2025年CFA一級道德與專業(yè)準(zhǔn)則測試卷考試時間：______分鐘總分：______分姓名：______考試時間：180分鐘注意事項(xiàng)：請仔細(xì)閱讀每個問題，并根據(jù)所學(xué)知識選擇最恰當(dāng)?shù)拇鸢浮?.Aninvestmentanalystiscoveringacompanythatisdevelopinganewtechnology.Thecompany'sCEOhasapproachedtheanalystandofferedtoprovidetheanalystwithexclusive,non-publicinformationaboutthetechnology'sprogressinexchangefortheanalyst'spromisetogivethecompany'sstockapositiverecommendationwhentheanalystcoversit.Theanalystknowsthatthisinformationwouldbeconsideredmaterialnonpublicinformation.Whatshouldtheanalystdo?a)Accepttheinformationandprovideapositiverecommendation,astheCEO'sofferisasmalltokenofappreciationforthecoverage.b)Accepttheinformationbutdeclinetoprovideapositiverecommendation,astheanalystbelievesthecompany'sstockisalreadyundervalued.c)Refusetheinformation,asprovidingapositiverecommendationinexchangeformaterialnonpublicinformationviolatesStandardII(A)-Objectivity.d)Refusetheinformationbutconsiderprovidingapositiverecommendationbasedonpubliclyavailableinformation,astheCEO'srelationshipwiththeanalystisbeneficialforfuturecoverage.2.Aportfoliomanagermanagesaclient'sportfolioandisconsideringaddinganewsecuritythatisissuedbyacompanyinwhichtheportfoliomanagerhasasignificantfinancialinterest.Theclientisnotawareofthisfinancialinterest.Theportfoliomanagerknowsthatthesecurity'spriceisexpectedtoincreaseduetopositivenewsaboutthecompany,whichwillbenefittheportfoliomanager'sfinancialinterest.Whatshouldtheportfoliomanagerdo?a)Addthesecuritytotheportfolio,asthepositivenewswillbenefittheclient'sportfolioperformance.b)Addthesecuritytotheportfoliobutdisclosethefinancialinteresttotheclientinwriting,astransparencyisimportant.c)Refusetoaddthesecurity,asholdingasignificantfinancialinterestwhilemakinginvestmentdecisionsthatmaybenefitthatinterestviolatesStandardIII(B)-Diversification.d)Refusetoaddthesecurity,asdisclosingthefinancialinteresttotheclientcouldpotentiallyinfluencetheclient'sdecisiontocontinueinvestingwiththeportfoliomanager.3.Aninvestmentadvisorisprovidingresearchreportstoitsclients.Theadvisorhasdevelopedaproprietarymodelthatgeneratesinvestmentrecommendations.Theadvisorchargesclientsafeeforaccesstotheresearchreports,buttheadvisoralsoreceivesasignificantamountofadditionalcompensationfromthesoftwareproviderwhodevelopedtheproprietarymodel.Themodel'sperformanceishighlydependentonthesoftwareprovider'sdatainputs.Whatisthepotentialconflictofinterestcreatedbythisarrangement?a)Theconflictofinterestarisesbecausetheadvisorisreceivingcompensationfrommultiplesources.b)Theconflictofinterestarisesbecausetheadvisor'srecommendationsarebasedonaproprietarymodel,whichmaynotbetransparenttoclients.c)Theconflictofinterestarisesbecausetheadvisor'scompensationisdirectlytiedtotheperformanceoftheproprietarymodel,whichisdependentonthesoftwareprovider'sdatainputs.d)Theconflictofinterestarisesbecausetheadvisorischargingclientsafeeforaccesstoresearchreportsthatmaybebiasedduetotheadvisor'srelationshipwiththesoftwareprovider.4.ALevelICFAcandidateisworkingataninvestmentbank.Thecandidateisparticipatinginaprojectthatinvolvesanalyzingacompany'sfinancialstatementsandpreparingareport.Duringtheanalysis,thecandidatediscoversthatthecompany'smanagementhasengagedinearningsmanagementpracticesthathaveartificiallyinflatedthecompany'sreportedearnings.Thecandidateisconcernedthatthisinformationcouldmisleadinvestors.Whatshouldthecandidatedo?a)Reporttheissuetothecompany'smanagement,astheymaynotbeawareoftheproblemandcouldtakecorrectiveaction.b)Downplaytheissueinthereporttoavoidcausinganegativeimpactonthecompany'sstockprice.c)Refusetoparticipateintheproject,asthecandidatebelievesitisunethicaltocontributetothedisseminationofmisleadinginformation.d)Reporttheissuetotheinvestmentbank'sethicscommittee,asthecandidateisunabletoaddresstheissuedirectlywiththecompany'smanagement.5.Aninvestmentofficerisconsideringvoting"against"aproposalatacompany'sannualgeneralmeeting.Theproposalisrelatedtothecompany'sexecutivecompensationplan.Theinvestmentofficerhasconductedthoroughresearchandbelievesthattheproposalisnotinthebestinterestsofthecompany'sshareholders.However,theinvestmentofficeralsohasapersonalfriendshipwithoneofthecompany'sexecutiveswhosupportstheproposal.Whatshouldtheinvestmentofficerdo?a)Vote"for"theproposal,astheinvestmentofficer'spersonalfriendshipwiththeexecutiveisnotasignificantconflictofinterest.b)Vote"against"theproposal,astheinvestmentofficer'sresearchindicatesthattheproposalisnotinthebestinterestsoftheshareholders.c)Abstainfromvoting,asthepersonalfriendshipcreatesapotentialconflictofinterestthatmakesitdifficulttomakeanobjectivedecision.d)Vote"against"theproposalbutdisclosethepersonalfriendshipinthevotingrationaletoensuretransparency.6.Aresearchanalystiscoveringthehealthcaresector.Theanalystisattendingaconferencewhereapharmaceuticalcompanyispresentingitsnewdrug.Theanalysttakesdetailednotesduringthepresentationandasksquestionstogainabetterunderstandingofthedrug'spotential.Aftertheconference,theanalystsharesthenotesandthequestionswithaclosefriendwhoisnotemployedinthefinancialservicesindustry.Thefriendisnotaclientoftheanalystandhasnodirectfinancialinterestinthepharmaceuticalcompany.Whatisthepotentialissuewiththisaction?a)Thereisnopotentialissue,asthefriendisnotaclientandhasnofinancialinterestinthecompany.b)Thereisapotentialissue,assharingnon-publicinformationwithafriendcouldbeconsideredaviolationofStandardVI(A)-MarketManipulation.c)Thereisapotentialissue,assharingnon-publicinformationwithafriendcouldbeconsideredaviolationofStandardII(A)-Objectivity,ifthefriend'sactionsareinfluencedbytheinformation.d)Thereisapotentialissue,astheanalysthasadutytomaintaintheconfidentialityofnon-publicinformationobtainedduringtheconference.7.Aninvestmentadvisorismanagingaclient'sportfolio.Theclienthasexpressedadesiretoinvestinaparticularsecuritythattheadvisorbelievesisovervalued.Theadvisorrecommendsanalternativesecuritythattheadvisorbelievesisabetterinvestmentchoice.Theclientissatisfiedwiththeadvisor'srecommendationandinvestsinthealternativesecurity.However,aftertheinvestmentismade,theoriginalsecurity'spriceincreasessignificantly.Theclientlateraskstheadvisorwhytheadvisordidnotrecommendtheoriginalsecurity.Whatshouldtheadvisordo?a)Explaintotheclientthattheadvisor'srecommendationwasbasedonathoroughanalysisofthesecuritiesandthattheadvisor'sprimarydutyistoprovidetheclientwiththebestpossibleinvestmentadvice,evenifitmeanstheclientmissesoutonpotentialgains.b)Apologizetotheclientfornotrecommendingtheoriginalsecurity,astheadvisorshouldhaveconsideredtheclient'sdesireforthatspecificsecurity.c)Informtheclientthattheadvisor'srecommendationwasbasedonariskmanagementstrategyandthattheadvisor'sgoalistoprotecttheclient'scapital,evenifitmeansmissingoutonsomepotentialgains.d)Refusetodiscussthematterfurther,astheadvisorhasalreadyprovidedtheclientwitharecommendationbasedontheadvisor'sprofessionaljudgment.8.Aportfoliomanagerispreparingareportforaclientthatincludesinformationabouttheportfolio'sperformance.Thereportalsoincludesinformationabouttheportfolio'sholdings,includingthepricesofthesecuritiesatthetimeofpurchase.Theportfoliomanagerlearnsthatoneofthesecuritiesintheportfoliohasexperiencedasignificantpriceincreasesinceitwaspurchased.Theportfoliomanagerisconcernedthatincludingthepurchasepriceinthereportcouldgivetheimpressionthatthemanagerhasbeenabletoconsistentlyidentifyundervaluedsecurities.Whatshouldtheportfoliomanagerdo?a)Omitthepurchasepricefromthereporttoavoidgivingamisleadingimpressionaboutthemanager'sability.b)Includethepurchasepriceinthereportbutaddadisclaimerthatthereportisforinformationalpurposesonlyanddoesnotrepresentthemanager'sperformance