University of Waterloo, School of Accounting & Finance Demonstrates High Financial Ethical Standards

On 11 February 2021, the University of Waterloo, School of Accounting & Finance was awarded the winning title of the 2021 CFA Society Toronto Local Ethics Challenge. This year’s local champions from University of Waterloo include Shubhankar Bhatt, Dhanusha Sathiyaseelan, Parshv Shah, Zhuoran (Johanna) Wu and mentored by their Faculty Advisor Krista Fiolleau Phd, CPA, CA. The team 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.   

"The CFA Society Toronto Local Ethics Challenge was a fantastic competition to apply concepts learned through courses in school and on the job. The case was challenging and composed of many ethical issues, but through the CFA Code of Ethics and Standards of Professional Conduct, we were able to work together to outline problems, provide recommendations and answer questions from the judges. We are all looking forward to moving on to the national round of the competition!” said Shubhankar Bhatt, University of Waterloo, School of Accounting & Finance. 

2021 - Ethic Challenge Winners - University of Waterloo

The CFA Society Toronto Local Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas they may encounter as future investment management practitioners. Student teams were given an ethics case to study and evaluate. Each team then presented its analysis and recommendations, to a panel of judges. Following a question and answer period with each team, the judges then selected a winner. Their decision is based on the quality of the team’s understanding of the ethical issues involved, quality of their analysis, presentation and responses to the judges’ questions.

“Judging the 2021 CFA Society Toronto Ethics Challenge was a wonderful experience. I was impressed by the in-depth review and recommendations put in by some of the teams to identify and resolve the ethical and professional standards violations given in the case study. Good teamwork was showcased by all teams during the case presentations. I wish all the teams best of luck for their future endeavors and my heartiest congratulations to the winning team!" said Shazia Naik, B.E, MBA, CFA.

This year’s competing teams include students from the George Brown College, School of Accounting & Finance, Queen's University, Smith School of Business and York University - Schulich School of Business.

The University of Waterloo, School of Accounting & Finance team will be advancing to the national level of the competition at the 2021 CFA Societies Canada Ethics Challenge on 07 May 2021. The national level of the competition will include local winners from CFA Societies across Canada.

For more information, please contact:

Jonathan Mai
CFA Society Toronto
Phone: (416) 366-5755 X 235
Twitter: @cfatoronto

About CFA Society Toronto
Founded in 1936, CFA Society Toronto is part of the worldwide network of CFA Institute member societies that lead the investment profession globally by promoting the highest standards of ethics, education and professional excellence for the ultimate benefit of society. CFA Society Toronto represents the interests of over 10,000 investment professionals in the Greater Toronto Area through advocacy, education, events, and professional development.  For more information visit or follow us on Twitter @cfatoronto and on LinkedIn CFA Society Toronto.

About the School of Accounting and Finance
Like the University of Waterloo, the School of Accounting and Finance was built by risk takers and innovators. Established in 1981, the School is the largest professional school of its kind in English-speaking Canada. We celebrate knowledge that is specialized and integrated. From our cross-disciplinary programs, impact-driven research, co-op and experiential education, and entrepreneurial spirit, the School is one of the most relevant, connected and innovative schools for financial professionals in the world. We accelerate talent and knowledge to better all individuals and society. Find out more at

About the University of Waterloo
University of Waterloo is Canada’s top innovation university. With more than 36,000 students we are home to the world's largest co-operative education system of its kind. Our unmatched entrepreneurial culture, combined with an intensive focus on research, powers one of the top innovation hubs in the world. Find out more at

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


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