Ethics in the 2027 CFA Level I curriculum: seven Standard modules, no GIPS reading, a smaller weight
The Code of Ethics and the seven Standards, with their 23 sub-standards, are unchanged for 2027. What changes is the guidance: each Standard becomes its own module, with new guidance and examples from the 12th edition of the Standards of Practice Handbook. The GIPS reading is not in the 2027 outline, and the weight falls from 15–20% to 10–15%, about 18 to 27 questions.
Checked on 22 October 2026 against CFA Institute's 2027 Level I topic outlines (no public link we could confirm), its Level I exam page and its curriculum changes note for the 2027 CFA® Program, plus the 12th edition of the Standards of Practice Handbook. We do not have the 2027 Ethics textbook, so everything below about what the guidance says describes the Handbook, which CFA Institute says the 2027 Ethics topic will "fully reflect". Analyst Dojo is independent and not affiliated with CFA Institute.
The 2027 curriculum applies to exams from February 2027 (22 to 28 February is the first window). The November 2026 window (11 to 17 November) is the last on the 2026 curriculum, by our reading of the published windows; we last checked the dates on 18 October 2026, so confirm them on CFA Institute's dates and fees page. Our 2027 study map teaches the new version, and the 2026 study map keeps the old one. For the whole picture, see the overview of the 2027 curriculum changes.
What are the 2027 Ethics modules?
There are ten, up from five. The first two and the last keep their content and outcomes, the single 2026 guidance module splits into seven, and the GIPS module has no 2027 counterpart. The 2027 outline lists 33 learning outcomes against 21 in 2026.
| 2027 module | Learning outcomes | 2026 counterpart |
|---|---|---|
| Ethics and Trust in the Investment Profession | 8 | Same title, same outcomes (one hyphen added in "decision-making") |
| Code of Ethics and Standards of Professional Conduct | 3 | Same title, same outcomes |
| Guidance for Standard I: Professionalism | 3 | Part of Guidance for Standards I–VII |
| Guidance for Standard II: Integrity of Capital Markets | 3 | Part of Guidance for Standards I–VII |
| Guidance for Standard III: Duties to Clients | 3 | Part of Guidance for Standards I–VII |
| Guidance for Standard IV: Duties to Employers | 3 | Part of Guidance for Standards I–VII |
| Guidance for Standard V: Investment Analysis, Recommendations, and Actions | 3 | Part of Guidance for Standards I–VII |
| Guidance for Standard VI: Conflicts of Interest | 3 | Part of Guidance for Standards I–VII |
| Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate | 2 | Part of Guidance for Standards I–VII |
| Application of the Code and Standards: Level I | 2 | Ethics Application, same outcomes |
Standards I to VI each carry the same three learning outcomes the single 2026 guidance module had: apply the Code and Standards to situations, recommend practices that prevent violations, and identify conduct that conforms and conduct that violates. Standard VII is the exception. It has only two, and it has no "identify conduct that conforms or violates" outcome. CFA Institute says each Standard is now "presented as its own module with targeted practice problems".
What did not change?
The rules. The Code of Ethics, the seven Standards and the 23 sub-standards read the same as in the 2026 curriculum, and none was added, removed or renamed. The current Code and Standards took effect on 1 January 2024.
- The three rule changes from the 2023 revisions (the new Standard I(E) Competence, the cost and services disclosure in V(B), and the VI(A) name Avoid or Disclose Conflicts) were already in the 2026 curriculum. They are not new for 2027.
- The learning outcomes for Ethics and Trust, for Code and Standards, and for the application module are the same as in 2026.
What changed in the guidance, Standard by Standard?
The Handbook's 12th edition (2024) rewrites or adds to the guidance under ten of the 23 sub-standards; the other thirteen (I(E), II(A), III(A), III(B), III(D), IV(B), IV(C), V(A) to V(C) and VI(A) to VI(C)) stay close to 2026. This is our comparison of the Handbook with the 2026 reading: a reading list, not a syllabus.
- I(A) Knowledge of the Law. The Handbook's list of compliance practices is shorter and aimed at the individual, and it adds guidance on applying the Code and Standards across countries.
- I(B) Independence and Objectivity. The guidance is about 40% shorter. Material on buy-side clients, custodians and the allocation of new-issue shares is gone, and compliance practices are cut to three: follow firm policies, restrict special cost arrangements, and limit gifts to token items. Conflicts that cannot be avoided point to VI(A).
- I(C) Misrepresentation. Communications should be accurate, timely, complete and in plain language. The Handbook adds guidance on third-party information (once you use it, it is your responsibility), on models that use a broad range of assumptions, on never implying that a client will earn a past rate of return, and on monitoring online content.
- I(D) Misconduct. This is the one that can change an exam answer. The Handbook now defines professional activities, or professional conduct: work in the investment profession, plus anything that uses the charter, a CFA Institute or society membership, or candidacy. Under the Handbook's guidance, dishonest conduct that sits outside professional conduct is not an I(D) violation. Conduct that does touch the profession, including volunteering and writing about investments outside work, can be.
