The requirements that members must “place the integrity of the investment profession and the interests of clients above their own personal interests” and “maintain and improve their professional competence” are part of the Code of Ethics. The seven Standards of Professional Conduct are (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 CFA Candidate. Standard I(D) Misconduct requires that members not engage in conduct that reflects adversely on their professional competence, but does not specifically require that they maintain and improve their competence.

(Study Session 1, LOS 1.b,c; Study Session 1, LOS 2.a,b,c)