2025年CFA一級Ethics道德準則沖刺題考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容1.Ananalystatabrokeragefirmisevaluatingtwomutualfundsforpotentialrecommendationtoclients.Thefirmhasarevenue-sharingagreementwithFundA,providingasignificantannualpaymenttothefirmbasedontheassetsundermanagement(AUM)generatedbyFundA.Theanalysthasnodirectfinancialinterestineitherfundbutreceivesabasesalaryfromthefirm.Theanalyst'sassessmentofFundAisgenerallypositive,whileFundBisviewedashavingsignificantdrawbacks.ThefirmhasnotyetreceivedanyAUMfromFundB.Giventheinformation,whichStandardofPracticecontainsapotentialconflictofinterestfortheanalyst?2.Aportfoliomanagermanagesaclient'sportfolioworth$5million.Theclientowns500sharesofCompanyX,whichtheportfoliomanagerisconsideringaddingtotheportfolio.ThemanagerdeterminesthatCompanyXisanexcellentinvestmentopportunityandbelievesincludingitwouldbenefittheclient.However,themanager'ssiblingworksasasenioraccountantatCompanyXandreceivesasignificantportionoftheirannualbonusbasedonthecompany'sreportedearnings.Theportfoliomanagerhasnotdisclosedthisrelationshiptotheclient.Whataction,ifany,musttheportfoliomanagertakeregardingtherecommendationtoaddCompanyXstocktotheclient'sportfolio?3.Aninvestmentadvisorismeetingwithapotentialclient.Duringthemeeting,theadvisordisclosesthattheadvisorreceivesacommissionforsellingProductAbutdisclosesthatProductAissuperiortoallotherproductsintheadvisor'sinventoryforaddressingtheclient'sspecificneeds.Theclientasksforobjectiveinformationaboutotheravailableoptions.Howshouldtheinvestmentadvisoraddresstheclient'srequestwhileadheringtotheapplicableStandardofPractice?4.AresearchanalystatafirmpreparesadetailedreportonCompanyY,whichisexpectedtobehighlyfavorable.Thefirm'spublicationscheduleincludesaspecialreportsectionon"Small-CapGrowthStocks"fortheupcomingmonth.CompanyYqualifiesforthissection.Theanalystisawarethatthereport'sreleasetimingcoincideswithamajorclientconferencewhereCompanyYwillbeafeaturedspeaker.Thefirmhasnotexplicitlyforbiddentheanalystfromparticipatingintheconference.WhatconsiderationshouldtheanalystgivetotheapplicableStandardofPracticeregardingthetimingofthereportrelease?5.Aninvestmentmanagerrecommendsacomplexstructurednotetoaclient.Thenoteinvolvessignificantfeesandhasfeaturesthatareonlypartiallydisclosedintheofferingmemorandum.Theclienthaslimitedunderstandingofstructuredproductsbuttruststhemanager'sexpertise.Themanagerknowsthatasimpler,lower-costalternativeexistsbutbelievestheclientwouldnotunderstanditandmightwithdrawtheirinvestmentiftheyknewaboutthealternative.Whatprinciple,outlinedintheStandardsofPracticeHandbook,ispotentiallybeingcompromisedbythemanager'sapproach?6.Anassociateworkingforaninvestmentmanagergathersnon-public,positiveinformationaboutastartupcompanyfromthemanager'scousin,whoisaclosefriendofthestartup'sCEO.Theassociateisveryexcitedaboutthepotentialofthisinformationandbeginsdiscussingitenthusiasticallywithotherassociatesintheoffice,sharingdetailsaboutthecompany'sfutureprospectsandpotentialvaluation.Themanagerhasnotauthorizedtheassociatetosharethisinformation.Whataction,ifany,shouldtheassociatetakeregardingthisinformation?7.Afinancialplannerispreparingafinancialplanforaclient.Theplannerrecommendsthreedifferentinvestmentoptions.Theclientaskstheplanner,"Whichoftheseoptionsisthebestoneforme?"Theplannerresponds,"Basedonourconversationandmyanalysis,OptionAisclearlythebestchoiceforyou,asitalignsperfectlywithyourgoalsandrisktolerance.OptionsBandCarenotsuitable."Theclientappearssatisfiedwiththisrecommendation.However,theplanneromitteddetailedinformationaboutfeesassociatedwithOptionAthatmightsignificantlyimpacttheclient'soverallreturn.DidtheplannerviolateaStandardofPractice?8.Twoportfoliomanagers,AlexandBen,workatthesamefirm.Alexmanagesalargeportfolioworth$100million,whileBenmanagesasmallerportfolioworth$2million.Thefirm'spolicystatesthatanytransactioninvolvingaportfolioworthmorethan$10millionmustbepre-approvedbyaseniorvicepresident.AlexexecutesalargetradeforBen'sportfoliothatexceedsthe$10millionthresholdwithoutobtainingpre-approvalfromtheseniorvicepresident.AlexarguesthatthetradewasintendedtobenefitBen'sclientandthatthefirm'spolicyisunnecessaryinthisspecificcase.WhatistheprimaryissuehighlightedbythisscenarioinrelationtotheStandardsofPractice?9.Anindividualworksforacompanythatprovidesauditingservicestoapubliclytradedcorporation,ClientZ.Theindividual'sspouserecentlystartedasmallconsultingbusinessandwasapproachedbyClientZtoprovidemarketingservices.ThespousehasnofinancialinterestinClientZbeyondthepotentialconsultingcontract.TheindividualisnotinvolvedintheauditteamforClientZandhasnoknowledgeoftheauditworkbeingperformed.Whataction,ifany,musttheindividualtakeregardingthepotentialconsultingcontractwithClientZ?10.Aportfoliomanagerisapproachedbyabrokerfromanotherfirm.Thebrokerofferstheportfoliomanagerasignificantdiscountontradingcommissionsifthemanagerdirectsalargeportionofthefirm'stradingvolumetothebroker'sfirm.Theportfoliomanager'scurrentbrokerprovidesexcellentserviceandchargesstandardindustryrates.Theportfoliomanagerknowsthatdirectingbusinesstotheotherbrokerwouldcreateaconflictofinterestwiththeircurrentfirmandpotentiallyharmtheirrelationshipwiththecurrentbroker.WhatStandardofPracticeisprimarilyrelevanttotheportfoliomanager'sdecision?11.Afundmanagerispreparingquarterlyportfoliodisclosuresforaclient.Themanagerknowsthatoneoftheholdingsintheportfolio,SecurityX,hasrecentlyexperiencedasignificantdeclineinvalueduetocompany-specificissues.Themanagerisconcernedthatreportingthisdeclinewillnegativelyimpacttheclient'sperceptionofthemanager'sperformance.Themanagerconsidersdelayingthedisclosureuntilthenextquarterlyreport.Whichprinciple,fundamentaltotheCFAInstituteCodeandStandards,isthemanagerpotentiallycompromisingbyconsideringthisaction?12.Ananalystdeterminesthatastocktheycoverhasbeenmispricedbythemarket.Theanalystplanstowritearesearchreporthighlightingthisundervaluation.Thecompanywhosestockisbeinganalyzedrecentlyhiredtheanalyst'sformeruniversityprofessorasaconsultant.Theanalysthasnopersonalfinancialinterestinthecompanyandhasnotreceivedanyconfidentialinformationfromtheprofessorregardingthecompany.However,theanalyst'sformerprofessorisawell-respectedfigureintheindustryandthecompany'sboardisknowntovaluehisopinions.Doesthiscircumstancecreateasituationthatrequiresdisclosureorpotentialrecusalfortheanalyst?13.Aseniorportfoliomanageratafirmisconsideringhiringanewresearchanalyst.Themanagerisevaluatingtwocandidates:Candidate1hasstronganalyticalskillsbutlittlepriorinvestmentindustryexperience.Candidate2hasrelevantexperiencebutlacksstrongquantitativeabilities.ThemanagerhasapersonalconnectionwithCandidate2andbelieveshiringthemwouldbeagoodfitoutsideoftheirprofessionalqualifications.Thefirmhasapolicyrequiringportfoliomanagerstohirebasedonmeritandcompetence.WhatStandardofPracticeispotentiallyrelevanttothemanager'sdecision-makingprocess?14.Afinancialadvisorrecommendsaseriesofexpensiveseminarsandcoachingprogramstoaclient,claimingthatattendanceisrequiredtofullyunderstandandbenefitfromtheadvisor'sinvestmentrecommendations.Theadvisorearnsasignificantcommissionforeachseminarorprogramsoldtotheclient.Theclienthasexpressedskepticismbuthasnotdirectlyobjected.Theadvisorknowsthatmuchoftheinformationprovidedintheseminarscouldbefoundforfreethroughpubliclyavailablesources.WhatprincipleoutlinedintheStandardsofPracticeHandbookispotentiallybeingcompromisedbytheadvisor'sapproach?15.Aninvestmentofficeratapensionfundisconsideringinvestingaportionofthefundinaprivateequityfund.Theinvestmentofficerhasreceivedapersonalgift(e.g.,awatch,atrip)fromthegeneralpartneroftheprivateequityfund.ThegiftisconsideredatokengesturebythegeneralpartnerandiswellbelowtheCFAInstituteProhibitedActsthreshold.However,theinvestmentofficerknowsthatotherfundshavenotreceivedsuchgiftsfromthisgeneralpartner.WhatconsiderationshouldtheinvestmentofficergivetotheapplicableStandardofPracticeregardingthisgift?試卷答案1.StandardI(A)-ConflictofInterest解析思路：該分析師面臨的主要沖突源于其雇主（券商）與FundA之間的收入分享協(xié)議。根據(jù)StandardI(A)，分析師的報酬與FundA的AUM直接掛鉤，這可能影響其評估FundA時的客觀性，從而產(chǎn)生利益沖突。雖然目前未產(chǎn)生AUM，但潛在的利益回報已存在。2.Themanagermustdisclosetherelationshiptotheclientandobtaintheclient'sconsentbeforerecommendingCompanyXstock.