2025年CFA一級Ethics道德準則模擬題集卷考試時間：______分鐘總分：______分姓名：______Instructions:ReadeachquestioncarefullyandselectthemostappropriateanswerbasedontheStandardsofPracticeHandbookandtheCodeofEthics.1.AnanalystatFirmXisevaluatingtwoinvestmentproducts.ProductAisanew,unprovensecuritywithhighpotentialreturnsbutalsosignificantrisk.ProductBisawell-establishedsecuritywithmoderatereturnsandlowrisk.Theanalyst'sboss,whoreceivesacommissionbasedonthetotalvalueofproductssold,stronglyencouragestheanalysttorecommendProductAtoallclients,emphasizingthehighpotentialreturnswhiledownplayingtherisks.Theanalystisconcernedthatthisrecommendationmaynotbeinthebestinterestofallclients.WhichcourseofactionismostconsistentwiththeCFAInstituteStandardsofPractice?A.RecommendProductAtoallclientsassuggestedbytheboss,astheboss'sincentivesarelegitimate.B.RecommendProductAtoyounger,risk-tolerantclientsandProductBtoolder,risk-averseclients,regardlessoftheboss'ssuggestion.C.Refusetorecommendeitherproductuntilfurtherresearchcanbeconductedandaproperrecommendationcanbemadebasedoneachclient'sspecificcircumstances.D.RecommendProductBtoallclients,asitisthesaferoptionandavoidspotentialconflictswiththeboss.2.AninvestmentmanageratFirmYispreparingareportforaclient.Thereportincludesanalysisgeneratedbythemanagerbutalsoincorporatessignificantresearchanddataprovidedbyathird-partyresearchfirmthatFirmYhasasubscriptionagreementwith.Themanagerknowsthatthethird-partyfirmsometimesprovidesproprietaryanalysisthatisnotpubliclyavailable.Themanagerincludesthisproprietaryinformationintheclientreportwithoutproperattributionordisclosure.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebythemanager?A.ViolationofStandardI(A)DiligenceandProfessionalism,asthemanagerreliedonthird-partyinformationwithoutperformingtheirownduediligence.B.ViolationofStandardII(E)ConflictofInterest,asthemanagerhasafinancialinterestinthesubscriptionagreementwiththethird-partyfirm.C.ViolationofStandardIII(A)RelationshipswithClientsandEmployers,asthemanagerfailedtodisclosethattheinformationoriginatedfromathirdparty.D.ViolationofStandardV(D)CommunicationwithClients,asthemanagerprovidedinformationthatwasnotindependentlygenerated.3.AportfoliomanageratFirmZisattendingaconferencewhereaspeakerispromotinganewinvestmentstrategythatinvolvesusingconfidentialinformationobtainedfromtheportfoliomanager'semployer.Theportfoliomanagerknowsthisstrategycouldpotentiallyviolatetheirfirm'spoliciesandtheCFAInstituteStandardsofPractice.Whichactionismostconsistentwiththeportfoliomanager'sethicalobligations?A.Attendtheconferenceandtakedetailednotesonthestrategy,asitmightbeusefulfortheirownportfoliomanagementinthefuture.B.Attendtheconferencebutdiscreetlyrecordtheconfidentialinformationontheirphoneforlaterreference.C.Refusetoattendtheconferencetoavoidexposuretopotentiallyunethicalinformation.D.Attendtheconference,askthespeakeraboutthesourceoftheinformation,andreportthesituationtotheircompliancedepartmentafterward.4.AnassociateatFirmAispreparingapresentationforapotentialclient.Thepresentationincludespositivestatementsaboutthefirm'sinvestmentperformance,buttheassociateinadvertentlyincludesoutdatedinformationforoneofthefirm'skeyperformancemetrics.Theassociaterealizestheerrorafterthepresentationbutbeforeitissenttotheclient.WhatactionshouldtheassociatetaketocomplywiththeCFAInstituteStandardsofPractice?A.Donothing,astheerrorisminorandunlikelytoinfluencetheclient'sdecision.B.Informtheclientabouttheerrorviaemailandrequestpermissiontosendacorrectedversion.C.Informtheclientabouttheerrorinthenextscheduledmeetingandapologizefortheoversight.D.Issueapublicstatementclarifyingtheerroranditsimpactonthefirm'sperformancerecord.5.AresearchanalystatFirmBiscoveringacompanythatisamajorclientofthefirm.Theanalystreceivesanunsolicitedgiftfromthecompany,consistingofahigh-endwatchvaluedat$5,000.Thefirm'spolicyallowsemployeestoacceptgiftsuptoavalueof$100.Whatisthemostappropriatecourseofactionfortheanalyst?A.Acceptthegift,asitisatokenofappreciationfromavaluedclientandwellwithinthefirm'spolicylimits.B.Acceptthegiftbutreportitsvaluetothecompliancedepartment,astransparencyisimportant.C.Refusethegift,asitsvaluesignificantlyexceedsthefirm'spolicylimitandacceptingitcouldcreateaconflictofinterest.D.Acceptthegiftbutreturnittotheclientiftheclientinsistsonprovidingitasagestureofgoodwill.6.AtradingdeskmanageratFirmCisinstructingajuniortradertoexecutealargeorderforaclientatthebestpossibleprice.Themanagerknowsthattheordercouldpotentiallyimpactthemarketprice.Themanagerinstructsthetradertoprioritizefillingtheorderquickly,evenifitmeansacceptingaslightlylessfavorablepricethancouldbeobtainedthroughmorediscreetexecutionmethods.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebythemanager?A.ViolationofStandardI(A)DiligenceandProfessionalism,asthemanagerfailedtoensuretheorderwasexecutedatthebestpossibleprice.B.ViolationofStandardII(E)ConflictofInterest,asthemanager'sinstructionscouldpotentiallybenefitthetradingdesk.C.ViolationofStandardIII(B)TradingandSalesPractices,asthemanager'sinstructionsmaycompromisetheprincipleofbestexecution.D.ViolationofStandardIVRecordKeeping,asthemanagerdidnotprovideadequatedocumentationforthetradinginstructions.7.AninvestmentadvisoratFirmDismeetingwithaclienttodiscusstheclient'sportfolio.Theadvisorrecommendsswitchingasignificantportionoftheclient'sassetsfromoneinvestmentvehicletoanother.Theadvisorknowsthatthenewinvestmentvehicleinvolveshigherfeesbuthasnotfullydisclosedalltheassociatedcoststotheclient.Theadvisorbelievesthatthehigherfeesarejustifiedbythepotentialforbetterperformance.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebytheadvisor?A.ViolationofStandardI(A)DiligenceandProfessionalism,astheadvisorhasnotconductedthoroughresearchonthenewinvestmentvehicle.B.ViolationofStandardII(E)ConflictofInterest,astheadvisormaybenefitfromthehigherfees.C.ViolationofStandardIII(A)RelationshipswithClientsandEmployers,astheadvisorfailedtodiscloseallrelevantinformationaboutthefees.D.ViolationofStandardVPublicCommunication,astheadvisoriscommunicatingwithaclientinaprivatesetting.8.TwoportfoliomanagersatFirmEarediscussingtheirinvestmentstrategies.Manager1revealsthattheyhaverecentlypurchasedalargepositioninaparticularstock.Manager2respondsbyaskingfordetailedinformationaboutthestockanalysisandtherationalebehindthepurchase.Manager1reluctantlyprovidestheinformation,butlaterdiscoversthatManager2hasusedthisinformationtomakeaprofitabletrade.