2025年CFA《道德与专业标准》练习试卷

2025年CFA《道德与专业标准》练习试卷考试时间：______分钟总分：______分姓名：______1.Aportfoliomanagerisconsideringtakingabusinesstriptoaclient'scompanytopresentapotentialinvestmentopportunity.Theclienthasofferedtopayforthemanager'sairfareandhotelstay.AccordingtoStandardIII(A),themanager'sacceptanceofthistripwouldgenerallybeconsidered:A.Permissibleifthetripisnecessaryforthemanagertofulfilltheirduties.B.Permissibleifthemanageragreestobuyasignificantamountoftheclient'ssecuritiesduringthetrip.C.Impermissibleasitcreatesaconflictofinterestforthemanager.D.Impermissibleunlesstheclientdisclosesthepaymenttoathird-partyadministrator.2.Ananalystatasell-sideresearchfirmispreparingareportonCompanyXYZ.Theanalystknowsthatthecompanyisabouttoannounceunexpectedlystrongquarterlyearnings.Theanalyst'ssupervisoraskstheanalysttoholdbackonissuingthereportuntilaftertheearningsannouncementtoavoidmarketdisruption.AccordingtoStandardII(A),theanalystshould:A.Complywiththesupervisor'srequesttodelaythereport,asinternalguidancetakesprecedence.B.Issuethereportasscheduled,butremoveanydiscussionoftheupcomingearnings.C.Refusethesupervisor'srequest,astimelycommunicationofmaterialnon-publicinformationisrequired.D.Issuethereport,butincludeadisclaimerthattheinformationmightbesupersededbytheearningsannouncement.3.Aportfoliomanagerrecommendsastocktoaclientbasedondetailedfundamentalanalysis.Subsequently,theportfoliomanagerlearnsthatthestock'spricehasbeenartificiallyinflatedbyinsidertrading.Theportfoliomanagerisunawareofthemanager'sroleintheinsidertrading.AccordingtoStandardI(B)(DutyofCare),theportfoliomanagerhasadutyto:A.Immediatelysellthestockintheclient'sportfoliotopreventpotentiallosses.B.Continueholdingthestock,asthedutyofcarerequiresactingintheclient'sbestinterestbasedontheinitialanalysis.C.Informtheclientaboutthepotentialissuebutdeclinetotakeanyaction,asthemanagerwasunawareoftheinsidertrading.D.Disclosetheinitialanalysisrationalebutdisclaimanyresponsibilityforthesubsequentpricemovementcausedbyinsidertrading.4.Aninvestmentadvisorisdevelopingamarketingbrochureforanewinvestmentstrategy.Thebrochureincludesagraphshowingahypothetical20%returnoverthepastyearforthestrategy,basedonback-testing.Theadvisorknowsthattheback-testedperiodwaschosenspecificallytoshowthebestperformanceandexcludesseveralperiodsofsignificantunderperformance.AccordingtoStandardVI(C)(MisleadingCommunication),theadvisor'sactionsconstitute:A.Unacceptablepracticeiftheback-testperiodisshorterthan1year.B.Unacceptablepracticeiftheexclusionofunderperformanceperiodsisnotclearlydisclosed.C.Acceptablepracticeaslongasthehypotheticalreturnisnotpresentedasaguaranteedoutcome.D.Acceptablepracticesincethebrochureclearlystatesthestrategyishypothetical.5.Anequityresearchassociatereceivesafreetriptoamajorindustryconferencefromacompanywhosestocktheassociatecovers.Theconferenceisprimarilyfocusedonindustrytrendsandnotspecificallymarketedtowardsanalysts.AccordingtoStandardVI(D)(Gifts,Hospitality,andEntertainment),theassociate'sacceptanceofthetripwouldgenerallybe:A.Impermissibleunlesstheassociate'sfirmdisclosesthereceiptofthetriptothecompany