2025年CFA考试《道德与专业标准》真题解析

2025年CFA考试《道德与专业标准》真题解析考试时间：______分钟总分：______分姓名：______考生姓名：考试日期：考生编号：1.ACFAcandidatehasbeenofferedapositionasaportfoliomanageratahedgefund.Thefundusesproprietarytradingstrategiesthatarenotpubliclydisclosed.Thecandidate'scurrentemployerisabroker-dealerthatoccasionallyactsasamarketmakerforthehedgefund.Thecandidate'ssisterworksforacompanythatisacompetitorofthehedgefund.WhichofthefollowingactionswouldbemostlikelytoviolatetheCFAInstituteCodeandStandardsifthecandidateacceptstheportfoliomanagerposition?a.Disclosingthehedgefund'sproprietarytradingstrategiestothecandidate'ssister'scompany.b.Usingthecandidate'ssister'scompany'sresearchreportstoinformthehedgefund'stradingdecisions.c.Informingthecandidate'scurrentemployeraboutthehedgefund'suseofthebroker-dealerasamarketmaker.d.AcceptingtheportfoliomanagerpositionwithoutdisclosingthepotentialconflictofinteresttotheCFAInstitute.2.Ananalystatasell-sideresearchfirmiscoveringthetechnologysector.TheanalystmaintainsalongpositioninCompanyX,whichisoneofthefirm'smajorclients.Theanalyst'sclosefriendrecentlypurchasedasignificantamountofCompanyXstockbasedontheanalyst'spositiveresearchreports.Theanalysthasnotdisclosedthefriendshiptothefirm.Whichofthefollowingactions,ifany,wouldmostlikelyviolatetheCFAInstituteStandardsofProfessionalConduct?a.TheanalystcontinuestomaintainalongpositioninCompanyXandpublishespositiveresearchreports.b.TheanalystdisclosesthefriendshiptothefirmbutcontinuestomaintainalongpositioninCompanyX.c.TheanalystsellsallofhisCompanyXstockandavoidspublishinganyfurtherresearchreportsonthecompany.d.TheanalystdisclosesthefriendshiptothefirmandreduceshislongpositioninCompanyXtoaneutralposition.3.Aportfoliomanagermanagesaportfolioofequitiesforaclient.Theportfoliomanagerlearnsthattheclientisplanningtosellasignificantportionoftheportfoliotofundamerger.Theportfoliomanagerrecommendsthattheclientselltheportfoliograduallyoverseveralmonthstoavoidimpactingthemarketprice.Theclientinsistsonsellingtheentireportfolioatonce.Theportfoliomanageragreestotheclient'srequestbutfailstodisclosethepotentialmarketimpactofthelargesaletotheclient.Whichofthefollowingstatementsismostaccurateregardingtheportfoliomanager'sactions?a.Theportfoliomanager'sactionsareethicalbecausetheclienthastheultimatedecision-makingauthorityovertheportfolio.b.Theportfoliomanager'sactionsmaybeconsideredabreachoftheStandardofFairDealingbecausetheportfoliomanagerfailedtodisclosethepotentialmarketimpact.c.Theportfoliomanager'sactionsareethicalbecausetheportfoliomanagerwasactingintheclient'sbestinterest.d.Theportfoliomanager'sactionsarenotaconcernaslongastheportfoliomanagerdoesnotpersonallybenefitfromthelargesale.4.ACFAcandidateisamemberoftheCFAInstituteInvestmentManagementAssociation(IMA).Thecandidateisattendingaconferencewhereaspeakerispromotinganewinvestmentproductthatisofferedbythespeaker'scompany.Thecandidateknowsthatthespeaker'scompanyisacompetitorofthecandidate'semployer.Thecandidatedoesnotdisclosethespeaker'saffiliationtotheconferenceattendees.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Thecandidateasksthespeakertodisclosethespeaker'saffiliationwiththecompetitorcompany.b.Thecandidateavoidsattendinganysessionsledbythespeaker.c.Thecandidatedisclosesthespeaker'saffiliationtotheconferenceattendees.d.Thecandidateremainssilentaboutthespeaker'saffiliationbutdoesnotpromotethespeaker'sinvestmentproduct.5.Aninvestmentmanagerisconsideringinvestinginastartupcompany.Thestartupcompany'sfounderisaclosefriendoftheinvestmentmanager.Theinvestmentmanagerhasnotconductedduediligenceonthestartupcompanyandisrelyingsolelyonthefounder'sassurancesaboutthecompany'sprospects.Theinvestmentmanagerinvestsasignificantamountofcapitalinthestartupcompany.Whichofthefollowingstatementsismostaccurateregardingtheinvestmentmanager'sactions?a.Theinvestmentmanager'sactionsareethicalbecausetheinvestmentmanagerhasacloserelationshipwiththefounder.b.Theinvestmentmanager'sactionsmaybeconsideredabreachoftheStandardofKnowledgeoftheInvestmentProcessbecausetheinvestmentmanagerfailedtoconductadequateduediligence.c.Theinvestmentmanager'sactionsareethicalbecausetheinvestmentmanagerisinvestinginafriend'sbusiness.d.Theinvestmentmanager'sactionsarenotaconcernaslongastheinvestmentmanagerdoesnotpersonallybenefitfromtheinvestment.6.ACFAcharterholderworksforaninvestmentbank.Thecharterholderisresponsibleformaintainingthebank'sclientlist.Theclientlistcontainssensitiveinformationaboutclients'investmentportfoliosandcontactinformation.Thecharterholder'sfriendisemployedbyacompetitorandasksthecharterholdertoprovidetheclientlisttothefriend.Thecharterholderknowsthatthecompetitorisusingtheinformationtodevelopamarketingcampaigntargetingthecharterholder'sformerclients.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Thecharterholderprovidestheclientlisttothefriend,butwarnsthefriendnottousetheinformationforcompetitivepurposes.b.Thecharterholderrefusestoprovidetheclientlisttothefriend,citingtheStandardofConfidentiality.c.Thecharterholderprovidesacopyoftheclientlistthathasbeenredactedtoremovesensitiveinformation.d.Thecharterholderprovidesthefriendwithgeneralinformationaboutthebank'sclientbase,butnotthespecificclientlist.7.Aportfoliomanagerismanagingaportfolioofbondsforaclient.Theportfoliomanagerdiscoversthattheclienthasbeenmisrepresentingthequalityofthebondsintheportfoliotopotentialinvestors.Theclientispressuringtheportfoliomanagertocontinuethemisrepresentationtomaintaintheportfolio'sappearance.Theportfoliomanagerisconcernedthatthemisrepresentationmayleadtolegalactionagainsttheclientandtheportfoliomanager'semployer.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Theportfoliomanagercontinuestomisrepresentthequalityofthebondstomaintaintheclientrelationship.b.Theportfoliomanagerinformstheclientthatthemisrepresentationisunethicalandrefusestocontinuethemisrepresentation.c.Theportfoliomanagerreportstheclient'sactionstotheappropriateregulatoryauthority.d.Theportfoliomanagerdiscussesthesituationwiththeclient'sattorneytodeterminethebestcourseofaction.8.ACFAcandidateispreparingtotaketheCFALevelIexam.Thecandidatehasbeenstudyingdiligentlyandisconfidentinhisunderstandingofthematerial.Onthedayoftheexam,thecandidatenoticesthatoneofthequestionsisbasedonaconceptthathehasnotstudiedextensively.Thecandidateisabletoeliminatesomeoftheanswerchoicesasclearlyincorrect,butheisunsureofthecorrectanswer.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Thecandidateguessesattheanswerforthequestionbasedonhislimitedunderstandingoftheconcept.b.Thecandidateaskstheexamproctorifthequestionisfairandasksforclarificationontheconcept.c.Thecandidatecontinuestoreviewtheotherquestionsandreturnstothequestionlateriftimepermits.d.Thecandidateleavesthequestionunansweredandmovesontothenextquestion.9.Aninvestmentanalystatabuy-sidefirmiscoveringacompanythatisinfinancialdistress.Theanalystreceivesananonymoustipthatthecompanyisengaginginfraudulentaccountingpractices.Theanalystinvestigatesthetipandfindscredibleevidencesupportingtheallegations.Theanalystisconcernedthatiftheinformationismadepublic,itcoulddamagethereputationoftheanalyst'sfirm.