CFA職業(yè)道德與專業(yè)行為標(biāo)準(zhǔn)（CFA Ethical and Professional Standards）向來(lái)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(guò)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:Guidance
Questions 1:
Charles Mbuwanga, a Level 3 CFA Candidate, is the Business Development Manager for Sokoza Investment Group, an investment management firm with high-net-worth retail clients throughout Africa. Sokoza introduced listed Kenyan Real Estate Investment Trusts (REITs) to its line of investment products based on new regulations introduced in Kenya so as to diversify its product offering to clients. The product introduction comes after months of researching Kenyan property correlations with other property markets and asset classes in Africa. Sokoza assigns Mbuwanga as part of the sales team in introducing this product to its clients across Africa. Mbuwanga subsequently determines that most of Sokoza’s clients’ portfolios would benefit from having a small Kenyan property exposure to help diversify their investment portfolios. By promoting the Kenyan REITS for Sokoza’s client portfolios as planned, Mbuwanga would least likely violate which of the following Standards?
A 、Suitability
B、 Knowledge of the Law
C 、Independence and Objectivity
cfa練習(xí)題
【Answer to question 1】C
【analysis】
C is correct because there is no indication Mbuwanga’s recommendation is based on any compensation package based on sales targets as being part of the sales team. If he had a sales target as part of his responsibility to promote the new product, it could be conceived his independence and objectively was in question. Mbuwanga does however seem to be in violation of Standard III(C)–Suitability in that while research with regard to correlation was undertaken, an analysis based on each individual client’s return and risk objectives was not done. He may also be in violation of St  andard I(A)–Knowledge of Law in that he would need to determine if the Kenyan REIT product is allowable in each of the countries where his clients reside. 
 A is incorrect because while research with regard to correlation was undertaken, an analysis based on each individual clients’ return and risk objectives was not done. 
 B is incorrect as the new REIT products are being recommended to all clients based on new regulations introduced in Kenya. Mbuwanga may be in violation of Standard I(A)– Knowledge of the Law depending on the rules and regulations in each of the African countries where his clients reside if those regulations do not allow investments outside of the country and/or in this investment type.
Questions 2:
When Abdullah Younis, CFA, was hired as a portfolio manager at an asset management firm two years ago and was told he could allocate his work hours as he saw fit. At that time, Younis served on the board of three nonpublic golf equipment companies and managed a pooled investment fund for several members of his immediate family. Younis was not compensated for his board service or for managing the pooled fund. Younis’ investment returns attract interest from friends and co-workers who persuade him to include their assets in his investment pool. Younis recently retired from all board responsibilities and now spends more than 80% of his time managing the investment pool for which he charges non-family members a management fee. Younis has never told his employer about any of these activities. To comply with the CFA Institute Standards of Professional Conduct with regards to his business activities over the past two years, Younis would least likely be required to disclose which of the following to his employer? 
A、 Board activities
B、 Family investment pool management
C、 Non-family member management fees
cfa練習(xí)題
【Answer to question 2】A
【analysis】
A is correct because golf equipment is a business independent of the financial services industry such that any board obligations would not likely be considered a conflict of interest requiring disclosure according to Standard  IV(B)–Additional Compensation Arrangements. Standard IV(B) requires members and candidates to obtain permission from their employer before accepting compensation or other benefits from third parties for the services that might create a conflict with their employer’s interests. Managing investments for family and non-family members could likely create a conflict of interest for Younis’ employer and should be disclosed to his employer. 
B is incorrect, as Younis should have made full and fair disclosure of all matters that could reasonably be expected to impair his independence and objectivity or interfere with his respective duties to his clients, prospective clients, and employer as required by Standard VI(A)–Disclosure of Conflicts. Since the majority of his time is now spent on fund management, in potential competition with his employer, he would need to disclose this. Disclosure of the outside work should also have been made at the time of employment so that his employer was fully aware of these activities and could make their own judgment on whether or not these activities impaired the broker’s ability to complete his responsibilities at the financial services organization. 
C is incorrect, as Younis should have made full and fair disclosure of all matters that could reasonably be expected to impair his independence and objectivity or interfere with his respective duties to his clients, prospective clients, and employer as required by Standard VI(A)–Disclosure of Conflicts. Since the majority of his time is now spent on fund management, in potential competition with his employer, he would need to disclose this. Disclosure of the outside work should also have been made at the time of employment so that his employer was fully aware of these activities and could make their own judgment on whether or not these activities impaired the broker’s ability to complete his responsibilities at the financial services organization.
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