2025年CFA《道德与专业标准》真题解析

2025年CFA《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：_______________1.Ananalystisevaluatingacompany'sfinancialperformance.Theanalystdiscoversthatthecompany'smanagementhasbeenengaginginunethicalbehaviorthathasnegativelyimpactedthecompany'sfinancialstatements.TheanalystisconsideringwhethertoreportthisinformationtotheCFAInstitute.WhichofthefollowingactionsismostconsistentwiththeCFAInstitute'sCodeandStandards?a.Ignoretheinformationasitmaynotbematerial.b.ReporttheinformationtotheCFAInstitute'sEthicsCommittee.c.Reporttheinformationtothecompany'sauditcommittee.d.Disclosetheinformationtoathird-partymediaoutlet.2.Aportfoliomanagerismanagingaportfolioofstocksforaclient.Theportfoliomanagerrecommendsoneofthestocksintheportfoliotoaclosefriendatadifferentfirm.Thefriendthenpurchasesthestockandtheportfoliomanager'sportfolioperformswellasaresult.Theportfoliomanagerdoesnotdisclosethisrelationshiptotheclient.Whichofthefollowingbestdescribestheportfoliomanager'sethicalobligation?a.Theportfoliomanagerhasfulfilledtheirdutyofloyaltytotheclientastherecommendationwasmadeintheclient'sbestinterest.b.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofProfessionalCompetenceandDueCarebynotdisclosingtherelationship.c.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofConfidentialitybydisclosingtheportfolioinformationtotheirfriend.d.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbyfailingtodisclosethepersonalfinancialinterest.3.Anassociateispreparingaresearchreportonacompany.Theassociateusesinformationfromacompetitor'swebsitewithoutobtainingproperpermission.Theinformationisincludedinthereportandisusedtosupportapositiverecommendationonthecompany.Theassociate'sbossisunawareofthisaction.Whichofthefollowingbestdescribestheassociate'sethicalobligation?a.Theassociate'sactionisacceptableastheinformationispubliclyavailableonthecompetitor'swebsite.b.Theassociateshouldinformtheirbossaboutthesituationandseekpermissiontousetheinformation.c.TheassociatehasviolatedtheCFAInstitute'sStandardofProfessionalismbynotdisclosingtheuseofthecompetitor'sinformation.d.TheassociatehasviolatedtheCFAInstitute'sStandardofIndependenceandObjectivitybyusingbiasedinformation.4.Avicepresidentataninvestmentbankisresponsibleforoverseeingthesalesteam.Thesalesteamisunderpressuretomeetitsrevenuetargets.Thevicepresidentencouragesthesalesteamtobeaggressiveintheirsalestactics,evenifitmeansstretchingthetruthoccasionally.Thevicepresidentarguesthatthisisnecessarytoremaincompetitiveinthemarket.Whichofthefollowingbestdescribesthevicepresident'sethicalobligation?a.Thevicepresident'sactionsareacceptableastheyaretryingtoachievethefirm'sbusinessobjectives.b.ThevicepresidenthasviolatedtheCFAInstitute'sStandardofProfessionalismbyencouragingunethicalbehavior.c.ThevicepresidenthasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingconfidentialinformationwiththesalesteam.d.ThevicepresidenthasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebynotprovidingproperguidanceonethicalconduct.5.Aninvestmentadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaparticularinvestmentproductthatpaysacommissiontotheadvisor.Theadvisorknowsthattheproductisnotthemostsuitableinvestmentfortheclient'sgoalsandrisktolerance.Theadvisorfailstodisclosethecommissionstructuretotheclient.Whichofthefollowingbestdescribestheadvisor'sethicalobligation?a.Theadvisor'sactionisacceptableastherecommendationisbasedontheclient'sbestinterest.b.TheadvisorhasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbyfailingtodisclosethecommissionstructure.c.TheadvisorhasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebymakinganunsuitablerecommendation.d.TheadvisorhasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingtheclient'sinformationwithathirdparty.6.Aresearchanalystiscoveringacompanyinthetechnologysector.Theanalystdevelopsastrongrelationshipwiththecompany'sCEOandoftenreceivesfavorableinformationfromtheCEO.Theanalystusesthisinformationtogeneratepositiveresearchreportsonthecompany'sstock.Theanalyst'sbossisawareoftherelationshipbutdoesnotobject.Whichofthefollowingbestdescribestheanalyst'sethicalobligation?a.Theanalyst'sactionisacceptableastheinformationreceivedisnotconfidential.b.TheanalysthasviolatedtheCFAInstitute'sStandardofIndependenceandObjectivitybyrelyingonbiasedinformation.c.TheanalysthasviolatedtheCFAInstitute'sStandardofProfessionalismbyengaginginexcessivesocializingwiththeCEO.d.TheanalysthasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingnon-public,materialinformationwiththeCEO.7.Aportfoliomanagerismanagingaportfolioofequitiesforaclient.Theportfoliomanagerlearnsthatalargeportionoftheportfolio'svalueistiedtoasinglestockthatis即将facealawsuit.Theportfoliomanagerisawareofthepotentialriskbutdecidesnottoinformtheclient,hopingthatthelawsuitwillnothaveasignificantimpactonthestockprice.Whichofthefollowingbestdescribestheportfoliomanager'sethicalobligation?a.Theportfoliomanagerhasfulfilledtheirdutyofloyaltytotheclientastheyaremanagingtheportfoliofortheclient'sbestinterest.b.