2025年CFA《道德与专业标准》题库.docxVIP

2025年CFA《道德与专业标准》题库

考试时间：______分钟总分：______分姓名：______

试题部分

1.Aninvestmentmanagerisconsideringrecommendinganewemergingmarketmutualfundtoherclients.Thefundperformswellintheshortterm,generatingsignificantreturns.Themanagerbecomesawarethatthefundsperformanceisheavilyreliantonasingle,volatilecommoditywhosepriceisexpectedtodropsignificantlyinthenearfuture.Themanagerknowsthatifsherecommendsthefundnow,itwilllikelygeneratesubstantialcommissions.Shealsohasapersonalloanwithahighinterestrate,andthelenderhasrecentlyofferedherasignificantdiscountontheinterestrateifsheinvestsalargesumwiththem.Theinvestmentfirmwherethemanagerworksreceivesaquarterlybonusbasedonthetotalassetsundermanagement(AUM),andthefirmisunderpressuretogrowAUM.Themanagerisalsoconsideringajobofferfromacompetitorwhohasexpressedinterestinherskillsandhasofferedherasignificantsalaryincrease.

Discussthepotentialconflictsofinterestfacingthemanagerinthisscenario,includingconflictsarisingfrompersonalfinancialcircumstances,potentialbiasesduetoanticipatedfutureperformance,andfirmincentives.Explainthestepsthemanagershouldtaketoidentify,disclose,andmanagetheseconflictsinaccordancewiththeCFAInstituteCodeandStandardsofProfessionalConduct.

2.AportfoliomanagerataCFAInstitutememberfirmisresponsibleformanagingalargeportfolioofequities.Duringaroutinereviewoftheportfolio,themanagerdiscoversthatasignificantportionoftheportfoliosvalueisconcentratedinthestockofacompanyinwhichthemanagerssiblingholdsasubstantialpositionthroughafamilytrust.Themanagerisnotthetrusteeofthetrustandisunawareoftheexactpercentageofthestockholdingswithinthetrustatthetimeofdiscovery.ThemanagerisfamiliarwiththeCFAInstituteStandardsofPracticeHandbookand