2025年CFA一级道德模拟测试卷

2025年CFA一级道德模拟测试卷考试时间：______分钟总分：______分姓名：______1.Ananalystatabrokeragefirmisresponsibleforcoveringthetechnologysector.Thefirm'sprimebrokerageclient,alargeinstitutionalinvestor,hasprovidedthefirmwithnon-publicinformationaboutapromisingstartupcompanywithinthesector.Theclienthasaskedtheanalysttoprepareapositiveresearchreportonthestartupandtorecommendthecompany'sstocktotheclient,eventhoughtheanalystpersonallybelievesthecompanyisovervalued.Whichofthefollowingactions,iftakenbytheanalyst,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.Preparetheresearchreportasrequestedbytheclientbutexcludeanynegativecommentsaboutthecompany'svaluation.B.Prepareabalancedresearchreportreflectingtheanalyst'sgenuineviewbutdiscloseinthereportthatitwascommissionedbytheclient.C.Refusetopreparetheresearchreportbecausetheinformationprovidedbytheclientisnon-publicandcouldpotentiallybeusedtotheclient'sadvantage.D.Preparetheresearchreportasrequested,butobtainpermissionfromthefirm'scompliancedepartmenttoensurethereportdoesnotcontainanymisleadinginformation.2.AportfoliomanageratahedgefundisconsideringincludingthestockofCompanyXYZinthefund'sportfolio.Theportfoliomanager'ssiblingworksasamid-levelexecutiveatCompanyXYZandisawareoftheportfoliomanager'spotentialinterestinthestock.Thesiblinghasnot,however,beeninvolvedinanydecision-makingprocessrelatedtoCompanyXYZ'sbusinessorstrategy.Whataction,ifany,musttheportfoliomanagertakeregardingthepotentialinvestmentinCompanyXYZ?A.Noactionisrequiredasthesibling'semploymentpositiondoesnotrepresentadirectconflictofinterest.B.Theportfoliomanagermustdisclosethesibling'saffiliationtothefund'sclientsandobtaintheirconsentbeforeinvestinginCompanyXYZ.C.Theportfoliomanagermustrecusethemselvesfrommakingtheinvestmentdecisionandreportthesituationtothefund'scomplianceofficer.D.TheportfoliomanagermayinvestinCompanyXYZbutmustensurethattheinvestmentdecisionisbasedsolelyonthestock'sfundamentalmeritsandisunrelatedtothesibling'semployment.3.Aninvestmentadvisorismeetingwithanewclienttodeterminetheclient'sinvestmentobjectivesandrisktolerance.Duringthemeeting,theadvisormentionsthattheclient'spreviousinvestmentadvisorhadrecommendedaportfolioconsistingprimarilyofhigh-risk,speculativestocks,whichresultedinsignificantlosses.Theadvisorusesthisinformationtoarguethattheclientwouldbebetterservedbytheadvisor'sownconservativeinvestmentstrategy.Whichofthefollowingactions,iftakenbytheadvisor,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A.Providetheclientwithdetailedperformancedataoftheadvisor'sownstrategytosupporttheargument.B.Avoiddiscussingthepreviousadvisor'srecommendationsandfocussolelyontheclient'scurrentfinancialsituationandgoals.C.Obtainwrittenconsentfromtheclientbeforemakinganyinvestmentrecommendationsbasedonthediscussion.D.Discussthepreviousadvisor'sactionswiththeclientinamannerthatcouldbeperceivedasblamingorcriticizingthepreviousadvisor.4.Aresearchanalystatasell-sidefirmispreparingareportonCompanyABC