Code of Ethics and Standards of Professional Conduct
Putting the Code and Standards into Practice
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 ConductView the current Code and Standards (PDF)
The Code and Standards have been translated into more than 20 languages.
Guidance for Applying the Code and Standards
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.
As the investment management landscape evolves, we update the guidance to provide for current scenarios. The latest guidance is available below.
Standard I: Professionalism
- Standard I(A) Knowledge of the Law (Updated January 2019)
- Standard I(B) Independence and Objectivity (Updated January 2019)
- Standard I(C) Misrepresentation (Updated January 2019)
- Standard I(D) Misconduct (Updated January 2019)
Standard II: Integrity of Capital Markets
Standard III: Duties to Clients
- Standard III(A) Loyalty, Prudence, and Care
- Standard III(B) Fair Dealing
- Standard III(C) Suitability (Updated October 2017)
- Standard III(D) Performance Presentation
- Standard III(E) Preservation of Confidentiality (Updated March 2018)
Standard IV: Duties to Employers
- Standard IV(A) Loyalty
- Standard IV(B) Additional Compensation Arrangements
- Standard IV(C) Responsibilities of Supervisors
Standard V: Investment Analysis, Recommendations, and Actions
- Standard V(A) Diligence and Reasonable Basis
- Standard V(B) Communication with Clients and Prospective Clients
- Standard V(C) Record Retention
Standard VI: Conflicts of Interest
- Standard VI(A) Disclosure of Conflicts
- Standard VI(B) Priority of Transactions
- Standard VI(C) Referral Fees
Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
- Standard VII(A) Conduct as Participants in CFA Institute Programs (Updated January 2019)
- Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program (Updated March 2018)
Test My Understanding of the Code and Standards
The Standards of Practice exam contains multiple-choice questions based on application of the Code and Standards (effective 1 July 2014) and guidance from the 11th edition of the Standards of Practice Handbook. Access the exam
You can also 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.
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.
Code and Standards Translations
All of the following are PDF documents.
Chinese: 道德操守和 专业行为准则
Chinese (traditional): 道德操守和 專業行為準則
Finnish: CFA Instituten Liiketapaohjeisto
Japanese: CFA 協会倫理規範 および職業行為基準
Korean: 윤리강령 및 전문가 행위기준