2025年CFA考试《Ethics》练习题集

2025年CFA考试《Ethics》练习题集考试时间：______分钟总分：______分姓名：______Instructions:Choosethebestanswerforeachofthefollowingquestions.1.Ananalystisevaluatingacompanyforapotentialinvestmentrecommendationtoheremployer'sclients.Thecompanyisknownforhavingstrongenvironmental,social,andgovernance(ESG)practices.However,thecompany'scurrentfinancialperformanceisweak,andtheanalystbelievesitmayfacesignificantfuturefinancialdifficulties.Theanalyst'semployerhasapolicyrequiringESGconsiderationsininvestmentrecommendations.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Recommendthestocktoclients,prioritizingthepositiveESGaspectsoverthecurrentweakfinancialperformance.B)Recommendthestockonlyifshecandemonstratethattheweakfinancialperformanceistemporaryandnotindicativeoffutureissues.C)DisclosethepotentialfuturefinancialdifficultiestoclientsbutfocustherecommendationprimarilyonthepositiveESGfactors.D)Declinetomakearecommendationuntilshecanobtainmoreinformationthatconfirmsthesustainabilityofthecompany'sESGpractices.2.Aninvestmentmanagerisconsideringincludingthestockofacompanyinaportfoliorecommendedtoclients.Thecompanyrecentlyenteredajointventurewithanotherfirm,creatingapotentialconflictofinterestfortheinvestmentmanager.Theinvestmentmanager'semployerhasapolicyregardingthemanagementofconflictsofinterest.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Includethestockintheportfoliorecommendationbutdisclosethepotentialconflictofinteresttoclientsinthelimitedpartnershipagreement.B)Refrainfrommakingtherecommendationuntiltheconflictofinterestcanbeeliminatedorproperlymanagedaccordingtoemployerpolicy.C)Includethestockintherecommendationanddisclosetheconflictofinterestintheportfoliodisclosuredocumentsprovidedtoclients.D)Consultwiththefirm'slegaldepartmenttodetermineifthejointventureconstitutesaProhibitedActundertheCFAInstituteCodeandStandards.3.Aninvestmentassociateispreparingareportfortheportfoliomanagerthatincludesperformancedataforvarioussecuritiesintheportfolio.Theassociateinadvertentlyincludesestimatedfutureperformancefiguresinthereport,believingtheyarehypotheticalscenarios.Theportfoliomanagerusesthereporttomakeinvestmentdecisions,leadingtosuboptimalresultsforclients.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheinvestmentassociate?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardII(A)-FairDealingC)StandardIII(B)-ConfidentialityD)StandardIV(A)-AdditionalCompensationArrangements4.Aportfoliomanagerisscheduledtospeakataconferencesponsoredbyaprovideroffinancialanalysissoftware.Theconferenceincludesadinnersponsoredbythesoftwareprovider,andtheproviderhasofferedtheportfoliomanagerasubstantialdiscountonfuturesoftwarelicensesasatokenofappreciation.Theportfoliomanager'semployerhasapolicyregardinggiftsandhospitalityfromoutsideparties.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Acceptthediscountonfuturesoftwarelicensesbutdisclosethearrangementtoclients.B)Declinethediscountandtheconferenceinvitationtoavoidanyappearanceofaconflictofinterest.C)Acceptthediscountandtheconferenceinvitation,asthevalueisreasonableandthegiftisfromathird-partyproviderunrelatedtoclientbusiness.D)Accepttheconferenceinvitationbutdeclinethediscountonfuturesoftwarelicenses.5.Aninvestmentanalystisresearchingacompanyforanupcomingreport.Duringherresearch,shediscoversnon-publicinformationindicatingthatthecompany'sfinancialresultswillbesignificantlybetterthanpreviouslyreported.Theanalystisconsideringcontactingthecompany'smanagementtorequestmoredetailedinformation,butsheisconcernedthatdoingsomightbeperceivedasoverlyfamiliar.WhichCFAInstituteStandardofProfessionalConductplaceslimitationsontheanalyst'sabilitytoengageinthisactivity?A)StandardI(B)-DiligenceandReasonableBasisB)StandardII(A)-FairDealingC)StandardIII(A)-LoyaltytoClientsandFiduciaryDutyD)StandardIII(B)-Confidentiality6.Aportfoliomanagerisevaluatingapotentialinvestmentinaprivateequityfund.Thefundmanagerisaclosepersonalfriendoftheportfoliomanager.Theportfoliomanager'semployerhasapolicyregardinginvestmentsinprivateequityfundsandrelationshipswithfundmanagers.