The candidate should be able to explain the need for high ethical standards in the investment industry and the ethical responsibilities required by the CFA Institute Code of Ethics and Standards of Professional Conduct and to demonstrate the application of the Code and Standards. The candidate should also be able to demonstrate an understanding of the Global Investment Performance Standards.

Trust in the investment profession is only achieved if those practicing within the industry adhere to the highest levels of ethical conduct and behavior. The CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards) serve as the ethical foundation for the CFA Institute self-regulatory program.

The Standards of Practice Handbook provides practical application of the Code and Standards by explaining the purpose and scope of each standard, presenting recommended procedures for compliance, and providing examples of each standard in practice.

The Global Investment Performance Standards (GIPS®) establish global standards for performance reporting by investment managers. By providing a consistent set of standards and methodology, GIPS facilitate the fair and accurate comparison of managers around the world, while minimizing the potential for ambiguous or misleading performance reporting practices.