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

Rina Shah, a CFA candidate, is a member of a five-person team that produces a sector research report. Her name appears on the report. The team's consensus rating differs from her own view, but she believes the consensus has a reasonable and adequate basis and is independent and objective. Under Standard V(A), Shah most likely:

Shah may stay associated with the report. A group report reflects the team's consensus, and a member who believes that consensus has a reasonable, adequate, independent and objective basis does not need to dissociate, even if it differs from her own opinion.

  1. Amay remain associated with the report without dissociating.Correct
  2. Bmust dissociate from the report because it differs from her view.
  3. Cmust have her own opinion published in the report.

Explanation

A group report represents the team's consensus, not necessarily each member's view. If the member believes the consensus has a reasonable and adequate basis and is independent and objective, she need not dissociate even though it does not reflect her opinion. Requiring dissociation merely because of disagreement is wrong.

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