CFA Institute's first ethical priority is to:

**The reasoning** The CFA Institute is built on a foundation of **ethical conduct** and fiduciary duty. At its core, finance professionals are entrusted with other people's money and futures. The CFA Code of Ethics explicitly places **integrity, competence, and putting clients' interests first** above all else. This isn't just nice-to-have — it's the profession's bedrock. Without trust, the entire financial system collapses. So before profit, before performance, comes the duty to act honestly and prioritize the client's welfare over your own gains. **Why the wrong options tempt you** - **A (Maximise commissions)**: This sounds business-like, but it's self-serving — exactly what ethics guard *against*. It prioritizes the advisor over the client. - **C (Beat the market)**: Performance matters, but ethics come first. You can't lie or cheat to get returns. - **D (Avoid taxes)**: Tax planning is legitimate, but tax evasion isn't, and neither is the primary ethical concern. **Quick takeaway** "In professional finance, your reputation for integrity is worth more than any commission — clients' trust always comes first."