2025年CFA考试《道德与专业标准》复习

2025年CFA考试《道德与专业标准》复习考试时间：______分钟总分：______分姓名：______考试开始1.Aninvestmentmanagerisevaluatingapotentialbusinessrelationshipthatcouldleadtoasignificantincreaseinrevenuebutalsocreatesapotentialindirectconflictofinterest.Themanagerknowsthatanotherclientoftheirsholdsasmallpositioninthecompanytheinvestmentmanagerisconsideringpartneringwith.Themanagerhasnotdisclosedthisrelationshiptotheclientholdingtheposition.Whichofthefollowingactionsismostappropriatefortheinvestmentmanagertotake?a.Proceedwiththebusinessrelationshipanddisclosetheexistenceoftheotherclient'spositiontotherelevantpartiesonlyifasked.b.Proceedwiththebusinessrelationshipbutformallydisclosethepotentialindirectconflictofinteresttotheclientholdingthepositionandobtaintheirconsent.c.Declinethebusinessrelationshiptoavoidanypotentialconflictofinterest,includingtheindirectonecreatedbytheotherclient'sposition.d.Deferthedecisiononthebusinessrelationshipuntilaftertheyear-endperformancereviewtoassesstheimpactontheclientholdingtheposition.2.Aportfoliomanagerrecommendsastocktoaclientafterperformingextensivefundamentalanalysis.Thestockperformspoorlyshortlyaftertherecommendation.Theportfoliomanagerisconcernedabouttheclient'sreactionandconsidersbuyingadditionalsharesofthestocktosupportitsprice.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostlikelyconsideredaviolationoftheCFAInstituteCodeandStandards?a.Informingtheportfoliomanager'sbrokertoplaceabuyorderforthestocktosupportitsprice,withoutanypromiseoffuturecompensation.b.Explainingtotheclientthatthemarketconditionsareunusuallyvolatileandthattheportfoliomanageristakingstepstomonitorthestockclosely.c.Advisingtheclienttoholdthepositionlonger-term,emphasizingthemanager'sconfidenceinthecompany'slong-termprospectsdespitetheshort-termdecline.d.Discussingthepotentiallegalimplicationsofshort-sellingthestockwiththebrokertoevaluateifitisaviablestrategytosupporttheprice.3.Ananalystispreparingaresearchreportonacompany.Thecompanyhasrecentlymadeasignificantdonationtoacharitywheretheanalyst'ssiblingworkspart-time.Theanalystincludestheinformationaboutthedonationinthereportbutdoesnotdisclosethepersonalconnection.Thecompanylaterannouncesstrongquarterlyearnings,andthestockpriceincreasessignificantly.Whichofthefollowingactions,iftakenbytheanalyst,wouldbemostlikelyconsideredaviolationoftheCFAInstituteStandardsofPractice?a.Sendinganemailtothesiblingcongratulatingthemontheircompany'ssuccessbutnotmentioningtheresearchreport.b.Updatingtheresearchreporttoincludemorepositiveinformationaboutthecompany'smanagementteam.c.Failingtodisclosethepersonalconnectiontothecharityinthereport's"AbouttheAuthor"section.d.Sharingtheresearchreportwithafewclosecolleaguesfortheirreviewbeforepublication.4.ACFAcharterholderisattendingaconferencewhereapotentialemployerispresent.Duringtheconference,thecharterholderengagesinadetaileddiscussionabouttheircurrentfirm'sinvestmentstrategiesandperformancewithanrepresentativefromthepotentialemployer.Thecharterholderdoesnotrepresentthepotentialemployerandisnotseekingemploymentatthetime.Whichofthefollowingactions,iftakenbythecharterholder,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?a.Signinganon-disclosureagreementwiththepotentialemployerbeforediscussingthecurrentfirm'sstrategies.b.ClearlyidentifyingthemselvesasaCFAcharterholderanddisclosingthattheyarenotcurrentlyseekingemploymentbutareopentofutureopportunities.c.Focusingthediscussionsolelyonpubliclyavailableinformationaboutthecurrentfirm'sstrategiestoavoidanypotentialconflictofinterest.d.Askingthepotentialemployerrepresentativetoprovideinformationabouttheirfirm'sstrategiesinexchangeforsharingthecurrentfirm'sstrategies.5.Aninvestmentadvisorispreparingamarketingbrochureforanewinvestmentstrategy.Thebrochureincludestestimonialsfromseveralhigh-profileclientswhohaveachievedsignificantreturnsusingthestrategy.Theadvisorknowsthatoneoftheclientshasachievedaveryhighreturn,butisunawarethatthisclient'sreturnissignificantlyhigherthanthetypicalperformanceofthestrategyduetoaluckyinvestmentinasinglestock.Theadvisordoesnotdisclosethattheclient'sreturnisnotrepresentativeofthestrategy'stypicalperformance.Whichofthefollowingstatements,ifincludedinthebrochure,wouldbemostlikelyconsideredmisleadingandaviolationoftheCFAInstituteStandardsofPractice?a."Ourstrategyhasgeneratedoutstandingreturnsformanyofourclients,includingoneclientwhoachieveda50%returninthefirstyear."b."Whileindividualresultsmayvary,ourstrategyhasconsistentlydeliveredstrongreturnstoourclients,asevidencedbytestimonialsfromsuccessfulinvestors."c."Testimonialsfromourclientsindicatethatourstrategyiseffective,withsomeclientsachievingsignificantresults,includinga50%returnreportedbyoneclient."d."Ourstrategyisdesignedtogeneratesubstantialreturns,andourclientshavereportedresultsrangingfrom10%to50%dependingonmarketconditions."6.Aportfoliomanagerisofferedasecondjobbyaformeremployer.Thenewjobinvolvesprovidinginvestmentadvicetoemployeesoftheformeremployer,buttheportfoliomanagerwillnotbecompensateddirectlyforthisadvice.However,theportfoliomanagerwillreceivecomplimentarystockoptionsoftheformeremployer.Theportfoliomanagerisnotaregisteredinvestmentadvisorandhasnoplanstoregister.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostappropriateandconsistentwiththeCFAInstituteCodeandStandards?a.Acceptingthejobofferandprovidinginvestmentadvice,asthereisnodirectcompensationandtheportfoliomanagerisnotregisteringasaninvestmentadvisor.b.Acceptingthejobofferbutdecliningtoprovideanyinvestmentadviceandonlyreceivingthecomplimentarystockoptions.c.Decliningthejoboffertoavoidanypotentialconflictsofinterest,giventhecloserelationshipwiththeformeremployer.d.Acceptingthejobofferbutdisclosingthearrangementtotheportfoliomanager'scurrentclientsandobtainingtheirconsent.7.Afinancialplannerispreparingafinancialplanforaclient.Theplannerrecommendsaseriesoftransactions,includingbuyingsharesofamutualfundandsellingbonds.Theplanneralsorecommendsthattheclientuseaspecificbrokeragefirmtoexecutethesetransactions.Theplannerreceivesacommissionfromthebrokeragefirmforeachtradeexecutedthroughtheirplatform.Whichofthefollowingstatements,ifmadebytheplannertotheclient,wouldbemostappropriateandtransparentregardingtheplanner'srelationshipwiththebrokeragefirm?a."Irecommendthisbrokeragefirmbecausetheyofferthebestrates,andIwillreceiveasmallcommissionforeachtradeyoumake,whichwillhelpmecovermyexpenses."b."Ihaveanagreementwiththisbrokeragefirmthatprovidesmewithacommissionforfacilitatingtrades,butthiswillnotinfluencemyrecommendations,whicharealwaysinyourbestinterest."c."Iamnotcompensatedbythebrokeragefirmforrecommendingtheirservices.Myfeeforpreparingthisfinancialplanisseparateandbasedonthecomplexityoftheplan."d."WhileIdoreceiveacommissionfromthebrokeragefirm,Iamobligatedtoplaceyourinterestsaboveallelse,andmyrecommendationsareindependentofanycompensationIreceive."8.Twoportfoliomanagersarediscussingtheirinvestmentapproaches.Onemanagerusesfundamentalanalysistoselectstocks,whiletheotherusesquantitativemodels.Bothmanagersbelievetheirapproachissuperior.Duringthediscussion,thefirstmanagermakesderogatorycommentsaboutthequantitativemodelsusedbythesecondmanager,questioningtheirvalidityandthecompetenceofthesecondmanager.Whichofthefollowingactions,iftakenbythefirstmanager,wouldbemostconsistentwiththeCFAInstituteStandardsofPractice?a.Concludingthediscussionandavoidinganyfurtherinteractionwiththesecondmanagertomaintainprofessionaldecorum.b.Continuingthediscussionbutfocusingonthemeritsoftheirowninvestmentapproachandavoidinganypersonalattacks.c.Expressingtheirdisagreementrespectfullybypointingoutspecificflawsinthesecondmanager'smodelandprovidingevidencetosupporttheirargument.d.Sharingthesecondmanager'scontactinformationwiththeirownnetworktoencouragethemtoadoptthefirstmanager'sinvestmentapproach.9.Anassociateinaresearchdepartmentisanalyzingacompany'sfinancialstatements.Thecompanyisinfinancialdistressandhasrecentlymissedseveraldebtpayments.Theassociatepreparesaresearchreporthighlightingthecompany'sstrengthsanddownplayingtheseverityofitsfinancialproblems.Theassociateknowsthatthecompany'smanagementhasprovidedthemwithnon-publicinformationthatispositivebutmisleadingaboutthecompany'sfutureprospects.Theassociate'sbosshasbeenpressuringthemtoissueapositivereporttomeetapublicationdeadline.Whichofthefollowingactions,iftakenbytheassociate,wouldbemostappropriateandconsistentwiththeCFAInstituteStandardsofPractice?a.Issuingapositivereportasrequestedbytheboss,asmeetingthepublicationdeadlineisimportantforthedepartment'sreputation.b.Issuingareportthatisbalancedandincludesboththepositiveaspectsandthesignificantrisksassociatedwiththecompany.c.Refusingtoissueareportuntiltheycanconductathoroughanalysisandprovideanobjectiveassessmentofthecompany'ssituation.d.Concludingthereportquicklyandincludingonlythepositiveinformationprovidedbythecompany'smanagementtosatisfytheboss'srequest.10.ACFAcharterholderisconsideringacceptingajobofferfromanewemployer.Thenewemployeroffersasignificantlyhighersalarythanthecharterholder'scurrentemployer,butthecharterholderisawarethatthenewemployerhasareputationforademandingworkcultureandahighemployeeturnoverrate.Thecharterholderisconcernedaboutthepotentialimpactontheirpersonallifeandlong-termcareerprospects.Whichofthefollowingactions,iftakenbythecharterholder,wouldbemostconsistentwiththeCFAInstituteStandardofProfessionalism?a.Acceptingthejobofferimmediately,asthehighersalaryisthemostimportantfactorintheircareerdecision.b.Decliningthejoboffertoavoidanypotentialdissatisfactionwiththeworkcultureandemployeeturnoverrate.c.Negotiatingthetermsofthejobofferwiththenewemployertoaddresstheirconcernsabouttheworkcultureandensureabetterwork-lifebalance.d.Acceptingthejobofferbutinformingtheircurrentemployerthattheyareleavingduetothedesireforahighersalary,withoutmentioningtheconcernsabouttheworkculture.11.Aportfoliomanagerismanagingaportfolioofstocksonbehalfofaclient.Theportfolioincludesasignificantpositioninacompanythatisalsoaclientoftheportfoliomanager'sfirm.Theportfoliomanagerisresponsibleformaintainingandmanagingthisclientrelationship.