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbyfailingtodisclosethepotentialrisktotheclient.c.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebynotperformingduediligenceontheinvestment.d.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofConfidentialitybyusingnon-publicinformationtomakeinvestmentdecisions.8.Aninvestmentadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaparticularinvestmentstrategythatinvolvesshort-sellingstocks.Theadvisorknowsthattheclientisnotfamiliarwithshort-sellingandthatitinvolvessignificantrisks.Theadvisorfailstoexplaintherisksofthestrategytotheclient.Whichofthefollowingbestdescribestheadvisor'sethicalobligation?a.Theadvisor'sactionisacceptableastherecommendationisbasedontheclient'srisktolerance.b.TheadvisorhasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebynotdisclosingtherisksoftheinvestmentstrategy.c.TheadvisorhasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbynotactingintheclient'sbestinterest.d.TheadvisorhasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingtheclient'sinvestmentgoalswithathirdparty.9.Aportfoliomanagerismanagingaportfolioofbondsforaclient.Theportfoliomanagerisofferedasignificantbonusiftheportfolio'syieldexceedsacertainthreshold.Theportfoliomanagerisconsideringmanipulatingtheportfolio'sholdingstomeettheyieldthresholdandearnthebonus.Whichofthefollowingbestdescribestheportfoliomanager'sethicalobligation?a.Theportfoliomanager'sactionisacceptableastheyaretryingtoachieveadesirableoutcomefortheclient.b.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofIntegritybyconsideringmanipulatingtheportfolio.c.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofProfessionalismbyengaginginunethicalbehavior.d.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingconfidentialinformationwithathirdparty.10.Aresearchanalystiscoveringacompanyinthehealthcaresector.Theanalystispreparingaresearchreportonthecompany'sstock.Theanalyst'sspouseworksforacompetitorofthecompany.Theanalystdoesnotdisclosethisrelationshiptotheiremployer.Whichofthefollowingbestdescribestheanalyst'sethicalobligation?a.Theanalyst'sactionisacceptableastheinformationisnotmaterialandisnotbeingusedforpersonalgain.b.TheanalysthasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbyfailingtodisclosetherelationship.c.TheanalysthasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebynotperformingduediligenceonthecompany.d.TheanalysthasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingnon-public,materialinformationwiththeirspouse.11.Aportfoliomanagerismanagingaportfolioofequitiesforaclient.Theportfoliomanagerrecommendsastocktotheclient.Theclientisnotsatisfiedwiththerecommendationandaskstheportfoliomanagertoexplaintheirreasoning.Theportfoliomanagerisreluctanttodisclosetheiranalysisandargumentsduetoconcernsabouttheclient'sunderstanding.Whichofthefollowingbestdescribestheportfoliomanager'sethicalobligation?a.Theportfoliomanagerhasfulfilledtheirdutyofloyaltytotheclientastheyareprovidinginvestmentadvice.b.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofDisclosuretoClientsbyfailingtodisclosetheiranalysisandarguments.c.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofProfessionalismbybeingunwillingtoexplaintheirreasoning.d.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingtheclient'sinvestmentgoalswithathirdparty.12.Afinancialplannerisprovidingfinancialplanningservicestoaclient.Theplannerrecommendsavarietyoffinancialproducts,includingthoseofferedbytheplanner'sownfirm.Theplannerreceivesacommissionforeachproductsold.Theplannerfailstodisclosethecommissionstructuretotheclient.Whichofthefollowingbestdescribestheplanner'sethicalobligation?a.Theplanner'sactionisacceptableastherecommendationisbasedontheclient'sbestinterest.b.TheplannerhasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbyfailingtodisclosethecommissionstructure.c.TheplannerhasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebynotprovidingobjectiveadvice.d.TheplannerhasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingtheclient'sfinancialinformationwithathirdparty.13.Aportfoliomanagerismanagingaportfolioofmutualfundsforaclient.Theportfoliomanagerrecommendsaparticularmutualfundtotheclient.Theportfoliomanagerknowsthatthefundhashighfeesandperformspoorlycomparedtoitspeers.Theportfoliomanagerfailstodisclosethisinformationtotheclient.Whichofthefollowingbestdescribestheportfoliomanager'sethicalobligation?a.Theportfoliomanager'sactionisacceptableastherecommendationisbasedontheclient'srisktolerance.b.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbyfailingtodisclosethefund'sfeesandperformance.c.