2025年CFA一级Ethics道德准则模拟测试卷下载

2025年CFA一级Ethics道德准则模拟测试卷下载考试时间：______分钟总分：______分姓名：______第一部分1.Ananalystisevaluatingacompanyforinclusioninaportfoliorecommendedtoaclient.Theclienthasprovidedtheanalystwithnon-publicinformationaboutanupcomingacquisitionthatthecompanyisconsidering.Theanalystisnotapartytotheacquisitionnegotiationbuthasbeengiventheinformationbytheclientinconfidence.Whatisthemostappropriatecourseofactionfortheanalyst?a)Usetheinformationtomakeaninvestmentrecommendationtotheclientregardingthecompany'sstock,astheinformationwasprovidedbytheclient.b)Sharetheinformationwithotheranalystsfortheirconsiderationbutdonotactuponit.c)Maintainconfidentialityregardingtheinformationandrefrainfrommakinganyinvestmentrecommendationsbasedonituntilitbecomespublicknowledge.d)Discusstheinformationwiththecompany'smanagementtounderstandtheirperspectiveontheacquisition.2.Aportfoliomanagerisresponsibleformanagingclientassets.Theportfoliomanagerlearnsthatalargeportionoftheportfolio'sgaininthepastmonthisduetoanunsolicitedtipreceivedfromafriendlybrokerwhoworksatacompetitorfirm.Thetipwasnotbasedonanyindependentresearchbytheportfoliomanager.Whatactionmusttheportfoliomanagertake?a)Acknowledgethecontributionofthebrokerandcontinueusingtheirtipsforfutureinvestmentdecisions.b)Informtheportfolio'sclientsaboutthesourceoftherecentgainandtherelianceonthebroker'stip.c)Disclosetheuseoftheunsolicitedtipintheportfolio'sperformancereportandensureitisattributedtothecompetitorbroker.d)Maintainconfidentialityaboutthetip'soriginbutensurefutureinvestmentdecisionsarebasedonindependentresearch.3.WhichofthefollowingactionsbyaninvestmentadvisorwouldmostlikelyviolateStandardII(A)-LoyaltytoClientsandNetAssetValue?a)Recommendinginvestmentsthathavebeenapprovedbyathird-partyduediligencecommittee.b)Prioritizinginvestmentsthatofferthehighestpotentialreturnfortheadvisor,eveniftheyarenotthebestfitfortheclient.c)Ensuringthatclientinterestsaregivenprecedenceovertheadvisor'sowninterestswhenmakingrecommendations.d)Obtainingwrittenconsentfromclientsbeforeacceptingcompensationinformsotherthanstandardfees.4.Aninvestmentassociateisparticipatingintheresearchprocessforanumberoffirms.Theassociatediscoversnon-public,materialinformationaboutoneofthefirmssuggestingsignificantfuturedifficulties.Theassociateisconcernedthatifthisinformationisnotactedupon,thefirm'sstockpricemayartificiallyinflate,harmingcurrentshareholders.Whatshouldtheassociatedo?a)Immediatelysellallpositionsinthefirmtopreventpotentialharmtocurrentshareholders.b)Informthefirm'smanagementabouttheconcernsandrequesttheydisclosetheinformation.c)Sharetheinformationwithaclosecolleaguewhoisalsoaninvestmentassociatebutdoesnotmakeanytradingdecisionsbasedonit.d)Waitfortheinformationtobecomepublicbeforetakinganyaction,astradingbasedonsuchinformationwouldlikelyconstituteinsidertrading.5.Aportfoliomanagerisconsideringincludinganewsecurityinaclient'sportfolio.Thesecurityisissuedbyacompanythatrecentlyhiredtheportfoliomanager'sspouseasaseniorexecutive.Theportfoliomanagerhasnotreceivedanypersonalbenefitfromthisrelationship.Whatistheprimaryethicalconcernandtherequiredcourseofaction?a)Thereisnoethicalconcernastheportfoliomanagerhasnotreceivedpersonalbenefit.Thesecuritycanbeaddedwithoutanyfurtheraction.b)Thepotentialforaconflictofinterestexists.Theportfoliomanagermustdisclosetherelationshiptotheclientandobtainwrittenconsentbeforeaddingthesecurity.c)Therelationshipisirrelevanttotheinvestmentdecision.Thesecurityshouldbeevaluatedbasedsolelyonitsinvestmentmerits.d)Theportfoliomanagershouldrecusethemselvesfromthedecision-makingprocessregardingthissecurityentirely.