2025年CFA一級道德模擬測試卷考試時間：______分鐘總分：______分姓名：______1.Ananalystatabrokeragefirmisresponsibleforcoveringthetechnologysector.Thefirm'sprimebrokerageclient,alargeinstitutionalinvestor,hasprovidedthefirmwithnon-publicinformationaboutapromisingstartupcompanywithinthesector.Theclienthasaskedtheanalysttoprepareapositiveresearchreportonthestartupandtorecommendthecompany'sstocktotheclient,eventhoughtheanalystpersonallybelievesthecompanyisovervalued.Whichofthefollowingactions,iftakenbytheanalyst,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.Preparetheresearchreportasrequestedbytheclientbutexcludeanynegativecommentsaboutthecompany'svaluation.B.Prepareabalancedresearchreportreflectingtheanalyst'sgenuineviewbutdiscloseinthereportthatitwascommissionedbytheclient.C.Refusetopreparetheresearchreportbecausetheinformationprovidedbytheclientisnon-publicandcouldpotentiallybeusedtotheclient'sadvantage.D.Preparetheresearchreportasrequested,butobtainpermissionfromthefirm'scompliancedepartmenttoensurethereportdoesnotcontainanymisleadinginformation.2.AportfoliomanageratahedgefundisconsideringincludingthestockofCompanyXYZinthefund'sportfolio.Theportfoliomanager'ssiblingworksasamid-levelexecutiveatCompanyXYZandisawareoftheportfoliomanager'spotentialinterestinthestock.Thesiblinghasnot,however,beeninvolvedinanydecision-makingprocessrelatedtoCompanyXYZ'sbusinessorstrategy.Whataction,ifany,musttheportfoliomanagertakeregardingthepotentialinvestmentinCompanyXYZ?A.Noactionisrequiredasthesibling'semploymentpositiondoesnotrepresentadirectconflictofinterest.B.Theportfoliomanagermustdisclosethesibling'saffiliationtothefund'sclientsandobtaintheirconsentbeforeinvestinginCompanyXYZ.C.Theportfoliomanagermustrecusethemselvesfrommakingtheinvestmentdecisionandreportthesituationtothefund'scomplianceofficer.D.TheportfoliomanagermayinvestinCompanyXYZbutmustensurethattheinvestmentdecisionisbasedsolelyonthestock'sfundamentalmeritsandisunrelatedtothesibling'semployment.3.Aninvestmentadvisorismeetingwithanewclienttodeterminetheclient'sinvestmentobjectivesandrisktolerance.Duringthemeeting,theadvisormentionsthattheclient'spreviousinvestmentadvisorhadrecommendedaportfolioconsistingprimarilyofhigh-risk,speculativestocks,whichresultedinsignificantlosses.Theadvisorusesthisinformationtoarguethattheclientwouldbebetterservedbytheadvisor'sownconservativeinvestmentstrategy.Whichofthefollowingactions,iftakenbytheadvisor,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A.Providetheclientwithdetailedperformancedataoftheadvisor'sownstrategytosupporttheargument.B.Avoiddiscussingthepreviousadvisor'srecommendationsandfocussolelyontheclient'scurrentfinancialsituationandgoals.C.Obtainwrittenconsentfromtheclientbeforemakinganyinvestmentrecommendationsbasedonthediscussion.D.Discussthepreviousadvisor'sactionswiththeclientinamannerthatcouldbeperceivedasblamingorcriticizingthepreviousadvisor.4.Aresearchanalystatasell-sidefirmispreparingareportonCompanyABC.Thefirm'svicepresidentofresearch,whohassignificantauthorityoverthepublicationofresearchreports,hasexpressedastrongopinionthatCompanyABC'sstockisundervaluedbasedonindustrytrends.Theanalyst'sownanalysis,however,suggeststhatthecompany'sstockisovervalued.Theanalystisconcernedthatpublishingareportcontradictingthevicepresident'sviewmaynegativelyimpacttheircareerprogressionwithinthefirm.Whatshouldtheanalystdo?A.Modifytheanalysistoalignwiththevicepresident'sopiniontoensurecareeradvancement.B.Publishthereportwithabalancedanalysis,includingboththefirm'sviewandtheanalyst'sownfindings,anddisclosethepressuretoconform.C.Refusetopublishthereportunlessitfullyreflectsthevicepresident'sopinion.D.Consultwiththefirm'slegaldepartmenttoseekguidanceonhowtohandlethedisagreement.5.Aninvestmentofficeratapensionfundisevaluatingtwodifferentinvestmentmanagersforanewportfolio.Onemanagerisawell-knownstarmanagerwithastrongtrackrecordbutchargesahighmanagementfee.Theothermanagerisrelativelyunknownbuthasalowermanagementfee.Theinvestmentofficer'sspouseisaclosefriendofthesecondmanagerandhasbeenadvocatingfortheinvestmentofficertoworkwiththismanager.Whichofthefollowingactions,iftakenbytheinvestmentofficer,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.Choosethesecondmanagerbasedontherecommendationofthespouse,asthelowerfeewouldbenefitthepensionfund.B.Conductathoroughduediligenceprocessforbothmanagers,focusingontheirinvestmentstrategies,riskmanagementpractices,andfees,beforemakingadecision.C.Disclosetherelationshiptothepensionfund'sboardandseektheirapprovalbeforemakingadecision.D.Choosethefirstmanagerdespitethehigherfee,toavoidpotentialconflictsofinterestassociatedwiththesecondmanager.6.Aportfoliomanageratamutualfundispreparingaquarterlyreportforinvestors.ThemanagerincludesinformationaboutCompanyDEF,whichrecentlyannouncedstrongquarterlyearnings.Themanageralsoincludesananecdoteaboutthecompany'sCEO,describinghimasahighlyenergeticandvisionaryleader,basedonabriefmeetingthemanagerhadwiththeCEOseveralmonthsearlier.Whichofthefollowingactions,iftakenbythemanager,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A.IncludetheanecdoteabouttheCEOinthereporttoprovideinvestorswithamorecomprehensiveunderstandingofthecompany'spotential.B.DiscloseinthereportthattheanecdoteabouttheCEOisbasedonapersonalmeetingandmaynotbeobjective.C.Focussolelyonthecompany'sfinancialdataandavoidincludinganysubjectiveinformationabouttheCEO.D.Includetheanecdotebutattributeittoananonymoussourcetoprotectthemanager'sprivacy.7.Anassociateinainvestmentbank'sresearchdepartmenthasbeenworkingonadetailedanalysisofCompanyGHI.Theanalysisisnearingcompletion,andtheassociateisscheduledtopresentthefindingstothefirm'sinvestmentbankingdivision,whichistryingtowinalargeunderwritingmandateforCompanyGHI.TheinvestmentbankingdivisionhasimplicitlypressuredtheresearchdepartmenttoissueapositivereportonCompanyGHItomaketheunderwritingopportunitymoreattractive.Whatshouldtheassociatedo?A.IssueapositivereportonCompanyGHItosupporttheinvestmentbankingdivision'sefforts.B.ModifytheanalysistopresentamoreoptimisticviewofCompanyGHI,whiledownplayinganynegativefindings.C.Refusetoissuethereportuntiltheinvestmentbankingdivisionstopspressuringtheresearchdepartment.D.Disclosethepressurefromtheinvestmentbankingdivisioninthereportandpresentabalancedanalysisbasedontheassociate'sownfindings.8.Afinancialplannerismeetingwithaclientwhoisconsideringbuyinganewcar.Theplanner'semployeroffersadiscountoncarpurchasesthroughapartnershipwithalocaldealership.Theplannerrecommendstheclientbuyacarfromthedealership,eventhoughtheclientisnotparticularlyinterestedinthedealership'sofferingsandthereareotherdealershipsintheareathatofferbetterprices.Whichofthefollowingactions,iftakenbytheplanner,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.Recommendthedealershiptotheclient,butdisclosethediscountofferedbytheemployerandallowtheclienttochooseanydealershiptheyprefer.B.Recommendthedealershiptotheclient,butexplainthattherecommendationisbasedontheemployer'spartnershipandnotontheclient'sbestinterests.C.Refusetorecommendthedealershipandsuggestthattheclientshoparoundatdifferentdealershipstofindthebestdeal.D.Recommendthedealershiptotheclient,butensurethattheclientisfullyawareofthediscountandthepartnershiparrangement.9.Ahedgefundmanagerisconsideringinvestingasignificantportionofthefund'scapitalinastartupcompany.Thestartup'sfounderisaclosefriendofthemanager'sandhasapproachedthemanagerwithacompellinginvestmentproposal.Themanagerisoptimisticaboutthestartup'spotentialbuthasnotconductedathoroughduediligenceprocess.Whatshouldthemanagerdo?A.Investinthestartupbasedonthemanager'spersonalrelationshipwiththefounderandthefounder'spromisingproposal.B.Conductathoroughduediligenceprocessbeforemakinganyinvestmentdecision,regardlessoftherelationshipwiththefounder.C.Investasmallportionofthefundinthestartupasatokengestureofsupportforthefriend,whileavoidinganysignificantconcentrationrisk.D.Declinetheinvestmentopportunitytoavoidpotentialconflictsofinterestassociatedwiththepersonalrelationship.10.Anequityresearchanalystatabuy-sidefirmiscoveringCompanyJKL.Theanalyst'ssiblingworksasatraderatadifferentfirmandfrequentlytradesthestockofCompanyJKL.Thesiblinghasaccesstoinformationaboutthefirm'stradingactivities,includingthesizeanddirectionofpendingtrades.Whichofthefollowingactions,iftakenbytheanalyst,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.AdvisethesiblingtoavoidtradingCompanyJKLuntiltheanalyst'semploymentends.B.Disclosethesibling'semploymenttothefirmandrequestpermissiontotradeCompanyJKL.C.Refrainfromdiscussinganynon-publicinformationaboutthefirm'stradingactivitieswiththesibling.D.InformthesiblingthattheyshouldonlytradeCompanyJKLbasedonpubliclyavailableinformation.11.Aportfoliomanagerispreparingtorecommendanewinvestmentstrategytoaclient.Thestrategyinvolvesusingleveragetoamplifypotentialreturns,butitalsoincreasesthepotentialforsignificantlosses.Themanagerhaspreviouslydiscussedtherisksofleveragewiththeclient,buttheclienthasnotfullyunderstoodthepotentialdownsides.Whichofthefollowingactions,iftakenbythemanager,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A.Implementtheleveragestrategywithoutobtainingadditionalconsentfromtheclient,astheriskswerepreviouslydiscussed.B.Obtainwrittenconsentfromtheclientspecificallyauthorizingtheuseofleverageintheinvestmentstrategy.C.Avoidusingleverageintheinvestmentstrategytominimizetheriskofclientdissatisfaction.D.Explaintheleveragestrategyinsimplertermstotheclientandattempttopersuadetheclienttoaccepttherisks.12.Afinancialadvisorismeetingwithaclientwhoisconsideringalargewithdrawalfromtheirretirementportfolio.Theadvisorrecommendsthattheclientinvesttheproceedsinanewmutualfundthattheadvisormanages.Theadvisorreceivesasignificantportionoftheircompensationfromthemanagementfeesofthisfund.Whichofthefollowingactions,iftakenbytheadvisor,wouldbemostconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A.Disclosetheiraffiliationwiththemutualfundandobtaintheclient'sconsentbeforemakinganyrecommendations.B.Recommendthemutualfundtotheclient,butdownplaythepotentialrisksoftheinvestment.C.Refusetomakeanyrecommendationsuntiltheclientdiversifiestheirwithdrawalintomultipledifferentinvestments.D.Advisetheclienttowithdrawtheentireamountincashtoavoidanypotentialconflictsofinterestassociatedwiththemutualfund.13.AninvestmentbankerisleadingasyndicatetounderwriteanewissueofstockforCompanyMNO.Thebanker'sclosefriendistheCEOofCompanyMNO.Duringtheroadshow,thebankerprovidestheCEOwithnon-publicinformationabouttheunderwritingprocessandtheparticipationofotherpotentialinvestors.Whichofthefollowingactions,iftakenbythebanker,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.ProvidetheCEOwiththenon-publicinformationtohelptheCEOpreparefortheroadshowandenhancethecompany'sstockoffering.B.Disclosetherelationshiptothecompanyandtheunderwritingsyndicate,andrecusethemselvesfromsharinganynon-publicinformationwiththeCEO.C.Refrainfromsharinganynon-publicinformationwiththeCEO,butstillmaintainaclosefriendship.D.Sharethenon-publicinformationwiththeCEO,butensurethattheCEOunderstandstheinformationisconfidentialandshouldnotbedisclosedtoothers.14.Aresearchanalystatasell-sidefirmiscoveringCompanyPQR.Theanalyst'sspouseworksasamarketingexecutiveatCompanyPQRandisinvolvedinthecompany'spublicrelationsefforts.Theanalyst'sspousehasaccesstoinformationaboutthecompany'supcomingproductlaunch,whichhasnotyetbeenmadepublic.Whatshouldtheanalystdo?A.Usethenon-publicinformationabouttheproductlaunchtoinformtheirresearchanalysisandpublishapositivereportonthecompany'sstock.B.Disclosetherelationshiptothefirmandrequestpermissiontousethenon-publicinformationintheirresearch.C.Refrainfromusinganynon-publicinformationintheirresearchandbasetheiranalysissolelyonpubliclyavailableinformation.D.Advisethespousetoavoiddiscussingtheupcomingproductlaunchwiththeanalystuntilaftertheinformationbecomespublic.15.Aportfoliomanagerataprivateequityfirmisconsideringinvestinginanewcompany.Themanager'scousinisaboardmemberofthetargetcompany.Thecousinhasnotbeeninvolvedinanydecision-makingprocessrelatedtothetargetcompany'sbusinessorstrategy,butthemanagerisconcernedaboutthepotentialconflictofinterest.Whichofthefollowingactions,iftakenbythemanager,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?A.Investinthecompanywithouttakinganyadditionalsteps,asthecousin'spositionontheboarddoesnotrepresentadirectconflictofinterest.B.Disclosetherelationshiptothefirm'sboardandobtaintheirapprovalbeforemakingtheinvestmentdecision.C.Recusethemselvesfromtheinvestmentdecisionandreportthesituationtothefirm'scomplianceofficer.D.Investinthecompanybutensurethattheinvestmentdecisionisbasedsolelyonthecompany'sfundamentalmeritsandisunrelatedtothecousin'sboardposition.