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Code of Ethics and Standards of Professional Conduct

Practicing our values

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 or CFA Program candidate, you are required to follow the Code and Standards.

Read the Code and Standards and get translations

View the Code and Standards video series

Download case studies on the Standards of Professional Conduct

Upholding the Code and Standards

Annually, as part of renewing membership, every member must complete a Professional Conduct Statement to disclose any potential violations of the Code and Standards. Candidates make similar disclosures as part of the registration and enrollment process.

The Professional Conduct Program administers the disciplinary process for CFA Institute, conducting investigations into allegations, determining violations, imposing sanctions, conducting disciplinary proceedings, and disclosing violations.

Learn more about the Professional Conduct Program

The Standards of Practice

The Standards of Practice Handbook grounds the concepts covered in the Code and Standards for practical use. You can use this handbook for guidance on how to navigate ethical dilemmas you might face in your daily professional life.

The Standards of Practice exam consists of multiple-choice questions based on the current Standards of Practice Handbook.

The Standards of Practice Guidance for Members contains the Code of Ethics and Standards of Professional Conduct with related guidance and examples illustrating application of the Standards in the day-to-day professional activities of members and candidates. 

Learn more about the handbook, the guidance, and the exam

Updates to the Code and Standards

Periodic Review

CFA Institute recently completed a periodic review and made revisions to the Code and Standards as well as the accompanying Standards of Practice Handbook, including:

  • Viability of Capital Markets
  • Responsibilities of Supervisors
  • Client Communications
  • Conduct as Participants in CFA Institute Programs

Learn more about how the Code and Standards are updated

See What Changed

Learn about these important updates to the CFA Institute Code of Ethics and Standards of Professional Conduct and the Handbook, including the:

  • Impact of social media
  • Applicability to investment performance analysts
  • Role of capital markets in society

Watch the webinar to learn more about these updates

Contact the Ethics and Standards team for more information

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