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Code of Ethics and Standards of Professional Conduct

The benchmark for professional conduct for investment professionals around the globe. As a CFA Institute member, CFA Program candidate, or CIPM Program candidate, you are required to follow the CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards).

Consultation Paper for the Code of Ethics and Standards of Professional Conduct

CFA Institute is considering updating the Code of Ethics and Standards of Professional Conduct. We invite you to view the Consultation Paper that describes these potential changes and share your feedback with us. The deadline for providing comments is 8 July 2022. Registration will open soon for a free, live webinar scheduled for 2 June 2022 at 12:00 p.m. ET.

Code and Standards and Interpretive Guidance

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.

Code of Ethics and Standards of Professional Conduct

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.

Tools and Resources

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 II: Integrity of Capital Markets

Standard III: Duties to Clients

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

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

Code and Standards Translations

All of the following are PDF documents.

Arabic: ميثاق الأخلاق ومعايير السلوك المهني

Czech:Etický kodex a normy profesionálního chování organizace CFA Institute

Chinese (Simplified): 道德操守和 專業行為準則

Chinese (Traditional): 道德操守和 專業行為準則

Dutch: De Code ethiek en de Regels voor professioneel gedrag vormen het fundament van het CFA Instituut

Finnish: CFA Instituten Liiketapaohjeisto

French: e Code d’éthique et les Normes de conduite professionnelle du CFA Institute inc

German: Die Ethischen Grundsätze und Standesrichtlinien

Hungarian: A CFA Intézet etikai kódexe és a szakmától elvárt magatartás szabály

Italian: Il Codice etico e le Norme di condotta professionale

Japanese: CFA 協会倫理規範 および職業行為基準

Korean:  윤리강령 및  전문가 행위기준

Mongolian:  TCFA Институтын Ёс суртахууны дүрэм ба Мэргэжлийн үйл ажиллагааны стандарт нь CFA Институтын ү

Polish: Kodeks Etyczny i Standardy Profesjonalnego Postępowania

Portuguese: Código de Ética e Padrões de Conduta Profissional


Spanish: Código Ético y Normas de Conducta Profesional

Swedish: Etiska Regler och Normer för PROFESSIONELLT UPPTRÄDANDE

Thai: หลักจรรยาบรรณและ มาตรฐานการปฏิบัติทางวิชาชีพ


Ukrainian: Кодекс етики та стандарти професійної поведінки


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