2025年CFA一级Ethics道德准则真题专项

2025年CFA一级Ethics道德准则真题专项考试时间：______分钟总分：______分姓名：______模拟试卷1.Ananalystisperformingresearchonacompany.Thecompany'smanagementprovidestheanalystwithexclusive,non-publicinformationaboutapotentialmergerthatisexpectedtosignificantlyincreasethecompany'sstockprice.Theanalystisnotobligatedtodisclosethisinformationbecauseitwasfreelyprovidedbymanagementandtheanalysthasnotcommittedanybreachofconfidentialitybyacceptingit.Whichofthefollowingstatementsismostaccurateregardingtheanalyst'sethicalobligationsinthissituation?A.Theanalystmayusetheinformationfortheirownbenefitbutmustnotshareitwithclients.B.Theanalystmustdisclosetheinformationtothecompany'scompetitorstoensurefairmarketpricing.C.Theanalystmusttreattheinformationasmaterialnonpublicinformationandcannotactuponitorshareituntilitispubliclydisclosed.D.Theobligationtomaintainconfidentialityoverridesthedutytoactwithreasonablecareforclientsifdisclosurebenefitstheclient.2.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theportfoliomanager'ssiblingrecentlystartedworkingforacompanythatisacompetitorofoneoftheportfolio'sholdings.Theportfoliomanagerhasdisclosedthispotentialconflictofinteresttotheclientandobtainedtheclient'sconsenttocontinuemanagingtheportfolio.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldmostlikelybeconsideredabreachoftheStandardofProfessionalism?A.Conductingthoroughduediligenceonthecompetitorcompanytoinformtheclientaboutpotentialindustrytrends.B.Refrainingfrommakinganyinvestmentdecisionsrelatedtothecompetitorcompany'sstock.C.Ensuringthatthesibling'semploymentdoesnotinfluenceanyinvestmentrecommendationsfortheportfolio.D.Disclosingalltradedetailsrelatedtothecompetitorcompany'sstocktotheclient,includingtherationalebehindbuyorselldecisions.3.Aninvestmentadvisorismeetingwithapotentialclient.Duringthemeeting,theadvisormentionsthattheyhavea"specialrelationship"withaparticularbrokeragefirm,whichpaystheadvisorahighercommissionratefortradesexecutedthroughthatfirmcomparedtootherfirms.Theadvisoralsoemphasizestheimportanceoftheclientdiversifyingtheirportfoliobutdoesnotdisclosetheincentivestructure.Whichofthefollowingbestdescribestheethicalissuepresented?A.TheadvisorhasviolatedtheStandardofDiligencebynotfullyexplainingtheimportanceofdiversification.B.TheadvisorhasviolatedtheStandardofProfessionalismbypotentiallycreatinganappearanceofbias.C.TheadvisorhasviolatedtheStandardofCompetencebysuggestingdiversificationwithoutfullyunderstandingtheclient'sneeds.D.TheadvisorhasviolatedtheStandardofObjectivitybyfailingtodiscloseamaterialincentivethatcouldinfluencerecommendations.4.Afinancialplannerispreparingareportforaclient.Thereportincludesprojectionsoffutureportfolioperformancebasedonhistoricaldata.Theplannerusesaconservativeestimateforfuturemarketreturnsbutknowsthatusingamoreoptimisticestimatewouldmakethepotentialfutureperformanceappearmoreattractivetotheclient.Theplannerbelievesthatprovidingthemoreoptimisticestimateisnotmisleadingbecausetheyincludeadisclaimerinthereport.Whichofthefollowingprinciplesistheplannerpotentiallycompromising?A.Professionalism,astheplannerisawareofthepotentialimpactoftheirchoiceontheclient'sperception.B.Competence,astheplannermaynotbeusingthemostreasonableandsupportablebasisforprojections.C.Objectivity,astheplannerisintentionallychoosingdatathatfavorstheclient'sinterests.D.Diligence,astheplannerisnotactingwithduecareinprovidingpotentiallymisleadinginformation.5.Anemployeeworkingataninvestmentbankisapproachedbyacoworkerwhorevealsnonpublicinformationaboutanupcomingearningsannouncementforacompanyinwhichthebankisanunderwriter.Thecoworkersuggeststhattheybothplacetradesonthisinformationbeforethemarketopens.Theemployeeknowsthattradingonsuchinformationisillegalandunethical.Whichofthefollowingactionswouldbemostconsistentwiththehigheststandardsofprofessionalconduct?A.Placingatradebasedontheinformationtorecoupanypotentiallossesfrommissedopportunitiesinthepast.B.Ignoringthecoworker'ssuggestionbutnotreportingtheincident,assumingthecoworkerwillnotfollowthrough.C.Reportingthecoworker'ssuggestiontothebank'scompliancedepartmentandrefusingtoparticipate.D.Disclosingthecoworker'sidentitytothecompanywhoseearningsareabouttobeannounced.6.Aresearchanalystforanassetmanagementfirmiscoveringaretailcompany.Theanalyst'sspouseworksasaregionalmanagerforoneofthecompany'smajorsuppliers.Theanalysthasbeenreceivingfavorablenonpublicinformationaboutthesupplierfromtheirspouse,whichisnotyetavailabletothepublic.Theanalystusesthisinformationtogeneratepositiveresearchreportsontheretailcompany,leadingtoincreasedinvestmentinthecompany'sstock.Whichofthefollowingbestdescribestheethicalbreach,ifany?A.Thereisnoethicalbreachbecausetheinformationreceivedfromthespouseisnotconsideredmaterial.B.Thereisnoethicalbreachbecausetheanalysthasdisclosedtheirspouse'semploymenttothefirm.C.TheanalysthasviolatedtheStandardofConfidentialitybyusingnonpublicinformationreceivedfromanassociate.D.TheanalysthasviolatedtheStandardofObjectivitybypotentiallyallowingpersonalrelationshipstoinfluencetheirresearch.7.Afinancialadvisorismeetingwithaclientwhoisconsideringalargewithdrawalfromtheirinvestmentportfoliotopurchasealuxuryasset.Theadvisorknowsthatthewithdrawalcouldsignificantlyimpacttheclient'slong-termretirementgoalsandcouldpotentiallyviolatethetermsofamarginloantheclienthasoutstanding.Theadvisorchoosestoproceedwiththetransactionwithoutfullydisclosingthepotentiallong-termconsequencesortheconflictwiththemarginloanterms.Whichofthefollowingethicalprincipleshastheadvisormostlikelyviolated?A.Professionalism,duetothefailuretoprovideappropriaterecommendations.B.Diligence,duetothefailuretoactwithreasonablecaretowardstheclient'sbestinterest.C.Competence,duetothelackofunderstandingoftheclient'sfinancialsituation.D.Confidentiality,duetothediscussionoftheclient'sfinancialplans.8.Aninvestmentmanagerisresponsibleforaclientportfolio.Themanagerrecommendsastocktotheclientbasedonthoroughresearchandanalysis,whichalignswiththeportfolio'sobjectives.Subsequently,itisdiscoveredthattheresearchusedbythemanagerwasinadvertentlyfundedbythecompanywhosestockwasrecommended.Themanagerwasunawareofthefundingsourceatthetimeoftherecommendation.Whichofthefollowingactions,ifany,shouldthemanagertake?A.Donothing,astheinformationwasnotprovidedintentionallyandtherecommendationwasbasedonsoundanalysis.B.Informtheclientthatthestockwasrecommendedbasedonresearchfundedbythecompany,butcontinueholdingtheposition.C.disclosethefundingsourcetotheclientandthepotentialconflictofinterest,andallowtheclienttodecidewhethertocontinuewiththerecommendation.D.Immediatelysellthestockduetotheconflictofinterest,evenwithoutinformingtheclientinitially.9.ACFAcharterholderisworkingasaconsultantforacompanythatispreparingtoissuesecurities.Thecharterholderisprivytodetailed,nonpublicinformationaboutthecompany'sfinancialhealthandprospects,whichiscrucialforinvestorstomakeinformeddecisions.Thecharterholderdecidestosharethisinformationwithaclosefriendwhoisnotaffiliatedwiththecompanybutisconsideringinvestinginthesecurities.Whichofthefollowingbestdescribestheethicalissue?A.Thecharterholderhasnotviolatedanyethicalstandardsaslongasthefriendisnotaffiliatedwiththecompany.B.ThecharterholderhasviolatedtheStandardofConfidentialitybydisclosingmaterialnonpublicinformation.C.ThecharterholderhasviolatedtheStandardofProfessionalismbynotusingtheirexpertisetoadvisethecompanyonitsdisclosurepractices.D.ThecharterholderhasviolatedtheStandardofCompetencebynotperformingduediligenceontheirfriend'sinvestmentsuitability.10.Twoportfoliomanagersatafirmarediscussingapotentialinvestmentidea.Onemanagersuggestsincludingastartupcompanyinthefirm'sportfoliobasedonapromisingproductconceptbutlimitedfinancialhistory.Theothermanagerexpressesconcernabouttheinvestment'sriskprofileandquestionsthemanager'sduediligenceprocess.Thefirstmanagerdismissestheconcernsandinsistsonproceedingwiththeidea,citingtheirintuitionandpositiveinteractionswiththestartup'sfounder.Whichofthefollowingprinciplesisthefirstmanagerpotentiallycompromisingbyoverridingthesecondmanager'sconcerns?A.Diligence,asthemanagermaynothaveconductedsufficientduediligenceonthestartup'sviability.B.Competence,asthemanagerisrelyingonintuitionratherthanareasonableandsupportablebasisfortheinvestment.C.Objectivity,asthemanagerappearstobeallowingpersonalfeelingsorrelationshipstoinfluencethedecision-makingprocess.D.Professionalism,asthemanagerisnotengaginginconstructivedialogueorconsideringalternativeviewpoints.11.Afinancialadvisorispreparingapersonalizedinvestmentrecommendationforaclient.Theclienthasexpressedapreferenceforconservativeinvestmentswithlowrisk.Theadvisor,seekingtobuildalonger-termrelationship,recommendsaportfolioconsistingprimarilyofhigh-growth,high-riskassets.Theadvisorjustifiesthisrecommendationbyarguingthattheyhaveatrackrecordofsuccessfullymanagingsuchportfoliosandcanmitigatetherisksthroughactivetrading.Whichofthefollowingethicalobligationshastheadvisormostlikelyviolated?A.TheStandardofProfessionalism,astheadvisorispotentiallycreatinganappearanceofexpertisebeyondtheiractualcapabilities.B.TheStandardofCompetence,astheadvisorhasnotactedwithduecareinrecommendinginvestmentsinconsistentwiththeclient'sstatedrisktolerance.C.TheStandardofObjectivity,astheadvisor'spersonalgainfrompotentialhighercommissionsmaybeinfluencingtherecommendation.D.TheStandardofDiligence,astheadvisorhasnotfullydisclosedtherisksassociatedwiththerecommendedinvestments.12.Ananalystisworkingforaninvestmentbankandisinvolvedintheduediligenceprocessforapotentialmerger.Duringtheprocess,theanalystlearnsthatthetargetcompanyiswithholdingcrucialinformationfromtheacquiringcompany,whichcouldnegativelyimpactthedealvaluation.Theanalystisethicallyobligatedtodisclosethisinformationtotheacquiringcompany.Whichofthefollowingprinciplesprimarilyjustifiesthisobligation?A.Integrity,astheanalysthasadutytomaintainhonestyandtruthfulnessinallprofessionalactivities.B.Professionalism,astheanalysthasaresponsibilitytoactinamannerthatupholdsthereputationoftheprofession.C.DueCare,astheanalysthasadutytoactwithreasonablecareandprovideaccurateandcompleteinformation.D.