Ethical Decision Making in Investment Management

Tuesday, November 30, 2010
12:00 – 1:30 pm, Lunch

Michael G. McMillan, Ph.D., CPA, CFA
Director, Ethics and Professional Standards, CFA Institute


Capital market integrity relies on the ethical conduct of all participants. Although some conduct is prescribed by state and federal laws, most is left to self regulation.  Given the recent financial crisis, trust and ethical conduct, are essential to restoration of faith in the capital markets.  Investment professionals have responsibilities in this regard, but potential conflicts of interest or other gradients may obscure ethically superior decision-making.


The CFA Institute’s Code of Ethics and Standards of Professional Conduct is a key component of its mission to lead the global investment profession.  It is also critical to maintaining capital market integrity and the public’s trust in the financial market.


Ethical Decision Making in Investment Management is an interactive presentation that examines several investment scenarios that are based on real cases.  It challenges participants to consider the various courses of action to address the issues involved.  Hand held electronic “response devices” are used to allow participants the opportunity to vote on the best course of action.  Because the presentation is based on the CFA Code of Ethics and Standards of Professional CFA Charter holders and Institute members will earn 2 Continuing Education Credits, representing two hours in the content area of Standards, Ethics, and Regulations (SER). 


This 60 minute interactive presentation will examine several realistic situations that challenge participants to consider courses of action that serve investor interests as well as alternatives that may appear reasonable but compromise fiduciary obligations. Hand held “polling machines” will allow individual participants to weigh in.


Dr. McMillan joined CFA Institute in October of 2008 after more than a decade as a professor of accounting and finance at Johns Hopkins University’s Carey School of Business and George Washington University’s School of Business.  Prior to pursuing a career in academia, he was a securities analyst and portfolio manager at Bailard, Biehl, and Kaiser and Merus Capital Management in San Francisco, California.


As Director of Ethics and Professional Standards, Dr. McMillan is responsible for creating, sourcing, and developing educational content for CFA Institute members and investment professionals in the area of ethics and professional standards.  Prior to joining the Institute, Dr. McMillan served in a variety of volunteer capacities at the CFA Institute.  He was a member of the Council of Examiners for 10 years, and a grader for the CFA Level II and Level III exams for 14 years.


Dr. McMillan is a member of the Editorial Board of the Journal of Business Research.  He is also the Treasurer and a member of the board of directors of Fort Dupont Ice Arena in Washington, DC.  Prior to joining CFA Institute, he was a Vice President and Treasurer of the CFA Society of Washington, DC. 


Dr. McMillan has a PhD in accounting and finance from George Washington University, an MBA from Stanford University, and BA from the University Pennsylvania.  He is a Chartered Financial Analyst (CFA), a Chartered Investment Counselor, and a Certified Public Accountant (CPA).


Registration Links: 
CFALA Members: $20.00
Non-members: $40.00

Time: 12:00pm – 1:30pm, lunch and refreshments to be provided.

 Location: California Plaza 2
350 S. Grand Ave, ETC Room (Map)
                  Los Angeles, CA 90071   


Payment Information:

Methods of payment accepted: Visa/Mastercard, American Express and Discover. If you prefer to pay by check please register online and select "purchase order" as your payment option and enter your last name as the purchase order number. Mail check to: CFA Society of Los Angeles, 350 S. Grand Ave, Suite 1680, Los Angeles CA 90071.

 *Credit card payments will not  be accepted, nor should be given, by phone or email. 



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