2025年CFA考试《道德》复习资料

2025年CFA考试《道德》复习资料考试时间：______分钟总分：______分姓名：______PartA:MultipleChoiceQuestions1.Aninvestmentprofessionalispresentingaseminartopotentialclients.Duringthepresentation,theprofessionalmentionsanewinvestmentstrategythathasgeneratedsubstantialreturnsinthepastyear,butfailstodisclosethatthestrategyinvolvessignificantriskandthattheclient'sactualresultsmaybesubstantiallydifferent.WhichStandardofProfessionalConductismostdirectlyviolatedbythisbehavior?A)StandardI(A)DutytoClientB)StandardI(C)ConflictofInterestC)StandardII(A)MarketManipulationD)StandardIII(B)EmploymentInformation2.Aportfoliomanagerlearnsthatalargeinstitutionalclientisplanningtoliquidateasignificantportionofitsportfolioduetobudgetconstraints.Theportfoliomanagerknowsofaninvestmentopportunitythatalignswellwiththeinstitutionalclient'sstrategybutisnotyetpubliclyavailable.Theportfoliomanagerconsidersrecommendingthisopportunitytotheinstitutionalclientbutisconcernedaboutthepotentiallegalandethicalimplications.WhichcourseofactionismostappropriatefortheportfoliomanagerundertheCodeandStandards?A)Recommendtheinvestmentopportunityimmediately,asitappearstobeinthebestinterestoftheclient.B)Disclosethenon-publicinformationtotheclient,butrecommendagainsttheinvestmentduetouncertainty.C)Refrainfromdiscussingthespecificinvestmentopportunityuntilitbecomespubliclyavailable.D)Advisetheclienttoengageinmarkettimingbysellingotherassetsbeforetheinformationbecomespublic.3.Ananalystatasell-sideresearchfirmiscoveringacompanythatisalsoaclientofthefirm.Theanalyst'sspouserecentlypurchasedasignificantamountofthecompany'sstock.Theanalysthasnotdisclosedthisinvestmenttothefirmorintheresearchreports.WhichStandardofProfessionalConducthasbeenviolated?A)StandardI(A)DutytoClientB)StandardI(C)ConflictofInterestC)StandardIII(A)ResponsibilitiestoCandidatesD)StandardIV(A)ResponsibilitiestoExternalAudits4.Aportfoliomanagerisconsideringaddinganewsecuritytoaclient'sportfolio.Thesecurityisissuedbyacompanythatrecentlymadeasignificantdonationtoacharitywheretheportfoliomanager'sspouseworks.Theportfoliomanagerbelievesthesecurityisagoodinvestmentbasedonitsfundamentals,buthasnotdisclosedthepotentialconflictarisingfromthecharitydonation.WhichStandardofProfessionalConductrequirestheportfoliomanagertodisclosethisinformationtotheclient?A)StandardI(B)ObjectivityB)StandardI(C)ConflictofInterestC)StandardII(B)MarketManipulationD)StandardVResponsibilitiestotheCFAInstitute5.Amemberispreparinganarticleforapublicationthatisdistributedtoclientsandpotentialclientsofthemember'sfirm.Thearticleincludesasectiondiscussingthemember'sfirm'sinvestmentstrategy,butitalsocontainsseveralunsupportedclaimsaboutthefirm'spastperformance.Thememberknowsthattheclaimsareexaggeratedbutbelievestheywillattractmoreclients.WhichStandardofProfessionalConductismostlikelyviolated?A)StandardI(A)DutytoClientB)StandardI(C)ConflictofInterestC)StandardII(A)MarketManipulationD)StandardII(C)PublicityPartB:ScenarioQuestionsScenario1:Sarahisaninvestmentadvisorataboutiquefirm.Sheisclosefriendswithalocaldoctor,Dr.Emily.Dr.EmilyasksSarahforinvestmentadviceandtrustsherjudgmentcompletely.Sarahrecommendsseveralhigh-risk,high-returnstockstoDr.Emily,whichperformverywell.SarahalsousessomeofDr.Emily'spersonalfundstomaketradesinthesestocks.SarahreceivesasignificantbonusbasedonDr.Emily'sportfolioperformance.Scenario2:Michaelisaresearchanalystatalargeinvestmentbank.Heiscoveringthetechnologysector.Michaelhasbeendevelopingamodelthathebelieveswillprovideasignificantedgeinpredictingstockmovements.Hesharesthepreliminaryfindingsofthismodelwithaclosefriendwhoisanoptionstrader,askingthefriendtokeeptheinformationconfidential.Thefriendusesthisinformationtogeneratesubstantialprofits.Later,Michael'sfirmlaunchesaproductbasedonhismodel,andthestockofthefirm'sparentcompanyrisessignificantly.Scenario3:Davidisaportfoliomanageratahedgefund.HisfundhasalongpositioninCompanyX.DavidlearnsthatCompanyXisunderinvestigationbyregulatorsforpotentialaccountingfraud.David'sfundhasasignificantamountofcapitalcommittedbyinstitutionalclients,andheisconcernedaboutthepotentialimpactonthefund'sperformance.Daviddecidestokeepthisinformationconfidentialandcontinuestoholdtheposition,hopingtheinvestigationwillnotaffectthecompany'sstockprice.Healsosharesthisinformationwithhissister,whoisaretailinvestor,urginghertobuyCompanyXstock.Scenario4:Jessicaisanassociateataninvestmentmanagementfirm.Hersupervisor,Mr.Johnson,asksJessicatoincludeasectioninthefirm'squarterlyreportpraisingthefirm'sinvestmentstrategywhileomittingseveralsignificantunderperformingassets.Mr.Johnsonjustifiesthisrequestbystatingthatthereportisprimarilyformarketingpurposesandthattheclientswouldbeupsettoseetheunderperformingassets.Jessicaisuncomfortablewiththisrequestbutisconcernedaboutherjobsecurity.Scenario5:BenisamemberoftheCFAInstitute.Heisscheduledtospeakataconferenceorganizedbyacompetitorfirm.ThecompetitorfirmoffersBenasignificantspeakingfeeandtravelexpenses.Benacceptstheofferbutfailstodisclosethenatureofhisrelationshipwiththecompetitorfirmtotheconferenceorganizersortheaudience.PartB-continued6.BasedonScenario1,identifytheprimaryethicalissuesSarahfacesandexplainwhichStandardsofProfessionalConductaremostrelevanttothesituation.7.BasedonScenario2,identifythepotentialviolationsoftheCodeandStandardsbyMichael,consideringbothhisactionswithhisfriendandhisworkattheinvestmentbank.8.BasedonScenario3,evaluatetheactionsofDavid,bothintermsofhisdutytohisclientsandhisresponsibilityregardingtheinformationhesharedwithhissister.9.BasedonScenario4,analyzetheethicaldilemmaJessicafaces.WhatarethepotentialconsequencesoffollowingorrefusingMr.Johnson'srequest,andwhatcourseofactionalignsbestwiththeCFAInstitute'sStandardsofProfessionalConduct?10.BasedonScenario5,determinewhichStandardofProfessionalConducthasbeenviolatedbyBen,andexplainwhyfulldisclosureofhisrelationshipwiththecompetitorfirmisimportant.---试卷答案PartA:MultipleChoiceQuestions1.D2.C3.B4.B5.DPartB:ScenarioQuestions6.Sarahfacesseveralethicalissues.Theprimaryissueisherpotentialconflictofinterest,assheismanagingDr.Emily'sfundsandmakingrecommendationsbasedonapersonalrelationshipratherthanobjectiveanalysis.ThisrelatesmostdirectlytoStandardI(C)ConflictofInterest,whichrequiresmemberstodiscloseanyconflictsofinterestthatmightinterfere,orappeartointerfere,withtheirabilitytoactforaclientintheirbestinterest.Additionally,StandardI(A)DutytoClientrequiresmemberstoactfortheirclientsintheirbestinterest,whichmaybecompromisediftherecommendationsarebasedonpersonalloyaltyratherthanobjectivecriteria.ThefactthatsheusedDr.Emily'spersonalfundsalsoraisesconcernsunderStandardI(B)ObjectivityandpotentiallyStandardIII(A)ResponsibilitiestoCandidatesifsheisrepresentingthefirmtothedoctor.7.MichaelhasviolatedseveralStandardsofProfessionalConduct.Sharingthenon-public,proprietaryinformationofthefirmwithhisfriendconstitutesabreachofStandardIV(A)ResponsibilitiestoExternalAudits(asitinvolvesacommunicationoutsidethefirmthatcouldimpairtheintegrityofthefirm'sresearchprocess)andpotentiallyStandardI(C)ConflictofInterestifthefriend'suseoftheinformationcreatedaconflictwiththefirm'sclients.Hisactionsalsoraisequestionsabouthisdutyofloyaltytothefirm,potentiallyviolatingStandardIII(B)ResponsibilitiestoEmployers.Furthermore,ifthemodelwasdevelopedusingfirmresources,itsunauthorizedusebyhisfriendcouldbeseenasaviolationofthefirm'sintellectualpropertyrightsandpotentiallyrelatedtoStandardI(A)DutytoClientifitdisadvantagedthefirm'sclients.8.David'sactionspresentasignificantethicalbreach.Bykeepingtheinformationabouttheinvestigationconfidentialandcontinuingtoholdthepositionwithoutadequatedisclosuretohisclients,heviolatesStandardI(A)DutytoClient,asheisnotactinginthebestinterestofhisclientsbyomittingmaterialinformationthatcouldaffecttheirinvestmentdecisions.HealsoviolatesStandardI(C)ConflictofInterestbypotentiallybenefitingpersonallyfromthe保密natureoftheinformationwhilefailingtodiscloseittoclientswhomaynothavethesameaccess.Sharingthenon-publicinformationwithhissisterandurginghertoinvestconstitutesaviolationofStandardIV(B)ResponsibilitiestoExternalPartiesandStandardI(C)ConflictofInterest,asheisusinghispositionandaccesstonon-publicinformationforpersonalbenefitandpotentiallyviolatinghisdutytoclientswhomaynothavethesameinformation.9.JessicafacesasignificantethicaldilemmabetweenherloyaltytohersupervisorandherdutytoadheretotheCFAInstitute'sStandardsofProfessionalConduct.FollowingMr.Johnson'srequestwouldlikelyviolateStandardI(A)DutytoClient(byprovidingmisleadinginformation)andpotentiallyStandardI(C)ConflictofInterest(ifitcreatesaconflictbetweenherpersonalloyaltytohersupervisorandherdutytoclients).TherequestalsopotentiallyviolatesStandardII(C)Publicityifthereportisusedformisleadingmarketing.RefusingMr.Johnson'srequest,whilepotentiallyjeopardizingherjobsecurity,alignsbestwiththeCFAInstitute'sStandards.StandardI(A)DutytoClientandStandardI(C)ConflictofInterestrequirehertoactinthebestinterestoftheclientsandavoidconflicts,whichincludesrefusingtomisrepresentthefirm'sperformance.Shehastherighttoraiseconcernswithhersupervisororseekguidancefromthefirm'sethicsdepartmentortheCFAInstitute'sEthicsHotlineifnecessary.Thepotentialconsequences