- CFA Exams
- 2021 Level I
- Study Session 1. Ethical and Professional Standards
- Reading 1. Ethics and Trust in the Investment Profession
- Subject 6. Ethical Decision-Making Frameworks
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Subject 6. Ethical Decision-Making Frameworks PDF Download
The CFA Institute Ethical Decision-Making Framework is a tool for analyzing and evaluating ethical scenarios in the investment profession. The Identify-Consider-Act-Reflect framework advances a decision-making structure for situations that often fall outside the clear confines of "right" and "wrong."
Neither a linear model nor a checklist, the framework provides a summary of the key elements of making ethical decisions. The framework is offered with the understanding that there likely will be additional influences, conflicts, and actions unique to each ethical scenario and beyond those detailed in the framework.
Identify: ethical principles, duties to others (to whom do you owe a duty?), important facts, conflicts of interest.
Consider: situational Influences, alternative actions, additional guidance.
Act: make a decision or elevate the issue to a higher authority.
Reflect: What did you learn? The lessons you learn will help you reach ethical decisions more quickly in the future.
Learning Outcome Statementsf. describe and apply a framework for ethical decision making.
CFA® 2021 Level I Curriculum, 2021, Volume 1, Reading 1
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