CFA® Program Curriculum, Volume 1, page 299
Expectations
Expectations for our profession are set in the Code of Ethics. Members of CFA Institute [including Chartered Financial Analyst® (CFA®) charterholders] and candidates for the CFA designation (“Members and Candidates”) must2:
Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.
Place the integrity of the investment profession and the interests of clients above their own personal interests.
Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.
Promote the integrity and viability of the global capital markets for the ultimate benefit of society.
Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.
Challenges
Over the last few years, there has been an erosion of respect for and growing lack of trust toward experts in general, particularly in the United States but also in Europe.
Investment professionals have not been immune from that trend. In particular,
investment professionals are generally viewed by the public as not being able to manage conflicts of interest in the best interests of their clients.
Global trends that present challenges to investment professionals include the following:
Consumerism has led clients to buy investment products in the same manner as they buy other consumer items, making the profession of investment management more demanding.
Regulations have tended to grow stricter globally as consumers have demanded additional protection, particularly since the crash of 2008.
Globalization has benefits to the extent that professional bodies like CFA Institute can work to create consistent standards across the globe. However, this gets more difficult as the diversity of countries and large companies with their own needs, demands, and expectations grows.
Technological innovation is rapidly changing the role of the investment
professional and his working relationship with the client, requiring new skills and new standards of conduct. Fintech trends such as data science, cybersecurity, robo-advising, blockchain, cryptocurrency, and artificial intelligence all present new challenges.
MODULE QUIZ 6.1
To best evaluate your performance, enter your quiz answers online.
1. Which of the following is least likely to be an effective method for professions to establish trust?
A. Be client focused.
B. Encourage collegiality.
C. Require continuing education.
2. Which of the following phrases is part of the mission of CFA Institute?
A. Serve members and candidates.
B. Maximize the value of the CFA designation.
C. Promote the highest standards of ethics, education, and professional excellence.
3. Which of the following is not part of the CFA Institute Code of Ethics?
A. Promote the integrity and viability of the global capital markets for the ultimate benefit of society.
B. Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.
C. Do not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of CFA Institute programs.
KEY CONCEPTS
LOS 6.a
A profession is an occupational group that has specific education, expert knowledge, and a framework of practice and behavior that underpins community trust, respect and recognition. Most professions emphasize an ethical approach, the importance of good service, and empathy with the client.3
Professions establish trust by:
Normalizing practitioner behavior.
Providing a service to society.
Maintaining a client focus.
Having high standards for entry.
Possessing a body of expert knowledge.
Encouraging continuing education.
Monitoring professional conduct.
Being collegial.
Having recognized overseeing bodies.
Encouraging the engagement of members.
LOS 6.b
Trust in the investment management profession is earned with society through the expectation that professionals will have the technical expertise, the knowledge of applicable law, and an understanding of ethics and professional standards to serve their clients with care, transparency, and integrity. CFA Institute is an investment
management professional body that embodies many, if not most, of the tenets of a profession.
LOS 6.c
The expectations of investment professionals are promulgated through CFA Institute’s Code of Ethics.
Global trends that present challenges to investment professionals include:
Consumerism.
Regulations.
Globalization.
Technological innovation.
ANSWER KEY FOR MODULE QUIZ
Module Quiz 6.1
1. C Professions should encourage and facilitate continuing education, but it is not necessary or practical that they require it. (LOS 6.a)
2. C The mission of CFA Institute is “to lead the investment profession globally, by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.” This will, in the long run, likely serve the members and candidates by increasing the value of the designation, but that is an indirect consequence. (LOS 6.b)
3. C Standard VII(A) from the Standards of Professional Conduct is quoted in answer choice C. (LOS 6.c)
1. McClean and Mehta, Professionalism in Investment Management, (CFA Institute, 2018).
2. Copyright 2014, CFA Institute. Reproduced and republished from “The Code of Ethics,” from Standards of Practice Handbook, 11th Ed., 2014, with permission from CFA Institute. All rights reserved.
3. McClean and Mehta, Professionalism in Investment Management, (CFA Institute, 2018).
专业提供CFA/FRM/AQF视频课程资料 微信：fcayyh