第二部分6.Aninvestmentadvisoriscommunicatingwithapotentialclientoveremail.Theadvisorincludesinformationaboutanewinvestmentproductthatguaranteesa10%returnwithnorisk.Theadvisorknowsthatsuchguaranteesaremisleadingandnotinlinewiththeclient'srisktolerance,buttheybelievehighlightingtheguaranteedreturnwillattracttheclient'sinterest.WhichStandardofProfessionalConductistheadvisorpotentiallyviolating?a)StandardI(D)-Professionalismb)StandardII(A)-LoyaltytoClientsandNetAssetValuec)StandardIII(A)-DiligenceandReasonableBasisd)StandardIV(A)-AdditionalCompensationArrangements7.Ananalystiscoveringacompanyinthetechnologysector.Thecompany'sstockhasbeenperformingwell,andtheanalystisunderpressurefromtheirmanagertoissuea"Buy"recommendation.Theanalysthasconcernsaboutthecompany'sfinancialhealthandbelievesa"Hold"ratingismoreappropriate.Theanalystissuesthe"Buy"recommendation,citingpositiveindustrytrendswithoutfullyaddressingthecompany'sweaknesses.Whathastheanalystmostlikelyviolated?a)StandardI(B)-Objectivityb)StandardII(A)-LoyaltytoClientsandNetAssetValuec)StandardIII(C)-FullyDisclosingConflictsd)StandardV(A)-AdditionalCompensationArrangements8.Aportfoliomanagerismanagingaportfolioforaclient.Theclientaskstheportfoliomanagertorecommendaninvestmentthatalignswiththeclient'svalues,specificallyavoidingcompaniesinvolvedintobaccoproducts.Theportfoliomanagerknowsofaprivateequityfundthatinvestsexclusivelyinthetobaccoindustrybutoffersveryhighreturns.Theportfoliomanagerrecommendsthefundtotheclient,claimingitisoneofthebestinvestmentopportunitiesavailable,whiledownplayingtheclient'sstatedpreference.Whatistheprimaryethicalissue?a)Theportfoliomanagerhasadutytoprovideunbiasedinformation,butrecommendingthefundcouldstillbejustifiableifthereturnsaretrulysuperior.b)TheportfoliomanagerhasviolatedStandardII(A)bynotprioritizingtheclient'sinstructionsandpotentiallyviolatingtheprincipleofloyalty.c)TheportfoliomanagerhasviolatedStandardIII(A)bynotconductingthoroughduediligenceontheprivateequityfund.d)TheportfoliomanagerhasviolatedStandardI(D)bynotmaintainingprofessionalcompetenceinunderstandingtheclient'svalues.9.Twoportfoliomanagersatthesamefirmarediscussingtheirclientportfolios.ManagerAasksManagerBaboutthespecificholdingsinalargeclientportfoliothatisnottheirown.ManagerBprovidesdetailedinformationabouttheportfolio'sholdings,includingpositionsinprivatecompanies.Whatistheethicalissue,ifany?a)Thereisnoethicalissueasbothmanagersareemployeesofthesamefirmandworkingtowardsthefirm'sgoals.b)ManagerBhasviolatedStandardI(A)-Professionalismbypotentiallybreachingclientconfidentiality.c)ManagerAhasviolatedStandardIII(B)-CommunicationwithColleaguesbyrequestingconfidentialclientinformation.d)Theethicalissuedependsonthefirm'sinternalpoliciesregardinginformationsharingamongemployees.10.Aninvestmentadvisoriscompensatedprimarilythroughmanagementfeesbasedontheassetsundermanagement.Theadvisoralsoreceivesabonusbasedonthetotalreturngeneratedfortheportfolio,regardlessofwhetherthereturnisgeneratedbytradingorthroughmarketappreciation.Whatisthemostsignificantpotentialconflictofinterestarisingfromthiscompensationstructure?a)Theadvisormightbeincentivizedtoengageinexcessivetradingtogeneratemorefees.b)TheadvisorhasviolatedStandardIV(A)-AdditionalCompensationArrangementsbyacceptingcompensationbasedontotalreturn.c)Theadvisormustdisclosethebonusstructuretoclients,butitdoesnotcreateaconflictofinterest.d)Theadvisor'sdutyofloyaltytoclients(StandardII(A))issupersededbytheneedtomaximizereturnsforthebonus.11.Aclientprovidesaninvestmentadvisorwithalistofstockstheyownandasksfortheadvisor'sopiniononwhethertohold,sell,orbuyadditionalsharesofthesestocks.Theadvisorhasnotconductedanyindependentanalysisonthecompaniesbutrecommendssellingallthestocks,citinggeneralmarketconcerns.Whatactionistheadvisormostlikelyviolating?a)StandardI(D)-Professionalismb)StandardIII(A)-DiligenceandReasonableBasisc)StandardII(A)-LoyaltytoClientsandNetAssetValued)StandardV(B)-ResponsibilitiestoEmployers12.Ananalystispreparingaresearchreportonacompany.Thereportisscheduledforpublicationbuthasbeendelayedduetounforeseencircumstances.Duringthedelay,theanalystlearnsofasignificantnegativeeventaffectingthecompanythatwasnotknownbeforetheresearchwasinitiated.Whatshouldtheanalystdo?a)Waituntiltheoriginalpublicationdatetoincludethenewinformationinthereport.b)Issueanimmediateupdateoranewreportincludingthenegativeinformation,aslongasitdoesnotaffecttheoverallpositiverecommendation.c)Includethenegativeinformationinthereportbutde-emphasizeitsimpacttomaintainthepositiverecommendation.d)Withholdthenegativeinformationuntilitbecomespublicknowledgethroughotherchannels,toavoidcausingmarketdisruption.13.Aportfoliomanagerisresponsibleforaclientportfolio.Theclientisalsoadirectorofacompanythatisplanningtobeacquired.Theportfoliomanagerlearnsthattheclientdirectorisinastrongpositiontonegotiateafavorableacquisitionprice.Theportfoliomanagerconsiderspurchasingasignificantamountoftheacquiringcompany'sstock,hopingtoprofitfromtheanticipatedacquisition.Whatmusttheportfoliomanagerdo?a)Purchasethestockimmediately,asthemarketopportunityislikelytobeshort-lived.b)Disclosetheclient'spositiontotheportfolio'sotherclientsandobtaintheirconsentbeforemakinganytrades.c)Recusethemselvesfrommakingtheinvestmentdecisionandinformthecompliancedepartmentaboutthepotentialconflict.d)Waitfortheacquisitiontobeofficiallyannouncedbeforemakinganyinvestmentdecisionsrelatedtoit.14.Whichofthefollowingstatementsbestdescribestheconceptof"KnowYourClient"asoutlinedintheCFAInstituteCodeandStandards?a)Understandingtheclient'sinvestmentpreferences,suchaspreferredindustriesorethicalconsiderations.b)Knowingtheclient'sexactageandplaceofresidence.c)Havingdetailedknowledgeoftheclient'sentirefinancialsituation,includingunrelatedassetsandliabilities.d)Knowingtheclient'shistoricaltradingactivityandfrequencyoftransactions.15.Aninvestmentadvisorismeetingwithapotentialclient