Cliro

CFA® Level I · 2027 curriculum

Ethical and Professional Standards for CFA® Level I

Ethical and Professional Standards explains how investment professionals build trust, apply the CFA Institute Code and Standards, recognise ethical conflicts and choose appropriate professional actions.

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What this topic covers

Ethical and Professional Standards examines how investment professionals should act when client interests, market integrity and professional trust are at stake. You will begin with ethics, professionalism and decision-making, then learn the structure and enforcement of the CFA Institute Code and Standards. The topic progresses through Standards I–VII before bringing them together in integrated situations requiring ethical judgement, prevention and corrective action.

By the end of this topic you should be able to:

  • Explain why ethics, professionalism and trust matter in investment management.
  • Understand the Code, Standards and Professional Conduct Program enforcement framework.
  • Apply Standards I–II to professionalism and market-integrity situations.
  • Apply Standards III–VI to clients, employers, analysis and conflicts.
  • Apply Standard VII to CFA Institute membership and programme responsibilities.
  • Integrate multiple Standards to judge conduct and select appropriate actions.

How the topic is structured

The topic is cumulative. It begins with the foundations of ethical conduct and a framework for difficult decisions, then establishes the Code, seven Standards and enforcement process. The next modules examine each Standard in sequence, linking professional duties with practical application. The final module removes the boundaries between individual Standards and asks you to evaluate complete situations. The core process is consistent: identify the facts and stakeholders, locate the relevant duties, assess the conduct and choose an appropriate response.

Practice in Cliro

How you practice Ethical and Professional Standards in Cliro

  • Practice by topic

    Work through this topic on its own, or include it in a mixed session across the curriculum.

  • Detailed explanations

    See why the correct answer works after every practice question.

  • Review and mistakes

    The mistake log keeps incorrectly answered questions easy to revisit. Review brings due concepts back after time has passed.

  • Formula Gym and progress

    Recall key formulas without prompts and track progress by topic and concept.

Exam Pass and Monthly both include the two full mock exams.

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Where Cliro fits

Use Cliro at any stage of your Level I preparation.

  • Starting Level I

    Take the free diagnostic, then practice by topic. Your results build a picture of where you stand across all ten topics.

  • Retaking Level I

    Your diagnostic and practice results show which concepts are still weak. The mistake log keeps incorrectly answered questions easy to revisit, and Review brings due concepts back after time has passed.

  • Alongside your existing materials

    Cliro is designed to work alongside your core reading materials, adding question practice, mock exams, Formula Gym, review and progress tracking.

Other Level I topics

Start with a clear picture of where you stand.

The free diagnostic gives you an initial topic profile. Upgrade when you want the full Question Bank, mock exams and Formula Gym.

Take the free diagnostic

Free diagnostic • 20 questions • No payment details required