Professional Conduct Statement (PCS)
Members and candidates need to complete a PCS (or PCI) form to show they comply with the Code of Ethics and Standards of Professional Conduct.
Upholding our Code and Standards
We expect all members and candidates to follow our Code of Ethics and Standards of Professional Conduct (Code and Standards). The PCS and PCI forms are evidence that you comply with this requirement.
If you’re a CFA® Charterholder, regular member, or affiliate member, you need to complete a Professional Conduct Statement (PCS) form when you first join, and every time you renew or reactivate your membership. Candidates in the CFA® or CIPM® Programs need to complete a similar form called a Professional Conduct Inquiry (PCI).
An annual obligation for CFA Charterholders and candidates is to disclose any investigations, litigation, arbitration, complaints, disciplinary proceedings, or other matters relating to professional conduct.
When do I submit the Professional Conduct Statement or Inquiry?
Members
Members submit a Professional Conduct Statement (PCS) form when they first join CFA Institute or reactivate a membership, and then annually as part of the online membership renewal process. If you don’t submit a Professional Conduct Statement at the appropriate time, your membership will be suspended, including the right to use the CFA and/or CIPM designations.
Candidates
Candidates submit their Professional Conduct Inquiry (PCI) form each time they enroll for an exam. If you don’t submit a PCI at the appropriate time, you'll not be allowed to take your CFA or CIPM Program exam.
If you're also a member, you still need to complete a PCS when reactivating your membership.
What happens when I disclose an issue?
When you disclose a professional conduct issue, your answer will be reviewed by our Professional Conduct staff, and you may be asked to provide additional information.
If you have an issue and do not disclose it, or misrepresent information on the form, you'll be in violation of the Code and Standards, which is grounds for disciplinary action.
What questions will I be asked in the Professional Conduct Statement?
As a member of CFA Institute, you're required to answer the following questions. If any answer is “yes”, you'll need to explain your answer in the additional information box.
- In the last two years, have you been the subject of any written complaint or accusation regarding your professional conduct or activities?
- In the last two years, have you been the subject of an investigation conducted by your employer, a regulator, or other professional organization?
- In the last two years, have you been the subject of, or a defendant or respondent in, any litigation, arbitrations, or other action or proceeding in which your professional conduct or activities were questioned or at issue?
- In the last two years, have you been reprimanded, censured, restricted, suspended, barred, enjoined, or otherwise sanctioned by any regulator, professional organization, government agency, or court because of your professional conduct or activities?
- In the last two years, has your employment been terminated for cause or have you been permitted to resign rather than face termination?
- In the last two years, have you been accused of, been convicted of, or pleaded guilty to, any crime (regardless of whether it involved your professional conduct or activities)?
Applicants seeking admission into the CFA Program
Applicants seeking admission into the CFA or CIPM Program must complete a Professional Conduct Inquiry (PCI) form, which is similar to the PCS form. The FAQs below are for applicants who are denied admission to the CFA exam program based on a disclosure made on the PCI form.
CFA Program applicant appeal FAQs
- What if my “yes” response to one or more of the Professional Conduct Inquiry questions was an error?
- How long do I have to send an email?
- I didn’t respond to Professional Conduct’s email and my registration and testing appointment were canceled. Now what do I do?
- What if my “yes” response to one or more of the Professional Conduct Inquiry questions was not an error. Can I appeal the denial of my registration?
- How long do I have to send an appeal?
- Who will review my appeal?
- What are my chances of winning an appeal?
- Will Professional Conduct investigate my conduct?
- If I submit an appeal, how long before I find out whether I am allowed to participate in the CFA Program?
- If Professional Conduct denies my appeal and doesn’t allow me to participate in the CFA Program, can I submit more information and have my appeal re-reviewed?
- What if my appeal is not resolved prior to closure of the exam appointment window?
- If I have questions about the appeals process, where should I send them?
More in this section
Code of Ethics and Standards of Professional Conduct
Explore the Code and Standards documentation, get guidance on how to apply it and keep up to date on recent changes.
Professional Conduct
Learn how we investigate allegations, determine violations, impose sanctions, and disclose infringements.
Report misconduct
Report conduct you believe is unethical, illegal or harmful by CFA members or candidates.