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebymakinganunsuitablerecommendation.d.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingtheclient'sinvestmentgoalswithathirdparty.14.Aninvestmentadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaparticularinvestmentproductthatisheavilypromotedbytheadvisor'sfirm.Theadvisorknowsthattheproductisnotthemostsuitableinvestmentfortheclient'sgoalsandrisktolerance.Theadvisorfailstodisclosethefirm'spromotionalactivitiestotheclient.Whichofthefollowingbestdescribestheadvisor'sethicalobligation?a.Theadvisor'sactionisacceptableastherecommendationisbasedontheclient'sbestinterest.b.TheadvisorhasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbyfailingtodisclosethefirm'spromotionalactivities.c.TheadvisorhasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebymakinganunsuitablerecommendation.d.TheadvisorhasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingtheclient'sinvestmentgoalswithathirdparty.15.Aresearchanalystiscoveringacompanyintheenergysector.Theanalystispreparingaresearchreportonthecompany'sstock.Theanalyst'sfriendworksatthecompanyandisaclosefriendofthecompany'sCEO.Theanalystreliesheavilyonthefriendforinformationaboutthecompany.Theanalystdoesnotdisclosethisrelationshiptotheiremployer.Whichofthefollowingbestdescribestheanalyst'sethicalobligation?a.Theanalyst'sactionisacceptableastheinformationreceivedisnotconfidential.b.TheanalysthasviolatedtheCFAInstitute'sStandardofIndependenceandObjectivitybyrelyingonbiasedinformation.c.TheanalysthasviolatedtheCFAInstitute'sStandardofProfessionalismbyengaginginexcessivesocializingwiththecompany'sfriend.d.TheanalysthasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingnon-public,materialinformationwiththecompany'sfriend.16.Aportfoliomanagerismanagingaportfolioofequitiesforaclient.Theportfoliomanagerisconsideringincludingastockintheportfoliothathasbeenrecommendedbyaregulatoryauthorityasapotentialtargetforenforcementactions.Theportfoliomanagerisawareoftheregulatoryconcernsbutdecidestoincludethestockintheportfolioduetoitspotentialupside.Whichofthefollowingbestdescribestheportfoliomanager'sethicalobligation?a.Theportfoliomanagerhasfulfilledtheirdutyofloyaltytotheclientastheyaremanagingtheportfoliofortheclient'sbestinterest.b.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbyfailingtodisclosetheregulatoryconcernstotheclient.c.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebynotperformingduediligenceontheinvestment.d.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofConfidentialitybyusingnon-publicinformationtomakeinvestmentdecisions.17.Aninvestmentadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaparticularinvestmentstrategythatinvolvesleverage.Theadvisorknowsthattheclientisnotfamiliarwithleverageandthatitinvolvessignificantrisks.Theadvisorfailstoexplaintherisksofthestrategytotheclient.Whichofthefollowingbestdescribestheadvisor'sethicalobligation?a.Theadvisor'sactionisacceptableastherecommendationisbasedontheclient'srisktolerance.b.TheadvisorhasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebynotdisclosingtherisksoftheinvestmentstrategy.c.TheadvisorhasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbynotactingintheclient'sbestinterest.d.TheadvisorhasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingtheclient'sinvestmentgoalswithathirdparty.18.Aresearchanalystiscoveringacompanyintheretailsector.Theanalystispreparingaresearchreportonthecompany'sstock.Theanalyst'sspouseworksforacompetitorofthecompany.Theanalystdoesnotdisclosethisrelationshiptotheiremployer.Whichofthefollowingbestdescribestheanalyst'sethicalobligation?a.Theanalyst'sactionisacceptableastheinformationisnotmaterialandisnotbeingusedforpersonalgain.b.TheanalysthasviolatedtheCFAInstitute'sStandardofLoyaltyandTrustworthinessbyfailingtodisclosetherelationship.c.TheanalysthasviolatedtheCFAInstitute'sStandardofProfessionalCompetencebynotperformingduediligenceonthecompany.d.TheanalysthasviolatedtheCFAInstitute'sStandardofConfidentialitybysharingnon-public,materialinformationwiththeirspouse.19.Aportfoliomanagerismanagingaportfolioofbondsforaclient.Theportfoliomanagerisofferedasignificantbonusiftheportfolio'syieldexceedsacertainthreshold.Theportfoliomanagerisconsideringmanipulatingtheportfolio'sholdingstomeettheyieldthresholdandearnthebonus.Whichofthefollowingbestdescribestheportfoliomanager'sethicalobligation?a.Theportfoliomanager'sactionisacceptableastheyaretryingtoachieveadesirableoutcomefortheclient.b.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofIntegritybyconsideringmanipulatingtheportfolio.c.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofProfessionalismbyengaginginunethicalbehavior.d.TheportfoliomanagerhasviolatedtheCFAInstitute'sStandardofC