2025年CFA一級(jí)Ethics道德準(zhǔn)則強(qiáng)化訓(xùn)練卷考試時(shí)間：______分鐘總分：______分姓名：______試卷內(nèi)容1.Ananalystisevaluatingacompanyforaninvestmentrecommendation.Thecompanyisinfinancialdistress,andtheanalyst'sownfirmhassignificantexposuretothecompany'sdebt.Thefirm'spolicyallowsanalyststorecommendstocksevenifthefirmhassignificantexposure,providedtherecommendationisbasedonthoroughresearch.Theanalysthascompletedathoroughandobjectivereportrecommendingthestock,butthefirm'sportfoliomanagerisconcernedthattherecommendationmightnegativelyimpactthefirm'sdebtportfolio.Theanalystisawareofthisconcern.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Proceedwiththerecommendationasplanned,astherecommendationisbasedonthoroughresearchandthefirm'spolicyallowsit.b.Modifytherecommendationtobemoreconservativetomitigatetheportfoliomanager'sconcerns.c.Recusethemselvesfromtherecommendationprocesstoavoidanypotentialconflictofinterest.d.Informtheportfoliomanagerthattheycannotmaketherecommendationwithouttheportfoliomanager'sapproval.2.Aninvestorasksaportfoliomanagerforarecommendationonastockthattheportfoliomanagerdoesnotcover.Theportfoliomanagerhasnoinformationaboutthestockbutknowsthatthefirm'sinvestmentpolicyprohibitsrecommendingstockswithoutcoverage.Theportfoliomanager'sbrotherworksforacompanythatisamajorcompetitorofthecompanywhosestockisbeingrecommended.Theportfoliomanagerisnotawareoftheirbrother'semployment.Whatshouldtheportfoliomanagerdo?a.Recommendthestock,astheportfoliomanagerhasnodirectinformationaboutthestockandthefirm'spolicyallowsrecommendationsbasedonthird-partyresearch.b.Recommendthestockbutdisclosethepotentialconflictofinteresttotheinvestor.c.Declinetorecommendthestockandinformtheinvestoraboutthefirm'spolicyonrecommendinguncoveredstocks.d.Recusethemselvesfromprovidingarecommendationduetothepotentialindirectconflictofinterestarisingfromtheirbrother'semployment.3.ACFAcharterholderisamemberoftheinvestmentcommitteeofapensionfund.Thecommitteeisconsideringinvestinginaprivateequityfundthathasahistoryofhighfeesandmixedperformance.Thecharterholderispersonallyinvestedinanotherprivateequityfundandreceivesasignificantportionoftheirannualincomefromthisfund.Thecharterholderdoesnotdisclosetheirpersonalinvestmentintheotherfundtothecommittee.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebythecharterholder?a.ViolationofStandardIII(A)(DutytoClient)asthecharterholdermaynotbeactinginthebestinterestofthepensionfund.b.ViolationofStandardIV(A)(DutytoEmployer)asthecharterholderispotentiallymisrepresentingtheirobjectivitytothepensionfund.c.ViolationofStandardVI(A)(DutytothePublic)asthecharterholder'sactionscoulddamagethereputationofthepensionfund.d.NoviolationoftheCFAInstituteStandardsofPracticeispresentasthecharterholderisamemberofthecommitteeandtheinvestmentdecisioniscollective.4.Anassociateinatradingdepartmentreceivesconfidentialinformationaboutanupcomingmergerfromabrokerwhoworksforacompanythatisoneofthemergingfirms.Theassociateusesthisinformationtomaketradesthatgenerateasignificantprofit.Thebrokerisunawarethattheassociatehasusedtheinformationforpersonalgain.Whataction,ifany,musttheassociatetake?a.Donothingastheinformationwasobtainedfromathirdpartyandthebrokerwasnotawareoftheassociate'sactions.b.Disclosetheprofittothebrokerandoffertoreturnthegains.c.Reportthebrokertotheregulatoryauthorityforinsidertrading.d.Recusethemselvesfromanytradingactivitiesandreporttheincidenttotheirsupervisoraccordingtothefirm'spolicies.5.Aportfoliomanagerispreparingareportonacompany'sfinancialperformancefortheirclients.Thereportincludespositiveinformationaboutthecompany'sfutureprospectsbutomitsseveralsignificantrisksthatthecompanyfaces.Theportfoliomanagerbelievesthathighlightingtheriskswouldnegativelyimpactthestockpriceandpotentiallyharmexistingclientinvestments.Whatisthemostethicalcourseofactionfortheportfoliomanager?a.Publishthereportasintended,astheportfoliomanagerhasadutytoprovidepositiveinformationtoclients.b.PublishthereportbutaddaDisclaimerstatingthatthereportisbasedonpreliminaryinformationandmaynotbecomplete.c.Refusetopublishthereportuntilallrisksarefullydisclosed.d.Providethereportwithabalanceddiscussionofboththepositiveaspectsandthesignificantrisks.6.Ananalystisconductingduediligenceonacompanyforapotentialinvestment.Theanalystdiscoversthatthecompany'smanagementhasbeeninvolvedinseverallegaldisputeswithformeremployees,whichhaveresultedinsignificantsettlements.Theanalyst'sfirmhasapolicyrequiringanalyststodiscloseanyinformationthatcouldnegativelyimpactaninvestmentrecommendation.Theanalystisconcernedthatdisclosingthelegalissuesmightdamagethecompany'sstockprice.Whatshouldtheanalystdo?a.Donotdisclosethelegalissuesinthereport,astheinformationmightnegativelyimpactthestockprice.b.Disclosethelegalissuesinafootnoteofthereport,indicatingthattheissuesarenotmaterial.c.Disclosethelegalissuesfullyandaccuratelyinthereport,asperthefirm'spolicyonduediligence.d.Downplaythesignificanceofthelegalissuesinthereporttoavoidnegativeconsequencesfortheinvestmentrecommendation.7.ACFAcharterholderisamemberoftheboardofdirectorsofapubliccompany.Thecharterholderisalsoaportfoliomanagerataninvestmentfirmandrecommendsthecompany'sstocktoclients.Thecompany'sstockhasperformedwellrecently,andtheportfoliomanager'sperformancebonusispartlybasedontheprofitabilityofthestockrecommendations.Thecharterholdervotesinfavorofaboarddecisionthatapprovesastockoptionplanforexecutives,includingtheCEO,whoreceivedasignificantamountofstockoptions.Thecharterholderdoesnotdisclosetheirpersonalfinancialinterestinthestockoptionplantotheotherboardmembers.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebythecharterholder?a.ViolationofStandardI(A)(IndependenceandObjectivity)asthecharterholdermaynotbeobjectiveintheirvotingdecision.b.ViolationofStandardII(B)(Confidentiality)asthecharterholderisusingconfidentialinformationaboutthecompany'sstockperformance.c.ViolationofStandardIII(B)(ProfessionalCompetence)asthecharterholdermaynothavethenecessaryexpertisetoevaluatethestockoptionplan.d.NoviolationoftheCFAInstituteStandardsofPracticeispresentasthecharterholderhasadualrolebutisactingtransparentlyintheircapacityasaboardmember.8.Aresearchanalystatasell-sidefirmispreparingareportonacompany.Thecompany'sCEOisaclosefriendoftheanalystandhasbeeninvitingtheanalysttoexclusivesocialevents,includingahigh-endgolftournament,wheretheCEOoftendiscussescompanystrategy.Theanalyst'sfirmhasapolicyprohibitinggiftsorhospitalitythatcouldcreateaconflictofinterest.Theanalysthasacceptedseveralinvitationstotheseeventsandhasalsoreceivedsmallgiftsonoccasion.Whatshouldtheanalystdo?a.Continueattendingtheeventsandacceptingthegifts,astheCEOisafriendandtheinteractionsarebeneficialforgatheringinformation.b.Stopattendingtheeventsbutcontinueacceptingthesmallgifts,asthegiftsarenotconsideredsubstantial.c.Declinefurtherinvitationstotheeventsandrefuseallgifts,andreportthesituationtothefirm'scompliancedepartment.d.Accepttheinvitationsandgiftsbutdisclosetherelationshiptotheportfoliomanagerswhomightusetheresearchreport.9.Aninvestmentadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaparticularinvestmentproductthatgeneratesahighcommissionfortheadvisor.Theadvisorknowsthatthereareotherinvestmentproductsavailablethataremoresuitablefortheclient'sriskprofileandinvestmentgoalsbuthavealowercommission.Theadvisorfailstodisclosethecommissionstructuretotheclient.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebytheadvisor?a.ViolationofStandardI(A)(IndependenceandObjectivity)astheadvisor'srecommendationmaynotbeindependent.b.ViolationofStandardII(A)(DutytoClient)astheadvisormaynotbeactinginthebestinterestoftheclient.c.ViolationofStandardIII(B)(ProfessionalCompetence)astheadvisormaynothaveprovidedtheclientwithallsuitableinvestmentoptions.d.ViolationofStandardV(A)(DutytoCFAInstitute)astheadvisorhasnotfulfilledtheirobligationstotheCFAInstitute.10.Aportfoliomanagerisinformedbyaformeremployeethatthemanager'spredecessorengagedinunethicalbehavior,includingmanipulatingportfoliodatatomakeitappearmoreprofitablethanitactuallywas.Theformeremployeeclaimstohavewitnessedthebehaviorandhasdocumentationtosupporttheirclaims.Theportfoliomanagerishesitanttoreportthepredecessor'sactionsduetothepotentiallegalandreputationalrisksinvolved.Whatshouldtheportfoliomanagerdo?a.Donotreportthepredecessor'sactions,astheinformationcomesfromaformeremployeeandmaynotbereliable.b.Reportthepredecessor'sactionstothefirm'scompliancedepartment,asperthefirm'spoliciesonunethicalbehavior.c.Confrontthepredecessordirectlyanddemandanexplanationwithoutreportingthemattertothefirm.d.Reportthepredecessor'sactionstoaregulatoryauthority,ratherthanthefirm,toavoidpotentiallegalexposure.11.ACFAcharterholderisanexaminerforaregulatoryauthority.Thecharterholderisassignedtoexamineafirmthatisaclientoftheiremployer.Thefirmisalsoasignificantshareholderoftheemployer.Thecharterholder'sspouseworksatthefirmbeingexamined.Thecharterholderisawareofthisrelationshipbutdoesnotdiscloseittotheirsupervisororthefirmbeingexamined.