Q16. 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)   Yes, because he uses CFA as a noun.

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

.

Q17. 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: Yes. Brown: No.

B)    Ackert: No. Brown: Yes.

C)    Ackert: No. Brown: No.

Q18. 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.

Q19. 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.

答案和详解如下：

Q16. 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)   Yes, because he uses CFA as a noun.

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

Correct answer is B)

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.

Q17. 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: Yes. Brown: No.

B)    Ackert: No. Brown: Yes.

C)    Ackert: No. Brown: No.

Correct answer is C)

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, Brown’s 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.”

Q18. 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.

Q19. 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.

Correct answer is A)

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.

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