CFA® L1 — Ethical & Professional Standards

About this course

Ethics is 15-20% of CFA Level 1 weight — the second-largest topic. CFA Institute applies an "ethics adjustment" that historically tips borderline scores against weak ethics performers. Master this and you protect your overall pass probability. The Code of Ethics + 7 Standards of Professional Conduct form the heart of CFA professionalism.

Each chapter offers three tiers — Foundation for the core concept, Deep Dive for worked examples and practitioner depth, and Advanced for edge cases and exam tips. Click any chapter to expand.

1. 1

   Reading 1

   Code of Ethics — six principles

   • Acting with integrity, competence, diligence
   • Placing client interests first
   • Promoting market integrity

   ✓ Full chapter — read, examples, FAQ, MCQs
2. 2

   Reading 2

   Standard I — Professionalism

   • I(A) Knowledge of the Law
   • I(B) Independence and Objectivity
   • I(C) Misrepresentation
   • I(D) Misconduct

   ✓ Full chapter — read, examples, FAQ, MCQs
3. 3

   Reading 3

   Standard II — Markets

   • II(A) Material Non-Public Information
   • II(B) Market Manipulation

   ✓ Full chapter — read, examples, FAQ, MCQs
4. 4

   Reading 4

   Standard III — Duties to Clients

   • III(A) Loyalty, Prudence, Care
   • III(B) Fair Dealing
   • III(C) Suitability
   • III(D) Performance
   • III(E) Confidentiality

   ✓ Full chapter — read, examples, FAQ, MCQs
5. 5

   Reading 5

   Standard IV-VII — Employer, Analysis, Conflicts, Member

   • IV Duties to Employer
   • V Investment Analysis
   • VI Conflicts of Interest
   • VII Responsibilities as Member

   ✓ Full chapter — read, examples, FAQ, MCQs
6. 6

   Reading 6

   GIPS Standards Introduction

   • Purpose of GIPS
   • Composite construction
   • Compliance basics

   ✓ Full chapter — read, examples, FAQ, MCQs