2025年CFA一级Ethics道德准则模拟卷含答案.docxVIP

2025年CFA一级Ethics道德准则模拟卷含答案

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1.Aninvestmentanalystisresponsibleformanagingaportfolioofequitiesforaclient.TheanalystownssharesofCompanyXYZ,whichisnotcurrentlyintheclientsportfoliobutisapotentialinvestment.TheanalystisconsideringbuyingmoresharesofXYZfortheirpersonalportfolio.WhichofthefollowingactionsdemonstratesthehighestdegreeofcompliancewiththeCFAInstituteCodeandStandards,specificallyregardingdutiestoclients?

a)TheanalystinformstheclientaboutthepotentialadditionofXYZtotheportfolioandrecommendsitbasedonthoroughresearch,whilealsopurchasingadditionalsharesfortheirpersonalportfolio.

b)TheanalystbuysmoresharesofXYZfortheirpersonalportfolioandsubsequentlyrecommendsthestocktotheclient,ensuringtherecommendationisbasedonobjectiveanalysis.

c)Theanalystavoidsbuyingmoresharesfortheirpersonalportfoliountilaftertherecommendationtotheclientismade,topreventanyperceptionofbias.

d)Theanalystdeterminesthatthepersonalpurchasedoesnotconflictwiththeirdutytotheclientandproceedswiththepurchasewithoutnotifyingtheclient.

2.Aportfoliomanageriscurrentlymanagingtwoseparateportfoliosfortwodifferentclients.ClientAsportfoliohassignificantlyoutperformedClientBsportfoliooverthepastyear.ClientBexpressesfrustrationtotheportfoliomanagerandrequeststhatsomeoftheunderperformingassetsfromClientAsportfoliobetransferredtoClientBsportfoliotoimproveitsperformance.TheportfoliomanagerknowsthatsuchatransferwouldviolatetheCFAInstituteStandardsofProfessionalConduct.Whatisthemostappropriatecourseofactionfortheportfoliomanager?

a)ExplaintoClientBthatwhiletheyunderstandthesituation,transferringas