepastfiveyears,whileomittinganyinformationaboutthemanager'scurrentperformanceorthefirm'scurrenttopperformer.Whichofthefollowingactions,iftakenbythemanager,wouldbemostlikelyaviolationofStandardIII(B)–Misrepresentation?A.Includingthegraphofthebestperformingmanager'sreturnsandnotingthatitrepresentspastperformancethatisnotindicativeoffutureresults.B.Includingthegraphofthebestperformingmanager'sreturnsandattributingittothefirm,withoutmentioningthespecificmanager'sname.C.Includingthegraphofthebestperformingmanager'sreturnsandclearlystatingthatitisanexampleofthefirm'sstrongperformancehistory,butomittinginformationaboutthemanager'scurrentperformance.D.Notincludinganyinformationaboutpastperformanceandfocusingsolelyonthemanager'sownperformanceandfees.16.Aportfoliomanagerismanagingaclient'sportfoliothatincludesasignificantinvestmentinCompanyU.TheportfoliomanagerhasaclosepersonalfriendwhoisamajorshareholderofCompanyU.Theportfoliomanagerfrequentlydiscussestheportfoliowiththefriend,includinginformationabouttheholdingsinCompanyU.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostlikelyaviolationofStandardII(B)–InsiderTrading?A.Discussingtheportfoliowiththefriend,butonlyprovidinginformationthatisalreadypubliclyavailable.B.Sharingnon-publicinformationaboutCompanyU'supcomingearningsreportwiththefriend.C.DisclosingtothefriendthattheportfolioincludesasignificantholdinginCompanyU,butnotdiscussinganyspecificinvestmentdecisions.D.Receivingnon-publicinformationaboutCompanyUfromthefriendandusingittomakeinvestmentdecisionsfortheclient'sportfolio.17.AnanalystispreparingaresearchreportonCompanyV.Thereportisbasedonacombinationofpubliclyavailableinformationandnon-publicinformationprovidedbyCompanyV'smanagementduringaconferencecall.Theanalystknowsthatthenon-publicinformationisnotyetreflectedinthecompany'sstockprice.Whichofthefollowingactions,iftakenbytheanalyst,wouldbemostconsistentwithStandardI(A)–Misconduct?A.Citingthenon-publicinformationinthereportandattributingittotheconferencecall,butnotingthatithasnotbeenpubliclydisclosed.B.Usingthenon-publicinformationtomakeinvestmentrecommendationstoclients,butdisclosesthattherecommendationsarebasedoninformationthathasnotbeenpubliclyreleased.C.Includingthenon-publicinformationinthereportwithoutanydisclosure,astheanalystbelievestheinformationisnotmaterial.D.Sharingthenon-publicinformationwithotheranalystsatthefirm,butnotwithexternalparties.18.Afinancialadvisorisrecommendingaparticularinvestmentproducttoaclient.Theadvisorisawarethattheproducthasahighfeestructureandcomplexfeatures.Theadvisoralsoknowsthattheclienthasalowrisktoleranceandlimitedinvestmentknowledge.Theadvisorrecommendstheproducttotheclient,explainingthatthepotentialreturnsjustifytherisksandfees.Whichofthefollowingactions,iftakenbytheadvisor,wouldbemostconsistentwithStandardII(A)–FairDealing?A.Recommendingtheproductwithoutfullydisclosingthehighfeestructureandcomplexfeaturestotheclient.B.Recommendingtheproducttotheclient,butprovidingadetailedexplanationoftherisks,fees,andfeatures,andensuringtheclientunderstandstheinvestment.C.Recommendingtheproductonlyafterensuringtheclienthassignedaconsentformacknowledgingtherisksandfees.D.Recommendingtheproducttotheclient,butdownplayingthecomplexityoftheproductandthepotentialdifficultiesinmanagingit.19.Aninvestmentofficerisconsideringofferinganewinvestmentstrategytothefirm'sclientsthatinvolvesshortsellingandoptionstrading.Thestrategyishighlycomplexandcarriessignificantrisks,includingthepotentialforunlimitedlosses.Theofficerisawarethatthefirm'scurrentpolicyprohibitsofferingsuchstrategiestoclientswithalowrisktolerance.Whichofthefollowingactions,iftakenbytheofficer,wouldbemostappropriateinfulfillingthedutiesoutlinedinStandardI(C)–Misconduct?A.Developingadetailedriskdisclosuredocumentforthestrategythatclearlyexplainsthepotentialriskstoclients.B.Offeringthestrategyonlytoclientswhohaveahighrisktolerance,asdeterminedbythefirm'sriskassessmentquestionnaire.C.Presentingthestrategytothefirm'scompliancedepartmentforreviewandcommentbeforeofferingittoclients.D.Justifyingtheofferingofthestrategytothefirm'sboardofdirectorsbyemphasizingthepotentialforhighreturnsandarguingthattherisksaremanageable.20.Aportfoliomanagerismanagingaclient'sportfoliothatincludesseveralinvestmentsinaparticularsector.Theportfoliomanagerreceivesatipfromafriendthatamajorcompanywithinthatsectorisabouttoannouncerecord-breakingearnings.Thefriendisanemployeeofthecompanyandisprivytothenon-publicinformation.Theportfoliomanagerimmediatelybuyssharesofthecompany,resultinginasignificantgainfortheclient.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostappropriatetoaddresstheethicalimplicationsofacquiringthetip?A.Continuingtoholdtheinvestmentandnotinformingtheclientaboutthesourceoftheinformation.B.Informingtheclientabouttheinvestmentandthepotentialsourceoftheinformation,butnotdisclosingthespecifictipreceived.C.Sellingtheinvestmentanddonatingtheproceedstoacharity,andinformingtheclientthattheinvestmentwasmadebasedonspeculativeinformation.D.Informingtheclientabouttheinvestmentandthesourceoftheinformation,anddiscussingthepotentialethicalconcernsandthestepstakentoaddressthem.---Thisisa20questionexamcoveringabroadrangeofethicalandprofessionalstandards.试卷答案1.B解析思路：在获得非公开信息后立即分享给朋友，且朋友并非客户，这违反了标准II(A)–公平交易，因为该信息具有重大价值且未公开，属于内幕信息。选项A，告知主管，未涉及分享非公开信息给第三方；选项C，等待收盘后分享，仍属于分享非公开信息；选项D，分享信息但做提示，本质仍是非公开信息分享给第三方。2.B解析思路：根据标准II(B)–利益冲突，当会员或雇主持有或控制大量证券，或与客户存在重大关系时，必须披露。即使经理的持股比例较低，但其配偶的持股量对配偶而言是“大量”，且存在“重大关系”，因此需要披露。3.C解析思路：标准III(A)–勤勉与合理依据要求会员使用公开可用的信息进行分析。虽然亲属提供了非公开信息，但仅使用公开信息并归因于团队，是符合勤勉原则的。选项A，直接引用非公开信息；选项B，标注为未确认传闻，暗示了非公开来源；选项D，提及非公开信息，即使是作为因素之一，也违反了使用公开信息的要求。4.C解析思路：标准II(A)–公平交易要求会员向客户披露所有重大未公开信息，特别是那些可能影响客户决策的信息。进行中的调查及其潜在风险属于重大未公开信息，必须告知客户。选项A，立即卖出，未告知客户，违反了告知义务；选项B，不告知客户，违反了披露义务；选项D，淡化风险并告知，违反了充分披露原则。5.D解析思路：根据标准I(D)–礼物与款待，收受来自竞争对手的价值超过规定限额（通常是50美元）的礼物通常是不允许的，即使价值不高。最符合道德规范的做法是当场拒绝。选项A，接受并自用，违反了收受礼物规定；选项B，接受后归还，不如当场拒绝彻底；选