Umm, if I’m looking at what you are looking at, Example 2 is about fraudulently claiming reimbursement from an employee health insurance program offered by the employer. Example 3 is about manipulating purchase agreements for automobiles for personal gain when an analyst of the automobile industry. While the connection in Example 3 might be weak, how are these examples NOT related to the person’s profession (and employment)? As the standard says “Standard I(D) addresses all conduct that reflects poorly on the professional integrity, good reputation, or competence of members and candidates. Any act that involves lying, cheating, stealing, or other dishonest conduct is a violation of this standard if the offense reflects adversely on a member’s or candidate’s professional activities. Although CFA Institute discourages any sort of unethical behavior by members and candidates, the Code and Standards are primarily aimed at conduct and actions related to a member’s or candidate’s professional life.”
^ How is lying about your CFA exam results not related to a member’s professional life?
In those two examples, the actions taken by the individuals did not affect their analysis or how well they performed their duties. Just because the person in example 3 had additional knowledge of the industry as a result of her job, that doesn’t make her misconduct related to her profession.
I agree with you that it is a violation. I disagree with you that the examples in the handbook aren’t related to the profession; they are and clearly CFAI agrees or they wouldn’t use them as examples of breaking the standard given the application of the standard that I bolded in my prior post.
I’ll agree to disagree on example 3.
incorrect. While CFAI will not confirm someone’s candidate status -> this I agree with.
if CFAI caught someone lying on their resume, trust me, CFAI will surely punish the candidate.
This is literally the dumbest thing to lie about. He should be kicked out as it’s a complete joke someone would be that dumb
Let’s take an example. A candidate says, I passed exams in 2013, 2014, and 2015. Employer asks CFA to verify. Do you actually think CFA will tell the employer whether he passed in those years or not? No way, because it creates a distinction between candidates CFAI considers to be equal.
But I guess there is only one way to settle this.
CFAI will not tell the employer whether the member passed the exams consecutively; however, there is no restriction on any person initiatiating a PCP complaint. If the charterholder makes such a claim on his resume, and the employer asks for evidence of it and the member does not comply, while extreme, there’s nothing stopping an employer from filing a PCP complaint and then the CFAI investigating. Upon investigation, are you saying the CFAI would not rule that the conduct did not meet the standards resulting in the charterholder facing some sort of discipline?
No I believe the CFAi would not rule against the candidate. The fact that the employer is investigating whether a candidate passed consecutively means that they are trying to draw a distinction between candidates who failed one exam and those who didn’t, which goes against the views of CFAi. I bet this happens all the time, candidate says, “I went 3/3”, and I’m sure some employers investigate.
What if you fail level 1 and then go 3/3… " I passed all three exams on consecutive attempts" Sounds pretty good
Good ol Itera, straight snitchin.
I would exort his/her b!tch @ss!
You are totally missing the point. The point here isn’t at all about the stance on distinguishing “someone who did 3/3” as better than someone who didn’t. The CFAI stance is well understood by everyone: 1) “there is no difference in going 3/3 or going 10/3” and 2) “no difference between passing CFA exams in 1975 vs 2015”
The crux of the problem here is the guy lying about the FACT that he did 3/3, which the CFAI takes extremely seriously.
Hence, the person would be punished in some way if found out.
If there is no difference in when you pass the exams then there is no difference between the two claims, therefore there is no real violation.
Let’s say a candidate said, “I took the test in NY” when he really took it in Boston. Will CFAi reprimand him? Of course not.
There IS a violation here because he lied.
He did not go 3 for 3. He failed once. This is misrepresentation which is clearly written in the Ethics section.
If I remember correctly this exact example is somewhere in the book buried in there waiting for someone to post the page and level and year of the book.
Best to go straight to the source.
“If a candidate passes each level of the exam in consecutive years and wants to state that he or she did so, that is not a violation of Standard VII(B) because it is a statement of fact. If the candidate then goes on to claim or imply superior ability by obtaining the designation in only three years, however, he or she is in violation of Standard VII(B).”
Page 215, Standards of Practice Handbook, 2014, 11th Edition
“Example 1 (Passing Exams in Consecutive Years): An advertisement for AZ Investment Advisors states that all the firm’s principals are CFA charterholders and all passed the three examinations on their first attempt. The advertisement prominently links this fact to the notion that AZ’s mutual funds have achieved superior performance. Comment: AZ may state that all principals passed the three examinations on the first try as long as this statement is true , but it must not be linked to performance or imply superior ability. Implying that (1) CFA charterholders achieve better investment results and (2) those who pass the exams on the first try may be more successful than those who do not violates Standard VII(B).”
Page 219, Example 1, Responsibilities as a CFA Institute Member or CFA Candidate, Standards of Practice Handbook, 2014, 11th Edition
http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2014.n4.1
From the above, it seems clear that the CFAI would rule it a violation if not actually true.
Did someone email CFAI yet?
That quote doesn’t prove anything, if you passed 3/3 then it is a factual statement to say you did so. Nowhere does the CFAI say it is a violation if not nor does CFAI say it will enforce any action. The concept there is about claiming superiority.
Then why would they explicitly write “as long as the statement is true”? The CFAI is all about being as concise as possible in writing (or so I’ve been told since I have not sat for Level III yet). If it’s still not a violation when it’s a false statement, CFAI wouldn’t need to write the disclaimer.
No, they will not tell the employer whether the candidate/member passed in those years, but that is not the same as CFAI not imposing sanctions against the candidate/member for misrepresenting himself. If you put “3/3 on CFA exams with highest Level 3 score in the history of the exam” on your resume and someone reports you to CFAI, do you honestly believe they will do nothing? At a minimum, they will contact you and tell you to remove the “highest Level 3 score in the history of the exam” from your resume.
No, I don’t believe they will do any of those things. People list the charter inappropriately all the time, a bigger offense than claiming 3/3, does the CFAi impose sanctions?
again, if you took the test in NY but claim you took it in Boston, are you subject to sanctions for lying?