2025年CFA考試《Ethics》模擬練習考試時間：______分鐘總分：______分姓名：______考生姓名：______________考試日期：______________開始時間：______________結(jié)束時間：______________1.AccordingtoStandardI(A)ProfessionalIntegrityandObjectivity,whichofthefollowingactivitiesbyaninvestmentmanagerwouldmostlikelybeconsideredaviolation?a)Acceptingacorporatejetfromaportfoliocompanyforpersonaluseduringabusinesstrip.b)Refusingtoinvestinaspecificindustryduetopersonalbeliefs,withoutconsideringinvestmentmerits.c)Allowingafamilymembertoborrowmoney,withtheunderstandingthatthemoneywillberepaidfromthemanager'spersonalfunds.d)Usingnon-public,materialinformationobtainedfromadirectormeetingtoadviseclients.2.Ananalystisevaluatingtwopotentialportfolioadditions.Onestockishighlyrecommendedbyinfluentialindustryexperts,whiletheotherhasstrongfundamentaldatasupportingit.Thefirm'spolicyallowsconsiderationofexpertopinions.However,theanalysthasasignificantfinancialinterestinthesecondstockthroughapersonalholding.Theanalystpresentsthefirststockprimarilytoclientsandmentionsthesecondstockonlybriefly,statingthey"don'thaveenoughtimetocoveritproperly."Thissituationmostclearlyraisesconcernsregarding:a)StandardII(A)LoyaltytoEmployer.b)StandardI(B)Objectivity.c)StandardIII(A)ResponsibilitytoClients.d)StandardI(C)ProfessionalCompetence.3.Whichofthefollowingactionsbyaportfoliomanagerwouldmostlikelybeviewedasviolatingthespirit,ifnottheletter,ofStandardII(B)FairDealing?a)Providingresearchreportstoallclientsinthesameportfoliowithoutcustomization.b)Allocatingsuperiorinvestmentopportunitiestolargerclientsbasedonassetsundermanagement.c)Disclosingtoclientsthatcertaininformationwithinaresearchreportisbasedonproprietaryanalysis.d)Offeringtoprovideadditionalpersonalizedattentiontoclientswhoprovidepositivereferrals.4.Aseniorportfoliomanagerisconsideringtakingonanewassistant.Themanagerknowsthattheassistant'sspouserecentlylosttheirjobandisinsignificantfinancialneed.Themanagerofferstheassistantabelow-marketsalary,citingthedifficulteconomictimesasjustification.Themanagerbelievesthecompensationisfairgiventheassistant'slimitedexperience.WhichStandardofProfessionalConductismostdirectlyimpactedbythissituation?a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(C)ProfessionalCompetence.c)StandardII(C)FairDealing.d)StandardIII(B)FairTreatmentofEmployees.5.Aninvestmentfirmisorganizinganindustryconference.Thefirmisprovidingthevenue,catering,andtravelexpensesforallattendees,includingkeycompetitors.Theconferenceincludesapaneldiscussionfeaturingawell-knownindustryanalystwhoisapaidspeakerforthefirm.WhichStandardofProfessionalConductispotentiallyviolatedbythisarrangement?a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(B)Objectivity.c)StandardII(A)LoyaltytoEmployer.d)StandardII(D)ResponsibilitiesasaMarketParticipantorSupervisor.6.Avicepresidentataninvestmentbankisaskedbyaseniormanagingdirectortoincludeaspecific,non-performingloaninaportfoliorecommendationforahigh-net-worthclient.Theloanisconnectedtoamajorcorporateclientofthebank.Thevicepresidentknowstheloanisnotsuitablefortheclient'sriskprofileandmayharmtheclient'sinvestmentobjectives.Thebank'sinternalpolicydiscouragessuchplacementsbutdoesnotexplicitlyprohibitthem.Thevicepresidentshould:a)Maketherecommendationasrequested,explainingthatthemanagingdirector'sjudgmentisfinal.b)Refusetherecommendation,citingpersonalethicalobjectionstothespecificloan.c)Recommendtheloanbutincludeasignificantwarningaboutitsrisksandunsuitability.d)Consultwiththefirm'sethicsdepartmentbeforeproceeding,whilestillconsideringtherecommendation'ssuitabilityfortheclient.7.Aninvestmentanalystgathersinformationaboutacompetitor'supcomingproductlaunchfromasourcewhoclaimstobean"insider"butisactuallyandisgruntledformeremployeewithnodirectknowledgeofthecompany'splans.Theanalystbecomes興奮aboutthepotentialimpactontheirownfirm'sproductsandsharesthisinformationinformallywithaclosecolleague.Later,theanalystlearnstheinformationisfalse.Theanalyst'sactionsmostclearlyviolated:a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(C)ProfessionalCompetence.c)StandardII(A)LoyaltytoEmployer.d)StandardV(D)DiligenceandProfessionalism.8.WhichofthefollowingstatementsmadebyaninvestmentadvisortoaclientmostlikelyviolatesStandardIII(A)ResponsibilitytoClients?a)"WhileIbelieveStockXisfundamentallysound,marketvolatilityhasmadeitriskyintheshortterm.Iamrecommendingholdingit,butIwillmonitoritcloselyandinformyouifcircumstanceschangesignificantly."b)"Iunderstandyouhavealow-risktolerance,soIhaveprimarilyselectedgovernmentbondsandconservativeequitiesforyourportfolio."c)"Basedonourdiscussionaboutyourfinancialgoals,IhavechoseninvestmentsthatIbelieveofferthebestpotentialforgrowth,althoughtheycomewithhigherrisk."d)"ImustdisclosethatIreceiveacommissionfromthebrokeragefirmwheneveryoutradespecifictypesofsecurities,butIstrivetorecommendonlywhatIbelieveisbestforyou."9.Aninvestmentmanagerisrequiredtodiscloseinformationaboutaconflictofinterestinaprospectus.Whichofthefollowingbestdescribesthepurposeofthisdisclosure?a)Topersuadepotentialinvestorsthatthemanageriscapableandtrustworthy.b)Toensurethatinvestorsarefullyawareofanypotentialbiasorcompetingobligationsthatmightinfluencethemanager'srecommendationsoractions.c)Tomitigatethelegalliabilityofthemanagerandthefirm.d)Toprovidespecificinstructionsonhowinvestorsshouldreacttotheconflictofinterest.10.Afinancialadvisorismeetingwithapotentialclient.Duringthemeeting,theadvisorlearnsthattheclientrecentlyexperiencedasignificantlossinanotherinvestment.Theadvisorimmediatelystartsrecommendingseveralhigh-risk,high-returninvestments,hopingthiswillcompensatetheclientforthepreviousloss.ThisapproachprimarilyviolateswhichStandardofProfessionalConduct?a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(C)ProfessionalCompetence.c)StandardII(B)FairDealing.d)StandardIII(A)ResponsibilitytoClients.11.Aportfoliomanagerhasbeenreceivingannualretainersfromaclientforseveralyears.Theclienthasnotmadeanynewinvestmentsthroughthemanagerforovertwoyearsandhasexpresseddissatisfactionwiththeportfolio'sperformancebuthasnotterminatedtherelationship.Themanagercontinuestoreceivetheretainerfeewithoutprovidingadditionalservicesorjustifyingthefeebasedonongoingwork.WhichStandardofProfessionalConductispotentiallybeingviolated?a