- II(B) Market Manipulation. A new, non-exhaustive list of indicators of manipulation (for example orders that stay open unusually briefly, or coordinated trading in thin markets), and a compliance practices section covering surveillance, order controls and algorithm controls.
- III(C) Suitability. A client's investment policy statement may include environmental, social and governance (ESG) preferences, and those can change over the relationship, so the statement needs updating.
- III(E) Preservation of Confidentiality. New guidance on vulnerable investors: signs of diminished capacity or financial exploitation, and the best practice of asking for a secondary contact when an account opens. Limited disclosure may be allowed where the law permits it and III(E) is not breached.
- IV(A) Loyalty. "Independent practice" becomes "independent business". Leaving an employer gets more detail: the duty lasts until employment actually ends, and disparaging the current employer counts as a violation. After giving notice you may tell clients you are leaving and name the new firm, but you may not solicit them or promote the new firm without the current employer's permission.
- VII(A) Conduct as Participants in CFA Institute Programs. Prohibited conduct now covers misrepresenting information to CFA Institute about any of its programs. There is new guidance for volunteers (exam developers and graders keep questions, deliberations and scoring confidential) and for conduct at exam centers.
- VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program. The Handbook refers to passing the exams in "consecutive sittings" rather than consecutive years, and to candidacy "for the CFA designation". Lapsed members must remove the designation until reinstated, and pseudonymous social media profiles must not carry it.
Where did GIPS go?
CFA Institute's 2027 Level I topic outline has no GIPS module and no learning outcome that mentions the Global Investment Performance Standards. The 2026 outline had a GIPS module with five learning outcomes. CFA Institute's 2027 change note and press release say nothing about GIPS, and its Level I exam page still mentions GIPS in its general Ethics description. We do not know whether GIPS appears at Level II or III.
You still meet GIPS in passing. The Handbook's guidance on III(D) Performance Presentation calls compliance with GIPS the best method for presenting performance, so know in one line that GIPS is the set of standards for how investment firms calculate and present performance. The full 2026 reading stays available at GIPS in the 2026 curriculum if you want it.
What happens to the Ethics weight?
It falls from 15–20% to 10–15%, which is about 18 to 27 of the 180 questions instead of 27 to 36. Ethics stays in session 1.
| 2026 exams | 2027 exams | |
|---|---|---|
| Weight | 15–20% | 10–15% |
| Questions out of 180 | About 27 to 36 | About 18 to 27 |
| Midpoint | 17.5% | 12.5% |
| Session | 1 | 1 |
In 2026 Ethics had the highest weight range of any topic. In 2027 its midpoint matches Quantitative Methods, Financial Statement Analysis, Equities and Fixed Income, though 15% is still the highest upper limit. CFA Institute has not published a reason for the cut. Fewer questions does not mean fewer rules to know: all 23 sub-standards remain. See the 2027 topic weights next to 2026 for every topic.
Which terms should you update?
These are the wording changes in the 2027 outline and the Handbook that you are most likely to see in questions.
| Earlier wording | Wording in 2027 materials |
|---|---|
| Recommended procedures for compliance | Compliance practices |
| Independent practice (IV(A)) | Independent business |
| Passed the exams in three consecutive years (VII(B)) | Passed in three consecutive sittings |
| Candidate in the CFA Program | Candidate for the CFA designation |
| Ethics Application (module) | Application of the Code and Standards: Level I |
How should you study Ethics for 2027?
If you are starting from scratch, open Ethics in the 2027 study map: read Ethics and Trust and the Code and Standards, take the seven Standard modules in order, and finish with the application module, where the case questions are.
If you studied the 2026 version, re-read the ten sub-standards above, I(D) first, and skim the other thirteen. If you sit in November 2026, stay on the 2026 Ethics lessons. Every lesson is free, and your progress carries over automatically. The study plan fits Ethics into 12, 16 or 24 weeks, and the Level I exam guide has dates and fees.
Also in this series: Quantitative Methods, Equities and what to re-study if you deferred from 2026.
Questions
Did the Standards of Professional Conduct change for 2027?
No. The Code of Ethics, the seven Standards and the 23 sub-standards keep the same names and rule text as the 2026 curriculum. What changes is the guidance and the examples under each Standard, which follow the 12th edition of the Standards of Practice Handbook (2024).
Is GIPS still examined at Level I?
CFA Institute's 2027 Level I topic outline has no GIPS reading and no learning outcome that mentions it. Its Level I exam page still mentions GIPS in the general Ethics description. The Handbook's guidance on Standard III(D) still names GIPS compliance as the best method for performance presentation, so know what it is.
Does the 12th edition Handbook apply to the November 2026 exam?
The November 2026 exam follows the 2026 curriculum. That curriculum already carries the current Code and Standards, effective 1 January 2024, including the 2023 revisions. The rest of the 12th edition guidance arrives with the 2027 modules, for exams from February 2027.
How many Ethics questions will there be in 2027?
The weight is 10–15% of the exam, which works out to about 18 to 27 of the 180 questions. In 2026 the weight was 15–20%, about 27 to 36 questions. Ethics stays in session 1.