建议用时：12 分钟
Q1. 分析师得知即将生效的新法规禁止某种交易行为，而 CFA 准则允许但要求披露。该分析师应：
A) 遵循 CFA 准则——允许但披露
B) 遵循新法规——更严格的标准优先
C) 咨询律师后自行决定
D) 遵循雇主的政策
Q2. 某上市公司邀请分析师参加"投资者日"：包机票、五星酒店、免费赠送最新款 iPad。分析师的最佳做法是：
A) 全部接受并披露
B) 接受机票和酒店，婉拒 iPad
C) 婉拒全部或自付所有费用，只出席公开会议
D) 接受——这是行业惯例
Q3. 以下哪项最可能同时违反 I(C) 和 I(D)？
A) 研究报告中一个小的计算错误
B) 故意编造客户推荐信以获取新客户
C) 忘记在研报中标注风险提示
D) 用同事的内部数据但未注明出处
Q4. 投资顾问通过了 CFA 一级考试，在网站上标注"CFA 持证人"。这：
A) 合规——通过一级就是 CFA
B) 违反 VII(A)，但不违反 I(C)
C) 同时违反 VII(A) 和 I(C)
D) 合规——只要正在备考后续级别
Q5. 以下关于 I(B) 独立客观性的说法，哪项正确？
A) 独立性仅在面对客户施压时才需要保护
B) 来自雇主的施压不影响独立性
C) 独立性保护对象包括来自任何来源的压力——客户、雇主、第三方
D) 只要最终结论正确，接受礼物不影响独立性
Q6. I(D) 的"反映对职业声誉不利"（reflects adversely）的判断标准是：
A) 是否被刑事定罪
B) 一个理性人是否会因此质疑该人的职业诚信或能力
C) 雇主是否处分了该人
D) 是否有客户投诉
Q7. 综合题：分析师 A 在投资讲座中：(1) 自称毕业于某顶尖商学院（实际肄业），(2) 暗示自己掌握某公司未公开的利好，听众赶紧买入，(3) 讲座结束后接受主办方赠送的价值 $2,000 的手表。A 违反的标准最少包括：
A) I(B) + I(C)
B) I(C) + I(D)
C) I(B) + I(C) + I(D) + II(A)
D) I(C) + I(D) + II(A)
答案与解析
Q1: B — 遵循新法规 - I(A) 核心原则：当多个标准有冲突时，遵守更严格的标准 - 法规禁止 > CFA 准则允许 = 法规更严格 → 遵守法规
Q2: C — 婉拒全部或自付 - 五星酒店 + 免费 iPad 明显超出常规商务招待 - I(B) 最佳实践：自付或婉拒超出合理范围的部分 - 只参加公开会议（不需要对方付费）= 维护独立性的最稳妥方式
Q3: B — 故意编造客户推荐信 - 编造 = I(C) 虚假陈述 - 故意欺诈行为 = I(D) 欺诈 - A 是错误不是故意，C 是遗漏，D 是抄袭（I(C) 但未必 I(D)）
Q4: C — 同时违反 VII(A) 和 I(C) - VII(A)：错误使用 CFA 标识（通过一级 ≠ CFA持证人） - I(C)：资质虚假陈述
Q5: C — 保护来自任何来源的压力 - I(B) 不挑压力来源——客户、雇主、第三方都一样 - 来自雇主内部的压力（投行部门施压）同样受 I(B) 保护
Q6: B — 理性人标准 - 不一定要被定罪——酒驾可能没被定重罪但理性人仍会质疑判断力 - 不一定要受处分或被投诉——行为本身才是判断对象
Q7: C — I(B) + I(C) + I(D) + II(A) - 自称肄业学位 = I(C) 虚假陈述 + I(D) 欺诈 - $2,000 手表 = I(B) 独立客观性受损 - 暗示未公开利好 = II(A) 内幕信息
成绩评估
| 正确数 | 评级 |
|---|---|
| 7 | ⭐⭐⭐ 卓越 |
| 5-6 | ⭐⭐ 良好 |
| 3-4 | ⭐ 需巩固 |
| 1-2 | 建议重学 L031-L039 |
Standard I 结束。下一课 L041：Standard II(A) 内幕信息
Suggested time: 12 minutes
Q1. An analyst learns that a new regulation taking effect soon prohibits a certain trading practice, while the CFA Code permits it with disclosure. The analyst should:
A) Follow the CFA Code — permit but disclose
B) Follow the new regulation — the stricter standard prevails
C) Decide independently after consulting a lawyer
D) Follow the employer's policy
Q2. A listed company invites an analyst to an "Investor Day": flights covered, five-star hotel, and a complimentary latest iPad. The analyst's best course of action is:
A) Accept everything and disclose
B) Accept flights and hotel, decline the iPad
C) Decline everything or self-pay all expenses; attend only the public meeting
D) Accept — this is industry practice
Q3. Which most likely violates both I(C) and I(D) simultaneously?
