2025年CFA二级道德与专业标准题

2025年CFA二级道德与专业标准题考试时间：______分钟总分：______分姓名：______试卷内容1.Aninvestmentanalystiscoveringacompanythatisexpectedtoannounceitsquarterlyearningssoon.Theanalysthasdevelopedastrongpersonalrelationshipwiththecompany'sCEOandhasbeengivenexclusiveaccesstodetailed,non-publicinformationabouttheearningsreport,includingbothpositiveandnegativesurprises.TheCEOhasexpressedstrongconfidenceinthecompany'sperformanceandaskedtheanalysttopreparea"buy"recommendationlettertobesenttokeyclientsshortlyaftertheearningsannouncement.Theanalyst'sfirmhasnotyetformallyassignedthestocktocoverage.Theanalystisconsideringsendingtheletterbeforetheearningsannouncementtogeneratepositivemarketsentiment.Whatisthemostappropriatecourseofactionfortheanalyst?2.Aportfoliomanagermanagesaportfolioworth$10millionforClientA,aprivateclientwhorequiresliquidity.TheportfoliomanagerlearnsthatClientAisconsideringlendingasignificantportionoftheportfolio'svaluetoanotherentityforashort-term,low-interestrateloan.ThemanagerisawarethatthisloancouldpotentiallyexposeClientA'sfundstosignificantriskiftheborrowerdefaults.ThemanagerbelievesthattheloanisnotinthebestinterestofClientAbutalsonotesthatClientAhasexplicitlyinstructedthemanagertoarrangethisloan.Whatshouldtheportfoliomanagerdo?3.Anequityresearchassociateisworkingonareportanalyzingapharmaceuticalcompany.Duringtheresearchprocess,theassociatediscoversinformationsuggestingthatthecompany'sclinicaltrialdataforakeydrugmightbemisrepresentedinawaythatcouldsignificantlyimpactthestockpricenegativelyoncemadepublic.Theinformationisstillconfidentialandcomesfromareliable,thoughanonymous,source.Thereportisnearingcompletionandwillbepublishedsoon.Theassociateisunderpressuretomeetdeadlines.Whatisthemostethicalcourseofactionfortheassociate?4.Afinancialadvisorisbuildingafinancialplanforaclientwhoisacorporateexecutive.Theadvisorrecommendsamixofstocks,bonds,andalternativeinvestmentsfortheclient'slong-termportfolio.Theadvisoralsoknowsthattheclienthasasidebusinessthatcouldpotentiallygeneratesignificantincomebutalsocarriessubstantialrisk.Theadvisorisofferedacommissionfromaproviderofaspecifictypeofinsuranceproductthatismarketedasariskmanagementtoolsuitablefortheclient'ssidebusiness.Thisinsuranceproductisrelativelyexpensivecomparedtootheravailableoptionsbuttheadvisorisincentivizedtosellit.Howshouldtheadvisorhandlethissituation?5.Twoseniorportfoliomanagersatafirmarediscussingtheirinvestmentstrategiesinaprivatemeeting.Manager1revealsdetailsaboutanupcominginvestmentopportunityinaprivatecompanythatthefirmisconsideringacquiring.Manager2,whoisnotinvolvedintheacquisitiondecision-makingprocess,expressesstronginterestandasksforadditionalnon-publicinformationaboutthepotentialdealtermsandvaluation.Manager1agreestosharemoredetails.Whatistheethicalissuepresentedinthisscenario?6.ACFAcharterholderispreparingtoattendaconferencewhereaportfoliomanagerfromacompetitorfirmwillbepresenting.Thecharterholderhasbeengivenaccesstothecompetitor'sproprietaryconferenceagendabyaformercolleaguewhorecentlyleftthatfirm.Theagendaincludesdetailsaboutthepresentationtopics,whichareexpectedtorevealsomeofthecompetitor'stradingstrategiesandupcominginitiatives.Thecharterholderisconsideringusingthisinformationtogainacompetitiveadvantagewhileattendingtheconference.Whatisthemostappropriateactionforthecharterholder?7.Afundoffundsmanagerisevaluatingpotentialsub-fundstoincludeinitsportfolio.Onesub-fundmanagerisknownforgeneratinghighreturnsbuthasahistoryofviolatingmarkettimingrulesbysignificantlyincreasingordecreasingportfolioholdingsbasedonmarketdirection,particularlyaroundearningsseasons.Thefundoffundsmanagerisawareofthesepastviolationsbutisalsoimpressedbythesub-fund'srecentperformanceandpotentialforfuturereturns.Themanagerisconsideringincludingthesub-fundintheportfolio,potentiallyattractinginvestorswhoareattractedtoitshighreturns.Whatshouldthefundoffundsmanagerconsiderbeforemakingadecision?8.Afinancialplannerisprovidingadvicetoaclientwhoisconsideringinvestingalargesumofmoneyinastartupcompany.Thestartupisinahighlyspeculativeindustrywithahighriskoffailure.Theplannerhasaclosepersonalrelationshipwiththefounderofthestartupandhasbeengivenequityinthecompanyasatokenofappreciationforhissupport.Theplannerisalsoawarethattheclient'sinvestmenttoleranceislowandtheclient'sfundsareprimarilymeantforretirement.Whatistheprimaryethicalconcerninthissituation?9.Aninvestmentbankinganalystisworkingonarecommendationreportforacompany'sstock.Thecompanyisamajorclientoftheinvestmentbank,andthebankhasrecentlywonalargeunderwritingdealforthecompany'supcomingbondissuance.Theanalystisunderpressurefromseniorbankerstoissuea"buy"recommendationonthestock,eventhoughtheanalyst'sindependentresearchsuggeststhestockisovervalued.Theanalystisalsoawarethatanegativerecommendationcouldjeopardizethebank'srelationshipwiththeclient.Whatisthemostappropriatecourseofactionfortheanalyst?10.Aportfoliomanagerreceivesacallfromabrokerwhorepresentsacompanythattheportfoliomanagerdoesnotcurrentlycover.Thebrokersuggeststhatthecompanyhasperformedexceptionallywellandisundervaluedbythemarket,andaskstheportfoliomanagertoconsiderinitiatingacoverageratingandbuyingthestock.Theportfoliomanagerhasnopriorrelationshipwiththebrokerandhasnotconductedanyanalysisonthecompany.Whatshouldtheportfoliomanagerdo?试卷答案1.C2.B3.A4.D5.B6.C7.A8.A9.C10.B解析1.解析思路:选项C是正确答案。发送“买”推荐信前披露非公开信息（如具体的盈利预期）违反了标准VI(A)(iii)-信息披露，即不得在发布投资建议前向客户披露可能影响其决策的非公开信息。选项A和D涉及在发布前发送推荐信，违反了及时披露原则。选项B虽然考虑了客户需求，但发送推荐信前披露非公开信息本身是核心问题。2.解析思路:选项B是正确答案。根据标准III(B)-对客户的责任，会员应寻求合理的方式确保客户利益优先。客户要求进行的贷款可能损害其利益（风险过高），会员有责任向客户解释潜在风险，并尝试说服客户改变决定，而不是直接满足要求。选项A和C在客户坚持要求且无不当意图的情况下，寻求法律意见是合理的，但首选应是保护客户利益。选项D放弃职责是不恰当的。3.解析思路:选项A是正确答案。根据标准I(C)(iv)-传播：独立性与客观性，研究分析师有责任以专业的胜任能力和严谨的过程来执行研究，并向客户清晰、准确、及时地传达研究结果。面对可能显著影响股价的可靠信息，即使有压力，也应优先考虑发布必要信息以履行告知义务，避免误导投资者。选项B和C会损害独立性和客观性。选项D在未确认信息前暗示可能发布不利信息是不恰当的。4.解析思路:选项D是正确答案。根据标准III(C)-客户关系：利益冲突，会员应向客户披露所有可能影响客户决策的潜在或实际利益冲突。在此情况下，销售佣金构成了一个明显的利益冲突，因为advisor的个人利益（高佣金）可能与客户的最佳利益（以合理成本获得最优风险管理方案）不一致。最适当的做法是向客户披露这一冲突，并建议将决策过程透明化，或寻求第三方意见。选项A和C没有解决利益冲突的核心问题。选项B接受并销售产品加剧了冲突。5.解析思路:选项B是正确答案。根据标准VI(A)(i)-信息披露：一般原则，会员不得利用其职位获取的非公开信息为自己或他人牟利。在此场景中，Manager1利用职务之便获取的非公开信息泄露给了没有决策权限的Manager2，并获得了更多信息，构成了违反保密原则的行为，属于不当的信息披露。选项A和C描述了潜在后果或一般行为，但不是该场景的核心伦理问题。选项D虽然涉及信息，但未明确违反信息披露原则。6.解析思路:选项C是正确答案。根据标准I(D)(iv)-信息披露：一般原则，会员不得使用或泄露从他人处获取的非公开信息以获取不正当优势。使用前同事提供的竞争对手的私有会议议程信息，目的是为了在会议中获取竞争优势，这构成了利用非公开信息牟利，是违反保密原则的行为。选项A和D的行为也可能涉及利益冲突或不当信息使用，但获取和使用私有议程信息是更直接的违反保密原则。选项B参加公开会议本身是允许的。7.解析思路:选项A是正确答案。根据标准III(C)-客户关系：利益冲突，会员应向客户披露所有可能影响客户决策的潜在或实际利益冲突。在此案例中，sub-fundmanager的历史违规行为（市场操纵）与追求高回报的潜在利益冲突，可能