2025年CFA考試《Ethics》練習(xí)題集考試時間：______分鐘總分：______分姓名：______Instructions:Choosethebestanswerforeachofthefollowingquestions.1.Ananalystisevaluatingacompanyforapotentialinvestmentrecommendationtoheremployer'sclients.Thecompanyisknownforhavingstrongenvironmental,social,andgovernance(ESG)practices.However,thecompany'scurrentfinancialperformanceisweak,andtheanalystbelievesitmayfacesignificantfuturefinancialdifficulties.Theanalyst'semployerhasapolicyrequiringESGconsiderationsininvestmentrecommendations.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Recommendthestocktoclients,prioritizingthepositiveESGaspectsoverthecurrentweakfinancialperformance.B)Recommendthestockonlyifshecandemonstratethattheweakfinancialperformanceistemporaryandnotindicativeoffutureissues.C)DisclosethepotentialfuturefinancialdifficultiestoclientsbutfocustherecommendationprimarilyonthepositiveESGfactors.D)Declinetomakearecommendationuntilshecanobtainmoreinformationthatconfirmsthesustainabilityofthecompany'sESGpractices.2.Aninvestmentmanagerisconsideringincludingthestockofacompanyinaportfoliorecommendedtoclients.Thecompanyrecentlyenteredajointventurewithanotherfirm,creatingapotentialconflictofinterestfortheinvestmentmanager.Theinvestmentmanager'semployerhasapolicyregardingthemanagementofconflictsofinterest.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Includethestockintheportfoliorecommendationbutdisclosethepotentialconflictofinteresttoclientsinthelimitedpartnershipagreement.B)Refrainfrommakingtherecommendationuntiltheconflictofinterestcanbeeliminatedorproperlymanagedaccordingtoemployerpolicy.C)Includethestockintherecommendationanddisclosetheconflictofinterestintheportfoliodisclosuredocumentsprovidedtoclients.D)Consultwiththefirm'slegaldepartmenttodetermineifthejointventureconstitutesaProhibitedActundertheCFAInstituteCodeandStandards.3.Aninvestmentassociateispreparingareportfortheportfoliomanagerthatincludesperformancedataforvarioussecuritiesintheportfolio.Theassociateinadvertentlyincludesestimatedfutureperformancefiguresinthereport,believingtheyarehypotheticalscenarios.Theportfoliomanagerusesthereporttomakeinvestmentdecisions,leadingtosuboptimalresultsforclients.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheinvestmentassociate?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardII(A)-FairDealingC)StandardIII(B)-ConfidentialityD)StandardIV(A)-AdditionalCompensationArrangements4.Aportfoliomanagerisscheduledtospeakataconferencesponsoredbyaprovideroffinancialanalysissoftware.Theconferenceincludesadinnersponsoredbythesoftwareprovider,andtheproviderhasofferedtheportfoliomanagerasubstantialdiscountonfuturesoftwarelicensesasatokenofappreciation.Theportfoliomanager'semployerhasapolicyregardinggiftsandhospitalityfromoutsideparties.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Acceptthediscountonfuturesoftwarelicensesbutdisclosethearrangementtoclients.B)Declinethediscountandtheconferenceinvitationtoavoidanyappearanceofaconflictofinterest.C)Acceptthediscountandtheconferenceinvitation,asthevalueisreasonableandthegiftisfromathird-partyproviderunrelatedtoclientbusiness.D)Accepttheconferenceinvitationbutdeclinethediscountonfuturesoftwarelicenses.5.Aninvestmentanalystisresearchingacompanyforanupcomingreport.Duringherresearch,shediscoversnon-publicinformationindicatingthatthecompany'sfinancialresultswillbesignificantlybetterthanpreviouslyreported.Theanalystisconsideringcontactingthecompany'smanagementtorequestmoredetailedinformation,butsheisconcernedthatdoingsomightbeperceivedasoverlyfamiliar.WhichCFAInstituteStandardofProfessionalConductplaceslimitationsontheanalyst'sabilitytoengageinthisactivity?A)StandardI(B)-DiligenceandReasonableBasisB)StandardII(A)-FairDealingC)StandardIII(A)-LoyaltytoClientsandFiduciaryDutyD)StandardIII(B)-Confidentiality6.Aportfoliomanagerisevaluatingapotentialinvestmentinaprivateequityfund.Thefundmanagerisaclosepersonalfriendoftheportfoliomanager.Theportfoliomanager'semployerhasapolicyregardinginvestmentsinprivateequityfundsandrelationshipswithfundmanagers.