2026 CFA Level I Exam: CFA Study Preparation

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Challenges to ethical behavior include:

the overconfidence bias. Most of us simply assume that we are good people and will therefore make sound ethical decisions. This overconfidence in one's own moral compass can lead to making decisions without serious ethical reflection.
situational influences, which are external factors such as environmental or cultural elements. They can motivate individuals to act in their short-term interests without recognizing the long-term risks or consequences for themselves and others. Examples include financial rewards, prestige, and loyalty to employer and colleagues.

User	Comment
rodwsi	Situational influences include money, bonuses, promotions, prestige and loyalty to employer/colleagues.
bushi	It's fascinating to see how common it is to hear fund managers state something like, "I know everyone thinks they're above average, but I really am."
chop21	The overconfidence bias is our tendency to be more confident in our ability to act ethically than is objectively justified by our abilities and moral character.

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