2025年CFA考试《道德与专业标准》习题集.docxVIP

2025年CFA考试《道德与专业标准》习题集

考试时间：______分钟总分：______分姓名：______

PartA:MultipleChoiceQuestions

1.Aninvestmentmanagerisconsideringrecommendinganewissueofsecuritiestoherclient.Theclienthaspreviouslyinvestedheavilyintheissuingfirmsstock,whichhasperformedpoorly.Themanagerknowsthatthenewissueisexpectedtoperformwellintheshorttermbutmayunderperformlater.WhichofthefollowingactionsismostlikelyinviolationoftheCFAInstituteCodeandStandards?

a)Disclosingtheexpectedshort-termgainsofthesecuritytotheclientandrecommendingtheinvestment.

b)Recommendingthesecuritytotheclientbutalsodisclosingthepotentialforunderperformanceinthelongterm.

c)Withholdinginformationabouttheexpectedlong-termunderperformanceofthesecuritytoincreasethelikelihoodofasuccessfulrecommendation.

d)Explainingtotheclientthatwhilethesecurityhasshort-termpotential,theyshouldbeawareofthepotentialforlong-termunderperformance.

2.Ananalystatasell-sideresearchfirmispreparingaresearchreportonacompanyinwhichthefirmisanunderwriter.Theanalystisconcernedaboutthecompanysfinancialhealthbutisunderpressurefromtheunderwritingteamtoissueapositivereport.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteStandardsofPractice?

a)Issuingareportthatisoverlyoptimisticaboutthecompanysfutureprospectstomeettheunderwritingteamsexpectations.

b)Includingonlypositiveinformationinthereportwhileomittinganynegativefindingsaboutthecompanysfinancialhealth.

c)Disclosingtheconflictsofinteresttotheinvestorsandprovidingabalancedreportthatincludesbothpositiveandnegativeinformation.

d)Withholdingthereportfrominvestorsuntilithasbeenapprovedbytheunderwritingteam.

3.Aportfoliomanagerlearnsthataformercolleague,whorecentlyleftthefirm,isstarting