Question
In the CFA context, why is ethics more than just following rules?
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Answer
It requires internalized commitment to clients, markets, and society.
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Question
Why is the I.C.A.R. framework described as cyclical rather than linear?
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Answer
New facts can require revisiting earlier steps.
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Question
Why does the REFLECT step matter after an ethical decision is made?
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Answer
It reinforces learning and ethical culture over time.
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Question
In the ACT step of the ethical decision-making framework, when should an issue be escalated?
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Answer
When guidance from compliance, legal, or supervisors is needed.
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