.Thefirm'svicepresidentofresearch,whohassignificantauthorityoverthepublicationofresearchreports,hasexpressedastrongopinionthatCompanyABC'sstockisundervaluedbasedonindustrytrends.Theanalyst'sownanalysis,however,suggeststhatthecompany'sstockisovervalued.Theanalystisconcernedthatpublishingareportcontradictingthevicepresident'sviewmaynegativelyimpacttheircareerprogressionwithinthefirm.Whatshouldtheanalystdo?A.Modifytheanalysistoalignwiththevicepresident'sopiniontoensurecareeradvancement.B.Publishthereportwithabalancedanalysis,includingboththefirm'sviewandtheanalyst'sownfindings,anddisclosethepressuretoconform.C.Refusetopublishthereportunlessitfullyreflectsthevicepresident'sopinion.D.Consultwiththefirm'slegaldepartmenttoseekguidanceonhowtohandlethedisagreement.5.Aninvestmentofficeratapensionfundisevaluatingtwodifferentinvestmentmanagersforanewportfolio.Onemanagerisawell-knownstarmanagerwithastrongtrackrecordbutchargesahighmanagementfee.Theothermanagerisrelativelyunknownbuthasalowermanagementfee.Theinvestmentofficer'sspouseisaclosefriendofthesecondmanagerandhasbeenadvocatingfortheinvestmentofficertoworkwiththismanager.Whichofthefollowingactions,iftakenbytheinvestmentofficer,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.Choosethesecondmanagerbasedontherecommendationofthespouse,asthelowerfeewouldbenefitthepensionfund.B.Conductathoroughduediligenceprocessforbothmanagers,focusingontheirinvestmentstrategies,riskmanagementpractices,andfees,beforemakingadecision.C.Disclosetherelationshiptothepensionfund'sboardandseektheirapprovalbeforemakingadecision.D.Choosethefirstmanagerdespitethehigherfee,toavoidpotentialconflictsofinterestassociatedwiththesecondmanager.6.Aportfoliomanageratamutualfundispreparingaquarterlyreportforinvestors.ThemanagerincludesinformationaboutCompanyDEF,whichrecentlyannouncedstrongquarterlyearnings.Themanageralsoincludesananecdoteaboutthecompany'sCEO,describinghimasahighlyenergeticandvisionaryleader,basedonabriefmeetingthemanagerhadwiththeCEOseveralmonthsearlier.Whichofthefollowingactions,iftakenbythemanager,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A.IncludetheanecdoteabouttheCEOinthereporttoprovideinvestorswithamorecomprehensiveunderstandingofthecompany'spotential.B.DiscloseinthereportthattheanecdoteabouttheCEOisbasedonapersonalmeetingandmaynotbeobjective.C.Focussolelyonthecompany'sfinancialdataandavoidincludinganysubjectiveinformationabouttheCEO.D.Includetheanecdotebutattributeittoananonymoussourcetoprotectthemanager'sprivacy.7.Anassociateinainvestmentbank'sresearchdepartmenthasbeenworkingonadetailedanalysisofCompanyGHI.Theanalysisisnearingcompletion,andtheassociateisscheduledtopresentthefindingstothefirm'sinvestmentbankingdivision,whichistryingtowinalargeunderwritingmandateforCompanyGHI.TheinvestmentbankingdivisionhasimplicitlypressuredtheresearchdepartmenttoissueapositivereportonCompanyGHItomaketheunderwritingopportunitymoreattractive.Whatshouldtheassociatedo?A.IssueapositivereportonCompanyGHItosupporttheinvestmentbankingdivision'sefforts.B.ModifytheanalysistopresentamoreoptimisticviewofCompanyGHI,whiledownplayinganynegativefindings.C.Refusetoissuethereportuntiltheinvestmentbankingdivisionstopspressuringtheresearchdepartment.D.Disclosethepressurefromtheinvestmentbankingdivisioninthereportandpresentabalancedanalysisbasedontheassociate'sownfindings.8.Afinancialplannerismeetingwithaclientwhoisconsideringbuyinganewcar.Theplanner'semployeroffersadiscountoncarpurchasesthroughapartnershipwithalocaldealership.Theplannerrecommendstheclientbuyacarfromthedealership,eventhoughtheclientisnotparticularlyinterestedinthedealership'sofferingsandthereareotherdealershipsintheareathatofferbetterprices.Whichofthefollowingactions,iftakenbytheplanner,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.Recommendthedealershiptotheclient,butdisclosethediscountofferedbytheemployerandallowtheclienttochooseanydealershiptheyprefer.B.Recommendthedealershiptotheclient,butexplainthattherecommendationisbasedontheemployer'spartnershipandnotontheclient'sbestinterests.C.Refusetorecommendthedealershipandsuggestthattheclientshoparoundatdifferentdealershipstofindthebestdeal.D.Recommendthedealershiptotheclient,butensurethattheclientisfullyawareofthediscountandthepartnershiparrangement.9.Ahedgefundmanagerisconsideringinvestingasignificantportionofthefund'scapitalinastartupcompany.Thestartup'sfounderisaclosefriendofthemanager'sandhasapproachedthemanagerwithacompellinginvestmentproposal.Themanagerisoptimisticaboutthestartup'spotentialbuthasnotconductedathoroughduediligenceprocess.Whatshouldthemanagerdo?A.Investinthestartupbasedonthemanager'spersonalrelationshipwiththefounderandthefounder'spromisingproposal.B.Conductathoroughduediligenceprocessbeforemakinganyinvestmentdecision,regardlessoftherelationshipwiththefounder.C.Investasmallportionofthefundinthestartupasatokengestureofsupportforthefriend,whileavoidinganysignificantconcentrationrisk.D.Declinetheinvestmentopportunitytoavoidpotentialconflictsofinterestassociatedwiththepersonalrelationship.10.Anequityresearchanalystatabuy-sidefirmiscoveringCompanyJKL.Theanalyst'ssiblingworksasatraderatadifferentfirmandfrequentlytradesthestockofCompanyJKL.Thesiblinghasaccesstoinformationaboutthefirm'stradingactivities,includingthesizeanddirectionofpendingtrades.Whichofthefollowingactions,iftakenbytheanalyst,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.AdvisethesiblingtoavoidtradingCompanyJKLuntiltheanalyst'semploymentends.B.Disclosethesibling'semploymenttothefirmandrequestpermissiontotradeCompanyJKL.C.Refrainfromdiscussinganynon-publicinformationaboutthefirm'stradingactivitieswiththesibling.D.InformthesiblingthattheyshouldonlytradeCompanyJKLbasedonpubliclyavailableinformation.11.Aportfoliomanagerispreparingtorecommendanewinvestmentstrategytoaclient.Thestrategyinvolvesusingleveragetoamplifypotentialreturns,butitalsoincreasesthepotentialforsignificantlosses.Themanagerhaspreviouslydiscussedtherisksofleveragewiththeclient,buttheclienthasnotfullyunderstoodthepotentialdownsides.Whichofthefollowingactions,iftakenbythemanager,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A.Implementtheleveragestrategywithoutobtainingadditionalconsentfromtheclient,astheriskswerepreviouslydiscussed.B.Obtainwrittenconsentfromtheclientspecificallyauthorizingtheuseofleverageintheinvestmentstrategy.C.Avoidusingleverageintheinvestmentstrategytominimizetheriskofclientdissatisfaction.D.Explaintheleveragestrategyinsimplertermstotheclientandattempttopersuadetheclienttoaccepttherisks.12.Afinancialadvisorismeetingwithaclientwhoisconsideringalargewithdrawalfromtheirretirementportfolio.Theadvisorrecommendsthattheclientinvesttheproceedsinanewmutualfundthattheadvisormanages.Theadvisorreceivesasignificantportionoftheircompensationfromthemanagementfeesofthisfund.Whichofthefollowingactions,iftakenbytheadvisor,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A.Disclosetheiraffiliationwiththemutualfundandobtaintheclient'sconsentbeforemakinganyrecommendations.B.Recommendthemutualfundtotheclient,butdownplaythepotentialrisksoftheinvestment.C.Refusetomakeanyrecommendationsuntiltheclientdiversifiestheirwithdrawalintomultipledifferentinvestments.D.Advisetheclienttowithdrawtheentireamountincashtoavoidanypotentialconflictsofinterestassociatedwiththemutualfund.13.AninvestmentbankerisleadingasyndicatetounderwriteanewissueofstockforCompanyMNO.Thebanker'sclosefriendistheCEOofCompanyMNO.Duringtheroadshow,thebankerprovidestheCEOwithnon-publicinformationabouttheunderwritingprocessandtheparticipationofotherpotentialinvestors.Whichofthefollowingactions,iftakenbythebanker,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.ProvidetheCEOwiththenon-publicinformationtohelptheCEOpreparefortheroadshowandenhancethecompany'sstockoffering.B.Disclosetherelationshiptothecompanyandtheunderwritingsyndicate,andrecusethemselvesfromsharinganynon-publicinformationwiththeCEO.C.Refrainfromsharinganynon-publicinformationwiththeCEO,butstillmaintainaclosefriendship.D.Sharethenon-publicinformationwiththeCEO,butensurethattheCEOunderstandstheinformationisconfidentialandshouldnotbedisclosedtoothers.14.Aresearchanalystatasell-sidefirmiscoveringCompanyPQR.Theanalyst'sspouseworksasamarketingexecutiveatCompanyPQRandisinvolvedinthecompany'spublicrelationsefforts.Theanalyst'sspousehasaccesstoinformationaboutthecompany'supcomingproductlaunch,whichhasnotyetbeenmadepublic.Whatshouldtheanalystdo?A.Usethenon-publicinformationabouttheproductlaunchtoinformtheirresearchanalysisandpublishapositivereportonthecompany'sstock.B.Disclosetherelationshiptothefirmandrequestpermissiontousethenon-publicinformationintheirresearch.C.Refrainfromusinganynon-publicinformationintheirresearchandbasetheiranalysissolelyonpubliclyavailableinformation.D.Advisethespousetoavoiddiscussingtheupcomingproductlaunchwiththeanalystuntilaftertheinformationbecomespublic.15.Aportfoliomanagerataprivateequityfirmisconsideringinvestinginanewcompany.Themanager'scousinisaboardmemberofthetargetcompany.Thecousinhasnotbeeninvolvedinanydecision-makingprocessrelatedtothetargetcompany'sbusinessorstrategy,butthemanagerisconcernedaboutthepotentialconflictofinterest.Whichofthefollowingactions,iftakenbythemanager,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.Investinthecompanywithouttakinganyadditionalsteps,asthecousin'spositionontheboarddoesnotrepresentadirectconflictofinterest.B.Disclosetherelationshiptothefirm'sboardandobtaintheirapprovalbeforemakingtheinvestmentdecision.C.Recusethemselvesfromtheinvestmentdecisionandreportthesituationtothefirm'scomplianceofficer.D.Investinthecompanybutensurethattheinvestmentdecisionisbasedsolelyonthecompany'sfundamentalmeritsandisunrelatedtothecousin'sboardposition.试卷答案1.B解析：选项B最符合CFA协会的道德准则。作为分析师，有责任提供基于事实和独立分析的客观研究。虽然报告是应客户要求准备的，但分析师仍然有义务发布平衡和公正的报告。披露报告是应客户要求这一事实本身并不违反任何准则，但分析师必须确保报告的质量和客观性。选项A不正确，因为排除负面评论会损害报告的客观性。选项C不正确，因为即使信息非公开，分析师也可以在遵守适当保密义务的前提下进行分析。选项D不正确，因为依赖上级的意见可能会损害分析师的独立性和客观性。2.C解析：选项C最符合CFA协会的道德准则。在这种情况下，投资经理必须披露其亲属与公司之间的关系，因为这构成一个潜在的利益冲突。仅仅告知客户可能不够，根据CFA协会的标准，必须向基金董事会披露这种情况，并在获得批准之前不得进行投资。选项A不正确，因为亲属的关系构成一个需要披露的利益冲突。选项B不正确，虽然尽职调查是必要的，但仅仅进行尽职调查而不披露关系是不够的。选项D不正确，投资经理不能仅仅因为亲属的关系而避免做出投资决定，而是必须披露并寻求批准。3.B解析：选项B最符合CFA协会的道德准则。投资顾问在收集客户信息时必须保持客观和专业。讨论以前的顾问的建议，尤其是在负面的方式下，可能会被视为不专业或带有偏见，并可能损害客户的信任。最佳做法是专注于当前客户的财务状况和目标，并提供中立和专业的建议。选项A不正确，因为提供性能数据应该基于事实和客观分析，而不是用来操纵客户决策。选项C不正确，虽然获得客户同意是好的做法，但在这种情况下，避免这种讨论是更符合道德的做法。选项D不正确，因为即使是无名的来源，分享关于以前顾问的负面信息也可能被视为不专业和带有偏见。4.B解析：选项B最符合CFA协会的道德准则。分析师有责任提供基于事实和独立分析的客观研究。虽然副总裁的意见很重要，但分析师必须坚持自己的分析结果，如果副总裁的意见与分析师的分析不一致，分析师应该发布一个平衡的报告，包括两种观点，并披露任何压力。这样做可以确保研究的客观性和透明度。选项A不正确，因为修改分析以符合副总裁的意见会损害研究的客观性。选项C不正确，因为分析师不能仅仅因为意见不一致就拒绝发布报告。选项D不正确，虽然咨询法律部门是好的做法，但这不应该替代分析师的道德责任来发布客观的研究。5.B解析：选项B最符合CFA协会的道德准则。投资经理必须基于投资merits和风险管理实践来做出投资决策，而不是基于个人关系或利益冲突。虽然配偶的朋友可能是一个友好的人，但投资决策必须基于客观标准。因此，投资经理应该对两家公司都进行彻底的尽职调查，然后根据调查结果做出决策。选项A不正确，因为基于个人关系进行投资决策会违反利益冲突的原则。选项C不正确，虽然披露关系是必要的，但仅仅披露而不进行尽职调查是不够的。选项D不正确，仅仅因为存在潜在的利益冲突就避免投资是不够的，而是必须进行尽职调查并基于客观标准做出决策。6.B解析：选项B最符合CFA协会的道德准则。投资顾问在向投资者提供信息时必须保持客观和透明。虽然关于CEO的轶事可能听起来很有趣，但它可能不是客观的信息，并且可能会影响投资者的决策。因此，最佳做法是披露轶事的来源，即它是基于个人meeting的，可能不是完全客观的。这样做可以让投资者了解信息的性质，并做出更明智的决策。选项A不正确，因为包含主观信息可能会损害报告的客观性。选项C不正确，因为完全避免任何主观信息可能是不现实的，但必须披露这些信息来源。选项D不正确，因为将信息归因于匿名来源可能会损害透明度，并可能被视为试图掩盖信息的来源。7.C解析：选项C最符合CFA协会的道德准则。研究部门有责任提供客观和公正的研究，而投资银行部门的压力不应影响研究的质量。在这种情况下，分析师应该拒绝发布受压力影响的报告。向投资银行部门报告压力并请求其停止压力可能是必要的，但分析师应该坚持发布基于事实和独立分析的客观报告。选项A不正确，因为发布受压力影响的报告会损害研究的客观性。选项B不正确，因为修改分析以符合投资银行部门的意见会损害研究的质量。选项D不正确，虽然披露压力是好的做法，但分析师应该坚持发布客观的报告，而不是修改报告以符合压力。8.C解析：选项C最符合CFA协会的道德准则。财务顾问有责任始终将客户的最佳利益放在首位。在这种情况下，推荐特定的经销商而不考虑客户的偏好或需求可能被视为利益冲突。因此，最佳做法是建议客户在多个经销商之间进行比较，以找到最佳的交易，而不是推荐特定的经销商。这样做可以确保客户获得最佳的交易，并维护财务顾问的诚信。选项A不正确，因为即使披露了折扣，推荐特定的经销商仍然可能被视为利益冲突。选项B不正确，因为解释推荐是基于雇主的关系可能会损害客户的信任。选项D不正确，因为即使确保客户知道折扣和合作关系，推荐特定的经销商仍然可能不是客户的最佳利益。9.B解析：选项B最符合CFA协会的道德准则。投资经理在做出重大投资决策时必须进行彻底的尽职调查，无论是否存在个人关系。在这种情况下，虽然经理与创始人关系密切，但必须对初创公司进行全面的尽职调查，以评估其投资merits和风险。只有在完成尽职调查并确定投资符合基金的最佳利益后