2025年CFA考试《道德与专业准则》题库

2025年CFA考试《道德与专业准则》题库考试时间：______分钟总分：______分姓名：______第Ⅰ部分1.Aninvestmentmanagerisconsideringrecommendinganewemergingmarketmutualfundtoherclients.Thefundperformswellininitialtestsbuthasnotbeenavailabletothepubliclongenoughtohaveaconsistenttrackrecord.Themanagerknowsthatanotherfirmisabouttolaunchacompetingfundbuthasnotyetseenitsprospectus.Shedecidestousethenon-publicinformationtotailorherpitchforthenewfund,emphasizingaspectsthatarecurrentlyfavorableanddownplayingpotentialrisksbasedonthecompetitor'ssoon-to-be-releasedinformation.WhatprimaryethicalprincipleoftheCFAInstituteCodeandStandardsisthemanagerviolating?2.Aseniorportfoliomanager,Sarah,isattendingaconferencewhereaformeremployee,whoisnowanindependentanalyst,willbepresentingonacompanyinwhichSarah'sfirmholdsasignificantinvestment.Sarahknowsthatherfirm'sinvestmentthesisisdifferentfromtheanalyst's观点,whichisexpectedtobemoreoptimistic.Sarahasksherteamtoprepareamemoarguingagainsttheanalyst'slikelyfindingstouseinclientcommunicationsiftheanalyst'sviewsbecomewidelyknown.WhatspecificethicalobligationdoesSarah'sactionimposeonher?3.Aresearchanalystatasell-sidefirmisworkingonareportcoveringCompanyX.Duringtheresearchprocess,theanalystdiscoversnegativeinformationaboutCompanyX'sfinancialhealththatcouldsignificantlyimpactthestockpriceifreleased.Theanalyst'sboss,underpressuretomeetrevenuetargets,urgestheanalysttodelaypublishingthereportandsuggestsdownplayingthenegativefindingsinfavorofmorepositiveaspects.Whatarethekeyethicalresponsibilitiesoftheanalystinthissituation,accordingtotheCFAInstituteCodeandStandards?4.Aninvestmentadvisorismanagingaccountsfortwoclients:ClientA,along-terminstitutionalinvestor,andClientB,awealthyindividualwithashort-terminvestmenthorizon.TheadvisorlearnsthatClientAisplanningtoliquidateaportionofitsportfoliotofundamajorproject.Togeneratetradingvolume,theadvisorsuggeststoClientAthattheysellsecuritiesthatClientBrecentlypurchasedthroughadifferentaccount,eventhoughitmightnotbethemostsuitablestrategyforClientA.Whatethicalconsiderationsarisefromthissituation?5.Aportfoliomanager,David,isresponsibleformanagingaclient'sportfoliothatincludesseveralstockscoveredbyhisownfirm'sresearchdepartment.Davidfrequentlyuseshisaccesstopre-releaseresearchreportstomaketradesinhispersonalaccount,generatingsubstantialprofits.Davidarguesthathisfirmdoesnotprohibitpersonaltradingbasedonpre-releaseresearchandthathehastakenstepstoensurehistradesareindependent.WhatprimaryethicalprincipleisDavidpotentiallyviolating,evenifhisfirm'spolicyisambiguous?