2025年CFA一级道德与专业标准测试

2025年CFA一级道德与专业标准测试考试时间：______分钟总分：______分姓名：______Section1:GeneralStandards1.Aportfoliomanagerisresponsibleformanagingaclient'sinvestmentportfolio.Themanagerlearnsthatalargeportionoftheportfolioisinvestedinacompanywheretheclient'sspouseholdsasignificantposition.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Immediatelyliquidateallpositionsinthecompany.b.Informtheclientaboutthepotentialconflictofinterestandrecommenddiversifyingtheportfolio.c.Disclosethespouse'sassociationtotheclientandseektheclient'sconsenttocontinuemanagingtheportfolio.d.Donothingastherelationshipisnotmaterialenoughtoimpacttheinvestmentdecisions.2.Ananalystisresearchingacompanyforapotentialinvestmentrecommendation.Thecompany'smanagementprovidestheanalystwithexclusive,non-publicinformationaboutaupcomingmerger.Whichofthefollowingactionsismostethicalfortheanalyst?a.Usetheinformationtogeneratearesearchreportandsellittothecompany'smanagement.b.Usetheinformationtoinformaclientaboutthepotentialinvestmentopportunity.c.DisclosetheinformationtotheCFAInstitutetoreportthecompany'spotentialinsidertradingviolation.d.Ignoretheinformationastheanalystisnotdirectlyinvolvedinthetransaction.3.ACFAcharterholderisattendingaconferencewhereaspeakerispromotingafinancialproductthatthecharterholderisnotfamiliarwith.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Askthespeakerabouttherisksandbenefitsoftheproductandthendecidewhethertoinvestbasedontheinformationprovided.b.Discreditthespeakerandtheproductintheconferencehall.c.Investintheproductwithoutdoingfurtherresearch,asthespeakerisareputableindividual.d.Refusetolistentothespeakertoavoidanypotentialbias.4.ACFAcharterholderispreparingareportonacompany'sfinancialperformance.Thereportincludesasectiononthecompany'ssocialresponsibilityinitiatives.Whichofthefollowingstatementsismostlikelytobeconsideredmisleadingifitisnotsupportedbyfactualinformation?a."Ourcompanyiscommittedtoreducingitscarbonfootprintby50%by2030."b."Ourcompanyhasreceivednumerousawardsforitsenvironmentalsustainabilityefforts."c."Ourcompany'sproductsareamongthemostenvironmentallyfriendlyintheindustry."d."Ourcompany'sinitiativeshavesignificantlyimprovedthelivesofthecommunitiesinwhichweoperate."5.ACFAcharterholderisworkingforaninvestmentfirmthatisconsideringinvestinginastartupcompany.Thestartup'sfounderisapersonalfriendofthecharterholder.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Advocatefortheinvestmentinthestartupwithoutprovidingathoroughanalysisofitsfinancialviability.b.Recusehimselffromtheinvestmentdecisiontoavoidanypotentialbias.c.Pushforahigherinvestmentallocationinthestartuptobenefitfrompotentialfuturegains.d.Disclosehisfriendshipwiththefounderandconductacomprehensiveanalysisofthestartup'sprospectsbeforemakingarecommendation.Section2:SpecificProhibitions6.Aninvestmentanalystisworkingforafirmthatisresearchingacompanyforapotentialinvestment.Theanalyst'sbrotherworksforacompetitorofthecompanybeingresearched.Theanalystdiscoverssomenegativeinformationaboutthecompetitorthatcouldimpactthestockpriceofthecompanybeingresearched.Whichofthefollowingactionsismostethicalfortheanalyst?a.Sharethenegativeinformationwithhisbrothertohelphisbrother'scompany.b.Usetheinformationtoinformhisclientsaboutthepotentialinvestmentopportunity.c.DisclosetheinformationtotheCFAInstitutetoreportthepotentialmarketmanipulation.d.Ignoretheinformationasitisnotdirectlyrelatedtohisowncompany'sresearch.7.Aportfoliomanagerismanagingaclient'sportfolio.Theportfolioincludesalargeholdinginacompanythatisplanningtomergewithanothercompany.Theportfoliomanagerlearnsthatthemergerisexpectedtoresultinsignificantlossesforthetargetcompany'sshareholders.