CFA2025年一級(jí)道德與專業(yè)標(biāo)準(zhǔn)試卷（含答案）考試時(shí)間：______分鐘總分：______分姓名：______第一部分1.Aninvestmentmanagerisconsideringtakingashortpositioninastockthatoneofitsclientsownsasignificantblockof.Themanagerbelievesthestockisundervaluedbytheclientbutfeelspressuretotaketheshortpositiontofulfillamarket-neutralstrategyrequirement.WhichStandardofProfessionalConductcontainstheprimaryguidanceforthemanagerregardingthissituation?A)StandardI(A)-Knowledge,Skills,andExperienceB)StandardI(B)-AvoidingConflictsofInterestC)StandardII(A)-FiduciaryDutytoClientsD)StandardIII(A)-Confidentiality2.ALevelIcandidateisprovidedwithnon-public,materialinformationaboutacompanybyarelativewhoworksatthecompany.Therelativeasksthecandidatenottorevealtheinformationbutimpliesthatactingonitcouldbebeneficial.Thecandidateunderstandsthisinformationcouldpotentiallyleadtosignificantgainsiftradedbeforeitbecomespublic.Whichaction,iftaken,wouldmostlikelybeinviolationoftheCodeandStandards?A)Disclosingtheinformationtotherelative,astheyrequestedconfidentiality.B)Ignoringtherelative'srequestandnotactingontheinformation.C)Actingontheinformationbypurchasingthecompany'sstockbeforetheannouncement.D)Disclosingtheinformationtothecandidate'ssupervisor,whoisalsoaCFAcharterholder.3.WhichofthefollowingactionsbyaninvestmentadvisorwouldmostlikelybeconsideredaviolationofStandardIV(A)-GoodFaith,Diligence,andProfessionalism?A)Accuratelyexplainingtoaclienttherisksassociatedwitharecommendedinvestmentstrategy.B)Sendingamarketingemailtopreviousclientspromotinganewserviceoffering.C)Usingindustryjargonthataclientdoesnotunderstand,assumingtheywillaskforclarification.D)Recommendinganinvestmentthatalignswiththeclient'sstatedinvestmentobjectivesandrisktolerance.4.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientalsoownsaprivatebusinessthatisexperiencingsignificantfinancialdifficulties.Theportfoliomanagerisapproachedbytheclient'sbusinessadvisorsuggestingthattheportfoliomanagerlendmoneytotheclient'sbusinesstopreventitfromfailing.Theadvisorassurestheportfoliomanagerthattheloanwillbefullyrepaidwithinterest.WhatshouldtheportfoliomanagerdotocomplywiththeCodeandStandards?A)Maketheloan,astheportfoliomanagerbelievesthebusinesshasastrongchanceofrecoveryandtheloanissecured.B)Refusetheloanrequestimmediately,citingpotentialviolationsofStandardI(B)andStandardII(A).C)Requestdetailedfinancialinformationfromtheclient'sbusinessandseekindependentlegaladvicebeforemakingadecision.D)Maketheloanbutrequiretheclienttosignacontractwithahigherinterestratetocompensatefortheincreasedrisk.5.Ananalystatasell-sideresearchfirmisworkingonareportanalyzingacompanyinthesameindustryasthefirm'sinvestmentbankingdivisionisadvisingonalargetransaction.Theanalystknowstheinvestmentbankingteamisunderpressuretowinthedeal.Theanalystisconsideringincludingoverlypositiveinformationintheresearchreporttosupportthebankingteam'sefforts.WhichStandardofProfessionalConductprovidesthemostdirectguidanceregardingthissituation?A)StandardI(D)-ResponsibilitiesTowardEmployersB)StandardII(D)-MisrepresentationofInvestmentPerformanceC)StandardIII(B)-UseofMaterialNon-PublicInformationD)StandardIV(B)-AvoidingDeceptivePractices6.Aportfoliomanagerhasbeenworkingcloselywithaclienttodevelopacustominvestmentstrategy.Theclientisverysatisfiedwiththeinitialstrategyandtheportfoliomanagersuggestsimplementingastructurethatincludesasignificantperformancefee.Themanagerknowsthatthecustodyinstitutionholdingtheclient'sassetsalsooffersasimilarperformancefeearrangement.WhichStandardofProfessionalConductrequirestheportfoliomanagertodisclosethisarrangementtotheclient?A)StandardI(C)-ActingforEmployersorClientsB)StandardII(C)-DiligenceandProfessionalismC)StandardII(E)-ExtraCompensationArrangementsD)StandardIII(A)-Confidentiality7.ACFAcharterholderisamemberoftheboardofdirectorsforanon-profitorganization.Theorganizationisseekingtoraisefundsthroughthesaleofbonds.Thecharterholderrecommendstheorganization'sbondstoseveralpersonalcontactswithoutreceivinganycompensation.WhichStandardofProfessionalConducthasbeenviolated?A)StandardI(A)-Knowledge,Skills,andExperienceB)StandardI(B)-AvoidingConflictsofInterestC)StandardIII(A)-ConfidentialityD)StandardIV(A)-GoodFaith,Diligence,andProfessionalism8.WhichofthefollowingstatementsbestdescribestherequirementofStandardI(A)-Knowledge,Skills,andExperience?A)Membersandcandidatesmustonlyprovideinvestmentrecommendationsforwhichtheyhavedirectexperience.B)Membersandcandidatesmustpossessaminimumlevelofknowledge,skills,andexperiencerelevanttotheirpracticeactivities.C)Membersandcandidatesarerequiredtoobtainaspecificnumberofcontinuingprofessionaldevelopment(CPD)creditsannually.D)Membersandcandidatesmustdiscloseanypersonalinvestmentsthatcouldinfluencetheirrecommendations.9.Aninvestmentadvisorispreparingareportforaclientsummarizingtheclient'sportfolioperformance.Theadvisorincludesgraphsshowingtheportfoliooutperformingarelevantbenchmarkindexbutfailstomentionthatthebenchmarkwaschosenincorrectlyatthebeginningoftheyear,makingthecomparisonmisleading.WhichStandardofProfessionalConducthasbeenviolated?A)StandardI(A)-Knowledge,Skills,andExperienceB)StandardII(B)-ProperUseofClientAssetsC)StandardII(D)-MisrepresentationofInvestmentPerformanceD)StandardIII(A)-Confidentiality10.ALevelIcandidateisofferedajobataninvestmentfirm.Duringtheinterviewprocess,thecandidatelearnsthatthefirmengagesinproprietarytradingusingclientassets.Thefirmassuresthecandidatethatalltradingisdoneinthebestinterestoftheclientandthatstrictinternalcontrolsareinplace.WhichStandardofProfessionalConductrequiresthecandidatetoinquirefurtheraboutthefirm'sproceduresregardingtheuseofclientassets?A)StandardI(B)-AvoidingConflictsofInterestB)StandardI(C)-ActingforEmployersorClientsC)StandardII(B)-ProperUseofClientAssetsD)StandardIV(A)-GoodFaith,Diligence,andProfessionalism第二部分11.Anequityresearchanalystatabuy-sidefirmiscoveringacompanythatisalsoasignificantclientofthefirm'sinstitutionalsalesdepartment.Thesalesdepartmentistryingtowinalargenewassetallocationfromthecompanyandhasbeenprovidingtheanalystwithnon-publicinformationaboutthecompany'supcomingearnings.Theanalystusesthisinformationtogeneratearesearchreportthatishighlypositiveandcontributestothesalesteamwinningthebusiness.Theanalysthasnotpersonallyreceivedanycompensationfromthesalesdepartmentbeyondtheirregularsalary.HastheanalystviolatedanyStandardsofProfessionalConduct?A)Yes,theanalysthasviolatedStandardI(B)becausetheyusednon-publicinformationtobenefitthefirm.B)Yes,theanalysthasviolatedStandardII(A)becausetheyfailedtoprioritizetheclient'sinterestsoverthefirm'sinterests.C)No,theanalysthasnotviolatedanyStandardsbecausetheydidnotreceivedirectcompensationandtheinformationwasprovidedbythesalesdepartment.D)Thesituationisunclearwithoutknowingiftheinformationprovidedbysaleswasmaterial.12.Aportfoliomanagerismanagingaclient'saccountandrecommendsastockthatsubsequentlyperformsverywell,generatingsignificantreturnsfortheclient.Theportfoliomanagerthenpromotesthissuccessinmarketingmaterials,highlightingthemanager'sskillandexpertise.However,themanagerfailstodisclosethattheinitialinvestmentthesiswasbasedoninformationprovidedbythecompany'sCEO,whichwaslaterrevealedtobemisleading.WhichStandardofProfessionalConducthasbeenmostlikelyviolated?A)StandardI(A)-Knowledge,Skills,andExperienceB)StandardI(B)-AvoidingConflictsofInterestC)StandardII(D)-MisrepresentationofInvestmentPerformanceD)StandardIII(A)-Confidentiality13.ACFAcharterholderisemployedasaninvestmentadvisoratafirm.Thefirmoffersaloyaltybonustoadvisorswhoseclientsrefernewbusinesstothefirm.Thecharterholderencouragestheirexistingclientstorefernewclients,buttheyalsomakeunsolicitedcallstostrangers,presentingthefirm'sserviceswithoutdisclosingtheloyaltybonusarrangement.WhichStandardofProfessionalConductrequiresthecharterholdertodisclosetheloyaltybonusarrangementtopotentialnewclients?A)StandardI(A)-Knowledge,Skills,andExperienceB)StandardI(B)-AvoidingConflictsofInterestC)StandardII(C)-DiligenceandProfessionalismD)StandardIII(C)-CommunicationwithCurrentClients14.TwoCFAcharterholdersarecolleaguesworkingatthesamefirm.Onecharterholderlearnsthattheotherisabouttoleavethefirmtojoinacompetitor.Thefirstcharterholderasksforconfidentialinformationaboutthefirm'scurrentinvestmentstrategiesandclientlist,claimingitwillbeusefulforthetransition.Thefirstcharterholderintendstousethisinformationintheirnewrole.WhichStandardofProfessionalConducthasbeenviolatedbythefirstcharterholder?A)StandardI(C)-ActingforEmployersorClientsB)StandardI(D)-ResponsibilitiesTowardEmployersC)StandardIII(A)-ConfidentialityD)StandardIV(B)-AvoidingDeceptivePractices15.Aninvestmentmanagerisresponsibleformanagingaclient'sportfolio.Theclientrequeststhemanagertouseaportionoftheportfoliotomakealoantotheclient'sfamilymemberwhoisfacingafinancialcrisis.Themanagerisawarethatthiscouldcompromisetheclient'sinvestmentobjectivesandmayleadtothemisappropriationofclientassets.Themanagerrefusestherequest.WhichStandardofProfessionalConductprovidestheprimarybasisforthemanager'srefusal?A)StandardI(B)-AvoidingConflictsofInterestB)StandardII(A)-FiduciaryDutytoClientsC)StandardII(B)-ProperUseofClientAssetsD)StandardIV(A)-GoodFaith,Diligence,andProfessionalism16.Asell-sideresearchfirmiscoveringacompanythatrecentlyannounceddisappointingearnings.Thefirm'sinvestmentbankingdepartmentistryingtowinalargeM&Aassignmentfromthecompany.Theresearchdepartmentisunderpressurefromthebankingdivisiontoissueamoreoptimisticreportonthecompany.Theheadofresearch,aCFAcharterholder,objects,citingthepotentialforviolatingtheindependenceofresearch.WhichStandardofProfessionalConductisprimarilyatissue?A)StandardI(A)-Knowledge,Skills,andExperienceB)StandardI(B)-AvoidingConflictsofInterestC)StandardI(D)-ResponsibilitiesTowardEmployersD)StandardIV(A)-GoodFaith,Diligence,andProfessionalism17.Aportfoliomanagerismanagingaclient'saccountandrecommendsacomplexstructuredproductthatgeneratesahighfeeforthemanager.Themanagerknowstheproductisdifficultforclientstounderstandandhassignificantrisksthatarenotfullyexplainedintheofferingdocument.Themanagerprimarilyfocusesonthepotentialhighreturnswhencommunicatingwiththeclient.WhichStandardofProfessionalConducthasbeenviolated?A)StandardI(A)-Knowledge,Skills,andExperienceB)StandardI(B)-AvoidingConflictsofInterestC)StandardII(C)-DiligenceandProfessionalismD)StandardIII(C)-CommunicationwithCurrentClients18.ACFAcharterholderisamemberoftheboardofdirectorsforapubliclytradedcompany.Thecharterholderisalsoaportfoliomanagerforapensionfundandrecommendsthecompany'sstocktothepensionfund'sclients.Thecharterholderdisclosestheirboardmembershiptothepensionfundbutdoesnotdisclosethependingtransaction.WhichStandardofProfessionalConductrequiresthedisclosureofthependingtransaction?A)StandardI(B)-AvoidingConflictsofInterestB)StandardI(C)-ActingforEmployersorClientsC)StandardII(A)-FiduciaryDutytoClientsD)StandardIII(A)-Confidentiality19.Aninvestmentadvisorisresponsibleformanagingaclient'sportfolio.Theadvisorrecommendsastockthatperformspoorly,causingtheclienttoincursignificantlosses.Theadvisorthenattemptstojustifythepoorperformancebyclaimingthatthemarketconditionswereunfavorableandthattheclientfailedtofollowtheadvisor'srecommendations.WhichStandardofProfessionalConducthasbeenviolated?A)StandardI(A)-Knowledge,Skills,andExperienceB)StandardII(A)-FiduciaryDutytoClientsC)StandardII(D)-MisrepresentationofInvestmentPerformanceD)StandardIV(A)-GoodFaith,Diligence,andProfessionalism20.ALevelIcandidateisofferedajobataninvestmentfirm.Thefirmhasapolicythatrequiresallemployeestocompleteannualtrainingonthefirm'scodeofconduct.Duringtheonboardingprocess,thecandidateisrequiredtoattendthistrainingandsignanacknowledgmentform.WhichStandardofProfessionalConductisthefirmprimarilyaddressingthroughthispolicy?A)StandardI(A)-Knowledge,Skills,andExperienceB)StandardI(D)-ResponsibilitiesTowardEmployersC)StandardIII(A)-ConfidentialityD)StandardIV(A)-GoodFaith,Diligence,andProfessionalism試卷答案1.B解析思路：題目描述了投資經(jīng)理在客戶持有股票的情況下建立空頭頭寸，并面臨執(zhí)行市場(chǎng)中性策略的壓力。這涉及到在代表客戶（雇主）和自身判斷之間可能存在的利益沖突。標(biāo)準(zhǔn)I(B)“避免利益沖突”主要處理成員和候選人如何識(shí)別、評(píng)估和管理可能影響其獨(dú)立判斷的利益沖突。標(biāo)準(zhǔn)I(A)涉及勝任能力，標(biāo)準(zhǔn)II(A)涉及對(duì)客戶的信托責(zé)任，標(biāo)準(zhǔn)IV(A)涉及良好的職業(yè)行為，這些雖然也重要，但與題目中描述的具體情境（自身策略與客戶利益的潛在沖突）關(guān)聯(lián)性不如標(biāo)準(zhǔn)I(B)直接。2.C解析思路：題目中，候選人在知曉信息非公開且可能帶來(lái)利益的情況下，考慮利用該信息進(jìn)行交易。這直接觸及了標(biāo)準(zhǔn)III(B)“不得使用未公開信息獲取不正當(dāng)利益”。即使信息來(lái)源是相對(duì)善意的，但候選人有責(zé)任確保不利用非公開信息牟利。標(biāo)準(zhǔn)III(A)涉及保密信息的保護(hù)，但核心問(wèn)題是信息的“使用”。標(biāo)準(zhǔn)II(A)涉及對(duì)客戶的信托責(zé)任，標(biāo)準(zhǔn)IV(B)涉及避免欺騙行為，與候選人利用未公開信息進(jìn)行交易的行為核心不符。3.C解析思路：題目描述投資顧問(wèn)使用客戶不理解的專業(yè)術(shù)語(yǔ)，而沒(méi)有確保溝通清晰。標(biāo)準(zhǔn)IV(A)“良好的職業(yè)行為”要求成員和候選人在所有專業(yè)關(guān)系中保持高標(biāo)準(zhǔn)的專業(yè)行為，這包括與客戶進(jìn)行清晰、有效的溝通。使用晦澀難懂的語(yǔ)言，尤其是在可能造成誤解的情況下，違反了保持良好溝通的專業(yè)行為準(zhǔn)則。標(biāo)準(zhǔn)I(A)涉及勝任能力，但這里的問(wèn)題更多在于溝通方式而非自身技能是否達(dá)標(biāo)。標(biāo)準(zhǔn)II(C)涉及勤勉，標(biāo)準(zhǔn)IV(B)涉及避免欺騙，與使用難懂術(shù)語(yǔ)的行為不完全匹配。4.B解析思路：題目中，投資經(jīng)理面臨客戶要求用投資組合資金為其私人企業(yè)貸款的情況。標(biāo)準(zhǔn)II(A)“優(yōu)先考慮客戶利益”要求投資經(jīng)理在所有行動(dòng)中必須將客戶的利益置于個(gè)人或雇主利益之上。為個(gè)人利益（客戶私人企業(yè)）使用客戶資金，除非有明確且合理的安排并符合所有相關(guān)標(biāo)準(zhǔn)，否則通常被視為違反了客戶利益優(yōu)先的原則。標(biāo)準(zhǔn)I(B)涉及避免利益沖突，雖然也存在沖突，但核心違反的是對(duì)客戶的信托責(zé)任。標(biāo)準(zhǔn)I(D)涉及雇主責(zé)任，標(biāo)準(zhǔn)II(B)涉及客戶資產(chǎn)的使用，雖然相關(guān)，但最直接的原則是客戶利益優(yōu)先。