How three School of Accounting and Finance students braved a winter storm, won the Toronto provincial round, and earned national recognition for their ethics-focused case analysis
A rainy, winter morning in Toronto marked the beginning of what would become one of the most challenging and rewarding experiences of our academic careers; representing the University of Waterloo at the 2025 CFA Society Toronto Ethics Challenge.
Our team included Aimée, Bonita, and myself, Akshat, all students in the School of Accounting and Finance. After battling icy sidewalks, bus delays, and cold winds, we made it downtown and stood in front of a panel of finance professionals to present our ethical analysis on a complex investment case.
The competition involved ethical violations at GSW Securities, and we were asked to identify breaches of the CFA Institute Code of Ethics and Standards of Professional Conduct. We were scored not just on our findings, but also on how well we reasoned through grey areas, defended our position, and communicated under pressure. When we were announced as the provincial champions, it was an unforgettable moment.
That win earned us a spot at the CFA Societies Canada National Ethics Challenge, where the level of competition, complexity, and pressure increased exponentially.
At Nationals, we were given a brand new ethics case and just 23 hours to respond. In that short window, we had to read the case, break down the key ethical issues, prepare a presentation, and record a full 10-minute video outlining our analysis and recommendations. We also had to anticipate questions from judges and rehearse our responses ahead of a live Q and A session the next day.
The time crunch pushed us to work smarter and faster. Every decision had to be intentional. We divided tasks, kept communication tight, and relied on each other’s strengths. Our ability to manage stress, analyze the issues with nuance, and stay calm during the live questioning made a real difference.
The national case involved multiple ethical dimensions around financial disclosure, analyst independence, and conflicting incentives. We challenged ourselves to think creatively and bring a fresh perspective to the table. Rather than follow a formula, we focused on crafting a response that balanced ethical principles, practical business concerns, and long-term reputational outcomes. It was one of the most intense academic sprints any of us had experienced — and also the most fulfilling.
We were proud to finish as the finalists in Canada, standing alongside some of the brightest students from 27 other universities across the country. The feedback we received from judges was incredibly detailed and highlighted our strength in clear reasoning and confident delivery.
Throughout both rounds, we had the support of our faculty advisor, Professor Krista Fiolleau, whose guidance helped us think deeper and communicate better. She challenged us to refine every slide, rethink every angle, and remember that real ethics work lives in the grey areas. Her mentorship made a meaningful difference at every stage.
For students thinking of competing in the CFA Ethics Challenge, we cannot recommend it enough. You learn how to work as a team under pressure, how to communicate clearly when it counts, and how to defend a position that you believe is right. The experience builds not just technical skills but professional confidence and ethical awareness — qualities that matter in every corner of the finance industry.
We are grateful to CFA Society Toronto, CFA Societies Canada, and the CFA Institute for creating a platform where students can develop as ethical thinkers and future leaders.