Code and Standards and Interpretive Guidance
Code of Ethics and Standards of Professional Conduct (PDF)
Read the Code of Ethics and Standards of Professional Conduct effective 1 January 2024.
Guidance for the New and Revised Standards effective 1 January 2024
Please see the interpretive guidance provided for the new and revised Standards effective 1 January 2024.
Standard I (E) Competence
Standard V (B) Communication with Clients and Prospective Clients
Standard VI (A) Avoid or Disclose Conflicts
Guidance for the Codes and Standards
As the investment management landscape evolves, we update the guidance to provide how the Code and Standards apply to issues facing investment professions. The latest guidance is available here.
Standards of Practice Handbook (11th edition, 2014) (PDF)
Contains the prior version of the Code and Standards. For the most current version of the Code and Standards and the guidance that supports the changes, see the links above. The 12th edition of the Standards of Practice Handbook will be released shortly.
Ethics in Practice Casebook (2nd edition) (PDF)
Test your application of the Code and Standards with short cases based on real-world scenarios.
Tools and Resources
Changes to the CFA Institute Code of Ethics and Standards of Professional Conduct – Webinar
On 24 October CFA Institute hosted a webinar which provided an overview of the changes to the CFA Institute Code of Ethics and Standards of Professional Conduct. These changes apply for all charterholders, CFA Institute members, and candidates in the CFA Program, effective 1 January 2024. You may view the recording of the webinar along with the accompanying slide deck. Q&As from the webinar can be found here.
Questions? Email us.
Learn more about the Professional Conduct Program
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 enforcement by the Professional Conduct Program.
You can help protect the integrity of CFA Institute membership and designations by reporting conduct that does not meet our standards.
Why Ethics Matter to the Investment Industry
Read why ethics matter to the investment industry.