🎯 学习目标
- 理解 CFA 道德准则的重要性及考试权重
- 掌握道德准则的六大组成部分
- 识别并避免利益冲突、抢跑交易和内幕交易
一、什么是 CFA 道德准则？
CFA 协会制定了《道德与职业行为准则》，这是 CFA 考试中最重要也最容易丢分的部分。
- 权重最高（15-20%）= 约 36-48 道题
- 道德调节机制：如果道德部分表现差，即使总分达标也可能不及格
- 情景题为主：考题都是情景题，不是死记硬背
💡 记忆技巧： 把这六条想象成"一个金融从业者的做人底线"——对客户的底线、对自己的底线、对市场的底线。
道德准则的六大组成部分
| 序号 | 组成部分 | 核心理解 |
|---|---|---|
| 1 | 以诚信、胜任、勤勉、尊重和道德方式行事 | 你的行为 = 行业声誉 |
| 2 | 将投资行业的诚信和客户利益置于自身利益之上 | 客户永远第一 |
| 3 | 运用合理判断并保持独立的专业判断 | 独立思考，不盲从 |
| 4 | 自己践行并鼓励他人以专业和道德方式行事 | 以身作则 |
| 5 | 维护全球资本市场的诚信和活力 | 不操纵市场 |
| 6 | 保持并提升专业能力 | 永不停止学习 |
二、例题解析
例题 1：抢跑交易 (Front Running)
情景：张分析师是基金经理。他发现自己的个人账户可以买入一只股票，这只股票他正准备大量推荐给基金客户。他应该怎么做？
👉 点击查看答案
分析：根据"客户利益至上"原则，客户订单必须优先于个人交易。张必须确保客户订单先于个人订单执行。
❌ 答案： 张分析师不能先于客户买入
例题 2：重大非公开信息 (MNPI)
情景：李分析师在一次行业会议上无意中听到某公司 CEO 透露下季度业绩超预期。她可以基于此调整研究报告吗？
👉 点击查看答案
分析：CEO 无意透露 = 重大非公开信息（MNPI）。基于 MNPI 做决策 = 内幕交易，违反"市场诚信"原则。
❌ 答案： 不可以，这是重大非公开信息
三、自测练习
自测题 1
王经理是一家投行的高级分析师。他的客户是一家养老基金。在给客户做投资推荐时，他应该：
- A. 推荐佣金最高的产品，因为投行需要收入
- B. 推荐最适合客户风险偏好的产品 ✅
- C. 推荐自己持仓最多的产品
- D. 推荐最近表现最好的产品
自测题 2
赵分析师发现自己的朋友持有某只股票，他正在推荐这只股票给客户。他需要：
- A. 不需要披露，这是个人关系
- B. 只在客户问起时才披露
- C. 主动披露利益冲突 ✅
- D. 等股票涨了再披露
自测题 3
以下哪项行为违反了 CFA 道德准则？
- A. 在研究报告中使用公开数据
- B. 拒绝基于内幕信息做交易
- C. 向客户保证"这只股票一定涨" ✅
- D. 定期审查自己的投资决策
📌 今日总结
- CFA 道德准则的六大组成部分
- 客户利益至上是最核心的原则
- 内幕交易、抢跑交易、保证收益都是明确违规
参考答案：1-B · 2-C · 3-C
🎯 Learning Objectives
- Understand the importance and weight of the CFA Code of Ethics.
- Master the six components of the Code of Ethics.
- Identify and avoid conflicts of interest, front running, and insider trading.
1. What is the CFA Code of Ethics?
The CFA Institute has established a Code of Ethics and Standards of Professional Conduct, which is the most important and most frequently tested section of the exam.
- Highest weight (15-20%) = approx. 36-48 questions.
- Ethics "bump" rule: Weak ethics performance may lead to failure even with a passing total score.
- Scenario-based: Questions test practical judgment, not rote memorization.
💡 Memory Tip: Think of these six components as the "professional bottom line" — your baseline, the client's baseline, and the market's baseline.
The Six Components
| # | Component | Key Idea |
|---|---|---|
| 1 | Act with integrity, competence, diligence, respect, and in an ethical manner | Your behavior reflects on the profession |
| 2 | Place the integrity of the investment profession and clients' interests above your own | Clients come first, always |
| 3 | Use reasonable care and exercise independent professional judgment | Think independently; don't follow the crowd |
| 4 | Practice and encourage others to practice ethically | Lead by example |
| 5 | Promote the integrity and viability of global capital markets | Don't manipulate markets |
| 6 | Maintain and improve professional competence | Never stop learning |
2. Example Questions
Example 1: Front Running
Scenario: Analyst Zhang is a fund manager. He realizes his personal account can buy a stock that he is about to recommend heavily to fund clients. What should he do?
👉 Click to reveal answer
Analysis: Under the "clients first" principle, client orders must take priority over personal trades. Zhang must ensure client orders are executed before his personal orders.
❌ Answer: Zhang must NOT buy before his clients.
Example 2: Material Nonpublic Information (MNPI)
Scenario: Analyst Li overhears a company CEO unintentionally revealing that next quarter's earnings will beat expectations at an industry conference. Can she adjust her research report based on this?
👉 Click to reveal answer
Analysis: CEO's unintentional disclosure = Material Nonpublic Information (MNPI). Trading or acting on MNPI = Insider Trading, violates "market integrity".
❌ Answer: No, this is material nonpublic information.
3. Self-Test
Question 1
Manager Wang is a senior analyst at an investment bank. His client is a pension fund. When making investment recommendations to the client, he should:
- A. Recommend the product with the highest commission, because the bank needs revenue
- B. Recommend the product most suitable for the client's risk profile ✅
- C. Recommend the product he holds the most of personally
- D. Recommend the product with the best recent performance
Question 2
Analyst Zhao discovers that his friend holds a stock that he is recommending to clients. He needs to:
- A. No disclosure needed — it's a personal relationship
- B. Only disclose if the client asks
- C. Proactively disclose the conflict of interest ✅
- D. Disclose after the stock goes up
Question 3
Which of the following actions violates the CFA Code of Ethics?
- A. Using public data in a research report
- B. Refusing to trade based on material nonpublic information
- C. Guaranteeing to a client that "this stock will definitely go up" ✅
- D. Regularly reviewing his own investment decisions
📌 Key Takeaways
- The Six Components of the CFA Code of Ethics
- Clients' interests first is the core principle
- Insider trading, front running, and guaranteeing returns are all explicit violations
Answer Key: 1-B · 2-C · 3-C