第Ⅱ部分6.Anassetmanagementfirmisorganizinganindustryconference.Thefirminvitesseveralprominentindustryfiguresasspeakers,includingaformerCFAInstituteboardmember.Thefirmalso安排sakeypresentationonanewinvestmentstrategydevelopedbyoneofitsstarportfoliomanagers.Thestarmanagerisawarethattheconferenceisalsobeingattendedbycompetitors,someofwhomhavedevelopedsimilarstrategies.Themanagerrequeststhatthefirmensurecompetitorsarenotabletoattendthesessionwheretheywillpresenttheproprietarystrategyindetail.Whatethicalobligationsdoesthefirmhavetowardsconferenceattendeesinthisscenario?7.Twoanalystsatabuy-sidefirmarecoveringdifferentcompanieswithinthesameindustry.Analyst1discoversnon-publicinformationaboutapotentialmergerthatcouldsignificantlyaffectthestockprice.Analyst1'scolleague,Analyst2,asksforadetailedexplanationoftheinformationsourceandvalidity,asAnalyst2believesitcouldbevaluablefortheirowncoverage.Analyst1reluctantlysharestheinformation,butwarnsAnalyst2nottoactonituntilitbecomespublic.WhataretheethicalimplicationsforAnalyst1ofsharingthisnon-publicinformation,evenwithacolleague?8.Afinancialplannerisworkingcloselywithaclienttodevelopanestateplan.Duringthemeetings,theplannerlearnshighlyconfidentialfamilyinformation,includingdetailsaboutpotentialbusinessdisputesandprivatefamilyfinances.Theplannerisnotlegallyrequiredtodisclosethisinformationbutfeelsuncomfortablekeepingitsecret.Theplanner'sfirmhasapolicyregardingclientconfidentialitybutprovideslimitedguidanceonsituationsinvolvingsensitivepersonalinformationunrelatedtoinvestmentadvice.Whataretheplanner'sprimaryethicalobligationsregardingtheconfidentialinformationlearned?9.Avicepresidentataninvestmentbankisresponsibleforoverseeingthesalesteam.Thebankisunderpressuretoincreaserevenue,andthevicepresidentsetsaggressivesalestargetsfortheteam.Toachievethesetargets,thevicepresidentencouragesthesalesrepresentativestogeneratebusinessbyofferingincentivestoprospectiveclients,includingprovidingcomplimentaryresearchreportsandpremiumservicethatmaynotbeintheclient'sbestinterest.Whatethicalresponsibilitiesdoesthevicepresidenthavetowardsboththefirmandtheclients?10.Aninvestmentofficerisreviewingapotentialinvestmentopportunityinvolvingastartupcompany.Thestartup'sfounder,whoisalsoasignificantshareholder,guaranteesaportionofthepotentialreturn.TheinvestmentofficerisawarethatCFAInstituteStandardsofPracticeVI(AdditionalStandardsofPracticeforInvestmentPractitioners)prohibitsacceptinganythingthatmightbeconsideredaguaranteeofperformance.However,thefounderisalsoapersonalfriendoftheinvestmentofficer,andtheinvestmentofficerisconcernedthatrejectingtheopportunitymightdamagetheirfriendship.Whatarethekeyconsiderationsandpotentialactionsfortheinvestmentofficerinthissituation?11.Twoportfoliomanagersatthesamefirmarecoveringcompaniesinthesamesector.PortfolioManager1discoversthatPortfolioManager2isusingaproprietaryanalyticalmodelthatreliesheavilyondatageneratedbyPortfolioManager1'steam.PortfolioManager1hadsharedpreliminaryversionsofthedataandearlyfindingswithPortfolioManager2duringacollaborativeprojectseveralmonthsprior,withoutanyexplicitnon-disclosureagreement.PortfolioManager2hasnowdevelopedasuccessfulstrategybasedonthisinformationandisplanningtopresentitatanindustryconference.WhatethicalobligationsdoesPortfolioManager2havetowardsPortfolioManager1?12.Aresearchdirectoratasell-sidefirmispreparingtoreleaseareportonCompanyY.Thereportcontainsanegativeoutlookduetoconcernsaboutthecompany'smanagementpractices.Theresearchdirectorlearnsthatthecompany'sCEOisaclosepersonalfriendandhasprovidedtheresearchdirectorwithalargedonationtoacharitywherethedirectorisaboardmember.Theresearchdirectorishesitanttopublishthenegativereport,concernedaboutdamagingthepersonalrelationship.Whatarethemostsignificantethicalconsiderationsandpotentialactionsfortheresearchdirector?第Ⅲ部分13.Aninvestmentadvisoractsasabroker-dealer,facilitatingtradesforclients.Theadvisorearnscommissionsonboththepurchaseandsaleofsecurities.Aclientaskstheadvisortorecommendastockforalong-terminvestmenthorizon.Theadvisorknowsoftwosuitablestocksbutalsoknowsthatonestockpaysahighdividend,whiletheotherofferssignificantcapitalappreciationpotential.Theadvisorrecommendsthehigh-dividendstocktotheclient,earningahighercommissionontheinitialtradebutpotentiallymissingoutontheclient'slong-termcapitalgrowthobjective.Whatethicalobligationsdoestheadvisorhavetotheclientinthissituation?14.Aseniorexecutiveatacompanyisconsideringjoiningtheboardofdirectorsofaninvestmentfirm.Thefirmisknownforitsstrongperformancebuthasahistoryofethicallapsesinthepast,includingallegationsofmarketmanipulationbysomeformeremployees.Theexecutiveisawareoftheseissuesbutisattractedbytheboardpositionandthepotentialfinancialbenefits.Whatarethekeyethicalconsiderationsfortheexecutivebeforeacceptingtheboardposition?15.Twoportfoliomanagersaremembersofthesameinvestmentclub.Theyfrequentlyshareideasandinformationaboutpotentialinvestments.However,onemanager,Alex,alsosharesnon-publicresearchfindingsandearlydraftreportsfromhisfirm'sresearchdepartmentwiththeclub,knowingthathisclubmate,Ben,alsoworksatacompetingfirmandcouldpotentiallyusethisinformationforhisfirm'sresearchortradingadvantage.WhatethicalresponsibilitiesdoesAlexhavetowardsBenandhisownfirm?16.Acomplianceofficerataninvestmentfirmisinvestigatingareportthatsuggestsoneofthefirm'sportfoliomanagersmightbeengagingininsidertrading.Theinvestigationisinitsearlystages,andthecomplianceofficerhasnotyetfounddefinitiveevidence.However,thecomplianceofficerlearnsthattheportfoliomanagerisplanningtoattendaconferencewhereamajoracquisitionannouncementbyacompanyinthemanager'sportfolioisexpected.Thecomplianceofficerisconcernedthatthemanagermightusethisnon-publicinformationtomaketradesbeforetheannouncement.Whataretheprimarydutiesandpotentialactionsforthecomplianceofficerinthissituation?17.Afinancialadvisorismeetingwithaclientwhoisconsideringinvestingasignificantamountofmoney.Theadvisorrecommendsaseriesofcomplexstructuredproductsthatofferhighpotentialreturnsbutalsocarrysubstantialrisksandfees.Theadvisorspendsmostofthemeetingdiscussingthepotentialreturnsandminimizingtherisks,whilededicatingverylittletimetoexplainingthecomplexstructureandfees.Theclienthaslimitedinvestmentknowledge.Whatethicalresponsibilitiesdoestheadvisorhavetowardstheclient,particularlyconcerningsuitabilityanddisclosure?18.Aninvestmentmanagerisresponsibleforaclientportfoliothatincludesseveralinternationalsecurities.Themanagerlearnsthatapoliticaleventinaforeigncountrycouldpotentiallynegativelyimpacttheportfolio.Themanagercontactsthefirm'slegaldepartmenttoseekguidanceonwhethertoinformtheclientaboutthepotentialriskandthemanager'sactions.Thelegaldepartmentadvisesthemanagertoholdoffoncommunicatingtheriskuntiltheeventoccursoruntilthereisclearerinformation,citingconcernsaboutmarketvolatility.Whatethicalconsiderationsdoesthemanagerhaveregardingthedutytokeepclientsinformedinthissituation?试卷答案1.Fairness**解析思路：*题目中，经理利用非公开信息（竞争对手的即将发布的信息）来影响销售，这构成了信息优势，并对客户不公平，剥夺了他们基于同等信息的做出决策的机会。这直接违反了公平原则，即不能利用信息优势或特殊关系来损害客户或其他利益相关者的利益。2.DutytotheEmployer(StandardVI(A))**解析思路：*题目中，Sarah受雇于某公司，她利用职务之便（获取公司内部对竞争对手的分析）来影响外部信息发布，这构成了对雇主信息的滥用。根据标准VI(A)，员工有责任以雇主利益为先，不得未经授权披露或使用受雇期间获得或产生的、未公开的、对雇主有利的非公开信息。Sarah的行为违反了这一义务。3.DutytotheClient(StandardII(A))andDutyofLoyalty(StandardIII(A))**解析思路：*分析师的职责是向客户提供基于独立、客观研究的可靠建议（标准II(A)）。其老板的要求是要求分析师偏离事实、损害客户利益以追求业绩。分析师面临违反客户利益和忠诚义务（标准III(A)）的风险。其首要责任是维护客户的最佳利益，拒绝执行违反准则指令，并向适当层级报告或寻求指导。4.DutytotheClient(StandardII(A))andFairness(StandardI(B))**解析思路：*投资顾问有责任以客户最佳利益为先（标准II(A)）。将不适合客户的交易（为了增加自身交易量）推荐给客户，显然违背了这一原则。同时，这种行为也可能被视为利用其与ClientA的关系来间接从ClientB那里获益，损害了ClientB的利益，违反了公平原则。5.Integrity**解析思路：*题目中，David利用其职务之便获取的非公开信息为自己牟利，这直接违反了诚信原则（标准I(A)）。即使公司政策模糊或允许，个人利用未公开信息获利也是CFA协会绝对禁止的行为，因为它破坏了职业诚信的基础。6.DutytoAttendees(StandardI(A))**解析思路：*CFA协会标准I(A)要求组织者确保所有合格人士（attendees）有平等的机会参加活动。限制竞争对手参加特定环节（尤其是涉及未公开策略的环节），构成了歧视，违反了公平对待所有与会者的原则。组织者有责任确保会议安排不偏向特定群体而损害其他合格人士的利益。7.DutyofLoyalty(StandardIII(A))andConfidentiality(StandardIV(A))**解析思路：*Analyst1从其公司获取的非公开信息属于其雇主的资产，受标准IV(A)保护。即使分享给了同事，也必须确保信息不被用于伤害雇主利益。在未获得适当授权的情况下，将非公开信息告知竞争对手（即使是无意的），构成了对雇主的潜在忠诚义务的违反，并可能违反了保密义务。8.Confidentiality(StandardIV(A))andDutytotheClient(StandardII(A))**解析思路：*金融规划师有责任保护客户的机密信息（标准IV(A)）。即使信息与投资建议无关，只要是在提供咨询服务过程中获取的，原则上都应保密，除非客户明确同意或法律要求。规划师需要评估其公司政策、潜在的法律责任，并考虑与客户沟通，或者在不违反保密义务的前提下，向监管机构寻求建议。9.DutytotheEmployer(StandardVI(A))andFairness(StandardI(B))**解析思路：*副总裁在压力下鼓励销售团队采取损害客户利益的行为以达成目标，这违反了其对雇主的忠诚义务（标准VI(A)），即员工应确保其行为支持并维护雇主的声誉和诚信。这种行为也可能被视为不公平地利用其职位权力来迫使客户接受不合适的建议或产品。10.DutyofLoyalty(StandardIII(A))andIntegrity(StandardI(A))**解析思路：*投资官面临的主要冲突是其个人友谊（可能违反忠诚义务）与遵守标准VI禁止接受潜在绩效保证之间的冲突。朋友的保证构成了一种潜在的利益冲突，可能影响独立判断。投资官必须优先考虑其职业责任和遵守准则，拒绝接受任何形式的保证，并向公司内部适当渠道报告此事。11.DutyofLoyalty(StandardIII(A))andConfidentiality(StandardIV(A))**解析思路：*尽管数据是在合作项目期间共享的，但PortfolioManager2将其用于开发成功的策略并在行业会议上呈现，特别是如果这对PortfolioManager1的团队或公司产生了不利影响（例如，竞争对手采用了相同策略并获利），则违反了忠诚义务（标准III(A)）。如果数据属于未公开或受保密协议约束的信息，则违反了保密义务（标准IV(A)）。12.Integrity(StandardI(A))andDutyofLoyalty(StandardIII(A))**解析思路：*研究主管面临的主要冲突是其与CEO的个人关系（可能损害忠诚义务）与发布基于事实的负面报告之间的冲突。接受CEO的大额捐