2025年CFA特许金融分析师考试道德与专业准则模拟试题及答案

2025年CFA特许金融分析师考试道德与专业准则模拟试题及答案1.问题Smith,aCFAcharterholder,isaninvestmentadvisor.Aclientaskshimtoinvestalargesuminaparticularhighriskstartupcompany.Smithbelievestheinvestmentisnotsuitablefortheclientbasedontheclient'sfinancialsituationandrisktolerance.However,theclientinsists.WhatshouldSmithdo?A.Complywiththeclient'srequestwithoutfurtheraction.B.Refusetomaketheinvestmentregardlessoftheclient'swishes.C.Documenttheclient'srequest,explaintherisks,andiftheclientstillinsists,maketheinvestmentwhilekeepingrecords.答案C答案分析AccordingtotheCFAInstituteStandardsofProfessionalConduct,membersshouldputclients'interestsfirst.Whenaclientrequestsaninvestmentthattheadvisorbelievesisunsuitable,theadvisorshouldexplaintheriskstotheclient.Iftheclientstillinsists,theadvisorcanmaketheinvestmentafterdocumentingtheclient'srequestandtheadvicegiven.OptionAisincorrectasitdoesn'tinvolveexplainingtherisks.OptionBistooextremeasitignorestheclient'srighttomakedecisionsafterbeinginformed.2.问题Jones,aCFAcandidate,worksatabrokeragefirm.Hereceivesaresearchreportfromanexternalanalystthathefindsveryuseful.Hewantstosharesomeofthekeypointsofthereportwithhisclients.Whatshouldhedo?A.Sharethekeypointswithoutanyattribution.B.Sharethekeypointsandmentionthatitisfromanexternalanalystwithoutnamingtheanalyst.C.Sharethekeypointsandclearlyattributethereporttotheoriginalexternalanalyst.答案C答案分析TheCFAInstituteStandardsrequiremembersandcandidatestogivepropercredit.Whenusinginformationfromanexternalsource,theymustclearlyattributeittotheoriginalauthor.OptionAisaviolationoftheplagiarismrule.OptionBisnotsufficientasitdoesn'tfullycredittheoriginalanalyst.3.问题Brown,aCFAcharterholder,managesapensionfund.Hehasapersonalinvestmentinacompany.Thecompany'sstockisbeingconsideredforinclusioninthepensionfund'sportfolio.WhatshouldBrowndo?A.Includethestockintheportfoliowithoutdisclosinghispersonalinvestment.B.Disclosehispersonalinvestmenttohisemployerandthepensionfund'strusteesbeforeanydecisionismade.C.Avoidanydiscussionaboutthecompany'sstockintheportfolio.答案B答案分析Toavoidconflictsofinterest,Brownshoulddisclosehispersonalinvestmenttorelevantparties(employerandtrustees)beforeanydecisionregardingthestock'sinclusionintheportfolio.OptionAisaviolationoftheconflictofinterestrule.OptionCisnotappropriateasitmaypreventthepensionfundfrommakingagoodinvestmentdecision.4.问题Green,aCFAcandidate,iswritingaresearchreportonacompany.Heusessomeindustrydatafromapubliclyavailablesourcebutdoesn'tdoublechecktheaccuracy.IsGreeninviolationoftheCFAInstituteStandards?A.No,becausethedataisfromapubliclyavailablesource.B.Yes,becausehehasaresponsibilitytoensuretheaccuracyoftheinformationheuses.C.Itdependsonwhetherthedataismaterialtotheresearchreport.答案B答案分析CFAcandidatesandmembersarerequiredtoensuretheaccuracyoftheinformationtheyuseintheirwork.Justbecausethedataispubliclyavailabledoesn'trelievethemofthisresponsibility.OptionAisincorrect.OptionCisnotthecorrectapproachasaccuracyshouldbeverifiedregardlessofmateriality.5.