CFA Level 1 备考 · 以题带学 · 每日一课
📖 正文
本课是道德模块终测模拟的上半部分，覆盖 Standards I-IV 的综合考察。以下 5 道模拟题涵盖 Code of Ethics、Standard I（职业精神）、Standard II（资本市场诚信）、Standard III（对客户的责任）和 Standard IV（对雇主的责任）的核心考点。请在 15 分钟内完成，模拟真实考试节奏。
考试策略提醒： 1. 先读问题，再回头看场景细节 2. 对于"最可能违反哪个标准"的问题，优先识别最直接、最核心的违规 3. 对于"最佳做法"的问题，选择最保守、最利于客户利益的方案 4. CFA 考试中"披露了就可以"的思维往往是陷阱——披露不等于免责
🔑 关键定义
- 行为准则（Code of Ethics）：CFA 协会的六条基本道德原则，是所有 Standards 的基础框架
- 内幕信息（Material Nonpublic Information）：未公开且一旦公开可能影响证券价格的信息，II(A) 禁止基于此类信息交易或让他人交易
- 利益优先（Client Interest Primacy）：客户利益高于雇主利益高于个人利益的道德排序（Client Interest Primacy）
📝 今日练习
Q1. CFA 持证人 Mark 在私人聚会中听到一位上市公司的 CFO（他的大学室友）无意中提到"下季度财报会非常亮眼"。Mark 随即在第二天买入了该公司的股票。根据 CFA 准则，Mark 的行为：
A) 违规，违反了 II(A) Material Nonpublic Information B) 不违规，因为 CFO 是"无意提到"的，Mark 未主动探听 C) 不违规，只要 Mark 未将信息分享给他人
Q2. 分析师发现其雇主公司在营销材料中使用了"我们所有的基金经理都是 CFA 持证人"的说法，但实际上有 2 位基金经理尚未通过 CFA 三级考试。作为持证人，这位分析师最应该：
A) 保持沉默，因为营销材料不是他的职责范围 B) 向合规部门或上级报告这一不实陈述 C) 直接要求营销部门更改材料
Q3. 一位投资经理管理的某只基金当年表现极差（-25%）。在年度客户信中，他只提供了该基金的 3 年和 5 年化收益率（两者均为正），刻意没有提及当年的亏损。根据 CFA 准则：
A) 违规，违反 III(D) Performance Presentation 和 I(C) Misrepresentation B) 不违规，只要 3 年和 5 年数据是准确的 C) 合规，因为年度数据可以通过 3 年和 5 年数据推算
Q4. 分析师小陈在职期间利用业余时间开发了一个量化交易模型。离职后，他用这个模型在新公司管理策略。前雇主声称该模型属于公司财产。根据 CFA 准则：
A) 模型属于小陈，因为是业余时间开发的 B) 如果开发过程中使用了雇主资源或数据，模型可能属于雇主 C) 模型属于新公司，因为小陈已离职
Q5. 某基金公司规定：所有个人交易必须在事前获得合规部门批准。基金经理小张为父亲账户购买了一只股票，但未申报，认为"父亲是独立的成年人"。根据 CFA 准则：
A) 不违规，父亲的账户是独立个人账户 B) 违规，直系亲属账户通常属于 VI(B) 交易优先规则和个人交易政策的覆盖范围 C) 不违规，只要该股票不在限制名单上
查看答案
**Q1: A** — 解析：II(A) 禁止基于重大非公开信息进行交易或让他人交易。CFO 无意中透露的信息（财报利好）属于重大非公开信息。信息的获取方式（无意/有意）不影响违规判定。Mark 基于该信息买入股票即构成违规。 **Q2: B** — 解析：作为 CFA 持证人，发现雇主做出与 CFA 相关的虚假声明（I(C) Misrepresentation）时，有义务采取行动。最适当的做法是向合规部门或上级报告。如果公司不纠正，持证人应考虑离职。 **Q3: A** — 解析：刻意回避当年的巨额亏损仅报正数年份，构成 III(D) 业绩展示的违规（不完整、有误导性）和 I(C) 不当陈述（选择性披露误导客户）。 **Q4: B** — 解析：在职期间开发的模型的所有权取决于是否使用了雇主资源（数据、软件、工作时间、公司信息）。业余时间开发不代表自动拥有所有权。如果使用了任何雇主资源，模型可能属于雇主。 **Q5: B** — 解析：VI(B) 的交易优先和事先审批规则通常覆盖直系亲属（包括父母、配偶、子女）的账户。认为"父亲是独立的"不会改变这一义务。具体视公司政策，但 CFA 准则预期直系亲属账户与本人账户同等对待。📌 复习要点
- II(A) 内幕交易：信息的获取方式（无意/主动）不影响违规判定
- 发现雇主虚假声明时，持证人有报告义务，不能沉默
- III(D) 业绩展示禁止选择性披露——负面结果不能隐藏
- 业余时间开发的成果所有权取决于是否使用雇主资源
CFA Level 1 Exam Prep · Question-Driven Learning · Daily Lesson
📖 Reading
This lesson is Part 1 of the Ethics module final mock exam, covering comprehensive testing of Standards I through IV. The 5 questions below span the Code of Ethics, Standard I (Professionalism), Standard II (Integrity of Capital Markets), Standard III (Duties to Clients), and Standard IV (Duties to Employers). Complete all questions within 15 minutes, simulating real exam pacing.
