CFA Societies Canada


 Canadian Ethics Challenge

The Canadian Ethics Challenge embodies the mission of CFA Institute by promoting "the highest standards of ethics, education, and professional excellence." In addition, it focuses on many of the elements of CFA Institute's Future of Finance initiative. Equally as important, it helps prepare those entering the investment profession for the ethical challenges that they will face in the workplace.
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 in Toronto participated. Last year, the 12 Canadian CFA Societies hosted the first Canadian Ethics Challenge.

The Canadian Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas and issues they may face when they enter the investment management industry. Teams consisting of students from finance or business programs (preferably from 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 identification and understanding of the ethical issues in the case, the recommendations provided, the depth of the analysis, quality of the presentation, and responses to the judges’ questions. This rubric is then used to provide feedback to each team at the end of the competition.

The Canadian 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


Local Competitions will be hosted by a local CFA Society (held in BC, Prairies, Ontario, Québec and Atlantic Canada).

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

Students will have approximately four 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 held in Vancouver, B.C. in early May 2018.

In the national round, students will have three hours to work on a new case and then presentations are given live to a judging panel of CFA charterholders. A reception will follow, where one team is designated the ultimate Canadian 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​.​

2018 Canadian Ethics Challenge - Official Rules / Règles officielles​​​

Participation AgreementEntente de participation

Judging CriteriaCritères d’évaluation


07 May 2018 Press Releases: 

Future finance professionals demonstrate leadership through CFA Societies Canada Ethics Challenge

Les futures professionnelles et les futurs professionnels de la finance démontrent leur leadership grâce au Défi éthique de CFA Societies Canada

12 March 2018 Press Releases:

Canadian Ethics Challenge sets sights on building foundation for Canada’s financial future

See highlights from the 2017 Canadian Ethics Challenge.​

2017-2018 Timeline

October 31, 2017            Competing universities must confirm participation in the Canadian Ethics Challenge with the local host (local CFA Society).
November 30, 2017Registration deadline for students and faculty advisors.
January 2018The host Society will distribute an identical ethics case study to all registered competing universities (four weeks prior to Local Competition).​
​January 10, 2018
Competition kick-off with an interactive ethical decision making ​webinar hosted by CFA Institute.​
(all class members invited to participate)
January – February 2018Local Competitions are held throughout the country.

May 3, 2018​

2018 CFA Societies Canada Ethics Challenge held in Vancouver, BC where finalists from across Canada compete for the national title.​


For more information contact​


Past Winners 

14 June 2017 Press Releases: 

Canadian University Students Champion Ethics in Financial Markets

Les étudiants universitaires canadiens champions de l’éthique dans les marchés financiers

25 April 2017 Press Releases:

Future Leaders in Finance to Compete in Canada's First Nationwide Ethics Competition

Les futurs chefs de file en finance participeront au premier concours national sur l'éthique

 2015-2016 Career Guide