问题White,aCFAcharterholder,isinvitedtospeakatanindustryconference.Theconferenceorganizeroffersheralargehonorariumandaskshertopromoteaparticularfinancialproductduringherspeech.WhatshouldWhitedo?A.Acceptthehonorariumandpromotetheproductasrequested.B.Declinethehonorariumandtherequesttopromotetheproduct.C.Acceptthehonorariumbutrefusetopromotetheproduct.答案B答案分析Acceptinganhonorariuminexchangeforpromotingaproductcreatesaconflictofinterest.WhiteshoulddeclineboththehonorariumandtherequesttomaintainherobjectivityandcomplywiththeCFAInstituteStandards.OptionAisaclearconflictofinterestsituation.OptionCmaystillgivetheappearanceofaconflict.6.问题Black,aCFAcandidate,isworkingonaprojectforhisemployer.Hediscoversthatacolleaguehasbeenengaginginunethicalbehaviorrelatedtoclientaccounts.WhatshouldBlackdo?A.Ignorethesituationtoavoidconflictwithhiscolleague.B.Reporttheunethicalbehaviortotheappropriatesupervisororcompliancedepartment.C.Confrontthecolleaguedirectlywithoutreportingtomanagement.答案B答案分析CFAcandidatesandmembersarerequiredtoreportunethicalbehavior.Reportingtotheappropriatesupervisororcompliancedepartmentisthepropercourseofaction.OptionAisaviolationofthedutytomaintainethicalstandards.OptionCmaynotbeeffectiveandcouldleadtounnecessaryconflict.7.问题Gray,aCFAcharterholder,isaninvestmentmanager.Hehasanewclientwhowantstoinvestinaspecificsector.Graybelievestherearebetterinvestmentopportunitiesinothersectors.WhatshouldGraydo?A.Investtheclient'smoneyonlyinthesectortheclientrequests.B.Explaintheotherinvestmentopportunitiestotheclientandthenmakeadecisionbasedontheclient'sresponse.C.Ignoretheclient'srequestandinvestinthesectorshebelievesarebetter.答案B答案分析Grayshouldputtheclient'sinterestsfirst.Heshouldexplainthealternativeinvestmentopportunitiestotheclientandthenmakeadecisionbasedontheclient'sresponseafterbeinginformed.OptionAdoesn'tutilizeGray'sexpertise.OptionCignorestheclient'sinput.8.问题Purple,aCFAcandidate,isafinancialanalyst.Sheisgivenaccesstononpublicinformationaboutacompanyduringameetingwiththecompany'smanagement.Whatshouldshedo?A.Usethenonpublicinformationtomakeinvestmentrecommendations.B.Refrainfromusingthenonpublicinformationandencouragethecompanytomakeitpublic.C.Sharethenonpublicinformationwithhercolleagues.答案B答案分析Usingnonpublicinformationisaviolationofinsidertradingrules.Purpleshouldrefrainfromusingitandencouragethecompanytomakeitpublic.OptionAisillegal.OptionCisalsoaviolationoftheconfidentialityandinsidertradingrules.9.问题Orange,aCFAcharterholder,isaportfoliomanager.Heisofferedafreetriptoafinancialconferencebyabrokeragefirmthatheusesfortrading.Thetripincludesfirstclasstravelandluxuryaccommodation.WhatshouldOrangedo?A.Acceptthetripwithoutanyhesitation.B.Declinethetripasitmaycreateaconflictofinterest.C.Acceptthetripbutdiscloseittohisemployer.答案B答案分析Thefreetrip,especiallywithsuchhighendamenities,maycreateaconflictofinterestandinfluenceOrange'stradingdecisions.Heshoulddeclinethetriptomaintainhisobjectivity.OptionAisapotentialconflictofinterestsituation.OptionCdoesn'tfullyeliminatetheconflict.10.问题Blue,aCFAcandidate,iswritingaresearchreport.Heusessomestatisticalmodelsdevelopedbyhiscolleaguewithoutpermission.IsBlueinviolationoftheCFAInstituteStandards?A.No,ifthemodelsarecommonlyusedintheindustry.B.Yes,becauseheshouldhaveobtainedpermissionfromhiscolleague.C.Itdependsonwhetherthemodelsarematerialtotheresearchreport.