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Study Session 1: Ethical and Professional Standards


What portion of GIPS do we need to study for the Level 1 exam. Is it just the Introduction and Compliance sections or the complete text listed on the CFAI book #1

Ethics - Application of the standard

I find the examples in the ethics section to be time consuming.

Do I have to go through them all? will my performance in the test be affected if I skipped them? any ideas?


Standards of Professional Conduct

I’ve finished all the prescribed work slightly early and decided to get a head start on the ethics. I noticed most questions relate to application and not actual stating of codes or standards.

Would there be any challenges implementing the standards of professional conduct in practice?

CFA vs CFP - What do they do?

I’m considering starting the CFA exams but I would like to know exactly what CFA’s do. I’d also like to know what they do that is different from CFP’s. I understand that the CFA process is far more rigorous than the CFP which is more of a generalist exam but I still have questions. I’ve done some basic reading but I thought I’d ask here as well.

Schweser Self-Test: Ethical and Professional Standards

Not sure if I am looking into this too much or it is a typo somewhere within the answers explained by Schweser. Here are the two questions with the corresponding explanations given at the end of the test;

Self Test Question #16

Which of the following policies is required to comply with GIPS?

Question about Ethics

Can someone please explain why A) is OA? My concern is that if the accounts prohibit soft dollar arrangement, how could Lizy use low-fee trading scheme?

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