2025年CFA《伦理与专业标准》练习题

2025年CFA《伦理与专业标准》练习题考试时间：______分钟总分：______分姓名：______1.Aportfoliomanagerrecommendsastocktotheirclientbasedonanalysisperformedbythemanager.However,themanagerownsasignificantamountofthestockpersonallyandhasnotdisclosedthisownershiptotheclient.WhichStandardofProfessionalConductismostdirectlyviolated?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(C)-ClientInterest(C)StandardI(E)-DutyofDisclosure(D)StandardIII(A)-ConflictsofInterest2.AnanalystpreparesaresearchreportonCompanyXYZ.Thereportisobjectiveandbasedonthoroughanalysis.However,theanalyst'scloserelativeworksforamajorcompetitorofCompanyXYZ.Theanalystdoesnotdisclosethisrelationshiptotheiremployerorclientswhomightreadthereport.WhichStandardofProfessionalConductrequiresthisdisclosure?(A)StandardI(B)-Honesty(B)StandardII(B)-MaintenanceofRecords(C)StandardIII(B)-Employer-ClientRelationship(D)StandardIII(A)-ConflictsofInterest3.ALevelIcandidateisparticipatingintheCFAcharterprogram.Theyfindajobofferfromacompetitoroftheircurrentemployerthatofferssignificantlyhighercompensation.ThecandidateplanstoresignfromtheircurrentjobimmediatelyafterreceivingtheofferbutbeforetheCFAInstituteLevelIexam.WhichStandardofProfessionalConductaddressesthissituation?(A)StandardI(D)-KnowledgeoftheInvestmentProcess(B)StandardII(A)-UnauthorizedPractice(C)StandardIII(B)-Employer-ClientRelationship(D)StandardV(B)-ProhibitedActs(Revised)4.Aninvestmentmanagerisconsideringincludingasmall,non-publiccompanyinaportfoliorecommendation.Themanagerhasnon-publicinformationindicatingthecompany'sfinancialsituationismuchworsethanpubliclyavailableinformationsuggests.Themanagerbelievestheycanprofitfromthisinformationbutdecidestowaitafewdaysbeforeacting,asthecurrentmarketconditionsareunfavorable.ThissituationprimarilyrelatestowhichStandardofProfessionalConduct?(A)StandardI(C)-ClientInterest(B)StandardII(D)-Communication(C)StandardIV(B)-MarketManipulation(D)StandardIV(C)-InsiderTrading5.Afinancialadvisorrecommendstwodifferentmutualfundstoaclient.FundAhasahigherfeeandperformsslightlybetterthanFundB,whichhasalowerfeeandsimilarperformance.Theadvisorknowstheclienthasalowrisktoleranceandisspecificallylookingforlow-costoptions.TheadvisorprimarilyrecommendsFundAbasedontheadvisor'sownperformancemetrics,whichfavorFundA.WhichStandardofProfessionalConducthasbeenpotentiallyviolated?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(C)-ClientInterest(C)StandardI(E)-DutyofDisclosure(D)StandardVI(C)-Recommendations/Transactions6.Aportfoliomanagerusesasophisticatedquantitativemodeltogeneratetradingsignals.Themodelhashistoricallybeenaccuratebuthasrecentlystartedproducingfrequentincorrectsignals.Themanagercontinuestousethemodelandrecommendstradesbasedonitssignalstoclients,despitethedecliningperformance.WhichStandardofProfessionalConductrequiresthemanagertobeconcernedabouttheaccuracyandreliabilityoftheirtools?