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
You should submit an email to Professional Conduct attesting that the “yes” response(s) was an error. Upon receipt of your email, Professional Conduct will re-review your registration.
The email identified a specific timeframe; however, we recommend that you let us know as soon as possible to ensure your registration is uninterrupted, your exam appointment is not canceled, and you remain scheduled to take the exam within the window you registered.
If the exam window is still open for the exam you registered to take, you may go online and re-register. Please note there is no guarantee there will be a testing appointment available for your chosen test center. If the exam window is no longer open, you may go to the next exam window.
You may submit an appeal of the denial of your registration, by email, to Professional Conduct.
The email identified a specific timeframe; however, if you require more time, we recommend that you let us know as soon as possible that you intend to submit an appeal, to ensure your registration is uninterrupted, your exam appointment is not canceled, and you remain scheduled to take the exam.
Your appeal will be reviewed by two senior Professional Conduct staff members.
As the facts of each disclosure are different, it is difficult to predict the likelihood your registration will be accepted. In evaluating an appeal, the Professional Conduct staff members will maintain the strict standards of admission – your appeal will be denied – unless the Professional Conduct staff members both have a strong belief that the conduct shouldn't prevent participation in the CFA Program.
No. An investigation will not be conducted. It will be your obligation to provide sufficient information that the disclosed conduct should not prevent your participation in the CFA Program.
Professional Conduct will provide a written determination on the appeal as soon as possible, and no later than thirty (30) days after receipt.
No. Professional Conduct’s determination is final. After a determination is issued, there will be no opportunity for you to submit further information or petitions related to the enrollment/registration decision. However, the denial of your enrollment/registration does not preclude you from applying for a future CFA exam and submitting a new appeal, or when you meet the professional conduct criteria.
If a decision is made to allow your registration, but you didn't make an exam appointment prior to the applicable deadline, you will not be able to sit for the exam in that testing window. You'll be eligible to register to take the exam in the next exam window.
You should submit questions regarding the denial of your registration and appeals process to Professional Conduct at [email protected]. Specific information regarding exam dates, registration fees, and other important deadlines can be found on the CFA Institute website.
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.
