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Answer: both conduct as participants in CFA Institute programs and reference to CFA Institute, the CFA designation, and the CFA program.
## Explanation Vanraj Shah has violated **two** CFA Institute Standards: ### 1. Violation of Standard VII(A): Conduct as Participants in CFA Institute Programs - **What Shah did wrong**: He discussed specific exam content with his friend by mentioning that "there were many calculation questions on derivatives in the first instance and none in the second." - **Why this violates the standard**: CFA candidates are prohibited from discussing specific exam content, including topics covered, question types, or difficulty levels. Even though he didn't reveal actual questions, discussing the nature and content of the exam violates the confidentiality requirements. - **The standard requires**: Candidates must not engage in any conduct that compromises the integrity, validity, or security of CFA Institute examinations. ### 2. Violation of Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program - **What Shah did wrong**: He publicly expressed his disagreement with CFA Institute's decision to shift to computer-based testing on a public blog. - **Why this violates the standard**: While constructive feedback to CFA Institute is permitted, publicly criticizing CFA Institute policies in a way that could diminish the reputation of the CFA Program is prohibited. - **The standard requires**: Members and candidates must not engage in any conduct that reflects poorly on the reputation or integrity of CFA Institute, the CFA designation, or the CFA Program. ### Key Distinctions: - **Gupta's behavior** (not discussing questions) is correct and demonstrates proper conduct. - **Shah's first action** (discussing exam content) violates Standard VII(A). - **Shah's second action** (public criticism) violates Standard VII(B). Therefore, the correct answer is **C: both conduct as participants in CFA Institute programs and reference to CFA Institute, the CFA designation, and the CFA program.**
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Vanraj Shah has just finished taking the Level II CFA exam for the second time. To protect the integrity of the exam, Gupta is careful not to discuss the exam questions with other candidates. Shah calls his friend, a member, and contrasts his two attempts by highlighting that there were many calculation questions on derivatives in the first instance and none in the second. Later, in a public blog on investment education, Shah shares his strong disagreement regarding CFA Institute shifting to computer-based testing. Shah has violated the Standard(s) relating to:
A
conduct as participants in CFA Institute programs only.
B
reference to CFA Institute, the CFA designation, and the CFA program only.
C
both conduct as participants in CFA Institute programs and reference to CFA Institute, the CFA designation, and the CFA program.