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CFA® Level I · Ethical and Professional Standards · free lesson
Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
The value of the CFA designation depends on two things: that the exams are fair and secure, and that people describe their membership, charter or candidacy accurately. Standard VII protects both. This module covers what candidates and members may and may not say about the exams, the other obligations of participants in CFA Institute programs, and how to refer correctly to membership, the designation and candidacy, including the classic errors the exam likes to test.
What you will learn
1. Apply Standard VII(A) Conduct as Participants in CFA Institute Programs to exam conduct, the confidentiality of exam content, information given to CFA Institute and the expression of opinions.
- Do not compromise the integrity, validity or security of CFA Institute programs or the reputation of the designation.
- Cheating, breaking exam rules and giving false information to CFA Institute all violate VII(A).
- Do not disclose questions, answers, or topics and formulas tested or not tested, on any channel.
- Opinions and criticism of CFA Institute, its policies and the exam are allowed.
- Volunteers must keep exam and grading information confidential.
2. Apply Standard VII(B) to references to CFA Institute membership and the CFA designation, including the requirements for using the designation and statements that exaggerate its meaning.
- Only members in good standing (dues paid, annual Professional Conduct Statement filed) may use the CFA designation.
- Lapsed members must stop using the designation until reinstated; passing Level III is not enough until the charter is awarded.
- Use 'CFA' after a name or as an adjective ('CFA charterholder'), never as a noun.
- Factual statements are allowed; claims of superior performance or ability are not.
- Firm marketing may state facts about charterholders on staff but must not imply guaranteed results.
3. Apply Standard VII(B) to references to candidacy and participation in the CFA Program, distinguishing permitted statements of fact from implied partial designations.
- A candidate is someone registered for an upcoming exam or awaiting results.
- There is no partial designation: never write 'CFA Level II', 'CFA (expected)' or similar.
- Correct forms: 'Level II candidate in the CFA Program', 'passed Level I of the CFA Program'.
- Passing Level III does not allow use of 'CFA' until the charter is awarded.
- Do not imply that passing levels confers superior ability.
Module at a glance
- VII(A): no cheating, no breaking exam rules, no false information to CFA Institute.
- Never disclose exam questions, answers, or the topics and formulas tested or not tested.
- Opinions and criticism of CFA Institute and the exam are allowed.
- VII(B): only members in good standing may use the designation; lapsed members must stop until reinstated.
- 'CFA' goes after a name or before 'charterholder', never as a noun; no claims of superior performance.
- Candidates: registered or awaiting results; say 'Level II candidate in the CFA Program', never 'CFA Level II'.
This free module has 3 lessons, 14 practice questions with full explanations.