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Writing Past Time Called
Candidates were advised of the requirement to stop writing immediately when instructed to do so through several communications, including the CFA Institute website, the verbal statement read prior to the commencement of the exam, and the back of the exam booklet.
Notwithstanding this requirement, fifty-eight Level I candidates, twelve Level II candidates, and five Level III candidates continued to write on and/or erase their exams after time was called. The CFA Institute Professional Conduct Program investigated these cases and found that each candidate engaged in the conduct and thereby violated the CFA Program Exam Rules and Standards of Professional Conduct. Sixty-four of the candidates accepted the sanction of Private Censure/Reprimand and Voiding of Exam Results. Eleven of the candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panels imposed the sanction of Private Censure/Reprimand and Voiding of Exam Results on the eleven candidates.
Use of Scratch Paper
Candidates may not use scratch paper during the exam. Scratch paper includes writing paper, the exam ticket, calculator keystroke card, desk top, or any other surface.
Despite this requirement, six Level I candidates and six Level II candidates used their exam ticket or other surface as scratch paper during the exam. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct, thereby violating the CFA Program Exam Rules. Four candidates accepted the sanction of Private Censure/Reprimand and Voiding of Exam Results; six candidates accepted the sanction of One-Year Suspension from Participation in the CFA Program and Voiding of Exam Results; and one candidate accepted the sanction of Three-Year Suspension from Participation in the CFA Program and Voiding of Exam Results. One candidate requested a Hearing Panel. After consideration of the evidence, the Hearing Panel imposed the sanction of One-Year Suspension from Participation in the CFA Program and Voiding of Exam Results.
Unauthorized Calculator
Only the following two calculator models are approved for use on the CFA exams:
- Hewlett Packard 12C (including the Hewlett Packard 12C Platinum)
- Texas Instruments BA II Plus (including BA II Plus Professional)
Despite this policy requirement, twenty-three Level I candidates and one Level II candidates presented to the exam with an unauthorized calculator. The Professional Conduct Program investigated these matters and found that the candidates’ calculators were unauthorized and thereby violated the CFA Program Exam Rules. Twenty-two candidates accepted the sanction of Private Censure/Reprimand and Voiding of Exam Results. Two candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of Private Censure/Reprimand and Voiding of Exam Results on each candidate.
Opening Question Booklet before Start of Exam
Three Level I candidates and one Level II candidate opened the exam book prior to commencement of the exam. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct and thereby violated the CFA Program Rules and Regulations and Standards of Professional Conduct. The four candidates accepted the disciplinary sanction of Private Censure/Reprimand and Voiding of Exam Results.
Possession of Study Materials
All candidates were advised that possession of any information related to the Candidate Body of Knowledge was prohibited at the test center.
Notwithstanding this prohibition, one Level III candidate had information related to the Candidate Body of Knowledge accessible during the exam. The Professional Conduct Program investigated the matter and found the information was in a readily accessible location and violated the CFA Program Exam Rules and Standards of Professional Conduct. The candidate accepted a Two Year Suspension from Participation in the CFA Program and Voiding of Exam Results.
Leaving Exam Center/Building
All candidates were advised that they may not exit and re-enter the exam center/building/area during the administration of the exam.
Notwithstanding this prohibition, one Level I candidate exited and re-entered the exam building during the exam. The Professional Conduct Program investigated the matter and found that the candidate engaged in the conduct, thereby violating the CFA Program Exam Rules and Standards of Professional Conduct. The candidate accepted the sanction of Private Censure/Reprimand and Voiding of Exam Results.
Assistance during Exam
Each candidate in the CFA Program attests through the Candidate Pledge that during the exam they will neither give nor receive assistance in taking the exam. Looking or glancing at another candidate’s answer sheet or giving the appearance of looking or glancing at another candidate’s answer sheet violates the CFA Program Exam Rules, the Code of Ethics, and the CFA Institute Standards of Professional Conduct.
Despite these requirements, seventy-seven Level I candidates and one Level II candidate were observed giving or receiving assistance, giving the appearance of giving or receiving assistance, or found post-exam to share an unusually large number of identical responses with another candidate. The Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct, thereby violating the CFA Program Exam Rules, Code of Ethics, and the Standards of Professional Conduct.
One candidate accepted the sanction of One-Year Suspension from Participation in the CFA Program and Voiding of Exam Results; one candidate accepted the sanction of Two-Year Suspension from Participation in the CFA Program and Voiding of Exam Results; eight candidates accepted the sanction of Five-Year Suspension from Participation in the CFA Program and Voiding of Exam Results, and fifty-two candidates accepted the sanction of permanent Prohibition from Participation in the CFA Program and Voiding of Exam Results.
Sixteen Level I candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panels determined in fifteen of the cases that the candidates looked and/or gave the appearance of looking at another candidate’s exam. The Hearing Panels imposed the sanction of Three-Year Suspension from Participation in the CFA Program and Voiding of Exam Results on two candidates; Five-Year Suspension from Participation in the CFA Program and Voiding of Exam Results on one candidate; and permanent Prohibition from Participation in the CFA Program and Voiding of Exam Results on twelve candidates.
Disclosure of Exam Content
Following the exam, two Level II candidates, Anurag Jain and Nana Kweku Nduom, used Analyst Forum, an internet chat forum, to contribute, solicit, and compile June 2009 Level II CFA exam content. The information was compiled into a spreadsheet and further offered to other candidates via the internet forum and other internet sources. The Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct, thereby compromising the integrity and security of the CFA exam in violation of the CFA Exam Rules, Candidate Pledge, and the CFA Institute Code of Ethics and Standards of Professional Conduct, specifically Standard VII(A) – Conduct as Members and Candidates in the CFA Program. Both Mr. Jain and Mr. Nduom requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panels determined the candidates’ conduct of compiling, soliciting, and distributing CFA exam content violated the CFA Exam Rules and the CFA Institute Code of Ethics and Standards of Professional Conduct and imposed the sanction of Five-Year Suspension from Participation in the CFA Program and Voiding of Exam Results on each respective candidate.
Following the exam, a Level II candidate, Randall Lucas, posted on his blog regarding his experience at the CFA exam and mentioned topics covered and material not covered on the exam. At the time of the blog posting, the CFA exam was still being administered around the world. The Professional Conduct Program investigated the matter and found that the candidate engaged in the conduct and thereby violated the CFA Exam Rules and the CFA Institute Code of Ethics and Standards of Professional Conduct. The candidate accepted the sanction of Public Censure and Voiding of Exam Results.
Misrepresentation
Disciplinary sanctions may be imposed upon Covered Persons for falsification of information on CFA Program enrollment applications. One Level I candidate and one Level III candidate failed to appropriately disclose information relative to conduct that affected their eligibility for enrollment in the CFA Program. The Professional Conduct Program investigated each matter and found that the candidates engaged in the conduct, thereby violating the CFA Program Rules, the CFA Institute Code of Ethics and Standards of Professional Conduct, and the CFA Institute Bylaws. One candidate accepted a Private Censure/Reprimand and Voiding of Exam Results. One candidate accepted the sanction of One-Year Suspension from Participation in the CFA Program.
Failure to Cooperate
Candidates violate the CFA Institute Bylaws if they fail to submit information requested relating to professional conduct and activities. Five Level I candidates received a Summary Suspension from further participation in the CFA Program for failing to cooperate with the Professional Conduct Program’s investigation into conduct occurring during the exam administration process.