2025年CFA一級Ethics道德準則真題及答案考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容1.Ananalystisemployedbyaninvestmentbank.Thebankisplanningtoissuesecuritiesunderwritingforacompanyinwhichtheanalysthasasignificantpersonalinvestment.Theanalystisalsoamemberofthecompany'sboardofdirectors.Whichofthefollowingactionsismostappropriatefortheanalyst?a)Disclosethepersonalinvestmenttotheunderwritingteambutcontinuetoparticipateintheboardmeetings.b)Recuseherselffromparticipatingintheunderwritingprocessandsellherpersonalinvestmentbeforethesecurityissuance.c)Informhersupervisoraboutthesituationandseekguidanceontheappropriatecourseofaction.d)Disclosethepersonalinvestmentandtheboardmembershiptotheunderwritingteamandthecompany,andrecuseherselffromtheboardmeetingsrelatedtotheunderwriting.2.Aportfoliomanagerismanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertoinvestasignificantportionoftheportfolioinastartupcompanyinwhichtheclienthasastrongpersonalconnection.Theportfoliomanagerknowsthattheinvestmentmaynotbesuitablefortheclient'srisktoleranceandinvestmentobjectives.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a)Agreetotheclient'srequestandinvestinthestartupcompany,astheclientistheultimatedecision-maker.b)Explaintotheclientthattheinvestmentmaynotbesuitableandsuggestalternativeinvestmentoptionsthatalignwiththeclient'sobjectives.c)Investasmallportionoftheportfoliointhestartupcompanytosatisfytheclient'srequestwithoutsignificantlyimpactingtheoverallportfolioperformance.d)Refusetheclient'srequestandinformtheclientthattheinvestmentisnotinlinewiththeportfoliomanager'sethicalstandards.3.Aninvestmentadvisorisprovidingresearchrecommendationstoaclient.Theresearchrecommendationsarebasedonbiaseddatathatwasintentionallymanipulatedbytheinvestmentadvisortopromoteaspecificinvestmentproduct.Whichofthefollowingactionsismostappropriatefortheinvestmentadvisor?a)Providetheresearchrecommendationstotheclientastheyare,butdisclosethatthedatamaybebiased.b)Refusetoprovideanyresearchrecommendationstotheclientuntilthebiaseddataiscorrected.c)Providetheresearchrecommendationstotheclient,butalsoprovidealternativeperspectivesbasedonindependentdatasources.d)Withholdtheresearchrecommendationsfromtheclienttoavoidanypotentiallegalissues.4.Afinancialplannerisworkingwithaclienttocreateaninvestmentplan.Theclienthasprovidedthefinancialplannerwithincompleteinformationabouttheirfinancialsituationandinvestmentobjectives.Thefinancialplannerproceedstocreateaninvestmentplanbasedontheincompleteinformation.Whichofthefollowingactionsismostappropriateforthefinancialplanner?a)Completetheinvestmentplanbasedontheincompleteinformationandpresentittotheclientwithoutseekingadditionaldetails.b)Requestadditionalinformationfromtheclienttoensuretheinvestmentplanissuitableandalignedwiththeclient'sobjectives.c)Informtheclientthattheinvestmentplancannotbecreatedwithoutcompleteinformationandsuggestseekingadvicefromanotherfinancialprofessional.d)Proceedwiththeinvestmentplanandinformtheclientthattheplanmayneedtobeadjustedinthefutureifmoreinformationbecomesavailable.5.Aninvestmentanalystisconductingresearchonacompany.Theanalystdiscoversthatthecompanyisengaginginunethicalbusinesspracticesthatmayhaveanegativeimpactonthecompany'sfinancialperformance.Theanalystisawarethatreportingtheunethicalpracticesmaydamagetheirrelationshipwiththecompany'smanagement.Whichofthefollowingactionsismostappropriatefortheanalyst?a)Reporttheunethicalpracticestotheappropriateauthorities,evenifitmaydamagetherelationshipwiththecompany'smanagement.b)Donotreporttheunethicalpractices,astheanalyst'sprimarydutyistomaintainagoodrelationshipwiththecompany'smanagement.c)ReporttheunethicalpracticestotheCFAInstitute,butdosoanonymouslytoprotecttheiremployment.d)Sharetheresearchfindingswithafewtrustedcolleagues,butdonotreportthepracticestoanyoneelse.6.Aportfoliomanagerismanagingmultipleclientportfolios.Oneclientaskstheportfoliomanagertoproviderecommendationsonaspecificinvestmentthattheclientisconsidering.Theportfoliomanagerhasaconflictofinterestbecausetheinvestmentrecommendationwouldbenefittheportfoliomanager'semployer,nottheclient.