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Investintheprivateequityfundiftheinvestmentmeetstheportfolio'sobjectivesandriskparameters,regardlessoftherelationshipwiththefundmanager.B)Recuseherselffromthedecision-makingprocessforthisinvestmenttoavoidanyappearanceofaconflictofinterest.C)Investintheprivateequityfundbutdisclosethepersonalrelationshipwiththefundmanagertothecompliancedepartment.D)Obtainwrittenconfirmationfromthefundmanagerthattheinvestmentdecisionswillbemadeindependentlyofthepersonalrelationship.7.Aninvestmentadvisorispreparingareportforaclientthatincludesinformationabouttheclient'sportfolioperformance.Thereportcomparestheclient'sportfolioperformancetoarelevantbenchmarkindex.Theadvisorknowsthatthebenchmarkindexhasbeenunderperformingduetospecificmarketconditionsthatnegativelyimpactedtheclient'sportfolio.Theadvisordecidestoincludeanalternativebenchmarkindexthathasperformedsignificantlybetter,makingtheclient'sportfolioappearmoreattractiverelativetothemarket.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheadvisor?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardII(A)-FairDealingC)StandardIII(B)-ConfidentialityD)StandardV(A)-AdditionalCompensationArrangements8.Aresearchanalystiswritingareportonacompany.Thereportisbasedonpubliclyavailableinformation,buttheanalystincludesherownopinionsandinterpretations.Theanalyst'semployerhasapolicyregardingthedisseminationofresearch.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Includeonlyfactualinformationanddataobtainedfromthecompanyinthereport,avoidinganypersonalopinionsorinterpretations.B)Clearlydistinguishbetweenfactualinformation,theanalyst'sopinions,andreasonableassumptionsinthereport.C)Includeopinionsandinterpretationsinthereportbutattributethemtothecompany'smanagementtoavoidliability.D)Includeopinionsandinterpretationsinthereportbutensuretheyareidenticaltothoseexpressedbyatleasttwoindependentindustryanalysts.9.Aninvestmentmanagerisconsideringofferingaloyaltydiscounttoalong-termclientforalargeupcominginvestment.Thediscountissignificantlyhigherthanthestandardfeeschedule.Theinvestmentmanager'semployerhasapolicyregardingadditionalcompensationarrangements.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Offertheloyaltydiscounttotheclient,aslongasthetotalfeepaidbytheclientdoesnotexceedtheminimumfeerequiredbytheemployer.B)Offertheloyaltydiscountonlyiftheclientagreestosignanon-disclosureagreementregardingthediscountamount.C)Declinetooffertheloyaltydiscountandadheretothestandardfeescheduletoavoidpotentialconflictsofinterest.D)Offertheloyaltydiscountanddiscloseittothecompliancedepartment,butdonotdiscloseittotheclient.10.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertouseaspecificsecuritythatthemanagerbelievesisnotsuitablefortheclient'sinvestmentobjectivesandrisktolerance.Theclientisofferingasignificantperformancebonustothemanagerifthesecurityperformswell.Theportfoliomanager'semployerhasapolicyregardingloyaltytoclientsandfiduciaryduty.