Q12. When Wes Smith first joined Advisors, Inc., he was excited that all the analysts at the firm had the CFA designation. In letters to prospective clients, he states that this ensures that Advisors can provide better service than their competitors. With respect to Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, this is:

A)   a violation because he mentions the CFA designation in the letter.

B)   a violation because he cannot guarantee better service.

C)   a violation for both mentioning the CFA designation and saying the firm can guarantee better service.

Q13. All of the following statements in promotion of your services are in violation of CFA Institute Standards of Practice handbook EXCEPT:

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

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

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

Q14. Robert Hopkins has earned the right to use the CFA designation and wants to indicate this on his business card. According to CFA Institute Standards of Professional Conduct, which of the following is the proper use of the professional designation on his business card?

A)   Robert Hopkins, cfa

B)   Robert Hopkins, C.F.A.

C)   Robert Hopkins, CFA Charterholder

Q15. Nichole Zeller and Randy Toffler have both passed Level II of the CFA Exam Program and have registered for Level III. Zeller circulates a resume stating that she is a candidate for the CFA designation and has passed Level II of the CFA program. Toffler circulates a resume stating that he is a CFA II. Which of the following statements is TRUE?

A)   Only Zeller has violated the Code of Standards.

B)   Both Zeller and Toffler have violated the Code of Standards.

C)   Only Toffler has violated the Code of Standards.

答案和详解如下：

Q12. When Wes Smith first joined Advisors, Inc., he was excited that all the analysts at the firm had the CFA designation. In letters to prospective clients, he states that this ensures that Advisors can provide better service than their competitors. With respect to Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, this is:

A)   a violation because he mentions the CFA designation in the letter.

B)   a violation because he cannot guarantee better service.

C)   a violation for both mentioning the CFA designation and saying the firm can guarantee better service.

Correct answer is B)

According to Standard VII(B), the analyst cannot guarantee better service. Smith can mention the fact that all analysts have the designation, but he is limited in what he can say with respect to this fact. He could say, for example, that this means the analysts all had to take and pass three rigorous exams.

Q13. All of the following statements in promotion of your services are in violation of CFA Institute Standards of Practice handbook EXCEPT:

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

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

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

Correct answer is B)

Candidates may refer to the CFA level(s) passed and the associated dates as long as a partial designation is not implied. They may not guarantee or promise a given level of return.

Q14. Robert Hopkins has earned the right to use the CFA designation and wants to indicate this on his business card. According to CFA Institute Standards of Professional Conduct, which of the following is the proper use of the professional designation on his business card?

A)   Robert Hopkins, cfa

B)   Robert Hopkins, C.F.A.

C)   Robert Hopkins, CFA Charterholder

Correct answer is C)         

The CFA designation should always be capitalized and shown without periods. The CFA designation should not be referred to as a degree. Placing the designation "CFA" or "CFA Charterholder" after one's name on a resume, business card, brochure, or other published material is appropriate.

Q15. Nichole Zeller and Randy Toffler have both passed Level II of the CFA Exam Program and have registered for Level III. Zeller circulates a resume stating that she is a candidate for the CFA designation and has passed Level II of the CFA program. Toffler circulates a resume stating that he is a CFA II. Which of the following statements is TRUE?

A)   Only Zeller has violated the Code of Standards.

B)   Both Zeller and Toffler have violated the Code of Standards.

C)   Only Toffler has violated the Code of Standards.

Correct answer is C)         

The Code and Standards permit an individual to state that he or she is a candidate for the CFA designation as long as the person is registered for the next CFA exam. The same individual may state the fact that he or she has passed Level I or II of the CFA program. There is no partial designation, such as CFA II.

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