Executive Education


“Ethics in Finance” will address the professional intersection where financial theory meets practice and where the concept of ethical behavior crosses from the abstract to the concrete. High ethical principles and professional standards are essential to positive outcomes; rules and regulations, while necessary, are not sufficient by themselves.

 In addition to exploring the theories of rational ethics and current best practice, the class features a series of real-life examples of ethical issues, in addition to general cases involving dilemmas that investment professionals may typically encounter. Participants will apply their knowledge of ethical principles to develop solutions to resolve these dilemmas. Group discussion provides an opportunity to share insights, and develop a deeper understanding and appreciation of ethical principles and more importantly, individual ethical behavior.


Ludmila Ketterer

 +49 69 798 33512



This course is offered in the part-time Master in Finance program and may be attended on a “no credit” basis by individuals not enrolled in the program. Course participants are visitors who are not responsible for assignments and do not take an exam or earn academic credits. As the number of seats in the course is limited, we recommend to register online early.


Upon completion of this course, you will:

Know of the main moral tension fields and ethical approaches related to finance

Heighten your awareness of ethical issues and commitment to norms and values in the area of finance (recognize conflicts of interest, understand fiduciary duty)

Increase your skills, knowledge and attitudes that will enable you to resolve ethical situations or problems in an appropriate manner

Understand how to apply CFA Institute’s Code of Ethics and Professional Standards of Practice

Gain an informed sense that ethical behavior is in an organization’s as well as your own best interest


Most common classical and modern ethical theories
Practical application of ethical decision-making framework
Behavioral and situational impacts affecting ethical decision-making
Application of CFA Institute’s Standards of Professional Conduct
Conflicts of Interest, Fiduciary Duty, Limitations of Regulation


Susan Spinner

Susan Spinner is the Managing Director of the CFA Society Germany, the largest association for investment professionals in Germany. Susan has over 20 years of professional experience in capital markets and asset management, in both Germany and the USA. She has provided ethics trainings for students at Goethe University, the European Business School and the Frankfurt School of Finance in the Rhine Main region, in addition to speaking on this topic to investment practitioners nationally.

Susan Spinner champions the topics of professional development, transparency and integrity in financial markets.

Key Facts

Course materials

Course materials will be provided in electronic form.




Campus Westend of Goethe University Frankfurt.

Certificate of participation

A GBS certificate of participation is awarded upon completion of the course.

Course Fee*

€ 950 (fee is exempt from VAT). The fee for GBS students or alumni amounts to € 400.

*Withdrawal and fee refund
In case the course withdrawal request is received two weeks prior to the start of classes, GBS will retain a withdrawal fee of €50. In case the course withdrawal request is received less than two weeks prior to the start of classes, GBS will retain 50% of the payment made.

Course Schedule
Date Session
Fri., Nov. 26, 2021 17:00-19:00
Sat., Nov. 27, 2021 14:30-16:30
Sat., Dec. 11, 2021 09:00-11:00
Fri., Jan. 21, 2022 18:00-20:00
Sat., Jan. 22, 2022 11:30-13:30

There are two main things which make returning for Open Programs such a valuable and worthwhile experience. The first is being back on campus – meeting the current students, returning to campus again, the whole experience was just so pleasant. The second is the level of quality in the courses – the faculty teaching are absolute experts.

Stephan KieneDuke-Goethe Executive MBA Class of 2009


Already convinced?
Register for our Ethics in Finance program now.


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