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​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​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. 

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.


 Local Competition

Saturday, February 15, 2020
CFA Society Winnipeg was host of the 4th annual competition with participating university teams from Saskatchewan and Manitoba.
Congratulations to the winning team from University of Regina. 
Megan Degelman, Hayley Hislop, Valeriya Krasnokutsky, Danyka Maurer and Faculty advisor Zhou Zhang
UofR winners 1.jpg
Thank you to our Judges
The organizing committee did fabulous job with event.

Saturday, February 9, 2019
CFA Society Winnipeg hosted the 3rd annual competition with 4 university teams participating from Saskatchewan and Manitoba. 
Congratulations to the winning team from Univeristy of Winnipeg. Justin Makus, Eliza Massey, Hans Perera, and Faculty Advisor Dennis Ng.
Thank you to our Judges; 

2019 EC Judges.jpg
The organizing committee did an excellent job.
2019 EC Committee.jpg

Saturday, January 27, 2018
CFA Society Winnipeg was host to the 2nd annual competition with 7 university teams participating from Alberta, Saskatchewan and Manitoba.
Congratulations to the winning team from Mount Royal University, Calgary.
Dylan Assen, Tiffany Doyle, Harrison Kozak, Andrew McAuley, Graham Perry and Faculty Advisor Catherine Roy-Heaton.
2018 Ethics Challenge Winners.JPG
Thank you to our Judges and Sponsors

2017 Inaugural CFA Ethics Challenge (Prairies Regional) hosted by CFA Society Winnipeg.

We would like to thank everyone who came out to the Inaugural CFA Ethics Challenge (Prairies Regional) on March 18. Congratulations to the winning team from the University of Saskatchewan consisting of Zhijun Liu, David Fortosky, Robbin Rempel and Ryley Dalshaug. Brian Lane is the team's academic advisor. 

A special thanks goes out to all the participants, sponsors, judges, and organizing committee members that made this event a success.


Mount Royal University

University of Manitoba

University of Winnipeg

University of Saskatchewan

​Judges: Emily Burt, MBA, CFA; Elizabeth Marr, CFA; Hardev Bains, LLB, MBA, CFA


 2020 CFA Societies Canada Ethics Challenge National Round

CFA Societies Canada has decided to hold the 2020 CFA Societies Canada Ethics Challenge National Round on Friday, September 25th. Please save the date!

We will aim to provide you with additional details surrounding the competition by the end of July.

 2019 CFA Societies Canada Ethics Challenge Finals

2019 CFA Societies Canada Ethics Challenge held the National Finals on Wednesday May 1, 2019 in Calgary, Alberta. 
Finalist teams from six Canadian universities were announced at the beginning of March, preceding the final challenge of the competition in Calgary on May 1st. The winning team earned its title by providing the best analysis of a new case study to a judging panel of CFA charterholders and participating in a question and answer period. They, along with their competitors, had three hours to complete the analysis. ​
“Through this experience, my teammates and I now have a much stronger understanding of how to identify ethical grey areas,” said MD Safiul Bari Shawn, part of the winning Thompson Rivers University team along with Cynthia Chinyereude, Palak Dhingra, Jonelle Joseph and Ashish Wadhwa. “Obviously we’re thrilled to walk away with a win, but the experience overall
allowed us, and our competitors, to gain clearer insight into what we can expect in our futures. It also gave us the opportunity to speak with seasoned professionals.”
As part of their winnings, each member of the Thompson Rivers University team took home $500 and a commemorative award from CFA Societies Canada. All participants in the CFA Societies Canada Ethics Challenge earned a certificate of participation in the National Round.
For more information about the CFA Societies Canada Ethics Challenge, please visit CFA Societies Canada online. ​

Congratulations to the winning team from Thompson Rivers University​
2019 EC National Champion Team.jpg

 2018 CFA Societies Canada Ethics Challenge Final

 2018 Canadian Ethics Challenge Winners Announcement

This year's regional competition's included 26 post-secondary institutions including two teams from Winnipeg. The Prairies regional competition, which was held in Winnipeg, had 6 teams participating with the winner, Mount Royal University advancing to represent the Prairies region in the finals. 

The finalist team competing in the 2018 CFA Societies Canada Ethics Challenge hail from:

  • ​Mount Royal University
  • Saint Mary's University
  • Thomson Rivers University
  • Université de Sherbrooke
  • University of Ottawa, Telfer School of Management

These teams will compete for the national title in Vancouver, BC, on Thursday May 3, 2018. At the final competition, teams will be assigned a second case study and will have three hours for analysis before presenting to a live judging panel of CFA charterholders and participating in a live question and answer period.

​Members are encouraged to post content to social media using dedicated hashtag (#CFAEthicsChallenge)

For more information about the Canadian Ethics Challenge, please visit CFA Societies Canada online

2018 Canadian Ethics Challenge - Official Rules

 2017 National Final Information

​​On 1 June 2017, three finalist student teams from Canadian universities competed in the first Canadian Ethics Challenge Finals in Toronto.​
See highlights from the 2017 Canadian Ethics Challenge.
14 June 2017 Press Releases: