2025年CFA一级Ethics道德准则备考卷

2025年CFA一级Ethics道德准则备考卷考试时间：______分钟总分：______分姓名：______试卷内容：1.Ananalystatabrokeragefirmiscoveringthetechnologysector.Thefirm'schieftechnologyofficer(CTO),whoisalsoaclientoftheanalyst,recentlyinformedtheanalystthathiscompanyisintheprocessofdevelopinganewtypeofartificialintelligencealgorithmwithpotentialmarket-disruptingcapabilities.TheCTOaskedtheanalystnottodisclosethisinformationtoanyoneuntilthecompanyfilesapatentapplication.Theanalystisconsideringsharingthisinformationwithaclosefriendwhoisanentrepreneurworkingonarelatedtechnologyproject,arguingthatthefriendcouldprovidevaluablefeedbackthatmighthelpthecompanyimproveitsproductfaster.Theanalyst'sfriendisnotaclientofthefirm.Howshouldtheanalystproceed?a)SharetheinformationwiththefriendasrequestedbytheCTO,asthefriendcouldprovidebeneficialfeedback.b)Refusetosharetheinformationwiththefriendbutconsidersharingitwithotherindustrypeersforpotentialmarketfeedback.c)Sharetheinformationonlyafterconsultingwiththefirm'scompliancedepartmenttoensureproperdisclosureproceduresarefollowed.d)Donotsharetheinformationwithanyone,includingthefriend,untilthecompanyfilesthepatentapplication,asthisrepresentsadutyofconfidentiality.2.Aportfoliomanagerataninvestmentmanagementfirmispreparingareportonthefirm'sinvestmentstrategiesforanupcomingclientmeeting.Thereportincludesinformationderivedfromproprietaryresearchconductedbythefirm'sin-houseresearchteam.Duringthepreparationprocess,theportfoliomanager'ssister,whoworksforacompetitor,asksthemanagertosharesomeofthenon-public,proprietaryinsightsfromthereporttohelpherunderstandthecompetitor'sstrategiesbetter.Theportfoliomanagerknowsthisinformationcouldgivethecompetitoracompetitiveadvantage.Whatshouldtheportfoliomanagerdo?a)Sharetheproprietaryinformationwiththesister,asitisherfamilymemberandtheinformationisnotyetpublic.b)Refusetosharetheproprietaryinformationdirectlybutoffertodiscussgeneralmarkettrendsandpubliclyavailableinformationinstead.c)Shareonlyaggregatedandpubliclyavailabledatarelatedtothefirm'sstrategies,claimingitdoesnotconstituteproprietaryinformation.d)Informthesisterthatsharingproprietaryinformationisstrictlyprohibitedbythefirm'spoliciesandreportanysuchrequeststothefirm'scomplianceofficer.3.Aninvestmentadvisorismeetingwithapotentialclientwhoisinterestedininvestingasignificantamountofmoney.Duringthemeeting,theadvisormentionsthatoneoftheadvisor'scurrentclients,awealthyindustrialist,hasachievedexcellentreturnsbyinvestingheavilyinaparticularemergingmarketstockthattheadvisorrecommends.Theadvisorbelievesthisanecdotewillencouragethepotentialclienttoinvest.Theadvisorknowsthattheindustrialist'sinvestmentsuccessispartlyduetotheindustrialist'suniqueaccesstonon-publicinformationregardingthatspecificmarket.Theadvisorhasnotdisclosedthattheindustrialistreceivesahighermanagementfeefortheportionofassetsinvestedaccordingtotheadvisor'srecommendations.Howshouldtheadvisorproceed?a)Continuetousetheanecdoteabouttheindustrialist'ssuccess,asitisbasedonrealclientperformance.b)Mentiontheindustrialist'ssuccessbutdisclosethattheindustrialistreceivesahigherfeeforthatspecificinvestmentstrategy.c)Refrainfrommentioningthespecificindustrialist'snameorsuccessstory,insteadfocusingonthegeneralmeritsoftheinvestmentstrategyandthemanager'strackrecord.d)InformthepotentialclientthatusingspecificclientexampleswithoutproperdisclosureisagainsttheCFAInstituteCodeandStandardsandcannotbedone.4.Twoanalystsworkingatthesamefirmarecoveringdifferentcompanieswithinthesameindustry.AnalystAdiscoversthatapubliccompanytheycoverisengaginginunethicalaccountingpracticesthatsignificantlyinflateitsearnings.AnalystAisconcernedaboutthepotentiallegalandreputationalconsequencesforthefirmifthesepracticesarediscoveredbyregulators.AnalystAdiscussesthefindingswithAnalystB,whoworksinadifferentdepartmentandhasnodirectknowledgeofthesituation.AnalystBsuggeststhatinsteadofreportingtheissueinternallythroughproperchannels,theyshouldanonymouslyleaktheinformationtoafinancialnewsoutlettoquicklyexposethecompany'smisconductandprotectthefirm'sreputation.HowshouldAnalystArespond?a)AgreewithAnalystBandproceedwithleakingtheinformationanonymouslytothenewsoutletassuggested.b)DisagreewithAnalystBandreportthefindingstothefirm'scompliancedepartmentand/ortheappropriateseniormanagement,followingthefirm'sestablishedprocedures.c)Confrontthecompanydirectlybypublishingapublicreporthighlightingtheunethicalpracticestoputpressureonthemtochange.d)Donothing,astheissueisbetweenAnalystAandthecompany,andinvolvingothersortakingpublicactioncouldleadtounintendedconsequences.5.Aportfoliomanagerisreviewingpotentialinvestmentsforaclient.Theportfoliomanagercomesacrossasmall,privatelyheldcompanythathasdevelopedapromisingnewtechnology.Theportfoliomanager'scousinistheCEOofthiscompany.Thecousinhasapproachedtheportfoliomanagerprivatelyandaskedforinvestmentadvice,suggestingtheportfoliomanagerinvestasignificantportionoftheclient'sportfoliointhecousin'scompany.Thecousinhasnotprovidedanydetailedinformationaboutthecompany'sfinancialsorbusinessprospectsbeyondclaimingthetechnologyisrevolutionary.TheportfoliomanagerisawarethatasaCFAcharterholder,theyhaveadutytoactwithduecareanddiligencewhenmakinginvestmentrecommendations.Whatshouldtheportfoliomanagerdo?a)Advisetheclienttoinvestinthecousin'scompany,explainingthatitisaclosefamilymember'sventureandrepresentsapotentiallyhigh-returnopportunity.b)Refusetoprovideinvestmentadviceonthecousin'scompanybutallowthecousintocontacttheclientdirectlytopresenttheinvestmentopportunity.c)Declinethecousin'srequesttoprovideinvestmentadviceandinformthecousinthattheymustfollowthefirm'spoliciesregardingconflictsofinterestandrecommendationprocedures.Theportfoliomanagershouldconductthoroughduediligenceonanypotentialinvestmentbeforerecommendingittoaclient.d)Investasmall,insignificantamountoftheclient'smoneyinthecousin'scompanytoavoidviolatinganyconflictofinterestruleswhilestillappearinghelpfultothecousin.6.Aninvestmentadvisorispreparingapersonalizedinvestmentrecommendationletterforaclient.Theletterincludesinformationabouttherecommendedinvestments,theadvisor'sanalysis,andtherisksinvolved.Theadvisoralsoplanstoincludeasectionhighlightingtheperformanceoftheadvisor'smanagementteamoverthepastfiveyears.Theadvisorknowsthatthemanagementteam'sperformancehasbeenstrong,buttherecentperformanceincludesasignificantunderperformanceinthethirdquarterduetoamarketdownturnthataffectedtheentiresector.Theadvisordecidestoexcludethethird-quarterresultsfromtheperformancediscussiontopresentamoreflatteringpictureoftheteam'sconsistency.Howshouldtheadvisorproceed?a)Excludethethird-quarterresultsfromtheperformancediscussiontoaccuratelyrepresentthemanagementteam'sconsistentperformancetrend.b)Includethefullfive-yearperformancedata,includingthethird-quarterresults,butprovideadetailedexplanationofthemarketdownturnthatcausedtheunderperformance.c)Highlightthethird-quarterresultsseparately,notingthatitwasanunusualperiodduetospecificmarketevents,toprovideacompletebutpotentiallymisleadinglypositiveoverview.d)Focustheperformancediscussionontheclient'sactualaccountperformance,asthisisthemostrelevantmetrictotheclient'sinvestmentsuccess.7.Ananalystisattendingaconferencewhereseveralexecutivesfrompubliclytradedcompaniesarepresenting.Duringtheconference,oneexecutivemakesanoptimisticcommentaboutthecompany'sfutureprospects,suggestingpotentialearningsgrowthsignificantlyhigherthanwhathasbeenpreviouslyreportedbythecompany'smanagementorreflectedinthecurrentstockprice.Theanalystbecomesawarethattheexecutive'scomment,whilenotexplicitlystatingitisnon-publicinformation,appearstobebasedonrecent,non-publicfinancialprojections.Theanalystisconsideringusingthisinformationintheirupcomingresearchreporttogeneratepositivecoverageforthecompany'sstock.TheCFAInstituteCodeandStandardsrequireanalyststotreatnon-public,materialinformationdisclosedinappropriatelyasifitwerepublic.Whatshouldtheanalystdo?a)Usetheoptimisticcommentfromtheconferenceintheresearchreporttosupportapositivestockrecommendation,astheinformationwasheardfirsthandfromareliablesource.b)Refrainfromusingthecommentintheresearchreportbutconsidersharingitwithotheranalystsforinformationalpurposesonly,assumingitisnotmaterial.c)Donotusethecommentintheresearchreportbutnoteinthereport'sdisclaimersthattheanalysisisbasedonpubliclyavailableinformationanddoesnotincludeanynon-publicdata.d)Reporttheexecutive'sdisclosureofnon-publicinformationtothecompany'sinvestorrelationsdepartmentandrequestthatthecompanyclarifywhethertheinformationisintendedtobedisclosedtothepublic.8.Aninvestmentmanagerismanagingaportfolioforaclient.Theportfoliohasasignificantallocationtoaparticularstock,whichhasperformedwellrecently.Theinvestmentmanagerreceivesacallfromthecompany'sCEO,whoisapersonalfriendofthemanager.TheCEOisseekingthemanager'sopiniononwhethertoissueastockdividendinsteadofdeclaringacashdividend.TheCEOimpliesthatastockdividendmightbemorebeneficialforshareholders,withoutprovidinganyspecificreasonsordata.TheinvestmentmanagerknowsthatprovidinginvestmentadvicetotheCEOonthismattercouldcreateaconflictofinterest,asthemanager'srecommendationmightinfluencethecompany'sdividendpolicyforthebenefitofthemanager'sportfolio.Howshouldtheinvestmentmanagerrespond?a)Provideadetailedanalysisofthetaximplications,signalingeffects,andshareholdervalueimpactofbothastockdividendandacashdividend,offeringabalancedperspective.b)Refusetoofferanyinvestmentadviceonthecompany'sdividendpolicy,citingthepotentialconflictofinterestandthefirm'spolicyonrecommendationstocorporateclients.c)AgreewiththeCEOthatastockdividendisgenerallybetterforshareholdersandsuggestthecompanyproceedwiththestockdividend.d)SuggestthattheCEOconsultwiththecompany'sboardofdirectorsandfinancialadvisorstomakethedecision,deferringtotheirexpertise.9.Aresearchanalystworksforanindependentresearchfirmthatprovidesreportstomultiplebrokeragefirms.Theanalystispreparingareportonacompanyinthehealthcaresector.Duringtheresearchprocess,theanalystdiscoversthatthecompanyisunderinvestigationbyaregulatoryauthorityforpotentialviolationsofhealthcareregulations.Theanalystisalsoinformedbyaninternalsourcethattheinvestigationcouldleadtosignificantfinesorlegalactionifthecompanyisfoundguilty.Theanalystisconcernedaboutthepotentialimpactofthisinformationonthecompany'sstockprice.TheCFAInstituteStandardsofPracticeVIrequiresresearchanalyststodiscloseintheirreportsanymaterialnon-publicinformationtheypossess.Whatshouldtheanalystdo?a)Publishthereportincludingthedetailsoftheregulatoryinvestigationandthepotentialconsequences,asthisinformationismaterialandmustbedisclosed.b)Publishastandardpositivereportonthecompany,omittinganymentionoftheinvestigation,astheinformationisnotyetconfirmedandcouldnegativelyimpactthestockprice.c)Publishthereportbutincludeacautionarynotethatthecompanyiscurrentlyunderinvestigation,withoutdetailingthepotentialoutcomes,tofulfillthedisclosurerequirementminimally.d)Donotpublishthereportuntiltheinvestigationconcludesandtheinformationbecomespublic,toavoidspreadingpotentiallyinaccurateorincompleteinformation.10.Twoportfoliomanagersatdifferentfirmsaremembersofthesameprofessionalorganization.Duringanetworkingevent,onemanagerlearnsfromtheothermanagerthattheirfirmisconsideringacquiringacompetitor.Thesecondmanager,whoheardtheinformationfromathirdpartywithinthecompetitor'scompany,sharesthisnon-publicacquisitionrumorwiththefirstmanager.Thefirstmanagerisconsideringmakingtradesinthecompetitor'sstockbasedonthisinformation.TheCFAInstituteCodeandStandardsrequirememberstotreatnon-publicinformationasifitwerepublic.Whatshouldthefirstmanagerdo?a)Considermakingtradesinthecompetitor'sstockbasedonthenon-publicinformation,astheinformationwasobtainedduringacasualconversationataprofessionalevent.b)Refrainfrommakinganytradesbasedonthenon-publicinformationbutsharetherumorwithothertradersinthehopethatthemarketpricewilladjusttoreflectthepotentialacquisition.c)Informthesecondmanagerthatsharingnon-publicinformationobtainedthroughathirdpartycouldbeaviolationoftheCFAInstituteCodeandStandardsandisprohibited.d)Contactthecompetitordirectlytoverifytheacquisitionrumorandwaitforanofficialannouncementbeforemakinganydecisions.11.Aninvestmentadvisorismeetingwithaclientwhoisconsideringaddingasignificantamountofassetstotheclient'sportfolio.Theadvisorhasalong-standingpersonalfriendshipwiththeclient.Theadvisorrecommendsaparticularmutualfundtotheclient,whichhappenstobemanagedbytheadvisor'ssibling.Theadvisorknowsthatthefundhasperformedwellinthepastyearbuthasunderperformeditsbenchmarkindexsignificantlyoverthelastthreeyears.Theadvisorpresentsthefund'srecentone-yearperformanceastheprimaryjustificationforinvestment,whiledownplayingthelonger-termunderperformance.Theadvisorhasdisclosedtheirsibling'saffiliationwiththefundmanagementcompanytotheclientbuthasnotfullydisclosedtheextentofthehistoricalunderperformance.Howshouldtheadvisoraddressthissituation?a)Justifytherecommendationsolelybasedonthefund'sstrongone-yearperformanceandthesibling'sinvolvement,astheclientknowstheadvisor'sfamilyconnection.b)Provideabalanceddiscussionofthefund'sperformance,includingboththerecentone-yearresultsandthelonger-termunderperformancerelativetothebenchmark,alongwiththerationaleforconsideringthefund.c)Avoiddiscussingthefund'slong-termperformancetomaintainapositiverecommendation,astheclientisafriendandlikelytotrusttheadvisor'sjudgment.d)Recommendanalternativefundthathasabetterlong-termtrackrecord,butcontinuetoadvocateforthesibling'sfundduetothepersonalrelationship.12.Aportfoliomanagerisresponsibleformanagingaclient'sportfoliothatincludesasignificantholdinginacompany.Thecompany'sboardofdirectorsrecentlyapprovedanewcompensationpackageforitsseniorexecutives,includingtheCEO,whichincludesasubstantialincreaseinbasesalaryandstockoptions.Theportfoliomanagerlearnsthattheincreasewasapproveddespitethecompanyhavingreportedmodestearningsgrowthandcitingstockperformanceastheprimaryjustification.Theportfoliomanagerisconcernedthatthisexecutivecompensationstructuremaycreateanincentivefortheexecutivestoprioritizeshort-termstockpriceincreasesoverthelong-termhealthandvalueofthecompany.Theportfoliomanagerwantstovoicethisconcerntothecompany'sboard.Howshouldtheportfoliomanagerproceed?a)Writealettertothecompany'sboardexpressingconcernsabouttheexecutivecompensationstructure,arguingthatitmaynotalignwithshareholderinterests.b)Refrainfromvoicingconcernsdirectlytotheboard,asthiscouldbeseenasaninappropriateinterferenceinthecompany'sgovernancedecisions.c)Discussthecompensationissuewiththecompany'sinvestorrelationsrepresentative,requestingameetingwiththeboardtoraisetheconcern.d)Selltheclient'sholdingsinthecompany,believingthatthecompensationstructureisasignificantredflagindicatingpotentialmanagementissues.---试卷答案：1.d解析思路：根据CFA协会道德准则II（A）-保密，会员有责任保护其客户或雇主未公开信息的机密性，除非法律要求或为保护该等信息的权利而必需。虽然CTO是客户，但分析师有义务在法律要求之前保密。与朋友分享非公开信息违反了保密责任。选项a和b都违反了保密责任。选项c虽然考虑了合规，但在信息未公开前不应主动分享。2.b解析思路：根据CFA协会道德准则VI（B）-使用禁止信息，会员不