2025年CFA一級(jí)道德習(xí)題集考試時(shí)間：______分鐘總分：______分姓名：______試卷開(kāi)始1.Aninvestmentmanagerisconsideringtakingabusinesstriptoamajorclient'sheadquarterstopresentanewinvestmentstrategy.Thetripisfullypaidforbytheclient.AccordingtoStandardIII(A)-3,theinvestmentmanagermust:a.Declinethetripasthepaymentcomesfromanexternalsource.b.Acceptthetripanddisclosethefactthatitispaidforbytheclientinwriting.c.Acceptthetripbutensuretheclientdoesnotderiveanydirectorindirectbusinessbenefitfromthetrip.d.Acceptthetriponlyiftheinvestmentmanager'sspouseorchildisalsoincluded.2.AcandidatefortheCFAcharterisemployedasananalystataninvestmentbank.ThebankisunderwritinganIPOforCompanyX.Thecandidate'scousinownssharesofCompanyXandhasbeendiscussingthecompany'sfutureprospectswiththecandidateincasualconversations.ThecandidatehasnotyetbeengrantedaccesstoanynonpublicinformationregardingtheIPO.AccordingtoStandardI(C)-4,thecandidatemust:a.InformhercousinthatshecannotdiscusstheIPOuntilgrantedaccesstononpublicinformation.b.Disclosethecousin'sownershipofCompanyXsharestohersupervisorbutcontinuediscussingthecompanyingeneralterms.c.CeasealldiscussionaboutCompanyXwithhercousinuntilaftertheIPOispriced.d.Donothingasthecousinisnotadirectclientandthediscussionswerenotwork-related.3.AninvestmentadviserismanagingaportfolioforClientA.TheadviserlearnsthatClientAisalsoadirectorofCompanyY,whichisacompetitorofoneoftheportfolio'smajorholdings,CompanyZ.TheinvestmentadviserhasbeenprovidinginvestmentrecommendationstoClientAregardingCompanyZforthepastsixmonths.AccordingtoStandardII(B)-1,theinvestmentadvisermust:a.InformClientAthattheportfolio'sholdingsinCompanyZmaybeinfluencedbyClientA'spositionatCompanyY.b.DisclosetoClientAthattheportfolio'sholdingsinCompanyZcouldpotentiallyconflictwithClientA'sinterestsasadirectorofCompanyY.c.ObtainClientA'sconsenttocontinuemanagingtheportfolioascurrentlystructured.d.ImmediatelysellallholdingsinCompanyZtoeliminatethepotentialconflict.4.Aninvestmentmanagerisresponsibleformanaginganumberofseparateclientportfolios.Themanagerdiscoversthataformercolleague,whoisnowanemployeeofacompetitor,hasbeencontactingsomeofthemanager'sclientsforbusiness.Themanagerknowsthattheformercolleagueimproperlyobtainedcontactinformationwhileworkingatthemanager'sfirm.AccordingtoStandardII(A)-4,themanagermust:a.Donothingasthecompetitor'sactionsareaviolationofthatcompetitor'scodeofconduct.b.Informtheclientsthatthemanager'sformercolleagueiscontactingthembutdeclinetoprovideanyinformationaboutthemanager'sfirm.c.Contactthecompetitor'shumanresourcesdepartmenttoreporttheformercolleague'sactions.d.Prohibittheclientsfromdoingbusinesswiththeformercolleague.5.Aninvestmentmanagerispreparingareportforaclientthatincludesthemanager'spersonalopinionontheclient'scurrentinvestmentportfolio.Themanagerincludesasectioninthereporttitled"MyThoughtsonYourPortfolio."AccordingtoStandardI(B)-1,themanagermust:a.Ensurethereportalsoincludesobjective,factualinformationabouttheportfolio'sperformance.b.Clearlylabelthesectionasanopinionandstatethatitdoesnotconstituteinvestmentadvice.c.Obtaintheclient'spriorconsentbeforeincludingthepersonalopinioninthereport.d.Removethesectionentirelyaspersonalopinionsarenotallowedinclientreports.6.Aportfoliomanagerataninvestmentmanagementfirmisevaluatingpotentialnewhiresforananalystposition.Onecandidate,CandidateB,hasastrongacademicbackgroundbutlimitedrelevantworkexperience.