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Selltheentireholdinginthetargetcompanyimmediatelytoavoidlosses.b.Informtheclientaboutthepotentiallossesandrecommendsellingtheshares.c.Donothingastheportfoliomanagerhasnoobligationtopredictmarketmovements.d.Shortsellthetargetcompany'sstocktoprofitfromtheexpecteddecline.8.Aninvestmentadvisorisprovidinginvestmentrecommendationstoclients.Theadvisorrecommendsaparticularinvestmentproducttoaclientbasedontheclient'srisktoleranceandinvestmentgoals.Theadvisorknowsthattheproductisheavilymarketedtoclientswithsimilarcharacteristicsbuthasahighfeestructure.Whichofthefollowingactionsismostethicalfortheadvisor?a.Fullydisclosethefeestructuretotheclientbutemphasizethepotentialreturnsoftheproduct.b.Downplaythefeestructureandfocusonthepotentialbenefitsoftheproduct.c.Recommendtheproductwithoutdisclosingthefeestructuretotheclient.d.Refusetorecommendtheproductasitdoesnotalignwiththeclient'sbestinterests.9.ACFAcharterholderisworkingforaninvestmentfirmthatisinvolvedinaresearchcollaborationwithanotherfirm.Thecharterholderdiscoversthattheotherfirmisusingproprietarydatafromtheinvestmentfirmwithoutitsconsent.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Usetheproprietarydataforhisownbenefit.b.Disclosetheotherfirm'sactionstotheCFAInstitute.c.Ignoretheotherfirm'sactionsasitisnotasignificantviolation.d.Confronttheotherfirm'srepresentativedirectlytoresolvetheissue.10.Aportfoliomanagerismanagingaclient'sportfolio.Theclientaskstheportfoliomanagertoprovidealistofstocksthathaveperformedwellinthepastmonth.Theportfoliomanagerprovidestheclientwithalistofstocksthatwererecommendedbyathird-partyservice,withoutdisclosingthattheserviceispaidbytheportfoliomanager'sfirm.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Providethelisttotheclientwithoutanydisclosure.b.Disclosethatthelistisprovidedbyathird-partyservicebutdonotmentionthepaymentarrangement.c.Disclosethatthelistisprovidedbyathird-partyserviceandthatthefirmhasapaymentarrangementwiththeservice.d.Refusetoprovidethelistasitinvolvesapotentialconflictofinterest.Section3:ConflictsofInterest11.ACFAcharterholderispreparingaresearchreportonacompany.Thecompanyhasprovidedthecharterholderwithfreesharesofitsstock.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Includethefreesharesinhispersonalportfolio.b.Mentionthefreesharesintheresearchreportasapotentialconflictofinterest.c.Recusehimselffrompreparingtheresearchreporttoavoidanypotentialbias.d.Usethefreesharestoshortsellthecompany'sstockbasedonhisresearch.12.Aninvestmentanalystisworkingforaninvestmentfirmthatisconsideringinvestinginacompany.Theanalyst'sspouseisemployedbyacompanythatprovidesmarketingservicestotheinvestmentfirm.Theinvestmentfirmisconsideringusingthemarketingcompanyforaupcomingcampaign.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Usehisspouse'sconnectiontoinfluencetheinvestmentdecisioninfavorofthemarketingcompany.b.Disclosethepotentialconflictofinteresttohissupervisorandrecusehimselffromtheinvestmentdecision.c.Donothingastherelationshipisnotmaterialenoughtoimpacttheinvestmentdecisions.d.Informhisspouseaboutthepotentialconflictofinterestandaskhertorecuseherselffromthemarketingproject.13.Aportfoliomanagerismanagingaclient'sportfolio.Theportfolioincludesalargeholdinginacompanythatisplanningtolaunchanewproduct.Theportfoliomanager'sbrotherisworkingforacompanythatisacompetitorofthecompanylaunchingthenewproduct.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Usehisbrother'sinformationtopredictthesuccessofthenewproductandadjusttheportfolioaccordingly.b.Disclosethepotentialconflictofinteresttotheclientandseektheclient'sconsenttocontinuemanagingtheportfolio.c.Donothingastherelationshipisnotdirectenoughtoimpacttheinvestmentdecisions.d.Selltheentireholdinginthecompanytoavoidanypotentialbias.14.ACFAcharterholderisworkingforaninvestmentfirmthatisconsideringhiringanewemployee.Thecharterholder'sfriendisapplyingfortheposition.Thecharterholderknowsthatthefriendisnotqualifiedfortheposition.