Q9. John Johnson, portfolio manager at Sunshine Investments, has passed all three levels of the CFA® Program and has completed his work experience requirements. He expects to receive his charter in the near future. He includes the following statement in his firm’s brochure: “Johnson has passed all three levels of the exam and has completed the required work experience for the CFA Charter. He is eligible for the CFA Charter and expects to receive the charter in the near future. Over the years, he has demonstrated a superior performance and his CFA Charter will be rightfully awarded.” Johnson has:

A)   violated CFA Institute Standards of Professional Conduct because he implied superior performance that would be linked to the CFA Charter.

B)   violated CFA Institute Standards of Professional Conduct because he advertised the CFA Charter before actually obtaining it.

C)   not violated CFA Institute Standards of Professional Conduct because he met all disclosure requirements.

Q10. 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.

Q11. Ted Willis received his CFA designation in 1998 and was employed as an investment counselor until 2003.  During the past several years, Willis has been out of work because of a serious illness.  He also failed to pay his annual CFA Institute dues during the current year.  Willis has now recovered and accepted a position with an investment advisory firm.  His new business card says, “Ted Willis, CFA.”  As part of his job with his new firm, Willis uses PowerPoint® to make presentations to groups of prospective clients.  He obtained some of these PowerPoint® slides from web sites, but removed the copyright notice before showing the slides to prospective clients.

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 most accurate? Willis:

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

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

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

答案和详解如下：

Q9. John Johnson, portfolio manager at Sunshine Investments, has passed all three levels of the CFA® Program and has completed his work experience requirements. He expects to receive his charter in the near future. He includes the following statement in his firm’s brochure: “Johnson has passed all three levels of the exam and has completed the required work experience for the CFA Charter. He is eligible for the CFA Charter and expects to receive the charter in the near future. Over the years, he has demonstrated a superior performance and his CFA Charter will be rightfully awarded.” Johnson has:

A)   violated CFA Institute Standards of Professional Conduct because he implied superior performance that would be linked to the CFA Charter.

B)   violated CFA Institute Standards of Professional Conduct because he advertised the CFA Charter before actually obtaining it.

C)   not violated CFA Institute Standards of Professional Conduct because he met all disclosure requirements.

Correct answer is A)

According to Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, Johnson may indicate that he has completed the requirements and is eligible for the CFA charter along with an accurate explanation of the requirements. However, he may not imply that the designation would mean superior performance capabilities.

Q10. 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.

Q11. Ted Willis received his CFA designation in 1998 and was employed as an investment counselor until 2003.  During the past several years, Willis has been out of work because of a serious illness.  He also failed to pay his annual CFA Institute dues during the current year.  Willis has now recovered and accepted a position with an investment advisory firm.  His new business card says, “Ted Willis, CFA.”  As part of his job with his new firm, Willis uses PowerPoint® to make presentations to groups of prospective clients.  He obtained some of these PowerPoint® slides from web sites, but removed the copyright notice before showing the slides to prospective clients.

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 most accurate? Willis:

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

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

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

Correct answer is C)

Willis violated Standard VII(B) because his right to use the CFA designation was suspended when he stopped paying CFA Institute dues. Thus, he can no longer use the CFA designation on his business card. Willis also violated Standard I(C) because he was guilty of plagiarism. He inappropriately used copyrighted material, which provided the impression that such material was his own.

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Q5. Anderson, Baker and Chang all received their CFA charters and ordered new business cards.  Their business cards are as follows:

advisory business, plan to