"morality" exercise: The CFA Program

C is correct because no designation exists for someone who has passed Level I, Level II, or Level III of the CFA exam [Standard VII(B)]. Persons who have passed a certain level of the exam may state that they have completed that level. A person can only state he is a Candidate if he is currently enrolled in the CFA Program. It is also an improper reference to use “expected” a part of the designation.

A is incorrect as it is an improper reference to use “expected” as part of the designation.

B is incorrect as a person can only state he is a Candidate if he is currently enrolled in the CFA Program.

B is correct because the CFA Institute Code of Ethics requires members to act with integrity, competence, diligence, respect, and in an ethical and professional manner; the Standards of Professional Conduct relating to Professional Misconduct state members and candidates must not commit any act reflecting adversely on their professional reputation, integrity, or competence. Bennett’s actions violated the Code of Ethics and the Standard relating to Professionalism but not the Standard relating to Integrity of Capital Markets.

A is incorrect because Bennett’s actions violated the Code of Ethics and the Standard relating to Professionalism.

C is incorrect because Bennett’s actions violated the Code of Ethics and the Standard relating to Professionalism but not the Standard relating to Integrity of Capital Markets.