Edward Witten works for Princeton Investments and has registered to take Level III exam next year. He had taken the Level III exam 3 years ago but was not successful. In his firm's promotional material, he has stated that he is a candidate in the CFA program and has successfully passed Level II. Edward has:
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A. B. C. D.C
Standard II (A) - Use of Professional Designation, states that a person must be registered to take the next higher level of the exam to be a "candidate" in the CFA program. That Edward failed on his last attempt does not prevent him from claiming that he's a candidate, as long as he has registered for the exam.
Based on the given information, Edward Witten works for Princeton Investments and has registered to take the Level III exam next year. It is mentioned that he had taken the Level III exam 3 years ago but was not successful. In his firm's promotional material, he claims to be a candidate in the CFA program and states that he has successfully passed Level II. We need to determine if Edward has violated any standards of the CFA Institute.
The CFA Institute has specific guidelines regarding the use of the CFA designation and the representation of one's status in the CFA program. Standard II (A) of the CFA Institute's Code of Ethics and Standards of Professional Conduct is related to the Use of Professional Designation.
According to Standard II (A), CFA program candidates are permitted to claim that they are candidates in the CFA program, but they should not misrepresent their status or make false or misleading statements. In the case of Edward Witten, he claims to be a candidate in the CFA program and states that he has successfully passed Level II.
Option A states that Edward violated Standard II (A) - Use of Professional Designation by claiming to be in the CFA program without having completed Level III. This option is incorrect because Edward has actually registered to take the Level III exam next year. Therefore, he is still considered a candidate in the CFA program.
Option B states that Edward violated Standard II (A) - Use of Professional Designation because he failed the Level III exam and cannot claim to be in the CFA program. This option is also incorrect because Edward is indeed a candidate in the CFA program, as he has registered for the Level III exam.
Option C states that Edward has not violated any standards. This option is incorrect because Edward's claim of successfully passing Level II is misleading since he failed the Level III exam.
Option D states that Edward violated Standard II (A) - Use of Professional Designation by claiming to be CFA - Level II. This option is correct because Edward's statement of being CFA - Level II is misleading and misrepresents his actual status since he failed the Level III exam.
Therefore, the correct answer is D. Edward violated Standard II (A) - Use of Professional Designation by claiming to be CFA - Level II.