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
Standard IV(A) Loyalty practice questions
Standard IV(A) Loyalty 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 5 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
Standard IV(A) Loyalty
Before leaving an employer, a member may most appropriately:
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Standard IV(A) Loyalty
Before resigning, an analyst downloads the employer's client list to solicit clients later. The most direct violation is:
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Standard IV(A) Loyalty
An employee discovers employer conduct that harms clients and may be illegal. Internal escalation fails. The employee's best action is to:
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Standard IV(A) Loyalty
Before resigning, an adviser copies her employer's client list, performance files, and proposal templates to a personal drive. She plans to contact clients only after her resignation and has no non-solicitation agreement. The adviser most likely violates the Standards by:
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Standard IV(A) Loyalty
A portfolio manager employed full time at an advisory firm begins managing accounts for two neighbors on weekends for a fee. The services are similar to his employer's services, but the neighbors are NOT firm clients. The manager discloses the arrangement to the neighbors but NOT to his employer. The manager most likely:
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