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The FAQ section of the CFA Institute addresses this issue under a question that says “what is the ethics adjustment?” The CFA Institute notes here that when its Board of Governors instituted a policy to place particular emphasis on ethics, from the 1996 exams onwards, performance on the ethics section became a factor in the pass/fail decision for candidates with scores close to the minimum passing score (or MPS, which the Institute never publishes). It adds that this ethics adjustment can have a positive or negative impact on such candidates’ final results. Most importantly, the CFA Institute confirms that this adjustment has had a net positive effect on candidate scores and pass rates in most exam sessions.
Read more: http://www.investopedia.com/ask/answers/12/cfa-ethics-section.asp#ixzz2CgQWnPHF