2025年CFA一級Ethics道德準(zhǔn)則重點題集卷考試時間：______分鐘總分：______分姓名：______Instructions:Readeachquestioncarefullyandselectthebestanswer.1.Ananalystisevaluatingtwostocksasinvestmentrecommendationsforaclient.Theclienthasprovidedtheanalystwithnon-publicinformationsuggestingonestockwillsignificantlyunderperform.Theanalystknowstheinformationisaccurateandplanstouseittorecommendtheotherstocktotheclientwhilesellingtheunderperformingstockpositionintheirownportfolio.WhichStandardofProfessionalConductisprimarilyviolated?A)StandardII(A)-LoyaltytoClientB)StandardII(B)-FairnessC)StandardIII(A)-CompetenceD)StandardV(A)-ConflictofInterest2.Aninvestmentmanagerrecommendsaportfoliocontainingalargenumberofsmall-capstockstoaclient.Themanagerholdsasignificantpositioninoneofthesmall-capstockswithintheportfoliothroughtheirpersonalbrokerageaccount.Themanagerdisclosesthispersonalholdingtotheclientbutdoesnotprovidedetailedinformationaboutthespecificstock'sperformanceorthemanager'spersonalfinancialinterestinit.Whichaction,ifany,bythemanagerraisesapotentialconflictofinterestundertheCFAInstituteCodeandStandards?A)Themanagerdoesnotneedtodisclosefurtherastheholdingisalreadymentioned.B)Themanagershouldprovidedetailedinformationaboutthespecificstockanditsperformancetotheclienttoensurefulldisclosure.C)Themanagershouldavoidmakinganyrecommendationsinvolvingthespecificstocktomaintainindependence.D)ThedisclosureabouttheholdinginthegeneralportfoliocategoryissufficientundertheCFAInstituteStandardsofProfessionalConduct.3.WhichofthefollowingactionsbyaninvestmentadvisorwouldmostlikelybeconsideredaviolationoftheCFAInstituteStandardofProfessionalConductII(B)-LoyaltyandCare?A)Providinginvestmentrecommendationsbasedsolelyonobjectivefundamentalanalysisoftheunderlyingsecurities.B)建議ingaportfolioallocationthatalignswiththeclient'sstatedrisktoleranceandinvestmentobjectives.C)Acceptingagiftofaminorvalue(e.g.,acupofcoffee)fromacompanywhosestockisheldinaclient'sportfolio.D)Simultaneouslymanagingportfoliosforbothacompany'sCEOanditslargestshareholder,ensuringrecommendationsaremadeinthebestinterestofallclients.4.Ananalystisperformingduediligenceonacompany.Duringtheprocess,theylearnthatthecompanyisplanningtomakeasignificantdonationtoapoliticalcampaignsoon.Theanalystbecomesawarethatthisdonationcouldpotentiallyinfluencethecompany'sfuturebusinessdecisionsinawaythatmightnegativelyimpacttheircurrentinvestment.WhichCFAInstituteStandardofProfessionalConductrequirestheanalysttodisclosethisinformationtotheiremployer?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIV(A)-IndependenceandObjectivityC)StandardV(A)-ConflictofInterestD)StandardV(B)-Misconduct5.Aportfoliomanagerispreparingareportforaclient.Thereportincludesanalysisderivedfromamodeldevelopedbytheportfoliomanager'sformeremployer.Theportfoliomanagerknowsthatthemodel'sproprietaryalgorithmswerenotfullydisclosedtotheclientinthepast,althoughtheunderlyingdatasourceswerementioned.Theportfoliomanagerusesthisreporttojustifytheirinvestmentstrategy.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(A)-CompetenceC)StandardIV(B)-ProfessionalismD)StandardV(A)-ConflictofInterest6.AninvestmentadvisorfrequentlyusestheCFAInstitutedesignationintheirmarketingmaterialsandbusinesscards.However,theadvisorhasonlypassedLevelIoftheCFAexamsandisnotyetamemberoftheCFAInstitute.WhichCFAInstituteStandardofProfessionalConductistheadvisorviolating?A)StandardI(B)-ObjectivityandPublicTrustB)StandardII(A)-LoyaltytoClientC)StandardIII(B)-ContinuingEducationD)StandardIV(B)-Professionalism7.Ajunioranalystworkingataninvestmentfirmisassignedtogathernon-publicinformationaboutacompetitorofthefirm'sclient.Thesenioranalystdirectingthejuniorexplicitlyinstructsthemtoobtainthisinformationthroughlegalbutaggressivemeans,statingitisnecessarytowintheclient.Thejunioranalystcomplies.WhichCFAInstituteStandardofProfessionalConducthasbeenviolatedbythejunioranalyst?