ICM262-Ethics in Investment Management

Module Provider: ICMA Centre
Number of credits: 10 [5 ECTS credits]
Terms in which taught: Spring term module
Non-modular pre-requisites:
Modules excluded:
Current from: 2021/2

Module Convenor: Ms Linda Arch
Email: linda.arch@icmacentre.ac.uk

Type of module:

Summary module description:

Ethics in Investment Management offers a series of lectures that explore the main ethical conflicts encountered by investment professionals as they invest other people’s money. It will examine the causes and consequences of both ethical and unethical behaviour, giving students the chance to see how individuals’ decisions affect a range of stakeholders. Some of the topics covered in this module feature in the CFA ethics syllabus, but this module is not a substitute for the specialist training for the CFA exams.


To introduce students to the ethical issues encountered by investment professionals.

Assessable learning outcomes:

By the end of the course students will be able to indicate the ethical standards imposed by professional bodies and financial regulators. They will be able to identify the ethical dimension involved in the decision-making process, and be able to discuss the potential conflicts between economic efficiency and ethical behaviour.

Additional outcomes:

Students will gain experience in debating with their peers, particularly in the seminars.

Outline content:

The topics to be covered in the lectures include:

  • Introduction to ethical theories

  • Ethics and the finance professional

  • Ethics and the investment chain

  • Socially responsible investment

  • Market integrity

  • A contemporary topic in investment management/financial services/banking of relevance to applied ethics.

Brief description of teaching and learning methods:
Lectures will be used to introduce and illustrate the theory and concepts discussed in the course. Seminars will allow the students to discuss specific cases, which further illustrate the ethical problems faced in financial markets.

Contact hours:
  Autumn Spring Summer
Lectures 10
Seminars 5
Guided independent study:      
    Wider reading (independent) 10
    Wider reading (directed) 30
    Advance preparation for classes 10
    Preparation for seminars 10
    Revision and preparation 25
Total hours by term 0 100 0
Total hours for module 100

Summative Assessment Methods:
Method Percentage
Written exam 100

Summative assessment- Examinations:

2-hour closed book written examination: 100%

Summative assessment- Coursework and in-class tests:

Formative assessment methods:

Penalties for late submission:

Penalties for late submission on this module are in accordance with the University policy. Please refer to page 3 of the Postgraduate Guide to Assessment for further information: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx

Assessment requirements for a pass:
50% weighted average mark

Reassessment arrangements:

Re-sit examination to be taken in August/September.

Additional Costs (specified where applicable):

1) Required text books 2) Specialist equipment or materials: 3) Specialist clothing, footwear or headgear: 4) Printing and binding: 5) Computers and devices with a particular specification: 6) Travel, accommodation and subsistence:

Last updated: 6 July 2021


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