Ethics Challenge

The Ethics Challenge embodies the mission of CFA Institute by promoting “the highest standards of ethics, education, and professional excellence.” In addition, it focuses on many of the elements of CFA Institute’s Future of Finance initiative: Transparency and FairnessRegulation and Enforcement and Safeguarding the System. Equally as important, it helps prepare those entering the investment profession for the ethical challenges that they will face in the workplace.

CFA Society Toronto held the first Ethics Challenge on January 9, 2014. Three teams, each from a CFA Institute Program Partner University in Toronto participated. The Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas they may face as investment management professionals. Teams consisting of students from finance or business programs (usually from a CFA Institute Program Partner or Recognized university) are given an ethics case to study and evaluate. Each team then presents its analysis and recommendations, to a panel of judges, selected by the host CFA Society.  Following a question and answer period with each team, the judges then select a winner. Their decision is based on the quality of the team’s understanding of the ethical issues involved, their recommendations, and the quality of their analysis, presentation, and responses to the judges questions.

The 2017 Ethics Challenge will expand to be a national initiative; with local Ethics Challenges occurring across Canada.  

How It Works
CFA Society Toronto and CFA Society Ottawa are the host for the local level of competition (for any Ontario based schools who are eligible to participate).

A faculty advisor acts as the link between CFA Society Toronto and CFA Society Ottawa (the local host) and the student team. The faculty advisor assembles the team and guides them throughout the process.

Teams will present their analysis and recommendations to a judging panel of CFA charterholders. The competition is 100% presentation based; which includes: a 10 minute presentation and then 10 additional minutes to respond to questions from the judges.  

The winning team of the local level will advance to the Canadian Ethics Challenge held in Toronto in June 2017.

2016-2017 Timeline

Date  Description 
30 Sep 2016            Competing universities must confirm participation in Ethics Challenge with the local host (local CFA Society)
17 Oct 2016 Names of team members must be submitted to the local host
Oct - Dec 2016 The local host will distribute the Ethics Challenge rules to participants.  The host will distribute an identical ethics case to all competing universities (three months prior to local challenge). Teams work on ethics case and presentation. 
19 Jan 2017 Local Ethics Challenge for CFA Society Toronto and CFA Society Ottawa occurs
Jan - Mar 2017 Local Ethics Challenges are held throughout Canada
01 June 2017 Canadian Ethics Challenge is held - finalists from throughout Canada compete

Currently the Ethics Challenge is limited to CFA Society Toronto's and CFA Society Ottawa's partner schools. For more information contact

2017 Canadian Ethics Challenge - Official Rules

Past Winners


Year School Students
Smith School of Business,
Queen's University
Lekan Akindele
Adam Prokop
Carter Smith
Weixuan Xue

Rotman School of Management,
University of Toronto
Nicole Jiang
Michael Kim
Elizabeth Ren
Johnny Wu

Rotman School of Management,
University of Toronto
Roger Brown
Mahtab Faruqui
Sheng Fei
Michael Szaura

Rotman School of Management,
University of Toronto
Tony Chan
Akshat Gupta
Angel Liu