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(B)Objectivity.c)StandardIII(A)ResponsibilitytoClients.d)StandardV(D)DiligenceandProfessionalism.12.WhichofthefollowingscenariosrepresentsasituationwhereaninvestmentprofessionalmightneedtoconsiderwhetherdisclosureisrequiredunderStandardsofProfessionalConduct?a)Theprofessionalreadsanarticleinapublicfinancialnewspaperthatincludesopinionsaboutastock.b)Theprofessionalusesnon-public,materialinformationobtainedfromafirmclienttomakeinvestmentdecisionsforanotherclient.c)Theprofessionalrecommendsaproducttoaclientthatgeneratesafeeforthefirm,butthefeestructureisdisclosedinthefirm'sprospectusandtheclientisnotmateriallyaffected.d)Theprofessionalattendsaconferencesponsoredbyacompetitorwheretheeventagendaandspeakertopicswerepubliclyannounced.13.Aninvestmentfirmisconsideringlaunchinganewservicethatallowsclientstoaccessreal-timemarketdata.Thefirmplanstochargeapremiumfeeforthisservice.Beforelaunching,thefirmwantstoensureithascompliedwithrelevantStandardsofProfessionalConduct.Whichactionismostimportantforthefirmtotake?a)Conductareviewtoensurethedataprovidedisaccurateandobjective.b)Determineifthefeestructureiscompetitivewithotherfirmsofferingsimilarservices.c)Verifythattheserviceisclearlydescribedandthefeeisdisclosedtransparentlytopotentialclients.d)Obtainapprovalfromamajorclientwhowillbenefitmostfromtheservice.14.Afinancialplannerisdevelopingafinancialplanforaclient.Theplanincludesrecommendationsforbuyingalifeinsurancepolicy.Theplannerownsasignificantamountofstockintheinsurancecompanythatprovidesthepolicy.Theplannerdisclosesthisownershipinteresttotheclientbutdoesnotprovideanyinformationaboutthepotentialimpactofthisownershipontherecommendation.WhichStandardofProfessionalConducthasbeenpotentiallyviolated?a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(B)Objectivity.c)StandardII(C)FairDealing.d)StandardV(D)DiligenceandProfessionalism.15.WhichofthefollowingactionsbyaninvestmentmanagerwouldmostlikelybeconsideredaviolationofStandardV(D)DiligenceandProfessionalism?a)Regularlyreviewingportfolioperformanceagainstbenchmarksandmakingnecessaryadjustments.b)Failingtofollowuponarequestfromaclienttoprovideinformationabouttheirinvestments.c)Conductingthoroughresearchbeforemakinginvestmentrecommendations.d)Stayinginformedaboutrelevantmarketdevelopmentsandeconomictrends.16.Aresearchanalystispreparingareportonacompany.Thecompany'sboardofdirectorsrecentlyapprovedalargedividendincrease.Theanalyst'sownfirmisamajorshareholderinthecompany.Theanalystincludesstrongpositivecoverageofthecompany'sstock,highlightingthedividendincreaseasakeyfactor,butdownplaysorignoresotherfactorsthatcouldnegativelyimpactthestockprice,suchasincreasingcompetitionordecliningmarketconditions.Thisactionprimarilyviolates:a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(C)ProfessionalCompetence.c)StandardII(A)LoyaltytoEmployer.d)StandardII(D)ResponsibilitiesasaMarketParticipantorSupervisor.17.Aninvestmentadvisorismeetingwithaclientwhoisconsideringaddingasignificantamountofcapitaltotheirexistingportfolio.Theadvisorrecommendsaparticularstrategyinvolvingleverage.Theadvisorknowsthatthestrategycarriessubstantialrisk,includingthepotentialforsignificantlossoftheclient'sinvestedcapital.However,theadvisoremphasizesonlythepotentialforhighreturnsanddownplaystherisks.WhichStandardofProfessionalConductismostlikelybeingviolated?a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(C)ProfessionalCompetence.c)StandardII(B)FairDealing.d)StandardIII(A)ResponsibilitytoClients.18.Aportfoliomanagerlearnsthatasignificantamountofconfidentialclientinformationwasaccidentallyleakedduringafirm-widerestructuringinvolvingpersonnelchanges.Themanagerisconcernedaboutthepotentialmisuseoftheinformation.Themanager'sprimaryresponsibilityundertheStandardsisto:a)Ignoretheincidentasitwasanadministrativeerrorunrelatedtoinvestmentdecisions.b)Reporttheincidenttothefirm'scompliancedepartmentandtakestepstolimitanyfurtherdisseminationofinformation.c)Usetheinformationtogainanadvantageforoneoftheirownclients.d)Informallclientsabouttheleaktomaintaintransparency.19.Whichofthefollowingbestdescribestheconceptof"materialnon-publicinformation"asitrelatestotheStandardsofProfessionalConduct?a)Anyinformationthattheinvestmentprofessionalpersonallyfindsinteresting.b)Informationthatcouldpotentiallyaffectthepriceofasecurityifwidelyknown.c)Informationthatisonlyrelevanttotheinvestmentprofessional'simmediatefamily.d)Informationthathasbeenpubliclydisclosedbutisdifficulttounderstand.20.Afinancialplannerisworkingwithaclientwhoisclosetoretirement.Theplannerrecommendsaconservativeinvestmentportfolio.Theplannerreceivesasignificantcommissionbasedonthetotalassetsundermanagement(AUM).Theplannerthenlearnsthatadifferent,higher-riskinvestmentstrategycouldpotentiallygeneratehigherreturnsfortheclientintheshortterm,allowingtheclienttoretireearlierwithmorewealth.However,thisstrategycarriesahighriskofsignificantloss.Theplanner'sprimaryethicalobligationisto:a)Recommendthehigher-riskstrategytomaximizetheircommission.b)Recommendthehigher-riskstrategybutfullydiscloseallpotentialriskstotheclient.c)Recommendtheconservativeportfolioasinitiallyplanned,astheyhaveadutytoprioritizetheclient'sbestinterests.d)Refusetomeetwiththeclientuntiltheycanobtainapprovalfromaregulatorybodyregardingtherecommendation.21.Aninvestmentmanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthataformercolleague,whoisnolongeremployedbythefirm,isactivelymarketingasimilarinvestmentstrategytothemanager'sclients.Theformercolleagueisnotlicensedandismakingmisleadingclaimsaboutthestrategy'sperformance.Themanager'sethicalcourseofactionwouldbeto:a)Donothing,asitistheclient'sresponsibilitytobecautious.b)Informtheformercolleaguethattheirmarketingisinappropriatebutdonottakefurtheraction.c)Reporttheactivitytothefirm'scompliancedepartmentandtakestepstoinformthemanager'sclients.d)Competewiththeformercolleaguebyalsomarketingthestrategy.22.Aportfoliomanagerisinvitedtospeakataconferencesponsoredbyaforeignentity.Theconferenceincludessessionsontaxregulationsspecifictothatcountry.Theentityoffersthemanagerasubstantialhonorariumforthepresentation.Themanageralsostandstobenefitfromincreasedbusinessopportunitiesresultingfromthespeakingengagement.Themanagermust:a)Acceptthehonorariumandspeak,astheconferencetopicisrelevanttotheirexpertise.b)Refusethehonorariumbutacceptthespeakingengagementtonetworkandgainknowledge.c)Acceptthehonorariumandspeak,butdisclosethepotentialbusinessbenefitstotheaudience.d)Declinetheinvitation,astheStandardsprohibitacceptingcompensationfromforeignentities.23.WhichofthefollowingactionsbyaninvestmentanalystwouldmostlikelyviolateStandardI(C)ProfessionalCompetence?a)Conductingthoroughfundamentalanalysisforthestockstheycover.b)Acknowledgingareasofmarketknowledgewheretheyarenotfullyinformedandrecommendingfurtherresearch.c)Usingquantitativemodelstogenerateinvestmentideas,whileunderstandingthelimitationsofthemodels.d)Recommendinginvestmentsbasedsolelyontipsreceivedfromindustrygossipwithoutindependentverification.24.Aninvestmentfirmisconsideringanewmarketingcampaignthatusestestimonialsfromverysatisfiedclientstopromoteitsservices.Thefirmincludesquotesfromclientswhohaveachievedsubstantialinvestmentgains.However,thefirmknowsthatthesegainsareexceptionalandnotrepresentativeoftypicalperformance.Thefirmalsoincludesadisclaimerstatingthatpastperformanceisnotindicativeoffutureresults.WhichStandardofProfessionalConductispotentiallybeingviolated?a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(B)Objectivity.c)StandardII(B)FairDealing.d)StandardV(D)DiligenceandProfessionalism.25.Afinancialadvisorispreparingareportforaregulatorybodyregardingtheirbusinesspractices.Thereportincludesasectiononhowtheadvisorensuresfairnesstoclients.WhichactionwouldbestdemonstratecompliancewiththeStandardofFairDealing(StandardII(C))?a)Describingthedifferentfeestructuresofferedtoclientsbasedontheirinvestmentsize.b)Detailingtheprocessusedtoselectinvestmentoptionsforclients,emphasizingtheuseofobjectivecriteria.c)Explainingthemethodsusedtomonitorandevaluatetheperformanceofclientportfolios.d)Listingthenumberofcomplaintsreceivedfromclientsoverthepastyear.26.Whichofthefollowingscenariosrepresentsasituationwhereaninvestmentprofessionalmustobtainclientconsentbeforeactingontheirbehalf?a)AnanalystrecommendsbuyingStockXbasedontheirindependentresearch.b)Anadvisorsuggestsadjustingaclient'sportfolioallocationbasedonasignificantchangeintheclient'sfinancialsituation,previouslydiscussedandagreedupon.c)Aportfoliomanagerusesstop-lossorderstomanageportfolioriskaccordingtotheclient'spreviouslyapprovedtradingstrategy.d)Anadvisorrecommendsaspecificmutualfundtoaclientduringameeting.27.Aportfoliomanagerismanagingaportfolioforaclient.Themanagerdiscoversthatasignificantportionoftheportfolioisinvestedinasecuritythatisnowperformingpoorly.Themanagerknowsthattheclienthasnotbeeninformedaboutthespecificholdingsandconcentrationrisk.Themanager'sethicalobligationisto:a)Donothing,astheclienthasauthorizedthemanagertomakeinvestmentdecisions.b)Adjusttheportfolioimmediatelytoreducetheexposuretotheunderperformingsecurity.c)Informtheclientaboutthespecificholdingsandtheconcentrationrisk,allowingtheclienttomakethefinaldecision.d)Informtheclientaboutthepoorperformancebutcontinuemanagingtheportfolioasis,explainingthatchangesrequireadditionaltimetoimplement.28.WhichofthefollowingactionsbyaninvestmentprofessionalwouldmostlikelybeconsideredaviolationofStandardI(B)Objectivity?a)Providingbalancedresearchanalysisthatincludesbothpositiveandnegativeaspectsofaninvestment.b)Allowingafirm'smarketingdepartmenttoinfluencethecontentofinvestmentrecommendationsmadetoclients.c)Acknowledgingpersonalbiasesandtakingstepstomitigatetheirimpactoninvestmentdecisions.d)Usingaproprietaryinvestmentscreeningtooltoidentifypotentialinvestmentopportunitiesforclients.29.Aninvestmentfirmisorganizingamarketingeventfeaturingawell-known,highlyrespectedindustryfigure.Thefirmispayingthefigureasubstantialfeefortheirappearanceandspeech.Thefirmpromotestheeventheavily,emphasizingtheinsightsthefigurewillshare.However,thefirmknowsthatthefigure'sviewsoncertaininvestmentstrategiesconflictwiththefirm'sowninvestmentphilosophy.Thefirm'sprimaryethicalconcernisrelatedto:a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(C)ProfessionalCompetence.c)StandardII(A)LoyaltytoEmployer.d)StandardII(D)ResponsibilitiesasaMarketParticipantorSupervisor.30.Afinancialadvisorismeetingwithaclientwhoisconsideringalargeloantoinvestintheadvisor'sownprivateequityinvestment.Theadvisorstronglyrecommendstheinvestment,highlightingitspotentialreturnsbutdownplayingtherisksinvolved.Theadvisorhasasignificantfinancialinterestinthesuccessofthisinvestment.Theadvisorfailstofullydisclosetheirpersonalfinancialstaketotheclient.WhichStandardofProfessionalConductismostlikelybeingviolated?a)StandardI(A)ProfessionalIntegrityandObjectivity.b)StandardI(B)Objectivity.c)StandardII(C)FairDealing.d)StandardIII(A)ResponsibilitytoClients.試卷答案1.a2.b3.b4.d5.d6.d7.a8.d9.b10.d11.c12.b13.c14.b15.b16.a17.c18.b19.b20.c21.c22.d23.d24.c25.b26.b27.c28.b29.a30.b解析1.選項a涉及接受來自投資組合公司的飛機作為個人使用，這可能被視為利益沖突或違反了專業(yè)誠信和客觀性原則，特別是如果使用并非純粹為了業(yè)務目的。選項b是基于個人信仰拒絕投資，如果基于客觀分析而非個人偏見，則不一定違反。選項c涉及個人資金借貸，只要不違反利益沖突或不當利益獲取原則，通?？梢越邮?。選項d使用非公開的重大信息，這是明確的違反行為。題目問的是“最可能”違反，選項a是更常見且可能被視為違反的情況。2.該情景的核心問題是客觀性。分析師沒有公平地對待所有信息，并且基于個人財務利益（持有股票）而未能客觀地呈現(xiàn)信息，這違反了StandardI(B)Objectivity。雖然涉及雇主忠誠度（StandardII(A)），但最直接的違反是客觀性。3.選項b將更好的投資機會分配給大客戶，這違反了公平對待所有客戶的原則，即StandardII(B)FairDealing。其他選項要么是普遍做法（a），要么是透明做法（c），要么是基于客戶關(guān)系的合理做法（d）。4.情景中，經(jīng)理支付低于市場水平的薪水，盡管有客觀理由（經(jīng)濟困難），但這可能被視為不公平對待員工，特別是考慮到經(jīng)理的判斷力。這最直接地觸及了StandardIII(B)FairTreatmentofEmployees，關(guān)于公平對待員工的義務。5.選項d涉及使用公司資源（會議、差旅）來推廣競爭對手，這違反了StandardII(D)ResponsibilitiesasaMarketParticipantorSupervisor中關(guān)于公平競爭和避免損害市場聲譽的原則。其他選項涉及客戶關(guān)系或雇主忠誠，但程度較輕或不同。6.這是典型的道德困境。正確的做法是在采取行動前尋求指導，特別是當內(nèi)部政策不明確且涉及潛在利益沖突時。咨詢道德部門或合規(guī)部門是標準的程序，選項d描述了這種負責任的步驟。選項a、b、c都可能導致不當行為或違反標準。7.分析師分享了未經(jīng)證實的信息（即使后來發(fā)現(xiàn)是假的），這違反了StandardI(A)ProfessionalIntegrityandObjectivity，因為它基于不實或未經(jīng)核實的“非公開重大信息”。8.選項d描述了提供利益沖突（傭金）但未以可能導致客戶懷疑或不公平的方式處理的情況。然而，最嚴重的違反是未能充分披露并確保客戶理解其影響。選項d的披露方式（“我必須披露”）表明了意識，但整體描述仍然可能被視為不夠充分和透明，尤其是在強調(diào)推薦的同時。題目問的是“最可能”違反，選項d的披露方式仍顯不足，但在給定的選項中，其他選項的違反更為直接和嚴重。重新評估，選項d的披露雖然提及，但強調(diào)收益和淡化風險的行為（c）更明確地違反了公平對待客戶的責任（StandardII(B)或III(A)）。讓我們重新考慮。題目問的是“最可能”違反，選項c描述了明顯的未充分披露風險的行為，這直接違反了StandardIII(A)ResponsibilitytoClients的提供充分信息和風險披露義務。選項d雖然提及披露，但整體行為（強調(diào)收益、淡化風險）更值得懷疑。選項c的違反更為直接。讓我們再