2025年CFA一级Ethics道德准则重点题集卷

2025年CFA一级Ethics道德准则重点题集卷考试时间：______分钟总分：______分姓名：______Instructions:Readeachquestioncarefullyandselectthebestanswer.1.Ananalystisevaluatingtwostocksasinvestmentrecommendationsforaclient.Theclienthasprovidedtheanalystwithnon-publicinformationsuggestingonestockwillsignificantlyunderperform.Theanalystknowstheinformationisaccurateandplanstouseittorecommendtheotherstocktotheclientwhilesellingtheunderperformingstockpositionintheirownportfolio.WhichStandardofProfessionalConductisprimarilyviolated?A)StandardII(A)-LoyaltytoClientB)StandardII(B)-FairnessC)StandardIII(A)-CompetenceD)StandardV(A)-ConflictofInterest2.Aninvestmentmanagerrecommendsaportfoliocontainingalargenumberofsmall-capstockstoaclient.Themanagerholdsasignificantpositioninoneofthesmall-capstockswithintheportfoliothroughtheirpersonalbrokerageaccount.Themanagerdisclosesthispersonalholdingtotheclientbutdoesnotprovidedetailedinformationaboutthespecificstock'sperformanceorthemanager'spersonalfinancialinterestinit.Whichaction,ifany,bythemanagerraisesapotentialconflictofinterestundertheCFAInstituteCodeandStandards?A)Themanagerdoesnotneedtodisclosefurtherastheholdingisalreadymentioned.B)Themanagershouldprovidedetailedinformationaboutthespecificstockanditsperformancetotheclienttoensurefulldisclosure.C)Themanagershouldavoidmakinganyrecommendationsinvolvingthespecificstocktomaintainindependence.D)ThedisclosureabouttheholdinginthegeneralportfoliocategoryissufficientundertheCFAInstituteStandardsofProfessionalConduct.3.WhichofthefollowingactionsbyaninvestmentadvisorwouldmostlikelybeconsideredaviolationoftheCFAInstituteStandardofProfessionalConductII(B)-LoyaltyandCare?A)Providinginvestmentrecommendationsbasedsolelyonobjectivefundamentalanalysisoftheunderlyingsecurities.B)建议ingaportfolioallocationthatalignswiththeclient'sstatedrisktoleranceandinvestmentobjectives.C)Acceptingagiftofaminorvalue(e.g.,acupofcoffee)fromacompanywhosestockisheldinaclient'sportfolio.D)Simultaneouslymanagingportfoliosforbothacompany'sCEOanditslargestshareholder,ensuringrecommendationsaremadeinthebestinterestofallclients.4.Ananalystisperformingduediligenceonacompany.Duringtheprocess,theylearnthatthecompanyisplanningtomakeasignificantdonationtoapoliticalcampaignsoon.Theanalystbecomesawarethatthisdonationcouldpotentiallyinfluencethecompany'sfuturebusinessdecisionsinawaythatmightnegativelyimpacttheircurrentinvestment.WhichCFAInstituteStandardofProfessionalConductrequirestheanalysttodisclosethisinformationtotheiremployer?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIV(A)-IndependenceandObjectivityC)StandardV(A)-ConflictofInterestD)StandardV(B)-Misconduct5.Aportfoliomanagerispreparingareportforaclient.Thereportincludesanalysisderivedfromamodeldevelopedbytheportfoliomanager'sformeremployer.Theportfoliomanagerknowsthatthemodel'sproprietaryalgorithmswerenotfullydisclosedtotheclientinthepast,althoughtheunderlyingdatasourceswerementioned.Theportfoliomanagerusesthisreporttojustifytheirinvestmentstrategy.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(A)-CompetenceC)StandardIV(B)-ProfessionalismD)StandardV(A)-ConflictofInterest6.AninvestmentadvisorfrequentlyusestheCFAInstitutedesignationintheirmarketingmaterialsandbusinesscards.However,theadvisorhasonlypassedLevelIoftheCFAexamsandisnotyetamemberoftheCFAInstitute.WhichCFAInstituteStandardofProfessionalConductistheadvisorviolating?A)StandardI(B)-ObjectivityandPublicTrustB)StandardII(A)-LoyaltytoClientC)StandardIII(B)-ContinuingEducationD)StandardIV(B)-Professionalism7.Ajunioranalystworkingataninvestmentfirmisassignedtogathernon-publicinformationaboutacompetitorofthefirm'sclient.Thesenioranalystdirectingthejuniorexplicitlyinstructsthemtoobtainthisinformationthroughlegalbutaggressivemeans,statingitisnecessarytowintheclient.Thejunioranalystcomplies.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbythejunioranalyst?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIII(A)-CompetenceD)StandardV(B)-Misconduct8.Anequityresearchassociateisassignedtowriteareportonacompany.Thecompany'sCEO,whoisafriendoftheassociate'sfamily,callstheassociateandexpressesstrongdisappointmentwiththepreliminary,negativefindingsinthereport.TheCEOsuggeststhattheassociate"soften"thereport'stone.Theassociateknowstheresearchfindingsareaccurateandbasedonobjectiveanalysis.WhichCFAInstituteStandardofProfessionalConductrequirestheassociatetoadheretotheinitial,objectivefindings?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(A)-CompetenceC)StandardIV(A)-IndependenceandObjectivityD)StandardV(A)-ConflictofInterest9.Aportfoliomanagerisofferedasignificantbonusbyasupplieroftradingtechnologytothefirm.Thesupplier'stechnologyprovidesnocompetitiveadvantagetotheportfoliomanager'sfirmbutisconsideredstandardintheindustry.Theportfoliomanageracceptsthebonus.WhichCFAInstituteStandardofProfessionalConducthasbeenpotentiallyviolated?A)StandardII(A)-LoyaltytoClientB)StandardII(B)-FairnessC)StandardIV(B)-ProfessionalismD)StandardV(A)-ConflictofInterest10.WhichofthefollowingstatementsregardingtheCFAInstituteCodeandStandardsismostaccurate?A)TheStandardsaremandatoryrules,andtheirviolationalwaysresultsindisciplinaryactionbytheCFAInstitute.B)TheStandardsprovideahierarchyofobligations,withcertainStandardscarryingmoreweightthanothers.C)TheStandardsareintendedtobeappliedbasedonthespecificfactsandcircumstancesofeachsituation.D)AdherencetotheStandardsisonlynecessaryforCFAInstitutemembers.11.Aclientasksaninvestmentadvisorabouttheadvisor'spersonalinvestments.Theadvisorrevealsthattheyholdasmallpositioninacompanywhosestockisalsorecommendedintheclient'sportfolio.Theadvisorstates,"Iownalittlemyself,whichiswhyIthinkit'sagoodideaforyoutoconsiderit."WhichCFAInstituteStandardofProfessionalConductrequirestheadvisortoprovidemorecompleteinformationtotheclient?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIV(A)-IndependenceandObjectivityD)StandardV(A)-ConflictofInterest12.Aninvestmentmanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthatasignificantportionoftheportfolioisheldinamutualfundthatthemanager'sspouseworksforinanon-investmentrelatedcapacity.Themanagerhasdisclosedthisemploymentconnectiontotheclientbuthasnotprovidedanyanalysisorrecommendationsregardingthemutualfund.WhichCFAInstituteStandardofProfessionalConductrequiresthemanagertoprovidemoredetailedinformationortakespecificactions?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(B)-ContinuingEducationC)StandardIV(B)-ProfessionalismD)StandardV(A)-ConflictofInterest13.WhichofthefollowingactionsbyaninvestmentprofessionalwouldmostlikelybeconsideredaviolationoftheCFAInstituteStandardofProfessionalConductIV(A)-IndependenceandObjectivity?A)Refusingtoattendacompany'sinvestorrelationseventbecausethecompany'sstockisasignificantholdinginaclientportfolioandtheprofessionalbelievesobjectiveobservationisnecessary.B)Objectingtoaresearchrecommendationpreparedbyacolleagueiftheprofessionalbelievestherecommendationisbasedonflawedanalysis,regardlessofthecolleague'sseniority.C)Acceptinganall-expenses-paidluxurytrippaidforbyacompanywhosestockisheldinaclientportfolio.D)Statingpubliclythataparticularstockisa"buy"recommendationaftercompletingathoroughandobjectiveanalysis,butdecliningtoprovidethedetailedanalysisreporttothepublic.14.Aportfoliomanagerisevaluatingpotentialinvestmentideas.Oneideainvolvestakingashortpositioninacompany'sstockbasedonfundamentalanalysissuggestingthestockisovervalued.However,theportfoliomanager'sspouserecentlyinheritedasignificantamountofsharesinthatcompanythroughanestate.Theportfoliomanagerplanstoholdtheshortpositionbutdoesnotinformtheirspouseoftheirtradingplans.