2025年CFA一級(jí)Ethics道德準(zhǔn)則高頻預(yù)測(cè)考試時(shí)間：______分鐘總分：______分姓名：______PartA:MultipleChoiceQuestions1.Ananalystisresearchingcompaniesforapotentialportfoliorecommendation.Duringtheresearchprocess,theanalystdiscoversmaterial,non-publicinformationaboutacompany'supcomingacquisition.Theanalyst'sbrotherworksatacompanythatisacompetitorofthetargetcompanyintheacquisition.Whichofthefollowingactionsismostappropriatefortheanalysttotake?A.Immediatelydisclosethenon-publicinformationtotheirbrothertoavoidanypotentialconflictofinterest.B.Avoiddiscussingtheresearchfindingswiththeirbrotheruntilaftertheacquisitionisannouncedpublicly.C.Recusethemselvesfromtheresearchprocesstopreventanyinfluenceontheirbrother.D.Usethenon-publicinformationtogenerateatradingideafortheirownportfolio,astheybelieveitwillbeprofitable.2.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertopurchaseastockthattheportfoliomanagerpersonallyownsbutdoesnotrecommendtotheclient.Theportfoliomanagerisconcernedthatthismightcreateaconflictofinterest.Whichofthefollowingactionsismostappropriatefortheportfoliomanagertotake?A.Purchasethestockfortheclient'sportfoliotofulfilltheclient'srequestandmaintaintheclientrelationship.B.Informtheclientaboutthepotentialconflictofinterestandseektheclient'sconsentbeforemakingthepurchase.C.Declinetheclient'srequestandexplainthattheycannotpurchaseastocktheypersonallyownfortheclient'sportfolio.D.Purchasethestockfortheirownportfolioandrecommendittotheclient,astheybelieveitisagoodinvestment.3.Aninvestmentfirmoffersitsemployeesaperformance-basedbonusplan.Thebonusiscalculatedbasedonthefirm'soverallrevenuegrowth.Anemployee,Sarah,isresponsibleforgeneratingnewclientassets.Sarahheavilypromotesacomplexfinancialproductthatgenerateshighcommissionsbutmaynotbesuitableforallclients.Byfocusingontheproductthatgenerateshighcommissions,Sarahmaximizesherbonus.WhichofthefollowingethicalconcernsdoesSarah'sbehaviorraise?A.LoyaltytotheemployerB.ProfessionalcompetenceC.ObjectivityD.Professionalism4.Afinancialadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaseriesofinvestmentstotheclient,buttheadvisorfailstoadequatelyconsidertheclient'srisktoleranceandinvestmentobjectives.Theadvisorisprimarilyfocusedongeneratinghighfeesfromtherecommendations.Whichofthefollowingethicalprinciplesismostviolatedinthisscenario?A.ProfessionalcompetenceB.ObjectivityC.LoyaltytotheemployerD.Professionalism5.ACFAcandidateispreparingfortheCFALevelIexam.Thecandidatesharestheirnotesandstudymaterialswithafriendwhoisalsopreparingfortheexam.ThefriendisnotaCFAcandidateandisnotauthorizedtousethecandidate'snotes.Whichofthefollowingactionsismostethicalforthecandidatetotake?A.Allowthefriendtousethenotes,asitisnotasignificantviolationofexamrules.B.RefusetosharethenotesbutdonotreportthefriendtotheCFAInstitute.C.Politelyexplaintothefriendthattheycannotusethenotesandencouragethemtoprepareindependently.D.ReportthefriendtotheCFAInstituteforpotentialcheating.PartB:Scenario-BasedQuestions6.Aportfoliomanager,David,ismanagingaportfolioofclientassets.Davidreceivesajobofferfromacompetitorfirm.ThecompetitorfirmoffersDavidasignificantlyhighersalaryandbonuspackage,andtheypromisetoprovidehimwithinsideinformationaboutthecompetitorfirm'sclients.Davidistornbetweenacceptingtheofferandmaintaininghisethicalobligationstohiscurrentclients.Davidisalsoconcernedaboutthepotentialimpactonhisclients'portfoliosifheleaves.7.Anequityresearchanalyst,Emily,worksforaninvestmentbank.Emilyisassignedtocoveracompanythatisplanningtoreleaseitsquarterlyearningsreport.Emilydiscoversthatthecompany'searningsareexpectedtobesignificantlylowerthanwhatwaspreviouslyanticipated.Emilyisunderpressurefromhermanagertomaintainapositiveoutlookonthecompanyintheresearchreport.Emilyisalsoawarethatshehasapersonalinvestmentinthecompany.8.Afinancialadvisor,Alex,isrecommendingavarietyoffinancialproductstohisclients.Alexreceivescommissionsforsellingeachproduct.OneofAlex'sclients,Mrs.Johnson,isanelderlywomanwithalowrisktolerance.Alexrecommendsahigh-riskmutualfundtoMrs.Johnson,explainingthatthepotentialreturnscouldsignificantlyincreasehersavings.Mrs.Johnsonisnotfullyawareoftherisksassociatedwiththemutualfund.PartC:EssayQuestions9.DiscusstheimportanceofprofessionalcompetenceforCFAcandidatesandmembers.Provideexamplesofhowalackofprofessionalcompetencecanleadtoethicalviolations.10.ExplaintheconceptofaconflictofinterestinthecontextofCFALevelIEthics.Describetheprocessofmanagingconflictsofinterest,includingdisclosureandrecusal,asoutlinedintheCFAInstituteCodeandStandards.11.AnalyzetheethicalresponsibilitiesofaCFAcandidateinmaintainingconfidentialityandintegrity.Provideexamplesofsituationswhereacandidatemightbreachtheseresponsibilities.