CFA® Level I (2025) Ethical and Professional Standards notes

This 158-page CFA® Level I (2025) Ethical and Professional Standards (Ethics) notes compilation is one of the most essential study resources for candidates aiming to pass the CFA exam. Prepared by a previously passed candidate, the notes strictly follow the CFA Institute’s latest curriculum and cover every exam-relevant ethical principle in depth.

Ethics represents the highest weighted section on the Level I exam (15-20%), making mastery of this material crucial. These notes are organized into digestible, exam-focused summaries with direct applications to CFA-style questions and scenarios.

Key Topics Included:

• Ethics and Trust in the Investment Profession:
  Discusses the foundational role of ethical conduct in financial markets, the significance of investor confidence, and how ethics enhances market integrity.
• CFA Institute Code of Ethics and Standards of Professional Conduct:
  Detailed breakdown of each ethical principle and standard, including integrity, diligence, loyalty, confidentiality, and professionalism in investment activities.
• Guidance for Standards I-VII:
  Full explanations and real-world applications of the seven core standards:
  • Standard I: Professionalism
  • Standard II: Integrity of Capital Markets
  • Standard III: Duties to Clients and Prospective Clients
  • Standard IV: Duties to Employers
  • Standard V: Investment Analysis, Recommendations & Actions
  • Standard VI: Conflicts of Interest
  • Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
• Introduction to the Global Investment Performance Standards (GIPS):
  Understand why GIPS were developed, how they promote fair representation and full disclosure, and their relevance to ethical performance reporting.
• Ethics Application:
  Scenario-based cases that simulate the types of ethical dilemmas tested on the exam. Includes decision trees and analytical tools to evaluate responses based on the Code and Standards.

These notes not only clarify the theoretical aspects of the Ethics section but also provide you with tools to correctly answer behavior-based multiple choice questions, a major part of the actual CFA Level I exam.

Perfect for end-of-study review, last-minute cramming, or conceptual reinforcement, this file is a high-value asset for every CFA candidate preparing for the 2025 exam window.