The standard says “Independent practice for compensation is allowed if a notification if provided …and the employer consents to all terms of the proposed independent practice before it begins”.
My questions are:
What if the practice is unpaid? What`s the guidance on that case?
If the practice is not expected to be time consuming or hurt in any way the employee`s commitment to the company, does it need to be disclosed (and/or received approval)?
There’s an example on CFAI curriculum about an analyst serving as a town mayor. The guideline is as follows: If Mota’s mayoral duties are so extensive and time-consuming that they might detract from his ability to fulfill his responsibilities at Tyson, he should discuss his outside activities with his employer and come to a mutual agreement regarding how to manage his personal commitments with his responsibilities to his employer.
Hm. But how about the answer from CFAI that I posted above? It doesn’t make it clear but kinds of indicate that if the activity is not time consuming it wouldn’t need discussion with the employer, correct?
Just a follow-up to see if I understand correctly. So, in the end, if the activity does not interfere with the employee’s full commitment, loyalty, does not compete with the employer, etc - it is not required for the employee to get permission and/or to notify (disclose) this additional activity?
If I want to work at an investment company during the day and teach mathematics at night, I don’t need permission from the investment company to teach math.