CFA Society Winnipeg

A Member of the CFA Institute Global Network of Societies

​​​​​​​​​​​​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

Participation Agreement

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).
Mid-January, 2018

Competition kick-off with an interactive webinar hosted by Michael McMillan, Ph.D., CPA, CFA, Director, Ethics Education, CFA Institute.

(all class members invited to participate)

January – February, 2018Local Competitions are held throughout the country.
Saturday January 27, 20182018 CFA Societies Canada Prairie Region Ethics Challenge hosted in Winnipeg, MB
Early May, 20182018 CFA Societies Canada Ethics Challenge held in Vancouver, BC where finalists from across Canada compete for the national title.

 For more information or to register your team contact

 National Final Information

On 1 June 2017, three finalist student teams from Canadian universities competed in the first Canadian Ethics Challenge Finals in Toronto.​

 Canadian Ethics Challenge (Western Regional)

We invite you to attend the inaugural CFA Ethics Challenge (Prairies Regional) on Saturday, January 27, 2018 at Investors Group Head Office from 8:45am - 1:45pm.

The competition will consist of presentations by teams of university students from business programs throughout the Prairie Provinces.

The presentations will be followed by a luncheon where the winning team will be announced with the winners advancing to the National Finals in Vancouver.

"Sponsorship Package"

 March 18, 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. This team will be representing the Prairies region in the National Finals in Toronto on June 1.


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



Emily Burt, MBA, CFA

Elizabeth Marr, CFA

Hardev Bains, LLB, MBA, CFA

More Information ​and Photos 

Thank you to our event sponsors:

Gold Level – Cardinal Logo Final_RGB.jpg

Silver Level – Greystone 1C Managed.tifQV_Investors_Inc_logo.JPG

Bronze Level – Lionridge Logo.pngtetrem-large-cap-value-logo.png,IG.jpgWiley.jpg

 2017 Schedule of Events

​​March 17, 2017
Networking Reception
Alt Hotel, Winnipeg
5:30 pm - 9:00 pm

March 18, 2017
Team Breakfast
Investors Group, 3rd floor
7:45 am - 8:45 am

Team Presentation
9:00 am - 11:30 am

Awards Luncheon
Keynote: Professor Kevin Veenstra, CFA​ 
12:00 pm - 1:30 pm

June 2017​
National Finals