A) A minor calculation error in a research report
B) Deliberately fabricating client testimonials to attract new clients
C) Forgetting to include a risk warning in a research report
D) Using a colleague's internal data without attribution
Q4. An investment advisor passed CFA Level I and marked "CFA Charterholder" on their website. This:
A) Is compliant — passing Level I makes you a CFA
B) Violates VII(A) but not I(C)
C) Violates both VII(A) and I(C)
D) Is compliant — as long as they are studying for subsequent levels
Q5. Which statement about I(B) independence and objectivity is correct?
A) Independence only needs protection when facing client pressure
B) Pressure from the employer does not affect independence
C) Independence protects against pressure from any source — clients, employers, third parties
D) As long as the final conclusion is correct, accepting gifts does not affect independence
Q6. The test for I(D)'s "reflects adversely on professional reputation" is:
A) Whether there has been a criminal conviction
B) Whether a reasonable person would question the individual's professional integrity or competence
C) Whether the employer has disciplined the individual
D) Whether a client has complained
Q7. Comprehensive: During an investment seminar, Analyst A: (1) claims to have graduated from a top business school (actually dropped out), (2) hints at knowing nonpublic positive news about a company and suggests attendees buy quickly, (3) accepts a $2,000 watch gifted by the organizer after the seminar. The minimum number of standards A has violated is:
A) I(B) + I(C)
B) I(C) + I(D)
C) I(B) + I(C) + I(D) + II(A)
D) I(C) + I(D) + II(A)
Answer Key & Explanations
Q1: B — Follow the new regulation - I(A) core principle: when multiple standards conflict, follow the stricter one - Regulation prohibits > CFA Code permits = regulation is stricter → follow regulation
Q2: C — Decline everything or self-pay - Five-star hotel + free iPad clearly exceed normal business hospitality - I(B) best practice: self-pay or decline what exceeds reasonable limits - Attending only the public meeting (not requiring company payment) = the safest way to preserve independence
Q3: B — Deliberately fabricating client testimonials - Fabrication = I(C) misrepresentation - Deliberate fraud = I(D) fraud - A is an error, not intentional; C is omission; D is plagiarism (I(C) but not necessarily I(D))
Q4: C — Violates both VII(A) and I(C) - VII(A): misuse of CFA designation (passing Level I ≠ CFA charterholder) - I(C): qualification misrepresentation
Q5: C — Protects against pressure from any source - I(B) does not discriminate by source — clients, employers, third parties are all the same - Internal employer pressure (e.g., from the investment banking department) is equally protected by I(B)
Q6: B — The reasonable person test - Does not require a conviction — a DUI may not be a felony but a reasonable person would still question judgment - Does not require discipline or complaints — the conduct itself is the subject of judgment
Q7: C — I(B) + I(C) + I(D) + II(A) - Claiming a degree never earned = I(C) misrepresentation + I(D) fraud - $2,000 watch = I(B) independence compromised - Hinting at nonpublic positive news = II(A) material nonpublic information
Performance Assessment
| Correct | Rating |
|---|---|
| 7 | ⭐⭐⭐ Excellent |
| 5-6 | ⭐⭐ Good |
| 3-4 | ⭐ Needs reinforcement |
| 1-2 | Recommend re-studying L031-L039 |
End of Standard I. Next L041: Standard II(A) Material Nonpublic Information