Reading 2-VII: Standards of Professional Conduct & Guid - Ethical and Standards - 【CFA三级试题精选】 - CFA论坛

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12^#

发表于 2008-9-16 14:43 | 只看该作者

All of the following are required for a CFA Institute member to maintain his or her active status EXCEPT:

A)	Passing each exam in no more than two tries.

B)	remit a completed Professional Conduct Statement on an annual basis.

C)	paying membership dues to CFA Institute on an annual basis.

D)	abide by the requirements of the Code of Ethics, Standards of Professional Conduct, and Professional Conduct Program.

Answer and Explanation

Passing each exam in two or fewer tries is not required to maintain active status as a member of the CFA Institute. CFA Institute imposes all of the other choices.

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13^#

发表于 2008-9-16 14:45 | 只看该作者

All of the following statements in promotion of your services are in violation of CFA Institute Standards of Practice handbook EXCEPT:

A)	I passed Level II of the CFA Program in 2003.

B)	I guarantee under my management that you will receive returns in excess of the market index average.

C)	based upon my research, you will achieve a 20% compound annual rate of return on small cap stocks over the next 5 years.

D)	I passed all three levels of the CFA Program on the first try; therefore, I have superior stock picking ability.

Answer and Explanation

Candidates may refer to the CFA level(s) passed and the associated dates as long as a partial designation is not implied. Candidates and charterholders may state that they passed exams on the first try; however, they may not imply superior ability. Also, they may not guarantee or promise a given level of return.

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14^#

发表于 2008-9-16 14:46 | 只看该作者

Jake Miles, CFA, includes the following phrase on his business card: Jake Miles is your trusted local CFA. Is this a violation of Standard VII(B)?

A)	Yes, because he cannot put the initials "CFA" on his business card.

B)	No, because his CFA Institute membership indicates that he is indeed trustworthy.

C)	Yes, because he uses CFA as a noun.

D)	Unsure, we would need to know what else is on the card.

Answer and Explanation

The initials CFA cannot be used as a noun. The initials can appear on a business card but cannot be used to exaggerate the meaning or implications of membership.

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15^#

发表于 2008-9-16 14:58 | 只看该作者

During 2004 Nancy Arnold received an undergraduate business degree with a management major and completed all requirements for the CFA designation imposed by CFA Institute. She is applying for employment at several brokerage firms. Her resume states, I was awarded the CFA degree in 2004 by CFA Institute. Her resume also states that she graduated with honors and majored in finance. Her grade point average was 3.48 but with honors requires a 3.50 grade point average.

Which of the following statements about Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, and Standard I(C), Misrepresentation, is TRUE? Arnold:

A)	did not violate either Standard VII(B) or Standard I(C).

B)	violated Standard I(C) but she did not violate Standard VII(B).

C)	violated Standard VII(B) but she did not violate Standard I(C).

D)	violated both Standard VII(B) and Standard I(C).

Answer and Explanation

Arnold violated Standard VII(B). The CFA designation should not be referred to as a degree. Arnold also violated Standard I(C) because her claim that she graduated with honors is not true.

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16^#

发表于 2008-9-16 14:58 | 只看该作者

Lucy Ackert and Chris Brown prepared the following information to be included in the promotional materials of their employer, Lofton Securities.

Lucy Ackert is one of five CFAs at Lofton Securities. She satisfied all requirements for the CFA designation in 1998.
Chris Brown holds a CFA Level I designation, which he passed in 2001. He is registered to take the next scheduled Level II examination.

Are the promotional materials prepared by Ackert and Brown fully consistent with the Standards of Professional Conduct?

A)	Ackert: No. Brown: Yes.

B)	Ackert: Yes. Brown: No.

C)	Ackert: Yes. Brown: Yes.

D)	Ackert: No. Brown: No.

Answer and Explanation

Neither statement is fully consistent with Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program. The CFA designation must always be used as an adjective and never as a noun as Ackert used in her promotional description. Correct use of the CFA designation would be: Lucy Ackert is one of five CFA charterholders at Lofton Securities. No designation exists for someone who has passed Level I of the CFA examination. Thus, Browns statement saying that he holds a CFA Level I designation represents incorrect use. A correct statement would be: Chris Brown passed Level I of the CFA examination in 2001.

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17^#

发表于 2008-9-16 14:59 | 只看该作者

Which of the following statements is a violation of Standard VII(B) if it is included on a CFA charterholders resume?

A)	My earning the CFA designation indicates my desire to maintain high standards.

B)	My earning the CFA designation required that I pass three rigorous exams.

C)	My earning the CFA designation indicates my superior ability.

D)	All of these are violations of Standard VII(B).

Answer and Explanation

A CFA charterholder may not make claims about how earning the designation proves superior capabilities. The other two choices are allowed because they are statements of fact.