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Investintheprivateequityfundiftheinvestmentmeetstheportfolio'sobjectivesandriskparameters,regardlessoftherelationshipwiththefundmanager.B)Recuseherselffromthedecision-makingprocessforthisinvestmenttoavoidanyappearanceofaconflictofinterest.C)Investintheprivateequityfundbutdisclosethepersonalrelationshipwiththefundmanagertothecompliancedepartment.D)Obtainwrittenconfirmationfromthefundmanagerthattheinvestmentdecisionswillbemadeindependentlyofthepersonalrelationship.7.Aninvestmentadvisorispreparingareportforaclientthatincludesinformationabouttheclient'sportfolioperformance.Thereportcomparestheclient'sportfolioperformancetoarelevantbenchmarkindex.Theadvisorknowsthatthebenchmarkindexhasbeenunderperformingduetospecificmarketconditionsthatnegativelyimpactedtheclient'sportfolio.Theadvisordecidestoincludeanalternativebenchmarkindexthathasperformedsignificantlybetter,makingtheclient'sportfolioappearmoreattractiverelativetothemarket.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheadvisor?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardII(A)-FairDealingC)StandardIII(B)-ConfidentialityD)StandardV(A)-AdditionalCompensationArrangements8.Aresearchanalystiswritingareportonacompany.Thereportisbasedonpubliclyavailableinformation,buttheanalystincludesherownopinionsandinterpretations.Theanalyst'semployerhasapolicyregardingthedisseminationofresearch.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Includeonlyfactualinformationanddataobtainedfromthecompanyinthereport,avoidinganypersonalopinionsorinterpretations.B)Clearlydistinguishbetweenfactualinformation,theanalyst'sopinions,andreasonableassumptionsinthereport.C)Includeopinionsandinterpretationsinthereportbutattributethemtothecompany'smanagementtoavoidliability.D)Includeopinionsandinterpretationsinthereportbutensuretheyareidenticaltothoseexpressedbyatleasttwoindependentindustryanalysts.9.Aninvestmentmanagerisconsideringofferingaloyaltydiscounttoalong-termclientforalargeupcominginvestment.Thediscountissignificantlyhigherthanthestandardfeeschedule.Theinvestmentmanager'semployerhasapolicyregardingadditionalcompensationarrangements.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Offertheloyaltydiscounttotheclient,aslongasthetotalfeepaidbytheclientdoesnotexceedtheminimumfeerequiredbytheemployer.B)Offertheloyaltydiscountonlyiftheclientagreestosignanon-disclosureagreementregardingthediscountamount.C)Declinetooffertheloyaltydiscountandadheretothestandardfeescheduletoavoidpotentialconflictsofinterest.D)Offertheloyaltydiscountanddiscloseittothecompliancedepartment,butdonotdiscloseittotheclient.10.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertouseaspecificsecuritythatthemanagerbelievesisnotsuitablefortheclient'sinvestmentobjectivesandrisktolerance.Theclientisofferingasignificantperformancebonustothemanagerifthesecurityperformswell.Theportfoliomanager'semployerhasapolicyregardingloyaltytoclientsandfiduciaryduty.