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CFA Level I · CFA Level I Exam · Guidance for Standard III: Duties to Clients

A candidate gives a prospect a one-page summary of a fund's returns. Which action is most likely required by Standard III(D) for this brief presentation?

The candidate must make the detailed information supporting the brief presentation available to the prospect on request. Best practice also adds a note that the information provided is limited. The standard does not require attaching all records to every summary.

  1. AMake supporting detail available to the prospect on requestCorrect
  2. BAttach the full audited records to every summary page
  3. CWithhold the summary until the prospect asks for the data

Explanation

For brief presentations, members must make detailed supporting information available to clients and prospects on request, and best practice is to reference the limited nature of the information. Attaching all records to every summary is not required. Withholding the summary serves no purpose under the standard.

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