Here is one I got wrong… Tom Smith and Nick Black, who recently started their own investment advisory business, plan to take the Level 3 CFA exam next year. Smith’s business card reads “Tom Smith, CFA Candidate.” Black has not put anything about the CFA in his business card. However, the firm’s promotional materials describe the CFA requirements and indicate that Black participates in the CFA program and has completely Levels 1 and 2. According to the CFA Institute Standards of Professional Conduct: A) Tom has violated the standards, but Nick has not B) Both Tom and Nick have violated the standards C) Nick has violated the standards but Tom has not D) Neither Tom nor Nick has violated the standards.
A.
You’re right, the answer is A. I just figured out that the reason I got it wrong and was so perplexed about the answer, is that I got the two names confused in the original question, and maintained my confusion while reading the answer (I picked the opposite of ‘A’ thinking it was ‘A’.) Need to work on my reading comprehension skills :-f
A it is. You can’t put it on a business card. But you can say that you passed the exams as is doen above.
CFABLACKBELT Wrote: ------------------------------------------------------- > A it is. You can’t put it on a business card. > But you can say that you passed the exams as is > doen above. It is ‘A’ but I think you have the two persons confused like I did. The question goes on to explain: On letterheads and business cards, only the mark CFA or the words Chartered Financial Analyst should appear after the charterholder’s name.
I don’t think you can say you’ve passed the exam either. I think what you can say, is that you are candidate for LEVEL III (that implies, you’ve passed l1 and lII).
You may say you’re passed an exam. It is a matter of fact.
Finally I got one correct 
Are you guys sure about this. I think that pepp may be more correct than the majority of the discussion in this thread. I’m pretty sure that in an employee bio, you can not list that you’ve completed Level 1 and Level 2, all that can be listed is that you are a “Level 3 Candidate” but only if you are actually registered for an upcoming exam. I believe that you can only say that you passed Level 1 and Level 2 in conversation, but it can not be in writing… If I am correct, both would be in volation.
You may say you passed an exam after doing so. You may say you are a level x candidate only when you have registered to take the exam.
Grr… now I am not so sure that it’s ‘A’ anymore. I will try to find the original question from the Q-bank and repost it verbatim because my lack of reading comprehension seems to be seeding a lot of confusion into the discussion. supersharpshooter Wrote: ------------------------------------------------------- > You’re right, the answer is A. > > I just figured out that the reason I got it wrong > and was so perplexed about the answer, is that I > got the two names confused in the original > question, and maintained my confusion while > reading the answer (I picked the opposite of ‘A’ > thinking it was ‘A’.) > > Need to work on my reading comprehension skills > :-f
Yes, KJH, you may “say” this, but whether or not it can be in writing, such as in an employee bio, on a resume, etc., is up for debate. I seem to remember that it can not. The only mention of candidacy (or reference to level of completedness in the program) is if you are a registered Candidate for an uncoming exam and that you can not state (in writing) that passed a certain level because it implies that you have a certain level of the Charter, which of course doesn’t exist.
Improper References “CFA charterholders achieve better performance results.” “John Smith is among the elite, having passed all three CFA examinations in three consecutive attempts.” “As a CFA charterholder, I am the most qualified to manage client investments.” “CFA, Level II.” “CFA, Expected 2005.” Proper References “Completion of the CFA Program has enhanced my portfolio management skills.” “John Smith passed all three CFA examinations in three consecutive years.” “The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis.” “The credibility that the CFA designation affords and the skills the CFA Program cultivates are key assets for my future career development.” “As a CFA charterholder, I am committed to the highest ethical standards.” “I enrolled in the CFA Program to obtain the highest set of credentials in the global investment management industry.” “I passed Level I of the CFA examination.” “I am a 2003 Level III CFA candidate.” “I passed all three levels of the CFA Program and will be eligible for the CFA charter upon completion of the required work experience.” Per SOPH Handbook.
Here is the actual question & answer without me paraphrasing it: Judy Albert and Bob Tye, who recently started their own investment advisory business, plan to take the Level III CFA examination next year. Albert’s business card reads, “Judy Albert, CFA Candidate.” Tye has not put anything about the CFA on his business card. However, the firm’s promotional materials describe the CFA requirements and indicate that Tye participates in the CFA program and has completed Levels I and II. According to CFA Institute Standards of Professional Conduct: A) Tye has violated the Standards, but Albert has not. B) Both Albert and Tye have violated the Standards. C) Albert has violated the Standards but Tye has not. D) Neither Albert nor Tye has violated the Standards. Your answer: A was incorrect. The correct answer was C) Albert has violated the Standards but Tye has not. On letterheads and business cards and in directory listings, only the mark CFA or the words Chartered Financial Analyst should appear after the charterholder’s name. ------------------- So, in the question in my original post, the answer is A.
I enrolled in the CFA Program to obtain the highest set of credentials in the global investment management industry CFAI is getting a bit full of themselves. This is pretty subjective in my opinion.
Ha, I agree, KJH. Thanks for posting the excerpt btw. I’m at my cube without any of the ethics material and was really getting curious about what was permitted.
No problem. I always want to help out. I downloaded the SOPH PDF from CFAI website to my computer to view it at work when its slow/during lunch etc. It may not be a bad idea for you to do the same. http://www.cfapubs.org/toc/ccb/2005/2005/3