Магистратура
2024/2025
Этические и профессиональные стандарты
Статус:
Курс обязательный (Финансовый аналитик)
Направление:
38.04.08. Финансы и кредит
Кто читает:
Банковский институт
Где читается:
Банковский институт
Когда читается:
2-й курс, 1 модуль
Формат изучения:
без онлайн-курса
Охват аудитории:
для своего кампуса
Прогр. обучения:
Финансовый аналитик
Язык:
английский
Кредиты:
3
Контактные часы:
20
Course Syllabus
Abstract
This course is targeted on a developing of practical knowledge and recognition of standards of professional conduct that is conventional in financial industry. The course covers the CFA Ethic and Professional Standards and Ethical Practices applicable to Portfolio Management. The course introduces the CFA Institute Guidance for Standards and is illustrated with real life cases and codes adopted by corporations worldwide.
The financial sector is one of the most regulated industries. In terms of performing transactions, maintaining records or entering into contractual relations, the actions of participants in financial markets are regulated by the requirements of legislation and regulatory bodies. In terms of creating business models, financial institutions rely on the apparatus of economics and mathematics, two sciences with a rich academic heritage. At the same time, despite the high level of regulation, in practice, both companies as a whole and individual representatives regularly encounter situations in which actions are not described, neither in words nor in formulas.
Cases in which choosing the right solution is a difficult ethical dilemma are not only issues of disclosing conflicts of interest or expensive gifts. Ethics deals with much deeper topics. How deep is the analysis to be done when valuing securitized instruments? Which reports should not be trusted when analyzing a company's financial situation? Why close the exchange of data between divisions of one investment firm, if this firm manages clients' investments and brings companies to the IPO? Acquaintance with professional and ethical standards will allow listeners not only to find answers to the questions raised above, but also to think about many others.
Is it possible that ignorance or misunderstanding of the importance of professional and ethical standards by any financial market participants has any noticeable negative consequences for financial markets as a whole, or are standards nothing more than a set of rules for solving local problems?
Imagine any market. Real estate market, used car market, antiques market. When investors are convinced that prices are subject to manipulation and the best lots are distributed without getting to the market, investors lose confidence in the market and exclude objects traded on such a market from the list of investment attractive ones. Whether the decline in investor confidence in the market is distributed over time or like an avalanche, the result invariably is a decrease in market size and, as a result, job losses. As part of the course, students will get acquainted with a number of notorious crashes of recent decades, caused by nothing more than panic and massive outflow of investors.
Awareness of the importance of business ethics and standards of professional conduct and the need to regulate them came to the representatives of the US financial sector in the 60s, taking shape in a code that is still used today in a revised form. This course details the interconnected framework of professional conduct standards as reflected in the CFA Institute's Code of Ethics. In the process of studying, all norms and requirements are illustrated with a large number of practical examples, approaches to the analysis of various situations are proposed, as well as typical mistakes in interpreting the applicability of various standards.