CFA® Level I Ethics Summary, Tips and Questions
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The CFA Institute considers Ethics to be one of the most critical topics in the CFA Program. Ethics is a significant part of all three CFA exam levels. Let’s review what Ethics entails.
Members and Candidates must keep information about current, former, and prospective clients confidential unless:
Members and Candidates must:
Members and Candidates must:
Members of CFA Institute and candidates for the CFA
designation must:
While third-party exam prep providers are helpful, this is the one area to spend time memorizing exactly how the CFA institute phrases things.
The Standards of Practice Handbook exam is very good prep.
15%, which implies 36 exam questions, so don’t take this section lightly.
Source: CFA Institute
Seriously, many candidates don’t study Ethics because they think that they already know how to be ethical. They worry that they have more significant, more robust areas to focus on (e.g., Quant, Financial Statement Analysis , Fixed Income, etc.). Many also believe that ethics is intuitive and straightforward if you’re a good person and doesn’t need to be “studied.” While not hard to grasp, Ethics is subtle, sophisticated, and very CFA-specific.
Of course, it’s essential to ace the entire exam, but here are specific reasons to know Ethics without any doubts:
Ethics is a significant part of the CFA exam and is taken very seriously by the CFA Institute, and yet it is an area often neglected by candidates. Many candidates believe they are ethical, and therefore reason there is little use in committing much study time to the topic when other “tougher” sections loom large. Many also believe that Ethics is very intuitive and straightforward, but again, CFA exam questions on the subject are subtle, sophisticated, and very CFA-specific. For the well-prepared student, the exam’s Ethics portion provides great study time value with significant payback opportunities at test time.
CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by UWorld Finance. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
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