2025年CFA考试道德与专业标准测试

2025年CFA考试道德与专业标准测试考试时间：______分钟总分：______分姓名：______Instructions:ReadeachitemcarefullyandselectthebestanswerbasedontheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.1.Ananalystisevaluatingtwoinvestmentopportunitiesforaclient.Theclienthasprovidedclearinstructionstoinvestprimarilyinlarge-capstocks.Theanalyst'sspouseworksforacompanythatproducesfinancialsoftwareusedbyboththeclientandthecompanyforwhichtheanalyst'sspouseworks.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Avoidrecommendingthesoftwarecompany'sstocktotheclient.b.Informtheclientaboutthespouse'semploymentandrecommendbothinvestmentopportunitieswithoutfurtherdisclosure.c.Informtheemployerofthespouse'scompanyabouttheclientrelationshipandrecommendbothinvestmentopportunities.d.Recusethemselvesfrommakingtheinvestmentrecommendationduetothepotentialforaperceivedconflictofinterest.2.Aportfoliomanagermanagesaportfoliovaluedat$10millionforClientX.ClientXalsoholdsa$2millionpositioninaprivateequityfundmanagedbyacolleagueoftheportfoliomanager.Theportfoliomanagerlearnsthatthecolleagueisplanningtoselltheirentirestakeintheprivateequityfundduetopersonalfinancialdifficulties.WhichcourseofactiondemonstratesthehighestdegreeofloyaltytoClientX?a.AdviseClientXtoimmediatelyselltheirpositionintheprivateequityfundtoavoidpotentialmarketimpactfromtheportfoliomanager'scolleagueselling.b.Donothing,astheportfoliomanagerhasnofiduciarydutyregardingClientX'spositioninathird-partyfund.c.InformClientXabouttheplannedsaleandthepotentialimpactonthefund'svalue,andrecommendholdingorsellingbasedontheclient'sinvestmentobjectives.d.AdviseClientXtopurchasemoresharesoftheprivateequityfundtosupportthecolleague.3.Aninvestmentofficerisconsideringhiringanewresearchanalystwhorecentlyleftarivalfirm.Theanalystconductedindependentresearchattherivalfirmbutsharednon-publicinformationwithclosefriends,someofwhomworkintheinvestmentindustry.Theinvestmentofficerisawareofthispastbehaviorbutisimpressedbytheanalyst'stechnicalskillsandpotentialproductivity.Whichofthefollowingactions,ifany,istheinvestmentofficerpermittedtotake?a.Hiretheanalystwithoutfurtheraction,astheinformationsharingoccurredoutsideoftheanalyst'sofficialduties.b.Hiretheanalystafterconfirmingtheyhavenofurthercontactswhomightreceiveunauthorizedinformation.c.Hiretheanalystbutrequirethemtosignastrictnon-disclosureagreementcoveringinformationobtainedduringtheirprevioustenure.d.Donothiretheanalystduetothepotentialriskassociatedwiththeirprevioushandlingofnon-publicinformation.4.Afinancialplannerispreparingareportsummarizingtheperformanceofdifferentassetclassesforanupcomingclientmeeting.Theplannerincludesanoptimisticforecastforoneparticularassetclassthatisheavilypromotedbytheplanner'semployer,whoreceivessignificantsalescommissionsfromproductsrelatedtothatclass.Theplanneralsoincludesamoreconservativeforecastfromanindependentsourceforotherassetclasses.Whichaction,ifany,bytheplannermayviolatetheCFAInstituteStandards?a.Includingbothoptimisticandconservativeforecastsfordifferentassetclassesisacceptableaslongasthereportisobjective.b.Theactofincludingtheoptimisticforecastsolelybasedonemployerpromotion,withoutadequateindependentverification,mayconstituteaviolationofStandardI(D)-ObjectivityandIndependence.c.Aslongastheplannerdisclosestheiremployer'scommissionstructuretotheclient,thereisnoviolationofCFAInstituteStandards.d.Theinclusionofaconservativeforecastforotherassetclassesmitigatesthepotentialviolationrelatedtotheoptimisticforecast.5.Anequityresearchassociateisparticipatinginacompanyconferencecall.Duringthecall,thecompany'sCEOmakesseveralpositivecommentsaboutthecompany'sfutureprospects,whicharenotfullysupportedbytheassociate'sindependentanalysis.Theassociateisconcernedthatspreadingtheseoptimisticviewswithoutqualificationmightmisleadinvestors.Whatisthemostappropriatecourseofactionfortheassociate?a.ImmediatelycorrecttheCEOduringthecalliftheopportunityarises,providingtheirdifferinganalysis.b.Documenttheirconcernsintheirresearchreportbutwaitfortheformalreportpublicationdatetoraisetheissues.c.Refrainfromcommentingduringthecallbutensuretheirfinalresearchreportaccuratelyreflectstheirindependentanalysis,includinganyreasonabledoubts.d.SharetheCEO'scommentsverbatimintheirresearchreportbutaddaDisclaimerofOpinionsection.6.Aportfoliomanagerisevaluatingapotentialinvestmentinastartupcompany.Thestartup'sCEOisaclosefriendoftheportfoliomanagerandhasprovidedtheportfoliomanagerwithexclusive,non-publicfinancialprojectionsthataresignificantlymoreoptimisticthanthoseavailabletothepublic.Theportfoliomanagerisnotawareofanymaterialmisstatementsintheprojectionsbutconsiderstheinformationreceivedfromthefriendtobebiased.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandards?a.Relysolelyonthefriend'sprojectionsfortheinvestmentdecision,astheinformationsourceisapersonalconnection.b.Obtainadditionalindependentverificationoftheprojectionsfromthird-partyanalystsbeforemakingtheinvestmentdecision.c.Accepttheprojectionsbutdisclosetotheportfolio'sclientsthattheinformationcomesfromapersonalconnectionwithoutbias.d.Declinetheinvestmentopportunityduetoconcernsaboutthepotentialbiasoftheinformationreceived.7.Anassetallocationmanagerisresponsibleforcreatinginvestmentguidelinesforapensionfund.Theguidelinesrecommendinvestingaportionoftheassetsinalternativeinvestments,includinghedgefunds.Themanagerknowsthatoneofthehedgefundsrecommendedhasbeeninvolvedinsomelegaldisputes,althoughtheoutcomesarependingandthepotentialfinancialimpactiscurrentlyuncertain.Themanagerdecidestoincludethehedgefundintheguidelinesbasedonitshistoricalperformance.Whichofthefollowingbestdescribesthemanager'spotentialethicalobligation?a.Thereisnoethicalobligationtodisclosethependinglegaldisputessincetheinvestmentisbasedonhistoricalperformance.b.Themanagermustdisclosethependinglegaldisputestothepensionfundtrusteesiftheyhavereasontobelievethedisputescouldmateriallyimpactthefund'sinterests.c.Themanagerisnotrequiredtoperformduediligenceonthehedgefund'slegalstandingaslongasthefundisregisteredwiththerelevantauthorities.d.Themanagershouldexcludethehedgefundfromtheguidelinestoavoidanypotentialliability,regardlessofitshistoricalperformance.8.Aninvestmentanalystcoversthetechnologysector.Theydevelopaproprietaryanalyticalmodelthatsignificantlyimprovestheirabilitytoidentifyundervaluedstocks.Theanalystsharesthebasicconceptofthemodelwithacolleaguewhoworksatadifferentfirm,buttheanalystemphasizesthatthespecificformulasanddatainputsareconfidential.Thecolleaguethenusestheconceptinformallywhendiscussingpotentialinvestmentideaswiththeirownclients,withoutrevealingthesourceortheproprietarynature.Whatisthemostlikelyviolation,ifany,bythecolleague?a.Thereisnoviolationasthecolleagueonlysharedthegeneralconceptandnottheproprietaryformulasordatainputs.b.StandardII(A)-Professionalismmaybeviolatedifthecolleaguerepresentstheideaastheirownoriginalwork.c.StandardIII(A)-Diligencemaybeviolatedifthecolleaguereliessolelyontheconceptwithoutconductingtheirownindependentanalysis.d.StandardI(C)-AdditionalCompensationArrangementsmaybeviolatedifthecolleague'sfirmprofitsfromusingtheconceptwithoutappropriatecompensationtotheanalyst.9.Aportfoliomanagerisevaluatingapotentialemployer.Theprospectiveemployeroffersasignificantlyhighersalarythanthecurrentportfoliomanagerreceives,butthemanagerlearnsthatthefirmengagesinpracticesthatmayconflictwiththeCFAInstituteStandards,suchaspressuringsalesstafftoprioritizecommissionsoverclientbestinterests.Whichofthefollowingisthemostappropriatecourseofactionfortheportfoliomanager?a.Accepttheofferimmediately,asthefinancialincentiveoutweighsconcernsaboutpotentialethicalconflicts.b.Negotiatewiththeprospectiveemployertomodifythefirm'spracticestoalignwiththeCFAInstituteStandardsbeforeacceptingtheoffer.c.DeclinetheofferduetothepotentialconflictwiththeCFAInstituteStandards,eventhoughthecompensationisattractive.d.Accepttheofferbutplantoreportthefirm'spracticestotheCFAInstituteonceemployed.10.Twoportfoliomanagersatthesamefirmarediscussingtheirrespectiveclientportfolios.ManagerAmentionstoManagerBthattheyrecentlyrecommendedbuyingalargepositioninCompanyX'sstockbasedonpositiverumorscirculatingintheindustry.ManagerBisalsoconsideringrecommendingCompanyX'sstocktotheirclientsbutisunsureaboutthevalidityoftherumors.Whichofthefollowingactions,ifany,byManagerAismostappropriate?a.InformManagerBthattheyobtainedexplicitwrittenconsentfromthecompanytosharetherumors.b.KeeptheinformationconfidentialandrefrainfromdiscussingtherumorswithManagerBtoavoidanyperceivedconflictofinterest.c.AdviseManagerBtoconducttheirownthoroughanalysisbeforemakinganyrecommendations,regardlessoftherumors.d.SharetherumorswithManagerB,butaddawarningthattheinformationisunverifiedandshouldbetreatedwithcaution.11.Aninvestmentadvisorprovidesresearchreportstotheirclients,someofwhomareclassifiedasretailinvestorsandothersasinstitutionalinvestors.Theadvisorchargesahigherfeeforinstitutionalclients.Theadvisordiscoversthatsomenon-public,positiveinformationcontainedinarecentreportwasinadvertentlysharedwithafewretailclientsbeforebeingfullydisseminatedtoinstitutionalclients.Whichofthefollowingactions,ifany,bytheadvisorconstitutesaviolationoftheCFAInstituteStandards?a.Theadvisordidnotintendtodiscriminatebetweenclients,sothereisnoviolationoftheStandards.b.StandardII(A)-Professionalismisviolatedbecausetheadvisorfailedtotreatallclientsfairlybyprovidinginformationatdifferenttimes.c.StandardIII(B)-AdditionalCompensationArrangementsisviolatedifthefeedifferentialisbasedontheselectiveprovisionofinformation.d.Noviolationoccursaslongastheinformationiseventuallyprovidedtoallclients.12.Afinancialplannerisdevelopingafinancialplanforaclient.Theclientisahigh-net-worthindividualwhorecentlyinheritedasignificantamountofassets.Theplannerrecommendsaseriesofcomplexfinancialproducts,includingsomethatgeneratesubstantialfeesfortheplanner.Theplannerdisclosesthefeestructuretotheclientbutfailstoadequatelyexplainthecomplexityandrisksoftheproducts,assumingtheclientunderstandstheconceptsduetotheirhighnetworth.Whichofthefollowingbestdescribestheplanner'spotentialethicalobligation?a.Theplannerisnotobligatedtoprovidefurtherexplanationastheclientisconsideredsophisticated.b.Theplannerhasadutytoensuretheclienttrulyunderstandstheproducts,regardlessoftheirnetworth,beforerecommendingthem(StandardIII(B)-AdditionalCompensationArrangementsandStandardIV(A)-Professionalism).c.Theplanner'sdutyonlyinvolvesdisclosingthefees;explainingthecomplexityistheclient'sresponsibility.d.Aslongastheproductsarelegallycompliant,theplannerhasfulfilledtheirethicalobligations.13.TwoCFAcharterholdersarecolleaguesatatradingfirm.Onecharterholder(MemberA)recommendsaspecificstocktradetoaclientbasedonproprietaryresearch.Theothercharterholder(MemberB)learnsthatMemberA'sspouse,whoisnotemployedbythefirm,recentlypurchasedasignificantamountofthesamestockthroughapersonalbrokerageaccount.MemberBshouldbemostconcernedaboutwhichpotentialconflictofinterest?a.ApotentialconflictofinterestforMemberBiftheyalsotradethestock,asitmightappearMemberAinfluencedthem.b.ApotentialconflictofinterestforMemberAiftheywerecompensatedbasedontheclient'stradeperformance,whichcouldindirectlybenefittheirspouse.c.NoconflictofinterestexistsaslongasMemberA'srecommendationwasbasedonlegitimateresearchandthespouse'spurchaseisseparatefromMemberA'swork.d.AviolationofStandardI(D)-ObjectivityandIndependenceforMemberA,astheirpersonalinvestmentmightbiastheirresearchrecommendations.14.Aninvestmentmanagerispresentingtheperformanceoftheirportfoliotoaclient.Theportfoliosignificantlyunderperformedarelevantbenchmarkindexduringaspecificperiod.Tomakethepresentationmorepositive,themanagerdecidestofocusprimarilyontheportfolio'sstrongperformanceduringotherperiodsandomitsdiscussionoftheunderperformanceperiod.Whichofthefollowingbestdescribesthemanager'spotentialethicalobligation?a.Thereisnoethicalobligationtodiscusstheunderperformanceaslongasthetotalreportedreturnisaccurate.b.Themanagerhasadutytoprovideafairandbalancedpresentationthatincludessignificantunderperformanceperiodsalongsidestrongperformanceperiods(StandardI(D)-ObjectivityandIndependence).c.Themanagerispermittedtoomittheunderperformanceperiodifitisdeemedtobeanoutlierduetoextraordinarymarketevents.d.Themanageronlyneedstodisclosetheunderperformanceifitwascausedbyspecificactionstakenbythemanagerthatarenotreflectedinthebenchmark.15.Afinancialadvisorisclosingabusinessrelationshipwithalong-termclient.Theclienthasexpresseddissatisfactionwiththeadvisor'sservicebuthasnotformallyterminatedtherelationship.Theadvisorrecommendstransferringtheclient'sassetstoadifferentfirmandofferstoprovidealetterofrecommendationfortheclient'snewadvisor.Theclientsubsequentlyinformstheadvisorthattheyneverintendedtoterminatetherelationshipandweremanipulatedbytheadvisorintotransferringtheirassets.Whichofthefollowingactions,ifany,bytheadvisormayhaveviolatedtheCFAInstituteStandards?a.Theadvisor'soffertoprovidealetterofrecommendationwasastandardpartoftheassettransferprocessanddidnotviolateanyStandards.b.Theadvisor'srecommendationtotransferassetsmayconstituteaviolationofStandardIV(B)-DutyofCareiftheadvisoractedintheirowninterestratherthantheclient'sbestinterest,especiallyifmanipulationissuspected.c.Thereisnoviolationaslongastheadvisorfollowedtheproperproceduresforassettransferrequests.d.Theadvisor'sdutytoprovidealetterofrecommendationoverridesanypotentialconcernsabouttheassettransferiftherecommendationwasmadeingoodfaith.试卷答案1.a解析思路：分析师的配偶在公司工作，存在利益冲突。即使配偶的工作不直接涉及该投资，但公司产品被客户和分析师配偶公司使用，形成了间接利益冲突。最恰当的做法是避免推荐该公司的股票，以消除或管理冲突。选项b和d未能充分管理冲突。选项c将信息告知雇主可能无法有效解决客户利益冲突。2.c解析思路：对客户的职责是首要的。向客户披露相关信息（同事计划出售、潜在影响）并建议基于客户目标的行动，体现了对客户的忠诚和勤勉尽责。选项a可能不是最佳方案，除非有明确证据表明该投资对客户不利。选项b忽视了客户的利益。选项d可能损害客户利益。3.d解析思路：根据StandardII(A)-LoyaltyandTrustworthiness，会员有义务避免从事可能损害客户、雇主或同事利益或损害自身职业声誉的活动。该分析师过去的行为（与非雇主的个人关系分享非公开信息）表明其可能存在处理敏感信息的风险。尽管其有技能，但过去行为带来的潜在风险使得在不完全消除风险的情况下（如选项c的协议可能不够充分）不应雇佣。选项a和b未能解决根本的风险问题。选项d认识到风险并决定不雇佣，是符合标准的做法。4.b解析思路：StandardI(D)-ObjectivityandIndependence要求会员在提供专业服务时必须公平、客观、不受偏见、利益冲突或他人影响。仅基于雇主推广而包含乐观预测，缺乏独立验证，可能构成偏见，违反了客观性原则。选项a和c错误，提供未经充分验证的乐观预测和披露佣金结构都不足以保证客观性。选项d错误，包含其他资产的保守预测不能弥补对单一资产的乐观预测可能造成的偏见。5.c解析思路：StandardI(D)-ObjectivityandIndependence要求会员在报告或沟通中应准确、清晰、完整地反映其分析结果，包括任何合理doubts。虽然不能打断会议纠正，但必须在最终的研究报告中体现独立分析，包括对CEO言论合理性的质疑。选项a可能不礼貌且不专业。选项b可能不够及时，延迟表达担忧可能被视为对问题的忽视。选项d只是简单转述并加免责声明，未能体现独立分析和对信息的审慎评估。6.b解析思路：StandardI(A)-Integrity要求会员在所有专业事务中保持诚实、正直和诚实守信。收到来自朋友的、可能存在偏见的非公开信息，必须进行独立验证。依赖未经独立验证的偏颇信息违反了诚信原则。选项a和d都依赖于有潜在偏见的信息。选项c未能解决信息来源的偏见问题。7.b解析思路：StandardIII(B)-AdditionalCompensationArrangements要求会员在提供包含非公开信息的研究或建议时，必须向所有接收方充分披露信息来源、性质以及会员可能获得的补偿。尽管法律上可能允许，但道德上，如果会员基于该信息做出了投资建议（即使是隐含的），有义务披露给可能受影响的客户（如养老金基金的受托人）。选项a错误，不确定事项也需要披露。选项c错误，注册不能豁免披露义务。选项d错误，除非风险极低，否则不应仅基于历史表现而忽略潜在风险。8.b解析思路：StandardII(A)-Professionalism要求会员在专业活动中有助于维护并提升专业声誉。同事将非自己原创的模型概念用于自