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Includethespecificsecurityintheportfolio,astheclientisofferingaperformancebonus.B)Refusetoincludethesecuritybutoffertomonitoritsperformancecloselyandadjusttheportfolioifnecessary.C)Includethesecurityintheportfoliobutobtainwrittenconsentfromtheclientacknowledgingthatitmaynotbesuitable.D)Refusetoincludethesecurityandexplaintotheclientwhyitisnotsuitablebasedontheclient'sstatedobjectivesandrisktolerance.11.Twoportfoliomanagersatthesamefirmarediscussingtheirinvestmentstrategies.Onemanageraskstheotheraboutthespecificdetailsofalarge,non-publictraderecentlyexecutedbytheothermanager'sportfolio.Theinformationpertainstothesecurity,theexecutionprice,andthevolumeofthetrade.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbythemanagerwhoaskedfortheinformation?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardI(B)-DiligenceandReasonableBasisC)StandardIII(B)-ConfidentialityD)StandardIV(B)-AdditionalCompensationArrangements12.Aninvestmentassociateispreparingapresentationforapotentialclient.Thepresentationincludesaslidewiththeassociate'snameandcontactinformation,aswellasthefirm'slogoandcontactdetails.Theassociatesendsthepresentationtotheclient'sassistant,whothenforwardsittotheclient.Theassociatelaterdiscoversthattheclient'sassistanthadalsoforwardedthepresentationtoanotherindividualatacompetingfirm.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheinvestmentassociate?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardII(A)-FairDealingC)StandardIII(A)-LoyaltytoClientsandFiduciaryDutyD)StandardIII(B)-Confidentiality13.Aportfoliomanagerisconsideringlendingasmallamountofmoneytoaclosefriendforapersonalloan.Theloanisnotpartofthemanager'sinvestmentactivities,andthemanagerexpectstoberepaidontime.Theportfoliomanager'semployerhasapolicyregardingpersonalloanstoemployees.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Maketheloantothefriend,astheamountissmallandtheloanisforpersonalpurposes.B)Maketheloantothefriendbutensuretheloanisdocumentedinwritingwithaclearrepaymentschedule.C)Declinetomaketheloantoavoidanypotentialconflictsofinterestorappearanceofimpropriety.D)Maketheloantothefriendbutreporttheloantothefirm'scompliancedepartment.14.Aninvestmentanalystisconductingresearchonacompany.Thecompany'smanagementhasprovidedtheanalystwithadraftreportthatcontainsfavorableinformationaboutthecompany'sfutureprospects.Theanalystisconcernedthatthereportmaybebiasedorincomplete.WhichCFAInstituteStandardofProfessionalConductrequirestheanalysttoobtainadditionalinformationorverifytheinformationprovidedbymanagementbeforeincludingitinherresearchreport?A)StandardI(B)-DiligenceandReasonableBasisB)StandardII(A)-FairDealingC)StandardIII(B)-ConfidentialityD)StandardIV(A)-AdditionalCompensationArrangements15.Aportfoliomanagerisresponsibleforaclient'sportfolio.Theclientrequeststheportfoliomanagertoprovidealistofthespecificsecuritiesheldintheportfolio.Theportfoliomanager'semployerhasapolicyregardingthedisseminationofclientinformation.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Providetheclientwithalistofthespecificsecurities,astheclienthasarighttoknowthecompositionoftheirownportfolio.B)Refusetoprovidethelist,astheclientdoesnothavetherighttorequestthisinformation.C)Providetheclientwithalistofthespecificsecuritiesbutexcludeanysecuritiesthataresubjecttoconfidentialityagreements.D)Providetheclientwithalistofthesecuritiesinaggregateform,suchassectororassetclassbreakdowns,insteadofthespecificsecuritynames.16.Aninvestmentadvisorispreparingareportforaclientthatincludesinformationabouttheclient'sportfolioperformance.Thereportincludesagraphthatvisuallypresentstheclient'sportfolioreturnsoverthepastyear.Theadvisorknowsthatthegraphusesaspecificstartingpointforthey-axisthatmakestheperformanceappearsignificantlybetterthanitactuallyis.Theadvisordecidestoincludethegraphinthereportwithoutanycaptionorexplanation.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheadvisor?