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CFA Level I · CFA Level I Exam · Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

Lena Fischer passed all three CFA levels at consecutive sittings and earned the charter. In a client brochure, which statement is most likely a violation of Standard VII(B)?

The statement predicting outperformance because she passed every exam first time violates Standard VII(B). Passing consecutively may be stated as fact, but claiming or implying superior ability or performance from the designation or exam record is prohibited.

  1. A"I passed each level of the CFA exam on my first attempt."
  2. B"Because I passed every exam first time, my portfolios will outperform those of other advisers."Correct
  3. C"I passed the three exams in consecutive sittings and hold the CFA charter."

Explanation

Stating that exams were passed in consecutive sittings is a statement of fact. Claiming or implying superior ability or expected superior performance because of the designation and not failing any exam is a violation.

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