2025年CFA一級《道德與專業(yè)準(zhǔn)則》模擬試卷（含答案）考試時間：______分鐘總分：______分姓名：______一、單項選擇題1.Ananalystisresearchingacompanyforapotentialinvestment.Duringtheresearchprocess,theanalystlearnsnon-public,materialinformationaboutthecompany'supcomingacquisitionfromaCEOacquaintance.Theanalyst'simmediatesupervisoraskstheanalysttosharethisinformationwithaclosefamilyfriendwhoisconsideringinvestinginthecompany.WhichcourseofactionismostappropriatefortheanalystundertheCFAInstituteCodeandStandards?a)Sharetheinformationwiththefamilyfriend,astheanalyst'ssupervisorrequestedit.b)RefusetosharetheinformationwiththefamilyfriendbutexplainthesituationtotheCEOacquaintance.c)Sharetheinformationwiththefamilyfriendbutchargeafeeforprovidingtheinformation,asitrequiresadditionaleffort.d)Refusetosharetheinformationwiththefamilyfriendandreportthesupervisor'srequesttotheCFAInstitute.2.Aportfoliomanagerrecommendsastocktoaclientafterperformingthoroughanalysis,believingitisagoodinvestmentopportunity.Subsequently,theportfoliomanagerlearnsthatthestockpricehasbeenartificiallyinflatedbyinsidertrading.Theportfoliomanagerisconcernedaboutpotentiallegalrepercussionsbutdoesnotwanttolosetheclient'sbusiness.WhichactionalignsmostwiththeCFAInstituteStandardsofProfessionalConduct?a)Continueholdingthestockintheclient'sportfolio,hopingthemarketcorrectsitselfsoon.b)Disclosethepotentialrisktotheclientbutrecommendholdingthestockforthelongterm,emphasizingpotentialupside.c)Quietlysellthestockintheclient'sportfoliowithoutdisclosingthereason,hopingtheclientdoesnotnotice.d)Immediatelydisclosetheinformationtotheclient,explainthepotentialviolationofStandardIII(A)-DutyofCare,andrecommendsellingthestock.3.Anassociateworkingataninvestmentbankisaskedbyasenioranalysttomanipulatethepresentationmaterialsforapotentialclienttomakethebank'sproposeddealappearmoreattractive.TheassociateknowsthattheinformationpresentedismisleadingandviolatestheCFAInstituteStandards.Iftheassociaterefuses,theyfearlosingtheirjob.WhichactionbestupholdstheCFAInstituteCodeandStandards?a)Makeminoradjustmentstothepresentationtomakeitseemlessmisleading,withoutexplicitlymanipulatingthedata.b)Refusetomakeanychangesbutdocumenttherequestandtherefusalinwriting,seekingguidancefromthecompliancedepartment.c)Agreetomanipulatethepresentation,asthesenioranalysthasfinalauthorityoverclientinteractions.d)InformthesenioranalystthattheproposedactionsviolatetheCFAInstituteStandardsandsuggestseekinglegalcounselbeforeproceeding.4.Afinancialplannerismeetingwithaclientwhoisconsideringalargeinvestmentinastartupcompanyfoundedbytheplanner'ssibling.Theplannerbelievesthestartuphasstrongpotentialbutisawarethatitsfinancialprojectionsarehighlyoptimistic.Theplannerrecommendstheinvestmenttotheclient,failstodisclosetheclosefamilyrelationship,anddoesnotprovideafulldisclosureoftheassociatedrisks.WhichCFAInstituteStandardsofProfessionalConducthavebeenpotentiallyviolated?a)StandardI(B)-DiligenceandReasonableBasisandStandardIII(A)-DutyofCare.b)StandardII(A)-Loyalty,Prudence,andCareandStandardVI(A)-DisclosureofConflicts.c)StandardIII(B)-ObjectivityandFairnessandStandardIV(A)-DiligenceandReasonableBasis.d)StandardI(C)-AdditionalCompensationArrangementsandStandardV(A)-AdditionalCompensationArrangements.5.Aninvestmentmanagerregularlyattendsindustryconferencesandseminarstogatherinformationaboutmarkettrendsandpotentialinvestments.Afterattendingaconference,themanagersharesdetailednotesandinsightsfromapresentationgivenbyaspeakerwhoisanunrecognizedportfoliomanager.Themanagerusesthisinformationtomakeinvestmentdecisionsfortheirclients.