5.D解析思路：題目描述分析師在壓力下可能包含不實(shí)信息以支持投行業(yè)務(wù)。標(biāo)準(zhǔn)IV(B)“避免欺騙性行為”禁止成員和候選人參與任何具有欺騙性的行為或活動(dòng)。在研究報(bào)告中包含基于壓力而非客觀分析的不實(shí)或過(guò)度樂(lè)觀信息，構(gòu)成誤導(dǎo)客戶和市場(chǎng)的欺騙行為。標(biāo)準(zhǔn)I(A)涉及勝任能力，標(biāo)準(zhǔn)III(B)涉及使用未公開信息，標(biāo)準(zhǔn)II(D)涉及業(yè)績(jī)表現(xiàn)誤導(dǎo)，但這些不如標(biāo)準(zhǔn)IV(B)直接涵蓋報(bào)告中的不實(shí)陳述行為。6.C解析思路：題目描述投資經(jīng)理建議使用包含業(yè)績(jī)提成的結(jié)構(gòu)，并知道托管行也提供類似安排。標(biāo)準(zhǔn)II(E)“額外補(bǔ)償安排”要求成員和候選人在與客戶達(dá)成任何可能導(dǎo)致額外補(bǔ)償?shù)陌才艜r(shí)，必須向客戶披露該安排的所有重要方面。這包括披露是否存在其他提供類似補(bǔ)償?shù)牡谌剑ㄈ缤泄苄校?。未披露此信息可能使客戶在不知情的情況下做出決策，違反了透明度和客戶利益保護(hù)的原則。7.B解析思路：題目描述CFA持證人向個(gè)人聯(lián)系人推薦非盈利組織的債券，未獲補(bǔ)償。標(biāo)準(zhǔn)I(B)“避免利益沖突”不僅涉及經(jīng)濟(jì)利益，也涵蓋可能影響客觀判斷的關(guān)系。持證人在組織董事會(huì)，對(duì)組織有深入了解，向個(gè)人推薦可能利用其特殊地位，且未披露潛在利益或影響，構(gòu)成利益沖突。即使沒(méi)有直接補(bǔ)償，利用關(guān)聯(lián)地位進(jìn)行推薦也可能被視為不當(dāng)行為。標(biāo)準(zhǔn)I(A)涉及勝任能力，標(biāo)準(zhǔn)III(A)涉及保密，標(biāo)準(zhǔn)IV(A)涉及職業(yè)行為，與題目核心情境不符。8.B解析思路：題目要求描述標(biāo)準(zhǔn)I(A)的要求。標(biāo)準(zhǔn)I(A)的核心是要求成員和候選人僅在擁有適當(dāng)知識(shí)、技能和經(jīng)驗(yàn)（AdequateKnowledge,Skills,andExperience,AKSE）時(shí)提供專業(yè)服務(wù)，并持續(xù)學(xué)習(xí)以維持AKSE。選項(xiàng)B準(zhǔn)確概括了這一要求，即具備與執(zhí)業(yè)活動(dòng)相關(guān)的最低AKSE水平。選項(xiàng)A過(guò)于絕對(duì)，選項(xiàng)C描述了持續(xù)學(xué)習(xí)的要求（CPD），但不是標(biāo)準(zhǔn)I(A)的全部。選項(xiàng)D涉及披露個(gè)人投資，屬于標(biāo)準(zhǔn)IV(A)。9.C解析思路：題目描述投資顧問(wèn)提供誤導(dǎo)性業(yè)績(jī)報(bào)告，未說(shuō)明基準(zhǔn)選擇不當(dāng)?shù)膯?wèn)題。標(biāo)準(zhǔn)II(D)“不得誤述投資業(yè)績(jī)”禁止成員和候選人通過(guò)任何方式歪曲、隱瞞或遺漏重要信息，以產(chǎn)生誤導(dǎo)性的業(yè)績(jī)陳述。選擇錯(cuò)誤基準(zhǔn)并以此比較業(yè)績(jī)，屬于歪曲信息以美化業(yè)績(jī)，是典型的業(yè)績(jī)誤導(dǎo)行為。標(biāo)準(zhǔn)I(A)涉及勝任能力，標(biāo)準(zhǔn)II(B)涉及客戶資產(chǎn)使用，標(biāo)準(zhǔn)III(A)涉及保密，與題目行為不符。10.C解析思路：題目描述候選人在面試中得知公司使用客戶資產(chǎn)進(jìn)行自營(yíng)交易。標(biāo)準(zhǔn)II(B)“客戶資產(chǎn)的正確使用”要求成員和候選人必須確?？蛻糍Y產(chǎn)得到正確使用。了解公司自營(yíng)交易使用客戶資產(chǎn)后，候選人有責(zé)任進(jìn)一步了解相關(guān)程序是否符合標(biāo)準(zhǔn)II(B)的要求，例如是否獲得客戶同意、風(fēng)險(xiǎn)隔離等。這是成員應(yīng)盡到的審慎和盡職義務(wù)的一部分。標(biāo)準(zhǔn)I(B)涉及利益沖突，標(biāo)準(zhǔn)I(D)涉及雇主責(zé)任，標(biāo)準(zhǔn)IV(A)涉及職業(yè)行為，雖然相關(guān)，但最直接的責(zé)任是確保客戶資產(chǎn)被正確使用。11.A解析思路：題目描述分析師使用來(lái)自銷售部門（可能基于未公開信息）的信息撰寫報(bào)告，幫助銷售贏得業(yè)務(wù)。這構(gòu)成了潛在的利益沖突，并可能涉及使用未公開信息（如果銷售部門的信息未公開或其獲取方式不當(dāng)）。雖然分析師沒(méi)有直接獲利，但其行為（利用非公開信息優(yōu)勢(shì)）旨在幫助公司（雇主）獲得業(yè)務(wù)，與標(biāo)準(zhǔn)I(B)“避免利益沖突”的原則相悖。如果信息確實(shí)是未公開的，則同時(shí)違反標(biāo)準(zhǔn)III(B)。題目未明確信息是否未公開，但利用信息優(yōu)勢(shì)幫助贏得業(yè)務(wù)已觸及標(biāo)準(zhǔn)I(B)的核心。12.C解析思路：題目描述經(jīng)理推薦了成功投資，但基于來(lái)自CEO（可能不客觀）的信息，且未披露信息來(lái)源的潛在誤導(dǎo)性。隨后經(jīng)理在營(yíng)銷中強(qiáng)調(diào)自身技能，但未披露信息來(lái)源的問(wèn)題。標(biāo)準(zhǔn)II(D)“不得誤述投資業(yè)績(jī)或表現(xiàn)”禁止夸大或誤導(dǎo)性地陳述投資業(yè)績(jī)