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

Which statement about how Standard I(E) Competence is applied is most accurate?

The most accurate statement is that competence criteria differ among members. The skills and abilities needed depend on the nature and complexity of each person's professional duties, so the facts and circumstances of each member or candidate determine the expected conduct under Standard I(E).

  1. ACompetence criteria differ among members because the skills needed depend on the nature and complexity of their duties.Correct
  2. BAll members are held to one identical competence criterion regardless of their professional role.
  3. CCompetence is judged only at the time a member is first hired into a role.

Explanation

The Handbook says the skills and abilities needed vary with the nature and complexity of professional duties, so criteria for competence differ among members. Facts and circumstances of each member dictate expected conduct. A single identical criterion contradicts this, and competence must also be maintained over time, not only at hiring.

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