ETHICS Question

Hey guys,

Are you bothering to memorize all 6 bullets of the Code of Ethics, all 7 Standards and sub-standards, as well as all 9 components of GIPS, or are you just unterestanding each piece, what they mean, and their implications?

I have not memorized the headings (because the questions appear to be situational based) but I know what each one means so I was wondering if anyone thought it would be useful for strict memorization.

Here’s how I see things (please correct me if you think I’m wrong):

I’ve read the names of these standards so much in questions / answers of mocks, qbank and readings that I can tell whether an question choice is a standard or not. This is for the type of questions that go: which is one of these items is least likely a standard, or most likely a section of GIPS, etc…

I’ve used them so much in practice that I know which one means what (what communication to clients refrains you from doing, etc…), and that covers the type of questions: which standard did John break when he sold heroin to a his 6 year old sister.

The rest of the questions are situational. And there is no way that you are going to be asked to name standards or the code of ethics, since L1 is only multiple choice. So I didnt waste my time in learning them all by heart, I figured my time was better spent on drilling QBank ethics questions.

dont memorize them as long as you can identify whether a particular statement is code, standard or gips component…

i agree with everything said, that was my thinking, thank you!!

agree with Museau…thats what my experience has been

I memorised code of ethics, the 7 standard headings and sub-headings. I wanted to put some structure on the ethics material.

I don’t try to memorise every bullets, but try to understand all the bullets. Too many things to remember except from those ones.

I don’t try to memorise every bullets, but try to understand all the bullets. Too many things to remember except from those ones.

I think it’s more fruitful to learn the key points of each section (e.g. “best execution” relating to loyalty, prudence care).