2025年CFA《道德與專(zhuān)業(yè)標(biāo)準(zhǔn)》練習(xí)試卷考試時(shí)間：______分鐘總分：______分姓名：______考試開(kāi)始1.Aninvestmentmanagerisconsideringrecommendinganewemergingmarketmutualfundtoitsclients.Themanagerhaslimitedknowledgeaboutthisspecificfundbutisunderpressuretomeetasalestargetsetbythefirm.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Recommendthefundtoallclientsafterhighlightingitspotentialhighreturns.b.Onlyrecommendthefundtoclientswhohaveexpressedahighrisktolerance,withoutdisclosingthemanager'slimitedknowledge.c.Disclosetoclientsthatthemanagerhaslimitedknowledgeaboutthefundbutstillrecommendsitbasedonthird-partyresearch.d.Deferthedecisiontorecommendthefundtoamoreexperiencedcolleague.2.Aportfoliomanagerlearnsthatacompetitorisabouttoannouncethelaunchofanewtechnologystockthatisexpectedtosignificantlyoutperformthemarket.Theportfoliomanager'sfirmhasnotinvestedinthisstock,buttheportfoliomanager'ssiblingworksforthecompetitor.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Purchasethestockfortheirpersonalportfoliotobenefitfromtheanticipatedrise.b.Informtheirsiblingabouttheupcomingannouncementbutdonottakeanyactionbasedontheinformation.c.Advisethefirm'sportfoliocommitteetoconsiderinvestinginthestockbasedontheanticipatedpositiveperformance.d.DisclosethepotentialinformationtotheCFAInstituteEthicsCommittee.3.Ananalystataresearchfirmispreparingareportonacompanythatrecentlyacquiredanotherfirm.Theanalystdeterminesthattheacquisitionwillsignificantlyimprovethetargetcompany'sfinancialperformance.Theresearchfirmhasalong-standingagreementwiththeacquiringcompanytoprovidestockanalysis.WhichofthefollowingactionswouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Publishtheresearchreportimmediately,highlightingthepositiveimpactoftheacquisition.b.Delaythepublicationoftheresearchreportuntilaftertheacquisitioniscompletedtoavoidpotentialconflictsofinterest.c.Includeadetailedsectioninthereportdisclosingthefirm'sagreementwiththeacquiringcompanyandthepotentialbiasintheanalysis.d.Informtheacquiringcompanyaboutthepositivefindingsbeforepublishingthereporttoensuretheirsatisfaction.4.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertolendthemasignificantamountofmoneyforapersonalinvestmentopportunity.Theportfoliomanagerisawarethattheopportunitycarriesahighriskofloss.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Refusetherequest,citingtheCFAInstituteStandardIV(A)–LoyaltytoClientsandPatrons.b.Agreedtolendthemoney,butchargetheclientahighinterestratetocompensatefortherisk.c.Advisetheclienttoseekfinancialadvicefromaseparateprofessionalbeforemakinganydecisions.d.Lendthemoneytotheclient,butrequiretheclienttosignadocumentacknowledgingthehighriskinvolved.5.Aninvestmentadvisorismeetingwithaprospectiveclient.Duringthemeeting,theadvisormentionsthatoneoftheadvisor'scurrentclientshasachievedexcellentreturnsbyinvestinginaparticularstock.Theadvisordoesnotdisclosethatthecurrentclientreceivedpreferentialtreatment,suchasalowerfee.WhichofthefollowingactionsbytheadvisorismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Donothing,astheadvisorbelievestheinformationisnotmaterial.b.Disclosethepreferentialtreatmenttotheprospectiveclienttomaintaintransparency.c.Downplaythesuccessofthecurrentclient'sinvestmenttoavoidanyperceptionoffavoritism.d.Providethenameofthecurrentclienttotheprospectiveclientforverification.6.Atraderatabrokeragefirmisresponsibleforexecutingclientorders.Thetraderlearnsthatalargeinstitutionalclientisplanningtoplaceamarketorderforalargenumberofsharesattheopeningofthemarket.Thetraderanticipatesthattheorderwillmovethepricesignificantlyagainstthefirm'sowninventoryposition.Whichofthefollowingactionsismostappropriateforthetrader?a.Executetheclient'sorderimmediatelytoavoidanypotentialmarketimpact.b.Informtheinstitutionalclientaboutthepotentialmarketimpactandsuggesttheybreakuptheorder.c.Delaytheexecutionoftheclient'sorderuntilafterthefirmhasadjusteditsinventoryposition.d.Executetheclient'sorder,butearnahighercommissiontocompensateforthepotentiallossincurredduetomarketimpact.7.Aninvestmentadvisorispreparingamarketingbrochureforanewinvestmentstrategy.Thebrochureincludestestimonialsfromseveralclientswhohaveachievedsignificantreturns.However,theadvisorknowsthatsomeoftheclientshavenotachievedthereturnsstatedinthetestimonialsandthattheadvisordidnotpersonallyverifytheaccuracyoftheclaims.Whichofthefollowingactionsismostappropriatefortheadvisor?a.Includethetestimonialsinthebrochureastheyare,aslongasthebrochurealsoincludesadisclaimer.b.Removethetestimonialsfromthebrochuretoavoidanypotential誤導(dǎo).c.Contacteachclientmentionedinthetestimonialstoverifytheaccuracyoftheirclaimsbeforeincludingtheminthebrochure.d.Includeasmallprintstatementatthebottomofthebrochurestatingthatthetestimonialsareillustrativeandnotguaranteed.8.Aportfoliomanagerisresponsibleformanagingaportfolioofstocks.Theportfoliomanagerdiscoversthatoneofthestocksintheportfolioisownedbyacompanythatisinvolvedinasignificantlegallawsuit.Theportfoliomanagerisconcernedaboutthepotentialimpactonthestock'sprice.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Donothing,astheportfoliomanagerbelievesthelawsuitisnotmaterial.b.Sellthestockimmediatelytoavoidpotentiallossesfortheclients.c.Disclosetheinformationtotheclientsinthenextquarterlyreport,butdonottakeanyactionregardingthestock.d.Conductfurtherresearchonthelawsuittoassessitspotentialimpactonthestockbeforeinformingtheclients.9.Ananalystataresearchfirmiscoveringacompanythatisplanningtoissuenewsharestothepublic.Theanalysthasalong-standingpersonalfriendshipwiththecompany'sCEO.Duringtheresearchprocess,theanalystgatherspositiveinformationaboutthecompany'sfutureprospects.WhichofthefollowingactionswouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Publisharesearchreportimmediately,highlightingthepositiveinformationaboutthecompany.b.Delaythepublicationoftheresearchreportuntilafterthecompany'searningsannouncementtoavoidpotentialconflictsofinterest.c.IncludeadetailedsectioninthereportdisclosingthepersonalrelationshipwiththeCEOandthepotentialbiasintheanalysis.d.InformtheCEOaboutthepositivefindingsbeforepublishingthereporttoensuretheirsatisfaction.10.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertouseaportionoftheportfoliotomakeagifttoacharitableorganizationsupportedbytheclient.Theportfoliomanagerisawarethatthisrequestmayconflictwiththeirdutytotheclient.