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardII(A)-FairDealingC)StandardIII(B)-ConfidentialityD)StandardV(A)-AdditionalCompensationArrangements17.Aresearchanalystiswritingareportonacompany.Thereportincludesinformationthatwaspreviouslypublishedinanewspaperarticle.Theanalystdoesnotcitethesourceoftheinformationinthereport.Theanalyst'semployerhasapolicyregardingtheuseofinformationinresearchreports.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbytheanalyst?A)StandardI(A)-MemberandCandidateResponsibilitiesB)StandardI(B)-DiligenceandReasonableBasisC)StandardII(A)-FairDealingD)StandardIII(B)-Confidentiality18.Aninvestmentmanagerisconsideringofferingaloyaltydiscounttoalong-termclientforalargeupcominginvestment.Thediscountissignificantlyhigherthanthestandardfeeschedule.Theinvestmentmanager'semployerhasapolicyregardingadditionalcompensationarrangements.WhichofthefollowingactionsismostappropriateaccordingtotheCFAInstituteStandardsofProfessionalConduct?A)Offertheloyaltydiscounttotheclient,aslongasthetotalfeepaidbytheclientdoesnotexceedtheminimumfeerequiredbytheemployer.B)Offertheloyaltydiscountonlyiftheclientagreestosignanon-disclosureagreementregardingthediscountamount.C)Declinetooffertheloyaltydiscountandadheretothestandardfeescheduletoavoidpotentialconflictsofinterest.D)Offertheloyaltydiscountanddiscloseittothecompliancedepartment,butdonotdiscloseittotheclient.19.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertouseaspecificsecuritythatthemanagerbelievesisnotsuitablefortheclient'sinvestmentobjectivesandrisktolerance.Theclientisofferingasignificantperformancebonustothemanagerifthesecurityperformswell.Theportfoliomanager'semployerhasapolicyregardingloyaltytoclientsandfiduciaryduty.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A)Includethespecificsecurityintheportfolio,astheclientisofferingaperformancebonus.B)Refusetoincludethesecuritybutoffertomonitoritsperformancecloselyandadjusttheportfolioifnecessary.C)Includethesecurityintheportfoliobutobtainwrittenconsentfromtheclientacknowledgingthatitmaynotbesuitable.D)Refusetoincludethesecurityandexplaintotheclientwhyitisnotsuitablebasedontheclient'sstatedobjectivesandrisktolerance.20.Aninvestmentanalystisresearchingacompanyforanupcomingreport.Duringherresearch,shediscoversnon-publicinformationindicatingthatthecompany'sfinancialresultswillbesignificantlybetterthanpreviouslyreported.Theanalystisconsideringcontactingthecompany'smanagementtorequestmoredetailedinformation,butsheisconcernedthatdoingsomightbeperceivedasoverlyfamiliar.WhichCFAInstituteStandardofProfessionalConductplaceslimitationsontheanalyst'sabilitytoengageinthisactivity?A)StandardI(B)-DiligenceandReasonableBasisB)StandardII(A)-FairDealingC)StandardIII(A)-LoyaltytoClientsandFiduciaryDutyD)StandardIII(B)-Confidentiality試卷答案1.D解析思路：根據(jù)StandardI(B)-DiligenceandReasonableBasis，分析師有責(zé)任進(jìn)行充分的盡職調(diào)查。僅基于ESG因素或當(dāng)前財務(wù)困境的任何一方都可能導(dǎo)致不充分的盡職調(diào)查。選項D最符合標(biāo)準(zhǔn)，因為它強(qiáng)調(diào)了在做出投資建議前需要更全面的信息。2.B解析思路：根據(jù)StandardII(B)-AvoidingConflictsofInterest，會員和候選人應(yīng)避免利益沖突，或如果無法避免，必須將其充分披露并管理好。在這種情況下，潛在的沖突源于與基金管理人的關(guān)系。選項B最符合標(biāo)準(zhǔn)，因為它要求在沖突無法消除時，應(yīng)避免參與相關(guān)決策。3.A解析思路：根據(jù)StandardI(A)-MemberandCandidateResponsibilities，會員和候選人應(yīng)履行其職業(yè)職責(zé)，包括對雇主和客戶保持誠實。錯誤地包含誤導(dǎo)性信息（即使是無意中的）違反了這一責(zé)任，因為它可能損害客戶的利益。4.B解析思路：根據(jù)StandardIII(A)-LoyaltytoClientsandFiduciaryDuty，會員和候選人應(yīng)將客戶的利益置于個人利益之上。接受價值不合理的折扣和免費(fèi)活動可能損害客戶的利益或產(chǎn)生利益沖突。選項B最符合標(biāo)準(zhǔn)，因為它避免了接受可能產(chǎn)生沖突或看起來會產(chǎn)生沖突的任何東西。5.D解析思路：根據(jù)StandardIII(B)-Confidentiality，會員和候選人有責(zé)任保護(hù)非公開信息。分析師從公司管理層獲取非公開信息的唯一合法途徑是公司正式發(fā)