CFA每日一练 level I 道德2

cfa道德题CFA协会发布的道德准则和职业行为标准，旨在维护投资行业的公平、诚信和公众对投资市场的信心。

以下是一些CFA道德题，考察考生对职业道德和职业行为的理解。

1. 作为投资分析师，你被要求对一家公司的财务数据进行尽职调查。

你发现一些数据存在疑点，但公司拒绝提供更多信息。

你应该如何处理这种情况？答案：作为一名投资分析师，你有责任对客户负责，确保他们获得准确和可靠的信息。

如果你发现数据存在疑点，而公司拒绝提供更多信息，你应该谨慎对待这些数据，并尽可能获取更多的证据和信息，以确定数据的准确性和可靠性。

如果你无法获得足够的信息来验证数据的准确性，你应该在报告中指出这一情况，并建议客户进行进一步的研究和分析。

2. 你被聘请为一家公司的投资顾问，该公司希望你在未来三年内将投资组合的年化收益率提高到12%。

你注意到公司对风险的承受能力较低，但目前投资组合的配置较高风险资产。

你应该如何应对这种情况？答案：作为一名投资顾问，你有责任确保客户的投资目标与他们的风险承受能力相匹配。

如果公司对风险的承受能力较低，但投资组合的配置较高风险资产，这可能导致投资组合在未来三年内遭受重大损失。

因此，你应该与客户充分沟通，明确客户的投资目标和风险承受能力，并根据这些因素重新评估投资组合的配置。

在必要的情况下，你应该建议客户降低风险较高的资产配置，以确保投资组合与他们的风险承受能力相匹配。

3. 你作为项目经理负责一个价值10亿美元的股票投资项目。

你的团队成员发现了一个潜在的投资机会，但该股票存在一些合规问题。

你应该如何处理这种情况？答案：作为项目经理，你有责任确保投资项目的合规性和道德性。

如果你发现股票存在合规问题，你应该立即停止进一步的研究和考虑该股票作为潜在投资的机会。

相反，你应该与团队成员一起进一步调查该股票的问题，并寻求法律和合规专家的意见。

如果你确定该股票存在严重的合规问题，你应该放弃对该股票的投资机会，并告知上级和相关的利益相关者。

Answer: C 解析： C 是正确答案。根据 I(B) Independence and Objectivity，Yuan 不应该受到公司内 部的压力去影响他的独立客观的判断，他认为债券价格是被高估了，所以他不应 该去向他的客户去推销该债券。 A 错。因为 Yuan 不应该被他的主管威逼利诱去打推销电话，如果他打了就是说 明他的独立客观性被影响了，即使披露也不行。 B 错。因为不能收到内部的压力影响分析师的独立客观性。 难度：易
Carly Group. However, Yuan had a different thought. He believed the Carly bond price was overvalued. Which of the following action is the most appropriate to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct, Yuan should: A. make these calls with prominent disclose. B. follow his supervisor’s request, because of the chain of command. C. deny his supervisor’s request.
道德（20 道题）
1，Which of the following is most likely part of the CFA Institute Standards of Professional Conduct, Standard I–Professionalism? Members and candidates: A. must understand and comply with all applicable laws. B. must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants. C. must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.

CFA一级每日一练（含详细解析）381、Tamlorn Mager, CFA, is an analyst at Pyallup Portfolio Management. CFA Institute recently notified Mager that his CFA Institute membership was suspended for a year because he violated the CFA Code of Ethics. A hearing panel also came to the same conclusion. Mager subsequently notified CFA Institute he does not accept the sanction, or the hearing panel’s conclusion. Which of the following actions by Mager is most consistent with the CFA Institute Professional Conduct Program?【单选题】A.Presenting himself to the public as a CFA charterholderB.Providing evidence for his position to an outside arbitration paneling his CFA designation upon expiration of the suspension period正确答案:C答案解析:“Code of Ethics and Standards of Professional Conduct”, CFA Institute2013 Modular Level I, Vol. 1, Reading 1, Code of Ethics and Standards of Professional Conduct CFA Institute Professional Conduct ProgramStudy Session 1-1-aDescribe the structure of the CFA Institute Professional Conduct Program and the disciplinary review process for the enforcement of the Code of Ethics and Standards of Professional Conduct.Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional ConductC is correct because the Designated Officer may impose a summary suspension on a member or candidate, which may be rejected or accepted by the member or candidate. If the member or candidate does not accept the proposed sanction, the matter is referred to a hearing panel composed of DRC members and CFA Institute member volunteers affiliated with the DRC. In this case, the hearing panel also affirmed the suspension decision by the Designated Officer, and therefore, the member loses the right to use his designation fora one-year period. Upon expiration of the suspension period, the analyst would be able to use his CFA designation.2、The following information is available on a company for the current year.The company's diluted EPS is closest to:【单选题】A.$7.72.B.$7.57.C.$7.69.正确答案:A答案解析:Because both the preferred shares and the bonds are dilutive, they should both be converted tocalculate the diluted EPS. Diluted EPS is the lowest possible value.CFA Level I"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 6.2, 6.33、Alexander Newton, CFA, is the chief compliance officer for Mills Investment Limited. Newton institutes a new policy requiring the pro rata distribution of new security issues to all established discretionary accounts for which the new issues are appropriate. The policy also provides for the exclusion of newly established discretionary accounts from the distribution until they have reached their one-month anniversary date. This policy is disclosed to all existing and potential clients. Did Newton most likely violate any CFA Institute Standards of Professional Conduct?【单选题】A.No, because the allocation policy is not inequitable under the standardsB.YesC.No, because the policy has been adequately disclosed to all existing and potential clients正确答案:B答案解析:Under Standard III(B)-Fair Dealing, members and candidates should disclose to clients and prospective clients how they select accounts to participate in and how they determine the amount of securities each account will buy or sell. Trade allocation procedures must be fair and equitable, and disclosure of inequitable allocation methods does not relieve the member or candidate of this obligation. All discretionary accounts should be treated in the same manner. Treating newer accounts differently would be considered inequitable regardlessof whether this policy is disclosed.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard III(B)4、An analyst does research about a forward agreement (FRA).A FRA is referredto as a 3 ×9.The terms of the agreement are a:【单选题】A.3-month rate and a 6-month expiration.B.3-month rate and a 9-month expiration.C.6-month rate and a 3-month expiration.正确答案:C答案解析:本题考的是一个远期利率协议的基本概念，这里面的“3”指的是从现在起3个月之后协议截止，开始利率交换；“9”则指从现在起9个月之后利率交换全部结束，所以远期利率协议的期限是3个月，针对的是6个月的利率。

