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CFA Level I · CFA Level I Exam · Guidance for Standard V: Investment Analysis, Recommendations, and Actions

Okafor is a research analyst who writes reports on luxury retailers. His reports draw on company visits, customer surveys, and secondary research from analysts covering related industries. After publishing, he discards the other analysts' reports, keeping only his own notes. Okafor's actions most likely:

Okafor most likely violates Standard V(C). He must document and keep copies of all information underlying his reports, including the secondary or third-party research of other analysts. Keeping only his own notes leaves the research process unsupported.

  1. Acomply with Standard V, because the other analysts' work belongs to their firm
  2. Bviolate Standard V(C), because he must keep copies of all information supporting his reports, including secondary researchCorrect
  3. Ccomply with Standard V, because retaining only his own original work suffices as documentation

Explanation

Standard V(C) requires documenting and keeping copies of all information that goes into reports, including secondary or third-party research of other analysts. Discarding it breaches the record retention requirement. Ownership by another firm does not remove the obligation.

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