2025年CFA《道德與專業(yè)標準》專項訓(xùn)練卷考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容1.Aninvestmentmanagerisconsideringaddinganewstocktoaclient'sportfolio.Thestockisrecommendedbythemanager'sbrother,whoworksatacompanythatproducesthesoftwareusedbytheportfolio'sbenchmarkindex.Themanagerknowsthatthestockhasrecentlyexperiencedasignificantpricedropduetounforeseenregulatoryissues,butbelievesitisfundamentallysoundandagoodlong-terminvestment.Theclientisnotawareofthemanager'sbrother'sconnection.Whichofthefollowingactions,iftakenalone,mostappropriatelyaddressesthepotentialconflictofinterestarisingfromthemanager'sbrother'sposition?2.Aresearchanalystatabrokeragefirmisassignedtocoveracompanythatrecentlyhiredtheanalyst'sformeruniversityprofessorasitsCFO.Theanalysthasdevelopedapositiverelationshipwiththeprofessorandbelievestheprofessorhasprovidedvaluableinsightsintothecompany'soperations.Theanalystplanstoincludetheprofessor'scommentsinaupcomingresearchreportrecommendingthecompany'sstock.WhichofthefollowingactionsismostappropriatetoensurethereportremainsobjectiveandcompliantwithCFAInstituteStandardsofPractice?3.Aportfoliomanagerlearnsthatacompetitorisplanningtolaunchanewinvestmentproductthatcloselymimicsthemanager'sfirm'stop-performingstrategy.Themanagerbecomesconcernedthatthiswillerodethefirm'scompetitiveadvantage.Tocounterthis,themanagerconsiderssecretlygatheringnon-publicinformationaboutthecompetitor'sstrategyfromatrustedindustrycontact.Whichofthefollowingprinciples,ifviolated,wouldthemanager'sconsiderationofthiscourseofactionmostdirectlyraiseconcernsabout?4.Anassociateinthetradingdepartmentofaninvestmentbankisassignedtoexecutetradesforalargeinstitutionalclient.Duringtheday,theassociateobservesatradingopportunitythatcouldpotentiallygenerateasignificantprofitforthefirm.Theassociatedecidestoexecutethetradeusingasmallportionofthefirm'scapital,hopingtomakeasubstantialreturnifthetradeissuccessful,whilekeepingtheactivityoffthebooks.Whatprimaryethicalissuedoesthisscenarioillustrate?5.Aportfoliomanagerispreparingamarketingbrochureforanewinvestmentstrategy.Thebrochurehighlightsthestrategy'simpressivehistoricalperformance,showingreturnsoverthepastfiveyears.However,themanagerknowsthatthestrategyhasunderperformedthemarketbenchmarkinthreeofthefiveyearsandthatthestrategy'sriskmetricshaveincreasedsignificantlycomparedtothepast.Whichofthefollowingactions,iftaken,wouldmostlikelybeconsideredmisleadingaccordingtoCFAInstituteStandardsofPractice?6.Afinancialadvisorismeetingwithapotentialclient.Duringtheconversation,theadvisordisclosesthattheyreceiveacommissionforsellingaspecifictypeofinsuranceproductbutfailstodisclosethatthefirmalsoreceivesasignificantkickbackfromtheinsurancecompanyforeachpolicysoldthroughtheadvisor.Theclientlaterlearnsaboutthekickbackarrangement.Whichofthefollowingbestdescribestheethicalbreach,ifany,thatoccurredduringtheinitialmeeting?7.TheCEOofapubliclytradedcompanyisconsideringapprovingaplantoofferpreferentialstockoptionstoseniorexecutives,includinghimself,asaretentionincentive.Theplanisstructuredsuchthattheoptionsarenotexercisableforseveralyears,buttheexecutiveswouldbenefitsignificantlyifthecompany'sstockpriceperformswellduringthatperiod.Simultaneously,thecompanyisfacingpotentiallegalchallengesthatcouldnegativelyimpactitsstockprice.Whatspecificconflictofinterestarisesfromthissituation?8.Anequityresearchanalystcoversacompanythatisamajorclientofthebrokeragefirmwheretheanalystworks.Theanalyst'ssupervisor,whoisresponsibleforclientrelationshipmanagementwiththecompany,requeststheanalysttoissueapositiveresearchreportonthecompany,eventhoughtheanalyst'sindependentassessmentsuggeststhecompany'sstockisovervalued.Theanalystbelievesthatrefusingtherequestcouldjeopardizethefirm'sbusinessrelationshipwiththeclient.Whatarethekeyethicalconsiderationstheanalystmustweighinthissituation?9.Ahedgefundmanagerisconsideringinvestingasmallportionofthefund'scapitalinastartupcompanyfoundedbythemanager'snephew.Themanagerbelievesthestartuphasstrongpotentialbutalsonotesthattheinvestmentwouldrepresentasignificantconcentrationofthefund'sassetsinasingle,unregulatedentity.Themanagerdisclosesthispotentialinvestmenttothefund'sinvestorsintheprospectusasa"possiblesideinvestment."Whichofthefollowingethicalconcernsismostrelevanttothisscenario?10.Twoportfoliomanagersatdifferentfirmsareformercollegeroommates.Theyregularlysharenon-publicmarketanalysisandtradingideasoverdinner.Onemanagermentionsthattheirfirmisconsideringinitiatingcoverageonapharmaceuticalcompanybasedonnewdrugdevelopmentdatatheypossess.Theothermanager,unawarethisdataisnon-public,sharesthisinformationwiththeirownfirm'sresearchteam,leadingtoanearlypositivereportonthecompany.Whichofthefollowingethicalstandardshaslikelybeenviolatedbythesecondmanager?11.Afinancialplannerisadvisingaclienttoinvestinacomplexstructuredproductthatguaranteesamodestreturnbutcarriessignificanthiddenrisksthattheplannerknowstheclientisunlikelytounderstand.Theplannerreceivesalargecommissionforsellingtheproduct.Whatprimaryethicalprincipleisbeingcompromisedinthisscenario?12.AmemberofCFAInstituteispreparingtopublishablogpostonapersonalwebsitewheretheydiscussinvestmentideasandpotentiallymentionstockstheyownorfollow.Thememberdoesnotdisclosetheirmembershipstatusoranypotentialconflictsofinterestrelatedtothestocksdiscussed.Whatisthemostlikelyethicalconcernassociatedwiththisaction?13.Theheadofresearchataninvestmentfirmispressuredbyseniormanagementtoissuemorebullishreportsonacompany'sstock,evenastheresearchteamidentifiesgrowingconcernsaboutthecompany'sfinancialhealth.Theheadofresearchrefusestosignthereportsbutissubsequentlythreatenedwithhavingtheirbonusreducedandtheircareerprospectslimitedwithinthefirm.Whatactionshouldtheheadofresearchconsidertakingtoaddressthissituation,inlinewithCFAInstituteStandardsofPractice?14.Aninvestmentofficerlearnsthataclosefamilyfriend,whoisnotinvolvedintheinvestmentprocess,hasrepeatedlyaskedtheofficerforinvestmentadvicebasedontipsreceivedfrom"insidesources."Theofficerisawarethatthefriend'ssourcesmaybemisinformedorevenillegal.Whatshouldbetheofficer'sprimarycourseofactionregardingthissituation?15.Asenioranalystatasell-sidefirmisattendingaconferencewhereaportfoliomanagerfromacompetitorfirmispresenting.Duringthepresentation,thecompetitorportfoliomanagermakesseveraldisparagingremarksaboutthesell-sidefirm'sresearchquality.Thesenioranalystisoffendedbytheremarksandconsidersorganizingaresponseorpubliclyrefutingtheclaims.Whatstandardofpracticeshouldthesenioranalystkeepinmindbeforetakinganyaction?