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?a)StandardI(A)-Integrity.b)StandardII(B)-UseofMaterialNon-PublicInformation.c)StandardIII(A)-DutyofCare.d)StandardIV(B)-AdditionalCompensationArrangements.二、情景題6.Youareananalystatasell-sideinvestmentbank.Yourteamispreparingaresearchreportonacompanyinthetechnologysector.Duringthepreparationprocess,youdiscoverthatthecompany'sCEOprovidedyouwithnon-public,materialinformationaboutanupcomingproductlaunchthatisexpectedtosignificantlyimpactthecompany'sstockprice.TheCEOasksyoutokeeptheinformationconfidentialandtoshareitonlyifitbecomespubliclyavailable.Yourteamisunderpressuretoissuethereportquicklytomeetamarketdeadline.YouarealsoclosefriendswiththeCEOandattendsocialeventstogetherperiodically.Describetheethicaldilemmayoufaceinthissituation.IdentifythespecificCFAInstituteStandardsofProfessionalConductthatarerelevanttothisscenario.Discussthepotentialconsequencesofdifferentcoursesofactionyoucouldtake,andrecommendthemostappropriatecourseofactionconsistentwiththeCFAInstituteCodeandStandards.7.Youareaportfoliomanageratanassetmanagementfirm.Oneofyourclients,along-terminstitutionalinvestor,recentlyexpresseddissatisfactionwiththeperformanceofyourmanagedportfolio.Theclientsuggeststhatyouincludeasmall,highlyspeculativestartupcompanyintheportfolio,despiteyourassessmentthattheinvestmentdoesnotmeetyourfirm'sinvestmentpoliciesandriskcriteria.Theclientpressuresyou,indicatingthatifyoudonotincludetheinvestment,theymayterminatetheirrelationshipwithyourfirmandmovetheirentireportfoliotoacompetitor.Youbelievethatincludingthisinvestmentcouldpotentiallyharmtheoverallperformanceandriskprofileoftheportfolio,violatingyourdutytotheclient.Describetheethicalconflictyouareexperiencing.IdentifytherelevantCFAInstituteStandardsofProfessionalConduct.Explainhowyoushouldaddresstheclient'srequestwhilemaintainingyourprofessionalintegrityandupholdingyourfirm'spolicies.Whatstepscouldyoutaketomanagethissituationeffectively?8.Youareanassociateintheresearchdepartmentofaninvestmentbank.Yoursupervisor,asenioranalyst,asksyoutoincludebiasedandoverlyoptimisticinformationaboutacompany'sfinancialhealthintheupcomingresearchreport.Thesupervisorclaimsthathighlightingthisinformationwillmakethereportmoreattractivetopotentialclientsandmayleadtonewbusinessforthebank.Youknowthattheinformationismisleadingandcontradictsyourownindependentanalysis,whichsuggeststhatthecompany'sfinancialsituationisactuallyweak.YourconcernsarebasedonyourunderstandingoftheCFAInstituteStandardsofProfessionalConduct.Youalsoworrythatifyourefuse,youmaybeseenasdisloyalorlackteamwork,potentiallyjeopardizingyourcareerdevelopmentwithinthebank.Describetheethicaldilemmayouface.IdentifytherelevantCFAInstituteStandardsofProfessionalConduct.Discussthepotentialconsequencesofcomplyingwithyoursupervisor'srequestversusrefusing.WhatstepscouldyoutaketoaddressthissituationinawaythatisconsistentwiththeCFAInstituteCodeandStandards?