Together with CFA Institute, CFA Society Germany is committed to driving transparency, integrity, candor and trust in the investment profession. Since our foundation, these values have been the guiding principles of all our activities. 

Committed to Integrity

Our members, just as all Chartered Financial Analysts (CFA charterholders) and CFA® Program candidates worldwide, are required to follow the CFA Institute Code of Ethics and Standards of Professional Conduct. This commitment must be re-affirmed in writing every year. Violations can result in the withdrawal of the CFA Charter.

Ethics in Practice

Any investment professional may face conflicts of interest and ethical questions throughout their career. The answer is rarely clear-cut. Recognizing and openly addressing conflicts of interest takes practice. We are convinced that ethical decision-making and behavior can be taught. CFA Society Germany offers ethics trainings to select universities as well as banks, asset managers and other financial services companies. Ethics are also a crucial part of the CFA® Program curriculum.

Ethics & Standards GIPS German Advocacy Committee Useful Resources

Global Investment Performance Standards (GIPS®)

GIPS® are a globally recognized ethical standard for the calculation and presentation of financial investments‘ performance. It is based on the principles of fair representation and thorough disclosure. GIPS are essentially a description of the right way in which an investment manager should calculate and present his performance for purposes of client acquisition.

Global Perspective

The GIPS Standards offer:

  • The chance for companies to compete globally
  • An opportunity for investors to compare performance

Who promotes the GIPS Standards?

  • CFA Institute developed and further enhances the GIPS Standards Organisations in 32 countries support and promote the standards
  • For more information visit the GIPS Webseite



In Germany, the GIPS Standards are promoted and further developed by a working panel called GAMSC (German Asset Management Standards Committee). For more information visit the GAMSC Website.

Ethics & Standards GIPS German Advocacy Committee Useful Resources

The GAC is an interdisciplinary expert panel consisting of about 20 members of CFA Society Germany. It discusses crucial capital markets and regulatory issues and contributes articles, position papers and surveys for the benefit of the investment community.

Our interdisciplinary expert panel consists of about 20 high-profile professors, enterpreneurs and investment professionals – all of which are CFA charterholders or CIPM certificate holders and are members of CFA Society Germany.
The GAC is dedicated to the discussion of relevant current topics from the realms of asset and risk management, economics and capital markets, asset and financial analysis, standards, ethics & regulation as well as leadership and management in Germany as a financial centre.
Articles, lectures and studies are visible results of the expert panel’s activities and frequent surveys among CFA Society membership provide additional insights & data. On this basis, the GAC is focused on further developing the position of the association and also contributing to the ongoing enhancement of best practice standards for the financial sector.


Axel Apfelbacher, CFA | Martina Bahl, CFA | Heiko Backmann, CFA | Hans-Georg Beyer, CFA | Kristian Buric, CFA | Bernadette Chmelar, CFA | Dr. Thomas Etheber, CFA | Ralf Hudert, CIPM | Steffen Kaiser, CFA | Christoph M. Klein, CFA | Dr. Jacob Justus Leidner, CFA | Prof. Dr. Matthias Moersch, CFA | Alexander Neszvecsko, CFA | Peter Nies, CFA | Simon Recker, CFA | Dr. Martin Sauermann, CFA | Prof. Dr. Michael Schmitt, CFA | Sebastian Seitz, CFA | Susan Spinner, CFA | Jörg Zimmermann, CFA