Anothercandidate,CandidateC,hasextensiveworkexperiencebutaweakeracademicrecord.TheportfoliomanagerprefersCandidateCduetotheirindustryconnections.AccordingtoStandardII(A)-3,theportfoliomanagermust:a.HireCandidateCastheirindustryconnectionswillbebeneficialtothefirm.b.HireCandidateBbutprovideadditionaltrainingto彌補(bǔ)theirlackofexperience.c.Ensurebothcandidatesareevaluatedbasedontheirabilitytodemonstratetheknowledgeandskillsrequiredtoperformthejobcompetently.d.Hirethecandidatewhoismoresimilartotheportfoliomanagerintermsofbackgroundandapproach.7.AninvestmentanalystataninvestmentbankisworkingonaresearchreportforCompanyW.Theanalyst'sfriend,whoworksatacompetitor,askstheanalystforacopyofthereportbeforeitspublicrelease.Theanalystknowsthatgivingthereporttotheirfriendwouldviolatethebank'spolicies.AccordingtoStandardI(D)-2,theanalystmust:a.Givethereporttotheirfriendbutensurethefriendsignsanagreementtokeeptheinformationconfidential.b.Refusetogivethereporttotheirfriendbutexplainthereasonsfortherefusaloverthephone.c.Givethereporttotheirfriendbutinformthefriendthatitisbasedonconfidentialinformation.d.Refusetogivethereporttotheirfriendandreportthefriend'srequesttothefirm'scompliancedepartment.8.Aninvestmentadviserismanagingtwoseparateclientportfolios,PortfolioXandPortfolioY.Theadviserrecommendsastockthatisheldinbothportfolios.Theadviserhasafinancialinterestinthestock,buttheadviserhasdisclosedthisinteresttobothclientsinwritingatthebeginningoftheirrelationship.AccordingtoStandardII(A)-4,theadvisermust:a.EnsuretheperformanceofthestockinPortfolioXisatleastasgoodastheperformanceofthestockinPortfolioY.b.Obtainwrittenconsentfrombothclientsbeforerecommendingthestocktobothportfolios.c.Disclosethefinancialinterestinthestocktobothclientseachtimethestockisrecommended.d.Donothingfurtherasthefinancialinteresthasalreadybeendisclosedatthebeginningoftherelationship.9.AcandidatefortheCFAcharterisemployedasatraderataninvestmentbank.ThebankisinvolvedinalawsuitwithCompanyZ.Thecandidate'ssiblingisanattorneyatCompanyZ.Thecandidatehasaccesstononpublicinformationregardingthelawsuitthathasnotbeenmadeavailabletothepublicorotherbankemployees.AccordingtoStandardI(A)-3,thecandidatemust:a.UsethenonpublicinformationtomaketradesthatcouldbenefitCompanyZ.b.Disclosethesibling'semploymentatCompanyZtothebank'scompliancedepartmentbutcontinueworkingasnormal.c.Refrainfromusingthenonpublicinformationforanypurposeandreportthesituationtothebank'sethicsofficer.d.Informthesiblingthattheycannotusethenonpublicinformation.10.Aninvestmentmanagerispreparingtorecommendanewinvestmentstrategytoaclient.Thestrategyinvolvesusingleverage,whichcouldamplifybothgainsandlosses.Themanagerknowsthattheclienthasalowrisktolerancebuthasnotdisclosedthistothemanager.AccordingtoStandardI(B)-3,themanagermust:a.Recommendthestrategybutprovideadisclaimerthatthemanagerisnotresponsibleforanylosses.b.Recommendadifferentstrategythatdoesnotinvolveleverage.c.Obtainwrittenconfirmationfromtheclientthattheyunderstandtherisksofthestrategyandconsenttoitsuse.d.Informtheclientabouttherisksofleveragebutdonotrecommendthestrategyiftheclientdoesnotrespond.11.AninvestmentadviserismanagingaportfolioforClientP.TheadviserrecommendsacomplexstructuredproducttoClientP.Theproductinvolvesmultiplelayersoffeesandhasamaturitydateoffiveyears.ClientPdoesnotfullyunderstandtheproduct'sfeaturesandrisks.AccordingtoStandardII(B)-3,theadvisermust:a.ProvideClientPwithadetailedprospectusandensuretheysignanagreementacknowledgingthattheyhavereadit.b.ExplaintheproductinsimpletermsandensureClientPunderstandsthekeyfeatures,risks,andfees.c.RecommendtheproductonlyifClientPisanaccreditedinvestor.d.ObtainClientP'sconsenttoproceedwiththeinvestmentafterexplainingtheproductingeneralterms.12.Aportfoliomanagerataninvestmentmanagementfirmisresponsibleforensuringthefirm'sresearchreportsareobjectiveandfreefrombias.ThemanagerdiscoversthatoneoftheanalystshasincludedoverlyoptimisticprojectionsinareportonCompanyQduetopersonalbias.AccordingtoStandardIII(C)-1,themanagermust:a.Discouragetheanalystfromincludingpersonalopinionsbutdonottakeanyformalaction.b.Requesttheanalysttorevisethereporttoremovethebiasedprojections.c.Approvethereportasis,butrequiretheanalysttodisclosetheirpersonalbiasinthereport.d.Terminatetheanalyst'semploymentimmediatelyastheiractionsconstituteaseriousviolation.13.Aninvestmentmanagerisconsideringofferingaloyaltybonustoclientswhomaintainaminimuminvestmentlevel.Thebonuswouldbepaidannuallyandwouldbebasedonapercentageoftheclient'sassetsundermanagement.AccordingtoStandardIII(B)-5,themanagermust:a.Offerthebonusonlytoclientswhohavebeenwiththemanagerforatleastoneyear.b.Disclosethetermsofthebonusprogramtoclientsinwritingandobtaintheirconsent.c.Ensurethebonusisstructuredasafeereductionratherthanagift.d.Offerthebonusonlytoclientswhoinvestaminimumamountofmoneyeachyear.14.AninvestmentanalystispreparingaresearchreportonCompanyR.Theanalyst'sfirmhasalong-terminvestmentinCompanyR.TheanalystreceivesnonpublicinformationaboutapotentialmergerthatcouldsignificantlyimpactCompanyR'sstockprice.AccordingtoStandardI(D)-1,theanalystmust:a.UsethenonpublicinformationtomaketradesinCompanyR'sstockforthefirm'sportfolio.b.Disclosethenonpublicinformationtothepublicintheresearchreporttoavoidinsidertradingallegations.c.Refrainfromusingthenonpublicinformationforanypurposeandreportthesituationtothefirm'scompliancedepartment.d.Sharethenonpublicinformationwithaclosefriendwhoisnotaffiliatedwiththefirm.15.AcandidatefortheCFAcharterisemployedasafinancialplanner.TheplannerispreparingafinancialplanforClientQ.Theplannerrecommendsaseriesoftransactionsthatinvolvereceivingcommissionsfromdifferentfinancialinstitutions.TheplannerknowsthatthesetransactionsmaynotbeinthebestinterestofClientQ.AccordingtoStandardI(C)-1,theplannermust:a.EnsurethecommissionsreceivedaredisclosedtoClientQinwriting.b.ObtainClientQ'sconsenttoproceedwiththerecommendedtransactions.c.Refrainfromrecommendinganytransactionsthatinvolveconflictsofinterest.d.DisclosethepotentialconflictofinteresttoClientQandrecommendanalternativeapproachthatdoesnotinvolvecommissions.試卷結(jié)束試卷答案1.b解析思路：根據(jù)StandardIII(A)-3，投資經(jīng)理必須披露由客戶支付的費(fèi)用，并確?？蛻舨粫?huì)從該費(fèi)用中獲得直接或間接的業(yè)務(wù)利益。選項(xiàng)b描述了正確的做法，即接受旅行并披露費(fèi)用來(lái)源。2.c解析思路：根據(jù)StandardI(C)-4，候選人在得知可能接觸到未公開(kāi)信息之前，不得向任何第三方透露該信息。在此情況下，盡管候選人的cousin不是直接客戶，但候選人是分析師，可能接觸到非公開(kāi)信息。因此，候選人必須停止與cousin的相關(guān)討論，直到IPO定價(jià)之后。選項(xiàng)c是正確的。3.b解析思路：根據(jù)StandardII(B)-1，投資顧問(wèn)有責(zé)任向客戶披露可能影響客戶做出理性投資決策的任何事實(shí)。在此情況下，ClientA作為CompanyY的董事，其職位可能與投資組合中CompanyZ的持有情況產(chǎn)生利益沖突。投資顧問(wèn)必須向ClientA披露這種潛在沖突。選項(xiàng)b描述了正確的做法。4.b解析思路：根據(jù)StandardII(A)-4，會(huì)員和候選人有責(zé)任避免參與或協(xié)助任何不道德或非法的活動(dòng)。在此情況下，競(jìng)爭(zhēng)對(duì)手的員工不當(dāng)獲取聯(lián)系信息并用于商業(yè)目的，這違反了道德行為準(zhǔn)則。投資經(jīng)