---PartA:MultipleChoiceQuestions1.C2.B3.C4.B5.CPartB:Scenario-BasedQuestions6.Davidfacesaconflictofinterestbetweenhisdutytohisclientsandhispersonalfinancialinterests.Heshoulddisclosethejoboffertohisclientsandrecusehimselffrommakinganydecisionsthatcouldpotentiallyharmtheirinterests.Heshouldalsoinformhisclientsaboutthepotentialimpactofhisdepartureonthemanagementoftheirportfolios.Davidshouldprioritizehisethicalobligationsandclientinterestsoverpersonalgain.7.Emilyfacesaconflictofinterestbetweenherdutytoprovideobjectiveresearchandherpersonalfinancialinterestinthecompany.Sheshouldprioritizeherdutytoprovideobjectiveandindependentresearch.Sheshouldgatherallrelevantinformationaboutthecompany'searningsandanalyzeitthoroughly.Emilyshouldavoidanyinfluencefromherpersonalinvestmentonherresearchfindingsandreporttheexpectedearningsaccuratelyintheresearchreport.Ifnecessary,sheshoulddiscloseherpersonalinvestmenttohermanagerandtheCFAInstitute.8.Alexfacesaconflictofinterestbetweenhisdutytohisclientsandhispersonalfinancialgain.HeshouldprioritizehisdutytoprovidesuitablerecommendationstoMrs.Johnsonbasedonherrisktoleranceandinvestmentobjectives.Alexshouldexplaintherisksassociatedwiththehigh-riskmutualfundtoMrs.Johnsoninaclearandunderstandablemanner.HeshouldavoidanyundueinfluenceandensurethatMrs.Johnsonfullyunderstandstherisksbeforemakinganinvestmentdecision.Ifnecessary,AlexshouldrecommendalternativeinvestmentproductsthataremoresuitableforMrs.Johnson'sriskprofile.PartC:EssayQuestions9.ProfessionalcompetenceisafundamentalethicalobligationforCFAcandidatesandmembers.ItisessentialformaintainingtheintegrityandreputationoftheCFAInstituteandtheinvestmentprofession.Alackofprofessionalcompetencecanleadtoethicalviolationsinseveralways.Forexample,aninvestmentprofessionalwhoisnotadequatelyknowledgeableaboutaclient'sinvestmentobjectivesandrisktolerancemayrecommendunsuitableinvestments,violatingtheprincipleofloyaltytotheemployer.Additionally,ananalystwholacksthenecessaryresearchskillsandtoolsmayprovidebiasedorinaccurateresearchfindings,violatingtheprincipleofobjectivity.Inbothcases,thelackofprofessionalcompetencecanresultinharmtoclientsanddamagethereputationoftheinvestmentprofessionalandtheprofessionasawhole.10.Aconflictofinterestariseswhenanindividual'spersonalinterests,relationships,orassociationscouldpotentiallyinterfere,orappeartointerfere,withtheirabilitytoactwithintegrityandobjectivityintheirprofessionalcapacity.InthecontextofCFALevelIEthics,managingconflictsofinterestinvolvesaprocessofidentification,disclosure,andmitigation.First,theindividualmustidentifyanypotentialconflictsofinterest.Thisincludesfinancialinterests,personalrelationships,andanyotherfactorsthatcouldinfluencetheirabilitytoactobjectively.Next,theindividualmustdisclosetheconflictofinteresttoallrelevantparties,includingclients,employers,andtheCFAInstitute.Finally,theindividualmusttakestepstomitigatetheconflictofinterest,suchasrecusingthemselvesfrommakingdecisionsrelatedtotheconflictorimplementingsafeguardstoensurethattheirobjectivityisnotcompromised.TheCFAInstituteCodeandStandardsprovidedetailedguidelinesonmanagingconflictsofinterest,includingspecificrequirementsfordisclosureandrecusalinvariousscenarios.11.CFAcandidateshaveethicalresponsibilitiestomaintainconfidentialityandintegrityinalltheiractivities.Confidentialityreferstotheobligationtorespecttheprivacyofclients,employers,andotherindividualsandtoprotectsensitiveinformation.Integrityreferstothecommitmenttohonesty,truthfulness,andethicalbehavior.Acandidatemightbreachtheseresponsibilitiesinseveralsituations.Forexample,acandidatewhosharesconfidentialclientinformationwithunauthorizedindividualsisviolatingtheprincipleofconfidentiality.Similarly,acandidatewhoengagesindishonestbehavior,suchasfabricatingresearchfindingsormisrepresentingtheirqualifications,isviolatingtheprincipleofintegrity.Otherexamplesincludeacceptinggiftsorfavorsthatcouldcompromisetheirobjectivity,orengagingingossiporspreadingrumorsthatcoulddamagethereputationoftheCFAInstituteortheinvestmentprofession.MaintainingconfidentialityandintegrityiscrucialforupholdingtheethicalstandardsoftheCFAInstituteandensuringthetrustandconfidenceofclientsandthepublic.試卷答案PartA:MultipleChoiceQuestions1.C*解析：根據(jù)道德準(zhǔn)則標(biāo)準(zhǔn)III（利益沖突），會(huì)員/候選人必須主動(dòng)披露并管理