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostlikelyconsideredaviolationoftheCFAInstituteCodeandStandards?a.Ensuringthatalltradingdecisionsrelatedtothecompanyaremadeinthebestinterestoftheportfolioclientandareindependentoftheclientrelationship.b.Disclosingtheexistenceofthesignificantstockpositiontotheotherclientandexplainingthatitispartoftheportfoliomanagementstrategy.c.Avoidinganydirectcommunicationwiththeotherclientregardingthestockpositiontopreventanypotentialconflictofinterest.d.Periodicallyreviewingthestockpositionwiththeotherclienttoensurethatitremainsappropriatefortheirinvestmentobjectives.12.Ananalystispreparingaresearchreportonacompany'sstock.Thecompanyisconsideringatakeoverbidfromacompetitor.Theanalysthasbeenmeetingwiththecompany'smanagementteaminrecentweekstogatherinformationaboutthetakeoverproposal.Theanalyst'sbossrequeststhatthereportbemadepublicassoonaspossibletoinfluencetheoutcomeofthetakeoverbid.Theanalystisconcernedthattheydonothaveenoughtimetocompleteathoroughanalysisandprepareacomprehensivereport.Whichofthefollowingactions,iftakenbytheanalyst,wouldbemostappropriateandconsistentwiththeCFAInstituteStandardsofPractice?a.Expeditingthepreparationofthereportbyfocusingonthepositiveaspectsofthetakeoverbidandomittinganynegativeinformation.b.Informingtheirbossthattheyneedmoretimetocompleteathoroughanalysisandcannotmeettherequesteddeadline.c.Requestingassistancefromotheranalystsinthedepartmenttocompletethereportquickly.d.Publishingalimitedversionofthereportthatincludesonlythecompany'sperspectiveonthetakeoverbid.13.ACFAcharterholderisattendingaconferencewheretheymeetapotentialemployer.Thecharterholderiscurrentlyemployedandisnotactivelyseekinganewjob.Duringaconversation,thepotentialemployerasksthecharterholderabouttheircurrentemployer'sinvestmentstrategiesandperformance.Thecharterholderknowsthatthisinformationisconfidentialandshouldnotbedisclosed.Whichofthefollowingactions,iftakenbythecharterholder,wouldbemostappropriateandconsistentwiththeCFAInstituteCodeandStandards?a.Disclosingtheconfidentialinformationtothepotentialemployer,astheconversationwasinformalandnonon-disclosureagreementwassigned.b.Refusingtoansweranyquestionsabouttheircurrentemployer'sstrategiesandendingtheconversationtoavoidanypotentialconflictofinterest.c.Answeringthequestionsinageneralmanner,focusingonindustrytrendsandavoidinganyspecificinformationabouttheircurrentemployer.d.Explainingtothepotentialemployerthattheinformationisconfidentialanddecliningtoprovideanydetailsabouttheircurrentemployer'sstrategies.14.Aportfoliomanagerispreparingtorecommendanewinvestmentproducttoaclient.Theproductisacomplexstructurednotethatinvolvesderivativesandhasanon-standarddistributionmethod.Theportfoliomanagerhaslimitedexperiencewiththistypeofproductandisconcernedaboutthepotentialrisks.Theportfoliomanagerdecidestorecommendtheproducttotheclientanyway,butdoesnotprovideacomprehensiveexplanationoftherisksinvolved.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostlikelyconsideredaviolationoftheCFAInstituteStandardsofPractice?a.Providingtheclientwithadetailedprospectusandriskdisclosuredocumentfortheinvestmentproduct.b.Explainingthecomplexfeaturesoftheproductinsimpletermsandhighlightingthepotentialreturns,whiledownplayingtherisks.c.Recommendingtheproducttotheclientbutdisclosingthattheportfoliomanagerhaslimitedexperiencewiththistypeofproductandisrelyingontheproductprovider'sinformation.d.Discussingthepotentialrisksoftheproductwiththeclientinageneralmanner,withoutprovidingspecificdetailsaboutthederivativesinvolved.15.Aninvestmentadvisorispreparingareportforaregulatoryauthority.Thereportincludesinformationabouttheadvisor'sbusinesspractices,clientinteractions,andcompliancewiththeCFAInstituteCodeandStandards.Theadvisorknowsthatthereportwillbeusedtoassesstheirfitnessandpropernessasaninvestmentadvisor.Whichofthefollowingactions,iftakenbytheadvisor,wouldbemostappropriateandconsistentwiththeCFAInstituteStandardsofPractice?a.Fillingoutthereporttruthfullybutomittinganyinformationthatmightbeperceivednegativelybytheregulatoryauthority.b.Submittingadetailedreportthatincludesallrelevantinformation,includinganypastviolationsorincidentsthathavebeenresolved.c.Submittingabriefreportthatfocusesonlyontheadvisor'spositiveachievementsandomitsanynegativeinformationorchallenges.d.Requestingthattheregulatoryauthoritydelaythereviewofthereportuntiltheadvisorhashadtimetoprepareamorefavorableversion.16.Afinancialplannerisprovidinginvestmentadvicetoaclient.Theplannerrecommendsaseriesofinvestments,includingstocks,bonds,andmutualfunds.Theplanneralsorecommendsthattheclientuseaspecificinsuranceproducttoprotecttheirassets.Theplannerreceivesacommissionfromtheinsurancecompanyforeachpolicysold.Whichofthefollowingstatements,ifmadebytheplannertotheclient,wouldbemostappropriateandtransparentregardingtheplanner'srelationshipswiththeinsurancecompanyandotherfinancialinstitutions?a."Irecommendthisinsuranceproductbecauseitisthebestoptionavailable,andIwillreceiveacommissionforsellingittoyou."b."Iamnotcompensatedbytheinsurancecompanyforrecommendingtheirproducts.Myfeeforprovidingthisadviceisseparateandbasedonthecomplexityofthefinancialplan."c."Ireceivecommissionsfromtheinsurancecompanyandotherfinancialinstitutionsforrecommendingtheirproducts.Thishelpsmecoverthecostsofprovidingfinancialplanningservices."d."Irecommendthisinsuranceproductbecauseitfitsyouroverallfinancialgoals.Ialsoreceiveacommissionforrecommendingit,butmyprimaryfocusisalwaysonyourbestinterests."17.Ananalystispreparingaresearchreportonacompany'sstock.Thecompanyisinahighlycompetitiveindustryandhasbeenexperiencingdecliningsales.Theanalystknowsthatthecompany'smanagementisconsideringlaunchinganewmarketingcampaigntoboostsales.Theanalysthasbeenmeetingwiththecompany'smanagementteaminrecentweeksandhasbeenprovidedwithpositiveinformationaboutthecampaign'spotentialeffectiveness.Theanalystpreparesaresearchreportthatishighlypositiveaboutthecompany'sfutureprospects,basedprimarilyontheinformationprovidedbythecompany'smanagement.Whichofthefollowingactions,iftakenbytheanalyst,wouldbemostappropriateandconsistentwiththeCFAInstituteStandardsofPractice?a.Includingasectioninthereportthatdisclosestheanalyst'smeetingswiththecompany'smanagementandthepositiveinformationreceived.b.Publishingthereportassoonaspossibletogeneratepositivesentimentaboutthestockandinfluenceitsprice.c.Conductingindependentresearchtoverifythecompany'sclaimsaboutthemarketingcampaignandincludingbothpositiveandnegativeinformationinthereport.d.Omittinganymentionofthecompany'sdecliningsaleshistoryandfocusingsolelyonthepositiveinformationprovidedbythecompany'smanagement.18.Aportfoliomanagerismanagingaportfolioofstocksonbehalfofaclient.Theportfolioincludesasignificantpositioninacompanythatisalsoaclientoftheportfoliomanager'sfirm.Theportfoliomanagerisresponsibleformaintainingandmanagingthisclientrelationship.