Ethical and Professional Standards: CFA® Level I

It is 10–15% of the 2027 Level I exam. 31 learning outcomes across 9 learning modules.

320+ practice questions and 0 formula cards on this topic in the app.

Code of Ethics and Standards of Professional Conduct

• Set out the parts that make up the Code of Ethics
• Explain how CFA Institute polices the Code and Standards through its Professional Conduct Program

Ethics and Trust in the Investment Profession

• Use a structured framework to make ethical decisions
• Explain the ways a profession earns public trust and why investment managers must hold themselves to strict ethics
• Tell apart what the law requires and what ethics demands, and recognise what makes ethical conduct hard

Guidance for Standard I: Professionalism

• Use Standard I (Professionalism) to judge a case
• Put the Knowledge of the Law standard, I(A), into practice
• Put the Independence and Objectivity standard, I(B), into practice
• Put the Misrepresentation standard, I(C), into practice
• Use the Misconduct standard, I(D), in cases
• Use the Competence standard, I(E), in cases

Guidance for Standard II: Integrity of Capital Markets

• Use Standard II (Integrity of Capital Markets) to judge a case
• Put the Material Nonpublic Information standard, II(A), into practice
• Put the Market Manipulation standard, II(B), into practice

Guidance for Standard III: Duties to Clients

• Use Standard III (Duties to Clients) to judge a case
• Put the Loyalty, Prudence, and Care standard, III(A), into practice
• Put the Fair Dealing standard, III(B), into practice
• Put the Suitability standard, III(C), into practice
• Put the Performance Presentation standard, III(D), into practice
• Put the Preservation of Confidentiality standard, III(E), into practice

Guidance for Standard IV: Duties to Employers

• Put the Loyalty to Employers standard, IV(A), into practice
• Put the Additional Compensation Arrangements standard, IV(B), into practice
• Put the Responsibilities of Supervisors standard, IV(C), into practice

Guidance for Standard V: Investment Analysis, Recommendations, and Actions

• Put the Diligence and Reasonable Basis standard, V(A), into practice
• Put the Communication with Clients standard, V(B), into practice
• Put the Record Retention standard, V(C), into practice

Guidance for Standard VI: Conflicts of Interest

• Put Standard VI(A), on avoiding or disclosing conflicts, into practice
• Put the Priority of Transactions standard, VI(B), into practice
• Put the Referral Fees standard, VI(C), into practice

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

• Put the Conduct as Members and Candidates standard, VII(A), into practice
• Put the standard on citing CFA Institute and the designation, VII(B), into practice