試卷答案1.C.Disclosingtherelationshiptotheclientandthepotentialbiasarisingfromthebrother'semploymentwouldbethemostappropriateinitialstep.Whilemanagingtheconflict,theultimatedecisiononaddingthestockshouldbebasedonitsinvestmentmeritsafterfulldisclosureandclientagreement.2.A.Theanalystmustensurethereportisbasedonobjectiveanalysisanddoesnotcontaininformationderivedfromaconflictofinterest.Relyingontheprofessor'scomments,especiallyiftheyarenotindependentlyverified,compromisesobjectivity.Themostappropriateactionistobasethereportsolelyontheanalyst'sownindependentresearchanddata.3.B.TheprincipleofConfidentialityisprimarilyviolatedhere.Themanagerconsideringgatheringnon-publicinformationforapotentialcompetitiveadvantage,evenfromatrustedcontact,involvesaccessingandpotentiallyusingconfidentialinformation,whichisgenerallyprohibitedunlessexplicitpermissionisobtained.4.A.Theassociate'splantouseasmallportionoffirmcapitalforpersonalgainoffthebooksconstitutesmisappropriationoffirmassetsandpotentiallyfraudulentactivity.Thisisaseriousbreachoffiduciarydutyandethicalconduct.5.D.Presentingselectiveinformation,specificallyhighlightingonlytheimpressivehistoricalperformancewhileomittingtheunderperformanceperiodsandincreasingriskmetrics,wouldbeconsideredmisleading.Thebrochuremustprovideafairandreasonablebasisforinvestmentdecisions,includingacompletepictureofhistoricalperformanceandassociatedrisks.6.C.Thefailuretodisclosethekickbackarrangementrepresentsasignificantconflictofinterestthatwasnottransparentlydisclosedtotheclient.Theclienthasarighttoknowaboutfinancialincentivesthatcouldinfluencetheadvisor'srecommendations.Thekickbackcreatesaconflictbetweentheadvisor'sfiduciarydutytotheclientandtheirpersonalfinancialgain.7.A.Theprimaryconflictofinterestisbetweentheexecutives'personalfinancialbenefit(frompotentiallyvaluableoptionsifthestockpricerises)andthecompany'spotentiallynegativefinancialoutcome(ifthestockpricefallsduetolegalchallenges).Theirpersonalgainistiedinverselytothecompany'swell-beingwhiletheyarebeingincentivizedtoretaintheirpositions.8.B.ThekeyethicalconsiderationsinvolvetheStandardofProfessionalCompetence(dutytoprovideaccurateresearch)andtheconflictofinterestcreatedbythesupervisor'srequestinfluencedbytheclientrelationship(StandardIII&IV).Theanalystmustrefusetocompromisetheintegrityoftheirresearchandconsiderraisingtheissuethroughproperchannelswithinthefirmorpotentiallywithdrawingfromcoverageifthepressurecannotberesolved.9.A.Theconcernisthepotentialmisrepresentationoftheinvestment.Listingitmerelyasa"possiblesideinvestment"intheprospectuswithoutadequatelydisclosingthenature,size,andconcentrationriskmightnotprovideinvestorswithsufficientinformationtomakeaninformeddecision.ThiscouldcompromisethedutyoffairdealingandpotentiallyviolateStandardIII(DutytoClients)regardingdisclosureofmaterialinformation.10.D.ThesecondmanagerviolatedStandardIII(DutytoClients/MembersandCandidates)andpotentiallyStandardIV(CommunicationwithClients)byusingnon-publicinformationobtainedthroughapersonalconnectionfortheirownfirm'sbenefit.Sharingsuchinformationallowsthefirstmanager'sfirmtopotentiallygainanunfairadvantage.11.B.TheethicalprincipleprimarilycompromisedisFairDealing.Bypushingacomplexandriskyproductthattheclientlikelydoesn'tunderstand,especiallyforalargecommission,theplannerisnotactingintheclient'sbestinterestandispotentiallytakingadvantageoftheclient'slackofknowledge.12.A.ThefailuretodiscloseCFAInstitutemembershipandpotentialconflictsofinterest(likeowningthementionedstocks)whenpublishingcontentonlinecreatesaperceptionofbiasandunderminestheintegrityoftheinformationprovided.Membershaveadutytodiscloseaffiliationsandconflictsthatcouldinfluen