試卷答案1.B解析：選項B最符合CFA協(xié)會的道德準則。作為分析師，有責任提供基于事實和獨立分析的客觀研究。雖然報告是應(yīng)客戶要求準備的，但分析師仍然有義務(wù)發(fā)布平衡和公正的報告。披露報告是應(yīng)客戶要求這一事實本身并不違反任何準則，但分析師必須確保報告的質(zhì)量和客觀性。選項A不正確，因為排除負面評論會損害報告的客觀性。選項C不正確，因為即使信息非公開，分析師也可以在遵守適當保密義務(wù)的前提下進行分析。選項D不正確，因為依賴上級的意見可能會損害分析師的獨立性和客觀性。2.C解析：選項C最符合CFA協(xié)會的道德準則。在這種情況下，投資經(jīng)理必須披露其親屬與公司之間的關(guān)系，因為這構(gòu)成一個潛在的利益沖突。僅僅告知客戶可能不夠，根據(jù)CFA協(xié)會的標準，必須向基金董事會披露這種情況，并在獲得批準之前不得進行投資。選項A不正確，因為親屬的關(guān)系構(gòu)成一個需要披露的利益沖突。選項B不正確，雖然盡職調(diào)查是必要的，但僅僅進行盡職調(diào)查而不披露關(guān)系是不夠的。選項D不正確，投資經(jīng)理不能僅僅因為親屬的關(guān)系而避免做出投資決定，而是必須披露并尋求批準。3.B解析：選項B最符合CFA協(xié)會的道德準則。投資顧問在收集客戶信息時必須保持客觀和專業(yè)。討論以前的顧問的建議，尤其是在負面的方式下，可能會被視為不專業(yè)或帶有偏見，并可能損害客戶的信任。最佳做法是專注于當前客戶的財務(wù)狀況和目標，并提供中立和專業(yè)的建議。選項A不正確，因為提供性能數(shù)據(jù)應(yīng)該基于事實和客觀分析，而不是用來操縱客戶決策。選項C不正確，雖然獲得客戶同意是好的做法，但在這種情況下，避免這種討論是更符合道德的做法。選項D不正確，因為即使是無名的來源，分享關(guān)于以前顧問的負面信息也可能被視為不專業(yè)和帶有偏見。4.B解析：選項B最符合CFA協(xié)會的道德準則。分析師有責任提供基于事實和獨立分析的客觀研究。雖然副總裁的意見很重要，但分析師必須堅持自己的分析結(jié)果，如果副總裁的意見與分析師的分析不一致，分析師應(yīng)該發(fā)布一個平衡的報告，包括兩種觀點，并披露任何壓力。這樣做可以確保研究的客觀性和透明度。選項A不正確，因為修改分析以符合副總裁的意見會損害研究的客觀性。選項C不正確，因為分析師不能僅僅因為意見不一致就拒絕發(fā)布報告。選項D不正確，雖然咨詢法律部門是好的做法，但這不應(yīng)該替代分析師的道德責任來發(fā)布客觀的研究。5.B解析：選項B最符合CFA協(xié)會的道德準則。投資經(jīng)理必須基于投資merits和風險管理實踐來做出投資決策，而不是基于個人關(guān)系或利益沖突。雖然配偶的朋友可能是一個友好的人，但投資決策必須基于客觀標準。因此，投資經(jīng)理應(yīng)該對兩家公司都進行徹底的盡職調(diào)查，然后根據(jù)調(diào)查結(jié)果做出決策。選項A不正確，因為基于個人關(guān)系進行投資決策會違反利益沖突的原則。選項C不正確，雖然披露關(guān)系是必要的，但僅僅披露而不進行盡職調(diào)查是不夠的。選項D不正確，僅僅因為存在潛在的利益沖突就避免投資是不夠的，而是必須進行盡職調(diào)查并基于客觀標準做出決策。6.B解析：選項B最符合CFA協(xié)會的道德準則。投資顧問在向投資者提供信息時必須保持客觀和透明。雖然關(guān)于CEO的軼事可能聽起來很有趣，但它可能不是客觀的信息，并且可能會影響投資者的決策。因此，最佳做法是披露軼事的來源，即它是基于個人meeting的，可能不是完全客觀的。這樣做可以讓投資者了解信息的性質(zhì)，并做出更明智的決策。選項A不正確，因為包含主觀信息可能會損害報告的客觀性。選項C不正確，因為完全避免任何主觀信息可能是不現(xiàn)實的，但必須披露這些信息來源。選項D不正確，因為將信息歸因于匿名來源可能會損害透明度，并可能被視為試圖掩蓋信息的來源。7.C解析：選項C最符合CFA協(xié)會的道德準則。研究部門有責任提供客觀和公正的研究，而投資銀行部門的壓力不應(yīng)影響研究的質(zhì)量。在這種情況下，分析師應(yīng)該拒絕發(fā)布受壓力影響的報告。向投資銀行部門報告壓力并請求其停止壓力可能是必要的，但分析師應(yīng)該堅持發(fā)布基于事實和獨立分析的客觀報告。選項A不正確，因為發(fā)布受壓力影響的報告會損害研究的客觀性。選項B不正確，因為修改分析以符合投資銀行部門的意見會損害研究的質(zhì)量。選項D不正確，雖然披露壓力是好的做法，但分析師應(yīng)該堅持發(fā)布客觀的報告，而不是修改報告以符合壓力。8.C解析：選項C最符合CFA協(xié)會的道德準則。財務(wù)顧問有責任始終將客戶的最佳利益放在首位。在這種情況下，推薦特定的經(jīng)銷商而不考慮客戶的偏好或需求可能被視為利益沖突。因此，最佳做法是建議客戶在多個經(jīng)銷商之間進行比較，以找到最佳的交易，而不是推薦特定的經(jīng)銷商。這樣做可以確保客戶獲得最佳的交易，并維護財務(wù)顧問的誠信。選項A不正確，因為即使披露了折扣，推薦特定的經(jīng)銷商仍然可能被視為利益沖突。選項B不正確，因為解釋推薦是基于雇主的關(guān)系可能會損害客戶的信任。選項D不正確，因為即使確?？蛻糁勒劭酆秃献麝P(guān)系，推薦特定的經(jīng)銷商仍然可能不是客戶的最佳利益。9.B解析：選項B最符合CFA協(xié)會的道德準則。投資經(jīng)理在做出重大投資決策時必須進行徹底的盡職調(diào)查，無論是否存在個人關(guān)系。在這種情況下，雖然經(jīng)理與創(chuàng)始人關(guān)系密切，但必須對初創(chuàng)公司進行全面的盡職調(diào)查，以評估其投資merits和風險。只有在完成盡職調(diào)查并確定投資符合基金的最佳利益后