🔙 第001课回顾
- 道德准则的六大组成部分
- 重大非公开信息（MNPI）——信息既重大又非公开 → 不能使用
- 自测成绩：2/3 ✅
🎯 学习目标
- 区分道德准则与职业行为标准
- 掌握七大职业行为标准（I-VII）
- 使用 PIM-VICE 记忆法
一、道德准则 vs. 职业行为标准
在 CFA 框架中，这两样是不同的东西，混淆它们是考试常见错误。
| 对比维度 | 道德准则（Code of Ethics） | 职业行为标准（Standards） |
|---|---|---|
| 是什么？ | 高层次的价值观/原则 | 具体的行为规则 |
| 范围 | 广泛、有抱负性 | 狭窄、可操作 |
| 数量 | 6 条 | 7 大标准（I-VII） |
| 类比 | "做个好人" | "不要做X，应该做Y" |
| 执行方式 | 不直接强制执行 | 可直接强制执行 |
💡 记忆技巧： 道德准则是你的道德指南针（往哪走），行为标准是你的路线图（怎么走）。
二、七大职业行为标准（I-VII）
| 标准 | 名称 | 核心内容 |
|---|---|---|
| I | 专业精神 | 法律知识、独立性、不实陈述、不当行为 |
| II | 资本市场的诚信 | 重大非公开信息、市场操纵 |
| III | 对客户的责任 | 忠诚/审慎/谨慎、公平交易、合适性、业绩展示、保密 |
| IV | 对雇主的责任 | 忠诚、额外报酬、监管职责 |
| V | 投资分析、建议与行动 | 尽职调查和合理依据、客户沟通、记录保存 |
| VI | 利益冲突 | 冲突披露、交易优先级、推荐费 |
| VII | CFA 会员/考生的责任 | 作为参与者的行为、引用 CFA 协会/称号/项目 |
💡 中英文对照记忆法："PIM-VICE"
• Professionalism（专业精神）
• Integrity of Capital Markets（资本市场诚信）
• Member/Client/Employer duties（对客户和雇主的责任）
• Valid analysis（有效分析）
• Interests/conflicts（利益与冲突）
• CFA responsibilities（CFA 责任）
• Ethics foundation（道德基础）
三、例题解析
例题 1：额外报酬安排
情景：一位 CFA 持证人为客户管理投资组合，客户承诺如果达到特定收益率就给她额外奖金。她应该怎么做？
👉 点击查看答案
分析：这属于标准 IV(B)：额外报酬安排。在接受任何可能产生利益冲突的报酬之前，她必须获得雇主的书面同意。未经雇主同意 → 违规。
❌ 答案：她必须先获得雇主的书面同意，才能接受这笔奖金。
例题 2：利益冲突披露
情景：一位分析师撰写了一份推荐某只股票的研究报告，但没有披露他所在公司是该公司 IPO 的主承销商。
👉 点击查看答案
分析：这属于标准 VI(A)：利益冲突披露。会员必须披露任何可能合理预期会影响其客观性的利益冲突。担任主承销商是典型的重大利益冲突。
❌ 答案：违反标准 VI(A)——未披露利益冲突。
四、自测练习
自测题 1
以下哪项最能描述道德准则与职业行为标准之间的关系？
- A. 行为标准取代了道德准则
- B. 道德准则提供广泛的原则；行为标准提供具体的行为规则 ✅
- C. 道德准则具有法律约束力；行为标准是自愿的
- D. 它们是名称不同的同一文件
自测题 2
一位会员在成功管理客户投资组合后，收到了客户赠送的价值 500 美元的礼物。根据哪项标准，该会员必须披露这一情况？
- A. 标准 I——专业精神
- B. 标准 III——对客户的责任
- C. 标准 IV——对雇主的责任 ✅
- D. 标准 VI——利益冲突
自测题 3
一位分析师发现她所在公司在操纵股价，她向监管机构举报。她依据的是哪项标准？
- A. 标准 I(A)——法律知识
- B. 标准 II(A)——重大非公开信息
- C. 标准 II(B)——市场操纵 ✅
- D. 标准 VI(A)——利益冲突披露
📌 今日总结
- 道德准则 = 原则（广泛、有抱负性）；行为标准 = 规则（具体、可执行）
- 七大标准（I-VII）：用 PIM-VICE 记忆法
- 常见考试陷阱：混淆不同标准适用的场景
参考答案：1-B · 2-C · 3-C
🔙 Review from Lesson 001
- Six Components of the Code of Ethics
- Material Nonpublic Information (MNPI) — if information is material AND nonpublic → cannot use it
- Self-test score: 2/3 ✅
🎯 Learning Objectives
- Distinguish between the Code of Ethics and the Standards of Professional Conduct.
- Master the Seven Standards of Professional Conduct (I–VII).
- Use the PIM-VICE memory technique.
1. Code of Ethics vs. Standards of Professional Conduct
These are two different things in the CFA framework, and confusing them is a common exam mistake.
| Aspect | Code of Ethics | Standards of Professional Conduct |
|---|---|---|
| What is it? | High-level principles / values | Specific rules of conduct |
| Scope | Broad, aspirational | Narrow, actionable |
| Number | 6 components | 7 standards (I–VII) |
| Analogy | "Be a good person" | "Don't do X, do Y" |
| Enforcement | Not directly enforceable | Directly enforceable |
💡 Memory Tip: The Code of Ethics is your moral compass (where to go). The Standards are your roadmap (how to get there).
2. The Seven Standards of Professional Conduct (I–VII)
| Standard | Name | Key Topic |
|---|---|---|
| I | Professionalism | Knowledge of the law, independence, misrepresentation, misconduct |
| II | Integrity of Capital Markets | MNPI, market manipulation |
| III | Duties to Clients | Loyalty/prudence/care, fair dealing, suitability, performance presentation, confidentiality |
| IV | Duties to Employers | Loyalty, additional compensation, responsibilities of supervisors |
| V | Investment Analysis, Recommendations & Actions | Diligence and reasonable basis, communication with clients, record retention |
| VI | Conflicts of Interest | Disclosure of conflicts, priority of transactions, referral fees |
| VII | Responsibilities as a CFA Member/Candidate | Conduct as participants, reference to CFA Institute/designation/Program |
💡 Memory Tip: "PIM-VICE"
• Professionalism
• Integrity of Capital Markets
• Member/Client/Employer duties
• Valid analysis
• Interests/conflicts
• CFA responsibilities
• Ethics foundation
3. Example Questions
Example 1: Additional Compensation Arrangements
Scenario: A CFA charterholder is offered a bonus by a client if she achieves a specific return on their portfolio. What should she do?
👉 Click to reveal answer
Analysis: This falls under Standard IV(B): Additional Compensation Arrangements. She must obtain written consent from her employer before accepting any compensation that could create a conflict of interest. Without employer consent → violation.
❌ Answer: She must get written consent from her employer before accepting the bonus.
Example 2: Disclosure of Conflicts
Scenario: An analyst writes a research report recommending a stock. He fails to disclose that his firm is the lead underwriter for the company's IPO.
👉 Click to reveal answer
Analysis: This falls under Standard VI(A): Disclosure of Conflicts. Members must disclose any conflicts of interest that could reasonably be expected to impair their objectivity. Being a lead underwriter is a significant conflict.
❌ Answer: Violation of Standard VI(A) — failure to disclose conflicts of interest.
4. Self-Test
Question 1
Which of the following best describes the relationship between the Code of Ethics and the Standards of Professional Conduct?
- A. The Standards replace the Code of Ethics for CFA members
- B. The Code of Ethics provides broad principles; the Standards provide specific rules of conduct ✅
- C. The Code of Ethics is legally binding; the Standards are voluntary
- D. They are the same document with different names
Question 2
A member receives a gift worth $500 from a client after successfully managing their portfolio. Under which Standard must the member disclose this?
- A. Standard I — Professionalism
- B. Standard III — Duties to Clients
- C. Standard IV — Duties to Employers ✅
- D. Standard VI — Conflicts of Interest
Question 3
An analyst discovers that her firm is manipulating stock prices. She reports it to the authorities. Under which Standard is she acting?
- A. Standard I(A) — Knowledge of the Law
- B. Standard II(A) — Material Nonpublic Information
- C. Standard II(B) — Market Manipulation ✅
- D. Standard VI(A) — Disclosure of Conflicts
📌 Key Takeaways
- Code of Ethics = principles (broad, aspirational); Standards = rules (specific, enforceable)
- Seven Standards (I–VII): PIM-VICE memory trick
- Common exam trap: confusing which Standard applies to which scenario
Answer Key: 1-B · 2-C · 3-C