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CFA Society South Africa 2021 Ethics Challenge for Investment Professionals


The Ethics Challenge is a competition for CFA charterholders and other investment industry professionals that analyse a case study which contains a variety of ethical dilemmas. The case is developed by the society in conjunction with CFA Institute and incorporates common ethical issues and the application of the CFA Institute Code of Ethics and Standards of Professional Conduct.


5 Teams consisting of 5 randomly selected members create a presentation based on their analysis and present virtually to a panel of judges. The presentation primarily focuses on violations of the CFA Institute Code of Ethics and Standards of Professional Conduct and recommendations about how these violations should be addressed.



The core objective of the competition is to raise the knowledge and awareness of ethics and ethical considerations in acts/behaviours of practitioners in the South African investment industry.

The Ethics Challenge for Investment Professionals has four main objectives:

To promote the highest standards of ethics, education and professional excellence

To help participants gain ethical decision-making experience

To provide participants with exposure to real-world ethical dilemmas

To enhance participants' professional networks


The Event 

View the recorded event here

The Finalists

We were delighted to have representatives not only from South Africa but Malawi, Botswana, Zambia and Zimbabwe

There can only be 1 winning Team!

Congratulations Team Precision

The 5 Judges

Sonia Gandhi, CFA, Director of Ethics and Professional Standards at CFA Institute                                               

Rowan Williams Short, CFA, Head of Fixed Interest at Vunani Fund Managers                                                            

Rosanne Howarth, CFA, Client Fund Manager at STANLIB                                                                                           

Philip Bradford, CFA,  Head of Investments at PortfolioMetrix Asset Management & CFA Institute certified ethics trainer 

Nigel Suliaman, CFA, Portfolio Manager at Sanlam Investment Management