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CFA Level II Vignettes Ethics Standards Investment Advisory MCQs Test 3
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CFA Level II Vignettes Ethics Standards Investment Advisory MCQs Test 3

Practice CFA 2026 Level II Vignettes Ethics Standards MCQs from Investment Advisory. Get instant results with Explanation.
Practice Quiz 3 for "Investment Advisory" (Ethics Standards). Total 30 MCQs available, split into 3 quizzes. Challenge yourself with advanced application-based questions. Mastering these concepts is essential for securing a high percentile in CFA.
General10 MCQs
1. Vignette 5: Wellington Advisory - Arthur Wellington, CFA, recommends a specific insurance product to his clients. He receives a commission from the insurance company for each sale. Wellington does not disclose this commission. Which Standard has Wellington violated?
2. Wellington recommends an investment that generates higher fees for him but lower net returns for the client compared to available alternatives. Which Standard has Wellington most likely violated?
3. Wellington recommends a high-risk leveraged investment to a retired client with limited income and a low risk tolerance. Which Standard has Wellington violated?
4. Wellington copies the firm's client list and investment strategies before leaving to start his own firm. Which Standard has Wellington violated?
5. Wellington presents a composite performance track record that includes only his best-performing accounts and excludes underperforming accounts. Which Standard has Wellington violated?
General10 MCQs
6. Vignette 6: Cambridge Advisory - Michael Cambridge, CFA, receives an all-expenses-paid trip to Monaco from a company whose stock he recommends to clients. Which Standard has Cambridge most likely violated?
7. Cambridge sells a security from a client's portfolio to free up capital for a new investment that offers him higher commissions, even though the existing security remains suitable for the client. Which Standard has Cambridge violated?
8. Cambridge presents a quantitative investment model to clients without disclosing its key assumptions and limitations. Which Standard has Cambridge violated?
9. Cambridge recommends an investment that exceeds the maximum risk tolerance specified in a client's investment policy statement. Which Standard has Cambridge violated?
10. Cambridge claims in marketing materials that he achieved a 25% annual return over 10 years, when the actual return was 12%. Which Standard has Cambridge 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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