.c)Includethepurchasepriceinthereportbuthighlighttheportfolio'soverallperformanceandriskmanagementstrategies.d)Includethepurchasepriceinthereportbutexcludethesecuritythathasexperiencedthesignificantpriceincrease,asthissecurityisanoutlieranddoesnotrepresentthemanager'stypicalperformance.9.Aninvestmentofficerisconsideringvotingonaproxystatementrelatedtoacompany'sboardofdirectors.Theproxystatementincludesinformationaboutthecompany'sgovernancepracticesandthecompensationoftheboardmembers.Theinvestmentofficerhasconcernsaboutthecompany'sgovernancepractices,astheboardmembersappeartobeoverlyfocusedonshort-termfinancialperformanceattheexpenseoflong-termvaluecreation.Whatshouldtheinvestmentofficerdo?a)Voteinfavoroftheproxystatement,astheinvestmentofficerbelievesthatthecompany'sfocusonshort-termfinancialperformanceisappropriate.b)Voteagainsttheproxystatement,astheinvestmentofficerbelievesthatthecompany'sgovernancepracticesarenotinthebestinterestsoftheshareholders.c)Vote"for"theproxystatementbutsubmitashareholderproposalrequestingthatthecompanyadoptmorelong-termfocusedgovernancepractices.d)Abstainfromvoting,astheinvestmentofficerisunsureabouttheappropriatecourseofactionanddoesnotwanttotakeastanceontheissue.10.Aportfoliomanagerismanagingaclient'sportfolioandisconsideringaddinganewsecuritytotheportfolio.Theportfoliomanagerhasalong-standingrelationshipwiththecompanythatissuedthesecurityandisadirectorofthatcompany.Theportfoliomanagerisawarethatthesecurity'spriceisexpectedtoincreaseduetopositivenewsaboutthecompany,whichwillbenefittheportfoliomanager'sfinancialinterestasadirector.Theclientisnotawareofthisfinancialinterest.WhatisthepotentialviolationoftheCFAInstituteCodeandStandardsthattheportfoliomanagermaybecommitting?a)StandardI(A)-ProfessionalCompetenceandDueCare,astheportfoliomanagermaynothavethenecessaryexpertisetoevaluatethenewsecurity.b)StandardII(A)-Objectivity,astheportfoliomanager'sfinancialinterestasadirectorcouldimpairtheportfoliomanager'sabilitytomakeobjectiveinvestmentdecisions.c)StandardIII(B)-Diversification,astheportfoliomanager'sfinancialinterestasadirectormaylimittheportfolio'sdiversification.d)StandardIV(B)-AdditionalCompensationArrangements,astheportfoliomanagerisreceivingadditionalcompensationfromthecompanyduetotheportfoliomanager'sdirectorship.11.Aninvestmentadvisorisprovidingresearchreportstoitsclients.Theadvisorhasdevelopedaproprietarymodelthatgeneratesinvestmentrecommendations.Theadvisorchargesclientsafeeforaccesstotheresearchreports,buttheadvisoralsoreceivesasignificantamountofadditionalcompensationfromthesoftwareproviderwhodevelopedtheproprietarymodel.Themodel'sperformanceishighlydependentonthesoftwareprovider'sdatainputs.Theadvisorfailstodisclosethisarrangementtoclientsintheresearchreports.WhatisthepotentialviolationoftheCFAInstituteCodeandStandardsthattheadvisormaybecommitting?a)StandardI(A)-ProfessionalCompetenceandDueCare,astheadvisormaynotbeprovidingsufficientdisclosuretoclients.b)StandardII(A)-Objectivity,astheadvisor'sfailuretodisclosethearrangementcouldimpairtheadvisor'sabilitytomakeobjectiveinvestmentrecommendations.c)StandardIII(B)-Diversification,astheadvisor'sarrangementwiththesoftwareprovidermaylimittheadvisor'sabilitytodiversifytheresearchprovidedtoclients.d)StandardIV(B)-AdditionalCompensationArrangements,astheadvisorisreceivingadditionalcompensationwithoutfulldisclosuretoclients.12.Aportfoliomanagerismanagingaclient'sportfolio.Theclienthasauthorizedtheportfoliomanagertotradeintheclient'saccount.Theportfoliomanagerrecommendsaparticularsecuritytotheclient,andtheclientagreestopurchasethesecurity.However,theportfoliomanagersecretlypurchasesthesamesecurityfortheportfoliomanager'sownaccountatapricethatismorefavorablethanthepriceofferedtotheclient.WhatisthepotentialviolationoftheCFAInstituteCodeandStandardsthattheportfoliomanagermaybecommitting?a)StandardI(A)-ProfessionalCompetenceandDueCare,astheportfoliomanagermaynothavethenecessaryexpertisetomakethebestinvestmentdecisionsforboththeclientandtheportfoliomanager.b)StandardII(A)-Objectivity,astheportfoliomanager'sactionscouldbeseenasfavoringtheportfoliomanager'sownaccountovertheclient'saccount.c)StandardIII(B)-Diversification,astheportfoliomanager'sactionsmaynotbeinthebestinterestsoftheclient'sportfoliodiversification.d)StandardVI(A)-MarketManipulation,astheportfoliomanager'sactionscouldbeseenastakingadvantageoftheclient'strusttobenefittheportfoliomanager'sownaccount.13.Aninvestmentanalystiscoveringacompanythatisplanningtoacquireanothercompany.Theanalysthasbeenprovidedwithnon-publicinformationaboutthetargetcompany'sfinancialperformanceandstrategicplans.Theanalystsharesthisinformationwithaclosefriendwhoisanemployeeofthetargetcompany.Thefriendisnotauthorizedtoreceivethisinformationandisnotaclientoftheanalyst.WhatisthepotentialviolationoftheCFAInstituteCodeandStandardsthattheanalystmaybecommitting?a)StandardI(A)-ProfessionalCompetenceandDueCare,astheanalystmaynothavethenecessaryexpertisetoproperlyhandlenon-publicinformation.b)StandardII(A)-Objectivity,astheanalyst'ssharingofnon-publicinformationcouldbeseenastryingtoinfluencethetargetcompany'sstockprice.c)StandardVI(A)-MarketManipulation,astheanalyst'ssharingofnon-publicinformationcouldbeconsideredaformofmarketmanipulation.d)StandardVII(A)-CommunicationwithProspectiveClients,astheanalyst'sfriendisanemployeeofthetargetcompanyandcouldpotentiallyusetheinformationforunauthorizedpurposes.14.Aportfoliomanagerismanagingaclient'sportfolioandisconsideringaddinganewsecuritytotheportfolio.Theportfoliomanagerhasalong-standingrelationshipwiththecompanythatissuedthesecurityandisadirectorofthatcompany.Theportfoliomanagerisawarethatthesecurity'spriceisexpectedtoincreaseduetopositivenewsaboutthecompany,whichwillbenefittheportfoliomanager'sfinancialinterestasadirector.Theclientisawareoftheportfoliomanager'sdirectorshipbutisnotawareoftheexpectedincreaseinthesecurity'sprice.Whatshouldtheportfoliomanagerdo?a)Addthesecuritytotheportfolio,astheclientisawareoftheportfoliomanager'sdirectorshipandhasimplicitlyconsentedtothepotentialconflictofinterest.b)Addthesecuritytotheportfoliobutdisclosetheexpectedincreaseinthesecurity'spricetotheclient,astransparencyisimportant.c)Refusetoaddthesecurity,asthepotentialconflictofinterestcreatesariskofviolatingStandardII(A)-Objectivity.d)Addthesecuritytotheportfoliobutadjusttheportfolio'sriskexposuretomitigatethepotentialconflictofinterest.15.Aninvestmentadvisorisprovidingresearchreportstoitsclients.Theadvisorhasdevelopedaproprietarymodelthatgeneratesinvestmentrecommendations.Theadvisorchargesclientsafeeforaccesstotheresearchreports,buttheadvisoralsoreceivesasignificantamountofadditionalcompensationfromthesoftwareproviderwhodevelopedtheproprietarymodel.Themodel'sperformanceishighlydependentonthesoftwareprovider'sdatainputs.Theadvisordisclosesthearrangementtoclientsintheresearchreports,butthedisclosureisburiedinthefineprintandisunlikelytobenoticedbyclients.WhatisthepotentialviolationoftheCFAInstituteCodeandStandardsthattheadvisormaybecommitting?a)StandardI(A)-ProfessionalCompetenceandDueCare,astheadvisormaynotbeprovidingsufficientdisclosuretoclients.b)StandardII(A)-Objectivity,astheadvisor'sfailuretoensurethatthedisclosureisclearandprominentcouldimpairtheadvisor'sabilitytomakeobjectiveinvestmentrecommendations.c)StandardIII(B)-Diversification,astheadvisor'sarrangementwiththesoftwareprovidermaylimittheadvisor'sabilitytodiversifytheresearchprovidedtoclients.d)StandardIV(B)-AdditionalCompensationArrangements,astheadvisorisreceivingadditionalcompensationwithoutfullydisclosingthenatureofthearrangementtoclientsinaclearandprominentmanner.---考試結(jié)