CFA® Level I Exam Complete Prep Blueprint
High-Yield Summaries, Formulas, Keystrokes & Explanations
Syllabus Cycle: 2026/2027 Standards Distribution: Premium Study Library Rating: Class A+ Verified
MODULE 1: ETHICAL & PROFESSIONAL STANDARDS
The Core Concept
The CFA Institute Code of Ethics and Standards of Professional Conduct form a strict regulatory framework governing
individual market behavior to protect public financial structures and trust. Candidates must prioritize client interests
above all internal motivations, act with structural objectivity, and actively maintain the professional prestige of global
capital markets.
The 6 Core Code of Ethics Principles
All members and candidates must adhere to six primary pillars: acting with integrity, placing integrity of the profession
above personal interests, exercising independent professional judgment, practicing with high competence, supporting
capital market structure rules, and continuously upgrading professional standing.
CFA® Level I Ultimate Study Blueprint (2026) Page 1
,The 7 Standards of Professional Conduct Matrix
Standard Category Core Structural Compliance Clause High-Yield Exam Trap Avoidance
I. Professionalism Knowledge of the Law, Independence Always follow the strictest applicable law.
& Objectivity, Misrepresentation, Reject luxury gifts from issuers that alter buy/
Misconduct. sell recommendations.
II. Integrity of Capital Material Nonpublic Information, Do not execute trades based on private
Markets Market Manipulation. corporate announcements. Artificial volume
inflation is banned.
III. Duties to Clients Loyalty, Prudence, & Care; Fair Treat all client accounts systematically when
Dealing; Suitability; Performance; publishing reports; do not favor high-net-
Confidentiality. worth brackets.
IV. Duties to Employers Loyalty, Additional Compensation Do not engage in external independent
Arrangements, Responsibilities of consulting work that clashes with corporate
Supervisors. hours without consent.
V. Investment Analysis Diligence & Reasonable Basis; Research must possess an extensive historical
Communication; Record Retention. basis. Maintain all primary data sheets for at
least 7 years.
VI. Conflicts of Interest Disclosure of Conflicts, Priority of Disclose personal ownership of shares to
Transactions, Referral Fees. clients. Client and employer trades must
execute before personal orders.
VII. Responsibilities as Conduct in the Program, Reference to Never compromise the security of testing
CFA Member CFA Designation. structures. Do not state that the charter
implies superior investment performance.
CFA® Level I Ultimate Study Blueprint (2026) Page 2
, EXAM-STYLE PRACTICE QUESTION — STANDARD I(C) PLAGIARISM
Question: An investment analyst prepares a comprehensive equity research report containing a large portion of
market statistical models and structural tables compiled by a third-party analytics firm. The analyst explicitly
changes the font architecture and background layout parameters to match his company's presentation template, but
fails to cite or reference the original analytics firm. Which statement best evaluates this action?
A. The analyst is in compliance because raw statistical data tables cannot be subject to formal copyright protocols.
B. The analyst has violated the Standards because utilizing third-party frameworks without citation constitutes
plagiarism.
C. The analyst is in compliance because changing visual layout styles transforms the document into primary
proprietary work.
CORRECT SELECTION & DETAILED RATIONALE: B
Under Standard I(C) Misrepresentation, candidates and members are strictly prohibited from plagiarizing
materials. Copying financial models, tables, text layouts, or mathematical structures generated by an external
entity without providing explicit citation is a direct violation. Altering fonts or cell parameters does not
eliminate the requirement to give credit to the original source creator.
CFA® Level I Ultimate Study Blueprint (2026) Page 3
High-Yield Summaries, Formulas, Keystrokes & Explanations
Syllabus Cycle: 2026/2027 Standards Distribution: Premium Study Library Rating: Class A+ Verified
MODULE 1: ETHICAL & PROFESSIONAL STANDARDS
The Core Concept
The CFA Institute Code of Ethics and Standards of Professional Conduct form a strict regulatory framework governing
individual market behavior to protect public financial structures and trust. Candidates must prioritize client interests
above all internal motivations, act with structural objectivity, and actively maintain the professional prestige of global
capital markets.
The 6 Core Code of Ethics Principles
All members and candidates must adhere to six primary pillars: acting with integrity, placing integrity of the profession
above personal interests, exercising independent professional judgment, practicing with high competence, supporting
capital market structure rules, and continuously upgrading professional standing.
CFA® Level I Ultimate Study Blueprint (2026) Page 1
,The 7 Standards of Professional Conduct Matrix
Standard Category Core Structural Compliance Clause High-Yield Exam Trap Avoidance
I. Professionalism Knowledge of the Law, Independence Always follow the strictest applicable law.
& Objectivity, Misrepresentation, Reject luxury gifts from issuers that alter buy/
Misconduct. sell recommendations.
II. Integrity of Capital Material Nonpublic Information, Do not execute trades based on private
Markets Market Manipulation. corporate announcements. Artificial volume
inflation is banned.
III. Duties to Clients Loyalty, Prudence, & Care; Fair Treat all client accounts systematically when
Dealing; Suitability; Performance; publishing reports; do not favor high-net-
Confidentiality. worth brackets.
IV. Duties to Employers Loyalty, Additional Compensation Do not engage in external independent
Arrangements, Responsibilities of consulting work that clashes with corporate
Supervisors. hours without consent.
V. Investment Analysis Diligence & Reasonable Basis; Research must possess an extensive historical
Communication; Record Retention. basis. Maintain all primary data sheets for at
least 7 years.
VI. Conflicts of Interest Disclosure of Conflicts, Priority of Disclose personal ownership of shares to
Transactions, Referral Fees. clients. Client and employer trades must
execute before personal orders.
VII. Responsibilities as Conduct in the Program, Reference to Never compromise the security of testing
CFA Member CFA Designation. structures. Do not state that the charter
implies superior investment performance.
CFA® Level I Ultimate Study Blueprint (2026) Page 2
, EXAM-STYLE PRACTICE QUESTION — STANDARD I(C) PLAGIARISM
Question: An investment analyst prepares a comprehensive equity research report containing a large portion of
market statistical models and structural tables compiled by a third-party analytics firm. The analyst explicitly
changes the font architecture and background layout parameters to match his company's presentation template, but
fails to cite or reference the original analytics firm. Which statement best evaluates this action?
A. The analyst is in compliance because raw statistical data tables cannot be subject to formal copyright protocols.
B. The analyst has violated the Standards because utilizing third-party frameworks without citation constitutes
plagiarism.
C. The analyst is in compliance because changing visual layout styles transforms the document into primary
proprietary work.
CORRECT SELECTION & DETAILED RATIONALE: B
Under Standard I(C) Misrepresentation, candidates and members are strictly prohibited from plagiarizing
materials. Copying financial models, tables, text layouts, or mathematical structures generated by an external
entity without providing explicit citation is a direct violation. Altering fonts or cell parameters does not
eliminate the requirement to give credit to the original source creator.
CFA® Level I Ultimate Study Blueprint (2026) Page 3