答案B答案分析Usingsomeoneelse'sworkwithoutpermissionisaformofplagiarism.Blueshouldhaveobtainedpermissionfromhiscolleague.OptionAisincorrectascommonusedoesn'texcusethelackofpermission.OptionCisnotrelevantaspermissionisrequiredregardlessofmateriality.11.问题Pink,aCFAcharterholder,managesafamilytrust.Thetrust'sbeneficiarieswanttoinvestinaspeculativerealestateproject.Pinkbelievestheprojectistooriskyforthetrust.WhatshouldPinkdo?A.Investintheprojectasthebeneficiarieswant.B.Explaintheriskstothebeneficiariesandmakeadecisionbasedontheirresponseafterbeinginformed.C.Refusetoinvestintheprojectwithoutfurtherdiscussion.答案B答案分析Pinkshouldputthebeneficiaries'interestsfirst.Sheshouldexplaintherisksandthenmakeadecisionbasedontheirinformedresponse.OptionAdoesn'tconsidertherisks.OptionCdoesn'tinvolvepropercommunicationwiththebeneficiaries.12.问题Silver,aCFAcandidate,isananalystatabank.Heisinvolvedinaprojecttounderwriteabondissueforacompany.Hediscoverssomefinancialirregularitiesinthecompany'sstatements.Whatshouldhedo?A.Ignoretheirregularitiestoavoiddelayingtheunderwritingprocess.B.Reporttheirregularitiestohissuperiorsandtheappropriateregulatoryauthorities.C.Keeptheinformationtohimselfandhopeitdoesn'tcauseproblems.答案B答案分析Silverhasaresponsibilitytoreportfinancialirregularities.Heshouldreportthemtohissuperiorsandtheappropriateregulatoryauthorities.OptionAisunethicalasitignorestheproblem.OptionCisalsowrongasitdoesn'tfulfillhisduty.13.问题Gold,aCFAcharterholder,isafinancialadvisor.Aclientaskshimtoinvestinanewcryptocurrency.Goldhaslimitedknowledgeaboutcryptocurrencies.Whatshouldhedo?A.Investtheclient'smoneyinthecryptocurrencywithoutfurtherresearch.B.Researchcryptocurrenciesthoroughlyandthenmakeadecisionbasedonhisfindingsandtheclient'ssituation.C.Refusetoinvestinthecryptocurrencybecausehedoesn'tknowenoughaboutit.答案B答案分析Goldshouldputtheclient'sinterestsfirst.Heshouldconductthoroughresearchoncryptocurrenciesandthenmakeadecisionbasedonhisfindingsandtheclient'ssituation.OptionAisirresponsible.OptionCmaynotbethebestapproachasitdoesn'tutilizetheopportunitytolearnandpotentiallyservetheclientbetter.14.问题Bronze,aCFAcandidate,isajunioranalyst.Heoverhearssenioranalystsdiscussingpotentialinvestmentopportunitiesinaprivatemeeting.Heusesthisinformationtomakehisowninvestmentdecisions.IsBronzeinviolationoftheCFAInstituteStandards?A.No,becauseitwasoverheardinanormalworkenvironment.B.Yes,becausetheinformationwaslikelynonpublicandheuseditforpersonalgain.C.Itdependsonwhetherthesenioranalystsintendedtokeeptheinformationprivate.答案B答案分析Theinformationoverheardinaprivatemeetingislikelynonpublic.UsingnonpublicinformationforpersonalgainisaviolationoftheCFAInstituteStandards.OptionAisincorrect.OptionCisnotrelevantasthefactthatitwasinaprivatemeetingimpliesnonpublicstatus.15.问题Copper,aCFAcharterholder,isaportfoliomanager.Heisconsideringaddinganewstocktohisportfolio.Heconsultswithafriendwhoisanexpertintheindustry.Thefriendprovidessomeinsightsthatinfluencehisdecision.WhatshouldCopperdo?A.Addthestocktotheportfoliowithoutdisclosingthefriend'sinput.B.Disclosethefriend'sinputtohisclientsandemployer.C.Ignorethefriend'sinputtoavoidanypotentialconflicts.