Ethical & Professional Standards — Free Practice Questions
2 free questions · 15–20% of the Level I exam · answers & explanations
These two questions are a free sample of the same original Ethical & Professional Standards questions shipped in the app — exactly what a non-premium user previews. Tap an answer to check yourself and read the LOS-anchored explanation. Ethical & Professional Standards carries 15–20% of the CFA® Level I exam; the full app has 155 Ethical & Professional Standards practice questions plus the topic’s share of the 540-question mock bank, with cross-audited answer keys.
Ethics is most accurately described as:
Why: Ethics refers to a society's or group's shared beliefs about good, acceptable, and right conduct, articulated as moral principles that guide behavior and choices. Statutes and regulations describe legal standards, which are created by governments and can lag ethical expectations; disciplinary sanctions are merely one enforcement mechanism a body may use, not ethics itself.
A junior analyst asks her mentor how ethical conduct differs from simply pursuing one's own goals. The mentor's most appropriate response is that ethical conduct:
Why: Ethical conduct weighs one's own interests against the effects of one's actions on others; behavior that improves outcomes for others, or at least does not harm them unfairly, is the hallmark of acting ethically. Equating ethical conduct with legal conduct is incorrect because legal and ethical standards can diverge, and following workplace custom is no guarantee of ethical behavior — common practices can themselves be unfair or harmful to others.
Want all 155 Ethical & Professional Standards questions + the mock exam?
The full app has 900 practice questions across all 10 CFA® Level I topics, weighted to the published outline, plus a 540-question mock bank — with LOS-anchored explanations and cross-audited answer keys.
Independent study aid with 100% original practice questions — not real exam questions. CFA Institute does not endorse, promote, or warrant the accuracy or quality of this product. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. All other trademarks belong to their respective owners.
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