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebyManager2?A.ViolationofStandardI(A)DiligenceandProfessionalism,asManager2didnotconducttheirownindependentanalysis.B.ViolationofStandardII(E)ConflictofInterest,asManager2mayhavebenefitedfinanciallyfromtheinformationobtained.C.ViolationofStandardIII(B)TradingandSalesPractices,asManager2tradedonnon-public,materialinformation.D.ViolationofStandardVIIntellectualProperty,asManager2appropriatedManager1'sinvestmentideaswithoutpermission.9.AnexternalexaminerisconductingareviewofFirmF'scomplianceprocedures.Theexaminernoticesthatthefirmdoesnothaveaformalprocessfordocumentingallinstanceswhereanemployeehasreceivedagiftthatexceedsthefirm'spolicylimit.Thefirm'scompliancedepartmentarguesthatsuchinstancesarerareandthattheexistinginformalprocessissufficient.Whatisthemostappropriatecourseofactionfortheexaminer?A.Agreewiththecompliancedepartment,astheinformalprocessappearstobeworkingeffectively.B.Recommendthatthefirmimplementaformalprocessfordocumentingallgiftexceptions,astransparencyandconsistencyareimportant.C.Dismisstheissue,asthefrequencyofgiftexceptionsislowanddoesnotposeasignificantrisk.D.ReporttheissuetotheCFAInstitute,asthefirm'slackofaformalprocessmayindicateaviolationoftheStandardsofPractice.10.AninvestmentadvisoratFirmGispreparingtomeetwithaprospectiveclient.Theadvisorisawarethattheclient'scompetitorisalsotryingtowintheclient'sbusiness.Theadvisordecidestooffertheclientasignificantlydiscountedfeefortheadvisoryservicesiftheclientcommitstosigningacontractwithinthenextweek.Theadvisorjustifiesthisapproachbyarguingthatthecompetitorisalsoofferingincentives.WhatisthemostlikelyviolationoftheCFAInstituteStandardsofPracticebytheadvisor?A.ViolationofStandardI(A)DiligenceandProfessionalism,astheadvisorisnotprovidingthebestpossibleservicetotheclient.B.ViolationofStandardII(E)ConflictofInterest,astheadvisor'sactionsmaybeinfluencedbythedesiretowintheclientoverthecompetitor.C.ViolationofStandardIII(A)RelationshipswithClientsandEmployers,astheadvisorisusingaggressivetacticstosecuretheclient'sbusiness.D.ViolationofStandardVIIProfessionalActivities,astheadvisorisengaginginunfaircompetitionwiththecompetitor.---試卷答案1.C2.C3.D4.B5.C6.C7.C8.C9.B10.B解析1.解析：選項C最符合道德準則。分析師有責(zé)任勤勉地履行職責(zé)（StandardI(A)）并始終將客戶的最佳利益置于首位（StandardIII(A)）。向所有客戶推薦高風(fēng)險產(chǎn)品，即使是為了滿足老板的傭金要求，也可能不符合客戶的最佳利益。分析師有義務(wù)進行獨立評估，并根據(jù)每個客戶的特定情況提供建議，或者拒絕不恰當?shù)慕ㄗh。選項A違反了將客戶利益置于首位的義務(wù)。選項B可能仍然存在風(fēng)險，且未解決根本問題。選項D完全服從老板的建議，可能忽略客戶利益。2.解析：選項C最可能是違反了道德準則。根據(jù)StandardIII(A)-與客戶和雇主的關(guān)系，會員必須向客戶披露所有可能影響客戶根據(jù)其投資目標做出理性投資決策的關(guān)系和事實。在這種情況下，分析師使用了來自第三方的專有信息，并且沒有進行適當?shù)臍w因或披露，這構(gòu)成了對客戶的未披露信息，違反了透明度和披露義務(wù)。選項A可能不完全準確，因為依賴第三方信息本身不一定是錯誤，關(guān)鍵在于是否進行了盡職調(diào)查和披露。選項B可能不適用，除非該訂閱協(xié)議本身就是利益沖突的來源。選項D可能不準確，因為提供信息是否合規(guī)取決于其來源和披露情況，而非僅僅是是否為第三方生成。3.解析：選項D是最符合道德準則的行動。根據(jù)StandardI(A)-勤勉與盡責(zé)，會員有責(zé)任遵守相關(guān)法律法規(guī)和職業(yè)道德規(guī)范。根據(jù)StandardII(E)-利益沖突，會員應(yīng)避免任何可能影響其專業(yè)判斷或損害客戶利益的情況。如果演講者推廣的策略涉及使用從雇主處獲得的機密信息，這可能違反了保密義務(wù)或構(gòu)成內(nèi)幕交易的前奏。最合適的做法是避免接觸這些信息（如選項C），或者如果無法避免，應(yīng)向合規(guī)部門報告情況（如選項D所述，會后報告），并避免記錄或傳播機密信息。選項A和B都涉及保留或傳播可能違反標準的機密信息，是不恰當?shù)摹?.解析：選項B是最符合道德準則的行動。根據(jù)StandardIV-保留記錄，會員有責(zé)任保存與客戶溝通的所有重要記錄，包括報告和演示文稿。在發(fā)現(xiàn)錯誤后，尤其是在向客戶發(fā)送之前，有責(zé)任更正錯誤。最合適的方式是通知客戶，說明錯誤內(nèi)容，并請求允許發(fā)送更正后的版本。這體現(xiàn)了對客戶信息的負責(zé)和誠信（StandardII）。選項A忽略了錯誤，可能導(dǎo)致誤導(dǎo)。選項C可能不夠及時，且未明確說明更正。選項D涉及不必要的公開聲明，通常不是處理內(nèi)部錯誤的首選方式。5.解析：選項C是最符合道德準則的行動。根據(jù)StandardIII(A)-與客戶和雇主的關(guān)系，會員必須遵守有關(guān)禮品和招待的政策。如果禮物價值超過公司政策允許的限額（$100），即使來自客戶，也通常是不被接受的，因為它可能被視為試圖影響會員或其雇主，從而產(chǎn)生利益沖突。最合適的行為是拒絕接受價值超過限額的禮物。選項A和B都接受了超出限額的禮物，違反了公司政策和StandardIII(A)關(guān)于禮物接受的原則。選項D試圖通過歸還禮物來解決問題，但接受本身已經(jīng)是不當?shù)摹?.解析：選項C最可能是違反了道德準則。根據(jù)StandardIII(B)-交易和銷售實踐，會員有責(zé)任以最佳執(zhí)行原則執(zhí)行客戶訂單。最佳執(zhí)行不僅意味著價格，還包括考慮交易成本、執(zhí)行速度、市場影響等因素，并以對客戶最有利的方式執(zhí)行。指示交易