Ethics messed up :(

[lovkesh k]

Hello Guys,

I'm a Level 1 candidate for june exam. and i need very imp advice from
you guys. You guys would must have passed through this situation so i
your correct advice is too valuable for me.

I'm not able to manage ethics. I'm feeling that i'm gonna mess up the
most imp section of the exam. I've done good in other areas, quiet
confident abt them leaving 1 or 2 sections. Taken practice vol exams
of schweser and constantly achieving above 70% in each section but
ethics is not good. I've done ethics once in my first reading and now
i was going to revise but finding it very difficult. So guys plz plz
advice me how to manage it. mine areas of concern are :

1. there is so much stuff to cram. 7 standards then sub headings and
then sub section in sub headings :( not able to cram whole stuff.

2. I'm confused among recommendations and requirements. how to
distinguish between them ? They have used words like "may be", "must",
"should" in CFA text book and separated recommended section for each
standard. but they have mixed them no clear guidelines. So Which one
is a requirement and which one is a recommendation?

If anybody having any compiled stuff on ethics which covers everything
but is compact, then plz do help me n guys plz guide me on this

Best regards
Lovkesh

[nitin jain]

Lovkesh,

I think ur situation is more out of panic than ur inability to cram. So pls calm down first.

1) candidate is not required to learn standards by rote. thorough understanding of what every standard says is required first.

    u wont find questions like "define standard on fair dealing". instead they will ask u to apply ur knowledge abt fair dealing to a specific situation.

    so basically questions are based on applications of standards. hence cramming them is not required.

2) as regards a concise mtrl, with very little time left on hands, u can go thru this topic from schweser. thats concise as well as complete.

i'm sure if u can clear more diff sections like fsa, equity etc, u can surely clear ethics !

hope this helps.

regards,

Nitin Jain

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[soutik sarkar]

Hi Lovkesh,

Apart from what Nitin has said which you should follow, i would like to add a few points.

Last year, i also faced kinda the same situation, was getting below par results in Ethics, and so I just practiced Ethics questions, as i felt reading the reading didnt help much, One needs to understand the application of those 'requirements' & 'guidelines' :)

So my advice to u wud be practice as many questions of ethics that u can, maybe just do all the questions given the Schweser practice exam (vol1 & 2). Believe me you would understand the applications this way much faster.

Regards
Soutik

On Sat, May 29, 2010 at 1:48 PM, lovkesh k <cfa.2k...@gmail.com> wrote:

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dare to be urself..

[lovkesh k]

if possible can u guys just gv me ur contact nums i'll like t talk to
u guys abt this if possible.
Thanks guys for ur help.

Anybody with more suggestions.

Best rgds
Lovkesh

> > cfa-december-2...@googlegroups.com<cfa-december-2009%2Bunsubscr i...@googlegroups.com>
> > .

[lovkesh k]

hi soutik/Nitin

Are there Q in Ethics like :

1. which standard is violated over here like e.g I(B) or II(A)
something like that ??
2. do they ask such Q what is a recommendation or requirement?
This is one thing which appears to me most confusing in
differentiating between recommendation and requirements ?

Best Rgds

Lovkesh

On May 29, 8:35 pm, soutik sarkar <soutik.sar...@gmail.com> wrote:

> > cfa-december-2...@googlegroups.com<cfa-december-2009%2Bunsubscr i...@googlegroups.com>
> > .

[soutik sarkar]

Hi Lovkesh,

1. I dont remember having seen questions without the standards description, as in, the statements were like
according to Standard 2(a) Material non-public information....., so u exactly dont need to remember the names, just what does the standard talk about.
2. they will not ask difference between recommendation & requirements, but in a specific question they may ask what is the best practice or what action is recommended.
3. maybe we can chat tomorrow, if u really need to discuss something.

Regards
Soutik

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[nitin jain]

no. they dont expect u to learn the standard no. by heart :)

On Sun, May 30, 2010 at 12:39 AM, lovkesh k <cfa.2k...@gmail.com> wrote:

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[lovkesh k]

Hi ALL,

Thanks for ur valuable suggestions they have been quite useful :).
I've been practicing some Q and doubtful on some situations.

1. Suppose an analyst A has 10 clients C1, C2, .... .. ., C10 and
manages there endowment funds. C1 calls A an tells him to sell his
portfolio holdings because C1 has predicted -ve earning forecasting.
Now my Q is should A transact immediately or he should inform other
clients according to Fair Dealing. My opinion if he transacts then he
doesn't violate Fair dealing, because prediction abt earnings is not
his own and it is decision of C1 to sell. Moreover if acc to fair
dealing he tells other customers about earnings forecast then he is
being unfair to C1 bcoz by giving time others to react A is depriving
C1 of advantage of his own work(prediction). This situation refers to
Q 14, Schweser Practice Vol 1, Exam2 afternoons session the only diff
i Q there is only one client for A but if u look at the explanation u
will see it seems contradictory to view which i hv presented here.
What ur opinion ?

2. Acc to Referral fee standard it must be disclosed to clients,
prospective clients and employer. Q 8, Schweser Practice Vol 1, Exam2
afternoons session. Here disclosure is made to client only and answer
is no violation ??

3. Acc to I(B) independence and objectivity, it is recommended that
analysts pay for their own accommodation and fare for transportation
when on trips but in Q accepting such accommodations and fares have
not considered acceptable. why so? Q 8. Schweser Practice vol.1, Exam2
morning session.

4. This doubts regarding Income sheet. Where the impairment charges
are reported ? Before operating profits or after op profits ?

Best Rgds
Lovkesh

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