2025年CFA一级练习试卷及答案.docxVIP

2025年CFA一级练习试卷及答案

考试时间：______分钟总分：______分姓名：______

一、道德与专业标准

1.Aninvestmentmanagerisconsideringsendingaholidaycardtoitsclients.Thecardfeaturesahigh-profilecorporateclientofthefirm.Theinvestmentmanagerknowsthatthecorporateclientreceivedanawardrecentlyforoutstandingcorporategovernance.Whichofthefollowingactionsismostappropriatefortheinvestmentmanagertotake?

a.Sendthecardasplannedbecauseitisastandardmarketingpractice.

b.Sendthecardbutremovethecorporateclientsnameandlogotoavoidanyperceptionofendorsement.

c.Donotsendthecardbecauseitcouldcreateaconflictofinterestbetweenthefirmandthecorporateclient.

d.Sendthecardonlytoclientswhohaveinvestedaminimumamountabovethefirmstypicalclientthreshold.

2.Ananalystatasell-sideresearchfirmiscoveringthepharmaceuticalindustry.TheanalystdevelopsamodelthatpredictsasignificantupswinginthestockpriceofDrugCompanyXYZbasedonnewclinicaltrialresultsexpectednextmonth.Theanalystsboss,whoisfriendswiththeCEOofDrugCompanyXYZ,askstheanalysttorecommendthestocktoalargeinstitutionalclient.Theanalystknowstherecommendationisbasedonpreliminary,non-publicinformation.Whatshouldtheanalystdo?

a.Maketherecommendationtotheinstitutionalclientasrequestedbytheboss,asthebosssinformationsourceisreliable.

b.Informtheinstitutionalclientthattherecommendationisbasedonnon-publicinformationandcannotbeprovidedatthistime.

c.Refusetomaketherecommendationbutreportthebosssrequesttothefirmscompliancedepartment.

d.Recommendthestocktotheinstitutionalclientbutdisclosethattheinformationisbasedonpreliminaryclinicaltrialresults.

3.Aninvestmentadvisorismeetingwithaclientwhoisconsideringaddingasmallpositioninastartupcompany.Thestartupsbusinessmodelisunprove