CFA Societies Canada Ethics Challenge

2025 CFA Society Toronto Ethics Challenge

The CFA Societies Canada Ethics Challenge embodies the mission of CFA Institute by promoting "the highest standards of ethics, education, and professional excellence." It fulfills this mission by promoting best practices in the investment profession and preparing students for the ethical dilemmas they may face in their careers.

The first Ethics Challenge was started by a CFA Society Toronto volunteer in 2014 where three teams, each from a CFA Institute University Affiliation Program university in Toronto participated. In 2017, the 12 member Societies hosted the first CFA Societies Canada Ethics Challenge.

The CFA Societies Canada Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas and issues they may face as investment management professionals. Teams consisting of students from finance or business programs (usually from the CFA Institute’s University Affiliation Program) are given an ethics case to analyze 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 after each team’s presentation, the judges then select a winner. To determine the winning team, the judges use a grading rubric that 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 CFA Societies Canada Ethics Challenge can:

Improve your professional presentation skills
Help you gain ethical decision-making experience
Expose you to real-world ethical dilemmas
Train you to work with a team
Extend your professional network

How It Works

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

Students will have approximately three weeks to work on the case study provided by the host Society. Teams then present their analysis and recommendations to a panel of judges. The competition is 100% presentation based, which includes: a 10-minute presentation and then 10 additional minutes to respond to questions from the judges.

One winning team from each Local Competition will advance to the CFA Societies Canada Ethics Challenge National Round which will be held virtually in early May 2025.

In the national round, students will have 23 hours to work on a new ethics case and will then submit a video recording of their presentation. Following the judges’ review of each recorded presentation, Q&A will be conducted with each team live in front of the panel of judges. Following the presentations and judges deliberation, one team is designated the ultimate CFA Societies Canada Ethics Challenge winner!

Teams are judged based on their recommended course of action and their ability to identify the violations to the CFA Institute Code of Ethics & Standards of Professional Conduct.

For Your Information

See Current & Past Winners
CFA Societies Canada Participation Agreement
Go to CFA Societies Canada website

Important Information

2025 Timeline Updated
2025 Official Rules

How To Register Your Team

A faculty advisor from your university chooses and organizes a team (3-5 members) for the local level. One team per university campus is permitted to compete. Students must attend at least 80% of their classes at the particular campus to represent that campus. Students can have full or part-time status.

If you have questions about registering or finding a faculty advisor for your team, please contact us at universityrelations@cfatoronto.ca

Registrations have now closed.

CFA Society Toronto aims to create meaningful partnerships with local universities, colleges, and their programs through its outreach, ambassador, and sponsorship programs.

Learn more about our university relations initiatives

University Relations CFA Societies Ethics Challenge