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Supportthefriend'sapplicationforthepositionbasedontheirfriendship.b.Disclosethefriend'slackofqualificationstothehiringcommittee.c.Donothingasthecharterholderdoesnothaveadirectroleinthehiringprocess.d.Recommendthefriendforadifferentpositionwithinthefirmthatmatchestheirskills.15.Aninvestmentadvisorisprovidinginvestmentrecommendationstoclients.Theadvisorisofferedafreetriptoaluxuryresortbyafinancialproductproviderinexchangeforpromotingtheprovider'sproducts.Whichofthefollowingactionsismostappropriatefortheadvisor?a.Acceptthetripandpromotetheprovider'sproductstogeneraterevenue.b.Declinethetripandrejecttheprovider'soffertoavoidanypotentialbias.c.Acceptthetripbutdisclosethearrangementtotheclientsbeforemakinganyrecommendations.d.Acceptthetripanddisclosethearrangementtotheclientsaftertheyhaveinvestedintheprovider'sproducts.Section4:Exemptions16.ACFAcharterholderisworkingasafinancialbloggerwhoprovidesinvestmentcommentaryandanalysisonpubliclytradedcompanies.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Makinginvestmentrecommendationstoreadersbasedonhisownresearch.b.Expressinghispersonalopinionsaboutcompanieswithoutprovidinganysupportinganalysis.c.Usingproprietarydatafromhisemployertoinformhisblogposts.d.Acceptingcompensationfromacompanytowriteapositivereviewaboutitsproducts.17.ACFAcharterholderisworkingforacompanythatprovidesfinancialservicestoinstitutionalclients.Thecharterholderoccasionallyprovidesinvestmentadvicetofriendsandfamilymembers.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Providinginvestmentadvicetofriendsandfamilymembersbasedonhisprofessionalexpertise.b.Usingproprietaryinformationfromhisemployertomakeinvestmentrecommendationstofriendsandfamilymembers.c.Chargingafeeforprovidinginvestmentadvicetofriendsandfamilymembers.d.Disclosinganypotentialconflictsofinterestwhenprovidinginvestmentadvicetofriendsandfamilymembers.18.ACFAcharterholderisparticipatinginafantasysportsleaguewithhiscolleagues.Theleagueinvolvesbettingontheperformanceofprofessionalathletes.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Usingproprietaryinformationfromhisemployertopredicttheperformanceofathletes.b.Discussinginvestmentstrategieswithcolleaguesduringthefantasysportsleague.c.Placingbetsonathletesbasedontheirprofessionalexpertise.d.Chargingafeeforprovidingsportsbettingrecommendationstocolleagues.19.ACFAcharterholderisworkingforacompanythatisinvolvedinaresearchcollaborationwithanotherfirm.Thecharterholderisprovidedwithaccesstonon-publicinformationabouttheotherfirm'sresearchprojects.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Usingthenon-publicinformationtomakeinvestmentdecisions.b.Sharingthenon-publicinformationwithcolleagueswithintheresearchcollaboration.c.Disclosingthenon-publicinformationtothepublic.d.Usingthenon-publicinformationtoimprovetheresearchcollaboration.20.ACFAcharterholderisworkingforacompanythatisintheprocessofmergingwithanothercompany.Thecharterholderisprovidedwithnon-publicinformationaboutthemergernegotiations.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Usingthenon-publicinformationtomakeinvestmentdecisions.b.Sharingthenon-publicinformationwithfamilymembers.c.Disclosingthenon-publicinformationtothepublic.d.Usingthenon-publicinformationtonegotiateabetterdealforhiscompany.试卷答案1.b解析：根据标准IV(A)-专业胜任能力，会员应持续保持其专业能力。在这种情况下，由于涉及客户配偶的重大利益，存在潜在的利益冲突。最合适的行动是告知客户潜在的利益冲突，并建议多样化投资组合，以最大程度地减少冲突并保护客户的利益。2.c解析：根据标准VI(A)-诚实地对待客户、雇主和其他利益相关者，以及豁免条款d-内幕交易，分析师收到非公开信息，即内幕信息。最道德的行动是向CFA协会报告该公司的潜在内幕交易违规行为，以维护市场的公平和透明度。3.a解析：根据标准II(A)-诚实守信，会员应诚实地对待客户、雇主和其他利益相关者。在这种情况下，最合适的行动是询问演讲者关于该产品的风险和收益，然后根据自己的研究决定是否投资。会员应基于事实和合理的分析做出决策，而不是轻信未经证实的信息。4.d解析：根据标准II(A)-诚实守信，会员的陈述必须基于事实。如果陈述没有事实依据，例如“我们的倡议极大地改善了我们所运营社区的居民的生活”，则可能具有误导性，因为它可能无法准确反映倡议的实际影响。5.b解析：根据标准III(B)-职责，会员应在职责范围内行事，以维护客户的最佳利益。在这种情况下，由于会员与创始人有个人关系，存在潜在的利益冲突。最合适的行动是自行退出投资决策，以避免任何潜在的利益冲突并维护客户的信任。6.c解析：根据标准I(C)-禁止欺诈、禁止操纵市场、禁止内幕交易，以及豁免条款c-内幕交易，分析师发现了关于竞争对手的负面信息，该竞争对手与分析师的兄弟有关。最道德的行动是向CFA协会报告该潜在的市场操纵行为，以维护市场的公平和透明度。7.b解析：根据标准III(B)-职责，会员应诚实地对待客户、雇主和其他利益相关者。在这种情况下，由于投资组合包括一家计划与另一家公司合并的公司，且合并预计会导致目标公司股东的重大损失，存在潜在的利益冲突。最合适的行动是告知客户潜在损失，并建议根据情况出售股票，以最大程度地减少客户的损失并维护其利益。8.a解析：根据标准II(A)-诚实守信，会员应诚实地对待客户、雇主和其他利益相关者。在这种情况下，最道德的行动是向客户完全披露费用结构，但强调产品的潜在回报。会员应向客户提供所有相关信息，以便他们做出明智的决策。9.b解析：根据标准I(C)-禁止欺诈、禁止操纵市场、禁止内幕交易，以及豁免条款c-内幕交易，会员发现另一家公司正在未经其同意的情况下使用其专有数据。最道德的行动是向CFA协会报告该公司的行为，以维护知识产权和市场的公平竞争。10.c