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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 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 Ethics Challenge

CFA Society Winnipeg is host to the annual local competition with university teams from Saskatchewan and Manitoba participating.

 2020 Prairie Region

On February 15th this year, we were thrilled to host the Ethics Challenge at the Radisson Hotel downtown. Student teams from the U of M, U of W, University of Saskatoon, and University of Regina all presented compelling analyses and recommendations on a case that provided multiple ethical dilemmas. Feedback is still rolling in but early indications are that this event was very well received by all attendees and stakeholders. Congratulations to the U of R who were crowned champions and are off to the national competition in Montréal on May 1st! This year the competition was chaired by Florence Muyunda, who alongside her committee, excelled in the planning and execution of this important competition.
UofR winners 1.jpg

 2019 Prairie Region

CFA Society Winnipeg hosted the 3rd annual competition with university teams from Saskatchewan and Manitoba on Saturday February 8th. The presentation was followed by a luncheon where the winning team was announced CONGRATULATIONS TO THE TEAM FROM UNIVERSITY OF WINNIPEG, the team is advancing to the National Finals in Calgary on May 1st.

Teams from Saskatchewan and Manitoba will be participating.
  • University of Saskatchewan 
  • University of Manitoba
  • University of Regina
  • University of Winnipeg
The CFA Ethics Challenge embodies the mission of CFA Institute by promoting "the highest standards of ethics, education, and professional excellence." Teams consisting of university students from business programs are given an ethics case to study and evaluate. Each team then presents its analysis and recommendations to a judging panel consisting of CFA Charterholders. Following a Q & A period with each team, the judges select a winner. The winning team of this regional competition will advance to the national Canadian Ethics Challenge held in Calgary in May 2019.

Thank you to our event Gold Sponsors:
  • Val Wowryk, Richardson GMP
  • TD Greystone
Please see our attached 2019 Ethics Challenge - Sponsorship Package for more details and contact us by December 30, 2018 if your company is interested in participating as a sponsor this year.​

 ‭(Hidden)‬ 2018 Canadian Ethics Challenge (Western Regional)

CFA Society Winnipeg hosted the 2018 Ethics Challenge Prairie Region annual competion on Saturday January 27, 2018 with university teams participating from Alberta, Saskatchwan and Manitoba. This challenge embodies the mission of the CFA Institute by promoting "the highest standard of ethics, education and professional excellence."
The 2018 CFA Ethics Challenge Prairie Region winners were from Mount Royal University, Calgary, Alberta. 
2018 Ethics Challenge Winners.JPG
Congratulations: Dylan Assen, Tiffany Doyle, Harrison Kozak, Andrew McAuley, Graham Perry and Faculty Advisor Catherine Roy-Heaton
Joe Brekelmans, CFA Society Winnipeg, President and Brett Tessler, CFA Society Winnpeg, University Relations Chair presented the award.

Thank you to our Sponsors
Silver and Team Sponsors
AIMco logo.jpg ATB Investor Services CMYK (1).jpg Greystone logo.pngMawer-Logo w TagTM_2 Color_OFFICIAL.jpg QV_Investors_logo.jpg Wiley.jpg
Bronze Sponsors
Lionridge Logo.jpg
In-Kind Sponsors
IG logo.jpg Wiley_Wordmark_black.jpg

 ‭(Hidden)‬ 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

 ‭(Hidden)‬ 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

 Canadian Ethics Challenge

​Congratulations to all the Local Ethics Challenge winners!

 2020 National Round

With the rapidly changing situation around COVID-19 in mind and increasing travel restrictions, and to ensure the safety of all participants, we have decided to change the 2020 CFA Societies Canada Ethics Challenge – National Round (currently scheduled for Friday, May 1st in Montréal, QC) to a virtual competition on Friday, September 25th. Please save the date! 
We hope this decision provides certainty to attendees and alleviates associated health concerns.

 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​
2019 EC National Champion Team.jpg

 2018 National Finals

 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: