“道德与行为规范”会在通过与失败徘徊的时候起到决定性的作用。比如，你刚好通过Minimum Passing Score，但由于道德太差，那么CFA协会可能调整你为Fail；但假如你刚好没有通过Minimum Passing Score，但由于道德水准高，那么CFA协会可能调整你为Pass。相反，你考的太好，或太差，道德高、低则没有任何影响。CFA协会的官方说明如下:
The Board of Governors instituted a policy to place particular emphasis on ethics.Starting with the 1996 exams,the performance on the ethics section became a factor in the pass/fail decision for candidates whose total scores bordered the minimum passing score.The ethics adjustment can have a positive or negative impact on these candidates'final results.