答案B答案分析Tomaintaintransparencyandavoidconflictsofinterest,Coppershoulddisclosethefriend'sinputtohisclientsandemployer.OptionAdoesn'tprovidefulldisclosure.OptionCmaypreventhimfromusingvaluableinformation.16.问题Nickel,aCFAcandidate,isaresearchanalyst.Heisaskedbyhissupervisortowriteafavorableresearchreportonacompanythatisamajorclientofthefirm.Thecompanyhassomefundamentalissues.WhatshouldNickeldo?A.Writethefavorablereportasrequestedbyhissupervisor.B.Refusetowritethereportandexplainthecompany'sissuestohissupervisor.C.Writethereportbutmentionthecompany'sissuesinasubtleway.答案B答案分析Nickelshouldmaintainhisobjectivity.Heshouldrefusetowriteafalsefavorablereportandexplainthecompany'sissuestohissupervisor.OptionAisaviolationoftheobjectivitystandard.OptionCmaystillmisleadinvestors.17.问题Aluminum,aCFAcharterholder,isafinancialplanner.Aclientaskshimtorecommendalifeinsurancepolicy.Aluminumhasareferralagreementwithaninsurancecompany.WhatshouldAluminumdo?A.Recommendtheinsurancecompanywithoutdisclosingthereferralagreement.B.Disclosethereferralagreementtotheclientbeforemakinganyrecommendation.C.Avoidrecommendinganyinsurancepoliciestoavoidconflicts.答案B答案分析Toavoidconflictsofinterest,Aluminumshoulddisclosethereferralagreementtotheclientbeforemakingarecommendation.OptionAisaviolationofthedisclosurerule.OptionCisnotnecessaryaslongasproperdisclosureismade.18.问题Tin,aCFAcandidate,isatrader.Henoticesapatterninthemarketthathebelievescanbeexploitedforprofit.Hestartstradingbasedonthispatternwithoutconductingfurtheranalysis.IsTininviolationoftheCFAInstituteStandards?A.No,ifthepatternseemsobvious.B.Yes,becauseheshouldconductfurtheranalysisbeforemakingtradingdecisions.C.Itdependsonwhetherthepatternactuallyresultsinprofits.答案B答案分析CFAcandidatesshouldconductthoroughanalysisbeforemakingtradingdecisions.Justnoticingapatternisnotenough.OptionAisincorrectasobviousnessdoesn'treplaceindepthanalysis.OptionCiswrongasthefocusshouldbeontheprocess,notjusttheoutcome.19.问题Lead,aCFAcharterholder,isariskmanager.Heisawarethatanewregulationwillimpacthiscompany'sinvestmentstrategies.Hedoesn'tinformhiscolleaguesorsuperiorsimmediately.IsLeadinviolationoftheCFAInstituteStandards?A.No,ifheplanstoinformthemlater.B.Yes,becausehehasaresponsibilitytosharerelevantinformationinatimelymanner.C.Itdependsonwhethertheregulationisactuallyimplemented.答案B答案分析Leadhasaresponsibilitytosharerelevantinformation(suchasnewregulations)withhiscolleaguesandsuperiorsinatimelymanner.OptionAisincorrectastimelysharingisimportant.OptionCisnotrelevantasheshouldinformothersassoonasheisaware.20.问题Zinc,aCFAcandidate,isafinancialanalyst.Heisworkingonareportaboutatechnologycompany.Heusessomeforwardlookingstatementsfromthecompany'smanagementwithoutverifyingthem.IsZincinviolationoftheCFAInstituteStandards?A.No,becausemanagementissupposedtoprovideaccurateinformation.B.Yes,becauseheshouldverifyforwardlookingstatements.C.Itdependsonwhetherthestatementsarematerialtothereport.