Zeller and Toffler have both passed Level II of the CFA Exam Program. Zeller circulates a resume stating that he is a candidate for the CFA designation and has passed Level II of the CFA Program. Toffler circulates a resume stating that he is a CFA II. Which of the following statements is true? A. Only Zeller has violated the Code and Standards. B. Only Toffler has violated the Code and Standards. C. Both Zeller and Toffler have violated the Code and Standards. D. Neither Zeller nor Toffler has violated the Code and Standards. The correct answer is B. I went for C, since Zeller has passed Level II but it is not mentioned that he registered for Level III, then he can’t state that he’s a CFA candidate I guess… Any suggestions? Thanks. M.
that’s why I hate ethics question. If i were you, look for more hints in the question. I am sure that it did mention somewhere that he already registered?
Zeller clearly indicates he has just passed level II of CFA Programme and is a candidate for CFA designation, which is appropriate. Toffler uses CFA II as a noun, which may exaggerate the power of CFA programme. I read somewhere that you can only use CFA as an adjective, not a noun. So the correct answer is B.
for Toffler, that’s clear that he’s violating codes and standards because of his use of CFA as a noun. What seems amazing to me is Zellr case, because in the statement, they’re presenting what he put in his resume… so we can’t refer to what he put as something reliable since we are expected to see whether it’s violation or not… I don’t see in the statement (apart of what he stated in his resume) where we can figure out that he registered for LIII…
Even if he is registered for LIII, can he still put candidate for the CFA designation? I would think it would have to be LIII candidate.
I think what he stated is just his candudancy for CFA designation, so it’s fine as long as he’s registered for L III, but I personal don’t see where they state that he registered for L III…
malek, CFAI material is very specific about usage of CFA designation. general principals are: 1) don’t misrepresent the value of CFA and how great you are because of getting the designation or passing either Level (facts are ok though - such as passed Level 2) 2) don’t use CFA as a noun (It should be malek, CFA … not a CFA)
an advice: download the cfai handbook, print and read it. I assure you that the time will be well spent.