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).
The CFA Institute Board of Governors approved updates to the Code of Ethics and Standards of Professional Conduct effective 1 January 2024.
Listen to CFA Institute CEO, Marg Franklin, talk about the Code of Ethics and Standards of Professional Conduct. Read the blog titled, “Revisions to the CFA Institute Code of Ethics and Standards of Professional Conduct” for more information.
Code and Standards and interpretive guidance
Code of Ethics and Standards of Professional Conduct
Read the Code of Ethics and Standards of Professional Conduct effective 1 January 2024.
View PDFGuidance for the Code and Standards
Read the most recent interpretive guidance and examples for the CFA Institute Code of Ethics and Standards of Professional Conduct.
Read guidanceStandards of Practice Handbook (12th edition, 2024)
Contains the current version of the Code and Standards and the guidance that supports the changes. You can find the PDF of the prior version, 11th edition of the Standards of Practice Handbook, here. The 12th edition of the Standards of Practice Handbook is available for purchase on Amazon.
View PDFEthics in Practice Casebook (2nd edition)
Test your application of the Code and Standards with short cases based on real-world scenarios.
View PDFTools and resources
The following resources assist Members to understand and apply the Code of Ethics and Standards of Professional Conduct.
Changes to the CFA Institute code of ethics and standards of professional conduct – webinar
On 24 October CFA Institute hosted a webinar which provided an overview of the changes to the CFA Institute Code of Ethics and Standards of Professional Conduct. These changes apply for all charterholders, CFA Institute members, and candidates in the CFA Program, effective 1 January 2024.
View webinarLearn more about the Professional Conduct Program
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 enforcement by the Professional Conduct Program.
Learn moreReport misconduct
You can help protect the integrity of CFA Institute membership and designations by reporting conduct that does not meet our standards.
Learn moreWhy ethics matter to the investment industry
Read why ethics matter to the investment industry.
Learn more