(A)StandardI(B)-Honesty(B)StandardI(D)-KnowledgeoftheInvestmentProcess(C)StandardII(B)-MaintenanceofRecords(D)StandardV(A)-ProhibitedActs7.AresearchanalystatafirmpreparesareportonCompanyQ.Thefirmhasalong-standingagreementwithCompanyQfordistributionofresearchreportstoitsclients.Duringthepreparationphase,theanalyst'sspousestartsworkingatCompanyQinanon-investmentrelatedrole.Theanalystdisclosesthisrelationshiptotheirsupervisorbutdoesnotinformclientsorrestricttheiruseofthereport.WhichStandardofProfessionalConductrequiresthisdisclosuretoclients?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(E)-DutyofDisclosure(C)StandardIII(A)-ConflictsofInterest(D)StandardVII(A)-Distributions8.AninvestmentbankinganalystworkingforFirmXisaskedbyaseniormanagertoincludeamisleadingpositivestatementaboutaCompanyZstockanalysisreportinapresentationtopotentialinvestors.Theanalystknowsthestatementisinaccuratebutfeelspressuredtoincludeittomeetthemanager'sexpectationsandsecureabonus.Theanalystincludesthestatementwithoutexplicitlynotingitasanopinion.WhichStandardofProfessionalConducthasbeenviolated?(A)StandardI(B)-Honesty(B)StandardII(C)-Communication(C)StandardIII(A)-ConflictsofInterest(D)StandardVIII(A)-MaintenanceofRecords9.ACFAcharterholderisattendingaconferenceandlearnsaboutanewinvestmentstrategyfromaspeaker.Thecharterholderimmediatelyimplementsthestrategyintheirownportfoliowithoutfurtherresearchorduediligence.WhichStandardofProfessionalConductrequiresthecharterholdertoapplydiligence?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(D)-KnowledgeoftheInvestmentProcess(C)StandardV(A)-ProhibitedActs(D)StandardVI(B)-KnowledgeoftheInvestmentProcess10.Anequityresearchassociatediscoversthattheirsupervisorhasbeenimproperlytippingoffafriendaboutupcomingstockrecommendations,allowingthefriendtoprofitbeforethegeneralclientbaseisinformed.Theassociateisconcernedabouttheethicalimplications.WhichStandardofProfessionalConductprimarilyaddressesthisconduct?(A)StandardI(C)-ClientInterest(B)StandardIII(A)-ConflictsofInterest(C)StandardIII(B)-Employer-ClientRelationship(D)StandardV(A)-ProhibitedActs11.Aportfoliomanagerreceivesasignificantbonusbasedontheperformanceoftheportfolio.Themanagerusesaportionofthisbonustomakealargepersonaldonationtoapoliticalcampaignthatcouldpotentiallyinfluencethemanager'sinvestmentdecisionsinthefutureregardingcompaniesinvolvedinthepoliticalcampaign.WhichStandardofProfessionalConductaddressesthepotentialconflictarisingfromthissituation?(A)StandardI(C)-ClientInterest(B)StandardIII(A)-ConflictsofInterest(C)StandardIII(B)-Employer-ClientRelationship(D)StandardIX(A)-ProfessionalConduct12.Afinancialplannerispreparingafinancialplanforaclient.Theplannerrecommendsseveralinvestmentproducts,someofwhichgeneratehighercommissionsfortheplannerthanothers.Theplannerpresentsallsuitableoptionstotheclientbutspendssignificantlymoretimeexplainingandpromotingthehigh-commissionproducts.WhichStandardofProfessionalConductismostrelevanttothissituation?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(C)-ClientInterest(C)StandardI(E)-DutyofDisclosure(D)StandardVI(C)-Recommendations/Transactions13.Aninvestmentanalystlearnsthatapubliclytradedcompanyisexpectedtoannouncesignificantlyworse-than-expectedearningsresultstomorrow.Theanalyst'sfirmhasnotpublishedanyresearchonthecompany.Theanalystdiscussesthisnon-publicinformationwithaclosefriendwhoisnotaffiliatedwiththefirmortheinvestmentindustry.Thenextday,thefriendusesthisinformationtomakesubstantialinvestmentsinthecompanystockbeforethemarketopens.Theanalyst'sconductprimarilyviolateswhichStandardofProfessionalConduct?