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CFA Level I · CFA Level I Exam · Application of the Code and Standards: Level I

A candidate who is not a CFA Institute member asks whether the Code and Standards bind her. Which response is most accurate?

The Code and Standards bind her as a candidate. Non-member candidates must abide by them, the Candidate Agreement, exam administration rules, the Candidate Responsibility Statement and the Candidate Pledge, but the Membership Agreement does not apply to them.

  1. AThey bind only charterholders and members.
  2. BThey bind her, along with the Candidate Agreement and exam rules, but not the Membership Agreement.Correct
  3. CThey bind her only after she passes Level III.

Explanation

CFA candidates who are not members must abide by the Code of Ethics, Standards of Professional Conduct, Rules of Procedure and other applicable rules, except the Membership Agreement. They must also follow the Candidate Agreement, exam rules, Candidate Responsibility Statement and Candidate Pledge.

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