Ethics scenario judgment in portfolio-advice settings for the Level III common core.
Ethics at Level III often sits directly inside an advice or portfolio-management setting. That makes the judgment more contextual: the candidate has to identify the duty, explain the conflict, and decide what the adviser or manager should do next under real client or institutional constraints.
That is why this chapter is grouped into a few substantive lessons instead of repeating one short page per reading. The official curriculum still defines the coverage boundary, but the public structure is organized around how Level III candidates actually solve ethics cases online: identify the controlling duty, evaluate the quality of firm controls, judge the conduct, and recommend an ethically defensible next step.
| Lesson | Official coverage boundary | What to focus on |
|---|---|---|
| Code, Professional Conduct Program, and the Level III Ethics Frame | Code of Ethics and Standards of Professional Conduct | The Professional Conduct Program, the role of the Code and Standards, and a Level III method for reading ethics cases in portfolio-advice settings. |
| Standards I to III in Advice and Portfolio Settings | Guidance for Standards I-VII | Professionalism, market integrity, suitability, fair dealing, confidentiality, and performance communication in client and portfolio contexts. |
| Standards IV to VII, Supervision, and Conflict Controls | Guidance for Standards I-VII | Employer duties, supervisory systems, research discipline, conflicts, and candidate responsibilities tied to prevention and control design. |
| Application Cases, Asset Manager Code, and Firm Policy Design | Application of the Code and Standards: Level III; Asset Manager Code of Professional Conduct | Integrated case judgment, policy evaluation, and firm-level ethical responsibilities in asset-management settings. |