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIII(A)-CompetenceD)StandardV(B)-Misconduct8.Anequityresearchassociateisassignedtowriteareportonacompany.Thecompany'sCEO,whoisafriendoftheassociate'sfamily,callstheassociateandexpressesstrongdisappointmentwiththepreliminary,negativefindingsinthereport.TheCEOsuggeststhattheassociate"soften"thereport'stone.Theassociateknowstheresearchfindingsareaccurateandbasedonobjectiveanalysis.WhichCFAInstituteStandardofProfessionalConductrequirestheassociatetoadheretotheinitial,objectivefindings?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(A)-CompetenceC)StandardIV(A)-IndependenceandObjectivityD)StandardV(A)-ConflictofInterest9.Aportfoliomanagerisofferedasignificantbonusbyasupplieroftradingtechnologytothefirm.Thesupplier'stechnologyprovidesnocompetitiveadvantagetotheportfoliomanager'sfirmbutisconsideredstandardintheindustry.Theportfoliomanageracceptsthebonus.WhichCFAInstituteStandardofProfessionalConducthasbeenpotentiallyviolated?A)StandardII(A)-LoyaltytoClientB)StandardII(B)-FairnessC)StandardIV(B)-ProfessionalismD)StandardV(A)-ConflictofInterest10.WhichofthefollowingstatementsregardingtheCFAInstituteCodeandStandardsismostaccurate?A)TheStandardsaremandatoryrules,andtheirviolationalwaysresultsindisciplinaryactionbytheCFAInstitute.B)TheStandardsprovideahierarchyofobligations,withcertainStandardscarryingmoreweightthanothers.C)TheStandardsareintendedtobeappliedbasedonthespecificfactsandcircumstancesofeachsituation.D)AdherencetotheStandardsisonlynecessaryforCFAInstitutemembers.11.Aclientasksaninvestmentadvisorabouttheadvisor'spersonalinvestments.Theadvisorrevealsthattheyholdasmallpositioninacompanywhosestockisalsorecommendedintheclient'sportfolio.Theadvisorstates,"Iownalittlemyself,whichiswhyIthinkit'sagoodideaforyoutoconsiderit."WhichCFAInstituteStandardofProfessionalConductrequirestheadvisortoprovidemorecompleteinformationtotheclient?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIV(A)-IndependenceandObjectivityD)StandardV(A)-ConflictofInterest12.Aninvestmentmanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthatasignificantportionoftheportfolioisheldinamutualfundthatthemanager'sspouseworksforinanon-investmentrelatedcapacity.Themanagerhasdisclosedthisemploymentconnectiontotheclientbuthasnotprovidedanyanalysisorrecommendationsregardingthemutualfund.WhichCFAInstituteStandardofProfessionalConductrequiresthemanagertoprovidemoredetailedinformationortakespecificactions?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(B)-ContinuingEducationC)StandardIV(B)-ProfessionalismD)StandardV(A)-ConflictofInterest13.WhichofthefollowingactionsbyaninvestmentprofessionalwouldmostlikelybeconsideredaviolationoftheCFAInstituteStandardofProfessionalConductIV(A)-IndependenceandObjectivity?A)Refusingtoattendacompany'sinvestorrelationseventbecausethecompany'sstockisasignificantholdinginaclientportfolioandtheprofessionalbelievesobjectiveobservationisnecessary.B)Objectingtoaresearchrecommendationpreparedbyacolleagueiftheprofessionalbelievestherecommendationisbasedonflawedanalysis,regardlessofthecolleague'sseniority.C)Acceptinganall-expenses-paidluxurytrippaidforbyacompanywhosestockisheldinaclientportfolio.D)Statingpubliclythataparticularstockisa"buy"recommendationaftercompletingathoroughandobjectiveanalysis,butdecliningtoprovidethedetailedanalysisreporttothepublic.14.Aportfoliomanagerisevaluatingpotentialinvestmentideas.Oneideainvolvestakingashortpositioninacompany'sstockbasedonfundamentalanalysissuggestingthestockisovervalued.However,theportfoliomanager'sspouserecentlyinheritedasignificantamountofsharesinthatcompanythroughanestate.Theportfoliomanagerplanstoholdtheshortpositionbutdoesnotinformtheirspouseoftheirtradingplans.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?A)StandardII(A)-LoyaltytoClientB)StandardIII(A)-CompetenceC)StandardV(A)-ConflictofInterestD)StandardV(B)-Misconduct15.Ananalystistaskedwithpreparingareportonacompanyfortheiremployer'sclient.Thereportincludesobjectivefinancialanalysisbutalsocontainsstrong,subjectiveopinionsandrecommendationsbasedontheanalyst'spersonalfeelingsaboutthecompany'smanagement.TheanalystknowsthatobjectiveanalysisisrequiredbytheCFAInstituteStandardsofProfessionalConduct.WhichStandardhasbeenviolated?