Q1. 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.

Q2. Which of the following statements is a violation of Standard VII(B) if it is included on a CFA charterholder’s resume?

A)   Both of these are violations of Standard VII(B).

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

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

Q3. All of the following are required for a CFA Institute member to maintain his or her active status EXCEPT:

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

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

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

Q4. Julie Stades retired several years ago and relinquished her membership in CFA Institute. She had the CFA designation up until then. She has decided to go back to work and puts the following statement on her resume: “I earned the CFA designation 10 years ago.” Is this a violation of Standard VII(B)?

A)   Yes, she has used the letters "CFA" in an undignified manner.

B)   No, as long as she does not indicate she currently has the designation.

C)   Yes, because she uses "CFA" as a noun.

Q5. A CFA Institute member puts the following statement on her resume: “I passed each level of the CFA exam on the first try.” Is this a violation of Standard VII(B)?

A)   Yes, because she incorrectly refers to the CFA exam.

B)   Yes, because saying she passed exams on the first try is not appropriate.

C)   No, because it is a statement of fact.

答案和详解如下：

Q1. 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.

Q2. Which of the following statements is a violation of Standard VII(B) if it is included on a CFA charterholder’s resume?

A)   Both of these are violations of Standard VII(B).

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

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

Correct answer is C)

A CFA charterholder may not make claims about how earning the designation proves superior capabilities. Saying "my earning the CFA designation indicates my desire to maintain high standards" is allowed because it is a factual statement

Q3. All of the following are required for a CFA Institute member to maintain his or her active status EXCEPT:

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

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

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

Correct answer is B)

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 both of the other choices.

Q4. Julie Stades retired several years ago and relinquished her membership in CFA Institute. She had the CFA designation up until then. She has decided to go back to work and puts the following statement on her resume: “I earned the CFA designation 10 years ago.” Is this a violation of Standard VII(B)?

A)   Yes, she has used the letters "CFA" in an undignified manner.

B)   No, as long as she does not indicate she currently has the designation.

C)   Yes, because she uses "CFA" as a noun.

Correct answer is B)

Stades is allowed to state that she earned the designation as long as she does not infer that she currently has the designation. The letters “CFA” are only to be used as an adjective, and she does that.

Q5. A CFA Institute member puts the following statement on her resume: “I passed each level of the CFA exam on the first try.” Is this a violation of Standard VII(B)?

A)   Yes, because she incorrectly refers to the CFA exam.

B)   Yes, because saying she passed exams on the first try is not appropriate.

C)   No, because it is a statement of fact.

Correct answer is C)

The statement is not a violation because it is a fact. However, the member must not go on to claim superior performance.