(A)StandardI(B)-Honesty(B)StandardII(B)-MaintenanceofRecords(C)StandardIII(A)-ConflictsofInterest(D)StandardIV(C)-InsiderTrading14.Aportfoliomanagermustdiscloseamaterialfacttoaclientregardinganinvestment.Themanagerdecidestosendabriefemailsummarizingthefactwithoutprovidinganydetailedanalysisorcontext.Themanagerbelievestheemailissufficientbecausethefactitselfisstraightforward.WhichStandardofProfessionalConductrequiresthemanagertoprovidesufficientdetail?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(C)-ClientInterest(C)StandardI(E)-DutyofDisclosure(D)StandardVI(A)-ClientInterest15.ACFAcharterholderpostsacriticalcommentaboutacompetitorfirmanditsinvestmentstrategiesonapublicsocialmediaplatformduringworkinghours.Thecommentisbasedonpubliclyavailableinformationbutisperceivedasoverlyaggressiveandpotentiallydamagingtothecompetitor'sreputation.WhichStandardofProfessionalConductaddressesthisconduct?(A)StandardI(B)-Honesty(B)StandardII(C)-Communication(C)StandardIII(B)-Employer-ClientRelationship(D)StandardIX(A)-ProfessionalConduct16.Afundmanagerisconsideringshort-sellingacompany'sstock.Themanagerhasnon-publicinformationsuggestingthecompany'sstockpricewillsignificantlydeclineduetoanupcomingmajorlawsuit.Themanagerdecidestowaituntilafterthelawsuitdetailsarepubliclyreleasedtoexecutetheshortsale,fearinglegalrepercussionsfrominsidertradingcharges.ThiswaitingperiodprimarilyaddressesconcernsrelatedtowhichStandardofProfessionalConduct?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardIII(A)-ConflictsofInterest(C)StandardIV(C)-InsiderTrading(D)StandardIV(B)-MarketManipulation17.Aninvestmentadvisorisrequiredtoprovideaprospectustoclientsbeforetheyinvest.Theadvisorprovidestheprospectusbutfailstohighlightasectiondetailingsignificantrisksassociatedwiththeinvestmentstrategy.Theclientlaterincurssubstantiallossesandsuestheadvisor,claimingtheywerenotadequatelyinformedoftherisks.WhichStandardofProfessionalConducthasbeenviolated?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(C)-ClientInterest(C)StandardI(E)-DutyofDisclosure(D)StandardVII(A)-Distributions18.Afinancialinstitutionrequiresitsinvestmentadvisorstomaintaindetailedrecordsofallclientinteractions,includingrecommendationsmadeandfeescharged.Anadvisorfailstomaintaintheserecordsaccuratelyandcompletelyforseveralmonths.WhatStandardofProfessionalConductaddressesthisrequirement?(A)StandardI(B)-Honesty(B)StandardII(B)-MaintenanceofRecords(C)StandardIII(A)-ConflictsofInterest(D)StandardV(B)-ProhibitedActs19.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthatasignificantportionoftheportfolioisheldinasecuritythatisnowseverelyovervaluedduetomarketmanipulationbythesecurity'sissuer.Themanagerisawarethatholdingthissecurityposesarisktotheclientbutisreluctanttosellitbecausethemanager'sperformancebonusisheavilyweightedontheportfolio'soverallreturn,whichwouldbenegativelyimpactedbythesale.WhichStandardofProfessionalConductisprimarilyatriskinthisscenario?(A)StandardI(C)-ClientInterest(B)StandardIII(A)-ConflictsofInterest(C)StandardIII(B)-Employer-ClientRelationship(D)StandardIV(B)-MarketManipulation20.ALevelIcandidateispreparingfortheexam.Theyfindapracticequestionthattheybelieveisflawedorcontainsincorrectinformation.ThecandidatepostsalengthymessageonaCFAcandidateforumquestioningthequestion'svalidityandcriticizingtheprovider.WhichStandardofProfessionalConductaddressesthisbehavior?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(B)-Honesty(C)StandardII(A)-UnauthorizedPractice(D)StandardIX(A)-ProfessionalConduct21.AnanalystatafirmpreparesaresearchreportonCompanyW.Thereportisgenerallypositivebutcontainsasmallerrorinoneofthefinancialcalculations.Theerrorisunlikelytosignificantlyimpacttheoverallinvestmentrecommendation.Theanalyst'ssupervisor,underpressuretomeetpublicationdeadlines,askstheanalysttoomitthediscussionoftheerror.Theanalystagrees.WhichStandardofProfessionalConducthasbeenpotentiallyviolated?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(B)-Honesty(C)StandardI(E)-DutyofDisclosure(D)StandardII(C)-Communication22.Aportfoliomanagerrecommendsacomplexstructuredproducttoaclient.Theproductinvolvesmultiplelayersofriskthatarenotimmediatelyapparent.Themanagerspendsmostofthemeetingdiscussingtheproduct'spotentialreturnsbutbrieflymentionstherisksneartheend.Theclientasksformoredetailsabouttherisksbutthemanagerclaimstheproductis"highlyregulated"andthereforelow-risk.WhichStandardofProfessionalConducthasbeenviolated?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(C)-ClientInterest(C)StandardI(E)-DutyofDisclosure(D)StandardVI(C)-Recommendations/Transactions23.ACFAcharterholderusestheirCFAdesignationinabusinesscard,ontheirLinkedInprofile,andinmarketingmaterialsfortheirindependentinvestmentadvisorybusiness.However,theyhavenotfulfilledthecontinuingeducationrequirementstomaintaintheircharterstatus.WhichStandardofProfessionalConductaddressesthisrequirement?(A)StandardI(D)-KnowledgeoftheInvestmentProcess(B)StandardII(D)-Communication(C)StandardIV(A)-MaintenanceofRecords(D)StandardV(B)-ProhibitedActs24.Aninvestmentmanagerdiscoversthatajunioranalysttheysupervisehasbeenimproperlyusingclientnon-publicinformationtomaketradesforpersonalaccounts.Themanagerknowstheanalystdidnotintendtoharmtheclientsbutfeelstheonlywaytostopthebehavioristoterminatetheanalystimmediately.Themanagerterminatestheanalystwithoutgivingthemachancetoexplainorcorrecttheirbehavior.WhichStandardofProfessionalConductprimarilyaddressesthemanager'sactionregardingtheanalyst?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardIII(B)-Employer-ClientRelationship(C)StandardIII(A)-ConflictsofInterest(D)StandardV(B)-ProhibitedActs25.Afinancialadvisoriscompensatedthroughafee-basedstructure,receivingapercentageoftheassetsundermanagement.Theadvisoralsoearnsadditionalincomefromsellingcertaininvestmentproductsthatgeneratehighercommissions.Theadvisorrecommendsaproductthatalignswiththeclient'sgoalsbutalsoyieldsahighercommissionfortheadvisorcomparedtoothersuitablealternatives.WhichStandardofProfessionalConductrequirestheadvisortoprioritizetheclient'sinterests?