2025年CFA一級(jí)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：______Section1:GeneralStandards1.Aportfoliomanagerisresponsibleformanagingaclient'sinvestmentportfolio.Themanagerlearnsthatalargeportionoftheportfolioisinvestedinacompanywheretheclient'sspouseholdsasignificantposition.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Immediatelyliquidateallpositionsinthecompany.b.Informtheclientaboutthepotentialconflictofinterestandrecommenddiversifyingtheportfolio.c.Disclosethespouse'sassociationtotheclientandseektheclient'sconsenttocontinuemanagingtheportfolio.d.Donothingastherelationshipisnotmaterialenoughtoimpacttheinvestmentdecisions.2.Ananalystisresearchingacompanyforapotentialinvestmentrecommendation.Thecompany'smanagementprovidestheanalystwithexclusive,non-publicinformationaboutaupcomingmerger.Whichofthefollowingactionsismostethicalfortheanalyst?a.Usetheinformationtogeneratearesearchreportandsellittothecompany'smanagement.b.Usetheinformationtoinformaclientaboutthepotentialinvestmentopportunity.c.DisclosetheinformationtotheCFAInstitutetoreportthecompany'spotentialinsidertradingviolation.d.Ignoretheinformationastheanalystisnotdirectlyinvolvedinthetransaction.3.ACFAcharterholderisattendingaconferencewhereaspeakerispromotingafinancialproductthatthecharterholderisnotfamiliarwith.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Askthespeakerabouttherisksandbenefitsoftheproductandthendecidewhethertoinvestbasedontheinformationprovided.b.Discreditthespeakerandtheproductintheconferencehall.c.Investintheproductwithoutdoingfurtherresearch,asthespeakerisareputableindividual.d.Refusetolistentothespeakertoavoidanypotentialbias.4.ACFAcharterholderispreparingareportonacompany'sfinancialperformance.Thereportincludesasectiononthecompany'ssocialresponsibilityinitiatives.Whichofthefollowingstatementsismostlikelytobeconsideredmisleadingifitisnotsupportedbyfactualinformation?a."Ourcompanyiscommittedtoreducingitscarbonfootprintby50%by2030."b."Ourcompanyhasreceivednumerousawardsforitsenvironmentalsustainabilityefforts."c."Ourcompany'sproductsareamongthemostenvironmentallyfriendlyintheindustry."d."Ourcompany'sinitiativeshavesignificantlyimprovedthelivesofthecommunitiesinwhichweoperate."5.ACFAcharterholderisworkingforaninvestmentfirmthatisconsideringinvestinginastartupcompany.Thestartup'sfounderisapersonalfriendofthecharterholder.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Advocatefortheinvestmentinthestartupwithoutprovidingathoroughanalysisofitsfinancialviability.b.Recusehimselffromtheinvestmentdecisiontoavoidanypotentialbias.c.Pushforahigherinvestmentallocationinthestartuptobenefitfrompotentialfuturegains.d.Disclosehisfriendshipwiththefounderandconductacomprehensiveanalysisofthestartup'sprospectsbeforemakingarecommendation.Section2:SpecificProhibitions6.Aninvestmentanalystisworkingforafirmthatisresearchingacompanyforapotentialinvestment.Theanalyst'sbrotherworksforacompetitorofthecompanybeingresearched.Theanalystdiscoverssomenegativeinformationaboutthecompetitorthatcouldimpactthestockpriceofthecompanybeingresearched.Whichofthefollowingactionsismostethicalfortheanalyst?a.Sharethenegativeinformationwithhisbrothertohelphisbrother'scompany.b.Usetheinformationtoinformhisclientsaboutthepotentialinvestmentopportunity.c.DisclosetheinformationtotheCFAInstitutetoreportthepotentialmarketmanipulation.d.Ignoretheinformationasitisnotdirectlyrelatedtohisowncompany'sresearch.7.Aportfoliomanagerismanagingaclient'sportfolio.Theportfolioincludesalargeholdinginacompanythatisplanningtomergewithanothercompany.Theportfoliomanagerlearnsthatthemergerisexpectedtoresultinsignificantlossesforthetargetcompany'sshareholders.