試卷答案一、單項選擇題1.d2.d3.b4.b5.b二、情景題6.ethicaldilemma:TheanalystfacesaconflictbetweenmaintainingconfidentialitywiththeCEO(apersonalrelationship)andtheethicalobligationtonotuseorsharematerialnon-publicinformation(StandardII(B)).Thepressuretoissuethereportquicklyaddstothedilemma,potentiallycreatingatemptationtoactimproperly.TheclosefriendshipwiththeCEOcomplicatesthesituation,asitmayimpairtheanalyst'sobjectivityandcreateaperceivedoractualconflictofinterest.relevantstandards:TheprimarystandardviolatedisStandardII(B)-UseofMaterialNon-PublicInformation.Thisstandardprohibitstheuseofmaterialnon-publicinformationforpersonalgainortobenefitothers,andalsoprohibitssharingsuchinformationunlessrequiredbylaworregulation.ThefriendshipwiththeCEOmayalsoraisequestionsunderStandardVI(A)-DisclosureofConflicts.potentialconsequences&recommendedcourseofaction:Therecommendedcourseofactionistorefusetouseorsharethenon-publicinformation.TheanalystshouldexplaintotheCEOthatsharingmaterialnon-publicinformationisaviolationoftheCFAInstituteCodeandStandardsandisillegal.Theanalystshoulddeclinetoincludeanynon-publicinformationinthereport.IftheCEOinsists,theanalystshoulddocumenttheconversationandreportthesituationtothefirm'scompliancedepartmentoranappropriateauthoritywithinthefirm,followingthefirm'sproceduresforhandlingpotentialviolations.ComplyingwiththeCEO'srequestwouldviolateStandardII(B)andcouldleadtodisciplinaryactionbytheCFAInstituteandthefirm.Tryingtosharetheinformationindirectlyorafteritbecomespubliccouldstillconstituteaviolationifdoneinbadfaithorbeforethepublicrelease.7.ethicalconflict:Theportfoliomanagerfacesaconflictbetweentheclient'srequest(whichcouldleadtothelossoftheclientrelationship)andtheirprofessionaldutytotheclient(StandardIII(A)-DutyofCare)andtothefirm(adherencetoinvestmentpoliciesandriskcriteria).Theclient'spressurecreatesapotentialconflictofinterest,asthemanagermightcompromisetheirprofessionaljudgmenttoretaintheclient'sbusiness.relevantstandards:TherelevantstandardsincludeStandardIII(A)-DutyofCare(dutytoexercisereasonablecareanddiligenceinmakinginvestmentdecisions),potentiallyStandardIII(B)-ObjectivityandFairness(dutytoavoidconflictsofinterestandmanagethemeffectively),andStandardIV(A)-Loyalty,Prudence,andCare(dutytoactwithprudenceandcareinclientrelationships).addressingtherequest&steps:Theportfoliomanagershouldnotincludetheinvestmentintheportfolio,asitdoesnotmeetthefirm'spoliciesandriskcriteria,andpotentiallyviolatestheirdutyofcare.Themanagershouldcommunicatethisdecisionclearlyandprofessionallytotheclient,explainingthereasonsbasedonthefirm'sinvestmentpoliciesandthepotentialrisksinvolved.Themanagershouldemphasizetheircommitmenttoactingintheclient'sbestinterestandmaintainingthehigheststandardsofprofessionalism.Tomanagethesituationeffectively,themanagershoulddocumentallcommunicationswiththeclientregardingtherequestandtherationalefortheirdecision.Iftheclientpersists,themanagershouldescalatethemattertotheirsupervisororthefirm'scompliancedepartment,seekingguidanceandensuringthesituationishandledappropriatelyaccordingtofirmproceduresandtheCFAInstituteStandards.8.ethicaldilemma:TheassociatefacesaconflictbetweenupholdingtheCFAInstituteStandardsofProfessionalConduct(whichrequireobjectiveandaccurateresearch)andtheirloyaltytotheirsupervisorandthefirm,aswellastheirdesiretomaintainapositiveworkingrelationshipandadvancetheircareer.Thepressuretocomply,coupledwiththefearofnegativeconsequencesiftheyrefuse,createsachallengingethicalsituation.relevantstandards:The