2025年CFA考試道德與專業(yè)標(biāo)準(zhǔn)測(cè)試考試時(shí)間：______分鐘總分：______分姓名：______Instructions:ReadeachitemcarefullyandselectthebestanswerbasedontheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.1.Ananalystisevaluatingtwoinvestmentopportunitiesforaclient.Theclienthasprovidedclearinstructionstoinvestprimarilyinlarge-capstocks.Theanalyst'sspouseworksforacompanythatproducesfinancialsoftwareusedbyboththeclientandthecompanyforwhichtheanalyst'sspouseworks.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Avoidrecommendingthesoftwarecompany'sstocktotheclient.b.Informtheclientaboutthespouse'semploymentandrecommendbothinvestmentopportunitieswithoutfurtherdisclosure.c.Informtheemployerofthespouse'scompanyabouttheclientrelationshipandrecommendbothinvestmentopportunities.d.Recusethemselvesfrommakingtheinvestmentrecommendationduetothepotentialforaperceivedconflictofinterest.2.Aportfoliomanagermanagesaportfoliovaluedat$10millionforClientX.ClientXalsoholdsa$2millionpositioninaprivateequityfundmanagedbyacolleagueoftheportfoliomanager.Theportfoliomanagerlearnsthatthecolleagueisplanningtoselltheirentirestakeintheprivateequityfundduetopersonalfinancialdifficulties.WhichcourseofactiondemonstratesthehighestdegreeofloyaltytoClientX?a.AdviseClientXtoimmediatelyselltheirpositionintheprivateequityfundtoavoidpotentialmarketimpactfromtheportfoliomanager'scolleagueselling.b.Donothing,astheportfoliomanagerhasnofiduciarydutyregardingClientX'spositioninathird-partyfund.c.InformClientXabouttheplannedsaleandthepotentialimpactonthefund'svalue,andrecommendholdingorsellingbasedontheclient'sinvestmentobjectives.d.AdviseClientXtopurchasemoresharesoftheprivateequityfundtosupportthecolleague.3.Aninvestmentofficerisconsideringhiringanewresearchanalystwhorecentlyleftarivalfirm.Theanalystconductedindependentresearchattherivalfirmbutsharednon-publicinformationwithclosefriends,someofwhomworkintheinvestmentindustry.Theinvestmentofficerisawareofthispastbehaviorbutisimpressedbytheanalyst'stechnicalskillsandpotentialproductivity.Whichofthefollowingactions,ifany,istheinvestmentofficerpermittedtotake?a.Hiretheanalystwithoutfurtheraction,astheinformationsharingoccurredoutsideoftheanalyst'sofficialduties.b.Hiretheanalystafterconfirmingtheyhavenofurthercontactswhomightreceiveunauthorizedinformation.c.Hiretheanalystbutrequirethemtosignastrictnon-disclosureagreementcoveringinformationobtainedduringtheirprevioustenure.d.Donothiretheanalystduetothepotentialriskassociatedwiththeirprevioushandlingofnon-publicinformation.4.Afinancialplannerispreparingareportsummarizingtheperformanceofdifferentassetclassesforanupcomingclientmeeting.Theplannerincludesanoptimisticforecastforoneparticularassetclassthatisheavilypromotedbytheplanner'semployer,whoreceivessignificantsalescommissionsfromproductsrelatedtothatclass.Theplanneralsoincludesamoreconservativeforecastfromanindependentsourceforotherassetclasses.Whichaction,ifany,bytheplannermayviolatetheCFAInstituteStandards?a.Includingbothoptimisticandconservativeforecastsfordifferentassetclassesisacceptableaslongasthereportisobjective.b.Theactofincludingtheoptimisticforecastsolelybasedonemployerpromotion,withoutadequateindependentverification,mayconstituteaviolationofStandardI(D)-ObjectivityandIndependence.c.Aslongastheplannerdisclosestheiremployer'scommissionstructuretotheclient,thereisnoviolationofCFAInstituteStandards.d.Theinclusionofaconservativeforecastforotherassetclassesmitigatesthepotentialviolationrelatedtotheoptimisticforecast.5.Anequityresearchassociateisparticipatinginacompanyconferencecall.Duringthecall,thecompany'sCEOmakesseveralpositivecommentsaboutthecompany'sfutureprospects,whicharenotfullysupportedbytheassociate'sindependentanalysis.Theassociateisconcernedthatspreadingtheseoptimisticviewswithoutqualificationmightmisleadinvestors.Whatisthemostappropriatecourseofactionfortheassociate?a.ImmediatelycorrecttheCEOduringthecalliftheopportunityarises,providingtheirdifferinganalysis.b.Documenttheirconcernsintheirresearchreportbutwaitfortheformalreportpublicationdatetoraisetheissues.c.Refrainfromcommentingduringthecallbutensuretheirfinalresearchreportaccuratelyreflectstheirindependentanalysis,includinganyreasonabledoubts.d.SharetheCEO'scommentsverbatimintheirresearchreportbutaddaDisclaimerofOpinionsection.6.Aportfoliomanagerisevaluatingapotentialinvestmentinastartupcompany.Thestartup'sCEOisaclosefriendoftheportfoliomanagerandhasprovidedtheportfoliomanagerwithexclusive,non-publicfinancialprojectionsthataresignificantlymoreoptimisticthanthoseavailabletothepublic.Theportfoliomanagerisnotawareofanymaterialmisstatementsintheprojectionsbutconsiderstheinformationreceivedfromthefriendtobebiased.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandards?a.Relysolelyonthefriend'sprojectionsfortheinvestmentdecision,astheinformationsourceisapersonalconnection.b.Obtainadditionalindependentverificationoftheprojectionsfromthird-partyanalystsbeforemakingtheinvestmentdecision.c.Accepttheprojectionsbutdisclosetotheportfolio'sclientsthattheinformationcomesfromapersonalconnectionwithoutbias.d.Declinetheinvestmentopportunityduetoconcernsaboutthepotentialbiasoftheinformationreceived.7.Anassetallocationmanagerisresponsibleforcreatinginvestmentguidelinesforapensionfund.Theguidelinesrecommendinvestingaportionoftheassetsinalternativeinvestments,includinghedgefunds.Themanagerknowsthatoneofthehedgefundsrecommendedhasbeeninvolvedinsomelegaldisputes,althoughtheoutcomesarependingandthepotentialfinancialimpactiscurrentlyuncertain.Themanagerdecidestoincludethehedgefundintheguidelinesbasedonitshistoricalperformance.Whichofthefollowingbestdescribesthemanager'spotentialethicalobligation?a.Thereisnoethicalobligationtodisclosethependinglegaldisputessincetheinvestmentisbasedonhistoricalperformance.b.Themanagermustdisclosethependinglegaldisputestothepensionfundtrusteesiftheyhavereasontobelievethedisputescouldmateriallyimpactthefund'sinterests.c.Themanagerisnotrequiredtoperformduediligenceonthehedgefund'slegalstandingaslongasthefundisregisteredwiththerelevantauthorities.d.Themanagershouldexcludethehedgefundfromtheguidelinestoavoidanypotentialliability,regardlessofitshistoricalperformance.8.Aninvestmentanalystcoversthetechnologysector.Theydevelopaproprietaryanalyticalmodelthatsignificantlyimprovestheirabilitytoidentifyundervaluedstocks.Theanalystsharesthebasicconceptofthemodelwithacolleaguewhoworksatadifferentfirm,buttheanalystemphasizesthatthespecificformulasanddatainputsareconfidential.Thecolleaguethenusestheconceptinformallywhendiscussingpotentialinvestmentideaswiththeirownclients,withoutrevealingthesourceortheproprietarynature.Whatisthemostlikelyviolation,ifany,bythecolleague?a.Thereisnoviolationasthecolleagueonlysharedthegeneralconceptandnottheproprietaryformulasordatainputs.b.StandardII(A)-Professionalismmaybeviolatedifthecolleaguerepresentstheideaastheirownoriginalwork.c.StandardIII(A)-Diligencemaybeviolatedifthecolleaguereliessolelyontheconceptwithoutconductingtheirownindependentanalysis.d.StandardI(C)-AdditionalCompensationArrangementsmaybeviolatedifthecolleague'sfirmprofitsfromusingtheconceptwithoutappropriatecompensationtotheanalyst.9.Aportfoliomanagerisevaluatingapotentialemployer.Theprospectiveemployeroffersasignificantlyhighersalarythanthecurrentportfoliomanagerreceives,butthemanagerlearnsthatthefirmengagesinpracticesthatmayconflictwiththeCFAInstituteStandards,suchaspressuringsalesstafftoprioritizecommissionsoverclientbestinterests.Whichofthefollowingisthemostappropriatecourseofactionfortheportfoliomanager?a.Accepttheofferimmediately,asthefinancialincentiveoutweighsconcernsaboutpotentialethicalconflicts.b.Negotiatewiththeprospectiveemployertomodifythefirm'spracticestoalignwiththeCFAInstituteStandardsbeforeacceptingtheoffer.c.DeclinetheofferduetothepotentialconflictwiththeCFAInstituteStandards,eventhoughthecompensationisattractive.d.Accepttheofferbutplantoreportthefirm'spracticestotheCFAInstituteonceemployed.10.Twoportfoliomanagersatthesamefirmarediscussingtheirrespectiveclientportfolios.ManagerAmentionstoManagerBthattheyrecentlyrecommendedbuyingalargepositioninCompanyX'sstockbasedonpositiverumorscirculatingintheindustry.ManagerBisalsoconsideringrecommendingCompanyX'sstocktotheirclientsbutisunsureaboutthevalidityoftherumors.Whichofthefollowingactions,ifany,byManagerAismostappropriate?a.InformManagerBthattheyobtainedexplicitwrittenconsentfromthecompanytosharetherumors.b.KeeptheinformationconfidentialandrefrainfromdiscussingtherumorswithManagerBtoavoidanyperceivedconflictofinterest.c.AdviseManagerBtoconducttheirownthoroughanalysisbeforemakinganyrecommendations,regardlessoftherumors.d.SharetherumorswithManagerB,butaddawarningthattheinformationisunverifiedandshouldbetreatedwithcaution.11.Aninvestmentadvisorprovidesresearchreportstotheirclients,someofwhomareclassifiedasretailinvestorsandothersasinstitutionalinvestors.Theadvisorchargesahigherfeeforinstitutionalclients.Theadvisordiscoversthatsomenon-public,positiveinformationcontainedinarecentreportwasinadvertentlysharedwithafewretailclientsbeforebeingfullydisseminatedtoinstitutionalclients.Whichofthefollowingactions,ifany,bytheadvisorconstitutesaviolationoftheCFAInstituteStandards?a.Theadvisordidnotintendtodiscriminatebetweenclients,sothereisnoviolationoftheStandards.b.StandardII(A)-Professionalismisviolatedbecausetheadvisorfailedtotreatallclientsfairlybyprovidinginformationatdifferenttimes.c.StandardIII(B)-AdditionalCompensationArrangementsisviolatedifthefeedifferentialisbasedontheselectiveprovisionofinformation.d.Noviolationoccursaslongastheinformationiseventuallyprovidedtoallclients.12.Afinancialplannerisdevelopingafinancialplanforaclient.Theclientisahigh-net-worthindividualwhorecentlyinheritedasignificantamountofassets.Theplannerrecommendsaseriesofcomplexfinancialproducts,includingsomethatgeneratesubstantialfeesfortheplanner.Theplannerdisclosesthefeestructuretotheclientbutfailstoadequatelyexplainthecomplexityandrisksoftheproducts,assumingtheclientunderstandstheconceptsduetotheirhighnetworth.Whichofthefollowingbestdescribestheplanner'spotentialethicalobligation?a.Theplannerisnotobligatedtoprovidefurtherexplanationastheclientisconsideredsophisticated.b.Theplannerhasadutytoensuretheclienttrulyunderstandstheproducts,regardlessoftheirnetworth,beforerecommendingthem(StandardIII(B)-AdditionalCompensationArrangementsandStandardIV(A)-Professionalism).c.Theplanner'sdutyonlyinvolvesdisclosingthefees;explainingthecomplexityistheclient'sresponsibility.d.Aslongastheproductsarelegallycompliant,theplannerhasfulfilledtheirethicalobligations.13.TwoCFAcharterholdersarecolleaguesatatradingfirm.Onecharterholder(MemberA)recommendsaspecificstocktradetoaclientbasedonproprietaryresearch.Theothercharterholder(MemberB)learnsthatMemberA'sspouse,whoisnotemployedbythefirm,recentlypurchasedasignificantamountofthesamestockthroughapersonalbrokerageaccount.MemberBshouldbemostconcernedaboutwhichpotentialconflictofinterest?a.ApotentialconflictofinterestforMemberBiftheyalsotradethestock,asitmightappearMemberAinfluencedthem.b.ApotentialconflictofinterestforMemberAiftheywerecompensatedbasedontheclient'stradeperformance,whichcouldindirectlybenefittheirspouse.c.NoconflictofinterestexistsaslongasMemberA'srecommendationwasbasedonlegitimateresearchandthespouse'spurchaseisseparatefromMemberA'swork.d.AviolationofStandardI(D)-ObjectivityandIndependenceforMemberA,astheirpersonalinvestmentmightbiastheirresearchrecommendations.14.Aninvestmentmanagerispresentingtheperformanceoftheirportfoliotoaclient.Theportfoliosignificantlyunderperformedarelevantbenchmarkindexduringaspecificperiod.Tomakethepresentationmorepositive,themanagerdecidestofocusprimarilyontheportfolio'sstrongperformanceduringotherperiodsandomitsdiscussionoftheunderperformanceperiod.Whichofthefollowingbestdescribesthemanager'spotentialethicalobligation?a.Thereisnoethicalobligationtodiscusstheunderperformanceaslongasthetotalreportedreturnisaccurate.b.Themanagerhasadutytoprovideafairandbalancedpresentationthatincludessignificantunderperformanceperiodsalongsidestrongperformanceperiods(StandardI(D)-ObjectivityandIndependence).c.Themanagerispermittedtoomittheunderperformanceperiodifitisdeemedtobeanoutlierduetoextraordinarymarketevents.d.Themanageronlyneedstodisclosetheunderperformanceifitwascausedbyspecificactionstakenbythemanagerthatarenotreflectedinthebenchmark.15.Afinancialadvisorisclosingabusinessrelationshipwithalong-termclient.Theclienthasexpresseddissatisfactionwiththeadvisor'sservicebuthasnotformallyterminatedtherelationship.Theadvisorrecommendstransferringtheclient'sassetstoadifferentfirmandofferstoprovidealetterofrecommendationfortheclient'snewadvisor.Theclientsubsequentlyinformstheadvisorthattheyneverintendedtoterminatetherelationshipandweremanipulatedbytheadvisorintotransferringtheirassets.Whichofthefollowingactions,ifany,bytheadvisormayhaveviolatedtheCFAInstituteStandards?a.Theadvisor'soffertoprovidealetterofrecommendationwasastandardpartoftheassettransferprocessanddidnotviolateanyStandards.b.Theadvisor'srecommendationtotransferassetsmayconstituteaviolationofStandardIV(B)-DutyofCareiftheadvisoractedintheirowninterestratherthantheclient'sbestinterest,especiallyifmanipulationissuspected.c.Thereisnoviolationaslongastheadvisorfollowedtheproperproceduresforassettransferrequests.d.Theadvisor'sdutytoprovidealetterofrecommendationoverridesanypotentialconcernsabouttheassettransferiftherecommendationwasmadeingoodfaith.試卷答案1.a解析思路：分析師的配偶在公司工作，存在利益沖突。即使配偶的工作不直接涉及該投資，但公司產(chǎn)品被客戶和分析師配偶公司使用，形成了間接利益沖突。最恰當(dāng)?shù)淖龇ㄊ潜苊馔扑]該公司的股票，以消除或管理沖突。選項(xiàng)b和d未能充分管理沖突。選項(xiàng)c將信息告知雇主可能無(wú)法有效解決客戶利益沖突。2.c解析思路：對(duì)客戶的職責(zé)是首要的。向客戶披露相關(guān)信息（同事計(jì)劃出售、潛在影響）并建議基于客戶目標(biāo)的行動(dòng)，體現(xiàn)了對(duì)客戶的忠誠(chéng)和勤勉盡責(zé)。選項(xiàng)a可能不是最佳方案，除非有明確證據(jù)表明該投資對(duì)客戶不利。選項(xiàng)b忽視了客戶的利益。選項(xiàng)d可能損害客戶利益。3.d解析思路：根據(jù)StandardII(A)-LoyaltyandTrustworthiness，會(huì)員有義務(wù)避免從事可能損害客戶、雇主或同事利益或損害自身職業(yè)聲譽(yù)的活動(dòng)。該分析師過(guò)去的行為（與非雇主的個(gè)人關(guān)系分享非公開(kāi)信息）表明其可能存在處理敏感信息的風(fēng)險(xiǎn)。盡管其有技能，但過(guò)去行為帶來(lái)的潛在風(fēng)險(xiǎn)使得在不完全消除風(fēng)險(xiǎn)的情況下（如選項(xiàng)c的協(xié)議可能不夠充分）不應(yīng)雇傭。選項(xiàng)a和b未能解決根本的風(fēng)險(xiǎn)問(wèn)題。選項(xiàng)d認(rèn)識(shí)到風(fēng)險(xiǎn)并決定不雇傭，是符合標(biāo)準(zhǔn)的做法。4.b解析思路：StandardI(D)-ObjectivityandIndependence要求會(huì)員在提供專業(yè)服務(wù)時(shí)必須公平、客觀、不受偏見(jiàn)、利益沖突或他人影響。僅基于雇主推廣而包含樂(lè)觀預(yù)測(cè)，缺乏獨(dú)立驗(yàn)證，可能構(gòu)成偏見(jiàn)，違反了客觀性原則。選項(xiàng)a和c錯(cuò)誤，提供未經(jīng)充分驗(yàn)證的樂(lè)觀預(yù)測(cè)和披露傭金結(jié)構(gòu)都不足以保證客觀性。選項(xiàng)d錯(cuò)誤，包含其他資產(chǎn)的保守預(yù)測(cè)不能彌補(bǔ)對(duì)單一資產(chǎn)的樂(lè)觀預(yù)測(cè)可能造成的偏見(jiàn)。5.c解析思路：StandardI(D)-ObjectivityandIndependence要求會(huì)員在報(bào)告或溝通中應(yīng)準(zhǔn)確、清晰、完整地反映其分析結(jié)果，包括任何合理doubts。雖然不能打斷會(huì)議糾正，但必須在最終的研究報(bào)告中體現(xiàn)獨(dú)立分析，包括對(duì)CEO言論合理性的質(zhì)疑。選項(xiàng)a可能不禮貌且不專業(yè)。選項(xiàng)b可能不夠及時(shí)，延遲表達(dá)擔(dān)憂可能被視為對(duì)問(wèn)題的忽視。選項(xiàng)d只是簡(jiǎn)單轉(zhuǎn)述并加免責(zé)聲明，未能體現(xiàn)獨(dú)立分析和對(duì)信息的審慎評(píng)估。6.b解析思路：StandardI(A)-Integrity要求會(huì)員在所有專業(yè)事務(wù)中保持誠(chéng)實(shí)、正直和誠(chéng)實(shí)守信。收到來(lái)自朋友的、可能存在偏見(jiàn)的非公開(kāi)信息，必須進(jìn)行獨(dú)立驗(yàn)證。依賴未經(jīng)獨(dú)立驗(yàn)證的偏頗信息違反了誠(chéng)信原則。選項(xiàng)a和d都依賴于有潛在偏見(jiàn)的信息。選項(xiàng)c未能解決信息來(lái)源的偏見(jiàn)問(wèn)題。7.b解析思路：StandardIII(B)-AdditionalCompensationArrangements要求會(huì)員在提供包含非公開(kāi)信息的研究或建議時(shí)，必須向所有接收方充分披露信息來(lái)源、性質(zhì)以及會(huì)員可能獲得的補(bǔ)償。盡管法律上可能允許，但道德上，如果會(huì)員基于該信息做出了投資建議（即使是隱含的），有義務(wù)披露給可能受影響的客戶（如養(yǎng)老金基金的受托人）。選項(xiàng)a錯(cuò)誤，不確定事項(xiàng)也需要披露。選項(xiàng)c錯(cuò)誤，注冊(cè)不能豁免披露義務(wù)。選項(xiàng)d錯(cuò)誤，除非風(fēng)險(xiǎn)極低，否則不應(yīng)僅基于歷史表現(xiàn)而忽略潛在風(fēng)險(xiǎn)。8.b解析思路：StandardII(A)-Professionalism要求會(huì)員在專業(yè)活動(dòng)中有助于維護(hù)并提升專業(yè)聲譽(yù)。同事將非自己原創(chuàng)的模型概念用于自