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Selltheentireholdinginthetargetcompanyimmediatelytoavoidlosses.b.Informtheclientaboutthepotentiallossesandrecommendsellingtheshares.c.Donothingastheportfoliomanagerhasnoobligationtopredictmarketmovements.d.Shortsellthetargetcompany'sstocktoprofitfromtheexpecteddecline.8.Aninvestmentadvisorisprovidinginvestmentrecommendationstoclients.Theadvisorrecommendsaparticularinvestmentproducttoaclientbasedontheclient'srisktoleranceandinvestmentgoals.Theadvisorknowsthattheproductisheavilymarketedtoclientswithsimilarcharacteristicsbuthasahighfeestructure.Whichofthefollowingactionsismostethicalfortheadvisor?a.Fullydisclosethefeestructuretotheclientbutemphasizethepotentialreturnsoftheproduct.b.Downplaythefeestructureandfocusonthepotentialbenefitsoftheproduct.c.Recommendtheproductwithoutdisclosingthefeestructuretotheclient.d.Refusetorecommendtheproductasitdoesnotalignwiththeclient'sbestinterests.9.ACFAcharterholderisworkingforaninvestmentfirmthatisinvolvedinaresearchcollaborationwithanotherfirm.Thecharterholderdiscoversthattheotherfirmisusingproprietarydatafromtheinvestmentfirmwithoutitsconsent.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Usetheproprietarydataforhisownbenefit.b.Disclosetheotherfirm'sactionstotheCFAInstitute.c.Ignoretheotherfirm'sactionsasitisnotasignificantviolation.d.Confronttheotherfirm'srepresentativedirectlytoresolvetheissue.10.Aportfoliomanagerismanagingaclient'sportfolio.Theclientaskstheportfoliomanagertoprovidealistofstocksthathaveperformedwellinthepastmonth.Theportfoliomanagerprovidestheclientwithalistofstocksthatwererecommendedbyathird-partyservice,withoutdisclosingthattheserviceispaidbytheportfoliomanager'sfirm.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Providethelisttotheclientwithoutanydisclosure.b.Disclosethatthelistisprovidedbyathird-partyservicebutdonotmentionthepaymentarrangement.c.Disclosethatthelistisprovidedbyathird-partyserviceandthatthefirmhasapaymentarrangementwiththeservice.d.Refusetoprovidethelistasitinvolvesapotentialconflictofinterest.Section3:ConflictsofInterest11.ACFAcharterholderispreparingaresearchreportonacompany.Thecompanyhasprovidedthecharterholderwithfreesharesofitsstock.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Includethefreesharesinhispersonalportfolio.b.Mentionthefreesharesintheresearchreportasapotentialconflictofinterest.c.Recusehimselffrompreparingtheresearchreporttoavoidanypotentialbias.d.Usethefreesharestoshortsellthecompany'sstockbasedonhisresearch.12.Aninvestmentanalystisworkingforaninvestmentfirmthatisconsideringinvestinginacompany.Theanalyst'sspouseisemployedbyacompanythatprovidesmarketingservicestotheinvestmentfirm.Theinvestmentfirmisconsideringusingthemarketingcompanyforaupcomingcampaign.