2025年CFA一级练习题含答案.docxVIP

2025年CFA一级练习题含答案

考试时间：______分钟总分：______分姓名：______

一、道德与专业标准

1.Ananalystisevaluatingacompanyforinclusioninaportfoliorecommendedtoaclient.ThecompanysCEO,apersonalfriendoftheanalyst,approachestheanalystandrequeststhatthecompanybeincludedintheportfolio,offeringasubstantialdiscountonsharesheldpersonallybytheCEO.Theanalystsbroker-dealerrequiresclientstosignaForm4171iftheypurchasesecuritiesthroughananalystsrecommendations.Whichofthefollowingactionsismostappropriatefortheanalyst?

a.Acceptthesharesatthediscountedpriceandrecommendthecompanytotheclient,butdisclosethepersonalrelationshipintherecommendationreport.

b.Recommendthecompanytotheclient,butdonotacceptthediscountedshares,andensuretherecommendationisbasedsolelyonthecompanysfundamentals.

c.Refusetorecommendthecompanyunlessthediscountedsharesareaccepted,asthisrepresentsasignificantnon-publicinformationadvantage.

d.Donotrecommendthecompanyoracceptthediscountedshares,andinformthebroker-dealerandtheCEOofthepotentialconflictofinterest.

2.Aninvestmentmanagerisresponsibleformanagingaportfolioofequities.Themanagerscontractwiththeclientallowsthemanagertotradeupto1%oftheportfoliovaluewithoutpriorclientapproval.Themanageridentifiesanundervaluedstockandpurchases1.5%oftheportfoliovalueinthisstock.Subsequently,themanagerdiscoversthatthestockspricehasincreasedsignificantlyduetonon-publicinformationrevealedbyacompetitor.Whichofthefollowingbestdescribesthemanagersethicalobligation?

a.Themanagerisnotobligatedtodisclosethetradeasthedecisionwasmadewithinthe1%limitspecifiedinthecontract.

b.Themanagermustdisclosethetradetotheclient,butonlyiftheprofitfromthetradeexceedsacertainthresholdagreeduponinthecontract.

c.Thema