Code of Ethics and Standards of Professional Conduct

Putting the Code and Standards into Practice

The Code of Ethics and Standards of Professional Conduct (Code and Standards) are the ethical benchmark for investment professionals around the globe.

As a CFA Institute member, CFA Program candidate, or CIPM Program candidate you are required to follow the Code and Standards.

View the current Code and Standards (PDF)

The Code and Standards have been translated into more than 20 languages.

Do you have questions about applying the CFA Institute Code of Ethics and Standards of Professional Conduct? Contact the Ethics Helpdesk for assistance. The Ethics Helpdesk can provide guidance for adhering to the CFA Institute Code and Standards.

Guidance for Applying the Code and Standards

The guidance offers real-world examples of how to apply the Code and Standards to ethical dilemmas that can occur in the day-to-day professional activities of members.

The Standards of Practice Handbook (11th edition) contains the Code and Standards (effective 1 July 2014) and the guidance applicable at publication.

Download the Standards of Practice Handbook (11th edition, 2014) (PDF)

As the investment management landscape evolves, we update the guidance to provide for current scenarios. The latest guidance is available below.

Why Ethics Matters to the Investment Industry (Updated October 2017)

Standard I: Professionalism

Standard I(A) Knowledge of the Law (Updated January 2019)
Standard I(B) Independence and Objectivity (Updated January 2019)
Standard I(C) Misrepresentation (Updated January 2019)
Standard I(D) Misconduct (Updated January 2019)

Standard II: Integrity of Capital Markets

Standard III: Duties to Clients

Standard III(A) Loyalty, Prudence, and Care
Standard III(B) Fair Dealing
Standard III(C) Suitability (Updated October 2017)
Standard III(D) Performance Presentation
Standard III(E) Preservation of Confidentiality (Updated March 2018)

Standard IV: Duties to Employers

Standard V: Investment Analysis, Recommendations, and Actions

Standard VI: Conflicts of Interest

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

Standard VII(A) Conduct as Participants in CFA Institute Programs (Updated January 2019)
Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program (Updated March 2018)

Test My Understanding of the Code and Standards

You can test your application of the Code and Standards with short cases based on real-world scenarios. Download the casebook (below) or access the cases online and join the conversation with your peers through our Market Integrity Insights blog.

Download the Ethics in Practice Casebook - 2nd edition (PDF)

Upholding the Code and Standards

To protect the integrity of CFA Institute membership, designations, and exam programs, CFA Institute upholds the Code and Standards, all exam rules and regulations, and the CFA Institute Bylaws through the Professional Conduct Program. Members annually commit to uphold the Code and Standards, completing a Professional Conduct Statement as part of their membership renewal process, and disclosing any potential violations of the Code and Standards.

Learn more about the Professional Conduct Program