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Ethics in Practice

Just as you need to practice to become proficient at playing a musical instrument, public speaking, or playing a sport, practicing assessing and analyzing situations and making ethical decisions develops your ethical decision-making skills. The Ethics in Practice series gives you an opportunity to “exercise” your ethical decision-making skills. We encourage you to assess the case using the CFA Institute Ethical Decision-Making Framework  and through the lens of the CFA Institute Code of Ethics and Standards of Professional Conduct.

To receive the corresponding analyses for the case studies below, please email ethicscases@cfainstitute.org.

I. Professionalism

Standard of Professional Conduct I(A): Protecting Clients Assets (PDF)

Standard of Professional Conduct I(A): Raising Capital Digital Assets (PDF)

Standard of Professional Conduct I(A): Designation Like Degree (PDF)

Standard of Professional Conduct I(A): Doing Too Much (PDF)

Standard of Professional Conduct I(B): Going to Dinner (PDF)

Standard of Professional Conduct I(B): Side Job in Comedy (PDF)

Standard of Professional Conduct I(B): Just Building Relationships (PDF)

Standard of Professional Conduct I(C): Do What I Do (PDF)

Standard of Professional Conduct I(C): OK to Quietly Fix Error (PDF)

Standard of Professional Conduct I(C): Good Advice to Move Funds (PDF)

Standard of Professional Conduct I(C): Comment on Facebook (PDF)

Standard of Professional Conduct I(C): Doing Too Much (PDF)

II. Integrity of Capital Markets

Standard of Professional Conduct II(A): Just Being a Shrewd Investor (PDF)

Standard of Professional Conduct II(A): Accidental Facebook Post (PDF)

Standard of Professional Conduct II(A): Material and Nonpublic Info (PDF)

Standard of Professional Conduct II(A): Using Info for Fund and Personal (PDF)

Standard of Professional Conduct II(B): Buying and Selling at Same Time (PDF)

Standard of Professional Conduct II(B): Different Service  (PDF)

III. Duties To Clients

Standard of Professional Conduct III(A): Using Erasable Ink (PDF)

Standard of Professional Conduct III(A): Stick to IPS (PDF)

Standard of Professional Conduct III(C): Capitalizing on Tax Benefits (PDF)

Standard of Professional Conduct III(C): Taking Care of Relatives (PDF)

Standard of Professional Conduct III(D): Performance Footnotes (PDF)

Standard of Professional Conduct III(E): Doing Enough Too Protect (PDF)

IV. Duties To Employers

Standard of Professional Conduct IV(A): Accidental Facebook Post (PDF)

Standard of Professional Conduct IV(B): Taking Care of Relatives (PDF)

Standard of Professional Conduct IV(B): Personal vs On-the-Job Investments (PDF)

Standard of Professional Conduct IV(B): Leaving Firm - Telling People (PDF)

Standard of Professional Conduct IV(B): Loyalty to Firm or Clients (PDF)

Standard of Professional Conduct IV(C): Futures - Feed Yards - Furtive Actions (PDF)

Standard of Professional Conduct IV(C): Violated Professional Standards (PDF)

V. Investment Analysis, Recommendations, and Actions

Standard of Professional Conduct V(A): Guilty or Not Guilty (PDF)

Standard of Professional Conduct V(A): Stick to IPS (PDF)

Standard of Professional Conduct V(A): OK to Quietly Fix Error (PDF)

Standard of Professional Conduct V(A): Scrutinizing Risk Not Enough (PDF)

Standard of Professional Conduct V(A): Violated Professional Standards (PDF)

Standard of Professional Conduct V(A): Doing Too Much (PDF)

Standard of Professional Conduct V(B): Valuing Assets - Calculating Fees (PDF)

Standard of Professional Conduct V(C): Taking Care of Clients (PDF)

Standard of Professional Conduct V(C): Doing Too Much (PDF)

VI. Conflicts of Interest

Standard of Professional Conduct VI(A): Firms Funds Are Best (PDF)

Standard of Professional Conduct VI(B): Personal vs On-the-Job Investments (PDF)

Standard of Professional Conduct VI(C): To Refer or Not Refer (PDF)

VII. Responsibilities as a CFA Institute Member or CFA Candidate

Standard of Professional Conduct VII(A): Doing Too Much (PDF)

Standard of Professional Conduct VII(B): Designation Like Degree (PDF)

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