The Ethics Challenge is a competition between university-sponsored teams that analyze a case which contains a variety of ethical dilemmas. The case incorporates common ethical issues and the application of the CFA Institute Code of Ethics and Standards of Professional Conduct.

Teams of three to five undergraduate and/or graduate students create a presentation based on their analysis and present it to a panel of judges. The presentation primarily focuses on violations of the CFA Institute Code of Ethics and Standards of Professional Conduct and recommendations about how these violations should be addressed.