Codes, Standards & Guidelines

An integral part of the CFA Institute mission is to develop and administer codes, best practice guidelines, and standards that guide the investment industry and help ensure all investment professionals place client interests first.

The foundation of our work is the CFA Institute Code of Ethics and Standards of Professional Conduct. We refer to it as the Code and Standards. We expect all CFA Institute members and candidates to sign the statement and adhere to this code.

The GIPS^® standards are a set of industry-wide principles that guide investment firms on how to calculate and report their investment results to prospective clients. We encourage firms to voluntarily adopt these standards.

We offer the voluntary CFA Institute Asset Manager Code to help asset managers practice ethical principles that put client interests first. By helping investors identify asset managers who have committed to high standards of professional conduct, we are building the integrity of the investment industry.

We encourage pension plans to adopt the CFA Institute Code of Conduct for Members of a Pension Scheme Governing Body.

The CFA Institute Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations outlines ethical responsibilities for the sound management of longer-term financial assets.

The CFA Institute Analyst/Issuer Guidelines promote higher standards for relations between corporate issuers (corporations that issue publicly traded securities) and the analysts who cover them.

Soft dollar (or soft commission) practices involve using client brokerage commissions to purchase research that helps managers to make investment decisions.

The CFA Institute Research Objectivity Standards help sell-side investment firms and professionals develop objective and independent research reports.

The CFA Institute Trade Management Guidelines help investment firms, investment professionals, and investors better understand the complexities of "best execution," the trading process that maximizes the value of a client's portfolio.