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Theanalystignoresthetipanddoesnotreporttheinformationtothepublic.b.Theanalystreportstheinformationtotheappropriateregulatoryauthority.c.Theanalystpublishesaresearchreporthighlightingthecompany'sfinancialdistresswithoutmentioningthespecificallegations.d.Theanalystdiscussesthetipwiththecompany'smanagementandrequeststhattheyaddresstheconcernspublicly.10.Aportfoliomanagerismanagingaportfolioofassetsforaclient.Theclienthasexpressedadesiretoinvestinenvironmentallysustainablecompanies.Theportfoliomanagerhaslimitedknowledgeaboutsustainableinvestingandhasnotconductedanyresearchonthetopic.Theportfoliomanagerrecommendsaportfolioofstocksthathavehighenvironmental,social,andgovernance(ESG)ratingstotheclient.Whichofthefollowingstatementsismostaccurateregardingtheportfoliomanager'sactions?a.Theportfoliomanager'sactionsareethicalbecausetheportfoliomanagerrecommendedstocksthathavehighESGratings.b.Theportfoliomanager'sactionsmaybeconsideredabreachoftheStandardofKnowledgeoftheInvestmentProcessbecausetheportfoliomanagerdidnotconductadequateresearchonsustainableinvesting.c.Theportfoliomanager'sactionsareethicalbecausetheclientexpressedadesiretoinvestinsustainablecompanies.d.Theportfoliomanager'sactionsarenotaconcernaslongastheportfoliomanagerdoesnotpersonallybenefitfromtheclient'sinvestmentinsustainablecompanies.11.ACFAcharterholderisamemberoftheCFAInstituteResearchLicensingAgreement(RLA)andispreparingtowriteareportonacompanythatiscoveredbyanothermemberoftheRLA.Thecharterholderdiscoversthattheothermemberhasrecentlypublishedaresearchreportonthesamecompanythatcontainsinformationthatthecharterholderwantstouseinhisownreport.Thecharterholdercontactstheothermemberandrequestspermissiontousetheinformation.Theothermemberrefusestograntpermission,statingthattheinformationisprotectedbytheRLA.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Thecharterholderusestheinformationfromtheothermember'sreportwithoutseekingpermission,arguingthattheRLAisoverlyrestrictive.b.Thecharterholderwaitsfortheothermembertopublishasecondreportonthecompanyandthenusesinformationfromthatreport.c.Thecharterholderconductshisownindependentresearchonthecompanyanddoesnotuseanyinformationfromtheothermember'sreport.d.ThecharterholdercontactstheCFAInstituteandrequestsawaiveroftheRLArestrictionsforthisspecificsituation.12.Aninvestmentmanagerisconsideringhiringanewresearchanalyst.Theinvestmentmanagerinterviewsseveralcandidatesandisimpressedwiththeknowledgeandexperienceofoneofthecandidates.Thecandidateisaformeremployeeofacompetitoroftheinvestmentmanager'sfirm.Thecandidaterevealsthatheobtainednon-public,materialinformationaboutthecompetitorwhileworkingthere.Thecandidatestatesthatheiswillingtosharethisinformationwiththeinvestmentmanager'sfirmifhired.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Theinvestmentmanagerhiresthecandidateandagreestousethenon-public,materialinformationtogainacompetitiveadvantage.b.Theinvestmentmanagerrefusestohirethecandidatebecauseheiswillingtosharenon-public,materialinformation.c.Theinvestmentmanagerhiresthecandidatebutrequireshimtosignanon-disclosureagreementpromisingnottoshareanynon-public,materialinformation.d.Theinvestmentmanagerinvestigatesthecandidate'sformeremployertodetermineifthecandidate'suseofthenon-public,materialinformationwasappropriate.13.Aportfoliomanagerismanagingaportfolioofassetsforaclient.Theclientisahigh-net-worthindividualwhoisalsoadirectorofapubliclytradedcompany.Theportfoliomanagerrecommendsthattheclientsellasignificantportionofhisholdingsinthecompanytoavoidpotentiallegalliabilityrelatedtothecompany'sfinancialperformance.Theclientrefusestosellandpressurestheportfoliomanagertoholdtheposition.Theportfoliomanagerisconcernedthattheclientmayfacelegalactionandreputationaldamageifthecompany'sperformancecontinuestodecline.