CFA Level I · CFA Level I Exam · Guidance for Standard V: Investment Analysis, Recommendations, and Actions
A candidate is on a team that produces a group research report carrying her name. She personally disagrees with the consensus rating, but she believes the rating has a reasonable and adequate basis and is independent and objective. According to Standard V(A), she most likely:
She may remain associated with the report. Group reports reflect the consensus, and a member who believes the consensus has a reasonable and adequate basis and is independent and objective does not need to dissociate, even if the report does not match her own opinion.
- Amust dissociate herself from the report
- Bmay remain associated with the report without dissociatingCorrect
- Cmust publish her own dissenting report
Explanation
Group conclusions represent the group consensus, not necessarily each member's view. If the member believes the consensus has a reasonable and adequate basis and is independent and objective, she need not dissociate even if it differs from her opinion. Dissociation would be needed only if she believed the basis was deficient.
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