Schulich School of Business Students Demonstrate High Financial Ethical Standards

On February 10, 2022, York University’s Schulich School of Business was awarded the winning title of the 2022 CFA Society Toronto Local Ethics Challenge. This year’s local champions from the Master of Finance Program at Schulich include Rishika Bhatia, Yusuf Jiruwala, Juhi Maru, Kaustubh Sharma, Anbochao Wang. The team was mentored by their Faculty Advisor, Gregory Pau, a Schulich MBA graduate.  The team members 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 Societies Canada Ethics Challenge case introduced us to typical scenarios that investment professionals face every day,” said Juhi Maru on behalf of the Schulich team. “We applied our learnings from CFA Institute’s Code of Ethics and Standards of Professional Conduct as well as the Ethical Decision-Making Framework to evaluate the depth and breadth of the scenarios. The entire process prepared us to improve our competence to use our judgement and critical thinking to uphold these ethical standards and act in the best interest of the clients. Overall, it was a great learning experience for the team, and it will certainly be a value-add to further our careers and we are excited to learn more along the way!”. 

22_EC_Schulich School of Business team(Top Left to right) Kaustubh Sharma, Professor Gregory Pau, MBA, Anbochao Wang
(Bottom Left to right) Yusuf Jiruwala, Juhi Maru, Rishika Bhatia.

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, as well as the quality of their analysis, presentation, and responses to the judges’ questions.

“It was great to see so many high-quality teams from across the province compete in this year’s ethics challenge,” said Dr. Kevin Veenstra, PhD, CFA, CA, CPA, CMA. “All teams did a great job with their formal presentation and their responses to difficult questions from the judges.  As these students embark on their professional careers, I encourage them to emphasize giving voice to their values as ethics/ethical behaviour is, in many instances, hard work and must include both beliefs and actions.”

This year’s competing teams include students from the School of Accounting and Finance at the University of Waterloo-, the Telfer School of Management at the University of Ottawa, and the Smith School of Business at Queen's University.

The Schulich School of Business team will advance to the national level of the competition at the 2022 CFA Societies Canada Ethics Challenge on May 6, 2022. The national level of the competition will include local winners from CFA Societies across Canada.

For more information, please contact:

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.

The Schulich School of Business at York University
Known as Canada’s Global Business School™, the Schulich School of Business in Toronto is ranked #1 in Canada and among the world’s leading business schools by a number of global MBA surveys, including The Economist, Forbes, Corporate Knights and CNN Expansión. The Kellogg-Schulich EMBA program is ranked #9 in the world by The Economist and #7 in the world among joint programs by QS MBA.

Global, innovative, and diverse, Schulich offers business programs year-round at its state-of-the-art complex at York University; at its Miles S. Nadal Management Centre located in the heart of the Toronto’s financial district; and at its campus in Hyderabad, India. The School also has strategic and academic partnerships with a number of the world’s leading business schools in North America, Europe, Asia, Africa and Latin America. Schulich offers undergraduate, graduate, and postgraduate business degrees that lead to rewarding careers in the private, public, and nonprofit sectors, and has more than 34,000 alumni working in over 90 countries. The School pioneered North America’s first ever cross-border Executive MBA degree, the Kellogg-Schulich Executive MBA. The School has one of the largest portfolios of one-year, specialized Masters programs of any business school in North America. Schulich’s Executive Education Centre provides executive development programs annually to more than 5,000 executives in Canada and abroad. 

For more information, please contact:  
Sarah Lynn Hayward at 

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