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CFA Level 1 Ethics Cheat Sheet: Code & Standards Guide

Sophie Macon

26 Jan 2026

CFA, CFA Level 1

Ethics represents 15-20% of CFA Level 1 (27-36 questions) and uses identical content across all three levels, making it highly efficient to master. This CFA Level 1 Ethics cheat sheet covers the 6 Code of Ethics components, all 7 Standards of Professional Conduct with 22 sub-standards, GIPS basics, and exam strategies. Key insight: Ethics can determine pass/fail for borderline candidates through the "ethics adjustment" - CFA Institute reviews borderline candidates' Ethics scores before making final decisions. CFA Ethics is the most ...