Lesson 32 of 34 · All lessons in this module
- Standard I: ProfessionalismVideo lesson
- Standard I cases: knowledge of the law and dissociation
- Standard I cases: pressure on analysts and performance staff
- Standard I cases: gifts, travel, manager selection and paid research
- Standard I cases: misrepresenting services, products and results
- Standard I cases: plagiarism, third-party material and online content
- Standard I cases: misconduct and competence
- Standard II: Integrity of Capital MarketsVideo lesson
- Standard II(A) cases: material, nonpublic or mosaic?
- Standard II(A) cases: tipping, experts and firm controls
- Standard II(B) cases: rumours, trades and intent
- Standard II cases: extra 2026 examples and procedures
- Standard III(A)–(B): Loyalty, Prudence, Care and Fair DealingVideo lesson
- Standard III(A) cases: client identity, loyalty and brokerage
- Standard III(B) cases: dissemination, allocation and priority
- Standard III(C)–(E): Suitability, Performance Presentation and ConfidentialityVideo lesson
- Standard III(C) cases: IPS, total portfolio and mandates
- Standard III(D) cases: fair, accurate and complete performance
- Standard III(E) cases: exceptions, channels and firm limits
- Standard IV: Duties to EmployersVideo lesson
- Standard IV(A) cases: loyalty, outside work and leaving
- Standard IV(B) and IV(C) cases: outside pay and supervision
- Standard V: Investment Analysis, Recommendations, and ActionsVideo lesson
- Standard V(A) cases: reasonable basis and outside research
- Standard V(A) cases: models, advisers and providers
- Standard V(B) cases: services, costs and process changes
- Standard V(B) cases: risks, limitations, facts and opinions
- Standard V(C) cases: records and retention
- Standard VI: Conflicts of InterestVideo lesson
- Standard VI(A) cases: avoiding and disclosing conflicts
- Standard VI(B) and VI(C) cases: who trades first and who gets paid
- Standard VII: Responsibilities as a CFA Institute Member or CFA CandidateVideo lesson
- Standard VII(A) cases: exams, confidentiality and volunteering
- Standard VII(B) cases: using the designation, membership and candidacy
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Lesson 32 of 34 · 11 min
Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
Protect the integrity of CFA Institute programmes, keep exam content confidential, and describe the CFA designation and your candidacy accurately, without exaggeration.
In short
- VII(A) Conduct as Participants in CFA Institute Programs: no conduct that compromises the reputation or integrity of CFA Institute or the designation, or the integrity, validity or security of its programmes.
- Exam content is confidential: specific questions and even broad topic areas or formulas tested or not tested. Discussing the curriculum and giving opinions about CFA Institute are fine.
- VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program: never misrepresent or exaggerate what membership, the charter or candidacy means.
- No partial designation ('CFA Level II'), no expected completion dates, no link between the charter and superior performance. Factual statements, such as passing three exams in three consecutive years, are allowed.
- To keep using the designation, members must file the annual Professional Conduct Statement and pay dues.
VII(A): protecting the programmes
The standard protects public confidence that the charter reflects merit and ethics. It applies to the CFA Program and to other CFA Institute programmes. Covered conduct includes cheating (giving or receiving help), breaking exam rules and testing policies (calculator, personal belongings, the Candidate Pledge), sharing confidential programme information, getting around exam security, using an association with CFA Institute improperly for personal or professional gain, and misrepresenting information on the Professional Conduct Statement or in continuing education records.
Candidates may not reveal specific questions or even broad topic areas or formulas that were or were not tested, until CFA Institute releases them. Telling friends the exam was hard, or that you think you did well, is fine; saying 'there were lots of questions on derivatives and none on IPO allocation' is not. Online forums are policed for such disclosures.
Volunteers (graders, question writers, proctors) must not share exam questions, deliberations or scoring information. A volunteer role must not be used for business advantage, for example by implying to clients that a committee seat gives early access to confidential changes; stating the role factually is fine.
