for the test, it is though. I think 25%-30% of the score is on Ethics and CoC alone, and it's a complex subject with all the regulations and ethics expectations in place. In terms of reading materials, it might be 300 pages out the 2,500 pages you need to learn.
regardless, the purpose of the designation is to make sure you uphold the reputation of the financial industry and indirectly the CFA chartholder, by following a strong code of Conduct. If you had a finance major already, most of the shit in the curriculum, you know already. It's a recap of what you should know already.