2025年CFA考试精华卷.docxVIP

2025年CFA考试精华卷

考试时间：______分钟总分：______分姓名：______

Section1:EthicsandProfessionalStandards

1.Ananalystisperformingduediligenceonacompanyforapotentialequityinvestmentrecommendation.ThecompanysCEO,whoisapersonalfriendoftheanalyst,approachestheanalystprivatelyandprovidesnon-public,positiveinformationaboutanupcomingmergerthatthecompanyisconsidering.TheCEOaskstheanalysttosharethisinformationwithaselectgroupofinvestorstogeneratepositivemarketsentimentbeforethepublicannouncement,inreturnforasignificantfee.Whatisthemostappropriatecourseofactionfortheanalyst?

a)Sharetheinformationwiththeselectgroupofinvestorsasrequested,astheCEOisapersonalfriendandthefeeissubstantial.

b)Refusetosharetheinformationbutacceptthefee,astheinformationisnotexplicitlyforbiddenbythecodeandtheCEOsrequestisbasedonapersonalrelationship.

c)Refusetosharetheinformationanddeclinethefee,butdonotreporttheCEOsrequestinternally,astheinformationisnotyetpublic.

d)Sharetheinformationbutensurethatthedisclosureismadeclearly,indicatingthatitisbasedonnon-publicinformation.

2.Aportfoliomanagerisevaluatingpotentialinvestmentopportunities.Oneinvestmentprospectinvolveslendingmoneytoaclosefamilymemberataninterestratesignificantlybelowthemarketrate.Whatprimaryconcerndoesthissituationraisefortheportfoliomanager?

a)Potentialconflictofinterestwiththefamilymember.

b)Violationofthesuitabilitystandard,asthetermsarenotatarmslength.

c)Breachofconfidentiality,asthedetailsoftheloanarenotpublic.

d)Exceedanceofinvestmentlimits,astheloanisconsideredaseparatesecurity.

3.WhichofthefollowingactionsbyaCFAcharterholderwouldmostlikelyviolatetheCFAInstituteCodeandStandards?

a)Publishingresearchfindingsinawidelyr