2025年CFA一級考試倫理與職業(yè)準(zhǔn)則模擬試卷（含答案）考試時間：______分鐘總分：______分姓名：______PartA:MultipleChoiceQuestions1.Ananalystiscurrentlyemployedbyaninvestmentbank.ThebankisunderwritingalargeIPOforacompanythatproducesrenewableenergytechnologies.Theanalyst'ssisterworksasanadministrativeassistantforacompetitoroftheIPOcompany.Theanalystisawarethatthecompetitorisnotaclientoftheinvestmentbankbutisconsideringlaunchingacompetingproductinthenearfuture.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Informthecompetitor'scompanyaboutthepotentialcompetitiveadvantageoftherenewableenergytechnologiesbeinganalyzed.b.RefrainfromdiscussingtheIPOdetailswithanyonebutsuperiorsandclientsoftheinvestmentbank.c.Advisetheinvestmentbank'ssalesteamtoemphasizetherisksassociatedwiththecompetitorduringclientmeetings.d.Disclosethesister'semploymenttotheinvestmentbank'sethicsdepartmentandrecuseherselffromworkingontheIPOproject.2.Aportfoliomanagermanagesaportfolioofequitiesforaclient.Theclientprovidestheportfoliomanagerwithalistofpersonalfriendswhohaveexpressedinterestininvestingintheportfolio.Theportfoliomanagerdecidestorecommendthesefriendsinvestinseveralhigh-performingstockswithintheportfoliowithoutchargingthemanyadditionalfees.Whichofthefollowingethicalconcernsdoesthissituationraise?a.ConflictsofInterestb.MisappropriationofPropertyc.ProfessionalCompetenced.DutyofCare3.WhichofthefollowingactionsbyaninvestmentadvisorwouldmostlikelybeconsideredaviolationofStandardIII(DutyofCompetence)?a.Advisingclientstoinvestinassetsthatalignwiththeirstatedrisktoleranceandinvestmentobjectives.b.Recommendingcomplexfinancialinstrumentsthattheadvisordoesnotfullyunderstand,butthathaveperformedwellhistorically.c.Statingthattheadvisorreliesonresearchreportsprovidedbyreputablethird-partyfirms.d.Allocatingaportionofaclient'sportfoliotoalternativeinvestmentswheretheadvisorholdsaSeries49license.4.Aninvestmentprofessionalisattendingaconferencewhereaspeakerisreceivingsignificantcompensationfromacompanythatproducesfinancialsoftware.Thespeakerisheavilypromotingthesoftware'scapabilitiesinanalyzinginvestmentportfolios.Theinvestmentprofessionallaterusesthisinformationtosuggestthesoftwaretoseveralclients,statingthatitcansignificantlyimproveportfolioperformance.Whatistheprimaryethicalissueinthisscenario?a.MisappropriationofIdeasb.Incompetencec.ConflictofInterestd.UnprofessionalConduct5.AlevelIIcandidatefortheCFAcharterispreparingaresearchreportonacompany.Thecandidate'sbrotherworksasamid-levelexecutiveatthecompanybeinganalyzed.Thecandidatehasaccesstointernalcompanyinformationthathasnotyetbeenpubliclyreleased.Whichofthefollowingactionsisthecandidateforbiddenfromdoing?a.Usingthenon-publicinformationtoconfirmpubliclyavailabledataintheresearchreport.b.Disclosingthenon-publicinformationtohisbrother,butnotusingitforpersonalgain.c.Ensuringtheresearchreportdoesnotcontainanyopinionsderivedfromthenon-publicinformation.d.Recusinghimselffromauthoringthereportanddelegatingittoalessseniorcolleague.6.Whichofthefollowingstatementsaccuratelydescribesthedifferencebetweena"client"andan"employerclient"undertheCFAInstituteCodeandStandards?a.Anemployerclientisalwaysacurrentclientoftheinvestmentprofessional,whileaclientcanbeanyindividualorentitytheinvestmentprofessionalserves.b.Aclienthasafiduciarydutytoprovidebestexecution,whereasthedutytowardsanemployerclientisprimarilytoavoidconflictsofinterest.c.Theterm"client"typicallyreferstopayingcustomers,while"employerclient"referstoindividualsorentitiestheinvestmentprofessional'semployerhasclients.d.Thereisnopracticaldifference;bothtermsrefertoindividualsorentitiesthattheinvestmentprofessionalprovidesservicesto.7.Ananalystgathersinformationaboutacompany'supcomingearningsreportfrompubliclyavailablesourcesandfromaconferencecallwiththecompany'sCEO.Theanalystthensharesthisinformationwithaclosefriendwhoworksatadifferentfirmandisconsideringmakingalargeinvestmentinthecompany'sstock.Thefriendusesthisinformationtomaketheinvestmentbeforethemarketopens.Theanalyst'sactionmostviolateswhichconcept?a.FairDealingb.Confidentialityc.Integrityd.Professionalism8.Aportfoliomanagerisevaluatingpotentialinvestmentopportunities.Oneinvestmentinvolvesastartupcompanythathasdevelopedapotentiallydisruptivetechnology.Theportfoliomanager'sspouseisadirectorofthestartupandownsasignificantamountofthecompany'sstock.Theportfoliomanagerintendstorecommendthisstocktoseveralinstitutionalclients.WhatmusttheportfoliomanagerdotocomplywiththeCFAInstituteStandards?a.Disclosethespouse'sownershiptotheclientsbutstillrecommendthestockiftheinvestmentisdeemedsuitable.b.Recuseherselffrommakingtherecommendationandhaveanotherportfoliomanagerhandletheinvestmentdecision.c.Offerthestockonlytoclientswhohaveexplicitlyagreedtoacceptinvestmentswithpotentialconflictsofinterest.d.Fullydiscloseallpotentialconflictsofinteresttotheclientsandobtaintheirwrittenconsentbeforemakingtherecommendation.9.Aninvestmentadvisorismeetingwithapotentialclient.Duringthemeeting,theadvisorlearnsthattheclienthasrecentlywonalargelotteryjackpot.Theadvisorsuggeststhattheclientliquidateasignificantportionoftheirexistinginvestmentportfoliotoinvestinanew,highlyspeculativestartupventureproposedbytheadvisor'scousin.Theadvisor'srecommendationprimarilyviolateswhichstandard?a.StandardI(A)-DutytoActfortheBenefitoftheClientb.StandardII(A)-LoyaltytotheClientc.StandardIII(B)-Competenced.StandardV(A)-AdditionalCompensationArrangements10.WhichofthefollowingactionsbyaninvestmentprofessionalismostlikelyaviolationoftheStandardofProfessionalCompetence(StandardIII)?a.Regularlyattendingindustryconferencestostayupdatedonmarkettrends.b.Delegatingthecreationofinvestmentreportstoaqualifiedresearchanalystwithinthefirm.c.Acknowledginglimitationsinunderstandingcertaincomplexderivativesandrecommendingsimplerinstrumentsinstead.d.Providinginvestmentrecommendationsbasedsolelyoninformationobtainedfromasingle,widelyrespectednewssource.11.Asell-sideresearchanalystiscoveringthetechnologysector.Theanalyst'sfirmissimultaneouslyunderwritingtheIPOofacompanyinthissector.Theanalyst'sclosefriend,whoworksatarivalinvestmentbank,isleadingthecompetitor'seffortstowintheIPObusiness.Thefriendaskstheanalystforconfidentialinformationaboutthecompany'sfinancialprojectionstohelpinthecompetitivebiddingprocess.Whatshouldtheanalystdo?a.Providethefriendwiththenon-confidentialpartsofthefinancialprojections.b.Refusetoprovideanyinformationbutexplainthatasarivalemployee,thefriendmustrelyonhisownfirm'sresearch.c.Informthefriendthatwhiletheyarecompetitors,sharingclientinformationisunethicalandreporttherequesttohisfirm'sethicsdepartment.d.Sharetheinformation,arguingthatsincethefriendisatacompetitor,theinformationisalreadyinthepublicdomain.12.Aninvestmentmanagerisconsideringaddinganewassetclasstoitsportfolio.Themanager'sbrother-in-lawownsasignificantstakeinaprivateequityfirmthatmanagesinvestmentsinthisnewassetclass.Theinvestmentmanagerrequestsdetailedinformationabouttheassetclassfromthebrother-in-law'sfirm.Themanagerstatesthattheinformationwillbeusedsolelyforinternalreviewanddoesnotguaranteeanytransactionwilloccur.Whatethicalconcernarisesfromthisscenario?a.MisappropriationofPropertyb.ConflictofInterestc.UnprofessionalConductd.Integrity13.WhichofthefollowingscenariosrepresentsapotentialconflictofinterestthatrequiresdisclosureundertheCFAInstituteStandards?a.Aninvestmentadvisorownssharesinapubliclytradedcompanythatsherecommendstoherclients.b.Anequityresearchanalystoccasionallydinesatthecompany'sexpenseduringindustryconferences.c.Aportfoliomanagerreceivesabonusbasedonthetotalassetsundermanagement,includingassetsfromrelatedparties.d.Alloftheabove14.ACFAcharterholderisemployedbyaninvestmentfirm.Thefirmisconsideringlaunchinganewinvestmentproductthatrequiresregistrationwithregulatoryauthorities.Thecharterholderpreparestheregistrationstatementusinginformationprovidedbythefirm'slegaldepartment.Later,itisdiscoveredthatthelegaldepartmentprovidedinaccurateinformationtothecharterholder.Thecharterholderrealizesthiserrorseveraldaysbeforethefilingdeadline.Whatshouldthecharterholderdo?a.Submittheregistrationstatementasprepared,astheinaccurateinformationwasprovidedbythelegaldepartment,notbythecharterholder.b.Informthefirm'sCEOaboutthepotentialissueandrequestmoretimetocorrectthedocument.c.Attempttocorrecttheinaccuracieswithinthefilingdeadline,evenifitrequiresworkingovertime.d.Donothing,asthecharterholderisnotdirectlyresponsibleforthelegaldepartment'sactions.15.Aninvestmentprofessionalisaskedbyaclienttorecommendspecificsecuritiesfortheirportfolio.Theclientalsorequeststhattheinvestmentprofessionalexecutethetradesatthebestpossibleprice.Whichofthefollowingstatementsbestdescribestheinvestmentprofessional'sresponsibilitiesinthissituation?a.Theinvestmentprofessionalmustprioritizeexecutingtradesatthebestpossibleprice,evenifitmeansdeviatingfromtheclient'sinvestmentobjectives.b.Theinvestmentprofessionalmustalwaysactinthebestinterestoftheclient,whichmayincludenegotiatingfavorabletermswithbrokersonbehalfoftheclient.c.Theinvestmentprofessionalhasadutytoexecutetradesatthebestpossiblepriceonlyiftheyalsoalignwiththeclient'sinvestmentobjectivesandrisktolerance.d.Theresponsibilitytoachievethebestpossibleexecutionpricebelongssolelytotheclient,nottheinvestmentprofessional.PartB:Scenario-basedQuestions16.Aninvestmentanalystatafirmiscoveringthepharmaceuticalindustry.Thefirm'sCEOrecentlymetwiththeCEOofamajorpharmaceuticalcompanyandsecuredalargeresearchgrantforthefirm.Theanalystispreparingaresearchreportononeofthepharmaceuticalcompaniescoveredintheanalyst'sportfolio.Theanalystincludesfavorableinformationaboutthecompany'supcomingdruglaunchinthereport,whichisbasedprimarilyonrumorscirculatingwithintheindustry.Theanalyst'sboss,whoisawareofthefirm'sgrantfromthepharmaceuticalcompany,askstheanalysttoemphasizethepositiveaspectsofthecompany'sdruglaunchinthereporttopotentiallyimpresstheclientcompany.Thereportiseventuallypublishedandsignificantlybooststhestockpriceofthecompany.Whatarethepotentialethicalviolationsinthisscenario?17.Aportfoliomanageratahedgefundisconsideringhiringanewresearchanalyst.Theportfoliomanagerisawarethattheanalystpreviouslyworkedatarivalhedgefundwheretheportfoliomanagerusedtowork.Duringtheinterviewprocess,theanalystmentionsthattheformerfund'sstrategyinvolvedusingproprietarytradingalgorithmsthatwerenotfullydisclosedtoclients.Theanalystclaimsthatthealgorithmsweredevelopedinternallybutwereinfluencedbyideasborrowedfromaprominentacademicresearcherwhotheanalystpreviouslyworkedwith.Theportfoliomanagerisinterestedintheanalyst'sexperiencebutisconcernedaboutthepotentialethicalimplicationsofhiringsomeonewiththisbackground.Whatquestionsoractionsshouldtheportfoliomanagertakebeforehiringtheanalyst?18.ACFAcharterholderworksasafinancialplanner.Thecharterholdermanagesaclient'sretirementportfolioandprovidestheclientwithregularinvestmentupdatesandrecommendations.Theclientalsoasksthecharterholdertorecommendlifeinsurancepolicies.Thecharterholderrecommendsaspecificpolicysoldbyacompanywherethecharterholderhasafinancialinterest(receivingacommissionforeachpolicysold).Theclientissatisfiedwiththeinvestmentmanagementserviceandtherecommendedlifeinsurancepolicy.Thecharterholderfailstodisclosethefinancialinterestinthelifeinsurancecompanytotheclient.Whatethicalconcernsdoesthissituationpresent?---試卷答案1.d解析：選項d是正確的。根據(jù)StandardI(D)-ConflictofInterest，會員必須向所有相關(guān)方披露所有可能影響其客觀性或被視為影響其客觀性的財務(wù)和業(yè)務(wù)關(guān)系。在這種情況下，分析師的妹妹在競爭對手工作，構(gòu)成了潛在的利益沖突。最適當(dāng)?shù)男袆邮窍蛲顿Y銀行披露這一關(guān)系，并從該項目中回避，以避免任何對客觀性的合理質(zhì)疑。選項a是錯誤的，因為向競爭對手泄露非公開信息是違反保密義務(wù)和StandardI(D)的。選項b是錯誤的，因為分析師有責(zé)任披露可能影響其客觀性的關(guān)系。選項c是錯誤的，因為這構(gòu)成唆使客戶，違反了StandardI(C)-Misrepresentation。2.a解析：選項a是正確的。根據(jù)StandardI(D)-ConflictofInterest，會員在代表客戶行事時，不應(yīng)從事與客戶利益相沖突的任何活動，也不應(yīng)允許其親屬或關(guān)聯(lián)方從事此類活動。投資經(jīng)理為朋友提供投資建議而不收取費用，這可能被視為利益沖突，因為這些朋友并非正式客戶，且可能獲得不公平的優(yōu)勢。這違反了公平對待客戶的原則。選項b不適用，因為未涉及財產(chǎn)的侵占。選項c不適用，因為投資經(jīng)理在建議投資時需要具備適當(dāng)?shù)膶I(yè)知識。選項d不適用，因為勤勉盡責(zé)是指以客戶的最佳利益行事。3.b解析：選項b是正確的。