Answer: Statement 2 only

## Explanation **Statement 1 Analysis:** This statement is factual and accurate. It simply states that Schneider passed all three CFA examinations in three consecutive attempts, which is a factual representation of his achievement. There is no exaggeration or misrepresentation. This statement does not violate any CFA Institute Standards. **Statement 2 Analysis:** This statement violates Standard VII(B) - Reference to CFA Institute, the CFA Designation, and the CFA Program. The standard prohibits members and candidates from making promotional statements that imply that the CFA designation or participation in the CFA Program provides superior professional abilities. Specifically, stating that "Based on my success in the CFA Program, I have a superior ability to analyze stocks compared to my peers": 1. Implies that the CFA Program confers superior analytical abilities 2. Makes a comparative claim that is promotional in nature 3. Could mislead others about the actual meaning and value of the CFA designation **Correct Answer:** B (Statement 2 only) **Key Learning Points:** - Members and candidates may accurately state their participation in and completion of the CFA Program - They may not imply that the CFA designation provides superior abilities or performance - Promotional statements that could mislead about the value of the CFA designation are prohibited - Factual statements about program completion are acceptable, but comparative claims about abilities are not

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