Lesson 2 of 6 · 13 min

What makes a profession, and how it earns trust

A profession is an occupational community with specialised education, expert knowledge and a framework of practice and behaviour, and its central goal is to earn the trust of clients and of society.

In short

  • A profession has specific education, expert knowledge and a framework of practice and behaviour that underpins trust, respect and recognition. Members use their skills in service to others and share a common code of ethics.
  • A profession's code of ethics publicly communicates members' shared principles and expected behaviour, which builds public confidence that skills will be used to serve clients.
  • What separates professions from craft guilds and trade bodies: a requirement to uphold high ethical standards, a mission to serve society, and setting and enforcing conduct rules.
  • Ten trust-building features: normalised behaviour, service to society, client focus, high entry standards, expert knowledge, continuing education, monitoring of conduct, collegiality, recognised oversight bodies, member engagement.
  • Fiduciary duty = the obligation to deliver a high standard of care when acting for the benefit of another party.
  • Professions keep evolving; society may recognise one before it meets every expectation.

Unlock this lesson free for 7 days

Create a free account to get 7 days of full access — every lesson, video, flashcard, mock and the question bank. No card needed.

What makes a profession, and how it earns trust · Ethics and Trust in the Investment Profession