Ethical and Professional Standards: CFA® Level II

It is 10–15% of the 2027 Level II exam. 18 learning outcomes across 9 learning modules.

56 practice questions and 0 formula cards on this topic in the app.

Code of Ethics and Standards of Professional Conduct

• Set out how CFA Institute's Professional Conduct Program is organised and the disciplinary steps it uses to uphold the CFA Institute Code and Standards
• Explain what the Code and Standards expect of members ethically, covering every standard and its subsections

Guidance for Standard I: Professionalism

• Show a deep grasp of CFA Institute's Code and Standards by interpreting them across a range of professional integrity cases
• Propose practices and procedures that stop breaches of the Code and Standards before they occur

Guidance for Standard II: Integrity of Capital Markets

• Show a deep grasp of CFA Institute's Code and Standards by using them to resolve particular cases
• Propose practices and procedures that stop breaches of the ethics Code and the Standards of Professional Conduct before they occur

Guidance for Standard III: Duties to Clients

• Show a deep grasp of CFA Institute's Code and Standards by using them to resolve particular cases
• Propose practices and procedures that stop breaches of the ethics Code and the Standards of Professional Conduct before they occur

Guidance for Standard IV: Duties to Employers

• Show a deep grasp of CFA Institute's Code and Standards by using them to resolve particular cases
• Propose practices and procedures that stop breaches of the ethics Code and the Standards of Professional Conduct before they occur

Guidance for Standard V: Investment Analysis, Recommendations, and Actions

• Show a deep grasp of CFA Institute's Code and Standards by using them to resolve particular cases
• Propose practices and procedures that stop breaches of the ethics Code and the Standards of Professional Conduct before they occur

Guidance for Standard VI: Conflicts of Interest

• Show a deep grasp of CFA Institute's Code and Standards by using them to resolve particular cases
• Propose practices and procedures that stop breaches of the ethics Code and the Standards of Professional Conduct before they occur

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

• Show a deep grasp of CFA Institute's Code and Standards by using them to resolve particular cases
• Propose practices and procedures that stop breaches of the ethics Code and the Standards of Professional Conduct before they occur

Application of the Code and Standards: Level II

• Assess practices, policies, and conduct in the light of CFA Institute's Code and Standards
• Explain whether, and why, given practices, policies, and conduct breach CFA Institute's Code of Ethics and its Standards of Professional Conduct