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Ethics is very important for passing the CFA exam. If a candidate's score is marginal and not enough to pass, but is very close, the CFA Institute will review that candidate's ethics score. If it is very high, the candidate my pass the exam. Think of your ethics score as a PUT option. Do not neglect to study this topic. Study it more than once and quite often. Frankly, it is not an exciting topic, but very important for the exam. - Ray Sant
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