2025年CFA一級Ethics模擬試卷分享考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容1.Aninvestmentanalystatafirmiscoveringacompanythatrecentlyannouncedstrongquarterlyresults.Theanalyst'sspouseworksinthecompany'smarketingdepartmentandisnotinvolvedinthefinancialresultsreporting.Theanalystdiscussesthestrongresultsinaconversationwithaclosefriendwhoisnotinvestedinthecompanybutisconsideringbuyingshares.Theanalysthasnotdisclosedtheirspouse'semploymenttotheirfriend.WhichStandardofProfessionalConducthaspotentiallybeenviolated?2.Aportfoliomanagermanagesaportfolioworth$10millionforClientX.TheportfoliomanagerisconsideringofferingClientXauniquetradingopportunitythatcouldgenerateasignificantprofitbutalsoinvolvesahigherlevelofriskthantheclient'sstatedrisktolerance.TheportfoliomanagerknowsthatClientXhasalowrisktolerancebutbelievestheopportunityistoogoodtomissanddecidestopresentitanywaywithoutfullyexplainingtheincreasedriskindetail.WhichStandardofProfessionalConducthaspotentiallybeenviolated?3.Aninvestmentadvisorismeetingwithapotentialclient.Theadvisormentionstotheclientthatafamousfinancialbloggerhasgivenoneoftheadvisor'srecommendedfundsaverypositivereview,andtheadvisoraskstheclientiftheyhavereadtheblogpost.Theadvisorusesthisinformationtotrytopersuadetheclienttoinvestinthefund.WhichStandardofProfessionalConducthaspotentiallybeenviolated?4.Aresearchanalystatabrokeragefirmiscoveringthetechnologysector.Thefirmpaystheanalystabonusbasedonthetotaltradingvolumegeneratedbythestockstheanalystresearches,regardlessofwhethertherecommendationsareaccurateorinthebestinterestofclients.Theanalyststartsissuingmorefrequentandsometimesconflictingrecommendationstoboosttradingvolume.WhichStandardofProfessionalConducthaspotentiallybeenviolated?5.Aportfoliomanagerispreparingareportforaclient.Thereportincludesexpectedreturnsfortheportfoliooverthenextyear.Theportfoliomanagerincludesanasteriskandafootnotestatingthat"pastperformanceisnotindicativeoffutureresults."However,theportfoliomanagerprivatelyassuresaclosefriendthattheyarehighlyconfidenttheportfoliowillexceedtheexpectedreturnsbasedonrecentmarketconditions.WhichStandardofProfessionalConducthaspotentiallybeenviolated?6.Aninvestmentofficerforapensionfundisconsideringinvestinginaprivateequityfund.Theinvestmentofficer'sbrotherworksforalawfirmthatrepresentstheprivateequityfundmanager.Theinvestmentofficerisawareofthisrelationshipbutdecidestoproceedwiththeinvestmentafterthefundprovidesaverydetailedandoptimisticpresentation.Theinvestmentofficerdoesnotdisclosethebrother'srelationshiptothepensionfund'sboard.WhichStandardofProfessionalConducthaspotentiallybeenviolated?7.Afinancialplannerispreparingafinancialplanforaclient.Theplannerrecommendsaseriesofexpensivelifeinsurancepoliciessoldbytheplanner'sowncompany,