2025年CFA一级Ethics道德准则真题及答案

2025年CFA一级Ethics道德准则真题及答案考试时间：______分钟总分：______分姓名：______试卷内容1.Ananalystisemployedbyaninvestmentbank.Thebankisplanningtoissuesecuritiesunderwritingforacompanyinwhichtheanalysthasasignificantpersonalinvestment.Theanalystisalsoamemberofthecompany'sboardofdirectors.Whichofthefollowingactionsismostappropriatefortheanalyst?a)Disclosethepersonalinvestmenttotheunderwritingteambutcontinuetoparticipateintheboardmeetings.b)Recuseherselffromparticipatingintheunderwritingprocessandsellherpersonalinvestmentbeforethesecurityissuance.c)Informhersupervisoraboutthesituationandseekguidanceontheappropriatecourseofaction.d)Disclosethepersonalinvestmentandtheboardmembershiptotheunderwritingteamandthecompany,andrecuseherselffromtheboardmeetingsrelatedtotheunderwriting.2.Aportfoliomanagerismanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertoinvestasignificantportionoftheportfolioinastartupcompanyinwhichtheclienthasastrongpersonalconnection.Theportfoliomanagerknowsthattheinvestmentmaynotbesuitablefortheclient'srisktoleranceandinvestmentobjectives.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a)Agreetotheclient'srequestandinvestinthestartupcompany,astheclientistheultimatedecision-maker.b)Explaintotheclientthattheinvestmentmaynotbesuitableandsuggestalternativeinvestmentoptionsthatalignwiththeclient'sobjectives.c)Investasmallportionoftheportfoliointhestartupcompanytosatisfytheclient'srequestwithoutsignificantlyimpactingtheoverallportfolioperformance.d)Refusetheclient'srequestandinformtheclientthattheinvestmentisnotinlinewiththeportfoliomanager'sethicalstandards.3.Aninvestmentadvisorisprovidingresearchrecommendationstoaclient.Theresearchrecommendationsarebasedonbiaseddatathatwasintentionallymanipulatedbytheinvestmentadvisortopromoteaspecificinvestmentproduct.Whichofthefollowingactionsismostappropriatefortheinvestmentadvisor?a)Providetheresearchrecommendationstotheclientastheyare,butdisclosethatthedatamaybebiased.b)Refusetoprovideanyresearchrecommendationstotheclientuntilthebiaseddataiscorrected.c)Providetheresearchrecommendationstotheclient,butalsoprovidealternativeperspectivesbasedonindependentdatasources.d)Withholdtheresearchrecommendationsfromtheclienttoavoidanypotentiallegalissues.4.Afinancialplannerisworkingwithaclienttocreateaninvestmentplan.Theclienthasprovidedthefinancialplannerwithincompleteinformationabouttheirfinancialsituationandinvestmentobjectives.Thefinancialplannerproceedstocreateaninvestmentplanbasedontheincompleteinformation.Whichofthefollowingactionsismostappropriateforthefinancialplanner?a)Completetheinvestmentplanbasedontheincompleteinformationandpresentittotheclientwithoutseekingadditionaldetails.b)Requestadditionalinformationfromtheclienttoensuretheinvestmentplanissuitableandalignedwiththeclient'sobjectives.c)Informtheclientthattheinvestmentplancannotbecreatedwithoutcompleteinformationandsuggestseekingadvicefromanotherfinancialprofessional.d)Proceedwiththeinvestmentplanandinformtheclientthattheplanmayneedtobeadjustedinthefutureifmoreinformationbecomesavailable.5.Aninvestmentanalystisconductingresearchonacompany.Theanalystdiscoversthatthecompanyisengaginginunethicalbusinesspracticesthatmayhaveanegativeimpactonthecompany'sfinancialperformance.Theanalystisawarethatreportingtheunethicalpracticesmaydamagetheirrelationshipwiththecompany'smanagement.Whichofthefollowingactionsismostappropriatefortheanalyst?a)Reporttheunethicalpracticestotheappropriateauthorities,evenifitmaydamagetherelationshipwiththecompany'smanagement.b)Donotreporttheunethicalpractices,astheanalyst'sprimarydutyistomaintainagoodrelationshipwiththecompany'smanagement.c)ReporttheunethicalpracticestotheCFAInstitute,butdosoanonymouslytoprotecttheiremployment.d)Sharetheresearchfindingswithafewtrustedcolleagues,butdonotreportthepracticestoanyoneelse.6.Aportfoliomanagerismanagingmultipleclientportfolios.Oneclientaskstheportfoliomanagertoproviderecommendationsonaspecificinvestmentthattheclientisconsidering.Theportfoliomanagerhasaconflictofinterestbecausetheinvestmentrecommendationwouldbenefittheportfoliomanager'semployer,nottheclient.