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CFA Level I · CFA Level I Exam · Guidance for Standard I: Professionalism

A portfolio manager's role expands to include managing a mandate in an asset class she has never handled. Under Standard I(E), she is most likely required to:

She is most likely required to obtain the new knowledge, skills and abilities needed for the expanded role. Standard I(E) recognizes that roles expand over time and requires members to maintain the competence necessary to fulfill their current professional responsibilities.

  1. Adecline all work in the new asset class permanently.
  2. Bobtain the new knowledge, skills and abilities needed to fulfill the expanded responsibilities.Correct
  3. Crely on her prior experience, since competence applies only to her original role.

Explanation

The Handbook notes that over time a member's role may expand, requiring new or different knowledge, skills and abilities, and members must maintain the competence required by their position. Permanent refusal is not required, and relying only on prior experience ignores the need to maintain competence for the new duties.

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