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Theportfoliomanagercontinuestorecommendthattheclientsellhisholdingsbutdoesnottakeanyfurtheractioniftheclientrefuses.b.Theportfoliomanagerinformstheclientthathecannotcontinuetomanagetheclient'sportfolioiftheclientrefusestofollowhisrecommendations.c.Theportfoliomanagerreportsthesituationtotheappropriateregulatoryauthority,citingtheclient'spotentiallegalliability.d.Theportfoliomanagerdiscussesthesituationwiththeclient'slegalcounseltodeterminethebestcourseofaction.14.ACFAcandidateisworkingasaninternataninvestmentfirm.Thecandidateisassignedtoassistaportfoliomanagerwithresearchtasks.Thecandidateinadvertentlydiscoversthattheportfoliomanagerisusingnon-public,materialinformationtomakeinvestmentdecisions.ThecandidateisconcernedthatthismayviolatetheCFAInstituteStandardsofProfessionalConduct.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Thecandidatereportstheportfoliomanager'sactionstothefirm'scompliancedepartment.b.Thecandidatekeepstheinformationconfidentialanddoesnotreporttheportfoliomanager'sactions.c.Thecandidatediscussesthesituationwiththeportfoliomanagerandaskshimtostopusingnon-public,materialinformation.d.Thecandidateusesthenon-public,materialinformationtomaketradesforhisownaccount.15.Aninvestmentanalystispreparingaresearchreportonacompanythatisplanningtoacquireanothercompany.Theanalystreceivesananonymoustipthattheacquisitionisnotinthebestinterestsofthetargetcompany'sshareholders.Theanalystinvestigatesthetipandfindscredibleevidencesupportingtheallegations.Theanalystisconcernedthatiftheinformationismadepublic,itcouldimpactthestockpriceofthetargetcompany.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Theanalystignoresthetipanddoesnotreporttheinformationtothepublic.b.Theanalystpublishesaresearchreporthighlightingthepotentialissueswiththeacquisitionwithoutmentioningthespecificallegations.c.Theanalystreportstheinformationtotheappropriateregulatoryauthority.d.Theanalystdiscussesthetipwiththetargetcompany'smanagementandrequeststhattheyprovidemoreinformationtotheshareholders.---结束试卷答案1.a解析思路：选项a明确违反了利益冲突原则，因为候选人知晓其sister公司将利用其获取的关于竞争对手（即该hedgefund）的专有交易策略信息，这可能导致其sister公司获得不公平优势。选项b可能构成利益冲突，但需要进一步信息判断其sister公司是否利用了该信息获益。选项c是正常的业务活动，不违反利益冲突原则。选项d没有披露潜在利益冲突，违反了道德规范。2.a解析思路：选项a违反了利益冲突和保密性原则。该分析师持有公司股票，并发布了正面报告，其朋友基于此信息购买股票，这构成了利用内幕信息获利，且分析师没有披露其与朋友的关系，违反了利益冲突和保密性原则。选项b披露了关系，但继续持有和发布报告可能仍需评估是否会因未采取措施管理冲突而违规。选项c避免了利益冲突，是正确的做法。选项d披露关系并调整头寸，是管理利益冲突的合理做法。3.b解析思路：选项b最准确。虽然客户有最终决策权，但根据公平交易原则，投资专业人士有责任向客户充分披露其建议可能产生的重大影响。该经理未能披露大规模卖出的潜在市场冲击，违反了向客户充分披露信息的义务，可能构成对公平交易原则的违反。选项a不完全正确，客户有权决定，但专业人士仍需尽到披露义务。选项c可能不正确，即使目的是好的，但未披露潜在负面影响也是问题。选项d不正确，即使没有个人利益，也需要披露对市场的影响。4.c解析思路：选项c是最符合道德规范的做法。根据适用法规，会议组织者有责任确保与会者了解所有具有潜在利益冲突的演讲者的背景。候选人有责任披露这一关系，以维护透明度和公平性。选项a不是候选人的责任，而是演讲者或会议组织者的责任。选项b过于消极，候选人可以披露关系。选项d没有披露，违反了道德规范。5.b解析思路：选项b最准确。投资专业人士必须遵守知识胜任原则，这意味着他们必须具备做出合理投资决策所需的知识和信息。在这个情况下，投资经理没有进行充分的尽职调查，仅凭朋友的保证就进行了大量投资，这表明其可能未能履行知识胜任原则的要求。选项a不正确，个人关系不能替代尽职调查和专业知识。选项c不正确，投资朋友的企业本身并不自动构成道德上可接受的行为，尤其是在缺乏尽职调查的情况下。选项d不正确，即使没有个人利益，缺乏尽职调查也违反了知识胜任原则。6.b解析思路：选项b是唯一符合道德规范的做法。根据保密性原则，会员和候选人必须尊重客户信息的机密性，不得未经授权披露此类信息。候选人的朋友请求提供敏感的客户列表用于竞争目的，这是明确违反保密性原则的行为。候选人应拒绝这一请求。选项a违反了保密性原则。选项c试图通过部分披露来规避责任，但仍构成对客户信息的滥用。选项d提供了非特定的信息，但仍然基于违规获取的原始信息，且未披露信息来源的违规性。7.b解析思路：选项b是最符合道德规范的做法。根据职业诚信原则，会员和候选人必须诚实守信。如果客户的行为（如误导性陈述）违反了道德规范，专业人士有责任指出这一点。在这种情况下，如果继续参与或保持沉默可能被视为对客户不当行为的默许，告知客户其行为的非道德性并拒绝参与是符合道德规范的做法。选项a违反了职业诚信原则。