2025年CFA一级道德习题集

2025年CFA一级道德习题集考试时间：______分钟总分：______分姓名：______试卷开始1.Aninvestmentmanagerisconsideringtakingabusinesstriptoamajorclient'sheadquarterstopresentanewinvestmentstrategy.Thetripisfullypaidforbytheclient.AccordingtoStandardIII(A)-3,theinvestmentmanagermust:a.Declinethetripasthepaymentcomesfromanexternalsource.b.Acceptthetripanddisclosethefactthatitispaidforbytheclientinwriting.c.Acceptthetripbutensuretheclientdoesnotderiveanydirectorindirectbusinessbenefitfromthetrip.d.Acceptthetriponlyiftheinvestmentmanager'sspouseorchildisalsoincluded.2.AcandidatefortheCFAcharterisemployedasananalystataninvestmentbank.ThebankisunderwritinganIPOforCompanyX.Thecandidate'scousinownssharesofCompanyXandhasbeendiscussingthecompany'sfutureprospectswiththecandidateincasualconversations.ThecandidatehasnotyetbeengrantedaccesstoanynonpublicinformationregardingtheIPO.AccordingtoStandardI(C)-4,thecandidatemust:a.InformhercousinthatshecannotdiscusstheIPOuntilgrantedaccesstononpublicinformation.b.Disclosethecousin'sownershipofCompanyXsharestohersupervisorbutcontinuediscussingthecompanyingeneralterms.c.CeasealldiscussionaboutCompanyXwithhercousinuntilaftertheIPOispriced.d.Donothingasthecousinisnotadirectclientandthediscussionswerenotwork-related.3.AninvestmentadviserismanagingaportfolioforClientA.TheadviserlearnsthatClientAisalsoadirectorofCompanyY,whichisacompetitorofoneoftheportfolio'smajorholdings,CompanyZ.TheinvestmentadviserhasbeenprovidinginvestmentrecommendationstoClientAregardingCompanyZforthepastsixmonths.AccordingtoStandardII(B)-1,theinvestmentadvisermust:a.InformClientAthattheportfolio'sholdingsinCompanyZmaybeinfluencedbyClientA'spositionatCompanyY.b.DisclosetoClientAthattheportfolio'sholdingsinCompanyZcouldpotentiallyconflictwithClientA'sinterestsasadirectorofCompanyY.c.ObtainClientA'sconsenttocontinuemanagingtheportfolioascurrentlystructured.d.ImmediatelysellallholdingsinCompanyZtoeliminatethepotentialconflict.4.Aninvestmentmanagerisresponsibleformanaginganumberofseparateclientportfolios.Themanagerdiscoversthataformercolleague,whoisnowanemployeeofacompetitor,hasbeencontactingsomeofthemanager'sclientsforbusiness.Themanagerknowsthattheformercolleagueimproperlyobtainedcontactinformationwhileworkingatthemanager'sfirm.AccordingtoStandardII(A)-4,themanagermust:a.Donothingasthecompetitor'sactionsareaviolationofthatcompetitor'scodeofconduct.b.Informtheclientsthatthemanager'sformercolleagueiscontactingthembutdeclinetoprovideanyinformationaboutthemanager'sfirm.c.Contactthecompetitor'shumanresourcesdepartmenttoreporttheformercolleague'sactions.d.Prohibittheclientsfromdoingbusinesswiththeformercolleague.5.Aninvestmentmanagerispreparingareportforaclientthatincludesthemanager'spersonalopinionontheclient'scurrentinvestmentportfolio.Themanagerincludesasectioninthereporttitled"MyThoughtsonYourPortfolio."AccordingtoStandardI(B)-1,themanagermust:a.Ensurethereportalsoincludesobjective,factualinformationabouttheportfolio'sperformance.b.Clearlylabelthesectionasanopinionandstatethatitdoesnotconstituteinvestmentadvice.c.Obtaintheclient'spriorconsentbeforeincludingthepersonalopinioninthereport.d.Removethesectionentirelyaspersonalopinionsarenotallowedinclientreports.6.Aportfoliomanagerataninvestmentmanagementfirmisevaluatingpotentialnewhiresforananalystposition.Onecandidate,CandidateB,hasastrongacademicbackgroundbutlimitedrelevantworkexperience.Anothercandidate,CandidateC,hasextensiveworkexperiencebutaweakeracademicrecord.TheportfoliomanagerprefersCandidateCduetotheirindustryconnections.AccordingtoStandardII(A)-3,theportfoliomanagermust:a.HireCandidateCastheirindustryconnectionswillbebeneficialtothefirm.b.HireCandidateBbutprovideadditionaltrainingto弥补theirlackofexperience.c.Ensurebothcandidatesareevaluatedbasedontheirabilitytodemonstratetheknowledgeandskillsrequiredtoperformthejobcompetently.d.Hirethecandidatewhoismoresimilartotheportfoliomanagerintermsofbackgroundandapproach.7.AninvestmentanalystataninvestmentbankisworkingonaresearchreportforCompanyW.Theanalyst'sfriend,whoworksatacompetitor,askstheanalystforacopyofthereportbeforeitspublicrelease.Theanalystknowsthatgivingthereporttotheirfriendwouldviolatethebank'spolicies.AccordingtoStandardI(D)-2,theanalystmust:a.Givethereporttotheirfriendbutensurethefriendsignsanagreementtokeeptheinformationconfidential.b.Refusetogivethereporttotheirfriendbutexplainthereasonsfortherefusaloverthephone.c.Givethereporttotheirfriendbutinformthefriendthatitisbasedonconfidentialinformation.d.Refusetogivethereporttotheirfriendandreportthefriend'srequesttothefirm'scompliancedepartment.8.Aninvestmentadviserismanagingtwoseparateclientportfolios,PortfolioXandPortfolioY.Theadviserrecommendsastockthatisheldinbothportfolios.Theadviserhasafinancialinterestinthestock,buttheadviserhasdisclosedthisinteresttobothclientsinwritingatthebeginningoftheirrelationship.AccordingtoStandardII(A)-4,theadvisermust:a.EnsuretheperformanceofthestockinPortfolioXisatleastasgoodastheperformanceofthestockinPortfolioY.b.Obtainwrittenconsentfrombothclientsbeforerecommendingthestocktobothportfolios.c.Disclosethefinancialinterestinthestocktobothclientseachtimethestockisrecommended.d.Donothingfurtherasthefinancialinteresthasalreadybeendisclosedatthebeginningoftherelationship.9.AcandidatefortheCFAcharterisemployedasatraderataninvestmentbank.ThebankisinvolvedinalawsuitwithCompanyZ.Thecandidate'ssiblingisanattorneyatCompanyZ.Thecandidatehasaccesstononpublicinformationregardingthelawsuitthathasnotbeenmadeavailabletothepublicorotherbankemployees.AccordingtoStandardI(A)-3,thecandidatemust:a.UsethenonpublicinformationtomaketradesthatcouldbenefitCompanyZ.b.Disclosethesibling'semploymentatCompanyZtothebank'scompliancedepartmentbutcontinueworkingasnormal.c.Refrainfromusingthenonpublicinformationforanypurposeandreportthesituationtothebank'sethicsofficer.d.Informthesiblingthattheycannotusethenonpublicinformation.10.Aninvestmentmanagerispreparingtorecommendanewinvestmentstrategytoaclient.Thestrategyinvolvesusingleverage,whichcouldamplifybothgainsandlosses.Themanagerknowsthattheclienthasalowrisktolerancebuthasnotdisclosedthistothemanager.AccordingtoStandardI(B)-3,themanagermust:a.Recommendthestrategybutprovideadisclaimerthatthemanagerisnotresponsibleforanylosses.b.Recommendadifferentstrategythatdoesnotinvolveleverage.c.Obtainwrittenconfirmationfromtheclientthattheyunderstandtherisksofthestrategyandconsenttoitsuse.d.Informtheclientabouttherisksofleveragebutdonotrecommendthestrategyiftheclientdoesnotrespond.11.AninvestmentadviserismanagingaportfolioforClientP.TheadviserrecommendsacomplexstructuredproducttoClientP.Theproductinvolvesmultiplelayersoffeesandhasamaturitydateoffiveyears.ClientPdoesnotfullyunderstandtheproduct'sfeaturesandrisks.AccordingtoStandardII(B)-3,theadvisermust:a.ProvideClientPwithadetailedprospectusandensuretheysignanagreementacknowledgingthattheyhavereadit.b.ExplaintheproductinsimpletermsandensureClientPunderstandsthekeyfeatures,risks,andfees.c.RecommendtheproductonlyifClientPisanaccreditedinvestor.d.ObtainClientP'sconsenttoproceedwiththeinvestmentafterexplainingtheproductingeneralterms.12.Aportfoliomanagerataninvestmentmanagementfirmisresponsibleforensuringthefirm'sresearchreportsareobjectiveandfreefrombias.ThemanagerdiscoversthatoneoftheanalystshasincludedoverlyoptimisticprojectionsinareportonCompanyQduetopersonalbias.AccordingtoStandardIII(C)-1,themanagermust:a.Discouragetheanalystfromincludingpersonalopinionsbutdonottakeanyformalaction.b.Requesttheanalysttorevisethereporttoremovethebiasedprojections.c.Approvethereportasis,butrequiretheanalysttodisclosetheirpersonalbiasinthereport.d.Terminatetheanalyst'semploymentimmediatelyastheiractionsconstituteaseriousviolation.13.Aninvestmentmanagerisconsideringofferingaloyaltybonustoclientswhomaintainaminimuminvestmentlevel.Thebonuswouldbepaidannuallyandwouldbebasedonapercentageoftheclient'sassetsundermanagement.AccordingtoStandardIII(B)-5,themanagermust:a.Offerthebonusonlytoclientswhohavebeenwiththemanagerforatleastoneyear.b.Disclosethetermsofthebonusprogramtoclientsinwritingandobtaintheirconsent.c.Ensurethebonusisstructuredasafeereductionratherthanagift.d.Offerthebonusonlytoclientswhoinvestaminimumamountofmoneyeachyear.14.AninvestmentanalystispreparingaresearchreportonCompanyR.Theanalyst'sfirmhasalong-terminvestmentinCompanyR.TheanalystreceivesnonpublicinformationaboutapotentialmergerthatcouldsignificantlyimpactCompanyR'sstockprice.AccordingtoStandardI(D)-1,theanalystmust:a.UsethenonpublicinformationtomaketradesinCompanyR'sstockforthefirm'sportfolio.b.Disclosethenonpublicinformationtothepublicintheresearchreporttoavoidinsidertradingallegations.c.Refrainfromusingthenonpublicinformationforanypurposeandreportthesituationtothefirm'scompliancedepartment.d.Sharethenonpublicinformationwithaclosefriendwhoisnotaffiliatedwiththefirm.15.AcandidatefortheCFAcharterisemployedasafinancialplanner.TheplannerispreparingafinancialplanforClientQ.Theplannerrecommendsaseriesoftransactionsthatinvolvereceivingcommissionsfromdifferentfinancialinstitutions.TheplannerknowsthatthesetransactionsmaynotbeinthebestinterestofClientQ.AccordingtoStandardI(C)-1,theplannermust:a.EnsurethecommissionsreceivedaredisclosedtoClientQinwriting.b.ObtainClientQ'sconsenttoproceedwiththerecommendedtransactions.c.Refrainfromrecommendinganytransactionsthatinvolveconflictsofinterest.d.DisclosethepotentialconflictofinteresttoClientQandrecommendanalternativeapproachthatdoesnotinvolvecommissions.试卷结束试卷答案1.b解析思路：根据StandardIII(A)-3，投资经理必须披露由客户支付的费用，并确保客户不会从该费用中获得直接或间接的业务利益。选项b描述了正确的做法，即接受旅行并披露费用来源。2.c解析思路：根据StandardI(C)-4，候选人在得知可能接触到未公开信息之前，不得向任何第三方透露该信息。在此情况下，尽管候选人的cousin不是直接客户，但候选人是分析师，可能接触到非公开信息。因此，候选人必须停止与cousin的相关讨论，直到IPO定价之后。选项c是正确的。3.b解析思路：根据StandardII(B)-1，投资顾问有责任向客户披露可能影响客户做出理性投资决策的任何事实。在此情况下，ClientA作为CompanyY的董事，其职位可能与投资组合中CompanyZ的持有情况产生利益冲突。投资顾问必须向ClientA披露这种潜在冲突。选项b描述了正确的做法。4.b解析思路：根据StandardII(A)-4，会员和候选人有责任避免参与或协助任何不道德或非法的活动。在此情况下，竞争对手的员工不当获取联系信息并用于商业目的，这违反了道德行为准则。投资经