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(A)-CompetenceC)StandardIV(A)-IndependenceandObjectivityD)StandardIV(B)-Professionalism16.Ajuniorportfoliomanagerfrequentlymakesinvestmentdecisionsbasedontipsreceivedfromaseniorcolleaguewhoisknowntobeoverlyoptimisticaboutmarketconditions.Thejuniormanagerfailstoconducttheirownindependentanalysisandreliesheavilyonthecolleague'ssuggestions.WhichCFAInstituteStandardofProfessionalConductrequiresthejuniormanagertodemonstratecompetenceandmaintainprofessionalintegrity?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIII(A)-CompetenceD)StandardV(A)-ConflictofInterest17.Aninvestmentadvisorisaskedbyaclienttorecommendasuitablestockforalong-terminvestmenthorizon.Theadvisorknowsofastartupcompanywithpromisingtechnologybutalsounderstandsthatthecompanylacksatrackrecordandcarriessignificantrisk.Theadvisorrecommendsthestocktotheclient,butfailstoadequatelydisclosethehighlevelofriskinvolved.WhichCFAInstituteStandardofProfessionalConducthasbeenviolated?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIV(B)-ProfessionalismD)StandardV(B)-Misconduct18.Aresearchanalystatafirmpreparesanegativereportonacompany'sstock.Thecompany'sCEOcallsthefirm'sCEOandexpressessignificantdissatisfactionwiththereport,suggestingthefirmisbiasedagainstthecompany.Thefirm'sCEOaskstheresearchanalysttoreconsidertheirfindingsandpotentiallysoftenthereport'sconclusion.Theanalystcorrectlybelievesthefindingsarebasedonsoundanalysisandadheretothefirm'sresearchstandards.WhichCFAInstituteStandardofProfessionalConductisprimarilyatstakeiftheanalystcomplies?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardIII(A)-CompetenceC)StandardIV(A)-IndependenceandObjectivityD)StandardV(A)-ConflictofInterest19.WhichofthefollowingstatementsbestreflectstherelationshipbetweentheCFAInstituteCodeofEthicsandtheStandardsofProfessionalConduct?A)TheCodeofEthicsprovidestheoverarchingprinciples,whiletheStandardsprovidedetailedrulesforimplementation.B)TheStandardsaremandatoryrules,andtheCodeprovidesguidanceonethicaldecision-making.C)TheCodeofEthicsisonlyrelevantforCFAInstitutemembers,whiletheStandardsapplytoallinvestmentprofessionals.D)TheCodeofEthicsandtheStandardsaremutuallyexclusivedocumentsaddressingdifferentaspectsofprofessionalconduct.20.Aninvestmentadvisorrecommendsacomplexstructuredproducttoaclient.Theproductinvolvessignificantfeesandhasnon-standardpaymentterms.Theadvisorpreparesabriefpresentationhighlightingthepotentialreturnsbutdoesnotprovidetheclientwiththedetailedprospectusorriskdisclosuredocumentsforseveraldaysaftertheinitialmeeting.WhichCFAInstituteStandardofProfessionalConductrequirestheadvisortoprovideallnecessaryinformationtotheclientbeforemakingarecommendation?A)StandardI(A)-DutytoPreserveClientAssetsB)StandardII(B)-FairnessC)StandardIII(B)-ContinuingEducationD)StandardIV(B)-Professionalism試卷答案1.D解析思路：分析師計劃利用非公開信息為自己牟利（通過個人交易），同時向客戶推薦另一只股票，這直接構(gòu)成了自身利益與客戶利益之間的沖突，違反了V(A)禁止利益沖突的原則。雖然涉及客戶（II(A)），但其核心問題是利益沖突的管理。2.B解析思路：雖然披露了持有，但未提供足夠詳細(xì)信息（如具體股票、個人財務(wù)利益細(xì)節(jié)），未能充分揭示該持有可能如何影響建議的客觀性，違反了V(A)禁止利益沖突的原則，需要更完整的披露來管理潛在沖突。3.C解析思路：接受與客戶投資組合相關(guān)的、超出正常社交禮儀范圍的禮物（即使是咖啡），可能被視為試圖影響advisor或?qū)ζ浞?wù)表示感謝的一種方式，從而可能違反II(B)忠誠與關(guān)懷的原則，因為它可能被視為不純粹的表示，影響客觀性或引發(fā)未來期望。4.C解析思路：分析師了解到公司計劃的政治捐款可能在未來影響其業(yè)務(wù)決策，從而可能影響分析師當(dāng)前投資的回報。這種潛在的未來影響構(gòu)成了一個需要向雇主披露的利益沖突，因為雇主有責(zé)任確保其員工了解并管理此類沖突，這符合V(A)禁止利益沖突的要求。5.D解析思路：使用未充分披露其proprietary算法的模型進(jìn)行分析和報告，違反了向客戶透明披露信息的義務(wù)，這涉及到V(A)禁止利益沖突（與模型的開發(fā)者或前雇主相關(guān)）以及可能涉及III(A)專業(yè)勝任能力（如果模型結(jié)果不可靠）。但核心問題是信息披露不充分，與未披露的、影響分析結(jié)果的propriety元素相關(guān)，屬于利益沖突的范疇。6.D解析思路：僅通過LevelI考試且非會員就使用CFAInstitute的designation（徽標(biāo)）進(jìn)行營銷，違反了IV(B)專業(yè)行為的標(biāo)準(zhǔn)，該標(biāo)準(zhǔn)要求使用designation必須符合CFAInstitute的相關(guān)規(guī)定，通常要求通過特定級別考試并成為會員。7.