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Includethespecificsecurityintheportfolio,astheclientisofferingaperformancebonus.B)Refusetoincludethesecuritybutoffertomonitoritsperformancecloselyandadjusttheportfolioifnecessary.C)Includethesecurityintheportfoliobutobtainwrittenconsentfromtheclientacknowledgingthatitmaynotbesuitable.D)Refusetoincludethesecurityandexplaintotheclientwhyitisnotsuitablebasedontheclient'sstatedobjectivesandrisktolerance.11.Twoportfoliomanagersatthesamefirmarediscussingtheirinvestmentstrategies.Onemanageraskstheotheraboutthespecificdetailsofalarge,non-publictraderecentlyexecutedbytheothermanager'sportfolio.Theinformationpertainstothesecurity,theexecutionprice,andthevolumeofthetrade.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbythemanagerwhoaskedfortheinformation?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardI(B)-DiligenceandReasonableBasisC)StandardIII(B)-ConfidentialityD)StandardIV(B)-AdditionalCompensationArrangements12.Aninvestmentassociateispreparingapresentationforapotentialclient.Thepresentationincludesaslidewiththeassociate'snameandcontactinformation,aswellasthefirm'slogoandcontactdetails.Theassociatesendsthepresentationtotheclient'sassistant,whothenforwardsittotheclient.Theassociatelaterdiscoversthattheclient'sassistanthadalsoforwardedthepresentationtoanotherindividualatacompetingfirm.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheinvestmentassociate?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardII(A)-FairDealingC)StandardIII(A)-LoyaltytoClientsandFiduciaryDutyD)StandardIII(B)-Confidentiality13.Aportfoliomanagerisconsideringlendingasmallamountofmoneytoaclosefriendforapersonalloan.Theloanisnotpartofthemanager'sinvestmentactivities,andthemanagerexpectstoberepaidontime.Theportfoliomanager'semployerhasapolicyregardingpersonalloanstoemployees.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Maketheloantothefriend,astheamountissmallandtheloanisforpersonalpurposes.B)Maketheloantothefriendbutensuretheloanisdocumentedinwritingwithaclearrepaymentschedule.C)Declinetomaketheloantoavoidanypotentialconflictsofinterestorappearanceofimpropriety.D)Maketheloantothefriendbutreporttheloantothefirm'scompliancedepartment.14.Aninvestmentanalystisconductingresearchonacompany.Thecompany'smanagementhasprovidedtheanalystwithadraftreportthatcontainsfavorableinformationaboutthecompany'sfutureprospects.Theanalystisconcernedthatthereportmaybebiasedorincomplete.WhichCFAInstituteStandardofProfessionalConductrequirestheanalysttoobtainadditionalinformationorverifytheinformationprovidedbymanagementbeforeincludingitinherresearchreport?A)StandardI(B)-DiligenceandReasonableBasisB)StandardII(A)-FairDealingC)StandardIII(B)-ConfidentialityD)StandardIV(A)-AdditionalCompensationArrangements15.Aportfoliomanagerisresponsibleforaclient'sportfolio.Theclientrequeststheportfoliomanagertoprovidealistofthespecificsecuritiesheldintheportfolio.Theportfoliomanager'semployerhasapolicyregardingthedisseminationofclientinformation.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Providetheclientwithalistofthespecificsecurities,astheclienthasarighttoknowthecompositionoftheirownportfolio.B)Refusetoprovidethelist,astheclientdoesnothavetherighttorequestthisinformation.C)Providetheclientwithalistofthespecificsecuritiesbutexcludeanysecuritiesthataresubjecttoconfidentialityagreements.D)Providetheclientwithalistofthesecuritiesinaggregateform,suchassectororassetclassbreakdowns,insteadofthespecificsecuritynames.16.Aninvestmentadvisorispreparingareportforaclientthatincludesinformationabouttheclient'sportfolioperformance.Thereportincludesagraphthatvisuallypresentstheclient'sportfolioreturnsoverthepastyear.Theadvisorknowsthatthegraphusesaspecificstartingpointforthey-axisthatmakestheperformanceappearsignificantlybetterthanitactuallyis.Theadvisordecidestoincludethegraphinthereportwithoutanycaptionorexplanation.