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Granttheclient'srequestwithoutseekingfurtherauthorization,astheportfoliomanagerbelievestheamountinvolvedissmall.b.Refusetherequest,citingtheCFAInstituteStandardIV(A)–LoyaltytoClientsandPatrons.c.Seeklegaladvicebeforeproceedingwiththeclient'srequest.d.Informtheclientthattheycanmakethegiftpersonallyusingtheirownfunds,ratherthanusingtheportfolioassets.11.Afinancialplannerismeetingwithaclientwhoisconsideringinvestinginanewcryptocurrency.Theclienthaslimitedknowledgeaboutcryptocurrenciesandishighlyinfluencedbymarketingmaterialsthatpromisehighreturnswithlittlerisk.Thefinancialplannerdeterminesthattheinvestmentisnotsuitablefortheclientgiventheirrisktoleranceandinvestmentgoals.Whichofthefollowingactionsismostappropriateforthefinancialplanner?a.Advisetheclienttoinvestinthecryptocurrency,asthefinancialplannerbelievesitisanewandpotentiallylucrativeinvestmentopportunity.b.Refusetoprovideanyadviceonthecryptocurrency,citingtheCFAInstituteStandardII(A)–DiligenceandReasonableBasis.c.Educatetheclientabouttherisksandcomplexitiesofcryptocurrenciesandrecommendalternativeinvestmentsthataremoresuitablefortheirprofile.d.Advisetheclienttoinvestasmallportionoftheirportfoliointhecryptocurrencytomitigatepotentiallosses.12.Atraderatabrokeragefirmisresponsibleforexecutingclientorders.Thetraderlearnsthatalargeinstitutionalclientisplanningtoplacealargelimitorderforastockthatthetraderknowsthefirmisplanningtosellinthenearfuture.Thelimitorderisbelowthefirm'sintendedsellingprice.Whichofthefollowingactionsismostappropriateforthetrader?a.Executetheclient'sorderimmediatelytoavoidanypotentialconflictwiththefirm'sowntradingstrategy.b.Informtheinstitutionalclientaboutthefirm'supcomingsaleandsuggesttheyadjusttheirorder.c.Contactthefirm'stradingdesktodiscussthepotentialconflictbeforeexecutingtheclient'sorder.d.Executetheclient'sorder,butearnahighercommissiontocompensateforthepotentiallossincurredduetotheconflict.13.Aninvestmentadvisorispreparingareportforaclientwhohasexpressedconcernsabouttheenvironmentalimpactoftheirinvestments.Theadvisorincludesinformationabouttheclient'sportfolioholdingsandtheenvironmentalratingsoftheunderlyingcompanies.Theadvisoralsorecommendsspecificactionstheclientcantaketoaddresstheirenvironmentalconcerns,suchasdiversifyingtheirportfoliointocompanieswithbetterenvironmentalpractices.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Onlyincludeinformationthatisfavorabletotheclient'scurrentportfolioholdingstoavoidanypotentialconflict.b.Providetheclientwithalistofcompanieswithpoorenvironmentalratingstoencouragetheclienttoselltheirholdings.c.Offertoconductamorethoroughanalysisoftheclient'sportfoliofromanenvironmental,social,andgovernance(ESG)perspectiveandprovidetailoredrecommendations.d.Refusetoprovideanyinformationabouttheenvironmentalimpactoftheclient'sinvestments,astheadvisorbelievesitisnottheirresponsibility.14.Aportfoliomanagerisresponsibleformanagingaportfolioofstocks.Theportfoliomanagerdiscoversthatoneofthestocksintheportfolioisownedbyacompanythatisinvolvedinasignificantantitrustinvestigation.Theportfoliomanagerisconcernedaboutthepotentialimpactonthestock'spriceandthereputationofthecompany.