2025年CFA一級《道德與專業(yè)準(zhǔn)則》真題考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容1.Ananalystisevaluatingtwopotentialinvestmentsforaclient.Theclienthasprovidedtheanalystwithasignificantdiscountonsoftwareusedintheanalysis.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Acceptthesoftwarediscountasitisanon-monetarybenefitanddoesnotaffecttheanalysis.b.Acceptthesoftwarediscountanddiscloseittotheclientintheperformancereport,astransparencymitigatesanypotentialconflict.c.Declinethesoftwarediscountandinformthefirm'scompliancedepartment,asthebenefitcouldcreateaconflictofinterest.d.Acceptthesoftwarediscount,astheclientisentitledtoofferincentivestoinfluenceinvestmentchoices.2.Aportfoliomanagerisresponsibleformanagingaclientportfolio.Themanagerdiscoversthatalargeportionoftheportfolioisheldinasecuritythatwasrecommendedbythemanager'sformeremployer,whichisnowdefunct.Themanagerwasnotcompensatedbasedontheperformanceofthissecuritybutreceivedasignificantbonusbasedontheoverallportfolioperformanceatthetimeofemployment.Whichofthefollowingactionsismostappropriateforthemanagerregardingthissituation?a.Donothing,astherecommendationsweremadeingoodfaithandtheclientconsentedtotheholdings.b.Informthecurrentclientaboutthepastrecommendationbutdonotadjusttheportfolio,asthedefunctfirmisnolongerrelevant.c.Graduallyreducetheholdingsoversixmonthstoavoiddisruptingtheclient'sportfolioanddisclosethereasonforthereductioninthenextquarterlyreport.d.Immediatelyliquidatetheentirepositioninthedefunctfirm'ssecurityandexplaintherationaletotheclient,asthepotentialforbiasexistsduetopastcompensation.3.Aninvestmentadvisorispreparingareportforaclientsummarizingthemarketoutlookandrecentportfolioperformance.Theadvisorincludesananalysisstatingthatthemarketwilllikelydeclineintheshortterm,whichcontradictstheirownprivateopinionthatthemarketwillrise.Theadvisor'smotivationforthisanalysisistoavoidpotentialshort-termlossesintheclient'sportfolio.Whichofthefollowingethicalprinciplesistheadvisorpotentiallyviolating?a.Professionalism,astheadvisorisnotprovidingobjectiveadvice.b.Diligence,astheadvisorhasnotconductedathoroughanalysissupportingthepublicstatement.c.Loyalty,astheadvisorisprioritizingtheirownopinionovertheclient'sbestinterest.d.Fairness,astheadvisorisnotdisclosingtheirpersonalbiastotheclient.4.Aresearchanalystatabrokeragefirmiscoveringacompanythatrecentlyannouncedstrongquarterlyearnings.Theanalysthasdevelopedaproprietarymodelthatpredictsthecompany'sstockpricewillsignificantlyincreasebasedonvariousfactors,includingtheearningsreport.Thefirm'spolicyallowstheanalysttosharethispositiveoutlookwithselectclients.However,theanalyst'ssiblingownsasubstantialamountofthecompany'sstockandrecentlypurchasedmoresharesbasedontheanalyst'sprivateprediction.Whichofthefollowingactions,ifany,createsaconflictofinterestfortheanalyst?a.Thereisnoconflictofinterestbecausetheanalyst'ssibling'sactionsareindependentoftheanalyst'swork.b.Thereisaconflictofinterestbecausethesibling'sfinancialinterestcouldinfluencetheanalyst'sobjectivityinprovidingresearchtoclients.c.Thereisnoconflictofinterestaslongastheanalystdoesnotusenon-publicinformationtobenefitthesibling.d.Theconflictofinterestonlyarisesiftheanalystdisclosestheproprietarymodeltothesiblingbeforeclients.5.Aninvestmentmanagerisattendingaconferencewhereaspeakerispromotinganewinvestmentstrategy.Themanagerlearnsthatthespeakerisreceivingasignificantcommissionforeveryclientthestrategybringstothemanager'sfirm.Themanagerisnotawareofthecommissionstructurebutbecomesconcernedaboutthespeaker'spotentialbias.Whichofthefollowingactionsismostappropriateforthemanager?a.Questionthespeaker'smethodologypubliclyduringtheconferencetoverifythestrategy'slegitimacy.b.Avoiddiscussingthestrategywithclientsforfearofpotentialbias,asnodirectevidenceofmisrepresentationexists.c.Acknowledgethepotentialforbiastothefirm'scompliancedepartmentandclientswhenpresentingthestrategyinformation.d.Encourageclientstoaskthespeakerdirectquestionsaboutthestrategy'srisksandfeesbeforemakinganydecisions.6.Afinancialplannerismeetingwithaclienttoreviewtheclient'sinvestmentportfolio.Theplannerrecommendsanewmutualfundthatchargesahighsalesload.Theplannerearnsasignificantcommissionforsellingthisfund.Theclienthaspreviouslyexpressedapreferenceforlow-costindexfunds.Whichofthefollowingactionsismostethicallyquestionablefortheplanner?a.Explainingthepotentiallong-termbenefitsofthemutualfund'sperformancehistorytotheclient.b.Disclosingthesalesloadandthecommissionearnedforsellingthefundtotheclient.c.Presentingthemutualfundasanoptionwithoutemphasizingthehighsalesloadandtheplanner'scommission.d.Suggestingthattheclientconsultwithafee-onlyadvisortogetasecondopinionontherecommendation.7.Anemployeeofamutualfundcompanyisgrantedaccesstonon-publicinformationaboutanupcomingmergerbetweentwocompanies.Theemployee'sspouseownssharesintheacquiringcompanyandisconsideringbuyingmoresharesbeforethepublicannouncement.Theemployeeknowsaboutthemergerbuthasnotactedontheinformation.Whichofthefollowingactions,iftakenbytheemployee,wouldbeaviolationofethicalstandards?a.Informingtheirspousethattheacquiringcompanyisexpectedtoperformwellduetoindustrytrends,withoutmentioningthenon-publicmergerinformation.b.Advisingtheirspousetosellthecurrentsharesintheacquiringcompanyduetopotentialregulatoryscrutiny.c.Refrainingfromdiscussingthemergerwiththeirspouseandensuringnotradingoccursbasedonnon-publicinformation.d.Encouragingtheirspousetobuymoresharesintheacquiringcompany,citingthestrongfutureprospectsofthecombinedentity.8.Aportfoliomanagerismanagingaclient'saccountandrecommendsastockthathasrecentlyexperiencedasignificantpriceincrease.Themanagerknowsthatthestock'sriseispartlyduetopositiverumorscirculatinginthemarket,whichhavenotbeenconfirmedbythecompany.Themanagerdecidestorecommendthestocktotheclient,statingthattherumorsarejustmarketnoiseandthecompany'sfundamentalsarestrong.Whichofthefollowingethicalobligationsisthemanagerpotentiallyviolating?a.Loyalty,asthemanagerisprioritizingthestock'spotentialupsideovertheclient'srisktolerance.b.Professionalism,asthemanagerisrelyingonunverifiedinformationtomakeinvestmentrecommendations.c.Diligence,asthemanagerhasnotadequatelyresearchedordisclosedthepotentialimpactoftherumors.d.Fairness,asthemanagerhasnotdisclosedtheirknowledgeabouttheunconfirmedrumorstotheclient.9.Aninvestmentadvisoriscommunicatingwithaclientviaemail.Theadvisorincludesanopinionthattheclient'sportfolioissignificantlyovervaluedbasedoncurrentmarketconditions.Theadvisoralsomentionsthattheyhavesoldsimilarholdingsintheirownportfolioduetosimilarconcerns.Theadvisordoesnotexplicitlystatethattheyholdasimilarpositionfortheirownaccount.Whichofthefollowingactionswouldbemoreethicallyappropriatefortheadvisor?a.Continuecommunicatingwiththeclientasis,astheadvisor'spersonalactionsarenotrelevanttotheclient'ssituation.b.Discloseintheemailthattheadvisorholdsasimilarpositionintheirownaccount,providingfulltransparency.c.Removethestatementaboutsellingsimilarholdingsfromtheemailtoavoidanyappearanceofbias.d.Sendafollow-upemailexplainingthatthepersonalactionsweretakentomanagetheadvisor'sownportfolioseparatelyfromtheclient's.10.Aclientapproachesaninvestmentadvisorandrequeststheadvisortorecommendspecificstocksfortheirself-directedbrokerageaccount.Theclientindicatesthattheyareplanningtousethestocksforoptionstradingstrategiesandareawareoftheassociatedrisks.Theadvisor,whoisnotqualifiedtoprovidespecificstockrecommendations,agreestolistafewwell-knowncompaniesaspotentialideas.Theadvisoralsoknowsthattheclientdoesnothavethenecessaryknowledgeorexperiencetoexecutecomplexoptionsstrategies.Whichofthefollowingactionsismostappropriatefortheadvisor?a.Providethelistofcompaniesandencouragetheclienttoperformtheirownduediligence,astheclientrequestedtheideas.b.Refusetoprovideanystockrecommendations,citingtheirlackofexpertiseinoptionstrading.c.Advisetheclienttoseekoutaqualifiedoptionstradingadvisororeducatethemselvesfurtherbeforemakinganytrades.d.Suggestthatthefirm'swealthmanagementteamtakeovertheclientrelationshiptoprovidemorecomprehensiveadvice,includingoptionstradingstrategies.試卷答案1.c解析思路：接受軟件折扣會形成利益沖突，即使是無形利益，也可能影響分析師的客觀性。選項a錯誤，非貨幣利益同樣需要評估是否構(gòu)成利益沖突。選項b錯誤，透明度不能完全消除利益沖突帶來的潛在影響。選項d錯誤，接受折扣本身就是不恰當(dāng)?shù)男袨?，客戶的身份不?yīng)成為接受不當(dāng)利益的理由。2.d解析思路：由于過去獲得的補償與當(dāng)前管理的資產(chǎn)相關(guān)，存在潛在的利益沖突和客戶利益受損的風(fēng)險。即使公司已倒閉，歷史補償與當(dāng)前持倉表現(xiàn)出的潛在關(guān)聯(lián)需要被管理。選項a錯誤，不能因過去的行為而忽略當(dāng)前的潛在影響。選項b錯誤，應(yīng)主動告知并調(diào)整持倉以避免利益沖突。選項c錯誤，逐步減少時間過長，且未立即采取行動可能損害客戶利益。3.a解析思路：分析師發(fā)表的與個人意見相悖的分析，是為了避免短期損失而非基于客觀市場判斷，這違反了提供客觀建議的專業(yè)原則。選項b錯誤，如果分析不充分，則違反diligence，但題目核心在于建議與個人意見矛盾。選項c錯誤，loyalty是客戶優(yōu)先，此處問題是客觀性。選