Lesson 21 of 34 · All lessons in this module
  1. Standard I: ProfessionalismVideo lesson
  2. Standard I cases: knowledge of the law and dissociation
  3. Standard I cases: pressure on analysts and performance staff
  4. Standard I cases: gifts, travel, manager selection and paid research
  5. Standard I cases: misrepresenting services, products and results
  6. Standard I cases: plagiarism, third-party material and online content
  7. Standard I cases: misconduct and competence
  8. Standard II: Integrity of Capital MarketsVideo lesson
  9. Standard II(A) cases: material, nonpublic or mosaic?
  10. Standard II(A) cases: tipping, experts and firm controls
  11. Standard II(B) cases: rumours, trades and intent
  12. Standard II cases: extra 2026 examples and procedures
  13. Standard III(A)–(B): Loyalty, Prudence, Care and Fair DealingVideo lesson
  14. Standard III(A) cases: client identity, loyalty and brokerage
  15. Standard III(B) cases: dissemination, allocation and priority
  16. Standard III(C)–(E): Suitability, Performance Presentation and ConfidentialityVideo lesson
  17. Standard III(C) cases: IPS, total portfolio and mandates
  18. Standard III(D) cases: fair, accurate and complete performance
  19. Standard III(E) cases: exceptions, channels and firm limits
  20. Standard IV: Duties to EmployersVideo lesson
  21. Standard IV(A) cases: loyalty, outside work and leaving
  22. Standard IV(B) and IV(C) cases: outside pay and supervision
  23. Standard V: Investment Analysis, Recommendations, and ActionsVideo lesson
  24. Standard V(A) cases: reasonable basis and outside research
  25. Standard V(A) cases: models, advisers and providers
  26. Standard V(B) cases: services, costs and process changes
  27. Standard V(B) cases: risks, limitations, facts and opinions
  28. Standard V(C) cases: records and retention
  29. Standard VI: Conflicts of InterestVideo lesson
  30. Standard VI(A) cases: avoiding and disclosing conflicts
  31. Standard VI(B) and VI(C) cases: who trades first and who gets paid
  32. Standard VII: Responsibilities as a CFA Institute Member or CFA CandidateVideo lesson
  33. Standard VII(A) cases: exams, confidentiality and volunteering
  34. Standard VII(B) cases: using the designation, membership and candidacy

Lesson 21 of 34 · 16 min

Standard IV(A) cases: loyalty, outside work and leaving

While a firm pays you, you act for its benefit: prepare and plan freely, but never compete, solicit, take records or leak its views, and let clients and market integrity outrank the firm only when protecting them is the clear aim.

In short

  • Three questions settle most IV(A) vignettes: whose property is it (records, models, work product, accounts), is employment still running (a resignation letter does not end it), and whose benefit does the act serve?
  • Preparing on your own time is allowed. Competing, soliciting, bidding or serving clients needs your employer's consent to all terms. Outside paid work that does not compete is allowed, but talk to the employer if it could detract from your job.
  • What you made or stored for the firm is the firm's, including files you wrote yourself and anything on a home computer or phone. Status as an employee depends on control, not on the title you are given.
  • After you leave, skills, experience, public information and the bare fact that someone was a client are yours; client lists and files are not. Always check for a noncompete or non-solicitation agreement.
  • Firm policies bind you only as far as they do not conflict with law or the Code. Whistleblowing that breaks the rules is justified only when clearly aimed at protecting clients or the market, never for personal gain.

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