Mastery: CFA Practice Test 2026

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Q1Domain Verified

Within the CFA Institute's Ethical and Professional Standards, the concept of "Loyalty, Prudence, and Care" requires a fiduciary duty. In a scenario where a portfolio manager for a pension fund receives identical research from two brokers but directs all trades to the broker who provides minor administrative assistance to the manager's personal hobby club, which specific duty is most directly violated?

Duty of Fair Dealing by not allocating trades fairly across all client accounts.

Duty of Loyalty by placing the client's interest first.

Duty to Employer by engaging in a personal activity that conflicts with employer responsibilities.

Duty of Prudence by failing to act with reasonable care.

Q2Domain Verified

According to the CFA Institute Standards of Professional Conduct, under which of the following circumstances is disclosing confidential client information WITHOUT client consent NOT a violation?

The information is subpoenaed by a court in a jurisdiction where the member is legally required to comply.

The information is requested by the client's new spouse during divorce proceedings.

The information is shared with a trusted colleague within the same firm to improve the firm's overall strategy, under a strict internal "need-to-know" policy.

The information is anonymized and used as part of a presentation on investment strategy at a local analyst society meeting.

Q3Domain Verified

A CFA candidate who is a research analyst writes a detailed report recommending the purchase of a thinly traded micro-cap stock. She posts a summary of her investment thesis, including the company name and her "strong buy" rating, on her personal, publicly accessible blog before the report is distributed to her firm's clients. This action is most likely a violation of:

Standard III(A) - Loyalty, Prudence, and Care, because she is not acting for the benefit of her employer.

Standard III(

Standard II(A) - Material Nonpublic Information, because the blog post could move the market for the micro-cap stock.

- Fair Dealing, because she is not providing the recommendation to clients simultaneously. B) Standard V(A) - Diligence and Reasonable Basis, because a blog post is not a suitable medium for communicating research.

Candidate Insights

Advanced intelligence on the 2026 examination protocol.

This domain protocol is rigorously covered in our 2026 Elite Framework. Every mock reflects direct alignment with the official assessment criteria to eliminate performance gaps.