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CFA Level II Vignettes Ethics Standards Private Wealth MCQs Test 3
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CFA Level II Vignettes Ethics Standards Private Wealth MCQs Test 3

Practice CFA 2026 Level II Vignettes Ethics Standards MCQs from Private Wealth. Get instant results with Explanation.
Practice Quiz 3 for "Private Wealth" (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: Noble Wealth Partners - Margaret Kent, CFA, manages a private client's portfolio. The client gives Kent a $20,000 luxury watch as a gift. Kent accepts the gift. Which Standard has Kent most likely violated?
2. Kent recommends that a client invest in a private company in which Kent holds a significant equity stake, without disclosing her interest. Which Standard has Kent violated?
3. Kent recommends a speculative venture capital investment to a retired client who relies on portfolio income and has a conservative risk profile. Which Standard has Kent violated?
4. Kent provides a client's personal financial statement and investment portfolio details to a third-party lender without obtaining the client's permission. Which Standard has Kent violated?
5. Kent presents a new asset allocation model to clients showing impressive historical returns. She does not disclose that the returns are based on hypothetical back-tested data rather than actual performance. Which Standard has Kent violated?
General10 MCQs
6. Vignette 6: Equinox Private Advisors - David Sterling, CFA, receives an allocation of a hot IPO. He allocates 70% of the shares to the firm's proprietary account and 30% to client accounts. Which Standard has Sterling most likely violated?
7. Sterling recommends a specific art dealer to his wealthy clients. Sterling receives a 10% commission from the dealer for each referral. Sterling does not disclose this commission. Which Standard has Sterling violated?
8. Sterling recommends a structured product with principal protection and a cap on returns to a client whose IPS requires moderate growth with full liquidity. The product has a 5-year lock-up. Which Standard has Sterling violated?
9. Sterling, while still employed at Equinox, establishes a competing wealth management firm and uses the firm's client database to solicit clients during work hours. Which Standard has Sterling violated?
10. Sterling, who is no longer a CFA charterholder because he failed to pay dues, continues to state on his business card and marketing materials that he is a CFA charterholder. Which Standard has Sterling 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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