CFA職業(yè)道德與專業(yè)行為標(biāo)準(zhǔn)（CFA Ethical and Professional Standards）向來是CFA一級(jí)和CFA二級(jí)考試的重點(diǎn)之一（CFA一級(jí)的比重達(dá)15%）。
在CFA考試中，涉及到職業(yè)道德與專業(yè)行為標(biāo)準(zhǔn)的考題往往最先出現(xiàn)。迅速并準(zhǔn)確解答這部分考題，不僅有助于從考試開始就建立起信心，也能提高通過考試的機(jī)率。
CFA道德規(guī)范和專業(yè)行為準(zhǔn)則練習(xí)題＂Morality＂Exercise:The CFA Designation

CFAQuestions 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
CFA
 
【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

CFAQuestions 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
CFA
【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.
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