copy, paste, print…hang on bathroom mirror. acronyms PIDDICR KIMM (Dr. Kimm was a PROFESSIONAL martial artist from north korea) M&M (My aunt has integrity, she loves M&M’s) LiFSePP (Duties to clients, they need life insurance and they need to max out the SEPP ira) LARs (Lars larson works for ‘the man’, duties to employers) DiCR (When doing good analysis and giving recommendations don’t let the client DiCR over price) DaPR (Daper Dan has a conflict of interest) CpR (the last thing that happens) Professionalism Knowledge of the law Independence & Objectivity Misrepresentation Misconduct Integrity of Capital Markets Material Non Public Information Market Manipulation Duties to Clients Loyalty Prudence and Care Fair Dealing Suitability Performance Presentations Preservation of Confidentiality Duties to Employers Loyalty Additional Compensation Responsibilities of Supervisor Investment Analysis Recommendations and Actions Diligence & Reasonable Basis Communication with Clients and Prospects Record Retention Conflicts of Interest Disclosures of Conflicts Priority of Transactions Referral Fees Responsibility as CFA Member Candidate Conduct as Member Reference to CFA Inst. And Designation
the time you spent figuring this out, you would probably have learned it already
memorizing this will probably lead to a fail, studying the text and example is actually enjoyable as you get to wonder how the commonest things could lead you to trouble.
I think it covers a lot of ground. The cut and paste into the post didn’t translate well…sorry about that. Take it or leave it. Best wishes…and warm regards.
You will go nuts trying to come up with strategies to memorize tons of stuff for the exam and then you will be mystified about how you can ever memorize more stuff when you fail. The key to passing this exam is to learn the material. They are not going to test you on whether you memorized the code - they are going to test you on applying the code. Thus, all these ethics questions are like “Someone did something that was ethically ambiguous. Is it: a) Ethical according to CFAI; b) Unethical as it violates standrad [blah] of professionalism; c) Unethical as it violates standard [blah] of Duty to clients” Memorizing the code doesn’t help at all. Knowing what those two codes say is huge.
Point taken, thank you. Example: Violating rule 22.B is hard to avoid unless you actually know what 22.B is. Its much more important to know that you (in this case) should’nt change your shoes in the parking lot of the country club than it is to be able to cite 22.B. For what its worth, memorizing the 7 Standards and the subsets defines the scope of what I figured I needed to learn very well. I’m not expecting an to be helped out by knowing that Misconduct falls under professionalism, but rather in my review I remember to define and be able to discuss misconduct and how it a relates to professinoalism and ethics. Kind of surface level stuff as a reminder of what is really important.
ive never seen a question along the lines of “what is standard 3b” the questions are prob going to be more application focused as joey said.
Great feedback iteracom, Joey. Thank you.