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Donothing,astheportfoliomanagerbelievestheinvestigationisnotmaterial.b.Sellthestockimmediatelytoavoidpotentiallossesfortheclientsanddamagetothecompany'sreputation.c.Disclosetheinformationtotheclientsinthenextquarterlyreport,butdonottakeanyactionregardingthestock.d.Conductfurtherresearchontheinvestigationtoassessitspotentialimpactonthestockandthecompanybeforeinformingtheclientsandtakinganyaction.15.Ananalystataresearchfirmiscoveringacompanythatisplanningtoissuenewsharestothepublic.Theanalysthasafinancialinterestinthecompany,astheyownasignificantnumberofthecompany'sshares.WhichofthefollowingactionswouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?a.Publisharesearchreportimmediately,highlightingthepositiveinformationaboutthecompany,withoutdisclosingtheirfinancialinterest.b.Delaythepublicationoftheresearchreportuntilafterthecompany'searningsannouncementtoavoidpotentialconflictsofinterest.c.Includeadetailedsectioninthereportdisclosingtheirfinancialinterestinthecompanyandthepotentialbiasintheanalysis.d.Informthecompany'smanagementaboutthepositivefindingsbeforepublishingthereporttoensuretheirsatisfaction.考試結(jié)束試卷答案1.c解析思路：選項(xiàng)c最符合CFA協(xié)會(huì)標(biāo)準(zhǔn)。雖然推薦基金，但管理者坦誠(chéng)自己知識(shí)有限，并基于第三方研究做出推薦，體現(xiàn)了對(duì)客戶(hù)負(fù)責(zé)任的態(tài)度和透明度，并符合專(zhuān)業(yè)勝任能力原則。選項(xiàng)a忽略了管理者自身知識(shí)的局限性。選項(xiàng)b沒(méi)有充分披露管理者的知識(shí)不足，可能誤導(dǎo)客戶(hù)。選項(xiàng)d將責(zé)任推給同事，未能履行自身職責(zé)。2.d解析思路：選項(xiàng)d是唯一符合CFA協(xié)會(huì)標(biāo)準(zhǔn)的做法。由于存在潛在的利益沖突（siblingworksforthecompetitor），并且掌握了非公開(kāi)信息，最適當(dāng)?shù)淖龇ㄊ窍駽FA協(xié)會(huì)的道德委員會(huì)報(bào)告此事，讓該機(jī)構(gòu)評(píng)估情況并采取必要措施。選項(xiàng)a和c都涉及利用未公開(kāi)信息獲利或做出有利于相關(guān)方的決策，違反了利益沖突和誠(chéng)信原則。選項(xiàng)b沒(méi)有披露信息，也無(wú)法阻止?jié)撛诘睦鏇_突。3.c解析思路：選項(xiàng)c最符合CFA協(xié)會(huì)標(biāo)準(zhǔn)。盡管存在與收購(gòu)方的協(xié)議，但分析師仍需提供客觀、公正的研究。詳細(xì)披露協(xié)議的存在及其可能帶來(lái)的潛在影響（例如，分析傾向性），是維護(hù)客戶(hù)利益和透明度的必要措施，符合利益沖突管理原則。選項(xiàng)a忽略了潛在的沖突。選項(xiàng)b的延遲可能被視為試圖規(guī)避披露義務(wù)。選項(xiàng)d的做法可能構(gòu)成利益沖突，并違反了向客戶(hù)提供客觀建議的義務(wù)。4.a解析思路：選項(xiàng)a最符合CFA協(xié)會(huì)標(biāo)準(zhǔn)（StandardIV(A)–LoyaltytoClientsandPatrons）。向客戶(hù)出借投資組合資金用于個(gè)人目的，構(gòu)成了嚴(yán)重的利益沖突，可能損害客戶(hù)的利益。管理者有責(zé)任優(yōu)先維護(hù)客戶(hù)的最佳利益，拒絕此類(lèi)請(qǐng)求是履行其對(duì)客戶(hù)忠誠(chéng)義務(wù)的正確方式。選項(xiàng)b和d雖然涉及風(fēng)險(xiǎn)和利息，但仍將客戶(hù)資金用于非投資目的，且可能導(dǎo)致利益沖突未被充分披露或管理。選項(xiàng)c建議客戶(hù)尋求外部建議是合理的，但未能解決管理者使用客戶(hù)資金的問(wèn)題。5.b解析思路：選項(xiàng)b最符合CFA協(xié)會(huì)標(biāo)準(zhǔn)。向潛在客戶(hù)宣傳現(xiàn)有客戶(hù)的成功案例，但未披露該客戶(hù)獲得了preferentialtreatment（優(yōu)待，例如更低的費(fèi)用），構(gòu)成了對(duì)現(xiàn)有客戶(hù)的不公平對(duì)待，并可能誤導(dǎo)潛在客戶(hù)。為了保持透明度和公平性，必須披露這種優(yōu)待情況。選項(xiàng)a和d未能解決不公平和缺乏透明度的問(wèn)題。選項(xiàng)c試圖淡化成功，但這不是解決根本問(wèn)題的方法，也可能被視為試圖掩蓋不公。6.b解析思路：選項(xiàng)b最符合CFA協(xié)會(huì)標(biāo)準(zhǔn)。作為客戶(hù)訂單的執(zhí)行者，有義務(wù)優(yōu)先考慮客戶(hù)的利益并盡力以最優(yōu)價(jià)格執(zhí)行。當(dāng)預(yù)見(jiàn)到客戶(hù)的大額市場(chǎng)訂單將顯著影響價(jià)格時(shí)，應(yīng)告知客戶(hù)這一潛在問(wèn)題，并建議客戶(hù)（例如，分批下達(dá)訂單）以減少市場(chǎng)沖擊和可能的滑點(diǎn)，這是對(duì)客戶(hù)負(fù)責(zé)的表現(xiàn)。選項(xiàng)a立即執(zhí)行可能導(dǎo)致對(duì)客戶(hù)不利的價(jià)格。選項(xiàng)c延遲執(zhí)行是為了自身利益，違反了客戶(hù)優(yōu)先原則。選項(xiàng)d執(zhí)行訂單但賺取更高傭金，將自身利益置于客戶(hù)利益之上。7.c解析思路：選項(xiàng)c最符合CFA協(xié)會(huì)標(biāo)準(zhǔn)。營(yíng)銷(xiāo)材料中包含未經(jīng)核實(shí)的客戶(hù)證言，可能構(gòu)成誤導(dǎo)性陳述。根據(jù)CFA協(xié)會(huì)標(biāo)準(zhǔn)，建議對(duì)營(yíng)銷(xiāo)材料中的所有聲稱(chēng)（包括客戶(hù)回報(bào)）進(jìn)行事實(shí)核查。聯(lián)系客戶(hù)以驗(yàn)證證言的真實(shí)性，是履行盡職調(diào)查和避免誤導(dǎo)客戶(hù)的必要步驟。選項(xiàng)a和d的作法都可能導(dǎo)致發(fā)布不實(shí)信息。選項(xiàng)b完全移除證言雖然避免了誤導(dǎo)，但也可能剝奪了潛在客戶(hù)了解其他投資者觀點(diǎn)的機(jī)會(huì)，并非最佳解決方案。8.d解析思路：選項(xiàng)d最符合CFA協(xié)會(huì)標(biāo)準(zhǔn)。作為投資組合經(jīng)理，有責(zé)任盡職調(diào)查其管理的資產(chǎn)。發(fā)現(xiàn)持倉(cāng)公司涉及重大訴訟，應(yīng)進(jìn)行進(jìn)一步研究以評(píng)估訴訟的潛在影響（財(cái)務(wù)和聲譽(yù)方面），并將評(píng)估結(jié)果告知客戶(hù)。這體現(xiàn)了專(zhuān)業(yè)勝任能力