Standards Of Practice

### Section: Standards of Professional Conduct Estimated study time: 45 minutes Content: Exam weight (2026 curriculum): Ethical and Professional Standards — 15–20% of the CFA Level I exam (the highest-weighted topic area, shared with the Code of Ethics section). Source: CFA Institute Level I Exam page, fetched 2026-06-29. Standards of Professional Conduct is the primary vehicle through which that weight is tested in scenario questions. The CFA Institute Standards of Professional Conduct translate the broad principles of the Code of Ethics into specific, actionable rules governing investment professionals. There are seven Standards, each addressing a distinct area of professional life: (I) Professionalism, (II) Integrity of Capital Markets, (III) Duties to Clients, (IV) Duties to Employers, (V) Investment Analysis, Recommendations, and Actions, (VI) Conflicts of Interest, and (VII) Responsibilities as a CFA Institute Member or Candidate. Mastery of these Standards — including their subsections and the interplay among them — is one of the highest-weighted topics on the CFA Level 1 exam and remains central to all three exam levels. Candidates must not only memorize the Standards but apply them to realistic scenarios. Standard I on Professionalism covers four subsections. Standard I(A) Knowledge of the Law requires members to know and comply with applicable laws and to not participate in violations. When the law and CFA Standards conflict, the more protective standard applies. Standard I(B) Independence and Objectivity prohibits accepting gifts, benefits, or other inducements that could compromise analytical objectivity. An analyst must disclose any benefit received from a company being covered and must refuse gifts beyond token amounts. Standard I(C)…