(TORONTO, ON) February 13, 2025 – CFA Society Toronto is pleased to announce the student team from University of Waterloo, School of Accounting & Finance as the
winners of the 2025 CFA Society Toronto Ethics Challenge. The winning team demonstrated exceptional skill in navigating ethical dilemmas presented in a realistic investment scenario and showcased their insights before a panel of seasoned industry
professionals during the competition, as part of CFA Society Toronto’s Embrace the Challenge event on February 12, 2025.
2025 CFA Society Toronto Ethics Challenge Local Winners:
University of Waterloo, School of Accounting & Finance
Team Members:
Faculty Advisor:
"On behalf of our team, as well as University of Waterloo, we'd like to thank everyone for attending,” said Akshat Suri on behalf of the team during the award presentation ceremony. “And for giving us the opportunity to come out present the
ethics case and validating our responses at the end of the day. We really enjoyed this process and thank you to CFA Society Toronto for letting us have this opportunity.”
This year, 17 students competed on teams from:
- George Brown College, School of Accounting & Finance
- International Business University
- University of Toronto, Scarborough
- University of Waterloo, School of Accounting & Finance
- Western University, Ivey Business School
- York University, Schulich School of Business
"At CFA Society Toronto, we are committed to nurturing the next generation of investment and finance professionals,” says Fred Pinto, CFA, ICD.D, CEO of CFA Society Toronto. “The CFA Societies Canada Ethics Challenge helps promote CFA Institute’s
principles of the highest standards of ethics, education, and professional excellence by fostering best practices in the investment profession and preparing students for the ethical dilemmas they may face in their careers.”
“We congratulate all participating teams and notably the winning team from the University of Waterloo,” says Stephanie Poon, CFA, MBA, Chair of the CFA Society Toronto Awards & University Relations Committee. “The talent on display
this year by the students exemplify the best of what the future of finance holds.”
The first Ethics Challenge was conceived and produced by CFA Society Toronto in 2014. Today, the Ethics Challenge has grown to become a national competition, hosted by CFA Societies Canada. The Ethics Challenge is designed to increase students’
awareness of the ethical dilemmas and issues they may face as investment management professionals.
For this year’s competition, participating teams were provided with a case study written by Michael G. McMillan, PhD, CFA, CPA, CCEP (former Director of Ethics Education and Professional Standards at CFA Institute) and Mikito Ishida, CFA (Vice President,
CFA Society Japan). The case study presents multiple ethical infractions and conflicts of interest in an investment management setting, particularly around financial disclosure and analyst independence.
The teams from each school analyzed the case, prepared a detailed presentation highlighting the ethical concerns, and proposed comprehensive solutions, demonstrating a deep understanding of ethical principles. A panel of judges assessed the teams based
on their understanding of ethical issues, the quality of their recommendations, and the strength of their analysis, presentations, and responses to questions.
As local winners, the University of Waterloo team will advance to the national level of the competition at the 2025 CFA Societies Canada Ethics Challenge on May 2, 2025, joining other local winners from across Canada.
The Embrace the Challenge event was proudly sponsored by RBC Global Asset Management.
For more information, please visit CFA Societies Canada Ethics Challenge.
###
About CFA Society Toronto
CFA Society Toronto is the world's largest Society of CFA® Charterholders, dedicated to supporting the professional and business development of more than 11,500 members. With a focus on education, networking,
and thought leadership, CFA Society Toronto empowers finance professionals to excel in a dynamic and competitive global market. Founded in 1936, CFA Society Toronto is a not-for-profit organization affiliated with CFA Institute,
the global body that administers the Chartered Financial Analyst (CFA) curriculum and sets voluntary, ethics-based performance-reporting standards for the investment industry. For more information, visit cfatoronto.ca.
About CFA Societies Canada
CFA Societies Canada is a collaboration of the 12 Canadian member societies. It brings together these organizations to lead the investment industry in Canada by advancing the highest professional standards, integrity, and ethics for the ultimate benefit of Canadian society. For more information, visit www.cfacanada.org
or follow us on LinkedIn
.
About CFA Institute
CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization champions ethical behavior in investment markets and is a respected source of knowledge in the global
financial community. Our aim is to create an environment where investors’ interests come first, markets function at their best, and economies grow. There are more than 190,000 CFA Charterholders worldwide in 165 markets. CFA Institute has nine
offices worldwide and 160 local member societies. For more information, visit www.cfainstitute.orgor follow us on Twitter @CFAInstitute and on Facebook.
Chartered Financial Analyst® and CFA® are registered trademarks owned by CFA Institute.
MEDIA CONTACT:
PUNCH Canada Inc.
Akanksha Patil
Account Manager
p:647-838-9248
e:akanksha@punchcanada.com