CFA Level I sample question

CFA Level I Guidance for Standards I–VII question

Ethical and Professional Standards / Guidance for Standards I–VII

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Guidance for Standards I–VII sample question

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Ethical and Professional Standards

Guidance for Standards I–VII

Analyst Rohan Bhatt combines an issuer's public filings, industry shipment data purchased from a commercial vendor, and several nonmaterial operational details gathered in interviews with the issuer's distributors. His model concludes that the issuer will beat consensus earnings, and his firm prepares to buy the stock. A junior colleague objects that Bhatt's conclusion is itself now material and nonpublic, so trading must wait until the conclusion is publicly released. Under Standard II(A) Material Nonpublic Information, the firm most likely:

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