2025年CFA一級(jí)道德與專業(yè)標(biāo)準(zhǔn)模擬卷考試時(shí)間：______分鐘總分：______分姓名：______Part1:ObjectiveQuestions1.WhichofthefollowingstatementsbestdescribesthepurposeoftheCFAInstituteCodeandStandards?a)ToestablishminimumreturnrequirementsforCFAcharterholders.b)Toprovidedetailedtechnicalguidelinesforportfolioconstruction.c)TooutlinetheethicalandprofessionalobligationsofCFAInstitutemembersandcandidates.d)Toregulatethefeeschargedbyinvestmentprofessionals.2.Ananalystatabrokeragefirmisresearchingacompanyinwhichthefirmhasasignificantinvestment.Theanalystdiscoverspositiveinformationaboutthecompanybutdecidestowithholdittoavoidimpactingthefirm'sinvestment.Thissituationprimarilyrepresentswhichtypeofconflictofinterest?a)Aconflictbetweentheanalyst'spersonalinterestsandthefirm'sinterests.b)Aconflictbetweenthefirm'sinterestsanditsclients'interests.c)Aninherentconflictarisingfromtheuseofnon-public,materialinformation.d)Aconflictbetweentheanalyst'sprofessionaljudgmentandtheresearchprocess.3.WhichofthefollowingactionsbyaportfoliomanagerwouldmostlikelyconstituteaviolationofStandardVI(A)–DisclosureofConflicts?a)Fullydisclosingtoclientsthattheportfoliomanagerreceivesacontingencyfeeforacquiringcertaintypesofassetsfortheportfolio.b)Failingtodiscloseafinancialinterestinacompanythattheportfoliomanagerisactivelyrecommendingtoclients.c)Disclosingaconflictofinteresttothefirm'scompliancedepartment,eveniftheclientisnotinformed.d)Disclosingtoclientsthatthefirmearnsamanagementfeebasedontheportfolio'sassetsundermanagement.4.Afinancialadvisoroffersafreevacationtoclientswhomeetacertaininvestmentminimum.AccordingtotheCFAInstituteStandardsofProfessionalConduct,thispracticeismostlikelyaviolationofwhichprinciple?a)Professionalism(DueCare)b)ObjectivityandIndependence(StandardIII(B))c)ClientProtection(StandardIV(A))d)Confidentiality(StandardIV(B))5.Whichofthefollowingstatementsregardingdisclaimersismostaccurate?a)Disclaimersareonlyrequiredwhenprovidinginvestmentrecommendationstoclients.b)Disclaimerscanbeusedtocompletelyavoidresponsibilityforinvestmentperformance.c)StandardVI(D)requiresmemberstoprovideappropriatedisclaimersinspecificsituationstomanageconflictsofinterest.d)Disclaimersarenotnecessaryiftherecommendationisbasedsolelyonpubliclyavailableinformation.6.Aseniorportfoliomanagerrecommendsanewstocktoajunioranalystwhoislessexperienced.Thejunioranalyst,withoutperformingsufficientindependentanalysis,passestherecommendationtoclients.ThisscenariohighlightsapotentialviolationofwhichStandard?a)StandardI(A)–Professionalism(DueCare)b)StandardII(A)–DiligenceandReasonableBasis(appliedtothejunioranalyst)c)StandardIII(B)–ObjectivityandIndependence(appliedtotheseniormanagerfornotsupervisingproperly)d)StandardV(A)–AdditionalCompensationArrangements(ifanybonusstructureisinvolved)7.Whichofthefollowingindividualsisconsidereda"PartytoaTransaction"undertheCFAInstituteStandardsofProfessionalConduct?a)Ajournalistwritinganarticleaboutthefinancialindustry.b)Anindependentresearcheranalyzingmarkettrendsforpublication.c)Aclientofaninvestmentadvisor.d)AcompetitorofaCFAcharterholder.8.ACFAcharterholderisapproachedbyaformeremployertoprovideinvestmentadviceonbehalfoftheemployer'semployees.Thecharterholderhasnoongoingrelationshipwiththeemployeesandwillnotreceivecompensationdirectlyfromthem.Whichtypeofexemptionallowsthecharterholdertoprovidethisadvice?a)Exemption1–Employmentb)Exemption2–MarketCommentaryc)Exemption3–GeneralDiscussiond)Exemption4–Research9.Aportfoliomanagerlearnsthatacompetitoris即將releasepositiveearningssurprisesforseveralcompaniesintheportfoliomanager'sownportfolio.Theportfoliomanagerusesthisnon-publicinformationtoadjusttheportfoliobeforethecompetitor'srelease.ThisactionprimarilyviolateswhichStandard?a)StandardI(A)–Professionalism(Honesty)b)StandardII(A)–DiligenceandReasonableBasisc)StandardIII(B)–ObjectivityandIndependenced)StandardIV(B)–Confidentiality10.Whichofthefollowingactivitiesbyaninvestmentresearchanalystwouldbemostconsistentwiththeprincipleofindependence?a)Acceptinglavishentertainmentfromacompanywhosestocktheanalystcovers.b)Conductinganalysisusingonlypubliclyavailableinformationanddisclosinganypersonalownership.c)Disclosingapersonalfinancialinterestinastockthattheanalystisabouttorecommendstrongly.d)Adjustingresearchconclusionstoalignwithafirm'sinvestmentbankingrelationships.Part2:CaseStudyQuestionsCaseStudy1:Youareafinancialadvisoratabrokeragefirm.Youhavebeenmanagingaclient'sportfolioforseveralyears.Yourclient,Mr.Smith,isahigh-net-worthindividualwhorecentlyinheritedasignificantamountofmoney.Hehasapproachedyouwiththeideaofinvestingaportionofthisnewinheritanceinalternativeassets,specificallyprivateequity.Mr.Smithmentionsthataclosefriendofhis,whoisnotaclientofyourfirm,managesaprivateequityfundandhasofferedMr.Smithasubstantialdiscountonthemanagementfeesifheinveststhroughhisfriend.Yourfirmdoesnothaveaprivateequitydivision,andyouarenotfamiliarwiththefriend'sfundoritsperformance.Yourfirmoffersavarietyofalternativeinvestmentoptions,includinghedgefunds,buttheyarenotavailableatadiscountedfeestructure.YoualsoknowthatifMr.Smithinvestswithyourfriend,yourfirmwilllosetheopportunitytomanageasignificantportionofthenewcapital.Required:a)Identifythepotentialconflictsofinterestarisingfromthisscenario.b)DescribethestepsyoushouldtaketoaddresstheseconflictsinaccordancewiththeCFAInstituteStandardsofProfessionalConduct.c)ExplainhowyouwouldcommunicatewithMr.Smithabouttheseissuesandtherecommendedcourseofaction.CaseStudy2:Youareanequityresearchanalystatasell-sideinvestmentbank.YouarecoveringthetechnologysectorandhaverecentlycompletedafavorablereportonacompanynamedTechCorp.Yourbank'sinvestmentbankingdepartmentisintheprocessofunderwritingalargeIPOforTechCorp'scompetitor,CompCorp.YourresearchreportonTechCorpisscheduledforpublicationsoon.Duringtheresearchprocess,yougathersomenon-publicinformationaboutCompCorp'sfinancialhealth,whichcouldnegativelyimpactitsIPOvaluation.Youbelievethatifthisinformationwerereleased,itwouldsignificantlybenefitTechCorp,thecompanyyouarecovering.Youareunderpressurefromyourbank'sinvestmentbankingdepartmenttoensureasuccessfulIPOforCompCorp,andthereisapossibilityofafuturepromotioniftheIPOissuccessful.Youarealsoclosefriendswiththeportfoliomanagerofalargeinstitutionalclientofyourfirm,andyouhaverecentlyreceivedaluxuriousgolfingtripasagiftfromthisclient.Required:a)Identifytheethicaldilemmasandconflictsofinterestpresentedinthisscenario.b)AnalyzehowtheCFAInstituteStandardsofProfessionalConduct,particularlythoserelatedtoindependence,objectivity,confidentiality,andadditionalcompensationarrangements,applytothissituation.c)DescribetheactionsyoushouldtaketoensurethatyourconductisconsistentwiththeCFAInstituteCodeandStandards.d)Explainhowyouwouldhandlethepressurefromyourinvestmentbankingdepartmentandthepotentialconflictarisingfromyourfriendshipwiththeportfoliomanager.試卷答案Part1:ObjectiveQuestions1.c)TooutlinetheethicalandprofessionalobligationsofCFAInstitutemembersandcandidates.*解析思路：CFAInstituteCodeandStandards的主要目的是為CFAInstitute的會(huì)員和候選人（包括考生）制定道德和行為規(guī)范，明確他們?cè)趯I(yè)活動(dòng)中的責(zé)任和義務(wù)。選項(xiàng)c準(zhǔn)確概括了這一點(diǎn)。選項(xiàng)a不正確，道德規(guī)范不涉及投資回報(bào)率。選項(xiàng)b描述的是技術(shù)指南，不是道德規(guī)范的主要內(nèi)容。選項(xiàng)d涉及費(fèi)用，屬于業(yè)務(wù)模式范疇，而非道德規(guī)范的直接目的。2.c)Aninherentconflictarisingfromtheuseofnon-public,materialinformation.*解析思路：分析師利用非公開(kāi)的重大信息進(jìn)行研究，但決定不披露以避免影響其所在機(jī)構(gòu)的投資，這本質(zhì)上構(gòu)成了利益沖突。這種沖突源于持有和使用內(nèi)幕信息本身，無(wú)論分析師的個(gè)人動(dòng)機(jī)如何，這種信息的使用與向市場(chǎng)披露或避免影響他人交易的能力相沖突。選項(xiàng)a可能存在，但不一定是主要沖突。選項(xiàng)b是沖突的潛在后果，而非沖突本身。選項(xiàng)d描述的是研究過(guò)程，而非沖突類型。3.b)Failingtodiscloseafinancialinterestinacompanythattheportfoliomanagerisactivelyrecommendingtoclients.*解析思路：根據(jù)StandardVI(A)，會(huì)員在向客戶做出投資建議時(shí)，必須充分披露任何可能影響建議的財(cái)務(wù)或非財(cái)務(wù)利益沖突。未披露在所推薦公司中的財(cái)務(wù)興趣，直接違反了信息披露的要求。選項(xiàng)a描述了披露了利益沖突，符合標(biāo)準(zhǔn)。選項(xiàng)c描述了內(nèi)部披露，不替代對(duì)客戶的外部披露要求。選項(xiàng)d描述的是管理費(fèi)，是標(biāo)準(zhǔn)的合規(guī)披露事項(xiàng)。4.b)ObjectivityandIndependence(StandardIII(B))*解析思路：提供免費(fèi)度假作為達(dá)到投資門(mén)檻的獎(jiǎng)勵(lì)，屬于提供不當(dāng)利益，以換取客戶業(yè)務(wù)，這違反了StandardIII(B)對(duì)客觀性和獨(dú)立性的要求，因?yàn)樗赡苡绊戭檰?wèn)的客觀判斷或產(chǎn)生/加劇利益沖突。