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Usehisspouse'sconnectiontoinfluencetheinvestmentdecisioninfavorofthemarketingcompany.b.Disclosethepotentialconflictofinteresttohissupervisorandrecusehimselffromtheinvestmentdecision.c.Donothingastherelationshipisnotmaterialenoughtoimpacttheinvestmentdecisions.d.Informhisspouseaboutthepotentialconflictofinterestandaskhertorecuseherselffromthemarketingproject.13.Aportfoliomanagerismanagingaclient'sportfolio.Theportfolioincludesalargeholdinginacompanythatisplanningtolaunchanewproduct.Theportfoliomanager'sbrotherisworkingforacompanythatisacompetitorofthecompanylaunchingthenewproduct.Whichofthefollowingactionsismostappropriatefortheportfoliomanager?a.Usehisbrother'sinformationtopredictthesuccessofthenewproductandadjusttheportfolioaccordingly.b.Disclosethepotentialconflictofinteresttotheclientandseektheclient'sconsenttocontinuemanagingtheportfolio.c.Donothingastherelationshipisnotdirectenoughtoimpacttheinvestmentdecisions.d.Selltheentireholdinginthecompanytoavoidanypotentialbias.14.ACFAcharterholderisworkingforaninvestmentfirmthatisconsideringhiringanewemployee.Thecharterholder'sfriendisapplyingfortheposition.Thecharterholderknowsthatthefriendisnotqualifiedfortheposition.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Supportthefriend'sapplicationforthepositionbasedontheirfriendship.b.Disclosethefriend'slackofqualificationstothehiringcommittee.c.Donothingasthecharterholderdoesnothaveadirectroleinthehiringprocess.d.Recommendthefriendforadifferentpositionwithinthefirmthatmatchestheirskills.15.Aninvestmentadvisorisprovidinginvestmentrecommendationstoclients.Theadvisorisofferedafreetriptoaluxuryresortbyafinancialproductproviderinexchangeforpromotingtheprovider'sproducts.Whichofthefollowingactionsismostappropriatefortheadvisor?a.Acceptthetripandpromotetheprovider'sproductstogeneraterevenue.b.Declinethetripandrejecttheprovider'soffertoavoidanypotentialbias.c.Acceptthetripbutdisclosethearrangementtotheclientsbeforemakinganyrecommendations.d.Acceptthetripanddisclosethearrangementtotheclientsaftertheyhaveinvestedintheprovider'sproducts.Section4:Exemptions16.ACFAcharterholderisworkingasafinancialbloggerwhoprovidesinvestmentcommentaryandanalysisonpubliclytradedcompanies.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Makinginvestmentrecommendationstoreadersbasedonhisownresearch.b.Expressinghispersonalopinionsaboutcompanieswithoutprovidinganysupportinganalysis.c.Usingproprietarydatafromhisemployertoinformhisblogposts.d.Acceptingcompensationfromacompanytowriteapositivereviewaboutitsproducts.17.ACFAcharterholderisworkingforacompanythatprovidesfinancialservicestoinstitutionalclients.Thecharterholderoccasionallyprovidesinvestmentadvicetofriendsandfamilymembers.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Providinginvestmentadvicetofriendsandfamilymembersbasedonhisprofessionalexpertise.b.Usingproprietaryinformationfromhisemployertomakeinvestmentrecommendationstofriendsandfamilymembers.c.Chargingafeeforprovidinginvestmentadvicetofriendsandfamilymembers.d.Disclosinganypotentialconflictsofinterestwhenprovidinginvestmentadvicetofriendsandfamilymembers.18.ACFAcharterholderisparticipatinginafantasysportsleaguewithhiscolleagues.Theleagueinvolvesbettingontheperformanceofprofessionalathletes.