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebythecharterholder?a.ViolationofStandardI(A)(IndependenceandObjectivity)asthecharterholdermaynotbeobjectiveintheirexamination.b.ViolationofStandardII(B)(Confidentiality)asthecharterholderisusingconfidentialinformationaboutthefirmbeingexamined.c.ViolationofStandardIV(A)(DutytoEmployer)asthecharterholdermaybecompromisingtheemployer'sinterests.d.NoviolationoftheCFAInstituteStandardsofPracticeispresentasthecharterholder'sroleisindependentoftheiremployer'srelationshipwiththefirm.12.Aninvestmentmanagerispreparingapresentationforpotentialinvestors.Thepresentationincludesfavorableinformationaboutthemanager'spastperformancebutfailstodisclosethattheperformancewasachievedduringaperiodoflowmarketvolatility.Themanagerisawarethatthepresentationcouldcreateamisleadingimpressionoftheirabilitytogeneratereturns.Whatisthemostethicalcourseofactionforthemanager?a.Makethepresentationasintended,asthepastperformanceisaccurateandthemanager'sabilitytogeneratereturnsisnotinquestion.b.AddaDisclaimertothepresentationstatingthatpastperformanceisnotindicativeoffutureresults.c.Refusetomakethepresentationuntilitaccuratelyreflectsallrelevantinformation,includingtheimpactoflowmarketvolatility.d.Includeabriefmentionofthelowmarketvolatilityinthepresentationbutdownplayitsimpactontheperformance.13.Aportfoliomanagerrecommendsastocktoaclientthatthemanagerhasnotpersonallyresearched.Themanagerreliesontheresearchreportprovidedbythefirm'sresearchdepartment.Thefirm'spolicyrequiresthatallstockrecommendationsbebasedonthoroughresearch,eitherbythemanagerortheirteam.Theresearchreportprovidedbythefirmisbasedonsecond-handinformationanddoesnotmeetthefirm'sinternalqualitystandards.Whatisthemostappropriateactionfortheportfoliomanager?a.Maketherecommendationasintended,astheresearchreportisprovidedbythefirm'sresearchdepartment.b.Declinetomaketherecommendationuntiltheresearchmeetsthefirm'sinternalqualitystandards.c.Modifytherecommendationtobemoreconservativetomitigatethepotentialrisksassociatedwiththeresearchquality.d.Informtheclientaboutthelimitationsoftheresearchreportandmaketherecommendationwithappropriatedisclaimers.14.Anassociateintheresearchdepartmentisanalyzingacompanyforapotentialinvestment.Thecompany'smanagementprovidestheassociatewithexclusiveaccesstonon-publicinformationaboutthecompany'supcomingproducts.Theassociateusesthisinformationtomaketradesthatgenerateasignificantprofitforthemselves.Theassociate'sbossisunawareofthesetrades.Whataction,ifany,musttheassociatetake?a.Donothingastheassociateisnotlegallyobligatedtoreportpersonaltradingprofits.b.Informtheirbossaboutthetradesandoffertoreturnthegains.c.Recusethemselvesfromanytradingactivitiesrelatedtothecompanyandreporttheincidenttothefirm'scompliancedepartment.d.Reportthecompany'smanagementtotheregulatoryauthorityforprovidinginsiderinformation.15.ACFAcharterholderisamemberofthecompensationcommitteeofapubliccompany.ThecommitteeisdeterminingthebonusfortheCEO,whoisalsoamemberoftheboard.Thecharterholderisasignificantshareholderofthecompanyandreceivesasubstantialportionoftheirannualincomefromdividends.ThecharterholderisconcernedthattheCEO'sbonusmaybetoohigh,giventhecompany'srecentperformance.Thecharterholdervotesinfavoroftheproposedbonus,butdoesnotdisclosetheirsignificantshareholdingtotheothercommitteemembers.