選項(xiàng)aDueCare是指勤勉盡責(zé)。選項(xiàng)cClientProtection是保護(hù)客戶資產(chǎn)的原則。選項(xiàng)dConfidentiality是保密原則。5.c)StandardVI(D)requiresmemberstoprovideappropriatedisclaimersinspecificsituationstomanageconflictsofinterest.*解析思路：StandardVI(D)規(guī)定了在某些特定情況下，會(huì)員需要提供適當(dāng)?shù)拿庳?zé)聲明來(lái)管理利益沖突，例如，當(dāng)會(huì)員代表不同利益方行事，或提供可能被視為對(duì)特定交易建議的免責(zé)聲明時(shí)。選項(xiàng)a不正確，免責(zé)聲明并非僅在提供投資建議時(shí)需要。選項(xiàng)b不正確，免責(zé)聲明不能完全免除責(zé)任，尤其當(dāng)存在未披露的利益沖突時(shí)。選項(xiàng)d不正確，即使基于公開(kāi)信息，在特定關(guān)系或存在潛在沖突時(shí)也可能需要免責(zé)聲明。6.b)StandardII(A)–DiligenceandReasonableBasis(appliedtothejunioranalyst)*解析思路：初級(jí)分析師沒(méi)有進(jìn)行充分的獨(dú)立分析就轉(zhuǎn)介建議，違反了StandardII(A)要求的勤勉和合理依據(jù)原則。即使高級(jí)經(jīng)理有指導(dǎo)責(zé)任，初級(jí)分析師對(duì)自己提供的信息負(fù)有直接的責(zé)任。選項(xiàng)aDueCare通常指代StandardI(A)，更側(cè)重于會(huì)員在所有專業(yè)活動(dòng)中的審慎態(tài)度。選項(xiàng)c描述了高級(jí)經(jīng)理可能存在的監(jiān)督不當(dāng)問(wèn)題，但這更側(cè)重于StandardIII(B)或V(A)的潛在問(wèn)題。選項(xiàng)d涉及獎(jiǎng)金結(jié)構(gòu)，可能與V(A)相關(guān)，但不是直接原因。7.c)Aclientofaninvestmentadvisor.*解析思路：根據(jù)StandardI(D)的定義，“相關(guān)方”包括客戶，即接受或可能接受投資建議或投資服務(wù)的個(gè)人或機(jī)構(gòu)。選項(xiàng)a和b描述的是行業(yè)觀察者或研究者，通常不被視為直接參與交易相關(guān)方的主體。選項(xiàng)d競(jìng)爭(zhēng)對(duì)手不是直接接受建議或服務(wù)的主體。8.a)Exemption1–Employment*解析思路：根據(jù)StandardI(D)的豁免條款，如果CFA會(huì)員受雇于一個(gè)實(shí)體，并且該實(shí)體代表一個(gè)或多個(gè)客戶，會(huì)員在代表雇主履行職責(zé)時(shí)提供投資建議，可以免除部分會(huì)員責(zé)任。在此案例中，顧問(wèn)代表前雇主向其員工提供建議，符合Exemption1的條件，前提是顧問(wèn)不是作為獨(dú)立的顧問(wèn)身份行事。選項(xiàng)bMarketCommentary不適用。選項(xiàng)cGeneralDiscussion適用于非具體建議的泛泛而談。選項(xiàng)dResearch通常指發(fā)布的研究報(bào)告。9.c)StandardIII(B)–ObjectivityandIndependence*解析思路：使用非公開(kāi)的重大信息來(lái)調(diào)整投資組合以獲利，嚴(yán)重違反了StandardIII(B)要求的客觀性和獨(dú)立性原則。這涉及到利用信息優(yōu)勢(shì)獲取不正當(dāng)利益，直接損害了研究工作的客觀性。選項(xiàng)aHonesty是基本原則，但具體行為違反的是客觀性。選項(xiàng)bDiligence也可能受影響，但核心是信息使用的違規(guī)。選項(xiàng)dConfidentiality涉及保護(hù)*自己的*信息，而不是利用*他人的*非公開(kāi)信息。10.b)Conductinganalysisusingonlypubliclyavailableinformationanddisclosinganypersonalownership.*解析思路：使用僅有的公開(kāi)信息進(jìn)行分析，并披露自己的所有權(quán)，這是保持研究獨(dú)立性的體現(xiàn)。它避免了使用非公開(kāi)信息，并透明化了可能影響分析的個(gè)人利益。選項(xiàng)a接受奢華款待可能產(chǎn)生利益沖突或影響?yīng)毩⑿浴＿x項(xiàng)c披露個(gè)人所有權(quán)是必要的，但如果分析受到個(gè)人所有權(quán)的影響而失去客觀性，則仍違反獨(dú)立性原則。選項(xiàng)d調(diào)整結(jié)論以迎合關(guān)系，違反了獨(dú)立性。Part2:CaseStudyQuestionsCaseStudy1:a)Thepotentialconflictsofinterestarisingfromthisscenarioinclude:1.ConflictofInterestbetweenClientBestInterest(StandardII(A))andFirm'sOpportunity:YourfirmriskslosingmanagementfeesonthenewcapitalifMr.Smithusesyourfriend'sdiscountedfund,potentiallyplacingyourrecommendationinalessfavorablepositionrelativetoyourfirm'sofferings.2.ConflictofInterestbetweenClientBestInterestandPersonalRelationship/Friendship(StandardI(A)–Professionalism):Yourfriendshipwiththeclient'sfriendcouldpotentiallybiasyouradviceorcreateasituationwhereyoufeelobligatedtofavorthefriend'srecommendation.3.ConflictofInterestbetweenClientBestInterestandFirmPolicy/Incentives(StandardI(A)–Professionalism):Yourfirm'sbusinessmodelreliesonmanagingassetsandcollectingfees.Recommendinganexternalmanager,especiallyoneatadiscountnotavailabletoyourclients,couldconflictwiththismodelandpotentiallyaffectyourownperformancemetricsorincentivesifanyaretiedtofirmrevenue.b)Thestepstoaddresstheseconflictsshouldinclude:1.IdentifyandAcknowledgetheConflicts:Clearlyrecognizethepotentialconflictsoutlinedabove.2.AssesstheSituation:Determinethelikelihoodandpotentialimpactofeachconflict.Isthefriend'sfundtrulysuperior?Isyourfriendshipstrongenoughtobiasyourrecommendation?3.ConsultFirm'sComplianceDepartment:Beforetakinganyaction,discussthesituationwithyourfirm'scomplianceofficerordesignatedethicscontact.Theycanprovideguidanceonfirmpoliciesregardingexternalrecommendations,conflictsofinterest,andpotentialdisclosurerequirements.4.DisclosetheConflicttoMr.Smith:FullydisclosethesituationtoMr.Smith,includingtheofferfromyourfriend,thepotentiallossofbusinessforyourfirm,andyourpersonalrelationship.Transparencyiscrucial(StandardI(A)andVI(A)).5.RecommendaCourseofAction:AdviseMr.Smithoftheconflictsandsuggestoptions:*Proceedwiththefriend'sfund,whileexplicitlyremindinghimofthepotentialbiasandensuringheunderstandstheimplications.*Haveyourfirmevaluatethefriend'sfundindependently(ifpossibleandpermissible)orobtainobjectiveinformationaboutit.*Chooseanalternativeinvestmentoptionwithinyourfirm'splatformthatmightbecompetitive,ensuringyouactinMr.Smith'sbestinterest(StandardII(A)).6.DocumenttheProcess:Keeparecordoftheconflict,thedisclosuremadetoMr.Smith,andtheadviceprovided.c)CommunicationwithMr.Smithshouldinvolve:1.Directness:Clearlyexplainthesituationwithoutambiguity.2.Honesty:Betruthfulabouttheoffer,yourrelationship,andyourfirm'sposition.3.FocusonClientInterests:EmphasizethatyourrecommendationsmustalwaysbebasedonwhatisbestforMr.Smith'sportfolio,despitethefirm'spotentiallossofbusiness.4.OfferOptions:PresentthedifferentpathsavailabletoMr.Smith,alongwiththeprosandconsyouhaveidentifiedorcanresearch.5.ListentoClient:GiveMr.Smiththeopportunitytoaskquestionsandmakethefinaldecision.6.ReiterateCommitment:Assurehimofyourcontinuedcommitmenttoactinginhisbestinterest.CaseStudy2:a)Theethicaldilemmasandconflictsofinterestpresentedinclude:1.ConflictofInterestbetweenIndependenceandObjectivity(StandardIII(B))andInvestmentBankingRelationship(StandardV(A)):ThepressurefromtheinvestmentbankingdepartmenttoensureasuccessfulIPOforCompCorpcreatesaconflictwithyourdutytoprovideobjectiveandindependentresearchonTechCorp.Yourobjectivitymightbecompromisedbythedesireforagoodbankingrelationshiporfuturepromotion.2.ConflictofInterestbetweenIndependenceandObjectivity(StandardIII(B))andPersonalRelationship(StandardI(A)):Thefriendshipwiththelargeinstitutionalclientwhoprovidedaluxuriousgiftcreatesaconflict.YoumustensureyourresearchonTechCorpisunbiasedand不受影響bythisgift,butthegiftmightcreateanexpectationoffavorabilityorinfluenceyourjudgment.3.ConflictofInterestbetweenConfidentiality(StandardIV(B))andUseofNon-PublicInformation:Youpossessnon-public,materialinformationaboutCompCorp.UsingthisinformationtopotentiallybenefitTechCorporinfluencethemarketunderminestheprincipleofconfidentialityandlikelyviolatesStandardIII(B)bycreatinganunfairadvantage.4.DilemmaofLoyalty:Youarecaughtbetweenfulfillingyourdutiesasaresearcher(independence,objectivity),maintainingagoodrelationshipwithyourbank(investmentbankingsuccess),andpotentiallymaintainingagoodrelationshipwiththeportfoliomanager(whogaveyouagift).b)TheapplicationofCFAInstituteStandardsisasfollows:*StandardIII(B)–ObjectivityandIndependence:Thisisthemostcriticalstandardviolated.Usingnon-publicmaterialinformationtopotentiallybenefitTechCorporCompCorp'scompetitor(byhurtingCompCorp)directlyunderminesobjectivity.Thepressurefromtheinvestmentbankandthepotentialpromotionfurthercompromiseindependence.Thegiftalsoposesathreattoindependence.*StandardIV(B)–Confidentiality:Possessingandpotentiallyusingnon-public,materialinformationobtainedthroughyourresearchfunctionviolatesthedutytokeepclientandproprietaryinformationconfidential.Eveniftheinformationisn'ttechnically"clientinformation"inthetraditionalsenseduringresearch,it'snon-publicinformationgeneratedbyyourworkforthefirm.*StandardI(D)–AdditionalCompensationArrangements:IftheluxuriousgolftripwascontingentontheIPOsuccessorgoodresearchoutcomesfavoringthebank'sclients,itcouldviolatethisstandardifnotproperlydisclosedandmanaged.Thegiftitselfcreatesapotentialbias.*StandardVI(A)–DisclosureofConflicts:Youhaveadutytodiscloseconflictsofinterest.Thisincludesthepotentialconflictarisingfromtheinvestmentbankingrelationship(ifyouareinapositiontorecommendCompCorp'sstockorservices)andthepersonalgiftreceivedfromtheclientportfoliomanager.FailuretodisclosetheseconflictsviolatesStandardVI(A).c)TheactionstoensureconductisconsistentwiththeCodeandStandardsshouldinclude:1.UpholdIndependenceandObjectivity(StandardIII(B)):Immediatelyceaseanyconsiderationoruseofthenon-publicCompCorpinformationforpersonalorresearchbenefitrelatedtoTechCorp.EnsureyourTechCorpresearchisbasedsolelyonobjectiveanalysisandpubliclyavailableinformation.2.ManagetheInvestmentBankingConflict:Politelybutfirmlydeclin