Not only because of the global financial and economical crisis, the question arises in how far financial ethics should be a part of the education of business college students. The aim of this paper is to define financial ethics as well as the role it plays in business and economics classes in business colleges. After the discussion of various basic ethics concepts and the relation between ethics and business science, the main topic, financial ethics, is examined. Results show that, in addition to individual ethics concepts, a politically legitimised institutional ethics concept is needed to ensure a comprehensive view on ethics within the financial sector. From the individual ethic point of view, all persons acting on the financial market should be aware of their actions and the resulting consequences. Institutions, however, need to create rules and general conditions concerning financial markets, which should focus on the macroeconomic perspective and take interests of future generations into account. Based on the discussion of financial ethics, the methodical and didactical contents are considered. First, the 2004 curriculum for business colleges and the 2012 draft of a new curriculum are analysed. Although, financial ethics cannot be found as a distinct topic in the curriculum of business colleges, other contents entail relevant information on this topic. Concerning the students, creating awareness of financial ethics seems to be essential. Students should not only be able to assess the consequences of a financial decision, such as an investment in a particular investment product, on them personally but also on others and even on the whole society. To illustrate the results, the paper concludes in an example class on financial ethics. The class is designed as a case study and discusses the investment in ethical questionable investment products.