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a)Providetheinvestmentrecommendationtotheclient,butdisclosetheconflictofinteresttotheclient.b)Refusetoprovidetheinvestmentrecommendationtotheclient,astheconflictofinterestcannotbemitigated.c)Providetheinvestmentrecommendationtotheclientwithoutdisclosingtheconflictofinterest,astheclienthasthefinalsay.d)Seekadvicefromtheemployer'scompliancedepartmentonhowtohandletheconflictofinterestbeforeprovidinganyrecommendationstotheclient.7.Aninvestmentadvisorisworkingwithaclienttodevelopaninvestmentstrategy.Theclienthasahighrisktoleranceandisinterestedinaggressiveinvestments.Theinvestmentadvisorrecommendsaportfolioofhigh-risk,high-rewardinvestmentstotheclient.Theinvestmentadvisorknowsthattheportfoliomayresultinsignificantlossesfortheclient.Whichofthefollowingactionsismostappropriatefortheinvestmentadvisor?a)Continuetorecommendthehigh-risk,high-rewardportfolio,astheclienthasexpressedawillingnesstotakeontherisk.b)Explainthepotentialrisksandlossestotheclientandobtaintheclient'swrittenconsentbeforeimplementingtheportfolio.c)Suggestamoreconservativeinvestmentportfoliothatalignswiththeclient'srisktolerance,evenifitmaylimitpotentialreturns.d)Withholdtheinvestmentrecommendationsfromtheclientuntiltheclienthasconsultedwithanotherfinancialprofessional.8.Afinancialplannerisprovidingfinancialadvicetoaclient.Thefinancialplannerisofferingtheclientarangeoffinancialproducts,includingthosethatthefinancialplannerreceiveshighercommissionson.Whichofthefollowingactionsismostappropriateforthefinancialplanner?a)Focussolelyonrecommendingthefinancialproductsthatofferthehighestcommissions,asthisisinthebestinterestofthefinancialplanner.b)Informtheclientaboutthecommissionstructureandproviderecommendationsbasedontheclient'sneedsandobjectives,notthepotentialcommission.c)Recommendonlythefinancialproductsthatthefinancialplannerhasexpertisein,regardlessofthecommissionstructure.d)Refusetoprovideanyfinancialadvicetotheclientuntilthefinancialplannercanofferfee-onlyservices.9.Aninvestmentanalystispreparingaresearchreportonacompany.Theresearchreportcontainsinformationthatisfavorabletothecompany'sstock.Theinvestmentanalystknowsthattheinformationisbasedonincompletedataandmaybemisleadingtoinvestors.Whichofthefollowingactionsismostappropriatefortheanalyst?a)Publishtheresearchreportasitis,butincludeadisclaimerthattheinformationisbasedonincompletedata.b)Withholdtheresearchreportfrompublicationuntilthedataiscompleteandtheinformationisnolongermisleading.c)Publishtheresearchreport,butalsoincludeasectionthatpresentsalternativeperspectivesbasedontheincompletedata.d)Modifytheresearchreporttopresentamorebalancedviewofthecompany'sstock,evenifitcontradictstheinitialfindings.10.Aportfoliomanagerismanagingaclient'sportfolio.Theclientexpressesdissatisfactionwiththeportfolio'sperformanceandrequeststhattheportfoliomanagerliquidateasignificantportionoftheportfolioandinvesttheproceedsinadifferentinvestmentstrategy.Theportfoliomanagerbelievesthatthecurrentinvestmentstrategyisstillsuitablefortheclient,buttheclientisinsistentonthechange.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a)Ignoretheclient'srequestandcontinuewiththecurrentinvestmentstrategy,astheportfoliomanagerhasexpertiseinthecurrentstrategy.b)Discusstheclient'sconcernswiththeclientandtrytopersuadetheclienttostickwiththecurrentinvestmentstrategy.c)Complywiththeclient'srequesttoliquidatetheportfolioandinvestinadifferentstrategy,evenifitgoesagainsttheportfoliomanager'sprofessionaljudgment.d)Refusetomakeanychangestotheportfoliowithoutobtainingtheclient'sconsentandawrittenjustificationforthechanges.11.Aninvestmentadvisorisprovidinginvestmentrecommendationstoaclient.Theinvestmentadvisorhasaclosepersonalrelationshipwiththecompany'smanagementofoneoftherecommendedinvestments.Theinvestmentadvisorknowsthatthemanagementteamishighlymotivatedtoseetheinvestmentsucceed.Whichofthefollowingactionsismostappropriatefortheinvestmentadvisor?a)Disclosethepersonalrelationshiptotheclientandcontinuetoprovidetheinvestmentrecommendationiftheinvestmentisstillsuitable.b)Recuseherselffromprovidingtheinvestmentrecommendationandseekadvicefromanotherinvestmentadvisorwhohasnorelationshipwiththecompany'smanagement.c)Providetheinvestmentrecommendationtotheclient,butalsoprovidealternativeinvestmentoptionstomitigatethepotentialbiasintroducedbythepersonalrelationship.d)Withholdtheinvestmentrecommendationfromtheclientuntilthepersonalrelationshipwiththecompany'smanagementisresolved.12.Afinancialplannerispreparingafinancialplanforaclient.Theclienthasprovidedthefinancialplannerwithinaccuratefinancialinformation,whichmaysignificantlyimpactthefinancialplan'srecommendations.Thefinancialplannernoticestheinaccuraciesbutdecidestoproceedwiththefinancialplanbasedontheprovidedinformation.Whichofthefollowingactionsismostappropriateforthefinancialplanner?a)Presentthefinancialplantotheclientbasedontheinaccurateinformation,butdisclosethepotentialimpactoftheinaccuracies.b)Requestadditionalinformationfromtheclienttoverifytheaccuracyoftheprovidedinformationbeforeproceedingwiththefinancialplan.c)Modifythefinancialplantoaccountforthepotentialimpactoftheinaccurateinformation,evenifitrequiresmakingassumptionsabouttheclient'sfinancialsituation.d)Refusetopreparethefinancialplanfortheclientuntiltheclientprovidesaccuratefinancialinformation.13.Aninvestmentanalystisconductingresearchonacompany.Theresearchfindingsindicatethatthecompany'sfinancialperformanceissignificantlyworsethanwhatthecompanyhasreported.Theinvestmentanalystisconcernedthatthecompanymaybeengaginginfinancialstatementfraud.Whichofthefollowingactionsismostappropriatefortheanalyst?a)Reportthefindingstothecompany'smanagementandrequestanexplanationforthediscrepanciesinthefinancialperformance.b)Publishthefindingsinaresearchreport,butdosoanonymouslytoavoidanypotentialretaliationfromthecompany.c)Sharethefindingswithafewtrustedcolleagues,butdonotreportthefindingstothecompanyoranyoneelse.d)Donotreportthefindingstoanyone,astheanalystbelievesthatthecompanywilladdresstheissuesonitsown.14.Aportfoliomanagerismanagingaclient'sportfolio.Theclientaskstheportfoliomanagertoprovidearecommendationonaninvestmentthattheclientisconsidering.Theinvestmentisrelatedtoanindustryinwhichtheportfoliomanagerhasexpertise.However,theportfoliomanagerhasaconflictofinterestbecausetheinvestmentwouldbenefitabusinesspartneroftheportfoliomanager'sspouse.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a)Providetheinvestmentrecommendationtotheclient,butdisclosetheconflictofinteresttotheclient.b)Refusetoprovidetheinvestmentrecommendationtotheclient,astheconflictofinterestcannotbemitigated.c)Providetheinvestmentrecommendationtotheclientwithoutdisclosingtheconflictofinterest,astheclientmaynotbeawareoftherelationship.d)Seekadvicefromthefirm'sethicscommitteeonhowtohandletheconflictofinterestbeforeprovidinganyrecommendationstotheclient.15.Aninvestmentadvisorisprovidinginvestmentadvicetoaclient.Theinvestmentadvisorhasbeenreceivinggiftsfromtheclient,includingaluxurywatchandatriptoaexoticlocation.Theclienthasbeenofferingthesegiftsasawaytoshowappreciationfortheinvestmentadvice.Whichofthefollowingactionsismostappropriatefortheinvestmentadvisor?a)Acceptthegifts,astheyareconsideredtobeofminimalvalueanddonotinfluencetheinvestmentadviceprovided.b)Acceptthegiftsandoffertheclientadiscountonfutureinvestmentmanagementfeesasawaytoreciprocate.c)Refusethegiftsandexplaintotheclientthatacceptinggiftscreatesapotentialconflictofinterest.d)AcceptthegiftsandreportthemtotheCFAInstitute,butcontinuetoprovideinvestmentadvicetotheclient.試卷答案1.b*解析思路：根據(jù)CFA協(xié)會道德準則，會員和候選人應(yīng)避免利益沖突。在這種情況下，分析師的個人投資和董事會成員身份與她的工作職責(zé)存在明顯的利益沖突，可能會影響她的獨立性和客觀性。最適當(dāng)?shù)淖龇ㄊ腔乇軈⑴c承銷過程，并在承銷開始前出售個人投資，以消除利益沖突。2.b*解析思路：根據(jù)CFA協(xié)會道德準則，會員有責(zé)任以客戶的利益為重。在這種情況下，客戶要求的投資可能不適合其風(fēng)險承受能力和投資目標。最適當(dāng)?shù)淖龇ㄊ窍蚩蛻艚忉尀槭裁丛撏顿Y可能不適合，并建議其他符合客戶目標的替代投資方案。3.c*解析思路：根據(jù)CFA協(xié)會道德準則，會員必須提供基于客觀和公正信息的建議。在這種情況下，投資顧問使用被操縱的、有偏見的數(shù)據(jù)來推廣特定的投資產(chǎn)品，這是不道德的。最適當(dāng)?shù)淖龇ㄊ窍蚩蛻籼峁┗讵毩?shù)據(jù)來源的替代觀點，以幫助客戶做出更明智的決策。4.b*解析思路：根據(jù)CFA協(xié)會道德準則，會員有責(zé)任在提供專業(yè)服務(wù)時保持專業(yè)勝任能力。在這種情況下，財務(wù)顧問基于不完整的信息為客戶創(chuàng)建投資計劃，這可能導(dǎo)致計劃不適合客戶。最適當(dāng)?shù)淖龇ㄊ窍蚩蛻魧で蟾嘈畔?，以確保投資計劃適合客戶的需求和目標。5.a*解析思路：根據(jù)CFA協(xié)會道德準則，會員有責(zé)任披露可能