Objectivity,astheanalysthasadutytoavoidconflictsofinterestandprovideunbiasedinformation.13.Aportfoliomanagerismanagingaclient'sportfolioandisconsideringaddinganewinvestment.Themanagerlearnsthataclosefamilyfriendisheavilyinvestedinthesamestockandhasbeenreceivingsignificantprofits.Themanagerknowsthatthefriend'spositionwasacquiredwellbeforethecurrentmarketpeakandwasbasedonearlyinformation.Themanagerdecidestoconducttheirownindependentanalysisandproceedwiththeinvestmentifitalignswiththeirinvestmentstrategy,withoutdisclosingtheirfriend'sposition.Whichofthefollowingbestdescribestheethicalconsideration?A.Thereisnoethicalissue,asthemanagerisconductingindependentanalysisandthefriend'spositionisnotamaterialconflict.B.ThemanagerhaspotentiallyviolatedtheStandardofConfidentialitybybenefitingfromnonpublicinformationsharedthroughpersonalrelationships.C.ThemanagerhaspotentiallyviolatedtheStandardofObjectivitybyallowingpersonalrelationshipstoinfluencetheinvestmentdecision-makingprocess.D.ThemanagerhasviolatedtheStandardofProfessionalismbynotdisclosingthepotentialconflictofinteresttothefirm.14.Afinancialplannerismeetingwithaclientwhoisconcernedabouttheimpactoftaxesontheirretirementsavings.Theplannerpreparesareportdetailingvarioustax-advantagedinvestmentoptions.Thereportincludesasectionrecommendingaspecifictaxshelteredinvestmentstrategythatgeneratessignificantfeesfortheplannerbutmaynotbethemostsuitableoptionfortheclient'slong-termgoals.Theplannerpresentsthereporttotheclientwithoutadequatelyexplainingthepotentialdownsidesoralternativestrategies.Whichofthefollowingethicalprincipleshastheplannermostlikelyviolated?A.Competence,astheplannerhasnotprovidedacomprehensiveanalysisofallsuitableinvestmentoptions.B.Diligence,astheplannerhasnotactedwithduecareinensuringtherecommendationsaretrulyintheclient'sbestinterest.C.Professionalism,astheplannerhaspotentiallyengagedinmisleadingconductbynotfullydisclosingtheincentives.D.Objectivity,astheplanner'spersonalfinancialgainmaybeinfluencingtherecommendationsprovidedtotheclient.15.ACFAcharterholderisworkingasanin-houseanalystforacorporation.Thecharterholderisaskedbyasuperiortoprovidebiased,overlyoptimisticfinancialprojectionstopotentialinvestors,whichwillhelpsecurefundingforanewproject.Thecharterholderknowsthattheprojectionsareunrealisticandbasedonflawedassumptions.Thecharterholderrefusestoprovidethebiasedprojectionsbutisconcernedaboutpotentialnegativeconsequencestotheirjobsecurity.Whichofthefollowingactions,ifany,wouldbemostconsistentwiththehigheststandardsofprofessionalconduct?A.Providethebiasedprojectionstomaintainjobsecuritybutdocumenttheirobjectionsinwriting.B.Refusetoprovidethebiasedprojectionsanddiscusstheethicalconcernswiththesuperior,seekingtoaddresstheissuesthroughproperchannels.C.Providethebiasedprojectionsbutincludeadisclaimerstatingthattheprojectionsarebasedonmanagement'sassumptions,nottheanalyst'sopinion.D.Providethebiasedprojectionsbutsecretlyinformafewkeyinvestorsaboutthemorerealisticprojections.---试卷答案1.C解析思路：非公开信息，若能影响投资决策，则属于内幕信息。无论是否“自由提供”，只要未公开，且可能影响交易，接收方持有并使用即构成违规。A错误，不能使用。B错误，不能泄密给竞争对手。D错误，合理信赖不意味着可以无视保密和内幕交易原则。2.C解析思路：已披露并获得同意是重要的前提，但这并不完全豁免所有责任。如果该亲属关系导致管理人在执行职责时，无法保证完全排除个人利益或外部公司利益的影响，或者使得其决策显得不公正，则仍可能构成利益冲突。例如，在评估供应商或竞争对手的表现时，客观性可能受损。A、B、D描述的行为在披露并获得同意后可能是合规的，但C描述的情况是利益冲突可能持续存在的情形。3.B解析思路：关键在于“未披露”和“特殊关系”带来的“激励结构”。即使交易量可能增加佣金，但未主动告知客户这一结构，客户无法判断建议的真实动机是