2025年CFA一级Ethics真题解析试卷

2025年CFA一级Ethics真题解析试卷考试时间：______分钟总分：______分姓名：______一、选择题1.Ananalystisevaluatingacompanyforapotentialinvestmentrecommendationtoaclient.Thecompany'smanagementteamhasprovidedtheanalystwithexclusive,non-publicinformationaboutanupcomingmergerthatisexpectedtosignificantlyincreasethecompany'sstockprice.Theanalystisconsideringusingthisinformationtomakeatradeforapersonalaccount.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofPractice?a.Immediatelyrecommendthestocktotheclientandplaceatradeinthepersonalaccountusingthenon-publicinformation.b.Waituntiltheinformationbecomespublicandthenrecommendthestocktotheclient,butusethenon-publicinformationtomakeapersonaltrade.c.Recuseoneselffromparticipatingintheinvestmentrecommendationprocessandreportthesituationtothefirm'scompliancedepartment.d.Sharethenon-publicinformationwithaclosefriendwhoisalsoaninvestor,andthenmakeapersonaltradebasedontheinformationprovidedbythefriend.2.Aninvestmentmanagerisresponsibleformanagingaportfolioofequitiesforaclient.Theclienthasexpressedastrongpreferenceforinvestingincompanieswithstrongenvironmental,social,andgovernance(ESG)practices.TheinvestmentmanagerhasresearchedseveralcompaniesanddeterminedthatCompanyXhasthestrongestESGprofile,whileCompanyYhasaweakerprofilebutoffersahigherpotentialreturn.Theinvestmentmanagerisconsideringdeviatingfromtheclient'sinstructionstoinvestprimarilyinCompanyY.Whichofthefollowingactionsismostappropriatefortheinvestmentmanager?a.ExplaintotheclientthatthehigherpotentialreturnofCompanyYalignsbetterwiththeclient'slong-termfinancialgoalsandpersuadetheclienttochangetheirinstructions.b.Informtheclientabouttheclient'sobligationtoprovideinvestmentrecommendationsthatareinthebestinterestoftheclient,andsuggestthatthemanager'srecommendationtoinvestinCompanyXisintheclient'sbestinterest.c.Documenttheclient'sinstructionsandthemanager'srationalefordeviatingfromtheinstructions,andobtaintheclient'swrittenconsentforthedeviation.d.Declinetomanagetheportfolio,asthemanagercannotethicallyrecommendaninvestmentthatcontradictstheclient'sstatedpreferences.3.Aportfoliomanagerisattendingaconferencewhereaspeakerisprovidinginvestmentinsightsbasedonproprietaryresearch.Aftertheconference,theportfoliomanagerimmediatelyusestheinformationfromthespeaker'spresentationtomaketradesintheportfolio.Theportfoliomanagerfailstodisclosethisuseofproprietaryinformationtothefirm'scompliancedepartment.Whichofthefollowingbestdescribestheethicalissueinvolvedinthisscenario?a.TheportfoliomanagermayhaveviolatedtheStandardofPracticeregardingConflictofInterestifthespeakerhasafinancialrelationshipwiththefirm.b.TheportfoliomanagermayhaveviolatedtheStandardofPracticeregardingProfessionalCompetenceandDueCareiftheinformationfromthespeaker'spresentationisnotthoroughlyvetted.c.TheportfoliomanagermayhaveviolatedtheStandardofPracticeregardingConfidentialityiftheinformationsharedattheconferenceisnon-public.d.TheportfoliomanagermayhaveviolatedtheStandardofPracticeregardingIntegrityifthefirm'scompliancedepartmentisnotinformedabouttheuseoftheinformation.4.Anassociateinaninvestmentfirmispreparingareportforaclientthatincludesfinancialdataprovidedbytheclient'scompany.Theassociatediscoversthatthefinancialdataprovidedbytheclient'scompanyisinaccurateandmaymisrepresentthecompany'sfinancialperformance.Theassociateisconcernedthatusingtheinaccuratedatacouldleadtheclienttomakepoorinvestmentdecisions.Whichofthefollowingactionsismostappropriatefortheassociate?a.Usetheprovideddataasis,butincludeadisclaimerinthereportstatingthatthedatahasnotbeenindependentlyverified.b.Contacttheclient'scompanydirectlytorequestclarificationorcorrecteddata,anddelaythereportuntiltheissueisresolved.c.Preparethereportusingtheprovideddata,butomitthesectionsthatrelyontheinaccuratedatatoavoidanypotentialethicalissues.d.Reporttheissuetothefirm'scompliancedepartment,andfollowthefirm'sproceduresfordealingwithpotentiallymisleadingclientinformation.5.Twoportfoliomanagersatafirmarediscussingtheirinvestmentstrategies.ManagerAtellsManagerBthattheyhavereceivednon-publicinformationaboutacompanythatisexpectedtoannouncesignificantlosses.ManagerBasksManagerAtosharethisinformation,andManagerAagreestodoso.Whichofthefollowingbestdescribestheethicalissueinvolvedinthisscenario?a.ManagerAmayhaveviolatedtheStandardofPracticeregardingConflictofInterestiftheinformationcouldbeusedtogainanadvantageintrading.b.ManagerBmayhaveviolatedtheStandardofPracticeregardingProfessionalCompetenceandDueCareiftheyrelyonthenon-publicinformationwithoutproperverification.c.ManagerAmayhaveviolatedtheStandardofPracticeregardingConfidentialityiftheysharenon-publicinformationwithanotheremployee.d.Theexchangeofinformationbetweenthemanagersdoesnotraiseanyethicalconcerns,aslongastheyarebothemployedbythesamefirm.二、情景分析题6.Youareafinancialplannerworkingatabrokeragefirm.Aprospectiveclientcomestoyourofficeforaninitialconsultation.Theclientisconsideringinvestingasignificantamountofmoneyinthefirm'sproprietarymutualfunds.Duringtheconversation,theclientrevealsthattheyarealsoadirectorofacompanythatisacompetitorofoneofthefirm'smainclients.Theclientasksyoutorecommendthefirm'smutualfundstotheircompetitor,statingthatthiswouldbea"win-win"situationforbothparties.HowwouldyouaddressthissituationinaccordancewiththeCFAInstituteStandardsofPractice?7.Youarearesearchanalystataninvestmentbank.Youhavebeenworkingonadetailedreportonacompanythatisscheduledtogopublicsoon.Duringtheresearchprocess,youdiscoverthatthecompany'smanagementteamhasbeenengaginginunethicalbusinesspracticesthatcouldhaveanegativeimpactonthecompany'sfutureperformance.Youareunderpressuretocompletethereportbyastrictdeadline,andyoursupervisorhasindicatedthatthereportshouldpresentthecompanyinapositivelight.Howwouldyouhandlethissituationwhilemaintainingyourethicalobligations?三、简答题8.ExplainthedifferencebetweentheCFAInstituteStandardsofPracticeandtheCFAInstituteCodeofEthics.ProvideanexampleofasituationwhereaviolationoftheCodeofEthicsmightoccurbutwouldnotnecessarilyresultinaviolationofaStandardofPractice.9.Describetheconceptof"materialnon-publicinformation"asitrelatestotheCFAInstituteStandardsofPractice.Provideanexampleofapieceofinformationthatwouldbeconsideredmaterialnon-publicinformationandexplainwhy.10.Aportfoliomanagerisconsideringinvestinginastart-upcompanythatisnotyetpubliclytraded.Theportfoliomanagerhasaclosepersonalfriendwhoisthefounderofthestart-upcompany.Theportfoliomanagerisawarethatthestart-upcompanyhasnotyetdiscloseditsfinancialperformancetothepublic,buttheportfoliomanagerhasbeengivenaprivateglimpseatthecompany'sfinancialsandbelievesthecompanyhasstrongpotential.DiscussthepotentialethicalissuesinvolvedinthisscenarioandhowtheportfoliomanagershouldproceedinaccordancewiththeCFAInstituteStandardsofPractice.试卷答案一、选择题1.c2.b3.a4.d5.c二、情景分析题6.回答要点：*应该识别出该情况可能存在利益冲突，因为向竞争对手推荐本公司的产品可能会影响其业务，并最终损害现有客户（竞争对手）的利益。*应该向客户解释这种潜在的利益冲突，并说明无法在没有利益冲突的情况下提供客观的投资建议。*应该建议客户寻求其他独立的财务建议，或者等待客户决定是否继续咨询后，再根据具体情况判断是否适合继续提供服务。*应该记录下与客户的沟通情况，包括识别出的利益冲突和采取的措施。7.回答要点：*应该坚持进行独立、客观和公正的研究，即使面临时间压力和来自管理层的压力。*应该基于事实和证据进行报告，避免歪曲或隐瞒不利信息。*如果管理层坚持要求发布不实或误导性的信息，应该向更高级别的管理层或公司的合规部门报告这个问题。*在极端情况下，如果公司坚持发布虚假信息，并且自己无法解决问题，可能需要考虑辞职以维护自己的职业道德。*应该确保所有的研究工作都符合公司内部的合规政策和程序。三、简答题8.回答要点：*CFAInstituteCodeofEthics确立了CFA协会会员和候选人应遵守的基本道德原则（诚信、客观性、专业胜任能力等）。*CFAInstituteStandardsofPractice提供了更具体的指导，详细说明了如何在各种职业情况下应用道德原则，并定义了违反原则的具体行为和相应的纪律处分。*示例：会员泄露了其雇主非公开的、可能影响证券价格的信息（违反了道德原则中的诚信原则）。根据标准