1. Ethics and Financial Services

2. Lesson Objectives
Compare and contrast the terms ethics, morals, and values
Evaluate ethical scenarios and develop personal positions with respect to specific dilemmas
Identify ethical and moral challenges faced by financial services professionals

3. Key Vocabulary Conflict Embezzlement Ethics Insider Trading Loyalty
Morals
Values

4. Exploring Ethics
I will read the following scenarios aloud while you follow along taking notes when a personal challenge is introduced
“Imagine that you start working part-time at a deli. The manager says, ‘I’m so glad we’re finally going to have a stable crew. There has been way too much turnover in the staff lately.’
“A few days after you start work at the shop, a friend comes in and asks for a free sandwich. You oblige.

5. Exploring Ethics
“At the end of your second week of work, the manager gives you your paycheck—an envelope containing cash. The manager says: ‘Your full pay is in here. I hope cash is okay. We like to keep things simple.’ You take the money.
“At the start of your third week at the deli, a bank calls you with a job offer. The hours and pay are about the same as at the deli. However, the bank job will look good on a college application. If you take the bank job, you’ll need to stop working at the deli immediately.”

6. Exploring Ethics
Ethics: A set of moral principles and values. Ethics are often based on the conventions and rules of the society in which one lives. A code of ethics applies to every area of our personal and professional lives
Morals: Modes of conduct that are taught and accepted as embodying principles of right and good
Values: The things that have worth for the individual and form the guiding principles/standards that govern a person’s actions

7. Exploring Ethics
Why do you think ethics is being studied in a financial services course?

8. Ethics, Morals, Values Download- Worksheet: Vocabulary Blocks
Complete turn into classpress

9. Exploring Ethical Challenges
When thinking about an individual who works as a bank teller or manager, I bet there have been times when she has been asked to waive service charges for friends or family members
What types of ethical challenges do you think people in the financial services industry are faced with? You may think about specific challenges or challenges in general.

10. Exploring Ethical Challenges
Write down two examples of ethical challenges faced in the finance industry.
Download- Reading: Ethical Issues Financial Services Professionals Face
First read all five issues individually.
Decide collectively which member will master which ethical issue—all five issues must be covered by each group.
Once assigned an issue, go back and reread it, underlining important ideas and any key terms.
Finally, you must each explain (in their own words) your section to their group.

11. Exploring Ethical Challenges
Of the ethical issues described in the handout, which issue do you imagine might be the most difficult to decide? Why?
Download- Worksheet: Exit Slip
This will be your ticket to leaving class today

12. Ethical Issues Scenario 1
Ethical issues are challenging and sometimes there is no clear-cut answer
Is firing the experienced employee a breach of ethics?
Respond yes and no with a show of hands
Those who responded yes move to the left side of the classroom and the no responders to the right side

13. Ethical Issues Scenario
Anyone may speak, but you must provide support for your positions
If you are so compelled, you may switch sides but only between speakers
Make arguments based on reason, evidence from class discussions on ethics, and examples—not emotion

14. Ethical Issues Scenario 2
Is selling products that clients don’t need a breach of ethics?
Would you like me to go on or can you handle a scenario on your own?

15. Examining Ethics and Leadership
Download- Reading: Ethical Behavior Starts at the Top
You are going to read about a common ethical dilemma that many business owners have been faced with

16. Examining Ethics and Leadership
Download- Graphic Organizer: Tucker and Simone
Use one side to list the reasons why Miguel should hire Tucker and the other side to list the reasons Miguel should hire Simone
You will be using their T-charts in the next class period as a prewriting guide to help formulate a letter to Miguel that not only addresses his dilemma but also offers your opinion as to what the best decision is for him to make

17. Introduction to Letter Writing
Download- Directions: Letter to Miguel
You are going to write a letter to Miguel; the letter will clearly restate the problem that Miguel is faced with and recommend a course of action with at least three reasons to support it
When writing their recommendations, think about the following questions:
Does your recommendation encourage Miguel to break any law?
Based on your recommendation, would Miguel’s decision be fair?
Is your recommendation the “right” decision?

18. Advice to Miguel Use the frame from the Letter to Miguel worksheet
Complete the letter by the end of class or for homework

19. Sharing Letters Get into groups and read your letters
While reading refer back to the following questions
Does your recommendation encourage Miguel to break any law?
Based on your recommendation, would Miguel’s decision be fair?
Is your recommendation the “right” decision?

20. Exploring Ethics
“Imagine that you start working part-time at a deli. The manager says, ‘I’m so glad we’re finally going to have a stable crew. There has been way too much turnover in the staff lately.’
“A few days after you start work at the shop, a friend comes in and asks for a free sandwich. You oblige.
“At the end of your second week of work, the manager gives you your paycheck—an envelope containing cash. The manager says: ‘Your full pay is in here. I hope cash is okay. We like to keep things simple.’ You take the money.
“At the start of your third week at the deli, a bank calls you with a job offer. The hours and pay are about the same as at the deli. However, the bank job will look good on a college application. If you take the bank job, you’ll need to stop working at the deli immediately.”

21. Exploring Ethics
Refer to your notes from the first time I read the scenarios. At your table discuss:
What types of ethical challenges are presented in the scenario?
Compare your first set of notes with the notes from today. What do you notice about them?
Imagine that you were actually in this situation. Based on what you have learned about ethics, morals, and values, what type of decision would you make?

22. Enrichment
Review recent news stories to find examples of ethical issues (personal and professional) in the news
Reflect on how you would act in similar situations using an ethical decision-making process
Consider how public and peer pressure might affect their decision-making process in the real world

23. Cross-Curricular Integration
Research one type of financial services career and then look into some common ethical dilemmas that individuals in that field might be faced with
Write an essay or orally present your findings to the class.