答案B答案分析CFAcandidatesshouldverifyallinformation,includingforwardlookingstatementsfrommanagement.OptionAisincorrectasmanagementstatementsneedtobeindependentlyverified.OptionCisnotrelevantasverificationisrequiredregardlessofmateriality.21.问题Platinum,aCFAcharterholder,isaportfoliomanager.Heismanagingaportfolioforahighnetworthindividual.Theclientaskshimtoinvestinaparticularartcollection.Platinumhasnoexpertiseinartinvestments.WhatshouldPlatinumdo?A.Investintheartcollectionastheclientrequests.B.Explainhislackofexpertisetotheclientandsuggestconsultinganartinvestmentexpert.C.Refusetoinvestintheartcollectionwithoutfurtherdiscussion.答案B答案分析Platinumshouldputtheclient'sinterestsfirst.Heshouldexplainhislackofexpertiseandsuggestconsultinganartinvestmentexpert.OptionAisirresponsible.OptionCdoesn'tinvolvepropercommunicationwiththeclient.22.问题Iridium,aCFAcandidate,isaresearchassociate.Heishelpingasenioranalystwitharesearchreport.Hediscoversthatthesenioranalysthasmadesomemathematicalerrorsinthereport.WhatshouldIridiumdo?A.Ignoretheerrorstoavoidconflictwiththesenioranalyst.B.Pointouttheerrorstothesenioranalystandhelpcorrectthem.C.Reporttheerrorsdirectlytothemanagementwithoutinformingthesenioranalyst.答案B答案分析Iridiumshouldmaintaintheintegrityoftheresearch.Heshouldpointouttheerrorstothesenioranalystandhelpcorrectthem.OptionAisaviolationofthedutytoensureaccuracy.OptionCmaycauseunnecessaryconflictanddoesn'tfollowthepropercommunicationprocess.23.问题Palladium,aCFAcharterholder,isafinancialadvisor.Heisapproachedbyanewclientwhowantstoinvestalargesumofmoney.Theclienthasaveryaggressiveriskprofile.Palladiumdoesn'thaveadetailedinvestmentplanreadyforsuchaclient.WhatshouldPalladiumdo?A.Accepttheclientandinvestthemoneyinahighriskportfoliowithoutaproperplan.B.Explaintotheclientthatheneedstimetodevelopasuitableinvestmentplanandthenproceed.C.Refusetheclientbecausehedoesn'thaveanimmediateplan.答案B答案分析Palladiumshouldputtheclient'sinterestsfirst.Heshouldexplaintheneedfortimetodevelopasuitableinvestmentplanandthenproceed.OptionAisirresponsible.OptionCmaypreventhimfromservingtheclient.24.问题Rhodium,aCFAcandidate,isatrader.Heistradingonbehalfofhisfirm.Hereceivesalargeorderfromaclient.Herealizesthatexecutingtheordermaymovethemarketsignificantly.WhatshouldRhodiumdo?A.Executetheorderimmediatelywithoutconsideringthemarketimpact.B.Discussthemarketimpactwiththeclientanddevelopaplantoexecutetheorderinawaythatminimizestheimpact.C.Refusetoexecutetheordertoavoidmarketmanipulation.答案B答案分析Rhodiumshouldputtheclient'sinterestsfirst.Heshoulddiscussthemarketimpactwiththeclientanddevelopaplantoexecutetheorderinawaythatminimizestheimpact.OptionAmaycauseunnecessarymarketdisruption.OptionCistooextremeasitdoesn'texploreasolution.25.问题Osmium,aCFAcharterholder,isaportfoliomanager.Heismanagingaportfolioforapensionfund.Thepensionfundhasalongterminvestmentobjective.Heistemptedtomakesomeshorttermtradestoboosttheportfolio'sperformanceintheshortrun.WhatshouldOsmiumdo?A.Maketheshorttermtradestoimprovetheshorttermperformance.B.Sticktothelongterminvestmentobjectiveandavoidtheshorttermtrades.C.Maketheshorttermtradesbutdisclosethemtothepensionfund'strustees.