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CFA LEVEL 1 - ETHICS, PROFESSIONAL STANDARDS, AND GIPS QUESTIONS AND ANSWERS WITH SOLUTIONS 2024 $13.49   Add to cart

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CFA LEVEL 1 - ETHICS, PROFESSIONAL STANDARDS, AND GIPS QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

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CFA LEVEL 1 - ETHICS, PROFESSIONAL STANDARDS, AND GIPS QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

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  • August 24, 2024
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  • 2024/2025
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CFA LEVEL 1 - ETHICS, PROFESSIONAL
STANDARDS, AND GIPS QUESTIONS
AND ANSWERS WITH SOLUTIONS 2024
Stakeholders - ANSWER Individuals or groups of individuals who could be affected either directly or
indirectly by a decision (Have a stake in decision)



Ethics - ANSWER A set of moral principles and rules of conduct that provide guidance for our behavior



Moral/ethical principles - ANSWER Beliefs about what is good, acceptable, obligatory, and what is bad,
unacceptable, or forbidden



Do moral/ethical principles pertain to yourself or others? - ANSWER Both



Code of ethics - ANSWER -Written principles

-Groups codification of beliefs about obligatory and forbidden conduct



Standards of conduct - ANSWER Benchmarks for minimally acceptable behavior- clarifies code of ethics



Profession - ANSWER Specialized skills and knowledge who serve others and agree to behave in
accordance w/ a code of ethics



What do most professions emphasize? - ANSWER -Ethical approach

-Importance of good service

-Empathy with the client



What separates professions from tradespeople? - ANSWER -Licensed status and technical standards

-Serve society



How do professions establish trust? - ANSWER 1. Normalize practitioner behavior

,2. Provide a service to society

3. Client focused

4. High entry standards

5. Possess body of expert knowledge

6. Encourage and facilitate continuing education

7. Monitor professional conduct

8 Collegial

9. Recognized oversight bodies

10. Encourage engagement of members



Fiduciary duty/standard - ANSWER Obligation to deliver high standard of care when acting for the
benefit of another party



What is practice analysis? - ANSWER Updating Global Body of Investment Knowledge (GBIK) and
Candidate Body of Knowledge (CBOK)



Situational influences - ANSWER External factors that shape our thinking, decision making, and behavior



What is most likely to make people act unethically? - ANSWER External factors, environmental or cultural
elements



What is the ethical decision making framework? - ANSWER 1. Identify (facts, stakeholders, duties,
conflicts, etc)

2. Consider (influences, actions, guidance)

3. Reflect (was the outcome anticipated)?



Standards of Practice Handbook (Handbook) - ANSWER Provides guidance to people who grapple with
real ethical dilemmas in investment profession



What does The Handbook address? - ANSWER Professional intersection where theory meets practice.
Ethics crosses from abstract to concrete.

, Who is The Handbook intended for? - ANSWER -Global audience

-CFA institute members

-Supervisors and direct/indirect reports determining responsibilities to each other, client, and market

-CFA institute candidates



What does The Handbook connect? - ANSWER Code of Ethics and Standards of Professional Conduct



What is strongly encouraged of members by The Handbook? - ANSWER Discuss w/ supervisors, legal,
and compliance departments the content of the Code and the Standards and the members' general
obligations under such



What changed in the 11th edition of The Handbook? - ANSWER 1. Mission (betterment of society)

2. Capital markets principle (betterment of society)

3. Responsibilities of Supervisors (increased compliance expectations)

4. Communicate w/ clients and prospects (implicit requirement to discuss risks and limitations)
(disclosures change)

5. CIPM Program/CFA Investment Foundations certificate (expands to "participants")



What is the Disciplinary Review Commitee (DRC)? - ANSWER -Responsible for enforcement of the Code
and Standards

-Volunteers, all CFA charterholders

-Reviews decisions of Professional Conduct staff if member/candidate disagrees



What is the Certificate of Investment Performance Measurement (CIPM)? - ANSWER



What is the statement regarding compliancew ith CFA Program for nonmembers and firms? - ANSWER
[Name of party] claims compliance with the CFA Institute Code of Ethics and Standards of Professional
Conduct. This claim has not been verified by CFA institute.

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