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a)Providetheinvestmentrecommendationtotheclient,butdisclosetheconflictofinteresttotheclient.b)Refusetoprovidetheinvestmentrecommendationtotheclient,astheconflictofinterestcannotbemitigated.c)Providetheinvestmentrecommendationtotheclientwithoutdisclosingtheconflictofinterest,astheclienthasthefinalsay.d)Seekadvicefromtheemployer'scompliancedepartmentonhowtohandletheconflictofinterestbeforeprovidinganyrecommendationstotheclient.7.Aninvestmentadvisorisworkingwithaclienttodevelopaninvestmentstrategy.Theclienthasahighrisktoleranceandisinterestedinaggressiveinvestments.Theinvestmentadvisorrecommendsaportfolioofhigh-risk,high-rewardinvestmentstotheclient.Theinvestmentadvisorknowsthattheportfoliomayresultinsignificantlossesfortheclient.Whichofthefollowingactionsismostappropriatefortheinvestmentadvisor?a)Continuetorecommendthehigh-risk,high-rewardportfolio,astheclienthasexpressedawillingnesstotakeontherisk.b)Explainthepotentialrisksandlossestotheclientandobtaintheclient'swrittenconsentbeforeimplementingtheportfolio.c)Suggestamoreconservativeinvestmentportfoliothatalignswiththeclient'srisktolerance,evenifitmaylimitpotentialreturns.d)Withholdtheinvestmentrecommendationsfromtheclientuntiltheclienthasconsultedwithanotherfinancialprofessional.8.Afinancialplannerisprovidingfinancialadvicetoaclient.Thefinancialplannerisofferingtheclientarangeoffinancialproducts,includingthosethatthefinancialplannerreceiveshighercommissionson.Whichofthefollowingactionsismostappropriateforthefinancialplanner?a)Focussolelyonrecommendingthefinancialproductsthatofferthehighestcommissions,asthisisinthebestinterestofthefinancialplanner.b)Informtheclientaboutthecommissionstructureandproviderecommendationsbasedontheclient'sneedsandobjectives,notthepotentialcommission.c)Recommendonlythefinancialproductsthatthefinancialplannerhasexpertisein,regardlessofthecommissionstructure.d)Refusetoprovideanyfinancialadvicetotheclientuntilthefinancialplannercanofferfee-onlyservices.9.Aninvestmentanalystispreparingaresearchreportonacompany.Theresearchreportcontainsinformationthatisfavorabletothecompany'sstock.Theinvestmentanalystknowsthattheinformationisbasedonincompletedataandmaybemisleadingtoinvestors.Whichofthefollowingactionsismostappropriatefortheanalyst?a)Publishtheresearchreportasitis,butincludeadisclaimerthattheinformationisbasedonincompletedata.b)Withholdtheresearchreportfrompublicationuntilthedataiscompleteandtheinformationisnolongermisleading.c)Publishtheresearchreport,butalsoincludeasectionthatpresentsalternativeperspectivesbasedontheincompletedata.d)Modifytheresearchreporttopresentamorebalancedviewofthecompany'sstock,evenifitcontradictstheinitialfindings.10.Aportfoliomanagerismanagingaclient'sportfolio.Theclientexpressesdissatisfactionwiththeportfolio'sperformanceandrequeststhattheportfoliomanagerliquidateasignificantportionoftheportfolioandinvesttheproceedsinadifferentinvestmentstrategy.Theportfoliomanagerbelievesthatthecurrentinvestmentstrategyisstillsuitablefortheclient,buttheclientisinsistentonthechange.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a)Ignoretheclient'srequestandcontinuewiththecurrentinvestmentstrategy,astheportfoliomanagerhasexpertiseinthecurrentstrategy.b)Discusstheclient'sconcernswiththeclientandtrytopersuadetheclienttostickwiththecurrentinvestmentstrategy.c)Complywiththeclient'srequesttoliquidatetheportfolioandinvestinadifferentstrategy,evenifitgoesagainsttheportfoliomanager'sprofessionaljudgment.d)Refusetomakeanychangestotheportfoliowithoutobtainingtheclient'sconsentandawrittenjustificationforthechanges.11.Aninvestmentadvisorisprovidinginvestmentrecommendationstoaclient.Theinvestmentadvisorhasaclosepersonalrelationshipwiththecompany'smanagementofoneoftherecommendedinvestments.Theinvestmentadvisorknowsthatthemanagementteamishighlymotivatedtoseetheinvestmentsucceed.Whichofthefollowingactionsismostappropriatefortheinvestmentadvisor?a)Disclosethepersonalrelationshiptotheclientandcontinuetoprovidetheinvestmentrecommendationiftheinvestmentisstillsuitable.b)Recuseherselffromprovidingtheinvestmentrecommendationandseekadvicefromanotherinvestmentadvisorwhohasnorelationshipwiththecompany'smanagement.c)Providetheinvestmentrecommendationtotheclient,butalsoprovidealternativeinvestmentoptionstomitigatethepotentialbiasintroducedbythepersonalrelationship.d)Withholdtheinvestmentrecommendationfromtheclientuntilthepersonalrelationshipwiththecompany'smanagementisresolved.12.Afinancialplannerispreparingafinancialplanforaclient.Theclienthasprovidedthefinancialplannerwithinaccuratefinancialinformation,whichmaysignificantlyimpactthefinancialplan'srecommendations.Thefinancialplannernoticestheinaccuraciesbutdecidestoproceedwiththefinancialplanbasedontheprovidedinformation.Whichofthefollowingactionsismostappropriateforthefinancialplanner?a)Presentthefinancialplantotheclientbasedontheinaccurateinformation,butdisclosethepotentialimpactoftheinaccuracies.b)Requestadditionalinformationfromtheclienttoverifytheaccuracyoftheprovidedinformationbeforeproceedingwiththefinancialplan.c)Modifythefinancialplantoaccountforthepotentialimpactoftheinaccurateinformation,evenifitrequiresmakingassumptionsabouttheclient'sfinancialsituation.d)Refusetopreparethefinancialplanfortheclientuntiltheclientprovidesaccuratefinancialinformation.13.Aninvestmentanalystisconductingresearchonacompany.Theresearchfindingsindicatethatthecompany'sfinancialperformanceissignificantlyworsethanwhatthecompanyhasreported.Theinvestmentanalystisconcernedthatthecompanymaybeengaginginfinancialstatementfraud.Whichofthefollowingactionsismostappropriatefortheanalyst?a)Reportthefindingstothecompany'smanagementandrequestanexplanationforthediscrepanciesinthefinancialperformance.b)Publishthefindingsinaresearchreport,butdosoanonymouslytoavoidanypotentialretaliationfromthecompany.c)Sharethefindingswithafewtrustedcolleagues,butdonotreportthefindingstothecompanyoranyoneelse.d)Donotreportthefindingstoanyone,astheanalystbelievesthatthecompanywilladdresstheissuesonitsown.14.Aportfoliomanagerismanagingaclient'sportfolio.Theclientaskstheportfoliomanagertoprovidearecommendationonaninvestmentthattheclientisconsidering.Theinvestmentisrelatedtoanindustryinwhichtheportfoliomanagerhasexpertise.However,theportfoliomanagerhasaconflictofinterestbecausetheinvestmentwouldbenefitabusinesspartneroftheportfoliomanager'sspouse.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a)Providetheinvestmentrecommendationtotheclient,butdisclosetheconflictofinteresttotheclient.b)Refusetoprovidetheinvestmentrecommendationtotheclient,astheconflictofinterestcannotbemitigated.c)Providetheinvestmentrecommendationtotheclientwithoutdisclosingtheconflictofinterest,astheclientmaynotbeawareoftherelationship.d)Seekadvicefromthefirm'sethicscommitteeonhowtohandletheconflictofinterestbeforeprovidinganyrecommendationstotheclient.15.Aninvestmentadvisorisprovidinginvestmentadvicetoaclient.Theinvestmentadvisorhasbeenreceivinggiftsfromtheclient,includingaluxurywatchandatriptoaexoticlocation.Theclienthasbeenofferingthesegiftsasawaytoshowappreciationfortheinvestmentadvice.Whichofthefollowingactionsismostappropriatefortheinvestmentadvisor?a)Acceptthegifts,astheyareconsideredtobeofminimalvalueanddonotinfluencetheinvestmentadviceprovided.b)Acceptthegiftsandoffertheclientadiscountonfutureinvestmentmanagementfeesasawaytoreciprocate.c)Refusethegiftsandexplaintotheclientthatacceptinggiftscreatesapotentialconflictofinterest.d)AcceptthegiftsandreportthemtotheCFAInstitute,butcontinuetoprovideinvestmentadvicetotheclient.试卷答案1.b*解析思路：根据CFA协会道德准则，会员和候选人应避免利益冲突。在这种情况下，分析师的个人投资和董事会成员身份与她的工作职责存在明显的利益冲突，可能会影响她的独立性和客观性。最适当的做法是回避参与承销过程，并在承销开始前出售个人投资，以消除利益冲突。2.b*解析思路：根据CFA协会道德准则，会员有责任以客户的利益为重。在这种情况下，客户要求的投资可能不适合其风险承受能力和投资目标。最适当的做法是向客户解释为什么该投资可能不适合，并建议其他符合客户目标的替代投资方案。3.c*解析思路：根据CFA协会道德准则，会员必须提供基于客观和公正信息的建议。在这种情况下，投资顾问使用被操纵的、有偏见的数据来推广特定的投资产品，这是不道德的。最适当的做法是向客户提供基于独立数据来源的替代观点，以帮助客户做出更明智的决策。4.b*解析思路：根据CFA协会道德准则，会员有责任在提供专业服务时保持专业胜任能力。在这种情况下，财务顾问基于不完整的信息为客户创建投资计划，这可能导致计划不适合客户。最适当的做法是向客户寻求更多信息，以确保投资计划适合客户的需求和目标。5.a*解析思路：根据CFA协会道德准则，会员有责任披露可能