Exam Strategy Reminders: 1. Read the question first, then review scenario details 2. For "most likely violates which standard?" — identify the most direct, core violation 3. For "best course of action" — choose the most conservative, client-interest-protecting option 4. "If they disclosed it, it's fine" thinking is often a trap — disclosure ≠ absolution
🔑 Key Definitions
- Code of Ethics: CFA Institute's six fundamental ethical principles forming the foundational framework for all Standards
- Material Nonpublic Information: Information not yet publicly available that, if disclosed, would likely affect a security's price; trading on or causing others to trade on such information is prohibited under II(A)
- Client Interest Primacy: The ethical hierarchy placing client interests above employer interests, and employer interests above personal interests
📝 Practice Questions
Q1. CFA charterholder Mark overhears a public company CFO (his college roommate) casually mention at a private gathering that "next quarter's earnings will be spectacular." Mark buys the company's stock the next day. Under the CFA Standards:
A) A violation — violates II(A) Material Nonpublic Information B) Not a violation — the CFO mentioned it casually, and Mark did not actively solicit the information C) Not a violation, provided Mark did not share the information with others
Q2. An analyst discovers her employer's marketing materials state "all our fund managers are CFA charterholders," but in fact 2 managers have not yet passed Level III. As a charterholder, the analyst should:
A) Remain silent — marketing materials are outside her responsibility B) Report the misrepresentation to the compliance department or a superior C) Directly instruct the marketing department to correct the materials
Q3. A portfolio manager's fund posted a terrible year (-25% return). In the annual client letter, he provides only the 3-year and 5-year annualized returns (both positive), deliberately omitting the current year's loss. Under the CFA Standards:
A) A violation — violates III(D) Performance Presentation and I(C) Misrepresentation B) Not a violation, provided the 3-year and 5-year data are accurate C) Compliant — the annual return can be inferred from the 3-year and 5-year figures
Q4. Analyst Chen develops a quantitative trading model during his spare time while employed. After leaving, he uses the model to manage strategies at his new firm. His former employer claims the model is company property. Under the CFA Standards:
A) The model belongs to Chen — he developed it in his spare time B) If any employer resources or data were used in development, the model may belong to the employer C) The model belongs to the new firm, since Chen has already left
Q5. A firm requires pre-clearance for all personal trades. Manager Zhang buys a stock for his father's account without pre-clearance, reasoning that "my father is an independent adult." Under the CFA Standards:
A) Not a violation — a father's account is an independent personal account B) A violation — immediate family accounts typically fall within VI(B) transaction priority and personal trading policy coverage C) Not a violation, provided the stock is not on the restricted list
View Answers
**Q1: A** — Explanation: II(A) prohibits trading, or causing others to trade, on material nonpublic information. The CFO's casual disclosure of positive earnings information constitutes material nonpublic information. How the information was obtained (inadvertently vs. actively) does not affect the violation determination. Trading on that information constitutes a violation. **Q2: B** — Explanation: As a CFA charterholder, upon discovering an employer's false statement related to the CFA designation (I(C) Misrepresentation), there is an obligation to act. The most appropriate course is to report to compliance or a superior. If the firm fails to correct the statement, the charterholder should consider dissociating (potentially resigning). **Q3: A** — Explanation: Deliberately concealing a massive current-year loss while reporting only positive multi-year figures constitutes a violation of III(D) Performance Presentation (incomplete, misleading presentation) and I(C) Misrepresentation (selective disclosure that misleads clients). **Q4: B** — Explanation: Ownership of a model developed during employment depends on whether employer resources (data, software, work time, company information) were used. Spare-time development does not automatically confer personal ownership. If any employer resources were used, the model may belong to the employer. **Q5: B** — Explanation: VI(B) transaction priority and pre-clearance rules typically extend to immediate family accounts (parents, spouse, children). The view that "father is independent" does not alter this obligation. While exact scope depends on firm policy, the CFA Standards expect immediate family accounts to be treated similarly to the member's own accounts.📌 Key Takeaways
- II(A) Insider trading: how you obtained MNPI (inadvertently vs. actively) is irrelevant — the violation turns on whether you traded
- Charterholders have a duty to report employer misrepresentations — silence is not an option
- III(D) Performance presentation prohibits selective disclosure — negative results cannot be hidden
- Ownership of after-hours work product depends on whether employer resources were used