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 current Standards of Practice Handbook, 11th edition, became effective 1 July 2014 (corrected September 2014).

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

Standards of Practice Guidance for Members

The Standards of Practice Guidance for Members contains the CFA Institute 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. 
The guidance and examples in the Standards of Practice Guidance for Members derives much of its content from the latest edition of the Standards of Practice Handbook (11th edition, 2014). However, new guidance updates and new examples were added since the release of the last edition to assist members in adhering to their responsibilities under the Code and Standards.

Access the Standards of Practice Guidance for Members

Consultation on AI and Its Impact on the Code and Standards

 Standards of Practice Exam

The Standards of Practice exam consists of multiple-choice questions based on the current Standards of Practice Handbook. You take the exam online, it is graded electronically, and you receive your score immediately. 

Who should take the exam?

  • Individuals who have not passed Level I of the CFA Program but wish to join CFA Institute as a regular member
  • CFA Institute members who wish to earn CE credit for successfully completing the exam
  • Member society applicants who are required to pass the exam
  • Anyone — students, young professionals, prospective employees — who has been asked to test for understanding of the Code of Ethics and Standards of Professional Conduct

How do I access the exam?

  • To meet membership requirements: If you are required to take the exam, you will be prompted to complete the exam when you activate your membership. Once you pass the exam, you will be able to complete the membership activation process.
  • To voluntarily self-test your understanding: Access the exam.

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