Everly Smith has passed Level II of the CFA examination. While studying for Level III, he circulates his resume stating that he has "completed Charter Financial Analyst II" and his resume lists his name as "Everly Smith, CFA II." Which of these following statements is correct?
Answer(s): B
Everly Smith has violated Standard II (A), Use of Professional Designation. There is no designation for someone who has passed Level I, Level II, or Level III, so he may not state "Everly Smith, CFA II." He also can not state he has "completed Charter Financial Analyst II." However, he may state that he is a Level III candidate in the CFA Program. If he passed Level II, but was not registered for Level III he could state "I passed Level II of the CFA Program in the year 19--."
For ________ of five or fewer portfolios, the disclosure "five or fewer portfolios" may be made rather than a disclosure of the exact number of portfolios.
Answer(s): D
This is an exception allowed by AIMR when disclosing the list of composites.
Standard I deals with ________.
Answer(s): F
Standard I deals with Fundamental Responsibilities. Standard II (A) deals with Use of Professional Designation.Standard II (B) deals with Professional Misconduct. Standard II (C) deals with Plagiarism. Standard III (A) deals with the Obligation to Inform Employer of Codes and Standards. Standard III (B) deals with the Duty to Employer. Standard III (C) deals with Disclosure of Conflicts to Employer.
According to the AIMR-PPS, terminated portfolios are included in the composite for how long after termination?
Answer(s): C
Composites must exclude terminated portfolios after the last full performance measurement period the portfolios were under management, but composites must continue to include terminated portfolios for all periods prior to termination. This is a requirement for creation and maintenance of composites.
Edward Witten works for Princeton Investments and has registered to take Level III exam next year. He had taken the Level III exam 3 years ago but was not successful. In his firm's promotional material, he has stated that he is a candidate in the CFA program and has successfully passed Level II. Edward has:
Standard II (A) - Use of Professional Designation, states that a person must be registered to take the next higher level of the exam to be a "candidate" in the CFA program. That Edward failed on his last attempt does not prevent him from claiming that he's a candidate, as long as he has registered for the exam.
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