Level I · 2026 curriculum · 15–20% of the exam

Ethical and Professional Standards

Ethics carries the largest weight on the 2026 Level I exam and is tested through short case scenarios about the Code of Ethics, the Standards of Professional Conduct and GIPS.

What the questions cover

• Applying the seven Standards of Professional Conduct to short scenarios
• Recommended procedures for compliance, and what counts as a violation
• Material nonpublic information, the mosaic theory and market manipulation
• Duties to clients and employers: loyalty, fair dealing, suitability, confidentiality
• Conflicts of interest, priority of transactions and referral fees
• Use of the CFA designation and conduct as a candidate
• The purpose and main requirements of the GIPS standards

How to study it

• Read the scenario for who owes a duty to whom before looking at the options.
• Answers that disclose, document and put clients first are usually on the right track.
• Learn the Standards by number; many questions hinge on the difference between two neighbouring ones.
• Because the weight is high, ethics is one of the best places to gain marks late in your preparation.