.B.Impermissibleasthetripconstitutesasignificantgiftduetoitsassociationwiththecoveredcompany.C.Permissibleiftheassociate'sfirmacceptsthetriponbehalfoftheassociateandprovidesittoathirdparty.D.Permissibleasthetripisnotdirectlyrelatedtothecoveredcompany'sstock.6.ACFAcharterholderisconsideringtakingonasecondjobasaconsultantforacompetitorofoneoftheircurrentclients.Thecharterholderhasalong-termrelationshipwiththeclientbuthasnoconfidentialinformationtoshare.AccordingtoStandardI(A)(DutytoActforClient'sBenefitandHonorClient'sInstructions),theprimaryconcernforthecharterholderis:A.Thepotentialimpactofthesecondjobontheirabilitytomeetthecurrentclient'sneeds.B.Theneedtoobtainwrittenpermissionfromthecurrentclientbeforeacceptingthenewjob.C.Theconflictofinterestcreatedbyhavingaccesstoinformationfromthecompetitorthroughthenewjob.D.Thepotentialcompensationdifferencebetweenthetwojobs.7.Duringaroutineaudit,acomplianceofficerdiscoversthataninvestmentmanagerhasbeenconsistentlyroundingdownperformancefigurestomeetaspecificbenchmarkwithoutdisclosingthispracticetoclients.AccordingtoStandardII(B)(MisleadingCommunication),themanager'sactionsprimarilyviolate:A.Thedutytomaintainaccuraterecords.B.Theprohibitionagainstmakingmisleadingstatements.C.Therequirementtodiscloseallmaterialrisks.D.Thestandardregardingextracompensation.8.Aninvestmentfirmisconsideringlaunchinganewfundthatwillinvestprimarilyinsmall-capcompanies.Thefirm'smarketingmaterialsstatethatthefundaimsto"outperformthemarketsignificantly"anduse"cutting-edge,proprietarytechnology"toidentifyundervaluedstocks.Thefirmhasnotyetdevelopedtheproprietarytechnology.AccordingtoStandardVI(C)(MisleadingCommunication),themarketingmaterialsmaybeconsidered:A.Acceptableiftheclaimsarebasedonback-testedresultsfromadifferent,unrelatedstrategy.B.Acceptableaslongasthefirmincludesadisclaimerthatpastperformanceisnotindicativeoffutureresults.C.Impermissiblebecausetheclaimsaboutproprietarytechnologyareunsubstantiated.D.Impermissibleonlyifthefirmguaranteesaspecificrateofreturn.9.Aportfoliomanagerlearnsthataclosefamilymemberisabouttopurchasealargeblockofstockinacompanytheportfoliomanagercovers.Theportfoliomanagerhasnotbeengivenanynon-publicinformationaboutthestock.AccordingtoStandardII(A)(ConfidentialInformation)andVI(A)(PositionTakeninOwnAccount),theportfoliomanagermust:A.Immediatelybuyorsellthecoveredstockintheirownportfoliobasedonmarketanalysis.B.Disclosetheimpendingpurchasetotheirfirm'scompliancedepartmentbutmakenootherchanges.C.Avoidanytradinginthecoveredstockforthenext30daystoavoidinfluencingthefamilymember'spurchase.D.Informthefamilymemberthattheyshouldnotpurchasethestockbasedontheiranalysis.10.Asell-sideanalystisparticipatinginaconferencecallwithCompanyABC'smanagement.Theanalystasksaquestionaboutthecompany'sfutureprospectsthatmanagementdeflectsandavoidsdirectlyanswering.Theanalystlaterincludesanegativeinterpretationofthemanagement'sresponseintheirresearchreport.AccordingtoStandardII(A)(MisleadingCommunication),theanalyst'sreportmaybeconsidered:A.Acceptableaslongasthereportalsoincludesmanagement'spositivestatements.B.Impermissibleiftheanalyst'sinterpretationisnotreasonablysupportedbytheavailableinformation.C.Acceptableifthereportclearlystatesthatmanagementavoidedansweringthequestion.D.Impermissibleonlyiftheanalysthadpriorknowledgeofthecompany'spoorperformance.11.ACFAcharterholderworksatafirmthatprovidesinvestmentadvice.Thefirmoffersaloyaltybonustoclientswhomaintainacertainminimumaccountbalance.Aclientasksthecharterholderiftheycanreceivethebonuswithoutmeetingtheminimumbalancerequirement.AccordingtoStandardIII(A)(ExtraCompensationArrangements),thecharterholdershould:A.Advisetheclienttostructuretheiraccounttotemporarilymeettherequirementjustbeforethebonusiscalculated.B.Informtheclientthatthefirm'srulesarefirmandtheycannotreceivethebonuswithoutmeetingthebalancerequirement.C.Suggesttotheclientthatthebonusisnotasignificantincentiveandtheyshouldfocusoninvestmentperformance.D.Discussthetermsofthebonusprogramwiththeclientbutavoiddiscussingthespecificrulesregardingtheminimumbalance.12.Twoportfoliomanagersatthesamefirmarecoveringcompetitorsinthesameindustry.ManagerAlearnsthatManagerBhasreceivedasignificanttipfromasourceaboutapotentialmergerinoneofthecompaniesManagerBcovers.ManagerAwantstousethisinformationtoinformtheirowninvestmentdecisionsregardingacompetitorofthatcompany.AccordingtoStandardII(A)(ConfidentialInformation),ManagerAmust:A.Usethetiptoinformtheirinvestmentdecisions,astheyobtainedtheinformationfromathirdparty.B.Refrainfromusingthetip,astheyhaveadutytomaintainconfidentialityregardingManagerB'ssourceinformation.C.AskManagerBtoprovidemoredetailsaboutthetip,asitmightberelevanttotheirowncoverage.D.Disclosethetiptothefirm'scompliancedepartmenttodetermineifitconstitutesaviolation.13.Aninvestmentadvisorispreparingapresentationforapotentialclient.Theadvisorincludesagraphshowingtheperformanceofamodelportfolioconstructedusingtheadvisor'srecommendedstrategy.Thegraphshowsastrongupwardtrend,buttheadvisorknowsthatthemodelportfolioincludesleverage,whichsignificantlyboostsreturnsbutalsoincreasesrisk.Theadvisordoesnotmentiontheuseofleverageinthepresentation.AccordingtoStandardVI(C)(MisleadingCommunication),theadvisor'sactionsconstitute:A.Acceptablepracticeaslongastheadvisorislicensedtouseleverage.B.Unacceptablepracticeifthepotentialclientisnotsophisticatedenoughtounderstandtherisk.C.Unacceptablepracticeduetothefailuretodiscloseamaterialcharacteristicoftheinvestmentstrategy.D.Acceptablepracticeaslongasthemodelportfolio'sperformanceisbetterthanthemarketindex.14.ACFAcharterholderisamemberofthecompensationcommitteeresponsibleforsettingthebonusforaseniorportfoliomanager.Thecharterholder'sclosefriendisapplyingfortheposition.AccordingtoStandardIV(B)(ConflictofInterest),thecharterholdershould:A.Recusethemselvesfromthediscussionandvotingprocessfortheirfriend'sbonus.B.Supporttheirfriend'sbonusapplicationregardlessofperformance,astheyarefriends.C.Voteforabonusbasedsolelyonthefriend'sperformance,withoutconsideringpersonalfeelings.D.Discussthefriend'sapplicationwithothercommitteemembersbutvotebasedontheirownpersonalopinionofthefriend.15.Aninvestmentmanagerisconsideringrecommendingastocktoaclientthatthemanagerownsasmallamountofpersonally(lessthan1%oftheirnetworth).Themanagerhasbasedtherecommendationonthoroughresearchandbelievesitisintheclient'sbestinterest.AccordingtoStandardIV(A)(DutytoActforClient'sBenefitandHonorClient'sInstructions),themanagermust:A.Disclosetheirpersonalholdingofthestocktotheclientbeforemakingtherecommendation.B.Avoidrecommendingthestocktotheclienttoavoidanypotentialconflictofinterest.C.Disclosetherecommendationtothefirm'scompliancedepartmentforreviewbeforecontactingtheclient.D.Onlyrecommendthestockiftheclientexplicitlyasksforit.16.Asell-sideresearchfirmislaunchinganewpublicationtargetinginstitutionalinvestors.Thepublicationincludesarticleswrittenbythefirm'sanalystsonvariousindustriesandsectors.Thefirmofferscomplimentarysubscriptionstocurrentclients.AccordingtoStandardVI(D)(Gifts,Hospitality,andEntertainment),offeringcomplimentarysubscriptionstocurrentclients:A.Isimpermissibleifthepublicationincludesanalysisoncoveredcompanies.B.Ispermissibleaslongasthepublicationisprovidedfreeofcharge.C.Isimpermissibleunlessthefirmdisclosesthepublicationtothecoveredcompanies.D.Ispermissibleifthepublicationprimarilyfeaturesnon-financialcontent.17.Aportfoliomanagerisapproachedbyaformercolleaguewhoisstartinganewbusinesssellingfinancialsoftware.Thecolleagueofferstheportfoliomanagerasignificantdiscountonthesoftware.AccordingtoStandardVI(D)(Gifts,Hospitality,andEntertainment),theportfoliomanager'sacceptanceofthediscountwouldgenerallybe:A.Impermissibleunlesstheportfoliomanager'sfirmalsopurchasesthesoftware.B.Impermissibleduetothepotentialfuturebusinessrelationshipbetweentheportfoliomanagerandthecolleague.C.Permissibleifthesoftwarehasnoconnectiontotheportfoliomanager'scurrentbusinessactivities.D.Permissibleaslongasthediscountisconsideredanominalamount.18.Aninvestmentadvisorrecommendsacomplexstructuredproducttoaclientwhohaslimitedfinancialknowledge.Theadvisorknowsthattheproductcontainssignificantrisks,includingthepossibilityoflosingtheprincipalinvestment.Theadvisordoesnotprovidetheclientwithaclearexplanationoftherisksorobtainwrittenconsentfromtheclient.AccordingtoStandardI(B)(DutyofCare)andII(A)(MisleadingCommunication),theadvisor'sactionsmayconstitute:A.Unacceptablepracticeiftheadvisorisregisteredtoselltheproduct.B.Unacceptablepracticeiftheclienteventuallysuffersalossontheinvestment.C.Acceptablepracticeaslongastheadvisordisclosedtheproduct'sexistencetotheclient.D.Unacceptablepracticeduetothefailuretoprovidesuitableadviceanddisclosematerialrisks.19.ACFAcharterholderispreparingareportonCompanyXYZfortheirfirm'sinternaluse.Thereportincludesananalysisbasedonconfidentialinformationprovidedbyacompanyexecutivetothecharterholderataprivatedinner.Thecharterholderknowsthattheinformationisnotpublicandhasnotbeendisclosedtoanyoneelse.AccordingtoStandardII(A)(ConfidentialInformation),thecharterholder:A.Canusetheconfidentialinformationinthereportasitisforinternalpurposesonly.B.Cannotusetheconfidentialinformationduetoitsnon-publicnature.C.Shoulddisclosethesourceoftheinformationinthereport.D.Canusetheinformationifitisdeemednon-materialbythefirm'scompliancedepartment.20.Aninvestmentmanagerrecommendsastocktoaclientafterperformingthoroughduediligence.Thestockperformspoorlyshortlyaftertherecommendation.Themanagerbecomesdefensivewhentheclientquestionstherecommendation.AccordingtoStandardI(A)(DutyofCare)andI(C)(DutytoPracticeandMaintainCompetence),themanagershould:A.Convincetheclientthatthepoorperformanceisduetomarketconditionsbeyondtheircontrol.B.Refusetodiscusstheinvestmentfurtherandsuggesttheclientconsultanotheradvisor.C.Acknowledgetheclient'sconcerns,reviewtheinitialanalysis,anddiscusspotentialnextsteps.D.Blamethemarketforthepoorperformanceandavoidtakinganyresponsibility.试卷答案1.D2.C3.A4.B5.B6.C7.B8.C9.B10.B11.B12.B13.C14.A15.A16.A17.B18.D19.B20.C解析1.标准III(A)禁止接受可能导致利益冲突或被视为不道德的补偿。虽然公司支付旅行费用看似利他，但这是由潜在客户提供的，直接关联到投资建议，极易产生利益冲突，即客户可能会因为得到免费服务而给予不公正的优势。选项A不完全正确，必要性不是判断标准。选项B错误，额外补偿本身是禁止的。选项C错误，虽然有冲突，但题目描述的是“一般情况”，选项D描述了更严格的处理方式，即通过第三方支付，但题目问的是“一般情况”，选项D的表述更符合标准禁止此类利益输送的原则，即使实际操作中可能由公司承担，但其性质仍是接受了与业务相关的利益。2.标准II(A)要求研究员及时、准确地发布非公开重大信息。内部指导要求延迟发布是为了避免市场波动，但这违反了及时沟通原则。选项A错误，内部指导不能凌驾于标准之上。选项B错误，即使有延迟，也不能完全删除关键信息。选项C正确，标准要求的是及时性，必须按原计划发布，不能为了市场因素而隐瞒。选项D错误，不能以可能被取代为由来延迟发布。3.标准I(B)要求投资经理以客户利益为重，审慎尽责地管理客户资产。虽然经理不知情，但一旦发现投资组合中存在因未公开内幕交易而获益的股票，即使来源合法，经理也有责任采取措施避免客户蒙受损失。选项B错误，即使基于初始分析，也不能忽视后续发现的重要风险。选项C错误，即使不知情，也有主动发现并解决问题的责任。选项D错误，不能仅基于不知情而免责，且初始分析不能保证后续表现。4.标准VI(C)禁止误导性沟通。营销材料选择性地展示最佳回测结果并排除糟糕时期，创建了一个虚假的、过于乐观的印象，未能全面、真实地反映策略的风险和潜在回报。这种选择性地呈现信息，使得描述具有误导性。选项A错误，回测时长不是判断误导性的标准。选项C错误，即使有免责声明，未披露的选择性偏差仍是误导。选项D错误，未提及技术未开发与误导性沟通无直接关系。5.标准VI(D)规定，来自潜在或现有客户的礼物、款待和娱乐必须合理，不能导致或被视为利益冲突。虽然会议主要关注行业趋势，但接受由覆盖公司提供的免费旅行，特别是长途飞行和住宿，通常被认为是不合理的，因为它提供了超出一般行业交流的价值，并可能被视为一种不正当的补偿或潜在的利益输送。选项A错误，接受方披露不是解决接受方不当得利问题的标准做法。选项C错误，即使由公司支付给第三方，接受方的利益冲突风险依然存在。选项D错误，与覆盖公司相关的礼物通常被认为是不合理的。6.标准I(A)要求会员以客户利益为重。在存在潜在利益冲突的情况下，即使没有泄露机密信息，会员也应主动识别并管理这种冲突。在这种情况下，接受竞争对手的咨询工作构成了明显的利益冲突，因为它可能使会员在未来对该竞争对手或其客户做出不公正的决策，或者至少会让客户怀疑其决策的公正性。选项A是后果，不是首要考虑的问题。选项B错误，接受前必须获得客户许可。选项C正确，这是标准I(A)的核心要求，识别并管理利益冲突。选项D错误，薪酬差异是次要考虑。7.标准II(B)禁止误导性沟通。管理者持续性地roundingdown（向下舍入）业绩数字以符合基准，这是一种故意歪曲信息的行为，向客户提供了不准确的业绩表现，构成误导。选项A错误，维护记录的准确性是标准，但此处问题在于沟通的准确性。选项C错误，披露义务是另一条标准。选项D错误，与额外补偿无关。8.标准VI(C)禁止误导性沟通。营销材料做出“显著超越市场”和“使用尖端专有技术”的声明，但尚未开发该技术，这构成虚假或误导性陈述，因为它们基于不真实的前提。选项A错误，基于无关策略的回测不能弥补声明本身的虚假性。选项B错误，即使有免责声明，声明本身仍可能是误导性的。选项C正确，未经验证的技术声明是典型的误导性行为。选项D错误，保证回报是另一类误导，但未开发技术的声明也是误导。9.标准II(A)要求会员对非公开信息保密，并禁止在个人账户中持有利益冲突头寸。虽然管理者没有获得非公开信息，但其亲属即将大量买入，管理者可能因此拥有非公开信息优势，或者至少存在利益冲突（即亲属的成功投资可能间接关联到管理者的分析能力或声誉）。标准要求在这种情况下向合规部门报告，以评估潜在风险并采取适当措施（如回避交易）。选项A错误，不应主动进行交易。选项B错误，应向合规部门报告，而非仅仅告知。选项C错误，避免交易是可能的措施，但首先需要报告。选项D错误，不应建议亲属不应购买。10.标准II(A)禁止误导性沟通。分析师在没有合理依据的情况下，将管理层的回避行为解读为负面信息并写入报告，可能歪曲了事实或管理层的意图。如果缺乏其他证据支持这一负面解读，该报告内容可能被视为误导性。选项A错误，包含正面信息不能弥补负面解读的不准确性。选项C错误，提及回避事实不等于报告内容是准确的。选项D错误，即使有负面表现，不合理的负面解读也是问题所在。11.标准III(A)禁止接受或提供可能导致利益冲突或被视为不道德的额外补偿安排。客户要求在不满足最低余额要求的情况下获得忠诚度奖励，这本质上是在寻求规避规则以获取不当利益，构成了对标准条款的滥用尝试。会员有责任解释并坚持公司的规则，不能为了个人利益或客户的不正当要求而违反规则。选项A错误，这是规避规则的行为。选项B正确，会员应坚持规则和道德标准。选项C错误，应讨论规则，但不应默认帮助客户规避规则。选项D错误，应讨论规则，但不应隐瞒规则细节。12.标准II(A)要求会员对非公开信息保密。即使信息来自另一位分析师，如果该信息本身涉及非公开信息或对覆盖公司有重大影响，它仍然是受保护的。会员不能仅仅因为信息来源是同事就利用这些非公开信息。选项A错误，信息来源不是豁免保密义务的理由。选项B错误，使用第三方信息若涉及非公开内容仍是违规。选项C错误，不应主