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.
Ethical and Professional Standards
Professional Conduct Program practice questions
Professional Conduct Program 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 topicHow 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.
Ethical and Professional Standards
Professional Conduct Program
A charterholder receives a Professional Conduct inquiry requesting internal emails, trading records, and written explanations. Her lawyer tells her that privileged legal advice need NOT be produced, but nonprivileged emails may be relevant. She sends only favorable records and withholds unfavorable nonprivileged emails because she believes they are unfairly critical. Her response is least consistent with:
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Professional Conduct Program
The CFA Institute Professional Conduct Program is primarily responsible for:
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Professional Conduct Program
A candidate who receives a Professional Conduct inquiry most appropriately should:
View sampleEthical and Professional Standards
Professional Conduct Program
A candidate omits a pending fraud investigation from a required CFA Institute conduct disclosure because no charges have been filed. The candidate most likely:
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