Code and Standards

Code of Ethics and Standards of Professional Conduct

Created: Feb 19th 2015

The structure of the CFA Institute Conduct Program is an interwoven tapestry between the 1) Code and 2) The Standards.  This 6×7 matrix is designed to develop a professional behavior that complies not only to what is required (the Standards) but to go beyond and self regulate and conduct upon morally correct behavior (the Code).

I understand the Code and the Standards as a filter for decisions;  a thought process that brews situations into acts that, by conforming to that self regulation criteria,  provides benefit to the investment profession and society in general.

As a CFA Candidate I am at risk.  If I am suspect of not complying with the Code and/or the Standards, my candidacy can be suspended or abstained by the CFA Institue.

Additionally, CFA Institute encourages members, nonmembers, clients, and the investing public to report violations of the Code and Standards by CFA Institute members or CFA candidates by submitting a complaint in writing to the CFA Institute Professional Conduct Program via e-mail ( or the CFA Institute website (

(Institute 22)

Institute, CFA. 2015 CFA Level I Volume 1 Ethical and Professional Standards and Quantitative Methods. Wiley Global Finance, 2014-07-14. VitalBook file.



Code of Ethics

  • Act with integrity, competence, diligence and respect and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.
    • integrity: quality of being honest, being whole and undivided, unified, sound. That lacks corruption.
    • competence: with the ability to do something successfully or efficiently.  Person’s subconscious knowledge of the rules.
    • diligence:  Careful and persistent work or effort. From Latin diligentia ‘assidous’
    • respect: admire deeply, to have due regard for someone’s appreciations.
  • Place the integrity of the investment profession and the interest of clients above their own personal interests.
  • Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.
  • Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.

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