eventhoughsimplerandlessexpensivepoliciesavailablefromothercompanieswouldadequatelymeettheclient'sneeds.Theplannerreceivesasignificantcommissionforeachpolicysold.WhichStandardofProfessionalConducthaspotentiallybeenviolated?8.Aninvestmentadvisorfrequentlyattendsindustryconferencesandseminars.Theadvisoroftenreceivescomplimentarytickets,hotelstays,andotherperksfromtheconferenceorganizersandcompaniesexhibitingattheevents.Theadvisorusesthesebenefitstoentertainclientsoccasionallybutdoesnotkeepdetailedrecordsofthevalueofthecomplimentaryitemsreceived.WhichStandardofProfessionalConducthaspotentiallybeenviolated?9.Astockbrokerisworkingonearningabonusbasedonthevalueofnewclientaccountsopened.Thebrokerconvincesanewclienttoinvestalargesumofmoneyinseveralhigh-risk,speculativestocksthatthebrokerknowshaveahighprobabilityofsignificantloss.Thebrokerdownplaystherisksandemphasizesthepotentialforhighreturns.Theclient,whoisnotsophisticatedandhasalowrisktolerance,followsthebroker'sadvice.WhichStandardofProfessionalConducthaspotentiallybeenviolated?10.Aportfoliomanagerlearnsthatastocktheyhaverecommendedtoseveralclientsisabouttobeacquiredatasignificantpremium.Theportfoliomanagerimmediatelybuysalargeamountofthestockfortheirownportfolio,makingasubstantialprofitfromtheacquisition.Theportfoliomanagerdoesnotinformtheirclientsabouttheacquisitionorthemanager'spersonalprofit.WhichStandardofProfessionalConducthaspotentiallybeenviolated?11.Afundmanagerispreparingtodiscloseinformationaboutanupcominginvestmentconferencetheyarespeakingat.Theconferenceissponsoredbyacompanythatmanufacturesinvestmentproducts.Themanagerincludesabriefmentionoftheconferenceintheirnextclientreport,statingthattheywillbesharinginsightsonmarkettrends.Themanagerdoesnotdisclosethattheconferenceissponsoredbytheproductmanufacturer.WhichStandardofProfessionalConducthaspotentiallybeenviolated?12.Aninvestmentanalystworksforafirmthatreceivesresearchgrantsfromseveralpubliccompanies.Theanalystcoversthesecompaniesandisexpectedtoprovideobjectiveresearch.Theanalystdiscoversthatoneofthegrant-receivingcompaniesisengaginginunethicalbusinesspracticesthatcouldsignificantlyimpactitsstockprice.Theanalystishesitanttoreportthesefindingsduetothevaluableresearchgrantsreceivedfromthecompany.WhichStandardofProfessionalConducthaspotentiallybeenviolated?13.Afinancialadvisorisclosingadealwithaclient.Theadvisorofferstheclientadiscountoncommissionfeesiftheclientsignstheagreementbeforeaspecificdate.Theadvisoralsomentionsthatiftheclientsignsbythedeadline,theadvisorwillpersonallyguaranteeaminimumreturnontheinvestment.WhichStandardofProfessionalConducthaspotentiallybeenviolated?14.Aportfoliomanagerismanagingseveralclientportfolios.Themanagerdiscoversthatoneoftheportfoliocustodiansisengaginginfraudulentactivity,whichcouldleadtoalossfortheclients.Themanagerisconcernedaboutthepotentiallegalimplicationsiftheyreportthecustodian,asthecustodianisalsoamajorclientoftheportfoliomanager'sfirm.WhichStandardofProfessionalConducthaspotentiallybeenviolated?15.Aninvestmentadvisorregularlyprovidesinvestmentrecommendationstotheirclientsviaemail.Occasionally,theadvisormakesmistakesintheemails,suchassendingthewrongrecommendationorincludingincorrectinformation.Theadvisorcorrectsthesemistakespromptlybutdoesnotmakeaformaldisclosuretoclientsabouttheerrors.WhichStandardofProfessionalConducthaspotentiallybeenviolated?試卷答案1.B2.B3.D4.B5.B6.B7.D8.A9.B10.C11.B12.C13.B14.C15.A解析1.解析思路：該分析師與客戶的近親屬存在利益關(guān)系（配偶在公司工作），但沒有向其朋友（潛在的或非現(xiàn)有的客戶）披露這一關(guān)系。根據(jù)StandardII(B)-FullDisclosure，會員和考生有義務(wù)向其客戶或潛在客戶披露所有可能影響客戶做出理性投資決策的信息，包括與客戶近親屬的關(guān)系。未能披露配偶關(guān)系，可能違反了充分披露的要求。2.解析思路：分析師明知客戶風險承受能力低，卻推薦了更高風險的投資機會，并且在解釋時沒有充分說明風險，這表明分析師可能沒有盡到StandardI(B)-DiligenceandReasonableCare的責任。勤勉盡責要求會員和考生在提供專業(yè)服務(wù)時展現(xiàn)合理的謹慎和勤勉，包括了解客戶需求、推薦適合的投資產(chǎn)品并充分解釋風險。未能充分披露和解釋風險，違反了勤勉盡責原則。3.解析思路：分析師利用名人博客的正面評價來試圖說服潛在客戶投資，這種行為可能違反了StandardV(B)-SolicitingBusiness的原則。該準則禁止通過歪曲事實、利用名人效應或其他不正當手段招攬業(yè)務(wù)。雖然提及博客評論本身不一定是違規(guī)的，但如果目的是利用該評論的不當影響來persuasion客戶，則可能構(gòu)成違規(guī)。4.解析思路：傭金結(jié)構(gòu)基于交易量而非投資表現(xiàn)，這激勵分析師推薦更多交易，即使這些交易不一定適合客戶，可能違反了StandardI(B)-DiligenceandReasonableCare和StandardIII(A)-Objectivity。勤勉盡責要求考慮客戶最佳利益，而客觀性要求不受利益沖突的影響。以交易量為基礎(chǔ)的傭金結(jié)構(gòu)會創(chuàng)造利益沖突，使分析師有動機進行不必要的交易，從而可能違反了勤勉和客觀原則。5.解析思路：報告中包含免責聲明（pastperformanceisnotindicativeoffutureresults），但分析師私下卻對朋友表達了強烈的信心，并預測將超越預期回報。這違反了StandardII(A)-MaterialNon-disclosure。該準則要求會員和考生不得做出可能產(chǎn)生誤導性印象的陳述，或者在做出可能產(chǎn)生誤導性印象的陳述時沒有提供充分的事實背景。私下保證回報會與公開的免責聲明產(chǎn)生矛盾，構(gòu)成重大未披露信息。6.解析思路：投資官的兄弟代表潛在的投資對象（私募基金管理人），投資官在未披露這種可能產(chǎn)生利益沖突的關(guān)系的情況下進行投資決策，違反了StandardIII(B)-ConflictofInterest。該準則要求會員和考生識別并管理所有潛在的利益沖突。由于兄弟關(guān)系，投資官在代表養(yǎng)老金基金做出投資決策時存在潛在沖突，必須披露并管理該沖突，否則即構(gòu)成違規(guī)。7.解析思路：顧問推薦超出客戶需求的高成本產(chǎn)品，主要目的是獲取高傭金，這違反了StandardI(B)-DiligenceandReasonableCare和StandardIV(A)-AdditionalCompensationArrangements。勤勉盡責要求推薦適合客戶的產(chǎn)品，而額外報酬安排準則要求會員和考生向客戶披露任何可能影響客戶決策的報酬安排。推薦不必要的高成本產(chǎn)品，表明顧問可能沒有盡到勤勉職責，并且其行為與典型的傭金驅(qū)動行為一致，可能違反了關(guān)于披露傭金結(jié)構(gòu)的規(guī)則（盡管題目未明確提及披露，但行為本身暗示了傭金驅(qū)動）。8.解析思路：顧問接受了價值不低的免費福利（門票、住宿等），但沒有記錄其價值，這違反了StandardI(A)-Professionalism。該準則要求會員和考生在行為上展現(xiàn)專業(yè)精神，包括誠實地記錄和報告所有與客戶或潛在客戶相關(guān)的收入和福利。不記錄免費福利的價值，表明顧問在處理這些福利時可能缺乏專業(yè)操守。9.解析思路：顧問為了個人業(yè)績（開立新賬戶獲得獎金）而向客戶推薦不適合的高風險投資，并刻意隱瞞或淡化風險，違反了StandardI(B)-DiligenceandReasonableCare和StandardII(B)-FullDisclosure。顧問有責任以客戶利益為先并盡到勤勉義務(wù)，同時也必須充分披露所有重要信息，包括投資的風險。故意誤導客戶關(guān)于風險，嚴重違反了這兩項準則。10.解析思路：顧問在向客戶推薦股票后，利用內(nèi)部信息（關(guān)于并購和溢價）為自己牟利，并未告知客戶，違反了StandardI(A)-Professionalism和StandardIII(B