QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS.

11. Danielle Deschutes, CFA, is a portfolio manager who is part of a 10-person team that manages

equity portfolios for institutional clients. A competing firm, South West Managers, asks

Deschutes to interview for a position within its firm and to bring her performance history to the

interview. Deschutes receives written permission from her current employer to bring the

performance history of the stock portfolio with her. At the interview, she discloses that the

performance numbers represent the work of her team and describes the role of each member.

To bolster her credibility, Deschutes also provides the names of institutional clients and related

assets constituting the portfolio. During her interview Deschutes most likely violated the CFA

Institute Standards of Professional Conduct with regards to:

A. the stock portfolio’s performance history.

B. her contribution to the portfolio’s returns.

C. providing details of the institutional clients.