2025年CFA考试《伦理道德》真题集.docxVIP

2025年CFA考试《伦理道德》真题集

考试时间：______分钟总分：______分姓名：______

试卷内容

Instructions:Readeachofthefollowingscenarioscarefullyandanswerthequestionsthatfollow.BaseyouranswerssolelyontheinformationprovidedinthescenariosandtheCFAInstituteStandardsofProfessionalConduct.

Scenario1:InvestmentAdviceandClientAppropriateness

AnequityanalystatXYZInvestmentsiscoveringthetechnologysector.Theanalysthasdevelopedastrongconvictionthatasmaller,lesser-knowncompanyinthesector,TechInnovateInc.,issignificantlyundervaluedandpoisedforsubstantialgrowthwithinthenextyear.TechInnovateInc.doesnothaveapubliclisting,andtheanalystintendstorecommendthecompanytoseveralinstitutionalclients,includingtheXYZpensionfundforwhichtheanalystworks.

Theanalystsboss,whoisresponsibleformanagingthepensionfundstechnologyinvestments,hasbeenpressuringtheanalysttorecommendTechInnovateInc.becausethebosshasapersonalconnectiontothecompanysfounderandbelievesarecommendationwouldbenefitthebosssnetwork.

TheanalystisawarethatthepensionfundhasapolicyrequiringinvestmentstobesufficientlyliquidandthatTechInnovateInc.doesnotcurrentlymeetthiscriterion.However,theanalystalsoknowsthatthebossspoliticalinfluencewithinthefirmcouldnegativelyimpacttheanalystscareerprogressioniftherecommendationisnotmade.

Question1:DiscussthepotentialconflictsofinterestarisingfromthisscenarioandthestepstheanalystshouldtakeinaccordancewiththeCFAInstituteStandardsofProfessionalConduct.

Scenario2:ConfidentialInformationandCommunication

Sarah,aninvestmentmanageratAlphaAdvisors,managesaportfolioofprivateequityfunds.Shelearnsfromatrustedcolleagueatanotherfirmthatamajormarketdownturnisexpectedtooccurwithinthenexttwoweeks,informationthathasnotyetbeenpubliclyreleased.Sarahsfirmhasnotyetmadea