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CFA Level II Vignettes Ethics Standards Investment Advisory MCQs Test 2
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CFA Level II Vignettes Ethics Standards Investment Advisory MCQs Test 2

Practice CFA 2026 Level II Vignettes Ethics Standards MCQs from Investment Advisory. Get instant results with Explanation.
Practice Quiz 2 for "Investment Advisory" (Ethics Standards). Total 30 MCQs available, split into 3 quizzes. Test your understanding of core concepts. Mastering these concepts is essential for securing a high percentile in CFA.
General10 MCQs
1. Vignette 3: Bridgewater Advisory - Thomas Bridgewater, CFA, manages client portfolios. Before executing a large buy order for clients, Bridgewater purchases shares of the same security for his personal account. Has Bridgewater violated the Standards?
2. Bridgewater places a personal trade ahead of a pending client trade for the same security. Which Standard has Bridgewater most likely violated?
3. Bridgewater presents client portfolio performance showing returns of 18%, compared to a cash benchmark that returned 2%. The portfolio's appropriate benchmark, a balanced index, returned 15%. Which Standard has Bridgewater violated?
4. Bridgewater uses the firm's proprietary investment models and research to manage his personal portfolio during work hours. Which Standard has Bridgewater violated?
5. Bridgewater recommends investments in fossil fuel companies to a client whose investment policy statement explicitly excludes such investments. Which Standard has Bridgewater violated?
General10 MCQs
6. Vignette 4: Churchill Advisory Partners - William Churchill, CFA, receives a $15,000 watch from a hedge fund manager whose products he recommends to clients. Which Standard has Churchill most likely violated?
7. Churchill directs client trades to a broker that charges higher commissions in exchange for providing research services to the firm. Churchill does not disclose this arrangement to clients. Which Standard has Churchill violated?
8. Churchill tells a client, "I guarantee that this investment will generate at least 12% returns annually." Which Standard has Churchill violated?
9. Churchill discusses a client's confidential financial information with another client without obtaining permission. Which Standard has Churchill violated?
10. Churchill recommends a complex structured product to clients without understanding its features or risks. Which Standard has Churchill violated?

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Conducting Body: CFA Institute
Frequency: 4 times a year (February, May, August, November) | Time: 70 Minutes
Negative Marking: No

⚡ Test Pattern (Total: 90 MCQs):

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