答案B答案分析Osmiumshouldadheretothepensionfund'slongterminvestmentobjective.Makingshorttermtradesforshorttermgainmaynotbeinthebestinterestofthefund.OptionAviolatesthelongtermobjective.OptionCdoesn'tsolvetheproblemofdeviatingfromtheobjective.26.问题Ruthenium,aCFAcandidate,isafinancialanalyst.Heiswritingaresearchreportonapharmaceuticalcompany.Hehasapersonalrelationshipwithoneofthecompany'sexecutives.WhatshouldRutheniumdo?A.Writethereportwithoutdisclosingthepersonalrelationship.B.Disclosethepersonalrelationshiptohisemployerandreadersofthereport.C.Avoidwritingthereporttoavoidanypotentialconflicts.答案B答案分析Tomaintaintransparencyandavoidconflictsofinterest,Rutheniumshoulddisclosethepersonalrelationshiptohisemployerandreadersofthereport.OptionAisaviolationofthedisclosurerule.OptionCmaynotbenecessaryaslongasproperdisclosureismade.27.问题Cadmium,aCFAcharterholder,isaportfoliomanager.Heisconsideringinvestinginacompanythatisfacingalawsuit.Theoutcomeofthelawsuitisuncertain.WhatshouldCadmiumdo?A.Investinthecompanywithoutconsideringthelawsuit.B.Analyzethepotentialimpactofthelawsuitonthecompanyandmakeadecisionbasedontheanalysis.C.Avoidinvestinginthecompanyuntilthelawsuitisresolved.答案B答案分析Cadmiumshouldputtheclient'sinterestsfirst.Heshouldanalyzethepotentialimpactofthelawsuitonthecompanyandmakeadecisionbasedontheanalysis.OptionAisirresponsible.OptionCmaybetooconservativeandmisspotentialopportunities.28.问题Indium,aCFAcandidate,isaresearchanalyst.Heisworkingonareportaboutaretailcompany.Heusessomedatafromacompetitor'sreportwithoutpermission.IsIndiuminviolationoftheCFAInstituteStandards?A.No,ifthedataispubliclyavailable.B.Yes,becauseheshouldhaveobtainedpermissionfromthecompetitor.C.Itdependsonwhetherthedataismaterialtothereport.答案B答案分析Usingdatafromacompetitor'sreportwithoutpermissionisaformofplagiarism.Indiumshouldhaveobtainedpermission.OptionAisincorrectaspublicavailabilitydoesn'texcusethelackofpermission.OptionCisnotrelevantaspermissionisrequiredregardlessofmateriality.29.问题Thallium,aCFAcharterholder,isafinancialadvisor.Heismanagingaclient'sportfolio.Theclientaskshimtoinvestinanewtechnologystartup.Thalliumbelievesthestartuphasahighprobabilityoffailure.WhatshouldThalliumdo?A.Investinthestartupastheclientrequests.B.Explaintheriskstotheclientandmakeadecisionbasedontheclient'sresponseafterbeinginformed.C.Refusetoinvestinthestartupwithoutfurtherdiscussion.答案B答案分析Thalliumshouldputtheclient'sinterestsfirst.Heshouldexplaintheriskstotheclientandmakeadecisionbasedontheclient'sresponseafterbeinginformed.OptionAdoesn'tconsidertherisks.OptionCdoesn'tinvolvepropercommunicationwiththeclient.30.问题Antimony,aCFAcandidate,isatrader.Heistradinginavolatilemarket.Hemakesaseriesofimpulsivetradeswithoutfollowinghistradingplan.IsAntimonyinviolationoftheCFAInstituteStandards?A.No,ifthetradesresultinprofits.B.Yes,becauseheshouldfollowhistradingplan.C.Itdependsonthemarketconditions.答案B答案分析CFAcandidatesshouldfollowtheirtradingplans.Makingimpulsivetradeswithoutfollowingtheplanisaviolation.OptionAisincorrectastheprocessisimportant,notjusttheoutcome.OptionCisnotrelevantastheplanshouldbefollowedregardlessofmarketconditions.31.