CFA职业道德与专业行为标准（CFA Ethical and Professional Standards）向来是CFA一级和CFA二级考试的重点之一（CFA一级的比重达15%）。
在CFA考试中，涉及到职业道德与专业行为标准的考题往往最先出现。迅速并准确解答这部分考题，不仅有助于从考试开始就建立起信心，也能提高通过考试的机率。
CFA道德规范和专业行为准则练习题＂Morality＂Exercise:The CFA Designation
Questions 1:
Molly Burnett,CFA,is a portfolio manager for a fund that only invests in environmentally friendly companies.A multinational utility company recently acquired one of the fund’s best performing investments,a wind power company.The wind power company’s shareholders received utility companyshares as part of the merger agreement.The utility has one of the worst environmental records in the industry,but its shares have been one of the top performers over the past 12 months.Because the utility pays a high dividend every three months,Burnett holds the utility shares until the remaining two dividends are paid for the year then sells the shares.Burnett most likely violated the CFA Institute Standard of Professional Conduct concerning:
A、suitability.
B、disclosure of conflicts.
C、independence and objectivity
【Answer to question 1】A
【analysis】
A is correct because the utility is not a suitable investment for a fund that only invests in companies with good environmental records.Continuing to hold this investment,therefore,was a violation of Standard III(C)–Suitability.
B is incorrect because the violation concerns an unsuitable investment.Although the manager has a conflict of interest concerning her desire to hold onto a high dividend stock that has performed well in the past despite it being unsuitable for the Fund,disclosing this would not alleviate the fact that the holding is unsuitable for the Fund that only investments in companies with good environmental records.
C is incorrect because there has not been a violation of independence and objectivity
Questions 2:
Pia Nilsson is a sole proprietor investment advisor.An economic recession has reduced the number of clients she advises and caused revenues to decline.As a result,Nilsson has not paid her CFA Institute membership dues for the past two years.When a national financial publication recently interviewed Nilsson,she indicated that up until two years ago she had been a CFA charterholder and a CFA Institute member in good standing.In addition,she stated the completion of the CFA Program enhanced her portfolio management skills and enabled her to achieve superior returns on behalf of her clients.Which of Nilsson's following actions most likely violated the CFA Institute Standards of Professional Conduct?
A、Nonpayment of CFA Institute membership dues
B、Attributing her superior returns to participation in the CFA Program
C、Indicating that being a CFA charterholder has enhanced her portfolio management skills
【Answer to question 2】B
【analysis】
B is correct because it is a violation of Standard VII(B)–Responsibilities as a CFA Institute Member or CFA Candidate to claim that the CFA charter helped her to achieve superior returns.
A is incorrect because it is appropriate to claim that being a charterholder has improved her portfolio management skills.
C is incorrect because it is not a violation to not pay fees if the person does not claim to be a CFA charterholder or a member of the CFA Institute.
以上就是【
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