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 Canadian Ethics Challenge

Canadian Ethics Challenge

The CFA Societies Canada 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. In 2017, the 12 member Societies hosted the first CFA Societies Canada Ethics Challenge.

The CFA Societies Canada 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 CFA Societies Canada 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 British Columbia, Alberta, Prairies (Saskatchewan and Manitoba), 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 National Round which will be held virtually in early May 2023.

In the national round, students will have 23 hours to work on a new case and then presentations are given virtually to a judging panel of CFA charterholders. Following the presentations and judges deliberation, one team is designated the ultimate CFA Societies Canada 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.

2023 Canadian Ethics Challenge - Official Rules 

Participation Agreement

See highlights from the 2019 CFA Societies Canada Ethics Challenge.

2022-2023 Timeline

October 31, 2022   Competing universities must confirm participation in the Canadian Ethics Challenge with the local host (local CFA Society).
November 30, 2022
Registration deadline for students and faculty advisors.​​
​Mid-December - Mid January, 2023
​Competition kick-off with an interactive ethical decision making webinar hosted by CFA Institute.

(All class members invited to participate.)

​January 2023
​​The host Society will distribute an identical ethics case study to all registered competing universities (four weeks prior to Local Competition).
January - February 2023
Local Competitions are held throughout the country.
May 5, 2023
2023 CFA Societies Canada Ethics Challenge – National Round held virtually where finalists from across Canada compete for the national title.

The National Round will also include a student symposium, which is open to both competing and all other interested students.


For more information or to register your team, please contact Virginia Coles at [email protected].