问题Bismuth,aCFAcharterholder,isaportfoliomanager.Heisofferedafreesoftwarelicensebyavendorthatheusesforportfolioanalysis.Thesoftwarelicensehasahighmarketvalue.WhatshouldBismuthdo?A.Acceptthesoftwarelicensewithoutanydisclosure.B.Declinethesoftwarelicensetoavoidconflictsofinterest.C.Acceptthesoftwarelicensebutdiscloseittohisemployer.答案B答案分析Thefreesoftwarelicensewithahighmarketvaluemaycreateaconflictofinterest.Bismuthshoulddeclineittomaintainhisobjectivity.OptionAisapotentialconflictofinterestsituation.OptionCdoesn'tfullyeliminatetheconflict.32.问题Polonium,aCFAcandidate,isaresearchanalyst.Heiswritingareportonaminingcompany.Hediscoversthatthecompanyhassomeenvironmentalissues.Thecompany'smanagementaskshimnottomentiontheseissuesinthereport.WhatshouldPoloniumdo?A.Omittheenvironmentalissuesfromthereportasrequestedbythemanagement.B.Includetheenvironmentalissuesinthereportandignorethemanagement'srequest.C.Discusstheissuewithhissupervisorandfollowtheappropriateprocedure.答案C答案分析Poloniumshouldfollowtheproperprocedure.Heshoulddiscusstheissuewithhissupervisorandthenactaccordingly.OptionAisaviolationoftheobjectivityandintegritystandards.OptionBmaynotbethebestapproachwithoutconsultinghissupervisor.33.问题Astatine,aCFAcharterholder,isafinancialadvisor.Heismanagingaclient'sretirementportfolio.Theclientwantstotakeonmorerisktoincreasetheportfolio'sreturn.Astatinebelievestheclient'scurrentrisktoleranceisnotsuitableforsuchachange.WhatshouldAstatinedo?A.Increasetheportfolio'sriskastheclientrequests.B.Explainthepotentialconsequencesofincreasingrisktotheclientandmakeadecisionbasedontheclient'sresponse.C.Refusetoincreasetheportfolio'sriskwithoutfurtherdiscussion.答案B答案分析Astatineshouldputtheclient'sinterestsfirst.Heshouldexplainthepotentialconsequencesofincreasingrisktotheclientandmakeadecisionbasedontheclient'sresponse.OptionAdoesn'tconsidertheclient'sactualrisktolerance.OptionCdoesn'tinvolvepropercommunicationwiththeclient.34.问题Radon,aCFAcandidate,isatrader.Heoverhearssomemarketrumorsduringalunchbreak.Heusestheserumorstomaketradingdecisions.IsRadoninviolationoftheCFAInstituteStandards?A.No,iftherumorsseemcredible.B.Yes,becauseheshouldnotbasetradingdecisionsonrumors.C.Itdependsonwhethertherumorsturnouttobetrue.答案B答案分析CFAcandidatesshouldnotbasetradingdecisionsonrumors.OptionAisincorrectascredibilityofrumorsisnotavalidbasisfortrading.OptionCiswrongastheprocessofusingrumorsistheissue,nottheoutcome.35.问题Francium,aCFAcharterholder,isaportfoliomanager.Heisconsideringaddinganewbondtohisportfolio.Hehasapersonalrelationshipwiththebondissuer.WhatshouldFranciumdo?A.Addthebondtotheportfoliowithoutdisclosingthepersonalrelationship.B.Disclosethepersonalrelationshiptohisclientsandemployerbeforemakingadecision.C.Avoidaddingthebondtotheportfoliotoavoidconflicts.答案B答案分析Toavoidconflictsofinterest,Franciumshoulddisclosethepersonalrelationshiptohisclientsandemployerbeforemakingadecision.OptionAisaviolationoftheconflictofinterestrule.OptionCmaypreventhimfrommakingagoodinvestmentdecision.36.问题Radium,aCFAcandidate,isafinancialanalyst.Heiswritingareportonanenergycompany.Heusessomeoutdateddatafromapreviousreport.IsRadiuminviolationoftheCFAInstituteStan