Question #1 of What process is used to revise and update the CFA Institute Global Body of Investment Knowledge to ensure that it is globally relevant and reflects current best practice in the investment profession? A) Practice analysis B) Member engagement C) Competency review Explanation Practice analysis is the process used to update the Global Body of Investment Knowledge and the Candidate Body of Knowledge Question #2 of Which of the following future trends poses a challenge to the investment profession? A) Standardization B) Consumerism C) Segmentation Explanation Four global trends that present challenges to investment professionals include consumerism, regulations, globalization, and technological innovation Question #3 of Which of the following is least likely to be an effective method for professions to establish trust? A) Emphasize regulation as the mechanism to monitor professional conduct B) Maintain a consistent body of expert knowledge C) Have high entry requirements Explanation Professions should establish high entry requirements and be self-regulating through the monitoring of and imposing of sanctions on members Although the profession must work with regulators and follow all applicable laws, they should not allow regulators to be the sole arbiters of professional conduct A body of relevant knowledge is important, and it must continually evolve, particularly in a changing industry such as investments ... conduct A body of relevant knowledge is important, and it must continually evolve, particularly in a changing industry such as investments ...Professions should establish high entry requirements and be self-regulating through the monitoring of and imposing of sanctions on members Although the profession must work with regulators