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostlikelyconsideredaviolationoftheCFAInstituteCodeandStandards?a.Ensuringthatalltradingdecisionsrelatedtothecompanyaremadeinthebestinterestoftheportfolioclientandareindependentoftheclientrelationship.b.Disclosingtheexistenceofthesignificantstockpositiontotheotherclientandexplainingthatitispartoftheportfoliomanagementstrategy.c.Avoidinganydirectcommunicationwiththeotherclientregardingthestockpositiontopreventanypotentialconflictofinterest.d.Periodicallyreviewingthestockpositionwiththeotherclienttoensurethatitremainsappropriatefortheirinvestmentobjectives.19.Afinancialplannerisprovidinginvestmentadvicetoaclient.Theplannerrecommendsaseriesofinvestments,includingstocks,bonds,andmutualfunds.Theplanneralsorecommendsthattheclientuseaspecificbrokeragefirmtoexecutethesetransactions.Theplannerreceivesacommissionfromthebrokeragefirmforeachtradeexecutedthroughtheirplatform.Whichofthefollowingstatements,ifmadebytheplannertotheclient,wouldbemostappropriateandtransparentregardingtheplanner'srelationshipswiththebrokeragefirmandotherfinancialinstitutions?a."Irecommendthisbrokeragefirmbecausetheyofferthebestrates,andIwillreceiveasmallcommissionforeachtradeyoumake,whichwillhelpmecovermyexpenses."b."Iamnotcompensatedbythebrokeragefirmforrecommendingtheirservices.Myfeeforprovidingthisadviceisseparateandbasedonthecomplexityofthefinancialplan."c."WhileIdoreceiveacommissionfromthebrokeragefirm,Iamobligatedtoplaceyourinterestsaboveallelse,andmyrecommendationsareindependentofanycompensationIreceive."d."Irecommendthisbrokeragefirmbecausetheyofferthebestratesandservices.Ireceiveacommissionforusingtheirplatform,butthisdoesnotinfluencemyrecommendations,whicharealwaysinyourbestinterest."20.Aportfoliomanagerispreparingtorecommendanewinvestmentproducttoaclient.Theproductisacomplexstructurednotethatinvolvesderivativesandhasanon-standarddistributionmethod.Theportfoliomanagerhaslimitedexperiencewiththistypeofproductandisconcernedaboutthepotentialrisks.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostlikelyconsideredaviolationoftheCFAInstituteStandardsofPractice?a.Providingtheclientwithadetailedprospectusandriskdisclosuredocumentfortheinvestmentproduct.b.Explainingthecomplexfeaturesoftheproductinsimpletermsandhighlightingthepotentialreturns,whiledownplayingtherisks.c.Recommendingtheproducttotheclientbutdisclosingthattheportfoliomanagerhaslimitedexperiencewiththistypeofproductandisrelyingontheproductprovider'sinformation.d.Discussingthepotentialrisksoftheproductwiththeclientinageneralmanner,withoutprovidingspecificdetailsaboutthederivativesinvolved.---试卷答案1.b解析思路：根据标准VI(A)（利益冲突），会员应披露所有可能影响客户决策的潜在或实际利益冲突。虽然该冲突是间接的，但因为它可能影响客户对投资建议的看法，所以必须披露。选项a错误，因为没有披露冲突。选项c错误，因为拒绝关系过于绝对，可以考虑在披露并获得同意后进行。选项d错误，因为是否进行交易不应取决于时间点，而应基于利益冲突的管理。2.a解析思路：根据标准VI(B)（额外补偿安排），除非获得客户明确的、事先的书面同意，否则禁止为提供专业服务或维护客户关系而接受可能影响客观性的补偿。直接购买股票以支持价格是典型的额外补偿安排，且很可能影响客观性，除非客户事先书面同意。选项b、c、d描述的行为都符合标准，或者没有明确违反标准。3.c解析思路：根据标准VI(C)（保密性），会员应向客户披露所有可能影响客户对所提供专业服务看法的关系。分析师与公司员工有个人关系，且该关系可能影响了报告的客观性（特别是对正面信息的强调），因此必须披露。选项a、b、d都没有披露必要的关系，可能影响报告的客观性。4.b解析思路：根据标准I(C)（公共责任）和II(A)（专业行为），CFA持证人在公开场合应表现出专业行为，并维护CFA协会的声誉。在会议中，与潜在雇主进行关于当前雇主（其客户）