2025年CFA一级Ethics模拟题分享

2025年CFA一级Ethics模拟题分享考试时间：______分钟总分：______分姓名：______考生须知：本试卷包含多项选择题和基于情景的问题。请仔细阅读每个问题，并根据要求回答。所有答案必须写在答题纸上，写在试卷上无效。一、多项选择题1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingmostaccuratelydescribesthedifferencebetweenaprimaryconflictofinterestandasecondaryconflictofinterestforaportfoliomanager?A)Aprimaryconflictariseswhenamanagerrecommendsasecuritytoaclient,whileasecondaryconflictariseswhenthemanager'spersonalfinancesareaffectedbymarketmovements.B)Aprimaryconflictexistswhenthemanager'sabilitytoactfortheclient'sbestinterestmightbecompromised,whileasecondaryconflictexistswhenthemanagerhasafinancialinterestinathirdpartyrelatedtotheclient.C)Aprimaryconflictoccursonlywhenthemanagerdirectlybenefitsfinanciallyfromaclienttransaction,whereasasecondaryconflictoccurswhenthemanager'sspousebenefitsfinancially.D)Aprimaryconflictrelatesspecificallytothemanager'sresearchactivities,whileasecondaryconflictrelatestothemanager'smarketingactivities.2.ALevel3securityisbeingvaluedusingadiscountedcashflowmodel.Themodelrequiressignificantassumptionsaboutfuturecashflowsanddiscountrates.WhichofthefollowingactionsbytheanalystwouldbemostconsistentwithStandardofProfessionalConductVI(A)–DisclosureofConflicts?A)Theanalystincludesadetailedsectioninthereportoutliningthekeyassumptionsandtheirpotentialimpactonthevaluation,butdoesnotexplicitlystatethatthemodelishighlysensitivetotheseinputs.B)Theanalystpreparesasecond,simplervaluationusingadifferentmodel,butonlyshowsthissecondanalysistoseniormanagementanddoesnotincludeitinthereportdeliveredtotheclient.C)Theanalystincludesafootnoteinthereportstatingthatthevaluationreliesonnumerousassumptionsandissubjecttosignificantuncertainty,anddisclosesanypersonalfinancialinterestinthesecuritybeingvalued.D)Theanalystpresentsthevaluationresultasasinglepointestimatewithoutdiscussingtherangeofpotentialoutcomesbasedondifferentassumptions.3.WhichofthefollowingactionsbyaninvestmentadvisorwouldmostlikelybeconsideredaviolationofStandardofProfessionalConductI(B)–DiligenceandReasonableCare?A)Theadvisorfailstoperformduediligenceonanewinvestmentstrategyrecommendedbyacolleague,relyingsolelyonthecolleague'strackrecord.B)Theadvisorregularlyreviewsclientportfoliostoensuretheyremainalignedwiththeclient'sstatedinvestmentobjectivesandrisktolerance.C)Theadvisorusesathird-partysoftwareplatformtogenerateportfoliorecommendations,withoutunderstandingtheunderlyingalgorithmsorassumptions.D)Theadvisordelegatesthetaskofresearchingaspecificindustrysectortoajunioranalyst,butreviewsandapprovesallfindingsbeforefinalizingrecommendations.4.Ananalystispreparingaresearchreportonacompanythatrecentlyacquiredanotherfirm.Theanalyst'semployeralsoprovidesresearchcoverageonthetargetcompany(theacquiredfirm).AccordingtoStandardofProfessionalConductII(A)–IndependenceandObjectivity,whichofthefollowingactionsismostappropriatefortheanalyst?A)Focustheresearchreportprimarilyontheacquiringcompany'sperformanceandignoresignificantdetailsaboutthetargetcompany'soperations.B)Ensurethattheresearchreportonthetargetcompanyisobjectiveandunbiased,independentoftheresearchcoverageprovidedontheacquiringcompany.C)Discloseinthereportthattheresearchisinfluencedbytheexistingcoveragerelationshipwiththeacquiringcompany.D)Obtainwrittenconsentfromtheacquiringcompanybeforepublishingtheresearchreportonthetargetcompany.5.Aportfoliomanagerlearnsthatamajorclientis即将sellasignificantportionofitsholdingsandwillcontactthemanagerforadviceshortly.Themanagerhasprivateinformationabouttheclient'splannedsaletimingbuthasnotyetactedonthisinformationbasedonhisownanalysis.WhichofthefollowingactionsbytheportfoliomanagerwouldbemostconsistentwiththeCFAInstituteCodeandStandards?A)Themanagerusestheprivateinformationtoadjusthisownportfoliotoprofitfromtheanticipatedclientsale.B)Themanagerinformshisclosestcolleaguesabouttheclient'spotentialsalebuttellsthemnottotradebasedonthisinformation.C)Themanageravoidsmeetingwiththeclientuntilhehascompletedhisownanalysisandcanproviderecommendationswithoutrelyingontheprivateinformation.D)Themanagerdisclosestheprivateinformationtotheclientinadvance,explainingthatheobtaineditandbelievesitisrelevanttotheclient'sdecision-making.6.Afinancialplanneriscompensatedbyreceivingapercentageoftheassetsundermanagement(AUM)fromoneclient,whilealsobeingpaidafeeforprovidingfinancialadvicetoanotherclient.Theplannerrecommendsaseriesofinvestmentstothesecondclientthatgeneratesignificanttradingactivity,butwhicharenotnecessarilythemostsuitableoptionsbasedontheclient'sstatedobjectivesandrisktolerance.Whattypeofconflictofinterestdoesthisscenariodescribe?A)AprimaryconflictofinterestduetotheAUM-basedcompensationstructureinfluencingrecommendationdecisions.B)Asecondaryconflictofinterestthatdoesnotrequiredisclosureiftheplanneractsdiligentlyforthesecondclient.C)Aconflictofinterestthatisunavoidableinthefinancialplanningindustry.D)Noconflictofinterestexistsiftheplannerprovidestheadviceingoodfaith.7.WhichofthefollowingactionsbyaresearchanalystwouldbemostconsistentwiththeprinciplesoutlinedinStandardofProfessionalConductIII(B)–CommunicationwithCurrentandProspectiveClients?A)Theanalystpublishesareporthighlightingthepotentialdownsiderisksofaninvestment,butomitspositiveinformationthatcouldinfluenceclientdecisions.B)Theanalystsendsamarketingemailtopotentialclientspromotinganewresearchservicewithoutclearlydisclosingtheassociatedfees.C)Theanalystprovidesoralrecommendationstoasmallgroupofexistingclientsregardingaspecificstock,butfailstodocumenttheserecommendationsinwritingasrequiredbythefirm.D)Theanalystincludesadisclaimerinallresearchreportsstatingthattheinformationisintendedforqualifiedinvestorsandshouldnotberelieduponforinvestmentdecisions.8.Aportfoliomanagerisresponsibleformanagingaclient'sportfoliothatincludesseveralsecurities.Themanagerdiscoversthatoneofthesecurities,heldbyacompetitorofthefirm,issignificantlyunderperforming.Themanagerdecidestoliquidatethissecurityfromtheclient'sportfolioandreplaceitwithanothersecurityofferedbythemanager'sfirm,eventhoughthealternativesecuritymaynotbethebestfitfortheclient'slong-termobjectives.Whatethicalprincipleismostlikelybeingcompromisedinthisscenario?A)StandardofProfessionalConductI(A)–IntegrityB)StandardofProfessionalConductI(B)–DiligenceandReasonableCareC)StandardofProfessionalConductII(A)–IndependenceandObjectivityD)StandardofProfessionalConductIV(A)–AdditionalCompensationArrangements二、基于情景的问题9.Youareanassociateworkingforaninvestmentbank.Yourteamistaskedwithdevelopingamarketingbrochureforanewexchange-tradedfund(ETF)thatwilltrackaspecificindustrysector.YourmanagerasksyoutoincludestrongpromotionallanguagehighlightingtheETF'spotentialforhighreturns,citingseveralpastperformancefiguresfromsimilarfunds.Younote,however,thatthefundisnewanditsfutureperformanceishighlyuncertain,andthepastperformancefiguresmaynotbeindicativeoffutureresults.Themanagerinsiststhatthepromotionallanguageisnecessarytobecompetitiveinthemarketandmeetsindustrystandards.Required:a)Describethepotentialethicalissue(s)arisingfromyourmanager'srequest.b)WhatstepscouldyoutaketoaddressthissituationinaccordancewiththeCFAInstituteCodeandStandards?10.Aclientofyours,Ms.Lee,isahigh-net-worthindividualwhoinvestssignificantlythroughyourfirm.YouhaveaclosepersonalfriendshipwithMs.Leeandoftendiscussnon-investmentrelatedtopicsfrequently.Duringoneofyourconversations,Ms.Leementionsthatsheisconsideringsellingalargeportionofherportfolioduetopersonalfinancialdifficultiesunrelatedtoherinvestmentperformance.Shedoesnotspecifyatimelineforthepotentialsale.Yourfirm'spolicyrequiresyoutodiscloseanypotentialconflictsofinteresttoyourmanagerandclients.Required:a)IdentifythepotentialconflictofinterestcreatedbyyourclosepersonalrelationshipwithMs.Lee.b)DescribethestepsyoushouldtaketomanagethisconflictofinterestinaccordancewiththeCFAInstituteCodeandStandards.11.Youareanequityresearchanalystcoveringthetechnologysector.Yourfirmhasalong-standingresearchrelationshipwithCompanyX,amajortechnologyplayer.Recently,CompanyXannounceditisacquiringCompanyY,asmallerbutinnovativefirminanichearea.YouhaveaccesstointernalinformationfromCompanyXaboutthestrategicrationaleandpotentialintegrationsynergiesoftheacquisition,whichsuggeststhedealcouldbehighlybeneficialforCompanyX'sstockpriceintheshortterm.YouarepreparingaresearchreportonCompanyYforyourclients,andyoubelievetheacquisitioncouldnegativelyimpactCompanyY'sfutureprospects,eveniftheintegrationissuccessful.Required:a)ExplainhowtheexistingresearchrelationshipwithCompanyXcouldcreateaconflictofinterestregardingyouranalysisandrecommendationforCompanyY.b)DescribetheactionsyoumusttaketoensuretheresearchreportonCompanyYremainsobjectiveandindependent,incompliancewiththeCFAInstituteCodeandStandards.12.Youareaportfoliomanageratahedgefund.Yourfundusesamodel-basedapproachtogenerateinvestmentsignals.Themodelheavilyreliesonhistoricalpricedataandvariousmacroeconomicindicators.Duringtherecentquarter,youidentifiedapotentialissuewithoneofthekeyinputsusedbythemodel,whichcouldleadtobiasedsignals.Youhavetheoptiontoeither(1)ignoretheissueforthecurrentquartertomaintainportfolioturnoverlevelsandmeetperformancetargets,or(2)spendsignificanttimeandresourcestroubleshootingandpotentiallymodifyingthemodel,whichmighttemporarilyimpactperformancebutaddressthebiaslong-term.Disclosingtheissuetoclientsmightraiseconcernsaboutthefund'sprocessandperformance.Required:a)Identifytheethicalprinciple(s)potentiallyatstakeinthisdecision.b)DescribethestepsyoushouldconsidertakingtoaddressthissituationinaccordancewiththeCFAInstituteCodeandStandards.---试卷答案一、多项选择题1.B2.C3.A4.B5.C6.A7.D8.B二、基于情景的问题9.a)Thepotentialethicalissueistherequesttoincludepromotionallanguagethatmaybemisleadingornotfullyobjective.HighlightingpotentialhighreturnsbasedonuncertainfutureperformanceandpastfiguresthatarenotnecessarilyindicativecouldviolateStandardofProfessionalConductIII(B)–CommunicationwithCurrentandProspectiveClients,specificallyregardingtheneedforfair,reasonable,andnotmisleadingcommunications.ItmayalsopotentiallyconflictwiththeprincipleofindependenceandobjectivityifthelanguageisoverlybiasedtowardsthenewETFwithoutproperdisclosureofrisksanduncertainties(StandardofProfessionalConductII(A)).b)Thestepstoaddressthissituationinclude:first,discussingtheconcernswiththemanagerclearlyandprofessionally,explainingthepotentialviolationofCFAInstituteStandards;second,suggestingalternativelanguagethataccuratelyreflectsthenatureofthenewETFasanewproductwithuncertainperformance,includingappropriatedisclaimersaboutpastperformancenotbeingindicativeoffutureresults,andhighlightingtheassociatedrisks;third,ifthemanagerinsistsonthecurrentapproach,documentingtheconversationandtheethicalconcernsraised;andfinally,consideringescalatingtheissuetoamoreseniorcomplianceofficerorthefirm'sethicscommitteeifthemanagerremainsunresponsiveorinsistsonviolatingtheStandards.10.a)ThepotentialconflictofinterestisthepersonalrelationshipwithMs.Lee.Closepersonalrelationshipswithclientscancreateaconflictofinterestbecausetheadvisor'sobjectivityandabilitytoactintheclient'sbestinterestmightbeperceivedas,oractuallybe,compromised.Thefrequentnon-investmentrelateddiscussionscouldalsoleadtothesharingofinformationthatshouldbekeptconfidential,ordecisionsbeinginfluencedbypersonalfeelingsratherthanpurelyprofessionaljudgment(relatedtoStandardofProfessionalConductI(B)–DiligenceandReasonableCare,II(A)–IndependenceandObjectivity,andIV(A)–AdditionalCompensationArrangements,particularlyregardingconfidentialityandavoidingconflictsofinterest).b)Thestepstomanagethisconflictinclude:first,immediatelydisclosingtheclosepersonalrelationshiptoyourmanagerinaccordancewithfirmpolicy;second,discussingthepotentialimpactofthisrelationshiponyourabilitytoprovideobjectiveadvicetoMs.Lee;third,suggestingthatanothercolleague,whohasnopersonalrelationshipwithMs.Lee,takestheleadonanyfuturesignificantdecisionsorcommunicationsrelatedtoherportfolio,oratleastreviewsyourwork;fourth,ensuringstrictadherencetoconfidentialityprotocolsandavoidingdiscussingnon-client-relatedmatters;andfifth,beingparticularlydiligenttoensureallrecommendationsandactionsremainfocusedsolelyontheclient'sbestinterests.11.a)TheexistingresearchrelationshipwithCompanyXcreatesaconflictofinterestregardingtheanalysisofCompanyYbecausetheanalystmightbeperceivedasbiased,eveniftheanalysisitselfisobjective.ThecloserelationshipandhistoryofcoveragecouldleadclientstoquestiontheindependenceoftheresearchonCompanyY,particularlygiventhesensitiveinternalinformationobtainedfromCompanyXregardingtheacquisition.ThiscouldunderminethecredibilityoftheresearchoutputforCompanyY(StandardofProfessionalConductII(A)–IndependenceandObjectivity).b)Theactionsrequiredtoensureobjectivityandindependenceinclude:first,immediatelydisclosingtheexistingresearchrelationshipwithCompanyXandtheaccesstonon-publicinformationrelatedtoCompanyX'sacquisitionofCompanyYtoyourmanagerandrelevantcompliancedepartment;second,rigorouslyensuringthattheanalysisofCompanyYisbasedsolelyonpubliclyavailableinformationandobjectivecriteria,completelyindependentoftheinternalinformationobtainedfromCompanyX;third,treatingCompanyYasacompletelyseparateentityintheresearchprocess,focusingsolelyonitsownfundamentals,marketposition,andthepotentialimpactoftheacquisitionfromanobjectiveperspective;fourth,ensuringthefinalreportclearlystatesthattheanalysisisbasedonpublicinformationanddoesnotreflectanynon-publicinsightsrelatedtoCompanyX;andfifth,possiblyhavingtheresearchreviewprocessincludereviewerswhodonothaveanyconnectiontoeithercompany.12.a)Theet