Jane Pierce, having recently received her undergraduate degree in finance, accepted a job offer to join a large global brokerage firm as a research assistant. To manage training and oversight, all the firm’s research assistants are supervised by a designated individual in the research department. Pierce was hired with the understanding she would register for the CFA Program exam within 90 days and be awarded her CFA designation within four years. Her first two days of work were spent in orientation, with a full day devoted to reviewing the firm’s policies and procedures, including the firm’s code of conduct. During the orientation, the chief compliance officer noted the firm claims compliance with the CFA Institute Code of Ethics and Standards of Professional Conduct. Shortly after Pierce is hired, she is accused of committing a potentially serious ethical violation. She is subsequently cleared of any wrongdoing.
Pierce worked hard getting to know the duties and responsibilities required in her new job. During her first month, the senior analyst she was assigned to work with asked her to distribute an email to a subset of asset management clients he meets with regularly. The email outlined his earnings model for a company under his coverage, his assumptions, the important factors surrounding his analysis, and the risk associated with those earnings. He also highlighted a change in his earnings expectations. Pierce was surprised by the request; in the past, she had emailed reports on behalf of other analysts, but those requests had always come from her supervisor, which was consistent with firm policy.
Late one afternoon, two of Pierce’s coworkers, who are also research assistants, were gathered around Pierce’s workspace chatting about the demands of their jobs. The following statements were made:
Research Assistant 1: The senior analysts I work with heard from an accountant at one of the companies she follows that they are about to retire a large group of assets. She’s afraid she may lose her job.
Research Assistant 2: The senior analysts I work with heard from the receptionist at an independent research firm about the potential purchase of a large block of stock of a company under his coverage. I can’t wait to find out who it involves.
Within her first 90 days of work, Pierce enrolled in the CFA Program, as required in her employment agreement. She and several of her colleagues formed a study group and gathered several times a week to review the material or work through practice questions. Following the completion of the exam, her study group decided to meet for dinner with several other candidates they knew to unwind after such a grueling day. During dinner, Pierce read aloud several comments she had found posted on an online chat site regarding the exam:
Comment 1: “Boy, the ethics questions were amazingly tough.”
Comment 2: “Those Learning Outcome Statements were helpful.”
Comment 3: “I hate accounting; it must have been 25% of the exam.”
Question: Who most likely cleared Pierce?
A. Her firm’s compliance officer
B. The CFA Institute Professional Conduct Program
C. Both her firm’s compliance officer and the CFA Institute Professional Conduct Progra
这道题为什么不能选C？
答案里说，因为她没有注册CFA，所以不需要受CFA管。但是题目里明明说了，Within her first 90 days of work, Pierce enrolled in the CFA Program, as required in her employment agreement. 并且这里没有指明enroll CFA 和“shortly after hired” 的时间先后顺序呀？
