Topic 1 of 10 • CFA Level 1

Ethical and Professional Standards

Ethics, professional standards, and GIPS

Subtopics

Learning Outcomes

15-20%

Exam Weight

Topic Overview

Ethical and Professional Standards is one of the 10 major topic areas in the CFA Level 1 curriculum, representing approximately 15-20% of the exam. This topic area covers 5 key subtopics that form the foundation of ethical and professional standards knowledge required for investment professionals.

Understanding ethical and professional standards is essential for CFA candidates as it provides the fundamental concepts needed to analyze financial markets and make informed investment decisions. This topic area includes 21 specific learning outcomes that candidates must master for the exam.

Subtopics in Ethical and Professional Standards

Ethics and Trust in the Investment Profession

8 learning outcomes

Code of Ethics and Standards of Professional Conduct

3 learning outcomes

Guidance for Standards I–VII

3 learning outcomes

Introduction to the Global Investment Performance Standards (GIPS)

5 learning outcomes

Ethics Application

2 learning outcomes

Study Tips for Ethical and Professional Standards

Recommended Approach

• Start with understanding key concepts before memorizing formulas
• Practice calculations with real-world examples
• Review learning outcomes to ensure complete coverage
• Take topic-specific practice quizzes regularly

Key Focus Areas

• Understand how this topic connects to other CFA areas
• Focus on high-weight subtopics for maximum impact
• Review past exam questions for this topic
• Create summary notes for quick revision

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