2025年CFA《伦理与职业标准》练习

2025年CFA《伦理与职业标准》练习考试时间：______分钟总分：______分姓名：______Instructions:Readeachitemcarefullyandanswerthequestionsthatfollow.Item1:Youareaportfoliomanagerataboutiqueinvestmentfirm.Yourclient,along-terminstitutionalinvestor,hasprovidedyouwithalistofpotentialinvestments.Duringyourinitialmeeting,theclientmentionsthattheyhaveasmall,non-materialpositioninoneofthecompaniesonyourrecommendedlist.Theclientasksyoutogivethestockaparticularlypositiverecommendationinyourupcominginvestmentmemorandumtohelpsupporttheirexistingholding.Youbelievethestockisagoodinvestmentbasedonyourindependentanalysis,butyoualsowanttomaintainagoodrelationshipwiththeclient.Theclientexplicitlystatesthattheirpositionisnon-materialandwillnotinfluencetheirdecisiontoaddthestocktotheirportfolio.Item2:Youareanequityresearchanalystcoveringthetechnologysector.Youhavepreparedaresearchreportonalargetechnologycompany.Inyourreport,youincludeapositiveoutlookonthecompany'sfutureprospects,citingseveralfactors.However,youinadvertentlyincludeachartthatslightlymisrepresentsthehistoricalperformanceofacompetitor,makingthecompetitorappeartohaveunderperformedthecompanymoresignificantlythanisactuallythecase.Youdidnotintendtomisleadinvestors,andtheerrorisminor.Yourcompliancedepartmenthasnotyetnoticedtheerror.Item3:Youareafinancialadvisoratalargebrokeragefirm.Youaremeetingwithanewclientwhoisinterestedinopeningaretirementaccount.Theclienthasaverylimitedfinancialliteracyandreliesheavilyonyourrecommendations.Youareawarethatthefirmoffersseveraldifferentmutualfundswithvaryingfeestructures.Youarealsoawarethatoneofthefirm'spreferredmutualfundshasahighersalesloadandhigherexpenseratiothansomeotheravailableoptions,butitoffersaloyaltybonusiftheclientholdsthefundforfiveyears.Giventheclient'slimitedfinancialknowledge,youdecidetorecommendthepreferredmutualfund,highlightingtheloyaltybonuswhiledownplayingthehigherfeesandsalesload.Item4:YouareamemberoftheCFAInstituteResearchStandardsCommittee.Youarereviewingaresearchreportsubmittedforpublication.Thereportisbasedonasurveyofindustryexperts.Theauthorofthereporthasincludedastatementthatthesurveyresultsare"representativeoftheentireindustry."Youareconcernedthatthesamplesizeofthesurveyissmall,andtheselectionmethodmaynotberandom.Youalsonotethattheauthorhasnotdisclosedanypotentialbiasesinthesurveydesign.Item5:Youareaportfoliomanageratahedgefund.Yourfundhasalongpositioninasmall,emergingmarketcompany.Thecompany'sfinancialperformancehasbeenweak,anditisfacingsignificantregulatorychallenges.Youhavebeeninregularcommunicationwiththecompany'smanagement,buttheyhaveprovidednoupdatesonresolvingtheseissues.Youareconsideringsellingyourposition,butyoubelievethatifyousellnow,itwillsignalweaknessinthemarketandpotentiallytriggerasell-offbyotherinvestors.Youalsoownasignificantportionofthecompany'sboard,andyouareconcernedthatsellingyourpositionmightundermineyourinfluenceontheboard.Item6:Youareafinancialplannerwhoworksforabank.Thebankisofferinganewincentiveprogramtoitsemployees,includingfinancialadvisors.Theprogramoffersasignificantbonusforeachnewclientwhoopensaspecifictypeofinvestmentaccount.Youareawarethatthistypeofaccounthashigherfeesthanotheravailableoptions.Youarealsoawarethatthebank'scompliancedepartmenthasstrictguidelinesregardingthedisclosureoffeestoclients.Youareconsideringwhethertoactivelypromotethisaccounttoyourexistingclients.试卷答案Item1:Theportfoliomanagershoulddisclosetheclient'spositiontotheclientandprovidetheinvestmentrecommendationbasedsolelyonindependentanalysis,withoutbeinginfluencedbytheclient'sexistingposition.Themanagermustavoidanyappearanceofusingtherecommendationtosupporttheclient'sexistingholding.Maintainingclientconfidentialityisimportant,butitdoesnotextendtoconcealinginformationthatcouldimpacttheintegrityoftherecommendation.解析思路：此题考察利益冲突。客户拥有持仓，虽然非实质性，但影响了推荐动机，构成利益冲突。根据道德规范，必须披露此冲突，并基于独立分析做出推荐，不能为支持客户现有持仓而刻意推荐。保密义务不等于隐瞒可能影响推荐独立性的信息。Item2:Theanalystshouldcorrectthechartimmediatelyuponrealizingtheerrorandensurethatthecorrectedreportisdistributedtoallclientswhoreceivedtheinitialreport.Theanalysthasadutytoensuretheaccuracyandfairnessoftheirresearch.Failingtocorrecttheerrorcouldmisleadinvestorsandviolatethestandardofprofessionalcompetenceandduediligence.解析思路：此题考察专业胜任能力和信息与沟通。图表错误即使轻微，也可能误导投资者，违反了提供准确信息的义务。分析师有责任及时纠正错误，并通知所有受影响的客户，这是专业胜任和勤勉的要求。Item3:Thefinancialadvisorshouldrecommendthemutualfundwiththelowestfeesandsalesloadthatstillmeetstheclient'sinvestmentobjectivesandrisktolerance.Theadvisorhasadutytoplacetheclient'sinterestsaheadoftheirown(dutyofloyalty).Recommendingthehigher-feeoptionprimarilyforabonus,withoutfullydisclosingthehighercoststotheclientandexplainingwhyitissuitable,violatesthisduty.解析思路：此题考察忠诚义务和客户利益优先。理财师的首要责任是客户利益最大化，而非个人佣金或奖金。推荐高费用产品并隐瞒或淡化其缺点，尤其对于金融知识有限的客户，明显违反了忠诚义务和客户利益优先原则。Item4:Thereviewershouldraiseconcernsaboutthestatementclaimingthesurveyresultsare"representativeoftheentireindustry."Thestatementimpliesalevelofgeneralizabilitythatthesmall,potentiallynon-randomsamplelikelydoesnotsupport.Theresearchreportshouldaccuratelyreflectthelimitationsofthedataandmethodology.Failingtodisclosepotentialbiasesandmethodologicalflawsviolatesthestandardoffairpresentation.解析思路：此题考察研究标准，特别是对数据的呈现和披露要求。声称小样本调查结果能代表整个行业是错误的。分析师有责任准确描述研究方法和数据局限性，包括样本选择偏差等。不披露这些信息违反了公平呈现原则。Item5:Theportfoliomanagershouldconsidersellingthepositionbasedonthecompany'spoorperformanceandregulatorychallenges,despitethepotentialnegativemarketsignal.Themanagerhasadutytoexerciseduediligenceandprofessionalcompetence.Continuingtoholdtheinvestmentbasedonafearofsignalingweaknesscouldexposetheportfoliotounnecessaryriskandpotentiallyviolatethestandardofdiligence.Themanagershouldalsoassesstheirroleontheboardandthepotentialconflictbetweentheirownershipinterestandtheirfiduciaryduties.解析思路：此题考察勤勉、专业胜任能力和利益冲突。投资决策应基于分析而非市场情绪。公司基本面差，监管风险高，符合卖出的基本原则，体现了勤勉和胜任。担心卖出的市场信号是次要考虑。同时，需要评估作为董事的职责和潜在冲突