根據(jù)StandardIII(A)-Competence，會員必須具備履行其專業(yè)職責(zé)所必需的知識、技能和能力。如果投資顧問推薦自己不理解的投資產(chǎn)品，則違反了這一標(biāo)準(zhǔn)，因為這表明其可能不具備提供合適建議所需的勝任能力。選項a是正確的行為。選項c是正確的行為，依賴第三方研究是可接受的，只要顧問確保理解并適合客戶。選項d是正確的行為，持有適當(dāng)執(zhí)照允許管理該資產(chǎn)類別。4.c解析：選項c是正確的。根據(jù)StandardI(D)-ConflictofInterest和StandardVI-AdditionalCompensationArrangements，會員必須披露和避免利益沖突。在這種情況下，投資專業(yè)人士基于收聽受付費演講而獲得的信息向客戶推薦軟件，并聲稱能提高投資回報，這可能構(gòu)成利益沖突或未披露的額外補(bǔ)償安排，取決于具體安排和披露情況。關(guān)鍵在于其行為是否基于受付費的推廣，并可能導(dǎo)致其未能客觀地評估軟件的價值。選項a不一定是主要問題，除非信息被直接用于不正當(dāng)目的。選項b不一定是主要問題，除非專業(yè)人士明顯缺乏必要的知識或技能。選項d可能涉及不專業(yè)行為，但主要問題是利益沖突或不當(dāng)?shù)念~外補(bǔ)償安排。5.b解析：選項b是正確的。根據(jù)StandardII(A)-DiligenceandProfessionalism和StandardV(A)-AdditionalCompensationArrangements，會員不得使用或披露非公開、未公開信息。在這種情況下，水平II候選人擁有未公開信息，并計劃向其兄弟（可以被視為關(guān)聯(lián)方或潛在客戶）披露。無論是否用于個人利益，披露非公開信息都是違反準(zhǔn)則的。選項a可能是允許的，如果信息已公開或?qū)儆谠试S披露的范圍。選項c可能是允許的，如果意見完全是基于公開信息得出的，并且沒有不當(dāng)使用非公開信息。選項d是正確的做法，避免了利益沖突，但選項b描述的行為是明確的違規(guī)行為。6.c解析：選項c是正確的。根據(jù)CFAInstitute的道德規(guī)范，"Client"通常指投資專業(yè)人士服務(wù)的任何個人或?qū)嶓w，而"EmployerClient"是指投資專業(yè)人士為其雇主服務(wù)的客戶。關(guān)鍵區(qū)別在于服務(wù)關(guān)系的直接對象是個人客戶還是雇主。因此，"EmployerClient"特指那些通過投資專業(yè)人士的雇主來獲得服務(wù)的客戶。選項a不正確，定義混淆了“雇主客戶”和“客戶”。選項b不正確，對兩種關(guān)系的描述不準(zhǔn)確。選項d不正確，這兩個術(shù)語在定義上有明確區(qū)別。7.b解析：選項b是正確的。根據(jù)StandardI(A)-DutyofLoyalty和StandardI(D)-ConflictofInterest，會員必須以客戶的最佳利益行事，并避免利益沖突。分析師向朋友泄露非公開信息，使朋友能夠在信息公之于眾之前進(jìn)行交易，這違反了保密義務(wù)，并可能損害了其其他客戶的利益，構(gòu)成對客戶忠誠義務(wù)的違反。選項a不直接適用，雖然可能間接相關(guān)。選項c不適用，因為分享信息的行為本身是關(guān)于誠信的。選項d不適用，因為這不是不專業(yè)行為。8.b解析：選項b是正確的。根據(jù)StandardI(D)-ConflictofInterest，會員必須披露所有可能影響其客觀性或被視為影響其客觀性的財務(wù)和業(yè)務(wù)關(guān)系，并采取措施避免或管理沖突。在這種情況下，投資經(jīng)理的配偶是初創(chuàng)公司的重要人士且持有大量股份，這構(gòu)成了重大的利益沖突。最適當(dāng)?shù)男袆邮腔乇芟蛟摽蛻敉扑]該股票，讓另一位經(jīng)理處理，以避免任何對客觀性的合理質(zhì)疑。選項a不充分，僅僅披露可能不足以解決重大的利益沖突。選項c不正確，利益沖突不應(yīng)僅憑客戶同意就繼續(xù)存在。選項d不正確，即使獲得同意，也應(yīng)該避免沖突。9.a解析：選項a是正確的。根據(jù)StandardI(A)-DutytoActfortheBenefitoftheClient，會員必須以客戶的最佳利益行事。在這種情況下，投資顧問利用客戶獲得巨額財富的機(jī)會，建議將大部分現(xiàn)有投資組合轉(zhuǎn)換為高度投機(jī)性的、由其親屬提出的新企業(yè)投資，這顯然不符合客戶的最佳利益，可能損害客戶的財務(wù)狀況。這種行為優(yōu)先考慮了顧問的親屬關(guān)系或潛在利益，而不是客戶的利益。選項b不一定是主要問題，盡管可能涉及不忠誠。選項c不適用，因為投資建議本身可能需要專業(yè)知識，但這里的核心問題是利益沖突和客戶利益。選項d可能適用，如果該產(chǎn)品涉及額外補(bǔ)償安排，但主要違反的是將客戶利益置于首位的義務(wù)。10.d解析：選項d是正確的。根據(jù)StandardIII(B)-DueCare，會員必須運用合理的技能和謹(jǐn)慎來履行其專業(yè)職責(zé)。這意味著會員需要持續(xù)學(xué)習(xí)，了解其投資領(lǐng)域，并確保其建議和行動是基于充分的信息和適當(dāng)?shù)谋M職調(diào)查。僅僅依賴單一新聞來源可能不足以滿足盡職調(diào)查的標(biāo)準(zhǔn)，特別是對于復(fù)雜的投資建議。選項a、b、c描述的行為都有助于維持專業(yè)勝任能力。11.c解析：選項c是正確的。根據(jù)StandardI(D)-ConflictofInterest和StandardII(A)-DiligenceandProfessionalism，會員必須避免利益沖突，并保持專業(yè)行為。分析師不能向競爭對手泄露其公司的非公開信息，這是違反保密義務(wù)和潛在利益沖突的行為。分析師有責(zé)任向其公司報告此類請求，因為這將涉及公司機(jī)密信息的潛在泄露。選項a、b、d都是錯誤的行為。12.b解析：選項b是正確的。根據(jù)StandardI(D)-ConflictofInterest，會員必須披露和避免利益沖突。在這種情況下，投資經(jīng)理的兄弟-in-law在其管理的資產(chǎn)類別中有重大利益，并且經(jīng)理正在尋求該兄弟-in-law公司提供的信息。即使經(jīng)理聲稱信息僅用于內(nèi)部審查，且不保證交易，這也構(gòu)成了潛在的利益沖突，因為信息來源與其兄弟-in-law的財務(wù)利益直接相關(guān)。必須披露這種關(guān)系和潛在沖突。選項a不一定是主要問題，除非信息被用于個人或關(guān)聯(lián)方的利益。