20 сентября 2015 г.

CFA Institute presented Warren Buffett's case on ethics in Moscow State University's IB Club

On Saturday, September 12, 2005, the CFA Association Russia, together with the Faculty of Economics of Lomonosov Moscow State University and the students’ association IB Club, held a meeting between students at Moscow’s institutions of higher learning and two directors of the CFA Institute. The topic of this meeting was to examine the case of Warren Buffett’s firm Berkshire Hathaway, which in 2011  had to part with one of its most effective managers. David L. Sokol, whom Buffett had publically called one of his most successful hiring decisions, failed to meet the high standards of Berkshire Hathaway for behaving ethically in financial markets. Since then, the case of Lubrizol, in which Sokol was trading shares, has become one of the most eye-opening stories of the role that observing rules of ethics in doing business can play in an investment manager’s career.

The meeting with Tony Tan DBA, CFA (Head, Standards and Financial Market Integrity Division – Asia Pacific) and Christina Rulfs, CFA (Director, Society Advocacy Engagement – Europe, Middle East, and Africa) from the CFA Institute drew some 100 students from leading Moscow institutions for finance and economics. Most of these are seriously considering a career as an investment expert and actively take part in the activities of the student’s investment banking association IB Club. Many of them are currently taking or planning to take the CFA exam. These students know that the first and most important portion of the CFA exam concerns the principles of doing business in financial markets in an ethical manner. Therefore, before talking about the situation involving Warren Buffett and David L. Sokol, Tony Tan tasked the students with working out several questions from the CFA program in a multiple-choice fashion just like on the CFA exam. A video clip of this meeting is available in the video archive at the website cfarussia.ru. 

 








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