2016 Ethics Challenge Winners

Rotman School of Management Students Demonstrates Investment Savviness at Third Annual Ethics Challenge

Ethics Challenge097 Left to Right: Johnny Wu, Nicole Jiang, Yuying Ren and Michael Kim

14 January 2016 - CFA Society Toronto in partnership with CFA Institute congratulate students from University of Toronto’s Rotman School of Management for a third win in a row at the Third Annual Ethics Challenge.  This year’s champion team Nicole Jiang, Michael Kim, Yuying Ren, and Johnny Wu, demonstrated their ability to expertly negotiate ethical dilemmas in a real-life investment scenario and presented their case to a panel of seasoned investment professionals.   

“It is refreshing that CFA Society Toronto has provided future finance practitioners the unique opportunity to explore the true meaning of ethics when faced with real life dilemmas. The experience has been more than rewarding. We are grateful to CFA Institute and CFA Society Toronto and looking forward to seeing the importance of ethics spread to a wider community.” said team member, Yuying Ren, Master of Finance Student at Rotman School of Management. 

This year we welcomed student teams from University of Ottawa’s Telfer School of Management, Queen’s University’s Smith School of Business, University of Toronto’s Rotman School of Management, and York University’s Schulich School of Business.  Teams had two months to examine a financial case study, analyze the ethical dilemma and prepare their recommendations in a ten minute presentation.

Michael G. McMillan, Ph.D., CPA, CFA, Director, Society Ethics Training, CFA Institute “Aldo Leopold says it the best, ‘Ethical behavior is doing the right thing when no one else is watching - even when doing the wrong thing is legal’”.

The goal of this competition is to provide an opportunity for finance students to examine real industry circumstances new CFA charterholders may face.  The competition is designed to challenge the analytical and ethical skills required to face real-life situations throughout their careers. By showing the importance of ethical decision making from the start of one’s career, financial professionals can improve the functioning of capital markets and build the trustworthiness that practitioners enjoy within the investment community and in general. They can help build trust in the future of finance by working with the next generation of financial professionals.

For more information, please contact:

Jonathan Mai 
CFA Society Toronto
Phone: (416) 366.5755 X 235

About CFA Society Toronto
CFA Society Toronto supports the professional and business development of more than 8,500 CFA® charterholders in Toronto, making it the second largest CFA Society in the world. It provides members with a local perspective on a global designation, including: educational programs, sponsored events, job postings, quarterly newsletters, a comprehensive affinity program and networking opportunities. A not-for-profit organization, CFA Society Toronto is affiliated with CFA Institute, the global body that administers the Chartered Financial Analyst® curriculum and sets voluntary, ethics-based performance-reporting standards for the investment industry. CFA Society Toronto’s members are leaders in ethics in the financial community. For more information, please refer to

About CFA Institute
CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has more than 127,000 members in 147 countries and territories, including 120,000 CFA charterholders, and 144 member societies. For more information, visit

Chartered Financial Analyst® and CFA® are registered trademarks owned by CFA Institute.

About The Master of Finance program at the Rotman School of Management
The Master of Finance program at the Rotman School of Management, Canada’s top finance school is positioned to accelerate the careers of working professionals in finance.  Classes in the program take place every Wednesday evening and every other Saturday over 20-months. For more information, visit

The Rotman School of Management is located in the heart of Canada’s commercial and cultural capital and is part of the University of Toronto, one of the world’s top 20 research universities. The Rotman School fosters a new way to think that enables our graduates to tackle today’s global business challenges.  For more information, visit

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