CFA 勉強メモ 1.1.1 ~ 1.1.4 - Ethical and Professional Standards

Investment advisers and portfolio managers who are required by law to act in their clients’ best interests must always put their clients’ interests ahead of their own or their employers’ interests.


Specific communities or societal groups in which we live and work sometimes codify their beliefs about obligatory and forbidden conduct in a written set of principles, often called a code of ethics.

大まかなルールや道徳的なルールはcode of ethis

These standards of conduct serve as benchmarks for the minimally acceptable behavior of community members and can help clarify the code of ethics.
the code of ethics communicates the shared principles and expected behaviors of its members.

具体的に何をするべき、何をしちゃいけないのは standards of conduct、ベンチマークになる

A profession has several characteristics that distinguish it from ordinary occupations. A profession is

  1. based on specialized knowledge and skills.
  2. based on service to others.
  3. practiced by members who share and agree to adhere to a common code of ethics.



First, people tend to believe that they are ethical people and that their ethical standards are higher than average.


A second challenge is that decision makers often fail to recognize and/or significantly underestimate the effect of situational influences, such as what other people around them are doing.


Situational influences are external factors, such as environmental or cultural elements, that shape our thinking, decision making, and behavior.
Another extremely powerful situational influence is loyalty

外部からの影響も大だな。例えば集団心理は結構有名、理性な人が大勢な人の中にいたら、理性的な判断はつかない。 会社や、同僚への忠誠も判断が揺れる要因である

Common situational influences in the investment industry that can shape thinking and behavior include money and prestige


a strong compliance culture can become another situational influence that blinds employees to other important considerations.

コンプライアンスの文化が強すぎると、手足が縛られてあんまり前へ進めなくなる。これもよくないな。結局”what should I do"を考えるべきのときに"what can I do"になることは望ましくない



お金術  2020-1-26