The Level I of the Chartered Financial Analyst (CFA) exam is being administered this Saturday and test-takers are probably freaking out this week.
The CFA curriculum, which consists of three levels, is considered one of the hardest exams on Wall Street. It takes a person about five to six months to prepare and fewer than 20% of candidates pass all three levels on the first try.
Aside from memorizing formulas for the exam, test-takers have to know the CFA’s Code of Ethics & Standards of Professional Conduct inside and out.
The exam features real world-like scenarios and asks questions about what codes were violated.
It sounds easy, but it’s really not.
What’s more is CFA Charterholders and candidates are bound by this code of ethics and conduct, too.
In fact, it’s so important that they follow it or else they will be named and shamed in the “Disciplinary Notices” section of the CFA Institutes’ monthly magazine.
It’s pretty embarrassing.
You can see this month’s section below: