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Which of the following activities would be following a component of the Code of Ethics explicitly?

A)
Attending continuing education seminars on investing and inviting colleagues to come along.

B)
Consulting with colleagues about opinions you reach in your research.

C)
Maintaining a list of colleagues who have violated the CFA Institute standards.

The Code states that a member shall “Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.” None of the other answers qualify.

According to the Code of Ethics, the professional judgment of a member should be:

A)	guided by the SEC guidelines.

B)	independent.

C)	dependent on that of his/her colleagues.

The Code of Ethics states that the CFA Institute member shall “Use reasonable care and exercise independent professional judgment.” None of the other answers resemble anything in the Code.

According to the Code of Ethics, which of the following statements is NOT correct? CFA Institute members are required to:

A)	comply with the CFA Institute Performance Presentation Standards.

B)	use reasonable care and exercise independent professional judgment.

C)	maintain and improve their competence and strive to maintain the competence of others in the profession.

The CFA Institute-PPS are voluntary standards for the industry. Firms are not required to comply with these standards when presenting performance. The other statements are each components of the CFA Institute Code of Ethics.

The first component of the Code of Ethics does NOT explicitly say that a CFA Institute member will act in a certain manner with respect to which of the following groups?

The SEC is not mentioned in the Code of Ethics. Component one mentions duties to the public, clients, prospects, employers, employees, colleagues, and other participants in the global capital markets.

A)	using reasonable care and exercising independent professional judgment.

B)	demonstrating diligence, independence, and thoroughness when preparing investment reports.

C)	striving to maintain and improve their competence and the competence of others in the profession.

Demonstrating diligence, independence, and thoroughness when preparing investment reports is found in the Standards of Professional Conduct.

Which of the following is a component of the Code of Ethics? CFA Institute members shall:

A)	not knowingly participate or assist in any violation of laws, rules, or regulations.

B)	use particular care in determining applicable fiduciary duty.

C)	use reasonable care and exercise independent professional judgment.

Using reasonable care and exercising independent professional judgment is one of the components of the Code of Ethics, whereas the other statements are part of the Standards of Professional Conduct.

In dealing with the public and others, the CFA Institute Code of Ethics indicates that CFA Institute members will act with:

A)	confidence, knowledge, and high ethical standards.

B)	integrity, competence, and respect.

C)	honesty, professionalism, and goodwill.

Which of the following is NOT an act explicitly referred to in the Code of Ethics?

A)	Using reasonable care when making investment recommendations.

B)	Improve professional competence.

C)	Giving free introductory seminars on investing to the public.

Although the Code says a member has obligations to the public, educating the general public for whatever reason is not implied.

A)	Members and candidates shall not engage in any conduct or commit any act that compromises the integrity of the CFA designation or the integrity or validity of the examinations leading to the award of the right to use the CFA designation.

Members shall not copy or use, in substantially the same form as the original, material prepared by another without acknowledging and identifying the name of the author, publisher, or source of such material. Members may use, without acknowledgment, factual information published by recognized financial and statistical reporting services or similar sources.

C)	Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession.

Which of the following is a component of the Code of Ethics? CFA Institute members shall:

A)	act for the benefit of their clients and place their clients' interests before their own.

B)	strive to maintain and improve their competence and the competence of others in the profession.

C)	disclose to their employer all matters that reasonably could be expected to interfere with their duty to their employer or ability to make unbiased and objective recommendations.

Striving to maintain and improve their competence and the competence of others in the profession is one of the components of the Code of Ethics, whereas the other statements are part of the Standards of Professional Conduct.

The Code of Ethics does NOT explicitly say that a CFA Institute member shall do which of the following?

A)	Actively lobby for new laws to protect the public.

B)	Reflect credit on the profession.

C)	Act with integrity.

The Code of Ethics says nothing about a CFA Institute member lobbying for new laws. In fact, legal issues are not a part of the Code. The Standards of Professional Conduct say that the member shall obey laws.

According to the Code of Ethics, a member reflects credit on the profession when a member:

A)	practices in a professional and ethical manner.

B)	consults with other members on a regular basis.

C)	places the clients first.

Component four of the Code says that a member shall “Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and the profession.” Neither of the other choices are implied by the Code.

The first component of the Code of Ethics does NOT explicitly say that a CFA Institute member will act with which of the following?

According to the Code of Ethics, when practicing in a professional and ethical manner the goal is to:

A)	increase membership in CFA Institute.

B)	reflect credit on members and the profession.

C)	resolve conflicts between clients and employers.

The Code states that a member shall “Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession.”

According to the CFA Institute Code of Ethics, CFA Institute Members and Candidates must do all of the following EXCEPT:

A)	exercise independent judgment.

B)	not knowingly violate the securities acts and laws.

C)	act with integrity and dignity.

Not knowingly violating the law is in the Standards of Professional Conduct, but is not in the Code of Ethics.

Which of the following is NOT part of the CFA Institute Code of Ethics. Members of CFA Institute will:

A)	use reasonable care and exercise independent professional judgment.

B)	strive to maintain and improve their competence and the competence of others in the profession.

C)	recommend investments that maximize returns for a given level of risk.

Standard of Professional Conduct III(C), not the Code of Ethics, requires that investments be appropriate and suitable.

A)	Members shall not knowingly participate or assist in any violation of such laws, rules, or regulations.

B)	Members shall not engage in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act that reflects adversely on their honesty, trustworthiness, or professional competence.

C)	Members shall use reasonable care and exercise independent professional judgment.

A)	act with integrity, competence, diligence, respect, and in an ethical manner when dealing with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.

B)	maintain knowledge and comply with all applicable laws, rules and regulations.

C)	preserve the confidentiality of information communicated by clients, prospects, or employers concerning investment matters.

Acting with integrity, competence, diligence, respect, and in an ethical manner when dealing with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets is one of the six components of the Code of Ethics, whereas the other statements are part of the Standards of Professional Conduct.

In accordance with Standard III (A) Loyalty, Prudence and Care, which of the following statements is least accurate? Members and Candidates should:

A)	utilize client brokerage to the sole benefit of the client.

B)	submit to clients, at least quarterly, itemized statements detailing all of the period’s transactions.

C)	vote all proxies on behalf of clients in a responsible manner.

Because of the time and expense involved in voting a proxy, Members and Candidates are not required to vote every proxy. A cost benefit analysis can be performed to determine if it is necessary to vote a proxy.