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheadvisor?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardII(A)-FairDealingC)StandardIII(B)-ConfidentialityD)StandardV(A)-AdditionalCompensationArrangements17.Aresearchanalystiswritingareportonacompany.Thereportincludesinformationthatwaspreviouslypublishedinanewspaperarticle.Theanalystdoesnotcitethesourceoftheinformationinthereport.Theanalyst'semployerhasapolicyregardingtheuseofinformationinresearchreports.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheanalyst?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardI(B)-DiligenceandReasonableBasisC)StandardII(A)-FairDealingD)StandardIII(B)-Confidentiality18.Aninvestmentmanagerisconsideringofferingaloyaltydiscounttoalong-termclientforalargeupcominginvestment.Thediscountissignificantlyhigherthanthestandardfeeschedule.Theinvestmentmanager'semployerhasapolicyregardingadditionalcompensationarrangements.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Offertheloyaltydiscounttotheclient,aslongasthetotalfeepaidbytheclientdoesnotexceedtheminimumfeerequiredbytheemployer.B)Offertheloyaltydiscountonlyiftheclientagreestosignanon-disclosureagreementregardingthediscountamount.C)Declinetooffertheloyaltydiscountandadheretothestandardfeescheduletoavoidpotentialconflictsofinterest.D)Offertheloyaltydiscountanddiscloseittothecompliancedepartment,butdonotdiscloseittotheclient.19.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertouseaspecificsecuritythatthemanagerbelievesisnotsuitablefortheclient'sinvestmentobjectivesandrisktolerance.Theclientisofferingasignificantperformancebonustothemanagerifthesecurityperformswell.Theportfoliomanager'semployerhasapolicyregardingloyaltytoclientsandfiduciaryduty.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Includethespecificsecurityintheportfolio,astheclientisofferingaperformancebonus.B)Refusetoincludethesecuritybutoffertomonitoritsperformancecloselyandadjusttheportfolioifnecessary.C)Includethesecurityintheportfoliobutobtainwrittenconsentfromtheclientacknowledgingthatitmaynotbesuitable.D)Refusetoincludethesecurityandexplaintotheclientwhyitisnotsuitablebasedontheclient'sstatedobjectivesandrisktolerance.20.Aninvestmentanalystisresearchingacompanyforanupcomingreport.Duringherresearch,shediscoversnon-publicinformationindicatingthatthecompany'sfinancialresultswillbesignificantlybetterthanpreviouslyreported.Theanalystisconsideringcontactingthecompany'smanagementtorequestmoredetailedinformation,butsheisconcernedthatdoingsomightbeperceivedasoverlyfamiliar.WhichCFAInstituteStandardofProfessionalConductplaceslimitationsontheanalyst'sabilitytoengageinthisactivity?A)StandardI(B)-DiligenceandReasonableBasisB)StandardII(A)-FairDealingC)StandardIII(A)-LoyaltytoClientsandFiduciaryDutyD)StandardIII(B)-Confidentiality试卷答案1.D解析思路：根据StandardI(B)-DiligenceandReasonableBasis，分析师有责任进行充分的尽职调查。仅基于ESG因素或当前财务困境的任何一方都可能导致不充分的尽职调查。选项D最符合标准，因为它强调了在做出投资建议前需要更全面的信息。2.B解析思路：根据StandardII(B)-AvoidingConflictsofInterest，会员和候选人应避免利益冲突，或如果无法避免，必须将其充分披露并管理好。在这种情况下，潜在的冲突源于与基金管理人的关系。选项B最符合标准，因为它要求在冲突无法消除时，应避免参与相关决策。3.A解析思路：根据StandardI(A)-MemberandCandidateResponsibilities，会员和候选人应履行其职业职责，包括对雇主和客户保持诚实。错误地包含误导性信息（即使是无意中的）违反了这一责任，因为它可能损害客户的利益。4.B解析思路：根据StandardIII(A)-LoyaltytoClientsandFiduciaryDuty，会员和候选人应将客户的利益置于个人利益之上。接受价值不合理的折扣和免费活动可能损害客户的利益或产生利益冲突。选项B最符合标准，因为它避免了接受可能产生冲突或看起来会产生冲突的任何东西。5.D解析思路：根据StandardIII(B)-Confidentiality，会员和候选人有责任保护非公开信息。分析师从公司管理层获取非公开信息的唯一合法途径是公司正式发