2025年CFA一级道德与专业标准测试卷

2025年CFA一级道德与专业标准测试卷考试时间：______分钟总分：______分姓名：______PartA:MultipleChoiceQuestions1.Aninvestmentanalystatafirmiscoveringtwocompanies,AlphaCorpandBetaInc.Thefirm'sproprietaryresearchindicatesAlphaCorpislikelytounderperform,whileBetaIncispoisedforstronggrowth.TheanalystisclosefriendswiththeCEOofBetaIncandfrequentlydiscussesnon-publicpositiveinformationaboutBetaIncwiththeCEO.TheanalystsubsequentlyupgradesBetaIncinaresearchreport,providingstrongrationalesupportedbypublicinformation.However,theanalystknowsthatthepositiveinformationsharedwiththeCEOisbasedonproprietary,non-publicdetails.WhatisthemostlikelyviolationoftheCFAInstituteCodeandStandardsbytheanalyst?a.AbreachofStandardI(A)DutytoClientbecausetheanalystispotentiallyprioritizingapersonalfriendshipoverclientinterests.b.AbreachofStandardII(A)LoyaltyandPrudencebecausetheanalystsharednon-public,materialinformationwiththeCEO,potentiallyviolatingtheconfidentialitydutyowedtothefirmanditsclients.c.NoviolationoftheCFAInstituteCodeandStandardshasoccurredbecausetheresearchreportwasbasedonpublicinformationandtheupgradewasjustified.d.AbreachofStandardV(A)AdditionalResponsibilitiesbecausetheanalystfailedtodisclosethepersonalfriendshipandthenatureofthenon-publicinformationreceived.2.Aportfoliomanagerisconsideringaddinganewstocktoaclient'sportfolio.Thestockisissuedbyacompanyinwhichtheclient'sspousehasasignificantfinancialinterest.Theportfoliomanagerisawareofthisinterestbutbelievesthestockisundervaluedandagoodinvestmentopportunityfortheclient.Theportfoliomanagerdoesnotdisclosethespouse'sinteresttotheclient.Whatistheportfoliomanager'sprimaryethicalobligationregardingthissituation?a.Toimmediatelysellallsimilarstocksintheportfoliotoeliminateanypotentialconflict.b.Toinformtheclientaboutthespouse'sinterestandobtaintheclient'sconsentbeforeinvesting,astheinvestmentdecisionultimatelyrestswiththeclient.c.Todisclosethespouse'sinteresttotheCFAInstitutebeforemakingtheinvestmentdecision.d.Torefrainfrommakinganyinvestmentdecisionsuntilthespouse'sinterestissignificantlydiversifiedoreliminated.3.Anemployeeworkinginthetradingdepartmentfrequentlyusesnon-publicinformationobtainedfromtheircolleagueintheresearchdepartmenttomaketradesthatgeneratesubstantialprofitsfortheemployee.Theemployeeknowsthispracticeisstrictlyprohibitedbythefirm'spoliciesandtheCFAInstituteCodeandStandards.Whatistheprimaryethicalissuethisemployeeisfacing?a.ApotentialviolationofStandardI(B)FairDealing,astheemployeeisgaininganunfairadvantage.b.ApotentialviolationofStandardII(A)LoyaltyandPrudence,astheemployeeismisusingfirmresourcesandinformationforpersonalgain.c.ApotentialviolationofStandardIII(A)DiligenceandDueCare,astheemployeeisnotactingwiththeappropriatelevelofcareintheirtradingactivities.d.ApotentialviolationofStandardVI(A)MarketManipulationandFraud,dependingonthenatureandscaleofthetradesmadeusingthenon-publicinformation.4.Afinancialadvisorismeetingwithapotentialclient.Duringthemeeting,theadvisordisclosesthattheyholdasmallpositioninoneoftherecommendedfunds.Theadvisorexplainsthatthispositionisinsignificantintermsoftheiroverallportfoliosizeanddoesnotinfluencetheirrecommendations.Thepotentialclientisunawareoftheadvisor'spersonalinvestmentinthefund.Whatisthepotentialethicalissuewiththeadvisor'sdisclosure?a.Thereisnoethicalissueastheadvisordisclosedtheirholding,evenifminor,andclarifieditdoesnotinfluencerecommendations.b.ApotentialviolationofStandardII(A)LoyaltyandPrudence,astheadvisorhasaconflictofinterestduetotheirpersonalholding,evenifminor.c.ApotentialviolationofStandardIII(B)AdditionalCompetenceandDueCare,astheadvisordidnotprovidesufficientcontextabouttheimplicationsoftheirholding.d.ApotentialviolationofStandardV(A)AdditionalResponsibilities,astheadvisorfailedtoprioritizetheclient'sinterestsovertheirown.5.Aninvestmentmanagerispreparingamarketingbrochureforanewinvestmentstrategy.Thebrochurecontainsoptimisticprojectionsbasedonhistoricaldatabutomitsdiscussionsaboutthesignificantrisksassociatedwiththestrategy.Themanagerbelievesthepositiveoutlookismorelikelytoattractnewclientsandjustifiestheomissionbystatingitiscommonindustrypracticetohighlightsuccesses.Whatistheprimaryethicalconcernwiththemanager'sapproach?a.ApotentialviolationofStandardI(B)FairDealing,asthebrochuremaycreateamisleadingimpressionoftheinvestmentstrategy'sperformance.b.ApotentialviolationofStandardII(A)LoyaltyandPrudence,asthemanagerisprioritizingthefirm'srevenuegoalsovertheclient'sbestinterests.c.ApotentialviolationofStandardIII(A)DiligenceandDueCare,asthemanagerisnotprovidingacompleteandaccuratepictureoftheinvestmentstrategy.d.ApotentialviolationofStandardV(A)AdditionalResponsibilities,asthemanagerfailedtoprovidesufficientinformationtoallowclientstomakeinformeddecisions.6.Aresearchanalystisassignedtocoveracompanythatisamajorclientofthefirm.Theanalystfrequentlyreceivesnon-publicinformationaboutthecompanyfromtheclient'smarketingdepartment.Theanalystusesthisinformationtoproducehighlyaccurateandpositiveresearchreports,whichsignificantlyboostthecompany'sstockprice.Theanalystknowsthisinformationisnotpubliclyavailable.Whatisthemostlikelyethicalviolationbytheanalyst?a.AbreachofStandardI(A)DutytoClient,astheanalystisbenefitingfromtheclientrelationshipthroughsuperiorresearch.b.AbreachofStandardII(A)LoyaltyandPrudence,astheanalystisusingconfidentialclientinformationforpersonalgain.c.AbreachofStandardIII(A)DiligenceandDueCare,astheanalystisnotconductingindependentresearchusingonlypublicinformation.d.AbreachofStandardV(A)AdditionalResponsibilities,astheanalystfailedtomaintainobjectivityintheirresearchduetothecloseclientrelationship.7.Aninvestmentadvisorismanagingaportfolioforaclient.Theadvisorrecommendsastockthathasrecentlyexperiencedasignificantpriceincrease.Theadvisorknowsthatthestock'sriseisprimarilyduetopositiverumorscirculatinginthemarket,whichhavenotbeenconfirmedbyanyofficialcompanyannouncements.Theadvisorfailstodisclosethisuncertaintytotheclient.Whatisthemainethicalconcern?a.ApotentialviolationofStandardI(B)FairDealing,astheadvisormaybeperceivedastryingtoprofitfromthemarketmovement.b.ApotentialviolationofStandardII(A)LoyaltyandPrudence,astheadvisorisrecommendinganinvestmentbasedonunconfirmedinformationwithoutfulldisclosure.c.ApotentialviolationofStandardIII(B)AdditionalCompetenceandDueCare,astheadvisordidnotperformadequateduediligenceontherumors.d.ApotentialviolationofStandardV(A)AdditionalResponsibilities,astheadvisorfailedtoactwiththeclient'sbestinterestsinmind.8.WhichofthefollowingactionsbyaninvestmentprofessionalwouldmostlikelybeconsideredaviolationoftheCFAInstituteCodeandStandards?a.Aninvestmentbankerrecommendsastocktoaclientafterconductingthoroughduediligenceandprovidingobjectiveanalysis.b.Aninvestmentmanagerusesanalgorithmictradingsystemthatisbasedonpubliclyavailabledataandhasbeentestedforfairness.c.Aninvestmentanalystsharesnon-public,materialinformationwithaclosefriendwhoisnotemployedbythefirm,withoutanyfinancialgaininvolved.d.Aninvestmentadvisordisclosesthattheyownsharesinacompanytheyfrequentlyrecommendtoclients,explainingthattheholdingissmallanddoesnotinfluencetheirrecommendations.9.Aportfoliomanagerisresponsibleformanagingclientassets.Themanagerdiscoversthataformercolleague,whorecentlyleftthefirmundercontroversialcircumstances,isactivelyspreadingnegativerumorsaboutthefirmanditsinvestmentstrategies.Therumorsarebaselessbutarecausingtemporaryvolatilityinthefirm'sstockprice.Whatisthemostappropriatecourseofactionfortheportfoliomanager?a.Ignoretherumorsastheyarelikelytobefalseanddonotaffectthemanager'sinvestmentdecisions.b.Publiclyrefutetherumorsonsocialmediatodefendthefirm'sreputationandprotectthemanager'sownstanding.c.Reporttherumorstothefirm'scompliancedepartmentandallowthefirmtohandlethesituationaccordingtoitsprocedures.d.Investheavilyinthefirm'sstockbasedontherumors,anticipatingapricereboundoncethecontroversydiesdown.10.AninvestmentanalystisattendingaconferencewhereacompanyCEOwillbepresenting.TheCEOisknowntobeaclosefriendoftheanalyst.Theanalysthasaccesstoproprietaryresearchsuggestingthecompany'sstockisovervalued.Duringtheconference,theanalystasksquestionsthataredesignedtoputtheCEOinafavorablelightandimplicitlysuggestthestockisagoodinvestment.Whatisthepotentialethicalviolationbytheanalyst?a.AbreachofStandardI(A)DutytoClient,astheanalystispotentiallyinfluencingclientdecisionsbasedontheirpersonalrelationshipwiththeCEO.b.AbreachofStandardII(A)LoyaltyandPrudence,astheanalystisusingtheirpositiontopotentiallymisleadinvestorsaboutthestock'struevalue.c.AbreachofStandardIII(A)DiligenceandDueCare,astheanalystisnotprovidingobjectiveandindependentanalysis.d.AbreachofStandardV(A)AdditionalResponsibilities,astheanalystfailedtomaintainprofessionalconductattheconference.PartB:ShortAnswerQuestions11.Describethedifferencebetweenadirectconflictofinterestandaperceivedconflictofinterest,andexplaintheethicalobligationsaninvestmentprofessionalmustfulfillineachscenarioaccordingtotheCFAInstituteCodeandStandards.12.Aninvestmentprofessionalisofferedasignificantbonusiftheygenerateacertainleveloftradingvolume.Thispressureleadstheprofessionaltorecommendcomplexandunsuitablefinancialproductstoclientstomeetthetarget.ExplainhowthissituationcouldpotentiallyviolatemultipleCFAInstituteStandards,anddescribethestepstheprofessionalshouldtaketoaddresstheconflictbetweenpersonalincentivesandclientinterests.13.Aresearchanalystdiscoversevidencethatacompanytheycoverhasbeenengaginginfraudulentaccountingpractices.Theanalyst'ssuperiorsarepressuringthemtodownplaythefindingsintheupcomingresearchreporttoavoidnegativeimpactsonthecompany'sstockpriceandthefirm'sclientrelationships.Explaintheethicaldilemmatheanalystfaces,anddiscussthespecificCFAInstituteStandardsthatarerelevanttothissituation.Whatarethepotentialconsequencesfortheanalystiftheychoosetocomplyorrefuse?14.Outlinethekeyelementsthatmustbeincludedinaproperdisclosureofaconflictofinteresttoaclient,accordingtotheCFAInstituteCodeandStandards.Provideanexampleofadisclosurethatwouldbeconsideredadequateandonethatwouldbeconsideredinadequate.15.Aninvestmentadvisorisresponsibleformanagingaclient'sportfolio.Theadvisorrecommendsaseriesofstocksthathaveperformedexceptionallywell,generatingsubstantialreturnsfortheclient.However,theadvisorknowsthatoneofthestocksisbasedonflawedanalysisprovidedbyaformercolleaguewholeftthefirmunderacloud.Theadvisorisawarethattheclientisunawareofthepotentialissuewiththespecificstock.Explaintheethicalobligationstheadvisorhastowardstheclientinthissituation,anddescribethestepstheadvisorshouldtaketoaddressthepotentialviolationoftheCFAInstituteCodeandStandards.---PartC:Scenario-basedQuestions16.Youareaninvestmentportfoliomanageratafirm.Apotentialclientcomestoyouforaconsultation.Duringtheinitialmeeting,theclientmentionsthattheyworkforacompanythatisamajorshareholderofoneofthefirmsyoucurrentlymanage.Theclientasksyoutorecommendthestockoftheiremployercompanytootherclientsintheirnetwork.Theyassureyouthatitisaexcellentinvestmentandthattheyarenotaskingforanythinginreturn.Youbelievethestockmightbeovervaluedbasedonyourindependentanalysis.Howwouldyouhandlethissituation,andwhatspecificCFAInstituteStandardswouldberelevanttoyouractions?17.Asaresearchanalyst,youarecoveringthetechnologysector.Youreceiveanunsolicitedgiftofahigh-endlaptopfromastartupcompanyyouarefollowing.Thecompanyisnotaclientofyourfirm,butyouhavebeenpositiveabouttheirtechnologyinyourreports.Thelaptophasaretailvalueof$2,000.Yourfirmhasapolicyagainstacceptinggiftsaboveacertainvalue.Whataretheethicalissuesinvolvedinthisscenario,andwhatstepsshouldyoutaketoaddresstheminaccordancewiththeCFAInstituteCodeandStandards?18.Youareaninvestmentadvisor.Yourfirmislaunchinganewmutualfund,andthemarketingmaterialshighlightimpressivepastperformance.However,themarketingmaterialsfailtomentionthatthefundwasonlylaunchedlastyear,meaningitspastperformanceisnotindicativeoffutureresults.Thefirm'scompliancedepartmenttellsyouthatthisisstandardindustrypracticeandthattheomissionislegal.Whataretheethicalconcernswiththisapproach,andwhatshouldyoudoifyoubelieveitviolatestheCFAInstituteCodeandStandards?19.Youareafinancialplanner.Oneofyourlong-termclientsisretiringsoon.Yourecommendacomplexportfolioconsistingofvariousalternativeinvestments,includinghedgefundsandprivateequity.Youreceiveasignificantfeeforconstructingthisportfolio.Yourclientasksforasecondopinionfromacompetitorwhochargesalowerfeebutrecommendsasimpler,primarilystockandbondportfolio.Thecompetitortellsyourclientthatyourrecommendationsweretooexpensiveandnotsuitableforretirement.Whataretheethicalobligationsyouhavetowardsyourclientinthissituation,andhowshouldyourespondtothecompetitor'sactions,consideringtheCFAInstituteCodeandStandards?20.Youareaninvestmentmanager.Yourfirmisunderpressuretomeetperformancetargets,andthemarkethasbeenvolatile.Toboostreturns,youdecidetoengageinmarkettimingbyrapidlyshiftinginvestmentsbetweendifferentassetclassesbasedonshort-termmarketmovements.Whilethisstrategyhasgeneratedsomeadditionalreturnsintheshortterm,youknowitincreasestransactioncostsandmaynotbeinthebestlong-terminterestofyourclients.Whatethicalconsiderationsdoesthisstrategyraise,andwhatstepsshouldyoutaketoensureyouractionsalignwiththeCFAInstituteCodeandStandards?试卷答案PartA:MultipleChoiceQuestions1.b解析思路：分析师将非公开的、对客户可能不利的内部信息（与CEO的闲聊）用于撰写报告，即使报告基于公开信息，也构成了利用非公开信息为自身或他人谋利，违反了保密义务，触及了StandardII(A)的忠诚与谨慎原则中关于信息保密的要求。虽然与CEO的友谊可能涉及利益冲突，但核心问题是未经披露和滥用非公开信息。2.b解析思路：根据StandardV(A)-对客户的额外责任，投资经理有义务向客户披露可能影响客户决策的任何重大关系，即使该关系看似无害。未披露的配偶重大财务利益构成未披露的利益冲突，必须告知客户并获取其同意，这是最符合道德规范的处理方式。3.b解析思路：使用从同事处获得的非公开信息进行交易并获利，直接违反了StandardII(A)-忠诚与谨慎原则。该原则要求成员和候选人应避免利用其职位或信息优势为自身或他人谋取不正当利益，此行为正是利用了职务之便和非公开信息获利。4.b解析思路：即使持有少量股份且认为不影响建议，但未主动、充分地披露该持股，尤其是在面对潜在客户时，可能被视为试图利用信息优势或让客户误以为其推荐是基于完全中立立场。这构成了对StandardII(A)-忠诚与谨慎原则的潜在违反，因为未能充分披露可能存在的利益冲突。选项a可能成立，但b更直接；选项c和d与情景描述不符。5.a解析思路：在营销材料中只强调乐观预期而故意omit（省略）重大风险，构成了提供误导性或具有误导性的信息，违反了StandardI(B)-公正交易原则。该原则要求成员和候选人应在所有业务沟通中保持公正，不得做出虚假或误导性陈述。6.b解析思路：利用来自主要客户营销部门的非公开信息来生成有利的研究报告，并因此提升公司股价，这直接违反了StandardII(A)-忠诚与谨慎原则。该原则禁止成员和候选人利用其职位或信息优势为自身或他人谋取不正当利益，此处利用了客户信息获利。7.b解析思路：向客户推荐基于未经证实rumors（谣言）的股票，并隐瞒了不确定性，违反了StandardII(A)-忠诚与谨慎原则。该原则要求成员和候选人应基于合理的分析和充分的信息披露来做出推荐，不能故意或因疏忽而提供误导性信息。8.c解析思路：将非公开、material（重大的）信息分享给非雇员朋友，无论是否有金钱利益，都违反了StandardII(A)-忠诚与谨慎原则中的保密义务。该原则要求成员和候选人必须保护所有非公开信息，不得以任何方式泄露给第三方。9.c解析思路：面对未经证实的负面rumors（谣言），最符合道德和职业规范的做法是将其报告给公司的合规部门。让合规部门根据公司政策和程序来调查和处理，这是标准的做法，也符合StandardIV(A)-诚实的责任（报告违规行为）和StandardI(B)-公正交易（维护市场诚信）。10.b解析思路：在会议上提出旨在美化CEO和暗示股票良好的问题，利用其与CEO的私人关系影响投资者对股票价值的判断，这违反了StandardII(A)-忠诚与谨慎原则。该原则要求成员和候选人应避免利用其影响力或关系来传播可能误导他人的信息，特别是关于投资价值的非客观信息。PartB:ShortAnswerQuestions11.直接冲突ofinterest发生在一个人的私人利益或义务直接或间接与他们的职业职责或客户义务发生矛盾，或者可能被视为发生矛盾。感知到的冲突ofinterest是指第三方认为一个成员或候选人的行为或关系可能导致其无法做出客观判断。根据CFA协会道德规范，两种情况下的主要道德义务都是进行充分披露，并采取措施消除冲突或管理其对客户的影响。对于直接冲突，通常需要回避相关业务或客户。对于感知到的冲突，除了披露，还需要证明其不会影响客观性，或者采取其他补救措施来减轻担忧。12.这种情况可能违反多个CFA协会标准。首先，它可能违反StandardII(A)-忠诚与谨慎，因为投资经理可能未能将客户的最佳利益置于首位，而是受个人绩效压力和奖金驱动。其次，它可能违反StandardI(B)-公正交易，如果向客户推荐的产品确实不合适，只是为了交易量而非客户利益。此外，这也可能违反StandardIII(B)-额外胜任能力和尽职尽责，如果未能充分评估产品适合性。应对措施包括：向上级或合规部门明确指出冲突，请求调整目标或提供不受压力的环境，如果情况无法解决，可能需要考虑拒绝达成不道德的目标，甚至离开该职位。13.分析师面临的道德困境是：一方面有责任履行StandardIII(A)-尽职尽责，发现并报告欺诈行