解析思路：根據(jù)StandardIII(A)-LoyaltytoClientsandStandardIV(B)-LoyaltytoEmployers，以及利益沖突模型，分析師的親屬利益與客戶的最佳利益可能存在潛在沖突。由于親屬是公司雇員，其業(yè)績與公司盈利相關，分析師的推薦可能并非完全以客戶最大利益為出發(fā)點。因此，分析師必須向客戶披露這一重要關系，并說明其對推薦決策的潛在影響，同時獲得客戶的明確同意。僅僅相信自己的判斷是不夠的。3.Theadvisormustprovideobjectiveinformationaboutotherproducts,includingthesuperioronebeingrecommended,inabalancedmanner.解析思路：根據(jù)StandardIII(B)-CommunicationwithClientsandEmployers，以及PrincipleII-Professionalism，顧問有責任向客戶提供全面、客觀的信息以幫助其做出明智決策。雖然顧問可以基于分析推薦ProductA，但不應將其描述為“唯一最好”而忽略其他選項。顧問需要公平地展示所有可行選項的信息，包括為什么ProductA被認為是適合的，同時確保提供所有必要的信息供客戶比較。4.Theanalystshouldconsiderwhetherthetimingofthereportreleasecouldbeinfluencedbythefirmorwhetheritcreatesanappearanceofbias,potentiallyviolatingStandardVII(B)-ProhibitionAgainstMisrepresentation.解析思路：根據(jù)StandardI(A)-ConflictofInterest，分析師需要考慮發(fā)布時機是否可能帶來利益沖突或不當影響。雖然未禁止參會，但報告的發(fā)布與重要客戶會議的重疊，尤其是在涉及小盤股報道的背景下，可能讓市場產(chǎn)生該報告是為了配合會議宣傳或特定時刻抬高股價的印象，可能違反了關于禁止誤導性行為的道德原則，即StandardVII(B)。5.PrincipleI-Professionalism解析思路：根據(jù)PrincipleI-Professionalism中的誠實、守信和客觀性要求，投資經(jīng)理有責任以客戶利益為先，提供完整、準確的信息。故意隱瞞或淡化重要信息（如存在更簡單的替代方案），即使是為了維持良好關系或避免客戶撤資，也違背了專業(yè)行為的基本原則，損害了客戶的利益和信任。6.Theassociatemustnotsharethenon-publicinformationandshouldreportthesituationtotheirmanagerorthefirm'scompliancedepartment.解析思路：根據(jù)StandardII(A)-DutyofCareandStandardVI(A)-Confidentiality，員工有責任保護公司的非公開信息，不得泄露給未經(jīng)授權(quán)的人員。該分析師在未獲得授權(quán)的情況下分享了非公開信息，這是違反職業(yè)操守的行為。該同事應停止傳播，并將此情況告知其上級或公司的合規(guī)部門。7.Yes,theplannerpotentiallyviolatedStandardIII(B)-CommunicationwithClientsandEmployersandpossiblyPrincipleIV-Objectivity.解析思路：根據(jù)StandardIII(B)，planner有責任以專業(yè)的方式與客戶溝通，提供準確、完整的信息以協(xié)助客戶決策。在此案例中，planner在推薦OptionA時，未能充分披露其可能顯著影響投資回報的費用信息，違反了提供完整信息的義務。這也影響了PrincipleIV-Objectivity（客觀性），因為客戶沒有獲得做出明智決策所需的所有相關信息。8.TheprimaryissueisthepotentialviolationofStandardI(A)-ConflictofInterestandpotentiallyStandardIII(B)-CommunicationwithClientsandEmployers,aswellasfirmpolicy.解析思路：Alex在未獲得高級副總裁批準的情況下執(zhí)行了超限額交易，這本身就可能違反了公司的內(nèi)部控制政策。從道德準則角度看，如果該交易對Ben的客戶的利益產(chǎn)生影響（即使Ben本身未受益，但經(jīng)理的行為代表了客戶的利益），或者在執(zhí)行過程中存在不當動機，則可能涉及StandardI(A)中的利益沖突或?qū)椭鳎ㄍㄟ^代表客戶）的忠誠義務（StandardIII(B)）的潛在違反。9.Theindividualmustdisclosethepotentialconsultingcontracttotheiremployerandcomplywiththefirm'spolicyregardingconflictsofinterest.解析思路：根據(jù)StandardVI(A)-Confidentiality和StandardI(A)-ConflictofInterest，員工有責任披露任何可能產(chǎn)生利益沖突或影響其客觀性的外部關系。雖然配偶的公司規(guī)模小且沒有直接財務聯(lián)系，但存在提供服務并獲得報酬的可能性，且雇主公司為審計客戶。因此，該員工必須向其雇主披露此潛在關系，并根據(jù)公司政策評估是否存在沖突以及是否需要回避或獲得批準。10.StandardI(A)-ConflictofInterest解析思路：根據(jù)StandardI(A)，投資經(jīng)理面臨著來自另一家經(jīng)紀公司的潛在利益沖突。如果接受該經(jīng)紀公司的傭金折扣，經(jīng)理的決策（交易執(zhí)行、產(chǎn)品推薦等）可能會受到該經(jīng)紀公司利益的影響，從而損害其當前雇主及其客戶的利益。經(jīng)理有責任識別、評估并管理此類利益沖突。11.PrincipleI-Professionalism解析思路：基金經(jīng)理有責任遵守PrincipleI-Professionalism，這包括誠實、守信和正直?？紤]延遲披露因股價下跌而