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebythecharterholder?a.ViolationofStandardI(A)(IndependenceandObjectivity)asthecharterholdermaynotbeobjectiveintheirvotingdecision.b.ViolationofStandardII(A)(DutytoClient)asthecharterholdermaynotbeactinginthebestinterestofthecompany'sshareholders.c.ViolationofStandardIII(B)(ProfessionalCompetence)asthecharterholdermaynothavethenecessaryexpertisetoevaluatetheCEO'sperformance.d.NoviolationoftheCFAInstituteStandardsofPracticeispresentasthecharterholderhasadualrolebutisactingtransparentlyintheircapacityasacommitteemember.試卷答案1.d解析思路：根據(jù)StandardI(A)(IndependenceandObjectivity)，分析師必須避免利益沖突并保持客觀性。雖然推薦基于研究，但知曉交易策略與公司債務(wù)敞口之間存在沖突，且該沖突可能影響分析師的客觀性。在這種情況下，最適當(dāng)?shù)淖龇ㄊ侵匦略u(píng)估推薦決策，因?yàn)闈撛诘睦鏇_突可能影響分析師的獨(dú)立性和客觀性。選項(xiàng)a忽略了潛在的利益沖突。選項(xiàng)b試圖通過(guò)修改建議來(lái)解決沖突，但這并不能消除沖突本身。選項(xiàng)c的回避可能過(guò)于寬泛，因?yàn)榭赡艽嬖谄渌鉀Q方案，而直接溝通沖突是必要的。2.d解析思路：根據(jù)StandardI(A)(IndependenceandObjectivity)和StandardII(A)(DutytoClient)，分析師有責(zé)任避免利益沖突并誠(chéng)實(shí)對(duì)待客戶。雖然信息來(lái)自第三方，但分析師的兄弟是競(jìng)爭(zhēng)對(duì)手的雇員，這構(gòu)成了一個(gè)潛在的利益沖突，即使分析師不知情。最適當(dāng)?shù)男袨槭侵鲃?dòng)披露這一潛在沖突，讓投資者了解情況并做出知情決策。選項(xiàng)a和b都忽略了潛在的利益沖突。選項(xiàng)c沒有披露利益沖突，違反了倫理準(zhǔn)則。3.a解析思路：根據(jù)StandardIII(A)(DutytoClient)，會(huì)員和候選人必須以客戶的最佳利益行事。當(dāng)個(gè)人投資與客戶的利益相沖突時(shí)，必須披露這種沖突。在這種情況下，CFA持證人沒有披露其個(gè)人投資，這可能導(dǎo)致其判斷受到個(gè)人經(jīng)濟(jì)利益的影響，從而無(wú)法完全代表養(yǎng)老金基金的利益。這是對(duì)StandardIII(A)的違反。選項(xiàng)b可能部分正確，但主要問題在于未能維護(hù)客戶利益。選項(xiàng)c和d不正確，因?yàn)闆]有違反相關(guān)準(zhǔn)則。4.c解析思路：根據(jù)StandardI(A)(IndependenceandObjectivity)和StandardII(B)(Confidentiality)，使用未公開信息獲利屬于內(nèi)幕交易，是嚴(yán)重違反職業(yè)道德的行為。即使信息來(lái)源不知情，使用該信息進(jìn)行交易也必須被報(bào)告。最合適的做法是報(bào)告該事件，因?yàn)閮?nèi)幕交易是絕對(duì)禁止的。選項(xiàng)a和b都是錯(cuò)誤的，因?yàn)閮?nèi)幕交易在任何情況下都是不允許的。選項(xiàng)d沒有解決內(nèi)幕交易的根本問題。5.c解析思路：根據(jù)StandardIII(A)(DutytoClient)和StandardI(A)(IndependenceandObjectivity)，會(huì)員和候選人必須以客戶的最佳利益行事并保持客觀性。隱瞞重大風(fēng)險(xiǎn)以保護(hù)股價(jià)或投資組合價(jià)值違反了客戶的最佳利益和客觀性原則。最道德的做法是全面披露信息，讓客戶做出明智的決策。選項(xiàng)a和b沒有完全披露所有相關(guān)信息，違反了客戶的利益。選項(xiàng)d試圖平衡信息，但隱瞞風(fēng)險(xiǎn)本身就是不道德的。6.c解析思路：根據(jù)StandardIII(B)(ProfessionalCompetence)和StandardI(A)(IndependenceandObjectivity)，分析師有責(zé)任進(jìn)行盡職調(diào)查并如實(shí)報(bào)告發(fā)現(xiàn)。發(fā)現(xiàn)的法律問題屬于重大信息，必須如實(shí)報(bào)告給客戶，即使這可能影響股價(jià)。隱瞞信息違反了盡職調(diào)查的原則和誠(chéng)實(shí)性要求。選項(xiàng)a和b都是錯(cuò)誤的，因?yàn)楸仨毰端邢嚓P(guān)信息。選項(xiàng)d試圖淡化風(fēng)險(xiǎn)，違反了誠(chéng)實(shí)報(bào)告的要求。7.a解析思路：根據(jù)StandardI(A)(IndependenceandObjectivity)，會(huì)員和候選人必須在所有專業(yè)事務(wù)中保持獨(dú)立性和客觀性。在這種情況下，CFA持證人在個(gè)人財(cái)務(wù)利益（推薦股票的獎(jiǎng)金）和董事會(huì)決策（批準(zhǔn)股票期權(quán)計(jì)劃）之間存在潛在的利益沖突，但沒有披露這種沖突。這可能導(dǎo)致其投票決策不夠客觀。這是對(duì)StandardI(A)的違反。選項(xiàng)b和c可能