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?A)StandardII(A)-LoyaltytoClientB)StandardIII(A)-CompetenceC)StandardV(A)-ConflictofInterestD)StandardV(B)-Misconduct15.Ananalystistaskedwithpreparingareportonacompanyfortheiremployer'sclient.Thereportincludesobjectivefinancialanalysisbutalsocontainsstrong,subjectiveopinionsandrecommendationsbasedontheanalyst'spersonalfeelingsaboutthecompany'smanagement.TheanalystknowsthatobjectiveanalysisisrequiredbytheCFAInstituteStandardsofProfessionalConduct.WhichStandardhasbeenviolated?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(A)-CompetenceC)StandardIV(A)-IndependenceandObjectivityD)StandardIV(B)-Professionalism16.Ajuniorportfoliomanagerfrequentlymakesinvestmentdecisionsbasedontipsreceivedfromaseniorcolleaguewhoisknowntobeoverlyoptimisticaboutmarketconditions.Thejuniormanagerfailstoconducttheirownindependentanalysisandreliesheavilyonthecolleague'ssuggestions.WhichCFAInstituteStandardofProfessionalConductrequiresthejuniormanagertodemonstratecompetenceandmaintainprofessionalintegrity?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIII(A)-CompetenceD)StandardV(A)-ConflictofInterest17.Aninvestmentadvisorisaskedbyaclienttorecommendasuitablestockforalong-terminvestmenthorizon.Theadvisorknowsofastartupcompanywithpromisingtechnologybutalsounderstandsthatthecompanylacksatrackrecordandcarriessignificantrisk.Theadvisorrecommendsthestocktotheclient,butfailstoadequatelydisclosethehighlevelofriskinvolved.WhichCFAInstituteStandardofProfessionalConducthasbeenviolated?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIV(B)-ProfessionalismD)StandardV(B)-Misconduct18.Aresearchanalystatafirmpreparesanegativereportonacompany'sstock.Thecompany'sCEOcallsthefirm'sCEOandexpressessignificantdissatisfactionwiththereport,suggestingthefirmisbiasedagainstthecompany.Thefirm'sCEOaskstheresearchanalysttoreconsidertheirfindingsandpotentiallysoftenthereport'sconclusion.Theanalystcorrectlybelievesthefindingsarebasedonsoundanalysisandadheretothefirm'sresearchstandards.WhichCFAInstituteStandardofProfessionalConductisprimarilyatstakeiftheanalystcomplies?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(A)-CompetenceC)StandardIV(A)-IndependenceandObjectivityD)StandardV(A)-ConflictofInterest19.WhichofthefollowingstatementsbestreflectstherelationshipbetweentheCFAInstituteCodeofEthicsandtheStandardsofProfessionalConduct?A)TheCodeofEthicsprovidestheoverarchingprinciples,whiletheStandardsprovidedetailedrulesforimplementation.B)TheStandardsaremandatoryrules,andtheCodeprovidesguidanceonethicaldecision-making.C)TheCodeofEthicsisonlyrelevantforCFAInstitutemembers,whiletheStandardsapplytoallinvestmentprofessionals.D)TheCodeofEthicsandtheStandardsaremutuallyexclusivedocumentsaddressingdifferentaspectsofprofessionalconduct.20.Aninvestmentadvisorrecommendsacomplexstructuredproducttoaclient.Theproductinvolvessignificantfeesandhasnon-standardpaymentterms.Theadvisorpreparesabriefpresentationhighlightingthepotentialreturnsbutdoesnotprovidetheclientwiththedetailedprospectusorriskdisclosuredocumentsforseveraldaysaftertheinitialmeeting.WhichCFAInstituteStandardofProfessionalConductrequirestheadvisortoprovideallnecessaryinformationtotheclientbeforemakingarecommendation?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIII(B)-ContinuingEducationD)StandardIV(B)-Professionalism试卷答案1.D解析思路：分析师计划利用非公开信息为自己牟利（通过个人交易），同时向客户推荐另一只股票，这直接构成了自身利益与客户利益之间的冲突，违反了V(A)禁止利益冲突的原则。虽然涉及客户（II(A)），但其核心问题是利益冲突的管理。2.B解析思路：虽然披露了持有，但未提供足够详细信息（如具体股票、个人财务利益细节），未能充分揭示该持有可能如何影响建议的客观性，违反了V(A)禁止利益冲突的原则，需要更完整的披露来管理潜在冲突。3.C解析思路：接受与客户投资组合相关的、超出正常社交礼仪范围的礼物（即使是咖啡），可能被视为试图影响advisor或对其服务表示感谢的一种方式，从而可能违反II(B)忠诚与关怀的原则，因为它可能被视为不纯粹的表示，影响客观性或引发未来期望。4.C解析思路：分析师了解到公司计划的政治捐款可能在未来影响其业务决策，从而可能影响分析师当前投资的回报。这种潜在的未来影响构成了一个需要向雇主披露的利益冲突，因为雇主有责任确保其员工了解并管理此类冲突，这符合V(A)禁止利益冲突的要求。5.D解析思路：使用未充分披露其proprietary算法的模型进行分析和报告，违反了向客户透明披露信息的义务，这涉及到V(A)禁止利益冲突（与模型的开发者或前雇主相关）以及可能涉及III(A)专业胜任能力（如果模型结果不可靠）。但核心问题是信息披露不充分，与未披露的、影响分析结果的propriety元素相关，属于利益冲突的范畴。6.D解析思路：仅通过LevelI考试且非会员就使用CFAInstitute的designation（徽标）进行营销，违反了IV(B)专业行为的标准，该标准要求使用designation必须符合CFAInstitute的相关规定，通常要求通过特定级别考试并成为会员。7.