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

An analyst argues that Standard I(E) is redundant because the Code of Ethics already addresses competence. Which response is most accurate?

The most accurate response is that Standard I(E) makes the Code of Ethics competence requirements more explicit and emphasizes continuously maintaining or improving the competence required by one's position. It supports the Code rather than replacing it, and it mandates no specific continuing education program.

  1. AThe standard only repeats the Code and adds no emphasis.
  2. BThe standard replaces the Code's competence wording and makes continuing education compulsory.
  3. CThe standard makes the Code's competence requirements more explicit and emphasizes continuously maintaining or improving required competence.Correct

Explanation

The Handbook says Standard I(E) is consistent with and directly supports the Code requirement to act with integrity, competence and diligence, and makes these requirements more explicit, stressing continuous maintenance or improvement of competence. It does not replace the Code, and it does not require any specific continuing education program.

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