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​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CFA Societies Canada 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 university in Toronto participated. In 2017, the 12 member Societies hosted the first CFA Societies Canada 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.

 2023 Local Competition

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CFA Society Winnipeg is excited to host the 7th annual competition with university teams participating from Manitoba and Saskatchewan. This challenge embodies the mission of CFA Institute by promoting "the highest standard of ethics, education, and professional excellence." 2023 Official Rules CFA Societies Canada EthicsChallenge

Sponsoring opportunities are available for this event please check out link below:
2023 Ethics Challenge - Sponsorship package

We invite you to come out and support the university teams, this complementary event provides an opportunity for our members to attend the competition and luncheon where the winning team will be announced. Registration Open.

 2022 Local Competition

CFA Society Winnipeg was virtual host of the 6th annual competition held on Saturday, February 12, 2022 with participating teams from University of Regina, University of Saskatchewan, University of Manitoba and University of Winnipeg.

Congratulations to the winning team from University of Winnipeg (UWinnipeg Faculty of Business and Economics). Marissa Chernoff, Momina Ijaz, Sayli Velankar, Li Zhang and Faculty Advisor Dennis Ng
2022 CFA Society Winnipeg Ethics Challenge Winners_post.png


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Thank you to our distinguished judges; 

Andre Cadieux,CFA; Mark Smith-Windsor, CFA and Julia McDonough, CFA.

 Local Competition

2021 CFA Society Winnipeg Ethics Challenge - PRAIRIES REGION

Congratulations to the winning team from University of Saskatchewan.

Sidney Meyer, Jaydon Beuker, Ethan Fisher and Faculty Advisor Brian Lane, CFA

Thank you to all participating teams, Judges and Volunteers
2021 Ethics Challenge - Sponsorship package
2021 Official Rules_CFA Societies Canada Ethics Challenge


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


 2022 National Finals

On May 6th, CFASocietiesCanada hosted the CFA Ethics Challenge National Round. Congratulations to Concordia University - John Molson School of Business for being the national champions of the 2022 CFA Societies Canada Ethics Challenge!

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Read the press release here: CFA Societies Canada Ethics Challenge_ Winners Announcement

#CFAEthicsChallenge #Congratulations #Ethics  

 2021 National Finals

On May 7th, CFA Societies Canada hosted the CFA Ethics Challenge National Round. Congratulations to Mount Royal University for being the national champions of the 2021 CFA Societies Canada Ethics Challenge!

#CFAEthicsChallenge #Congratulations #Ethics  

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 2020 National Finals

Toronto, ON, September 29, 2020 – CFA Societies Canada announces University of Waterloo as the winning team following the 4th annual CFA Societies Canada Ethics Challenge. The announcement was made at the virtual competition, marking the end of the 2020 competition. 

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The 2020 CFA Societies Canada Ethics Challenge winning team has been named! Four students from University of Waterloo demonstrated strong critical thinking and analytical skills by reviewing a case study and identifying complex ethical challenges within. Their findings were presented to a panel of judges who then led a Q&A. 

The case study was developed to mimic real-life ethical challenges the students may come across in their future careers as finance professionals. The winners, Joanne Leung, Effy Gao, Angela Yan and Pamela Zeng, beat out 25 teams to take the top spot. All participants had the chance to improve their presentation skills, develop a deeper understanding of some of the challenges that lay ahead of them, and insight into CFA Institute's dedication to advocating for the highest standards of integrity and ethics. 

CFA Societies Canada Ethics Challenge Press Release

 Ethical Decision Making

 2019 National 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​

 2018 National Finals

 07 May 2018 Press Releases:

Future finance professionals demonstrate leadership through CFA Societies Canada Ethics Challenge

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