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A head start on your CFA® Program journey.
The CFA Societies Canada Ethics Challenge puts you in the middle of real investment dilemmas and challenges you to navigate them the way the best in the industry do.
Ethics aren't just a checkbox in finance; they're the foundation. And in investment management, your reputation for integrity is your most durable competitive advantage.
The Ethics Challenge is how you start building that reputation before you graduate.
Organized by CFA Societies Canada and hosted locally by CFA Society Toronto, this national competition gives finance and business students hands-on practice applying the CFA Institute Code of Ethics and Standards of Professional Conduct to real-world scenarios with mentorship, prizes, and a direct line to the investment community.
Two Ways to Compete:
Form a team. Solve the case. Win nationally.
Assemble a group of 3–5 students, work with a faculty advisor, and compete against teams from universities across your region. Each team analyzes a real ethics case, then presents their findings and recommendations to a panel of CFA charterholders;10 minutes to present, 10 minutes of live Q&A.
Local winners advance to the National Round in May, where they have 23 hours to crack a brand-new case, submit a recorded presentation, and face a live judging panel.
No team required. Just you, the case, and your judgment.
Complete an interactive ethical decision-making program through the CFA Institute Ethics Learning Lab. The top 25 scorers nationally advance to the virtual National Individual Round in May, where individual questions test your command of the CFA Institute Code and Standards.
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Can students from different programs form one team?
Yes, team members can come from different degree programs at the same university.
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Can my university send more than one team?
That's at the Host Society's discretion. All teams from one university must compete in the same Local Competition.
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What if fewer than three universities compete locally?
The winning team from that Local Competition will not be eligible for the National Round unless the society joins with another region for a joint competition.
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Is the National Round in person?
No — the 2026 National Round is fully virtual via Zoom.
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Can I use AI tools to help prepare?
AI use must be disclosed like any other source citation and is generally discouraged. Plagiarism — including AI-generated content presented as original — is grounds for disqualification.
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More questions?
Download the full FAQ sheet for students and faculty advisors.
Students are eligible if you:
- Are currently enrolled (full- or part-time, including co-op) at a participating university
- Are 18 or older at the time of registration
- Have not previously competed in a CFA Society or CFA Societies Canada Ethics Challenge
- Are not a CFA charterholder