By default, there is no such feature
it can be implemented as a customization

but you can set a default value for 'code' section that will be always displayed on profile form:
for that you should go to templates > your template > tpl > blocks > field.tpl > find a row "{elseif $field.Type == 'phone'}" > in first "input' change a code

from:
Code:
Only registered members can view the code.
to:
Code:
Only registered members can view the code.

If you need to use multiple codes to allow user to select his code you can do the following:

go to Common > Data Entries > create an entry with necessary country codes
then go to Listings > Listing Fields > your phone field > Edit > Link to Data Entries > select your country codes entry
in 'Field format' uncheck 'Code' option > Save

And now the 'Area' part will be represented as 'Code' section with dropdown list on profile form