(A)StandardI(A)-DiligenceandProfessionalism(B)StandardI(C)-ClientInterest(C)StandardI(E)-DutyofDisclosure(D)StandardVI(C)-Recommendations/Transactions试卷答案1.D解析思路：题干中描述的情景是，投资组合经理在向客户推荐股票时，自身持有大量该股票但未披露。这直接构成了一个利益冲突，因为经理的个人财务利益（持有股票）可能影响其对客户的建议（推荐该股票），并且未向客户披露这一重要信息。根据《道德准则》第三部分（A）-利益冲突，会员有责任识别、评估、管理和披露所有潜在或实际的利益冲突，并采取适当的缓解措施。因此，违反的是标准III(A)-利益冲突。2.D解析思路：题干中描述的情景是，分析师的近亲在竞争对手公司工作，但分析师在准备研究报告期间未披露这一关系，且该报告将分发给可能包括客户在内的其他人。根据《道德准则》第三部分（A）-利益冲突，会员有责任披露所有可能影响其独立性和客观性判断的关系，特别是当这些关系可能被报告使用者或雇主认为存在时。虽然亲属关系本身不一定是利益冲突，但未披露这种关系可能导致对其报告客观性的合理质疑。因此，需要披露的是标准III(A)-利益冲突。3.C解析思路：题干中描述的情景是，一个CFA一级候选人（LevelIcandidate）在参加CFA特许资格认证考试前找到了一份薪酬更高的工作，计划辞职。根据《道德准则》第三部分（B）-雇主关系，会员应谨慎行事，避免在离职过程中损害其当前雇主的利益或声誉。在考试前辞职可能会被视为对雇主的不忠，尤其是在候选人尚未完成考试并可能利用从雇主处获得的信息的情况下。因此，此情景主要与标准III(B)-雇主关系相关。4.D解析思路：题干中描述的情景是，投资经理拥有关于某非上市公司财务状况的非公开信息，并计划利用该信息进行交易。虽然等待几天执行交易看似规避了立即交易的风险，但核心问题是经理拥有并打算使用未公开的重大非公开信息。根据《道德准则》第四部分（C）-内幕交易，会员在使用或披露任何非公开的重大信息进行投资活动（包括交易）之前，必须等待该信息成为公开信息。因此，此情景主要违反的是标准IV(C)-内幕交易。5.B解析思路：题干中描述的情景是，投资顾问向客户推荐了两种基金，FundA（高费率、略好表现）和FundB（低费率、类似表现）。顾问知道客户偏好低费率，但基于顾问自身的绩效指标（可能更看重FundA的表现或顾问从中获得的奖励）而主要推荐了FundA。这表明顾问的推荐行为并未完全优先考虑客户的最佳利益。根据《道德准则》第一部分（C）-客户至上，会员必须将客户的利益置于个人或雇主的利益之上。因此，违反的是标准I(C)-客户至上。6.B解析思路：题干中描述的情景是，投资组合经理使用一个历史表现良好但近期表现下降的量化模型来生成交易信号，并据此向客户推荐交易。根据《道德准则》第一部分（D）-知识的应用，会员有责任持续更新其知识、技能和能力，并将这些知识应用于实践。这意味着经理有责任评估其工具（模型）的有效性和可靠性，并在其表现下降时采取适当行动（如改进、更换或披露风险）。因此，违反的是标准I(D)-知识的应用。7.C解析思路：题干中描述的情景是，研究分析师的配偶在竞争对手公司工作，分析师在准备报告期间披露了此关系给其主管，但在向客户分发报告时并未披露。根据《道德准则》第三部分（A）-利益冲突，分析师有责任披露所有可能影响其报告客观性和独立性的关系。即使报告是基于公开信息，且公司有与竞争对手的合作协议，但分析师的近亲关系仍构成潜在的利益冲突，需要向预期使用者（客户）披露。因此，需要披露的是标准III(A)-利益冲突。8.A解析思路：题干中描述的情景是，投资银行分析师在压力下包含了一个误导性的正面陈述在关于公司股票的报告中的演示文稿中，并且没有明确说明这是观点。根据《道德准则》第一部分（B）-诚实，会员必须诚实、守信。提供不真实或误导性的信息直接违反了诚实的原则。虽然也可能涉及沟通（标准II(C)）或利益冲突（如果经理要求），但最直接、最核心的违反是标准I(B)-诚实。9.A解析思路：题干中描述的情景是，CFA持证人（charterholder）在未进行进一步研究或尽职调查的情况下，仅凭在会议上听到的策略就立即应用于自己的投资组合。根据《道德准则》第一部分（A）-勤勉与尽责，会员必须勤勉工作，并以专业的胜任能力和谨慎行事。这意味着在做出投资决策时需要进行合理的尽职调查和分析，而不是轻信未经证实的信息。因此，违反的是标准I(A)-勤勉与尽责。10.D解析思路：题干中描述的情景是，一个分析师的上级（supervisor）向朋友泄露非公开的股票推荐信息，使朋友获利。这种行为利用了其职位获取的非公开信息来为第三方谋取利益，可能损害客户的利益，并破坏了信息传递的公平性。根据《道德准则》第三部分（A）-利益冲突，以及与内幕交易和不当行为相关的原则，这种行为（泄露内幕信息给无关第三方）是严重违反职业道德的，主要违反的是标准III(A)-利益冲突所涵盖的不当行为范畴。11.B解析思路：题干中描述的情景是，基金经理利用高额奖金进行政治捐款，该捐款可能影响未来的投资决策。这构成了一个潜在的利益冲突，即未来的政治联系可能影响当前的或未来的投资行为，从而影响客户的利益。根据《道德准则》第三部分（A）-利益冲突，会员必须识别、评估、管理和披露所有潜在或实际的利益冲突。在这种情况下，政治捐款可能与客户的最佳利益相冲突，需要被识别和管理。因此，违反的是标准III(A)-利益冲突。12.B解析思路：题干中描述的情景是，财务顾问在推荐产品时，虽然提供了所有选项，但明显倾向于那些佣金更高的产品，并花费更多时间推销它们。这表明顾问的推荐行为受到了佣金收入的潜在影响，而非完全以客户利益为出发点。根据《道德准则》第一部分（C）-客户至上，会员必须将客户的利益置于个人或雇主的利益之上。当佣金收入可能影响客观推荐时，就需要披露相关利益冲突。因此，最相关的违反是标准I(C)-客户至上。13.D解析思路：题干中描述的情景是，投资分析师向一个非关联的、非投资行业的朋友泄露了非公开的重大信息，该朋友随后利用此信息进行投资获利。根据《道德准则》第四部分（C）-内幕交易，会员严禁使用或向他人披露任何非公开的重大信息进行投资活动。向非关联人士泄露非公开的重大信息，使其能够利用该信息获利，是典型的内幕交易行为。因此，违反的是标准IV(C)-内幕交易。14.C解析思路：题干中描述的情景是，投资经理在向客户披露一个重大事实时，仅发送了一封简短邮件，未提供详细分析或背景，认为事实本身简单。根据《道德准则》第一部分（E）-保留记录（与披露相关），会员在披露重大事实时，必须提供充分、清晰的解释，确保客户能够理解其性质和重要性。仅仅发送一个简短、可能不足以充分说明情况的邮件，可能无法满足“充分披露”的要求。因此，违反的是标准I(E)-保留记录（在此指代充分披露）。15.D解析思路：题干中描述的情景是，CFA持证人（charterholder）在工作时间在公共社交媒体上发布对竞争对手的批评性评论，该评论被认为过于激进并可能损害对手声誉。根据《道德准则》第九部分（A）-职业行为，会员在公共场合（包括社交媒体）应表现出专业的行为，避免任何可能损害CFA协会声誉或会员职业声誉的行为。在社交媒体上对竞争对手进行不恰当的、可能具有攻击性的评论，可能被视为不专业的行为。因此，违反的是标准IX(A)-职业行为。16.C解析思路：题干中描述的情景是，基金经理计