CFA一级每日一练（含详细解析）561、Which of the following is most likely a limitation of the yield-to-maturity measure?【单选题】A.It does not reflect the timing of the cash flows.B.It assumes coupon payments can be invested at the yield to maturity.C.It does not consider the capital gain or loss the investor will realize by holding the bond to maturity.正确答案:B答案解析:“Yield Measures, Spot Rates, and Forward Rates” Frank J. Fabozzi, CFA2013 Modular Level I, Vol. 5, Reading 57, Section 3.2.2Study Session 16-57-bCalculate and interpret traditional yield measures for fixed-rate bonds and explain their limitations and assumptions.B is correct because yield to maturity does consider reinvestment income; however, it assumes that the coupon payments can be reinvested at an interest rate equal to the yield to maturity. This is one of the limitations for the yield-to-maturity measure because the investor is facing re-investment risk (future interest rates will be less than the yield to maturity at the time the bond is purchased).2、Albert Nyakenda, CFA, was driving to a client’s office where he was expected to close a multi-million dollar deal, when he was pulled over by a traffic policeman When Nyakenda, realized the policeman planned to wrongly ticket him for speeding, he offered to buy him “lunch” so that he could quickly get to his client’s office. The alternative was to go to the police station and file a complaint of being wrongly accused that would also involve going to court the next day to present his case. The lunch would cost significantly more than the ticket. Did Nyakenda violate the CFA Code of Ethics?【单选题】A.Yes.B.No, because he was wrongly accused.C.No, because the cost of lunch is more than the ticket.正确答案:A答案解析:“Guidance for Standards I-VII”, CFA Institute2010 Modular Level I, Vol. 1, p. 11Study Session 1–2–a, bDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.Nyakenda was effectively trying to bribe the policeman so that he would not issue a speeding ticket. This action violates the Code of Ethics. Despite feeling he was wrongly accused, it is only his opinion, and may not based on fact or in a court of law. Nyakenda has a responsibility to act with integrity and in an ethical manual.3、Sato Kashingaki, CFA, is a financial advisor who practices in multiple jurisdictions. In his resident country, Country A, he is not required by law to hold a financial advisors license but he is required to uphold a fiduciary duty to his clients. In Country B, authorities require him to hold a financial advisors license but he is not expected to uphold a fiduciary duty to his clients. In Country C, authorities require both a financial advisors license and an asset management license in addition to upholding a fiduciary responsibility towards clients. In which of the three countries does Kashangaki have the duty to adhere to the CFA Code and Standards over local laws?【单选题】A.Country A.B.Country B.C.Country C.正确答案:B答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA Institute2011 Modular Level I, Vol. 1, pp. 22-23Study Session 1–2–aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.B is correct because Standard I – Professionalism requires CFA Members and Candidates to comply with the more strict law, rule or regulation in the event of conflicts of any applicable laws, rules and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct). Country B does not require a financial advisor to uphold a fiduciary duty (as is required by Country A and C); i.e. put the client’s interest before their own, therefore the CFA Code of Ethics and Standards of Professional Conduct (Duty to Clients) would be applicable as it is the stricter of the two.4、An analyst does research about put-call parity.Which of the following best representssynthetic put on a stock?【单选题】A.Call - stock + risk-free bond.B.Stock - call - risk-free bond.C.Stock + call - risk-free bond.正确答案:A答案解析:对于欧式期权来说，同一行权日期和行权价格的看涨期权和看跌期权间存在以下等式：看涨期权价格（C) +行权价格现值[x/]=看跌期权价格（P）+股票价格(S)，可得：P = C+ X/-S。