VII(A) does not restrict opinions. Members and candidates may criticise CFA Institute, its policies or the programme, as long as they do not reveal confidential exam content while doing so. Studying from third-party materials and discussing the curriculum in study groups are allowed.
| Allowed | Not allowed |
|---|---|
| 'The exam was tough but fair.' | 'There were at least ten questions on swaps.' |
| 'I think I passed.' | 'No questions at all on fair dealing this year.' |
| Criticising CFA Institute's fees or policies | Discussing a specific question and its answer in a forum |
| Studying with third-party prep providers | Sending a prep provider a list of hard questions after the exam |
VII(B): membership and the designation
The standard targets promotion that promises or implies results because of the CFA designation. Statements that stress the ethical commitment of members and the rigour of the programme are appropriate. Opinions about the merits of CFA Institute or the programme are allowed if presented as opinions; factual claims must be supported by facts.
Membership requires an annual Professional Conduct Statement and payment of dues. A member who stops doing either is no longer active and must not present themselves as a member or as a CFA charterholder until reinstated; they may say they were members or charterholders in the past. CFA Institute has a reduced-dues retired status that keeps the right to use the designation.
Charterholders have completed the programme and the required work experience; they are encouraged to use the designation correctly and may accurately explain what it took to earn it. Pseudonyms or anonymous online profiles must not carry the designation. When listing several designations, the order is personal preference.
The standard applies to every form of communication: business cards, letterhead, resumes, biographies, directories, advertisements, websites, social media and conversation.
VII(B): referring to candidacy
You are a candidate once CFA Institute has accepted your registration and you are enrolled to sit for an exam, or after you have sat an exam but before results arrive. If you register but do not sit, you stop being an active candidate until you enrol for a future exam.
Candidates may say they are in the programme and which levels they have passed. They must not imply a partial designation or give an expected completion date. Passing all three levels on the first attempt may be stated as a fact, but not linked to superior ability or results. A person who has just sat Level III cannot claim to have completed the programme until results are out, and even then the charter also requires work experience and approval.
| Proper | Improper |
|---|---|
| 'I passed Level II of the CFA Program.' | 'Ana Silva, CFA Level II' |
| 'I am a Level III candidate in the CFA Program.' | 'CFA (expected 2027)' or 'CFA charter pending' |
| 'I passed all three levels on my first attempts.' | 'Having passed every level first time, I outperform my peers.' |
| 'The CFA Program sharpened my valuation skills.' | 'CFA charterholders deliver better returns.' |
| 'I passed all three levels and may become eligible for the charter once I meet the work requirement.' | 'I am the most qualified manager because I am a charterholder.' |
Recommended procedures for VII(B): give the firm's legal, compliance, public relations and marketing staff written information on the rules, and use centrally approved templates for any reference to membership, the designation or candidacy.
Worked examples
Example 1 A post-exam message
After sitting Level I, Chiara Romano posts: 'Done! Brutal but fair. Felt good about ethics. Weirdly, almost nothing on economics and loads of fixed income.' Which parts violate VII(A)?
Example 2 Business cards and a lapsed membership
Ben Okoye passed Level II and prints 'Ben Okoye, CFA Level II' on his cards. His colleague, a charterholder, took two years out, stopped paying dues and did not file her Professional Conduct Statement, and still signs e-mails 'CFA'. Who violates VII(B)?
On the exam
Usually one or two items: which post-exam comments are allowed, which business-card or resume wording is proper, and what happens when a member stops paying dues or filing the Professional Conduct Statement.
- Saying which topics were not on the exam is as confidential as saying which were.
- Criticising CFA Institute is allowed; VII(A) does not cover opinions.
- Passing three levels in three consecutive years can be stated, but not linked to better performance.
- A candidate who has sat Level III but has no results is still a candidate, not 'eligible for the charter'.
- A lapsed member may say they were a charterholder in the past, not that they are one now.
Check yourself
Q1Which post-exam statement by a candidate most likely violates Standard VII(A)?
Q2A charterholder writes a blog post criticising CFA Institute's continuing education policy. Under Standard VII(A), this is:
Q3A member of a CFA Institute standards committee tells prospects that her seat lets her help them anticipate changes before anyone else. She has most likely:
Q4Which reference to the CFA Program is most likely acceptable under Standard VII(B)?
Q5A charterholder stops paying dues and filing the Professional Conduct Statement. Under Standard VII(B), she may:
Q6An advertisement says all the firm's managers passed each CFA exam on the first attempt and that this is why its funds outperform. The advertisement:
Answer the 6 questions: +10 XP for each one you get right first time.
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