Ethical and Professional Standards

Code of Ethics practice questions

Code of Ethics is part of CFA Level I Ethical and Professional Standards. Ethics questions test judgment under the Code and Standards, especially duties to clients, employers, markets, and the CFA Program. Use this page to review the controlling ideas, then work through 4 questions with answer explanations and common traps.

Review the worked explanations before moving into adaptive practice. The app version can mix this topic with due reviews and weak related concepts.

Practice this topic

What to know

Identify the rule, formula, or decision criterion before reading the answer choices. CFA Level I distractors often use the right vocabulary with the wrong condition.

How to practice

Work each item under time pressure, then compare your reasoning with the step-by-step explanation and key takeaway.

Review signal

Missed questions should become scheduled reviews when the error comes from a concept gap, formula setup, or answer-choice trap.

Very Difficult

Ethical and Professional Standards

Code of Ethics

A research director tells analysts that the Code of Ethics is aspirational and that only the seven Standards create enforceable requirements. The most accurate response is that the Code:

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Easy

Ethical and Professional Standards

Code of Ethics

Which action is most directly consistent with the Code of Ethics?

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Easy

Ethical and Professional Standards

Code of Ethics

The Code of Ethics is best distinguished from the Standards of Professional Conduct because the Code:

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Moderate

Ethical and Professional Standards

Code of Ethics

An analyst refuses to change a recommendation after pressure from investment banking, because her independent analysis supports the original view. This conduct is most consistent with:

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