Introducing the challenge…

Event Overview

The CFA Society Emirates Ethics Challenge embodies the mission of CFA Institute by promoting “the highest standards of ethics, education, and professional excellence.” The competition is designed to increase students’ awareness of the ethical dilemmas they may face as investment management professionals and to better prepare them for the workforce. ​​​

The Ethics Challenge touches on many of CFA Institute Future of Finance six areas of focus including: Transparency and Fairness, Regulation and Enforcement, and Safeguarding the System. It also promotes ethical awareness and fosters a healthy financial environment.

History & Timeline

The Ethics Challenge began on 9 January 2014 and involved three of CFA Society Toronto’s partner schools. The Ethics Challenge summons students to analyze a situation with a “grey” area where right or wrong may not be apparent. Student teams are given a case study with an ethical dilemma and present their recommendations to a panel of senior charterholders. A question and answer period follows and a champion is later announced during a reception.


September 2018 Competing colleges / universities must confirm participation in Ethics Challenge with CFA Society Emirates. CFA Society Emirates will distribute the Ethics Challenge rules to participants. Names of team members (3 to 4 per team) must be submitted to the society.
September to November 2018 CFA Society Emirates will conduct Ethics Training sessions at all competing universities.
December 2018  Ethics Challenge held in the UAE.

Components of the Competition

Analysis / Research of Ethics Case

Each team is given an identical case which focuses on an ethical dilemma such as front running, insider trading, a conflict of interest etc. With their professor’s guidance, the students dissect the case study and provide recommendations.

Students will be provided with CFA Institute readings regarding:

CFA Institute Standards of Practice Handbook

Code of Ethics and Standards of Professional Conduct 2 Page Summary

CFA Level I Ethics 2018 Summary Slides

The CFA Institute Ethical Decision-Making Framework

CFA Institute Game-Based Course:

This self-paced, 90-minute online course presents the ethical decision-making framework and uses multi-media case studies to show you how to apply the framework in the real world. Your score is the number of clients earned as a result of the decisions you make.

Ethical Decision-Making for Investment Professionals

CFA Institute Code of Ethics and Standards of Professional Conduc

Presentation to Panel of Industry Experts and Leaders

Each team presents their analysis and recommendations to a panel of experts from top financial institutions. The team with the highest presentation score is the winner.

Ethics Challenge Official Rules

Official Rules will be available to teams.

Practice Case with Teaching Slides 

To prepare for the competition the following practice case and teaching slides were prepared by CFA Society Emirates.

Sameer Case

Sameer Case Teaching Slides

CFA Society Emirates, the local UAE member society of CFA Institute, will host the CFA Society Emirates Ethics challenge in the UAE in 2018 for the first time.

Get Involved – Volunteers

We rely on our CFA charterholders and other financial professionals to serve as faculty advisers, and judges at the competition.

Volunteer opportunities include:

  • Advising a university team: Faculty advisers provide a link between the local challenge hosts and their university; they assemble the team for their university and guide students through the competition.
  • Judging student presentations: Judges listen to, critique, and score the student teams’ presentations. Each presentation is 10 minutes in length followed by 10 minutes of questions and answers.
  • Time keeper and master of ceremonies roles at the competition.

If you would like to learn more about available volunteer opportunities with the Ethics Challenge, please contact us.