2025年CFA一级《道德与专业准则》真题

2025年CFA一级《道德与专业准则》真题考试时间：______分钟总分：______分姓名：______试卷内容1.Ananalystisevaluatingtwopotentialinvestmentsforaclient.Theclienthasprovidedtheanalystwithasignificantdiscountonsoftwareusedintheanalysis.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Acceptthesoftwarediscountasitisanon-monetarybenefitanddoesnotaffecttheanalysis.b.Acceptthesoftwarediscountanddiscloseittotheclientintheperformancereport,astransparencymitigatesanypotentialconflict.c.Declinethesoftwarediscountandinformthefirm'scompliancedepartment,asthebenefitcouldcreateaconflictofinterest.d.Acceptthesoftwarediscount,astheclientisentitledtoofferincentivestoinfluenceinvestmentchoices.2.Aportfoliomanagerisresponsibleformanagingaclientportfolio.Themanagerdiscoversthatalargeportionoftheportfolioisheldinasecuritythatwasrecommendedbythemanager'sformeremployer,whichisnowdefunct.Themanagerwasnotcompensatedbasedontheperformanceofthissecuritybutreceivedasignificantbonusbasedontheoverallportfolioperformanceatthetimeofemployment.Whichofthefollowingactionsismostappropriateforthemanagerregardingthissituation?a.Donothing,astherecommendationsweremadeingoodfaithandtheclientconsentedtotheholdings.b.Informthecurrentclientaboutthepastrecommendationbutdonotadjusttheportfolio,asthedefunctfirmisnolongerrelevant.c.Graduallyreducetheholdingsoversixmonthstoavoiddisruptingtheclient'sportfolioanddisclosethereasonforthereductioninthenextquarterlyreport.d.Immediatelyliquidatetheentirepositioninthedefunctfirm'ssecurityandexplaintherationaletotheclient,asthepotentialforbiasexistsduetopastcompensation.3.Aninvestmentadvisorispreparingareportforaclientsummarizingthemarketoutlookandrecentportfolioperformance.Theadvisorincludesananalysisstatingthatthemarketwilllikelydeclineintheshortterm,whichcontradictstheirownprivateopinionthatthemarketwillrise.Theadvisor'smotivationforthisanalysisistoavoidpotentialshort-termlossesintheclient'sportfolio.Whichofthefollowingethicalprinciplesistheadvisorpotentiallyviolating?a.Professionalism,astheadvisorisnotprovidingobjectiveadvice.b.Diligence,astheadvisorhasnotconductedathoroughanalysissupportingthepublicstatement.c.Loyalty,astheadvisorisprioritizingtheirownopinionovertheclient'sbestinterest.d.Fairness,astheadvisorisnotdisclosingtheirpersonalbiastotheclient.4.Aresearchanalystatabrokeragefirmiscoveringacompanythatrecentlyannouncedstrongquarterlyearnings.Theanalysthasdevelopedaproprietarymodelthatpredictsthecompany'sstockpricewillsignificantlyincreasebasedonvariousfactors,includingtheearningsreport.Thefirm'spolicyallowstheanalysttosharethispositiveoutlookwithselectclients.However,theanalyst'ssiblingownsasubstantialamountofthecompany'sstockandrecentlypurchasedmoresharesbasedontheanalyst'sprivateprediction.Whichofthefollowingactions,ifany,createsaconflictofinterestfortheanalyst?a.Thereisnoconflictofinterestbecausetheanalyst'ssibling'sactionsareindependentoftheanalyst'swork.b.Thereisaconflictofinterestbecausethesibling'sfinancialinterestcouldinfluencetheanalyst'sobjectivityinprovidingresearchtoclients.c.Thereisnoconflictofinterestaslongastheanalystdoesnotusenon-publicinformationtobenefitthesibling.d.Theconflictofinterestonlyarisesiftheanalystdisclosestheproprietarymodeltothesiblingbeforeclients.5.Aninvestmentmanagerisattendingaconferencewhereaspeakerispromotinganewinvestmentstrategy.Themanagerlearnsthatthespeakerisreceivingasignificantcommissionforeveryclientthestrategybringstothemanager'sfirm.Themanagerisnotawareofthecommissionstructurebutbecomesconcernedaboutthespeaker'spotentialbias.Whichofthefollowingactionsismostappropriateforthemanager?a.Questionthespeaker'smethodologypubliclyduringtheconferencetoverifythestrategy'slegitimacy.b.Avoiddiscussingthestrategywithclientsforfearofpotentialbias,asnodirectevidenceofmisrepresentationexists.c.Acknowledgethepotentialforbiastothefirm'scompliancedepartmentandclientswhenpresentingthestrategyinformation.d.Encourageclientstoaskthespeakerdirectquestionsaboutthestrategy'srisksandfeesbeforemakinganydecisions.6.Afinancialplannerismeetingwithaclienttoreviewtheclient'sinvestmentportfolio.Theplannerrecommendsanewmutualfundthatchargesahighsalesload.Theplannerearnsasignificantcommissionforsellingthisfund.Theclienthaspreviouslyexpressedapreferenceforlow-costindexfunds.Whichofthefollowingactionsismostethicallyquestionablefortheplanner?a.Explainingthepotentiallong-termbenefitsofthemutualfund'sperformancehistorytotheclient.b.Disclosingthesalesloadandthecommissionearnedforsellingthefundtotheclient.c.Presentingthemutualfundasanoptionwithoutemphasizingthehighsalesloadandtheplanner'scommission.d.Suggestingthattheclientconsultwithafee-onlyadvisortogetasecondopinionontherecommendation.7.Anemployeeofamutualfundcompanyisgrantedaccesstonon-publicinformationaboutanupcomingmergerbetweentwocompanies.Theemployee'sspouseownssharesintheacquiringcompanyandisconsideringbuyingmoresharesbeforethepublicannouncement.Theemployeeknowsaboutthemergerbuthasnotactedontheinformation.Whichofthefollowingactions,iftakenbytheemployee,wouldbeaviolationofethicalstandards?a.Informingtheirspousethattheacquiringcompanyisexpectedtoperformwellduetoindustrytrends,withoutmentioningthenon-publicmergerinformation.b.Advisingtheirspousetosellthecurrentsharesintheacquiringcompanyduetopotentialregulatoryscrutiny.c.Refrainingfromdiscussingthemergerwiththeirspouseandensuringnotradingoccursbasedonnon-publicinformation.d.Encouragingtheirspousetobuymoresharesintheacquiringcompany,citingthestrongfutureprospectsofthecombinedentity.8.Aportfoliomanagerismanagingaclient'saccountandrecommendsastockthathasrecentlyexperiencedasignificantpriceincrease.Themanagerknowsthatthestock'sriseispartlyduetopositiverumorscirculatinginthemarket,whichhavenotbeenconfirmedbythecompany.Themanagerdecidestorecommendthestocktotheclient,statingthattherumorsarejustmarketnoiseandthecompany'sfundamentalsarestrong.Whichofthefollowingethicalobligationsisthemanagerpotentiallyviolating?a.Loyalty,asthemanagerisprioritizingthestock'spotentialupsideovertheclient'srisktolerance.b.Professionalism,asthemanagerisrelyingonunverifiedinformationtomakeinvestmentrecommendations.c.Diligence,asthemanagerhasnotadequatelyresearchedordisclosedthepotentialimpactoftherumors.d.Fairness,asthemanagerhasnotdisclosedtheirknowledgeabouttheunconfirmedrumorstotheclient.9.Aninvestmentadvisoriscommunicatingwithaclientviaemail.Theadvisorincludesanopinionthattheclient'sportfolioissignificantlyovervaluedbasedoncurrentmarketconditions.Theadvisoralsomentionsthattheyhavesoldsimilarholdingsintheirownportfolioduetosimilarconcerns.Theadvisordoesnotexplicitlystatethattheyholdasimilarpositionfortheirownaccount.Whichofthefollowingactionswouldbemoreethicallyappropriatefortheadvisor?a.Continuecommunicatingwiththeclientasis,astheadvisor'spersonalactionsarenotrelevanttotheclient'ssituation.b.Discloseintheemailthattheadvisorholdsasimilarpositionintheirownaccount,providingfulltransparency.c.Removethestatementaboutsellingsimilarholdingsfromtheemailtoavoidanyappearanceofbias.d.Sendafollow-upemailexplainingthatthepersonalactionsweretakentomanagetheadvisor'sownportfolioseparatelyfromtheclient's.10.Aclientapproachesaninvestmentadvisorandrequeststheadvisortorecommendspecificstocksfortheirself-directedbrokerageaccount.Theclientindicatesthattheyareplanningtousethestocksforoptionstradingstrategiesandareawareoftheassociatedrisks.Theadvisor,whoisnotqualifiedtoprovidespecificstockrecommendations,agreestolistafewwell-knowncompaniesaspotentialideas.Theadvisoralsoknowsthattheclientdoesnothavethenecessaryknowledgeorexperiencetoexecutecomplexoptionsstrategies.Whichofthefollowingactionsismostappropriatefortheadvisor?a.Providethelistofcompaniesandencouragetheclienttoperformtheirownduediligence,astheclientrequestedtheideas.b.Refusetoprovideanystockrecommendations,citingtheirlackofexpertiseinoptionstrading.c.Advisetheclienttoseekoutaqualifiedoptionstradingadvisororeducatethemselvesfurtherbeforemakinganytrades.d.Suggestthatthefirm'swealthmanagementteamtakeovertheclientrelationshiptoprovidemorecomprehensiveadvice,includingoptionstradingstrategies.试卷答案1.c解析思路：接受软件折扣会形成利益冲突，即使是无形利益，也可能影响分析师的客观性。选项a错误，非货币利益同样需要评估是否构成利益冲突。选项b错误，透明度不能完全消除利益冲突带来的潜在影响。选项d错误，接受折扣本身就是不恰当的行为，客户的身份不应成为接受不当利益的理由。2.d解析思路：由于过去获得的补偿与当前管理的资产相关，存在潜在的利益冲突和客户利益受损的风险。即使公司已倒闭，历史补偿与当前持仓表现出的潜在关联需要被管理。选项a错误，不能因过去的行为而忽略当前的潜在影响。选项b错误，应主动告知并调整持仓以避免利益冲突。选项c错误，逐步减少时间过长，且未立即采取行动可能损害客户利益。3.a解析思路：分析师发表的与个人意见相悖的分析，是为了避免短期损失而非基于客观市场判断，这违反了提供客观建议的专业原则。选项b错误，如果分析不充分，则违反diligence，但题目核心在于建议与个人意见矛盾。选项c错误，loyalty是客户优先，此处问题是客观性。选