.Duringthemeeting,theadvisordiscussesseveralinvestmentoptions,focusingprimarilyonthosethatofferthehighestpotentialreturnsanddownplayingtheassociatedrisks.Theadvisorrealizesthatthediscussionhasnotadequatelyaddressedtheclient'srisktoleranceandinvestmentobjectives.Whatshouldtheadvisordo?a)Continuethemeeting,focusingonthehigh-returnoptionsastheclientseemsinterestedinaggressiveinvestments.b)Asktheclientiftheyunderstandthathigherreturnstypicallycomewithhigherrisk.c)Politelyexcusethemselvesfromthemeeting,astheydonotfeelqualifiedtoadvisetheclient.d)Pausethediscussionandasktheclientclarifyingquestionsabouttheirrisktolerance,investmentgoals,andtimehorizon.第三部分16.Aninvestmentmanagerisconsideringofferingaloyaltypaymenttoalargeclientasanincentivetomaintaintheirrelationship.Thepaymentwouldbeaone-timebonusbasedonapercentageoftheassetsundermanagement.Thefirm'scompliancedepartmentadvisesthatsuchpaymentsmaybeconsideredaviolationofStandardIV(A)-AdditionalCompensationArrangements.Whatistheprimaryreasonforthecompliancedepartment'sconcern?a)Thepaymentcouldcreateaconflictofinterestbetweenthemanagerandtheclient.b)Thepaymentisnotclearlydisclosedandcouldmisleadtheclientabouttheadvisor'sservices.c)Loyaltypaymentsaregenerallyprohibitedbyregulatorstopreventundueinfluenceonclients.d)Thepaymentstructureistoocomplexandcouldunderminethefee-onlymodelofthefirm.17.AresearchanalystworksforaninvestmentbankthatissimultaneouslyactingasanunderwriterforCompanyX'sinitialpublicoffering(IPO).TheanalystcoversCompanyXandhasbeenworkingontheIPOforseveralmonths.Duringthistime,theanalystdevelopsapositiveviewonthecompany'sstock.AftertheIPOiscompletedandthestockbeginstrading,theanalystwantstosellthesharestheyreceivedaspartoftheIPOallocation.Whatisthemostappropriatecourseofaction?a)Sellthesharesimmediatelytoavoidpotentialinsidertradingallegations.b)Sellthesharesgraduallyovertimetoavoidimpactingthestockprice.c)Waitforasignificantpriceincreasetomaximizeprofitsbeforeselling.d)Disclosetheirholdingandthereasonforthepotentialsaleintheirnextresearchreportonthecompany.18.Aninvestmentadvisorrecommendsaparticularinvestmentproducttoaclient,buttheadvisorknowsthattheproductcarriessignificantrisksthatarenotfullyexplainedinthemarketingmaterialsprovidedbytheproduct'ssponsor.Theadvisorisconcernedthattheclientmaynotunderstandtherisks.Whatistheadvisor'sethicalresponsibility?a)Relyonthemarketingmaterialsprovidedbytheproductsponsor,astheyaregenerallyaccurate.b)Disclosetheknownriskstotheclient,evenifitmightdetertheclientfrommakingtheinvestment.c)Obtainwrittenconsentfromtheclientacknowledgingthattheyhavebeeninformedabouttherisks.d)Recommendtheproductbutincludeadisclaimerthattheadvisorisnotresponsiblefortheinvestment'sperformance.19.Aportfoliomanagerismanagingtwoseparateclientportfolios.ClientAhasaveryhighrisktoleranceandClientBhasalowrisktolerance.Theportfoliomanagerdiscoversaninvestmentopportunitythathashighgrowthpotentialbutalsosignificantvolatility.Whatistheportfoliomanager'sethicalobligation?a)Recommendtheinvestmenttobothclients,asthepotentialreturnsjustifytherisk.b)RecommendtheinvestmenttoClientAbutnottoClientB,asClientBhasalowrisktolerance.c)Disclosetheinvestmentopportunitytobothclientsandletthemdecidewhethertoinvestbasedontheirownrisktolerance.d)Avoidrecommendingtheinvestmenttoeitherclient,asitpresentsapotentialconflictofinterestduetoitshighrisk.20.Aninvestmentadvisorisspeakingataconferenceandisaskedaquestionaboutaspecificstock.Theadvisorprovidesadetailedanalysisofthestock,includingbothpositiveandnegativefactors,andconcludesbystatingthattheyhavea"neutral"recommendation.However,theadvisorprivatelycommunicateswithafewselectindividualsaftertheconference,expressingastrong"Buy"recommendationforthestockbasedonadditional,non-publicinformation.WhichStandardofProfessionalConducthastheadvisorviolated?a)StandardI(B)-Objectivityb)StandardII(A)-LoyaltytoClientsandNetAssetValuec)StandardIII(A)-DiligenceandReasonableBasisd)StandardV(A)-AdditionalCompensationArrangements21.Aclientasksaninvestmentadvisortorecommendasuitableexecutorfortheirwill.Theadvisorisfamiliarwithalawyerwhoprovideslegalservicestotheadvisoratareducedrate.Theadvisorrecommendsthislawyertotheclient.Whatisthepotentialethicalissue,ifany?a)Thereisnoethicalissue,astheadvisorismerelyprovidingareferraltoaqualifiedprofessional.b)TheadvisorhasviolatedStandardIII(B)-CommunicationwithColleaguesbydiscussinglegalmatters.c)Theadvisormustdisclosethereducedratereceivedfromthelawyertotheclientbeforemakingtherecommendation.d)TheadvisorhasviolatedStandardIV(A)-AdditionalCompensationArrangementsiftheyreceivecompensationfromthelawyer.22.Ananalystisconductingfundamentalresearchonacompany.Thecompany'smanagementprovidestheanalystwithadetailedpresentationandextensivefinancialdata.Theanalystalsolearnsthatthecompany'sboardofdirectorsrecentlyapprovedasignificantstockbuybackprogram.Theanalystisconcernedthatthemanagementpresentationmightbeoverlyoptimisticandthatthestockbuybackcouldbeanattempttoartificiallyinflatethestockprice.Whatshouldtheanalystdo?a)Focussolelyonthedataprovidedbythecompanyandrecommendthestockwithoutexpressinganyconcerns.b)Expresstheirconcernstothecompany'smanagementinwritingandrequestadditionalinformationbeforemakingarecommendation.c)Issueacautious"Sell"recommendationimmediately,asthemanagementpresentationraisesredflags.d)Withholdtherecommendationuntiltheycanconductindependentverificationofthecompany'sclaimsandassessthebuybackprogram'smotives.23.Aportfoliomanagerisresponsibleforaclientportfolioandisconsideringaddinganewinvestment.Theinvestmentisinacompanythatwaspreviouslyrecommendedbyanotherportfoliomanageratthesamefirm,whoisnolongeremployedbythefirm.Thenewportfoliomanagerhasnotreviewedthepreviousmanager'sanalysisbutisconsideringrelyingonit.Whatistheprimaryethicalconcern?a)Thereisnoethicalconcern,astheinvestmentisbeingevaluatedbasedonitscurrentmerits.b)TheportfoliomanagerhasviolatedStandardI(A)-Professionalismbynotconductingindependentresearch.c)Theportfoliomanagermustverifythequalityofthepreviousmanager'sanalysisandobtainapprovalfromthefirm'scompliancedepartmentbeforeaddingtheinvestment.d)Theportfoliomanagercanrelyonthepreviousmanager'srecommendationifitalignswiththecurrentportfoliostrategy.24.Aninvestmentadvisoriscompensatedthroughafee-basedstructure,whereclientspayafixedfeefortheadvisor'sservices.Theadvisoralsoreceivesasignificantamountofrevenuefromsellingspecificinvestmentproductsthathavehighsalesloads.Theadvisorprimarilyrecommendsthesehigh-loadproductstoclients,evenwhenotherlower-loadalternativesmightbemoresuitable.Whatisthemostsignificantethicalissue?a)TheadvisorhasviolatedStandardIV(A)-AdditionalCompensationArrangementsbynotdisclosingtherevenuefromtheproducts.b)TheadvisorhasviolatedStandardII(A)-LoyaltytoClientsandNetAssetValuebynotactingintheclient'sbestinterest.c)Theadvisor'scompensationstructureisacceptableaslongastherecommendedproductsaresuitablefortheclients.d)Theethicalissuedependsontheproportionofrevenuegeneratedfromthehigh-loadproductscomparedtothefee-basedstructure.25.Aclientprovidesaninvestmentadvisorwithalistofstockstheyownandasksfortheadvisor'sopiniononwhethertohold,sell,orbuyadditionalsharesofthesestocks.Theadvisorhasnotconductedanyindependentanalysisonthecompaniesbutrecommendssellingallthestocks,citinggeneralmarketconcerns.Whatactionistheadvisormostlikelyviolating?a)StandardI(D)-Professionalismb)StandardIII(A)-DiligenceandReasonableBasisc)StandardII(A)-LoyaltytoClientsandNetAssetValued)StandardV(B)-ResponsibilitiestoEmployers试卷答案1.c解析思路：根据StandardI(D)-LoyaltytoClientsandNetAssetValue和StandardIII(A)-DiligenceandReasonableBasis，分析师必须保持客户利益优先，并基于独立研究做出建议。非公开信息属于内幕信息，分析师有义务保密，不能利用该信息进行投资建议，直到信息公开。选项a违反了使用内幕信息的规定。选项b和d没有充分遵守保密义务。2.b解析思路：根据StandardI(D)-Professionalism和StandardII(A)-LoyaltytoClientsandNetAssetValue，投资经理有义务向客户披露重大信息的来源，特别是可能影响投资决策的非公开信息。即使信息来自善意来源，其非公开性也要求披露。选项a和d忽视了信息披露义务。选项c没有充分披露信息来源。3.b解析思路：根据StandardII(A)-LoyaltytoClientsandNetAssetValue，投资顾问必须将客户利益置于个人利益之上。优先考虑投资顾问的高回报而忽略客户的最佳利益，这直接违反了这一原则。选项a、c和d描述了符合道德标准的行为。4.b解析思路：根据StandardI(D)-Professionalism和StandardIII(A)-DiligenceandReasonableBasis，分析师有义务向公司管理层披露重大负面信息，除非法律禁止。直接告知管理层是最适当的做法，以便他们考虑信息披露。选项a和d可能构成内幕交易或违反保密义务。选项c在同事间分享非公开重大信息是禁止的。5.b解析思路：根据StandardII(A)-LoyaltytoClientsandNetAssetValue和潜在的利益冲突规则，尽管没有直接的个人利益，但公司高管（配偶）与投资决策相关的公司之间存在重大关系。这构成了一个需要披露的潜在利益冲突。分析师必须披露此关系，并通常需要获得客户的书面同意，才能继续持有或投资该公司的证券。选项a和c忽视了潜在的利益冲突。选项d的回避程度可能过度，除非有更严重的冲突，否则披露和同意通常是足够的。6.b解析思路：根据StandardII(A)-LoyaltytoClientsandNetAssetValue和StandardI(D)-Professionalism，投资顾问必须提供客观、真实的信息，不能为了吸引客户而使用误导性陈述。保证无风险高回报是虚假和误导性的，尤其当顾问知道其不准确性时。这损害了客户的利益和顾问的专业性。选项a、c和d描述的情况与违反StandardII(A)不符。7.a解析思路：根据StandardI(B)-Objectivity，分析师必须提供客观的评估和建议，不受不当影响。在受到经理压力下发布与个人分析不符的评级，表明分析师未能保持客观性。选项b、c和d描述的情况与违反StandardI(B)不符。8.b解析思路：根据StandardII(A)-LoyaltytoClientsandNetAssetValue，投资顾问必须优先考虑客户的指示和最佳利益。推荐与客户价值观（如避免烟草）相悖的投资，即使回报高，也违反了忠诚义务。选项a、c和d未能充分体现对客户指示的尊重。9.b解析思路：根据StandardI(A)-Professionalism和对客户信息保密的要求，投资组合经理B向同事A提供非自己管理客户的详细持仓信息，可能侵犯了客户confidentiality。即使是在同一公司内部，未经授权分享客户的非公开信息也是不专业的。选项a、c和d错误地描述了情况或违反了其他标准。10.a解析思路：根据StandardII(A)-LoyaltytoClientsandNetAssetValue，这种基于总回报的奖金结构可能激励投资顾问进行不必要的交易活动（Churning），即使这些交易对客户不利，只是为了最大化总回报从而获得更高奖金。这可能导致顾问利益优先于客户利益，产生冲突。选项b、c和d错误地评估了补偿结构的影响或标准应用。11.b解析思路：根据StandardIII(A)-DiligenceandReasonableBasis，投资建议必须基于合理的尽职调查和分析。在没有进行任何独立分析的情况下，仅凭一般市场担忧就建议卖出所有股票，严重缺乏尽职调查，没有合理依据。选项a、c和d描述的情况与违反StandardIII(A)的核心要求不符。12.b解析思路：根据StandardIII(C)-FullDisclosure和StandardI(B)-Objectivity，当研究报告发布延迟，且在此期间出现重大负面信息时，分析师有责任更新信息。隐瞒该信息并按原计划发布可能误导投资者，违反了充分披露和客观性原则。最合适的是立即发布包含新信息的更新。选项a、