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Usingproprietaryinformationfromhisemployertopredicttheperformanceofathletes.b.Discussinginvestmentstrategieswithcolleaguesduringthefantasysportsleague.c.Placingbetsonathletesbasedontheirprofessionalexpertise.d.Chargingafeeforprovidingsportsbettingrecommendationstocolleagues.19.ACFAcharterholderisworkingforacompanythatisinvolvedinaresearchcollaborationwithanotherfirm.Thecharterholderisprovidedwithaccesstonon-publicinformationabouttheotherfirm'sresearchprojects.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Usingthenon-publicinformationtomakeinvestmentdecisions.b.Sharingthenon-publicinformationwithcolleagueswithintheresearchcollaboration.c.Disclosingthenon-publicinformationtothepublic.d.Usingthenon-publicinformationtoimprovetheresearchcollaboration.20.ACFAcharterholderisworkingforacompanythatisintheprocessofmergingwithanothercompany.Thecharterholderisprovidedwithnon-publicinformationaboutthemergernegotiations.WhichofthefollowingactivitiesismostlikelyexemptfromtheCFAInstitute'sStandardsofProfessionalConduct?a.Usingthenon-publicinformationtomakeinvestmentdecisions.b.Sharingthenon-publicinformationwithfamilymembers.c.Disclosingthenon-publicinformationtothepublic.d.Usingthenon-publicinformationtonegotiateabetterdealforhiscompany.試卷答案1.b解析：根據(jù)標(biāo)準(zhǔn)IV(A)-專業(yè)勝任能力，會(huì)員應(yīng)持續(xù)保持其專業(yè)能力。在這種情況下，由于涉及客戶配偶的重大利益，存在潛在的利益沖突。最合適的行動(dòng)是告知客戶潛在的利益沖突，并建議多樣化投資組合，以最大程度地減少?zèng)_突并保護(hù)客戶的利益。2.c解析：根據(jù)標(biāo)準(zhǔn)VI(A)-誠(chéng)實(shí)地對(duì)待客戶、雇主和其他利益相關(guān)者，以及豁免條款d-內(nèi)幕交易，分析師收到非公開(kāi)信息，即內(nèi)幕信息。最道德的行動(dòng)是向CFA協(xié)會(huì)報(bào)告該公司的潛在內(nèi)幕交易違規(guī)行為，以維護(hù)市場(chǎng)的公平和透明度。3.a解析：根據(jù)標(biāo)準(zhǔn)II(A)-誠(chéng)實(shí)守信，會(huì)員應(yīng)誠(chéng)實(shí)地對(duì)待客戶、雇主和其他利益相關(guān)者。在這種情況下，最合適的行動(dòng)是詢問(wèn)演講者關(guān)于該產(chǎn)品的風(fēng)險(xiǎn)和收益，然后根據(jù)自己的研究決定是否投資。會(huì)員應(yīng)基于事實(shí)和合理的分析做出決策，而不是輕信未經(jīng)證實(shí)的信息。4.d解析：根據(jù)標(biāo)準(zhǔn)II(A)-誠(chéng)實(shí)守信，會(huì)員的陳述必須基于事實(shí)。如果陳述沒(méi)有事實(shí)依據(jù)，例如“我們的倡議極大地改善了我們所運(yùn)營(yíng)社區(qū)的居民的生活”，則可能具有誤導(dǎo)性，因?yàn)樗赡軣o(wú)法準(zhǔn)確反映倡議的實(shí)際影響。5.b解析：根據(jù)標(biāo)準(zhǔn)III(B)-職責(zé)，會(huì)員應(yīng)在職責(zé)范圍內(nèi)行事，以維護(hù)客戶的最佳利益。在這種情況下，由于會(huì)員與創(chuàng)始人有個(gè)人關(guān)系，存在潛在的利益沖突。最合適的行動(dòng)是自行退出投資決策，以避免任何潛在的利益沖突并維護(hù)客戶的信任。6.c解析：根據(jù)標(biāo)準(zhǔn)I(C)-禁止欺詐、禁止操縱市場(chǎng)、禁止內(nèi)幕交易，以及豁免條款c-內(nèi)幕交易，分析師發(fā)現(xiàn)了關(guān)于競(jìng)爭(zhēng)對(duì)手的負(fù)面信息，該競(jìng)爭(zhēng)對(duì)手與分析師的兄弟有關(guān)。最道德的行動(dòng)是向CFA協(xié)會(huì)報(bào)告該潛在的市場(chǎng)操縱行為，以維護(hù)市場(chǎng)的公平和透明度。7.b解析：根據(jù)標(biāo)準(zhǔn)III(B)-職責(zé)，會(huì)員應(yīng)誠(chéng)實(shí)地對(duì)待客戶、雇主和其他利益相關(guān)者。在這種情況下，由于投資組合包括一家計(jì)劃與另一家公司合并的公司，且合并預(yù)計(jì)會(huì)導(dǎo)致目標(biāo)公司股東的重大損失，存在潛在的利益沖突。最合適的行動(dòng)是告知客戶潛在損失，并建議根據(jù)情況出售股票，以最大程度地減少客戶的損失并維護(hù)其利益。8.a解析：根據(jù)標(biāo)準(zhǔn)II(A)-誠(chéng)實(shí)守信，會(huì)員應(yīng)誠(chéng)實(shí)地對(duì)待客戶、雇主和其他利益相關(guān)者。在這種情況下，最道德的行動(dòng)是向客戶完全披露費(fèi)用結(jié)構(gòu)，但強(qiáng)調(diào)產(chǎn)品的潛在回報(bào)。會(huì)員應(yīng)向客戶提供所有相關(guān)信息，以便他們做出明智的決策。9.b解析：根據(jù)標(biāo)準(zhǔn)I(C)-禁止欺詐、禁止操縱市場(chǎng)、禁止內(nèi)幕交易，以及豁免條款c-內(nèi)幕交易，會(huì)員發(fā)現(xiàn)另一家公司正在未經(jīng)其同意的情況下使用其專有數(shù)據(jù)。最道德的行動(dòng)是向CFA協(xié)會(huì)報(bào)告該公司的行為，以維護(hù)知識(shí)產(chǎn)權(quán)和市場(chǎng)的公平競(jìng)爭(zhēng)。10.c