2025年CFA一级Ethics道德准则真题精讲模拟卷

2025年CFA一级Ethics道德准则真题精讲模拟卷考试时间：______分钟总分：______分姓名：______第Ⅰ部分1.Ananalystisresearchingacompanyforapotentialinvestmentrecommendationtoaclient.Thecompanyiscurrentlyunderinvestigationbyaregulatoryauthorityforpotentialaccountingfraud.Theanalystbecomesawareofnon-publicinformationsuggestingthecompanymaybeinvolvedinthefraud,whichcouldsignificantlyimpactthecompany'sstockpriceifrevealed.Theanalyst'semployerrequiresallanalyststodiscloseanypotentialconflictsofinteresttotheirmanager.Whatisthemostappropriatecourseofactionfortheanalyst?a.Informtheclientaboutthepotentialfraudimmediately,astransparencyisparamount.b.Waitfortheregulatoryauthoritytoreleaseitsfindingsbeforetakinganyaction.c.Disclosethepotentialconflictofinteresttotheemployer'smanager,asrequiredbytheemployer'spolicy,andfollowtheemployer'sguidanceonfurtheraction.d.Avoiddiscussingthecompanywiththeclientuntiltheinvestigationisconcluded,toavoidcausingundueworry.2.Aninvestmentmanagerispreparingareportsummarizingtheperformanceofaportfolio.Thereportwillbedistributedtoallclientsoftheinvestmentmanager'sfirm.Themanagerincludesasectionhighlightingtheimpressiveperformanceoftheportfolioduringaspecificquarter,butomitsasignificantdropinperformanceduringthepreviousquarter,whichwasalsoexperiencedbysimilarbenchmarkindices.Whatstandardhasthemanagerpotentiallyviolated?a.StandardI(A)-Professionalismb.StandardII(B)-DiligenceandReasonableCarec.StandardII(A)-LoyaltyandPrudenced.StandardIII(A)-Competence3.Aninvestmentadvisorismeetingwithaprospectiveclient.Duringthemeeting,theadvisormentionsthatoneoftheadvisor'scurrentclientshasinvestedasubstantialamountinaparticularalternativeinvestmentstrategythattheadvisormanages.Theadvisordoesnotdisclosethatthecurrentclientreceivedareferralbonusforbringingthenewclient.Whatstandardhastheadvisorpotentiallyviolated?a.StandardI(B)-Professionalismb.StandardII(A)-LoyaltyandPrudencec.StandardII(B)-DiligenceandReasonableCared.StandardV(A)-Performance4.Anemployeeworkingataninvestmentfirmisofferedajobatacompetitor.Thecompetitorofferstheemployeeasignificantlyhighersalaryandabonusbasedongeneratingnewbusinessforthefirmwithinthefirstyear.Theemployeecurrentlyhasaccesstonon-public,materialinformationaboutaportfoliostrategyusedbythefirm.Iftheemployeeacceptstheoffer,whatistheprimaryethicalconcern?a.Potentialconflictofinterestwiththecurrentemployer.b.Failuretomaintaincompetence.c.Improperuseofnon-public,materialinformation.d.Inadequatedisclosureofthenewjoboffer.5.Aportfoliomanagerisapproachedbyaformercolleaguewhoworkedatacompetitor.Thecolleagueaskstheportfoliomanagerfornon-publicinformationaboutthefirm'supcominginvestmentstrategymeeting,hopingtousetheinformationtoplacetradesfortheirownclients.Theportfoliomanagerknowsthisinformationisconfidential.Whatisthemostappropriateresponsefortheportfoliomanager?a.Sharetheinformation,asex-colleaguesshouldbetreatedfairly.b.Refusetosharetheinformationbutdonotreportthecolleaguetothefirm.c.Refusetosharetheinformationandreportthecolleaguetothefirm'scompliancedepartment,asthisconstitutesarequestforconfidentialinformation.d.Sharegeneralinvestmentideasbutavoiddiscussingspecificstrategies.6.Aresearchanalystiswritingareportonacompany.Thecompany'sboardofdirectorsrecentlyapprovedasignificantdividendincrease.Theanalystbelievesthedividendincreaseisunsustainablebasedonthecompany'sfinancialhealthandcashflowprojections.Theanalystwantstoincludeastrongwarningaboutthesustainabilityofthedividendinthereport.Theresearchdepartmenthead,influencedbythecompany'spotentialasaclientforanotherdepartmentwithinthefirm,requeststheanalysttosoftenthewarning.Theanalystfacesaconflictbetweentheirprofessionaljudgmentandpotentialfirmbenefits.Whatshouldtheanalystdo?a.Followthedepartmenthead'srequesttosoftenthewarning,aslongasthereportremainstechnicallyaccurate.b.Refusetherequestandmaintainthestrongwarning,potentiallyjeopardizingtheirpositionwithinthefirm.c.Discusstheconflictwiththedepartmenthead,emphasizingtheimportanceofindependentresearchandprofessionalintegrity,andtrytonegotiateacompromisethatpreservesthecoremessage.d.Issuethereportwiththesoftenedwarningbutincludeafootnotestatingpersonalopinionsdifferfromthoseofthefirm.7.Aninvestmentadvisorismeetingwithaclientwhoisveryrisk-averse.Theadvisorrecommendsaportfolioconsistingprimarilyofgovernmentbonds.However,theadvisorknowsthattheclienthasrecentlywonalargeinheritanceandisconsideringinvestingasignificantportionofitinahigh-risk,high-rewardventurecapitalfund.Theadvisordoesnotdiscussthispossibilitywiththeclient,astheybelievetheircurrentrecommendationalignswiththeclient'sexpressedrisktolerance.Whatstandardhastheadvisorpotentiallyviolated?a.StandardI(A)-Professionalismb.StandardII(B)-DiligenceandReasonableCarec.StandardIII(A)-Competenced.StandardV(A)-Performance8.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthattheclienthasalsoinvestedasignificantamountofmoneydirectlyinoneofthestocksheldwithintheportfolio,withoutthemanager'sknowledge.Thestockhasperformedexceptionallywellrecently.Whatisthemanager'sprimaryethicalobligationregardingthissituation?a.Donothing,astheclienthastherighttomaketheirowninvestmentdecisions.b.Immediatelysellthestockfromtheclient'sportfoliotoavoidanyappearanceoffavoritism.c.Informtheclientaboutthepotentialconflictofinterestandtheneedfordisclosure,asthemanagerhasadutytoactintheclient'sbestinterestandmaintaintransparency.d.Adjusttheportfoliotoreducetheholdingsinthatspecificstocktominimizeanypotentialimpactontheclient'soverallreturns.9.Ananalystgathersinformationaboutacompany'sproductsandmarketpositionfrompubliclyavailablesources,competitorwebsites,andindustryreports.Theanalystthenincorporatesthisinformationintoaresearchreportrecommendingthecompany'sstock.Theanalystfailstoproperlycitethesourcesofthisinformationinthereport.Whatstandardhastheanalystpotentiallyviolated?a.StandardI(B)-Professionalismb.StandardII(A)-LoyaltyandPrudencec.StandardIV(A)-IntellectualPropertyd.StandardV(A)-Performance10.Acomplianceofficerisreviewingananalyst'sreport.Thereportincludesanopinionthatthecompany'sstockis"undervalued."Theanalystsupportsthisopinionwithachartshowingthestockpricehasincreasedby20%overthepastyear,butfailstoincludeachartshowingthattheindustryaveragehasincreasedby25%overthesameperiod.Whatstandardhastheanalystpotentiallyviolated?a.StandardI(A)-Professionalismb.StandardII(B)-DiligenceandReasonableCarec.StandardII(A)-LoyaltyandPrudenced.StandardV(A)-Performance第Ⅱ部分11.Aninvestmentmanagerisconsideringincludingasmallpositioninaprivateequityfundmanagedbyaclosepersonalfriend.Themanagerknowsthefundhasapoortrackrecordbutbelievestheirfriendisatrustworthyindividualandtheinvestmentcouldbeauniqueopportunity.Thefirm'spolicyrequiresdisclosureofanyinvestmentswherethemanagerstandstoreceiveasignificantnon-monetarybenefitorhasaclosepersonalrelationshipwiththeinvestmentmanager.Themanagerdecidesnottodisclosethepositionduetothefriendlyrelationship.Whatisthemostsignificantethicalissueraisedbythissituation?a.Themanager'spotentialbiasinevaluatingthefund'sperformance.b.Thefailuretofollowthefirm'sconflictofinterestdisclosurepolicy.c.Themanager'slackofduediligenceinevaluatingtheinvestment'smerits.d.Themanager'spotentialbreachofStandardI(B)-Professionalism.12.Aportfoliomanagerisapproachedbyaclientwhorequeststhemanagertouseasignificantportionoftheclient'sportfoliotomakealarge,non-publicinvestmentinastartupcompanyfoundedbytheclient'sfamilymember.Themanagerbelievestheinvestmentopportunityishighlyspeculativeandsignificantlydeviatesfromtheestablishedinvestmentstrategyandriskprofileoftheclient'sportfolio.Themanageralsonotesthatthefirm'spolicyadvisesagainstacceptinginstructionsthatconflictwithprudentinvestmentpractices.Whatisthemostappropriatecourseofactionforthemanager?a.Agreetotheclient'srequest,astheclientistheultimatedecision-makerregardingtheirownfunds.b.Refusetherequest,citingthefirm'spolicyonprudentinvestmentpracticesandthehighriskassociatedwiththestartupinvestment.c.Agreetotherequestbutadjusttheportfoliotocompensateforthepotentiallossbytakingonmoreriskinotherareas.d.Discusstheriskswiththeclientbutultimatelyagreetotherequesttomaintainagoodrelationshipwiththeclient.13.Aninvestmentadvisorisdevelopinganewinvestmentproductthatwillbemarketedtoretailinvestors.Theadvisorincludesasectionintheproductprospectusdiscussingthepotentialrisks,butthesectioniswritteninverytechnicallanguagethatisdifficultforatypicalretailinvestortounderstand.Theadvisorknowsthatmanypotentialinvestorswillnotfullygrasptherisksdescribed.Whatstandardhastheadvisorpotentiallyviolated?a.StandardI(A)-Professionalismb.StandardII(B)-DiligenceandReasonableCarec.StandardII(A)-LoyaltyandPrudenced.StandardIII(B)-CommunicationwithClients14.Aresearchanalystworksforaninvestmentbank.Thebankisunderpressurefromitssalesdepartmenttoissuepositiveresearchreportsonaparticularcompany,asthesalesteamistryingtowinalargeamountofbusinessfromthatcompany.Theanalystbelievesthecompany'sstockisovervaluedandplanstoincludeacautiousassessmentintheirreport.Theanalyst'ssupervisor,influencedbythesalesdepartment,askstheanalysttorevisethereporttobemorepositive.Theanalystfacesaconflictbetweentheirprofessionaldutiesandpressurefromthefirm'ssalesteam.Whatshouldtheanalystdo?a.Revisethereporttobemorepositive,tomaintaingoodrelationshipswithinthefirm.b.Refusetorevisethereportandinsistonprovidingindependentandobjectiveresearch,evenifitmeansfacingpressurefrommanagement.c.Issuethereportwithapositiverecommendationbutincludeastrongdisclaimerthattherecommendationisbasedsolelyonthesalesdepartment'spressure.d.Discusstheconflictwiththesupervisor,explaintheimportanceofindependentresearch,andtrytogetsupportfromahigher-levelexecutiveifnecessary.15.Aninvestmentmanagerismanagingaportfolioforaclient.Themanagerlearnsthattheclienthasalsoinvestedasignificantamountofmoneyinahedgefundmanagedbyacompetitor,whichusesmanyofthesamestrategiesasthemanager'sportfolio.Themanagerknowsthisinformationbutdoesnotdiscloseittotheclient.Whatstandardhasthemanagerpotentiallyviolated?a.StandardI(B)-Professionalismb.StandardII(A)-LoyaltyandPrudencec.StandardII(B)-DiligenceandReasonableCared.StandardV(A)-Performance16.Aportfoliomanagerisresponsibleforaclient'sportfolio.Themanagerdiscoversthattheclienthasauthorizedanotherfirmtotradeasmallportionoftheclient'sassets,usingatradingstrategythatdifferssignificantlyfromthemanager'sstrategyandincreasestransactioncosts.Themanagerisawareofthisbutdoesnotobject,astheclienthasexplicitlygivenpermission.Whatisthemanager'sethicalobligationinthissituation?a.Donothing,astheclienthastherighttoauthorizetradinginstructions.b.Informtheclientaboutthepotentialhighercostsandrisksassociatedwiththealternativetradingstrategy.c.Objecttotheotherfirm'stradinginstructions,asthemanagerhasadutytoactintheclient'sbestinterestregardingcostefficiency.d.Advisetheclienttoterminatetherelationshipwiththeotherfirm,asthemanagerhascontroloveralltradingdecisions.17.Aninvestmentadvisorismeetingwithaclientwhoisconsideringaddingasignificantamountofcapitaltotheirexistingportfolio.Theadvisorrecommendsaspecificinvestmentstrategybutdoesnotprovidealternativeoptionsforconsideration.Theadvisorismotivatedbyacommissionstructurethatpayshighercommissionsontherecommendedstrategy.Whatstandardhastheadvisorpotentiallyviolated?a.StandardI(A)-Professionalismb.StandardII(B)-DiligenceandReasonableCarec.StandardII(A)-LoyaltyandPrudenced.StandardIII(B)-CommunicationwithClients18.Acomplianceofficerisreviewingananalyst'sreport.Thereportincludesasectiondiscussingthecompany'sfinancialperformance.Theanalystusesstrong,positivelanguagetodescribethecompany'sprospects,suchas"excellentgrowthpotential"and"outperformingthemarket."However,theanalystdoesnotprovideanyspecificdataoranalysistosupporttheseclaims.Whatstandardhastheanalystpotentiallyviolated?a.StandardI(A)-Professionalismb.StandardII(B)-DiligenceandReasonableCarec.StandardII(A)-LoyaltyandPrudenced.StandardV(A)-Performance19.Aninvestmentmanagerispreparingareportforaclientmeeting.Thereportincludesinformationaboutthemanager'sperformancecomparedtoarelevantbenchmark.Themanagerknowsthatthebenchmarkhasbeenrecentlyrevisedupwards,makingthemanager'sperformanceappearworse.Themanagerdecidesnottomentionthebenchmarkrevisioninthereport.Whatstandardhasthemanagerpotentiallyviolated?a.StandardI(A)-Professionalismb.StandardII(B)-DiligenceandReasonableCarec.StandardII(A)-LoyaltyandPrudenced.StandardV(A)-Performance20.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthattheclienthasalsoinvestedasignificantamountofmoneydirectlyinacompanythatisamajorcompetitortooneofthestocksheldwithintheportfolio.Themanagerknowsthisinformationbutdoesnotdiscloseittotheclient.Whatisthemanager'sprimaryethicalobligationregardingthissituation?a.Donothing,astheclienthastherighttomaketheirowninvestmentdecisions.b.Immediatelysellthecompetitorstockfromtheportfoliotoavoidanypotentialconflict.c.Informtheclientaboutthepotentialconflictofinterestandthefactthattheirportfolioisinvestedinacompetitoroftheclient'sowninvestment.d.Adjusttheportfoliotoreducetheholdingsinthecompetitorstocktominimizeanypotentialimpact.---试卷答案1.c解析思路：考生需识别出自身持有非公开信息，且该信息可能对投资决策产生重大影响，同时自身在雇主处有披露冲突的义务。根据标准II(B)-适当的专业行为，以及概念示例7（涉及非公开信息），最合适的做法是向雇主披露这一潜在的冲突，并遵循雇主的指导。选项a可能过早透露敏感信息；选项b依赖外部机构结果，无法保证及时性；选项d未履行内部披露义务。2.b解析思路：核心在于报告是否提供了完整、准确、及时的信息。根据标准II(B)-适当的专业行为，要求信息传递应避免误导。在此案例中，遗漏显著的市场表现（前一季度下跌）而只突出正面信息，构成了信息不完整，属于误导行为。选项a、c、d与题目描述的具体行为不符。3.a解析思路：此题考查利益冲突和信息披露。根据标准II(A)-诚信，会员必须向客户披露所有可能影响客户决策的财务利益或关系。推荐产品时获得奖金属于财务利益，且未披露，违反了诚信原则。选项b、c、d所述情况在题目描述中未体现或不是最核心的违规点。4.c解析思路：此题核心在于“非公开、材料信息”的潜在滥用。根据标准VI(B)-保密，会员不得为个人或第三方利益使用或披露从雇主或客户处获得的非公开、材料信息。接受高薪工作offer本身就可能带来利益冲突（选项a），但结合“使用非公开材料信息”这一关键信息，选项c构成了更直接、更严重的潜在违规行为。选项b、d也是需要考虑的因素，但选项c直接关联到题目中的关键信息点。5.c解析思路：此题考查对概念示例7（向他人提供非公开、材料信息）的理解。竞争对手同事的请求明确涉及获取和使用非公开信息。根据标准VI(B)-保密，会员不得向他人提供此类信息。因此，拒绝并提供给雇主（通常是合规部门）是正确的做法。选项a、b、d均不符合道德准则要求。6.b解析思路：此题涉及独立性与客观性（标准VI(A)）以及职业行为（标准I(A)）。分析师面临来自上级（可能受销售部门影响）的压力，要求修改报告以迎合客户。根据标准VI(A)-独立性与客观性，会员必须基于事实和合理的判断提供专业服务，不能受胁迫。直接听从上级修改负面评估，违反了独立性和客观性原则。选项a、c、d描述的情况不如选项b直接和核心。7.b解析思路：此题考查勤勉与审慎（标准II(B)）原则。虽然标准II(A)也涉及客户利益，但题目中核心问题是“未与管理层充分沟通”客户可能存在的重大投资计划。根据标准II(B)，会员应采取合理步骤了解客户的财务状况、投资目标、风险承受能力和投资经验，并向客户提供建议。未主动告知客户高风险投资的可能性，未能尽到勤勉尽责的义务。选项a、c、d在题目情境中不是最直接的违规点。8.c解析思路：此题涉及客户优先原则（标准V(A)）和利益冲突（标准VI(A)）。关键在于“客户同时在其他地方直接投资”。根据标准VI(A)，会员必须向客户披露其可能存在的利益冲突。客户在竞争对手处投资，而自己管理的基金也持有竞品股票，构成了潜在的利益冲突。最合适的做法是向客户披露这一情况，保持透明度，让客户知晓。选项a、b、d均未能满足信息披露和客户优先的核心要求。9.c解析思路：此题考查知识产权（标准IV(A)）。根据标准IV(A)，会员不得侵犯他人的知识产权。在引用他人信息时，必须进行适当的识别和归属。分析师未注明信息来源，构成了对信息来源方知识产权的潜在侵犯。选项a、b、d在题目描述中未体现相关行为。10.b解析思路：此题考查勤勉与审慎（标准II(B)）和概念示例15（选择性呈现信息）。分析师通过选择性地展示有利信息（自身涨